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The
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1)/finatiqal
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lin:milli)
Volume 136
New York, Saturday, June 10 1933.
Number 3546
The Financial Situation
HE Secretary of the Treasury, in offering, the
present week, $500,000,000, "or thereabouts,"
of 2787 Treasury notes running for five years and
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$400,000,000 of Treasury certificates of indebtedness
running for nine months and bearing only / of 1%
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interest, or over $900,000,000 together, certainly
showed confidence in the continued good credit of
the Federal Government in face of the numerous
Congressional and Administrative measures of the
last three months calculated to impair faith in the
same, and his confidence appears to have been fully
justified, judging from the fact that subscription
books were closed on the same day as the opening,
except for the receipt of subscriptions for amounts
up to and including $10,000, which latter class of
subscriptions the Treasury is especially desirous of
encouraging in order to widen the distribution of
United States Government securities among persons
of moderate circumstances. And there is reason for
gratification in this outcome, since, whether or not
one believes in the new policies, so radical and revolutionary in many respects, that are finding support
in Washington, the entire community, financial and
commercial, are of one mind in desiring to see the
national credit maintained unimpaired as a matter
of national pride, and also in the hope that if errors
of judgment have been made in adopting the new
policies, as they certainly have if past experience is
any guide, lapse of time will serve as a corrective,
provided a complete breakdown can be avoided until
sober judgment shall once more reassert itself. Of
course we do not mean to imply that the success attending the present offering is not to be ascribed to
abnormal and artificial causes, more especially the
undue inflation of Federal Reserve credit through
the open market operations of the Federal Reserve
System, but these ,artificial contrivances are also
certain to be relegated to limbo and swept off the
statute book when informed and enlightened public
opinion shall once more assume sway over the political activities of the country.
The special occasion for concern on this occasion
was the fact, not alone that the United States Treasury is likely to appear as a borrower on a large scale
for a long time to come, owing to the various activities into which the Federal Government is being
injected, through the Reconstruction Finance Corporation and the requirements of the National Industrial Recovery bill, the Farm Credit bill, and to carry
through various farm measures of relief, but the
I h ing of more immediate concern was the fact that
ilu new obligations were to be put out without any
specific pledge of repayment in gold such as has
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been the distinctive characteristic of all previous
issues of Government obligations.; but instead are
now made payable in ordinary lawful money. On
that point, however, the Secretary of the Treasury
had results before him made in a sale of Treasury
bills on Monday,that served as a test to show that in
the sale of that class of obligations the absence of the
gold clause had not acted to destroy the market for
bills, though they do not really belong in the same
category with the other forms of Government obligations, since the bills run for only 91 days, whereas
the certificates of indebtedness offered on Wednesday run for nine months, and the Treasury notes for
a full term of five years.
This sale of Treasury bills on a discount basis took
place on Monday, as already stated, in accordance
with announcement made last week, and it was with
the result of that sale before him that Secretary
Woodin gave notice Tuesday night of the opening
of subscriptions on Wednesday for the five-year
Treasury notes and the nine months' offering of certificates of indebtedness. The bill for the repeal of
the gold clause by statutory enactment of Congress
did not become a law until Monday, June 5, when
the President attached his signature to the same,
but in view of the certainty that that measure would
receive Congressional endorsement and become a
law the Treasury Department determined to make
the elimination in the Treasury offerings of bills,
announced the middle of last week (May 31), but
tenders for which were not received until Monday of
the present week, June 5.
Prior to Oct. 16 1931, no specific stipulation as
to the method of payment was made in inviting tenders for the purchase of bills sold on a discount basis.
In section (2), however, of the circular issued on
that date a statement to the following effect was
included: "Treasury bills are payable at maturity
in United .States gold coin of the present standard
of value upon presentation to the Treasurer of tile
United States in Washington or to any Federal Reserve bank." And this has been the rule and practice
ever since until the present week. The change now
made for the first time in inviting tenders to Treasury bills on Monday was to have the sentence rewritten so as to read: "Treasury bills are payable at
maturity upon presentation to the Treasurer of the
United States in Washington or to any Federal Reserve bank." In other words, the stipulation ak to
payment in gold was eliminated.
What has been the effect of the offering of Treasury bills with the absence of specific requirement
of payment in gold? The results give the answer.
3948
Financial Chronicle
Thp offering consisted of $75,000,000 bills running
for the customary 91-day period, and were dated
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June 7 1933, and will mature Sept. 6 1933. The
tenders aggregated $197,947,000, out of which the
Secretary of the Treasury accepted $75,529,000, and
the average price realized was 99.932, making the
average rate on a bank discount basis only 0.27%
per annum. At the last previous sale of Treasury
bills, however, which was made on Friday, May 26,
and which consisted of $100,000,000, the bids aggregated no less than $407,553,000 (of which $100,352,000 was accepted), and the average price obtained was 99.919, or an average rate on a bank
discount basis of about 0.32% per annum. This
showed that if the absence of the gold clause had
any effect at all it was greatly to diminish the total
of the applications for bills while leaving the price
slightly lower, though at abnormally low figures
in both instances—namely,0.32% at the last sale in
May, and 0.29% at this week's sale. But the foregoing does not tell the entire story. It leaves out of
consideration the tax-exempt feature—a feature apparently more important than the gold clause, in the
estimation of purchasers of this class of Government
obligations. This week's offerings of bills, like all
previous offerings of bills, were fully tax-exempt—
exempt even as to the surtaxes, an extremely valuable feature. The language in that particular in the
Monday offering was precisely the same as that contained in previous offers of Treasury bills, reading:
"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 the estate and inheritance taxes."
ONDAY'S test was certainly such as to encourage Secretary Woodin in announcing his
large piece of financing on Tuesday night in offering altogether over $900,000,000 of Treasury notes
and certificates of indebtedness combined. The
offering consisted, as already stated, of $500,000,000,
"or thereabouts," of five-year Treasury notes bearing only 2 % interest per annum,and $400,000,000,
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"or thereabouts," of nine months' certificates of in4
debtedness bearing no more than 3 of 1% interest
per annum. As a matter of fact, the combined offering runs considerably in excess of the nominal $900,000,000 for the two issues combined, as the Secretary
expressly reserves the right to increase the total
offering "by an amount sufficient to allot in full
all subscriptions for amounts up to and including
$10,000." The books to be kept open several days for
the receipt of subscriptions of that class. Furthermore, subscriptions for which payment is to be tendered in Treasury certificates of indebtedness maturing June 15 1933, and of which $374,000,000 are
reported as outstanding, are to be allotted in full,
the same as in the case of cash subscriptions for
amounts up to and including $10,000.
What attracted particular attention in this piece
of Treasury financing was the low rate of interest
offered in both instances. At the large piece of
financing on April 23 1933, the Secretary disposed
of an aggregate of $572,419,200 of three-year Treasury notes carrying 2 8% interest, the same rate as
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the present five-year offering of Treasury notes.
The previous•January, under the Hoover Administration, the Government disposed of $277,516,000 of
five-year Treasury notes bearing only 2%% interest,
the lowest rate at which any issue of Treasury notes
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June 10 1933
has ever been put out. As to the rate of the offering in the issue of Treasury certificates of indebtedness, the 3
4% rate fixed in the present nine months'
offering of certificates is precisely the same as the
rate fixed last December in issuing one-year certifi/
cates bearing the rate of 34 of 1% when the Treasury,
under the Secretaryship of Ogden L. Mills, set up a
new post-war record for this class of borrowing.
The Treasury officials then stated that they knew
of no lower rate at any time for one-year certificates,
and the Treasury disposed of $254,364,000 of that
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issue at the unprecedentedly low figure of 3 of 1%
interest. The program then also consisted of an
offering of 23
4% Treasury notes running for four
4% against 278%
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years, with the rate of interest 23
now for a five-year issue of notes, while in August
18%
1932 a note issue bearing only 2/ interest was
put out, but these were notes running only two years.
All this, however, was before any question as to the
repayment of any Government obligations in gold
had arisen and when not even a remote possibility
of anything of the kind existed, while now the Government has actually repudiated its obligation to
make payment in gold and taken special pains to
make it plain that these new offerings of both Treasury notes and of certificates of indebtedness would
not be payable in gold. Previously the language in
that respect was that "The principal and interest
of the notes (or certificates, as the case might be)
will be payable in United States gold coin of the
present standard of value," whereas now not only is
this provision of payment in gold eliminated but no
reference whatever is made to the kind of money in
which repayment is to be made, the inference being
that payment will be in current funds, embracing
all forms of legal tender.
In these circumstances the Treasury Department
must certainly be regarded as having taken some
degree of chance in putting out issues, both in the
case of Treasury notes and of certificates of indebtedness,in offering rates of interest so extremely low.
But, as already stated, the Treasury Department's
confidence is found to have been justified, judging
by the alacrity in which the subscriptions poured
in, so that on the date of the offering, namely,
Wednesday, June 7, notice came from Washington
that "in accordance with instructions from the
Treasury Department the subscription books (for
the two classes of obligations) were closed at the
close of business on that day except for the receipt
of subschriptions for amounts up to and including
$10,000." Moreover, on Thursday Mr. Woodin announced that preliminary calculations showed that
the subscriptions for the two issues combined would
reach $5,000,000,000 or more.
But we should not deceive ourselves in that respect. Conditions and circumstances under which
Treasury financing is now being conducted are entirely artificial, and especially they are the result of
the easy money policy of the Federal Reserve banks,
by means of which huge masses of United States Government obligations are added to holdings which
already run in amount of over $1,900,000,000, and to
which another $3,000,000,000 may be added under
the inflationary rider of the Federal Farm Relief
bill. As a result of the congestion of funds thus
created at the monetary centers through the putting
out of excessive amounts of Federal Reserve credit,
interest and discount rates have been driven down
so low that money has become almost unlendable. So
Volume 136
Financial Chronicle
congested with idle funds have the local banks become that last week the New York Clearing House
Association found it incumbent to reduce the rate
of interest allowed on deposits subject to recall at
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any time within 90 days from y of I% to 14 of 1%
per annum, this 14 of 1% per year being obviously
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close to nothing. And the present week the United
States Treasury Department itself has found itself
obliged to give notice that the rate of interest which
depositary banks are obliged to pay on Government
deposits would be only '4 of 1% per annum on and
after June 15, instead of the previous rate of
Y2 of 1%.
But there is one -characteristic of the offering of
'Government obligations which has not been changed
in the slightest degree, and which in itself, under
present conditions, acts to insure a wide market for
Treasury obligations, and especially those having,
like the new Treasury notes, a fairly long period to
run—in this instance five years. We refer to the
complete exemption from Federal income taxes
which these Treasury obligations enjoy. The provision in that respect is the same as before. If the
Treasury Department was careful to omit the provision regarding repayment in gold, it was equally
careful to continue unchanged the provision regard- _
ing tax exemption, and to state it in its broadest
form. The Treasury circular offering the new obligations, both in the case of the Treasury notes and
in the case of the certificates of indebtedness, expressly says that "the notes (and also the certificates) shall be exempt, both as to principal and
interest, from all taxation (except estate or inheritance taxes) now or hereafter imposed by the United
States, any State, or any of the possessions of the
United States, or by any local taxing authority."
What could be more comprehensive or all-embracing than this broad and sweeping provision for tax
exemption? By its terms the new obligations, as
was the case in past offerings, are exempt not only
from the ordinary normal income taxes but also the
surtaxes, and also from local taxes of every character and description. This is what will always insure
a wide market for United States Government obligations, so long as the practice of making Government
obligations exempt from the surtaxes as well as the
normal taxes is continued.
There may be some question as to the precise
money value of complete tax exemption in the case
of the sale of Treasury bills on a discount basis having no more than 91 days to run, but there can be
no question as to the value and advantage of exemption from the high surtaxes in the case of Treasury
notes running for a full period of five years, and
even in the case of the Treasury certificates of indebtedness with a maturity of only nine months.
And it is well to state here also that had the Secretary undertaken to issue Treasury bonds with a
maturity of over five years such exemption would
have been out of the question, since the law does
not permit it. And certainly there is something
decidedly anomalous in the Treasury policy of continuing to resort to issues where exemption from
the surtaxes is granted while Congress, on the other
hand, continues to raise the surtax rates higher and
still higher in the endeavor not to let the possessors
of large means escape extra heavy payment or to
avoid payment of any income taxes at all. But
obviously the Treasury Department was unwilling
to run the chances involved in putting out new
3949
Treasury obligations devoid of the gold clause and
at the same time deprived of the advantage of exemption from the high surtaxes.
HE condition statements of the Federal Reserve
banks the present week show that the policy inaugurated three weeks ago of starting the Reserve
banks to work again in the acquisition of United
States securities was continued during the past week
—thatis,the week ending Wednesday evening,June 7.
In the week ending May 24 the addition to the holdings of United States Government securities, it will
be recalled, was$25,114,000,and this was followed by
a further increase of $27,866,000 in the week ending
May 31. Now for the week ending June 7 there is a
further increase of $22,025,000, raising the total
holdings of United States Government securities
to $1,911,603,000. But as was the case last week
and the week before, the acquisition of the new
blocks of Government securities has not served to
add to the volume of Reserve credit afloat as measured by the total holdings of bills and securities.
The reason is that with the proceeds of the purchases
of Government securities by the Reserve banks the
member banks have been able to increase their Reserve account with the Federal Reserve banks and,
accordingly, reduce their borrowings at the Reserve
banks,and thereby to diminish the discount holdings
of the 12 Reserve banks. At the same time the acceptance holdings of the Reserve institutions have
undergone further contraction as in the congested
condition of the money • market, where the member
banks have no occasion for having recourse to the
facilities of the Reserve banks, Reserve bank holdings of bills as they matured and were paid off were
not replaced by new blocks of acceptances. During
the past week the discount holdings of the 12 Reserve
banks were reduced from $301,974,000 to $276,665,000, and the acceptance holdings fell from $19,862,000 to $11,411,000. This offset the new credit
of $22,025,000 created by the purchase of additional
amounts of United States securities and left the
total bill and security holdings smaller by
$11,529,000.
During the past three weeks, when holdings of
United States securities were increased from $1,836,598,000 May 17 to $1,911,603,000 June 7, the discount holdings of the 12 Reserve banks, reflecting
member bank borrowing, have been reduced from
$330,225,000 to $276,665,000, and the acceptance
holdings have fallen from $77,543,000 to $11,411,000.
The result altogether is that the grand total of the
bill and security holdings in these same three weeks
(which constitutes a measure of the volume of Reserve credit outstanding) has been reduced from
42,249,770,000 May 17 to $2,204,708,000 June 7, notwithstanding the acquisition of $75,005,000 of
United States Government securities in the same
period of three weeks. This outcome again prompts
the observation that it is easier to decree a policy
of credit inflation than to bring it into effect. The
Reserve account of the member banks, on deposit
with the Reserve institutions, is now $2,203,889,000
as against $2,114,283,000 May 17, this doubtless
reflecting in large part the proceeds paid out by
the Federal Reserve banks in their acquisition of
additional amounts of United States securities.
The difficulty encountered in adding to the volume of Reserve credit afloat has been increased by
the fact that Federal Reserve notes have been re-
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3950
Financial Chronicle
turning from circulation after the huge amount put
afloat during the period of the bank holidays. During the past week the amount of Federal Reserve
notes in circulation has been reduced from $3,203,102,000 to $3,163,689,000. In part, this contraction
in the volume of Federal Reserve notes in circulation has been offset by a further increase in the
amount of Federal Reserve bon* notes in actual circulation. This last continues a growing item; no
cash reserves are required against the same; during
the past week there was an increase in the item from
$96,280,000 to $104,884,000. Gold holdings continue
to increase, though now only in a small way, the
total the past week having risen from $3,519,898,000
to $3,521,985,000. With gold holdings larger, and
with the amount of Federal Reserve notes in circulation continuing to undergo contraction, the ratio of
total gold reserves and other cash to deposit and
Federal Reserve, note liabilities combined further
increased the past week in a small way, notwithstanding that the liability on account of deposits
underwent expansion (mainly because of the larger
Reserve account of the member banks, which constitutes the largest single item in the amount of the
deposits). The increase in ratio the past week has
been from 68.0 %to 68.1%. The holdings of United
States Government securities held as part collateral
for Federal Reserve notes was increased during the
week from $480,900,000 to $505,900,000. Acceptance holdings on account of foreign central banks
was only slightly changed during the week, but foreign bank deposits increased from $7,848,000 to $42,208,000—this last may have some relation to the
debt payments due on June 15 to the United States.
T IS gratifying to be able to note a resumption in
i dividend payments by corporations after the
long series of dividend suspensions and decreases
that has marked the course of corporation affairs
during the last three years. The United Carbon Co.
on June 7 declared a semi-annual dividend of 3 %
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on the 7% partic. & non-mumul. pref. stock, and a
quarterly dividend of 25c. a share on the common
stock, both payable on July 1. This is after a dividend suspension since Jan. 2 1931. The Industrial
Rayon Corp. increased the quarterly dividend on its
no par common stock to 75c. a share payable July 1
1933. On April 1 1933 a quarterly dividend of 50c.
a share was paid on this issue. On the other hand,
there have also been some further dividend reductions and omissions. Among these, the reduction
in the rate on the preferred stock of the Atchison
Topeka & Santa Fe came as a surprise. The Atchison Co. reduced the semi-annual dividend on the 5%
non-cumul. pref. stock from 2 % to 12 after
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%,
having maintained an unbroken record of dividend
distributions on this stock for over 32 years. The
Continental Gas & Electric Corp. reduced the dividend on the common stock from $1.25 a share paid
on April 1 last to 42c a share, after numerous previous dcreases in its dividend distributions. The
Buffalo Niagara & Eastern Power Corp. omitted
dividend distributions on both the common and
class A stocks, and the Consolidated Laundries
Corp. omitted the quarterly dividend on the $7.50
cumul. pref. stock.
ANOTHER slight drop occurred in the number of
business failures in the United States in May,
the fourth reduction in as many months. It does
June 10 1933
not generally happen at this time of the year that
such a decline is continuous. This year, however,
matters in this respect have been quite noteworthy.
Insolvencies in May, according to the records of
Dun & Bradstreet, Inc., numbered 1,909, with liabilities of $47,971,573. This is the lowest number for
any month in the past four years. In May of last
year there were 2,788 similar defaults, with liabilities of $83,763,521. The decline in the number of
insolvencies in May was equivalent to 31.5% from
that month in 1932, and in the indebtedness $35,791,948, or 42.7% lower.
The change that occurred for the better in the
record of insolvencies early this year, or, rather,
in the closing months of 1932, has been very marked
in the past three months. The improvement in May
was especially noteworthy as to defaults in retail
lines. There were in all last month 1,152 retail failures, involving $15,841,976 of indebtedness, and 130
defaults in wholesale lines for $5,035,098, a total of
1,282 trading failures for $20,877,074.
A year ago, in the same month, the trading insolvencies numbered 1,987, for $35,586,225 of indebtedness. In the manufacturing division last month
there were 466 defaults compared with 672 in May
of last year, with liabilities of $19,020,791 last
month, and $30,077,030 last year. In the miscellaneous division, covering in the main agents and
brokers, an increase occurred this year. The number of defaults was 161 last month, compared with
129 a year ago. Liabilities, however, were reduced
for this class, the amount last month being
$8,073,708 against $18,100,266 last year. There were
114 failures in May, where the liabilities in each
instance were $100,000 'or more, the total of the
latter being $23,931,370. A year ago the number of
similar defaults was 136, involving $46,706,153 of
indebtedness.
PROSPECTS
at the present time are for a yield
of winter wheat from this year's growth of
341,000,000 bushels, much below the production of
most preceding years. This is the June estimate
made by the Department of Agriculture, issued at
Washington late yesterday afternoon. There hasbeen some slight change in conditions as to winter
wheat crop during the past month. The area remaining for harvest is the same as on May 1, at
27,096,000 acres. The loss from winter killing of
12,889,000 acres, or 32.2% of the area sown, it will
be remembered, was in excess of any preceding record. Last year the area harvested was 33,656,000'
acres and the' harvest 462,151,000 bushels. The
June 1 estimate of a year ago was for a yield of
410,669,000 bushels. Quite some improvement appeared in the last part of the growing season
of 1932.
The June 1 condition of winter wheat was 64.0%
of normal compared with 66.7% on May 1 and 64.7%
on June 1 of last year for the crop harvested that
year. The 10-year average June 1 condition of winter wheat was 75.0% of normal. The indicated yield
per acre of winter wheat this year, based on the
June 1 condition, is 12.6 bushels per acre, compared
with an estimate of 12.5 bushels per acre a month
earlier. The final estimate of yield for last year's
winter wheat crop was 13.7 bushels per acre, and
the ten year average yield is 14.7 bushels. It is
apparent from these figures how greatly the winter
wheat crop of 1933 has been made to suffer.
Volume 136
Financial Chronicle
3951
The indicated production of rye this year by the against 9.25c. on Friday of last week, and cotton
June 1 estimate is 30,400,000 bushels, compared textiles have maintained their strength unimpaired.
with the harvest of last year of 39,855,000 bushels. The July option for wheat in Chicago closed yesterThe yield per acre of rye this year is estimated now day at 75/c. as against 733 c. on Friday of last
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at 10.6 bushels. For the crop of 1932 the final week. Crude rubber for spot delivery was quoted
yield was 12.2 bushels per acre. The June 1 con- yesterday at 6.32c. as against 6.50c. on Friday of
dition of spring wheat is 84.9% of normal compared last week and copper sold here in New York yesterday
with 84.5% on June 1 of last year. Of Durum at 8c. against 8c. on Friday of last week. Silver
wheat, the June 1 condition in four states is 84.5% showed no great change during the week and the
of normal against 84.7% a year ago. For oats London price yesterday was 19 7-16 pence per ounce
the June 1 condition is 78.7% and barley against 19 1-16 pence on Friday of last week.
80.4%.
What has given special encouragement however,
has been the gratifying accounts that keep coming
HE stock market this week has continued its in regarding the steel trade. The "Iron Age" reupward course with no abatement of the buoy- ported the capacity of the steel mills of the country
ancy and enthusiasm which has been its main now engaged to 44% as compared with only 15% at
characteristic for so many weeks. The influences the beginning of April and stated that "this had
responsible for the continued upward swing of prices occurred in face of the uncertainty which exists as
have been the same as in all recent previous weeks, to the exact form in which the industrial recovery
namely, the belief that the country has embarked bill may be passed and the manner in which its proon a period of. general inflation as a result of the vision may be enforced."
policies to which the Administration at Washington
The bond market has been a conspicuous feature
has committed itself, and the multiplying evidences of strength and especially sharp advances have ocof growing activity in trade. Regarding the first of curred in the case of many railroad issues, though
these primary influences it is sad to have to relate a exception must be made of the securities of the Chifurther severe slump in the American dollar abroad cago Rock Island & Pacific Ry. Co., as that company
which has been one of the distinctive features of the filed a voluntary petition in bankruptcy in the Fedweek and has been a contributing factor of no small eral District Court at Chicago on June 7, owing to
moment to the stock market activity since the the failure of its efforts to obtain a loan either from
depreciation of the American dollar in terms of foreign the Railroad Credit Corporation or the Reconstrucmoney is unfortunately accepted as evidence that the tion Finance Corporation to meet interest payments
scheme of inflation is working to perfection. The of $2,259,710 which fall due between June 27 and
leading foreign exchanges have been tending almost July 1. Of the stocks dealt in on the New York
without interruption day by day, more and more Stock Exchange, 676 established new high records
strongly against New York to the gratification of the for the year during the present week, while only 1
Stock Exchange fraternity. Two illustrations of stock touched a new low figure for the year, while on
this may be mentioned. Cable transfers on London the New York Curb Exchange the record for the week
as against a closing price on Friday of last week of is 393 new highs and 3 new lows. Call loans on the
$4.003/ sold up to $4.14 on Thursday and closed Stock Exchange continued to rule inchanged at 1%.
yesterday at $4.11%. Cable transfers on Paris as
Trading has again been of large proportions all
against a closing figure of 4.663 c. on Friday of last through the week. On the New York Stock Ex4
week advanced to 4.83c. on Thursday and closed change the sales at the half-day session on Saturday
yesterday at 4.79c. At the same time, however, last were 3,587,720 shares; on Monday they were
business activity is unquestionably increasing in 5,008,335 shares; on Tuesday, 6,216,069 shares; on
almost every direction. One evidence of this is found Wednesday, 6,641,440 shares; on Thursday,
in the increased electrical energy being consumed, 6,356,670 shares, and on Friday, 5,310,360 shares.
this running now in excess of the corresponding period On the New York Curb Exchange the sales last
last year. The train-loadings of revenue freight Saturday were 840,778 shares; on Monday, 1,006,799
on the railroads of the United States tell the same shares; on Tuesday, 1,156,858 shares; on Wednesstory of business running in excess of 12 months ago. day, 1,221,563 shares; on Thursday, 1,446,227 shares,
For the week ending June 3 electric power production and on Friday, 1,199,610 shares.
showed a total of 1,461,488,000 kilowatt hours as
As compared with Friday of last week, prices are
compared with 1,381,452,000 kilowatt hours in the quite generally higher, though only moderately so
corresponding week of 1932, while the car loadings for in many instances. General Electric closed yesterthe week ending May 27 showed that the total of day at 24y against 231 1 on Friday of last week;
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revenue freight on the railroads of the United States North American at 3134 against 29y ; Standard
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have footed up 541,309 cars as against 521,249 cars Gas & Elec. at 17% against 14%; Consolidated Gas
in the same week of 1932 and it seems certain that of N. Y. at 582 against 58; Pacific Gas & Elec. at
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there would be an increase also for the week ending 2814 against 27½; Columbia Gas & Elec. at 2214
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June 3 as many separate roads in their individual against 2014;Electric Power & Light at 112against
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returns for that week have been conspicuous in dis- 10%; Public Service of New Jersey at 5414 against
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closing larger totals than for the same period of the 52½; International Harvester at 41 against 39%;
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previous year. The commercial markets in several J. I. Case Threshing Machine at 852 against 7634;
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1
/
cases have moved towards lower levels without, Sears, Roebuck & Co. at 34% against 32%; Monthowever, developing manifest weakening, but this gomery Ward & Co. at 24% against 24½; Woolwas considered a matter of no great consequence of worth at 42 against 39½; Safeway Stores at 553/
s
/
1
2
the story told by such statistics as the train-loadings against 51; Western Union Telegraph at 57%
and the electric power production and also the against 49%; American Tel. & Tel. at 123 against
/
1
4
/
continued improvement in the iron and steel trade. 12218; International Tel. & Tel. at 18% against
%; Brooklyn Union Gas at 84 against 7814;
/
Spot cotton in New York closed at 9.25c. yesterday 171
T
3952
Financial Chronicle
United States Industrial Alcohol at 47% against
/
47 8; American Can at 9278 against 93; Commercial
/
Solvents at 191 against 19%; Shattuck & Co. at
4
111 8 against 11, and Corn Products at 74
/
against 74 .
/
1
2
Allied Chemical & Dye closed yesterday at 11978
/
against 11278 on Friday of last week; Associated
/
Dry Goods at 1378 against 14%; E. I. du Pont de
/
Nemours at 79% against 83%; National Cash Register "A" at 18% against 1918; International Nickel
/
at 18 against 1534; Timken Roller Bearing at 26%
/
against 2614; Johns-Manville at 41 against 3934;
/
/
Gillette Safety Razor at 1518 against 16; National
/
Dairy Products at 2278 against 211 Texas Gulf
/
%;
Sulphur at 28% against 2978; American & Foreign
/
Power at 173 against 1414; Freeport-Texas at 3778
%
/
/
against 40; United Gas Improvement at 2158 against
/
2014; National Biscuit at 5414 against 54/8; Coca/
/
Cola at 93 against 8878; Continental Can at 58
/
/
1
2
against 58%; Eastman Kodak at 80 against 8278;
/
Gold Dust Corp. at 231 against 23; Standard
%
Brands at 20 against 21; Paramount Publix Corp.
certificates at 1% against 1%; Westinghouse Elec.
& Mfg. at 47 against 4534; Drug, Inc., at 57/
/
14
against 58; Columbian Carbon at 602 against 59;
/
1
Reynolds Tobacco class B at 45
/ against 435
1
2
/s;
Lorillard at 22 against 2114; Liggett & Myers
/
1
2
/
class B at 943 against 92, and Yellow Truck &
/
4
Coach at 6% against 6%.
The steel stocks have also moved upward, but only
along moderate lines. United States Steel closed
/
yesterday at 5534 against 54 on Friday of last week;
/
United States Steel preferred at 9538 against 9534;
/
Bethlehem Steel at 3012 against 29, and Vanadium
/
at 2514 against 2212 In the auto group, Auburn
/
/
.
Auto closed yesterday at 67% against 6712 on Fri/
day of last week; General Motors at 2712 against
/
/s;
/
263 Chrysler at 2412 against 24%; Nash Motors
at 21% against 2Q14; Packard Motors at 638 against
/
/,
5; Hupp Motors at 634 against 534 and Hudson
/
Motor Car at 12 against 978 In the rubber group,
/
.
/
Goodyear Tire & Rubber closed yesterday at 3618
against 3718 on Friday of last week; B. F. Goodrich
/
at 16% against 15 , and United States Rubber at
/
1
2
14% against 1438
/.
The railroad shares have been adversely affected
by the Rock Island receivership. Pennsylvania RR.
/
1
2
closed yesterday at 27 against 28 on Friday of
/
1
2
last week; Atchison Topeka & Santa Fe at 64
against 6912; Atlantic Coast Line at 45 against
/
/
4712; Chicago Rock Island & Pacific at 514 against
/
67s; New York Central at 35% against 36%; Balti/
more & Ohio at 21% against 22½; New Haven at
2478 against 261 Union Pacific at 110% against
/
%;
/
1
2
112½; Missouri Pacific at 6% against 3 ; Southern Pacific at 24% against 27; Missouri-KansasTexas at 1414 against 16; Southern Railway at 23%
/
/
1
2
against 251 Chesapeake & Ohio at 39 against
%;
/,
38½; Northern Pacific at 2234 against 2414 and
/
Great Northern at 21% against 23%.
The oil stocks have also been laggard at times.
/
Standard Oil of New Jersey closed yesterday at 371 8
against 3718 on Friday of last week; Standard Oil of
/
Calif. at 3378 against 33%; Atlantic Refining at 27
/
against 2634 and Texas Gulf Sulphur at 28%
/
,
against 2978 In the copper group, Anaconda Cop/.
per closed yesterday at 17% against 18 on Friday
/
of last week; Kennecott Copper at 201 4 against
213 American Smelting & Refining at 36 against
4;
/
4
35Y ; Phelps-Dodge at 133 against 1538; Cerro de
8
June 10 1933
Pasco Copper at 26 against 23%, and Calumet &
/
1
2
Hecla at 81 8 against 878
/
/.
RICE tendencies were irregular this week in
dull trading on stock exchanges in the leading
European financial centers. The markets in London, Paris and Berlin were closed until Tuesday for
the Whitsuntide holidays, and when trading was
resumed the atmosphere in every case was much less
favorable than in the sessions of the preceding week.
Reports from New York were not considered so
optimistic, and there was also a tendency to take a
gloomy view of the international parleys on disarmament and on economic problems. The war debt
problem also contributed greatly to the uncertainty
at London and Paris. At London these influences
more than counterbalanced some favorable domestic
developments. Official statistics of unemployment
disclosed that the British total of jobless dropped
for the fourth consecutive month during May, the
decline last month amounting to 114,755, carrying
the aggregate to 2,582,879. The decrease for the
four months is 320,186. An upward movement also
was reported in the British commodity price index.
The impression prevailed in London, however, according to a report to the New York "Times," that
speculation is largely responsible for the improvement in business, and that commodities are not
going into consumption at anything like a corresponding rate. In Paris also it was recalled that
crises never were remedied in the past by artificial
stimulation, but only after exhaustion of accumulated stocks of goods and restoration of the natural
equilibrium between supply and demand. Such considerations dampened enthusiasm on the Bourse.
In Berlin further action was awaited on the German
Government's extensive economic relief program,
and the Boerse was dull in most sessions.
Trading on the London Stock Exchange was quiet
in the initial session of the week, Tuesday, with the
trend good at first, but unsettled in the later dealings. British funds advanced owing to extreme ease
in money, and there were also a few good performances among the domestic industrial stocks. South
African gold mining stocks dropped heavily in reflection of a similar movement at Johannesburg.
International securities eased, with German bonds
especially weak. The session Wednesday was exceedingly dull, with price trends again irregular.
British funds declined slightly, and industrial
stocks also tended to ease. Kaffir gold mining
issues improved at first, but lost their gains later.
International securities continued to slip. Business
was again limited Thursday, with a definite price
trend lacking. British funds advanced slowly, but
industrial stocks were substantially unchanged.
German Government bonds gained sharply on rumors that they would be excluded from the German
transfer moratorium. Anglo-American trading
favorites moved ahead on favorable reports from
New York. The irregular tone was continued in
quiet trading yesterday. British funds receded, but
most industrial stocks were firm. German bonds
sold off sharply.
The Paris Bourse was hesitant and weak when
trading was resumed, Tuesday, after the protracted
holiday suspension. The decline was attributed to
"political uneasiness," which extended both to
national and international matters. Rentes dropped
sharply, while smaller recessions appeared in French
P
Volume 136
Financial Chronicle
and international stocks. Heaviness again marked
the dull trading on Wednesday. Bank of France
shares improved slightly, and gold mining stocks
also were in modest demand, but all other groups
of securities were marked down on small offerings
and an almost complete absence of buyers. German
bonds were exceptionally weak owing to the impending transfer moratorium. An abrupt turn for the
better was noted Thursday, on the Bourse, largely
as a result of improved advices from New York.
The gain in German Government bonds on the Londay market also aided the movement at Paris.
Handsome gains were reported in all securities,
with the exception of gold mining issues. The tone
again turned dull at Paris yesterday, and a part of
the previous gains was lost.
The Berlin market was fairly active when trading
was resumed Tuesday, after the Whitsuntide holidays, with the tone good despite some irregularity.
The firm stand by Dr. Hjalmar Schacht for the protection of German currency stimulated buying in
fixed income securities, which advanced an average
of two points. Equities also improved, but profittaking toward the close cut down the gains. There
was less activity Wednesday, on the Boerse, and the
tone also was more uncertain. Bonds remained in
good demand, but stocks declined on apprehensions
regarding the international situation. Thursday's
trading on the Boerse was marked by increasing
hesitancy. Activity was concentrated in a few issues
in the mining and potash groups, which advanced
slightly, but others were dull and practically unchanged. Changes again were small in a very quiet
session at Berlin yesterday.
UCH informal conjecture and a total lack of
official pronouncements marked the war debt
controversy this week. The problem of the payments
due the United States Government next Thursday
has aroused enormous international interest, and
it is apparent that discussions have been in progress
in Washington with diplomatic representatives of
several leading debtor countries. An aggregate of
$140,000,000 will be due the United States on
June 15, but there is every indication that most
nations will default, with partial or complete payment likely only by Great Britain and Italy. Great
Britain is due to make a payment of $76,000,000, and
the intentions of the London Government with regard to this matter were of paramount interest. Sir
Ronald Lindsay, the British Ambassador, discussed
the problem on a number of occasions this week
with officials in Washington, but no disclosure was
made of any proposals or counter-proposals. In a
London dispatch of Thursday to the New York
"Evening Post," it was reported that Great Britain
might make a "token payment" of a few millions
with a reservation similar to that of last December
—that such payments are to be considered capital
disbursements to be included in the ultimate debt
revision. The French Ambassador, Andre Lefebvre
de Laboulaye, also conferred on the subject of the
war debt with American officials in Washington,
but there is little doubt that a further default will
be added by France to her action of last December.
It was admitted at the White House, Wednesday,
that the United States Government has been informed unofficially of the difficult situation with
which the debtor countries are confronted in view
of the impending instalments, but it was added that
M
3953
no formal proposals have been submitted. "It was
made plain at the White House," a dispatch to the
New York "Herald Tribune" said, "that there has
been no change in the Administration's position on
foreign debts, as enunciated by Mr. Roosevelt last
November, and setting forth the principle that it is
up to the debtor nations to make proposals to the
United States." In a report to the New York
"Times" it was remarked that no measurable progress has been made toward a definitive settlement of
the whole war debt question, in the opinion of Administration officials. "Emergency action regarding the next instalments is all that now can be
expected," such officials were said to believe. There
was an interesting report from Basle, Switzerland,
Monday, regarding a possible joint request by the
debtor nations for a truce on intergovernmental debt
payments during the World Monetary and Economic
Conference. Directors of the B. I. S. met that day
for their usual monthly meeting, and it was reported in a dispatch to the New York "Times" that
some of the directors, who are also governors of the
leading central banks of the world, favored the idea
of such a joint request.
REPARATIONS were practically completed
this week for the opening of the World Monetary and Economic Conference at London, next
Monday. Delegations from 66 nations converged on
the British capital in order to participate in this,
the most important gathering of its kind ever held.
Bing George will welcome the numerous representatives, and an attempt will be made thereafter to
get to work as quickly as possible. Initial addresses
by the leaders of the 66 delegations probably will
be kept short, and there have even been suggestions
from London that the opening speeches be printed
and circulated instead of delivered. With the example of the interminable Disarmament Conference
before them, London authorities are said to fear the
Economic Conference will be doomed if it lasts more
than three months, and every attempt will be made
to save time. Prime Minister Ramsay MacDonald
will preside over the gathering, while the British
delegation will be headed by Chancellor of the Exchequer Neville Chamberlain. The extensive American representation is under the leadership of Secretary of State Cordell Hull. Premier Edouard Daladier of France will head a strong French group,
while similarly important officials from other countries also will attend the conference. The formation of an important group of nations has been
reported, with the idea of presenting a common platform of financial and economic planks. A meeting
of representatives of Poland, Rumania, Yugoslavia,
Czechoslovakia,Bulgaria,Hungary,Latvia,Estonia,
Greece and Turkey was held at Bucharest early this
week to elaborate a common platform, and agreement on some important items is said to have been
reached, Tuesday.
Although the delegations at London will be numerous, varied and impressive, it is fairly obvious
that the conference will be dominated largely by
America, Great Britain and France. The keenest
interest has been expressed throughout the world
in the programs of these three major delegations.
American objectives are generally understood to
concern a permanent stabilization of the currencies
of the principal trading nations on an agreed ratio
of value, a gradual reduction of tariffs, together
P
3954
Financial Chronicle
June 10 1933
Immediately after initialing this agreement, Premier Mussolini appeared before the Senate in Rome
and announced its conclusion. He placed an understandable emphasis upon the "spirit" of the pact,
which closed the "war chapter and opened a new
phase of European history." Signor Mussolini described it as "not an alliance, but an acknowledgment of principles of procedure in the supreme interest of peace and reconstruction." The German
Government hesitated to initial the pact, but finally
did so in an evident spirit of resignation. Berlin
reports admitted that the treaty falls much short
of German aspirations, but it was hoped the document would promote an understanding on the European differences which have become so sharply
accentuated of late.
The General Disarmament Conference at Geneva
has again lapsed into the desuetude which has
marked it during most of the 16 months of its existence. It was indicated at Geneva, early this week,
that further efforts to achieve at least the semblance
of success in the conference would be made at Paris
by Norman H. Davis of the United States, and
Captain Anthony Eden of Great Britain. The
French Cabinet met Tuesday, and "confirmed the
instructions previously given to the French repreLTHOUGH the problem of international peace sentatives at the Disarmament Conference." This
and disarmament was again considered from means, a dispatch to the New York "Times" reall aspects this week, little genuine progress was marked, that the French are not willing to give away
made toward either an assurance of continued peace- their military advantage. In a Geneva report to.
able relations among the major Power, or any real the New York "Herald Tribune" it was remarked
disarmament by the heavily armed nations. After that only Mr. Davis retained any optimism regardnumerous delays the four leading European Powers ing the outcome of the Geneva negotiations, as the
initialed at Rome, Wednesday, a treaty designed to "British realize the political difficulty of Premier
guarantee the peace of Europe for 10 years. The Daladier's cutting his country's armaments drasdocument is a much-modified version of the proposal tically without further evidence of new pacific inmade by Premier Mussolini of Italy, and hailed, at tentions on the part of Chancellor Hitler of Gerthe time, by Prime Minister MacDonald of Great many." With the disarmament negotiations transBritain for a treaty whereunder some of the Euro- ferred to Paris, even the "fiction of Bureau sessions
pean strains caused by the Versailles Treaty could of the Geneva conference came to an end," reports
be minimized through amicable adjustments. The from the League city stated. Negotiations in the
French Government, holding the wishes of its Polish, French capital started Thursday, with a view to
Czech and other military allies clearly in mind, in- arranging a five-Power conference for the reduction
sisted upon modifications which reduced the treaty of offensive armaments. Participants in any such.
to little more than an empty gesture. Even in its meeting would be the United States, Great-Britain,
present form, moreover, it is not certain that the France, Germany and Italy.
Of interest in this situation is an acceptance by.
four-Power pact will obtain the Parliamentary ratification in all the countries concerned which is Japan, "in principle," of President Roosevelt's proposal of May 16 for political and economic peace.
necessary to make it effective.
The four-Power treaty referred to, published The Japanese reply is one of the last received, and
Thursday, closely follows the forecasts made last it was eagerly awaited owing to the statements of
week while the terms still were under consideration. Japanese representatives at Geneva to the effect
It provides for collaboration and consultation by that the Tokio Government will not be content with.
Great Britain, France, Germany and Italy within the naval ratios of present treaties after their exthe framework of existing treaties and of the piration. The tone of the Japanese reply is exLeague of Nations, with a view to the maintenance tremely friendly, but on the question of the proposed
of peace. Much the same provisions are contained , non-aggression pact it is carefully guarded. Conin the Locarno pact of 1925. The new pact provides fidence was expressed that the Japanese disarmaalso for economic consultation, but as the four ment objective is in harmony with the aim of
nations, together with most others, are about to President Roosevelt to assure peace throughout the
meet at London for this express purpose, there would world. But the views of the Japanese Government
seem to be little new in that feature. Provisions upon the different steps detailed in Mr. Roosevelt's
of the League of Nations covenant for the revision message can, if necessary, be presented as occasion
of treaties are mentioned in the new pact, but the offers, the note added. A Tokio dispatch of Tuessame clause refers also to articles of the covenant day to the New York "Herald Tribune," in which
which safeguard frontiers and provide sanctions the Japanese response was reported, adds that it is
against aggressor States. With obvious regard to "no secret that many of the main features of the
the possible failure of the General Disarmament Roosevelt plan are unacceptable to Japan, includConference, the four nations agree to re-examine ing the theory that an aggreEtsor State is one whose
disarmament questions and to insure their solution. forces enter the territory of another nation and inwith the removal of import quotas and other expedients of a like nature, and a rise in the value of all
commodities, with especial emphasis upon silver.
In a speech before the House of Commons, late last
week, Chancellor of the Exchequer Chamberlain
outlined the British aims at the conference. The
main results to be sought by Great Britain, he said,
will be an advance in the world price level through
planned production and trade rather than by currency or credit manipulation, ultimate restoration
of the gold standard at a new parity with an interim
agreement on de facto stabilization of curencies, and
removal or reduction of abnormal barriers to trade.
The French Government, according to an announcement by Finance Minister Georges Bonnet, Wednesday, will seek monetary stabilization and solution
of the war debt impasse. Stabilization will be the
first aim, he declared, and after that is achieved it
will be possible to consider debts and tariffs. Since
the idea of the world conference was first broached
more than a year ago, matters affecting international monetary and economic relations have gone
steadily from bad to worse, and at this time it probably suffices to remark that the opportunity confronting the London gathering is unparalleled.
A
Volume 136
Financial Chronicle
eluding the consultative pact arrangement set forth
in the British disarmament convention draft."
There were reports from Paris, Thursday, that
American, British and French diplomats had agreed
to "make a go" of disarmament and break the
Geneva stalemate, but the comments apparently
were very general and not at all conclusive. Premier
Daladier commended the good will of the British
and Americans, a dispatch to the Associated Press
said. "As for us, we have a program and a doctrine," the Premier added. In the protracted discussions of the day France is said to have clung
tenaciously to her demand for adequate guarantees
of security before agreeing to disarmament. At
Geneva,on the same day,the uncertain disarmament
situation was rendered more confused than ever by
a Japanese attack on the London naval treaty. "The
feeling of security has not been strengthened by the
London naval treaty," said Naotake Sato, of Japan.
"On the contrary, it has created an atmosphere of
uncertainty and apprehension." The Japanese
representative also declared that his Government
cannot accept complete abolition of air bombing
until the great Powers do away with aircraft carriers. These statements caused a sensation in the
Conference, and objections were voiced by spokesmen of several countries. Hugh L. Wilson, of the
United States, remarked that it is difficult to single
out any one factor as the cause of international disquietude. The British delegate agreed with Mr.
Wilson, while Arthur Henderson, President of the
Conference, made comments to the same effect.
After the flurry subsided the Conference voted to
adjourn until July 3.
PARTIAL transfer moratorium on the external
debt service of German borrowers in the international capital markets was announced Thursday,
by Dr. Hjalmar Schacht, President of the Reichsbank. This action was anticipated, owing to the
careful preparations by Dr. Schacht and the recent
conference in Berlin between Reichsbank officials
and representatives of the foreign creditors. It is,
nevertheless, a profoundly disturbing matter, which
illustrates again the desperate expedients to which
great national groups are resorting in the present
depression. The transfer moratorium will apply,
beginning July 1, on interest and sinking fund payments on all obligations contracted previous to the
German banking crisis of July 1931. Contrary to
the expectations entertained in many quarters, the
German Government 7s and 51 2s will thus be included in the moratorium. It will not apply to the
short-term credits included in the current standstill
agreements, or to current reimbursing credits for
commercial bills. In effect, external payments will
be stopped on all long-term loans, but continued on
all short-term loans. German foreign obligations
affected by the moratorium are estimated at 15,483,000,000 marks, of which American creditors are believed to hold about two-fifths. Proportionately, the
American holdings of German long-term bonds are
heavier than short-term investments.
• In announcing the moratorium, Dr. Schacht again
took pains to make clear that it was necessitated
by the dwindling gold and foreign exchange reserves
of the Reichsbank, which has sole control of foreign
exchange transactions in the Reich. He made public
a memorial to Chancellor Hitler setting forth that
the holdings of gold and eligible bills dropped from
A
3955
3,078,000,000 marks at the end of June 1930 to 280,000,000 marks at the end of May this year. This constitutes a danger, Dr. Schacht said, that available
bills of exchange may not suffice for covering the
current requirements of Germany's foreign trade.
The Reichgbank announced, at the same time, that
repayment will be effected on July 1 of the American credit of $45,000,000 extended to the Gold Discount Bank, a subsidiary of the Reichsbank, in the
attempt to stem the foreign withdrawals in 1931.
After this payment is made it is estimated that the
Reichgbank's note coverage will be only 7.9%.
Although the transfer moratorium is thus held
unavoidable, Dr. Schacht indicated that every effort
will be made to protect the foreign creditors, in so
far as this can be done. He requested Chancellor
Hitler to issue an emergency decree making it mandatory for every German debtor to deposit his payments in marks in a conversion fund to be administered by the Reichsbank, which will be guaranteed
by the Reich Government. It is specifically provided
that the German debtor is not absolved from meeting
his obligation when legally due, And foreign creditors will retain the right to proceed against any defaulting debtor in German courts. Dr. Schacht announced, moreover, that the Reichsbank will negotiate at London, next week, with representatives of
Germany's foreign creditors regarding the possibility of resuming the transfer payments.
"The measure the Reichsbank is taking cannot be
regarded as an arbitrary step," Dr. Schacht stated
to a group of press representatives in Berlin, Thursday. "It is an inevitable consequence of the bad
economic and political policy of the last 15 years.
Reparations, tariff policy and the reckless use of
credits have led to this state of affairs. The Reichsbank is merely informing the world of a sorry situation for which it is not responsible. If reprisals
are taken abroad, they will merely increase the
harm which the last 15 years have done, and I hope
that foreign countries will deal with the position
calmly and objectively." There is no intention, he
pointed out, of endangering the safety of private
property rights. The German national economy,
moreover, has the firm intention of meeting its liabilities for payment. "This disposition on the part
of Germany," he said, "is all the more to be appreciated because, in other countries, not only transfer
difficulties but also-pecuniary embarrassments are
the order of the day, whereas in Germany, with only
a few exceptions, debtors have met their obligations
in full." The Reichsbank President rejected
sharply, a Berlin dispatch to the New York "Herald
Tribune" stated, suggestions that preference might
be given holders of the two German Government external bond issues. "The Reichsbank," he said,
"takes the position of an honest debtor. It must
decline to give preference to any creditor. On the
contrary, it must appear before Germany's creditors
and say that it has been found to be impossible to
continue transfer payments, but that we desire to
talk things over and determine whether equal treatment is to be extended to all classes of creditors."
RI
ESIGNATION of the Socialist Government in
Spain, headed by Premier Manuel Azana, was
announced in Madrid, Thursday, after the failure
of negotiations between the Premier and President
Niceto Alcala Zamora regarding changes in the
Cabinet. An official note stated that Premier
3956
Financial Chronicle
Azana wanted to reorganize the Cabinet by replacing the Finance Minister and making two separate
Ministries out of the present Agricultural Ministry.
The President felt obliged to consult other political
leaders about the matter, and this action being construed as a withdrawal of confidence, Premier
Azana immediately tendered his resignation. The
Azana Ministry, a Madrid dispatch to the New York
"Times" states, had become increasingly unpopular
during the two years of its rule, as it had developed
into a virtual dictatorship. In accepting the resignation of the Government, Senor Alcala Zamora
was said to be actuated partly by pressure from
Church quarters and partly by a feeling that continuance of the regime might end in class warfare
or serious danger to the two-year-old Republic.
"Hostility to the regime's existence ranged from
infuriated monarchists of the extreme Right to the
anarchical syndicalists of the extreme Left," the
report to the New York "Times" said. It was remarked, moreover, that the Cabinet crisis may well
prove a vital spot in the life of the Republic, since
everything appears to depend on the outcome of the
crisis and the reactions thereto. Solution of the
Cabinet crisis is not expected for several days.
--•-RRANGEMENTS have been concluded for extension by the Reconstruction Finance Corporation of a $50,000,000 credit to the Nanking Nationalist Government of China, to be utilized in the purchase of American cotton and wheat in the open
market. Jesse H. Jones, Chairman of the R. F. C.,
announced the credit arrangement last Sunday after
a conference with President Roosevelt, while a similar statement was issued by the Chinese Ministry
of Finance the following day. Negotiations for the
loan were begun some months ago,it is reported, and
were concluded during the recent visit to Washington of Dr. T. V. Soong, Finance Minister of China.
Interest on the credit is to be 5%, and repayment
is to be effected within three years. Under the
agreement, about four-fifths of the credit will be
used in cotton purchases and about one-fifth in the
purchase of wheat and flour. On this basis it is
estimated the Chinese Government will acquire with
the sum about 900,000 bales of cotton and the equivalent of 10,000,000 to 15,000,000 bushels of wheat.
Shipment is to be made in vessels of American registry, so far as they are available, and the Chinese
Government will pay all freight and other costs
from American ports. This credit is the first extended under the export financing authority conferred last year, which provides that the R.F.C. may
make "loans for the purpose of financing sales of
surpluses of agricultural products in the markets of
foreign countries in which such sales cannot be
financed in the normal course of commerce." A
somewhat similar arrangement was made in 1930,
however, when the Federal Farm Board sold
15,000,000 bushels of wheat to China. Payments
have been met punctually on the notes then given
by the Chinese Government, it is indicated.
The belief was expressed in the formal announcement in Washington that the credit will be mutually
advantageous, as it will aid in the removal of surpluses from American markets and increase China's
consumption of these commodities. Security for
the loan to China, it was stated, is a first charge on
certain consolidated taxes, including imposts on roll
tobacco, flour, cotton yarn, matches, cement and
A
June 10 1933
other items, these levies producing $22,000,000
American in 1932. A lien will be retained through
warehouse receipts and other documents, both in
this country and in China, until the commodities
are taken from the warehouses for processing or consumption, at which time 10% will be paid in cash,
15% additional in 90 days, and the balance of 75%
over a period of three years. The purchases of the
commodities will be made in this country by representatives of China. The announcement on this
arrangement by the Chinese Government remarked
that it will enable the Chinese authorities to extend
credit facilities on the commodities concerned to
interior markets which in the past several years
have been trading on a purely hand-to-mouth basis
with great resultant hardships to the people. Washington dispatches indicated that this method of
financing agricultural exports to other countries
is now being intensively explored by Administration
officials.
ELEASE of about $25,000,000 in American
funds, "frozen" in Brazil in blocked milreis
accounts, has been arranged in negotiations between
representatives of the Brazilian Government and
the Banco do Brazil, on the one hand, and American owners of the balances on the other. The agreement provides for payment in American dollars of
all the balances, with different procedures to be
employed in the case of balances over $50,000 of any
one firm, and balances less than this amount. All
American firms having, on June 30 next, blocked
balances of more than $50,000, or 665,000 milreis,
will receive 72 monthly drafts or notes, guaranteed
and endorsed by the Brazilian Government, and payable monthly for six years. The conversion rate is
to be 13.965 milreis to the dollar. Firms having less
than $50,000, or 665,000 milreis in Brazilian blocked
accounts, will be paid in dollars within 90 days from
June 30, at the full official rate of 13.3 milreis to
the dollar. The signatories for Brazil agree that no
more favorable exchange arranglements shall be
made with another country and no contract entered
into which might interfere with the progressive fulfilment of the terms of the agreement. It is also
guaranteed that American parties to this agreement
shall receive sufficient dollar exchange for current
needs during the life of the agreement. Brazil was
represented in these negotiations by Dr. Numa de
Oliviera and Valentim Boucas, while American representatives were Eugene P. Thomas, President of
the National Foreign Trade Council; General Palmer E.Pierce, of the Standard Oil Co. of New Jersey,
and J. S. Carson, of the Electric Bond & Share Co.
The agreement is to be submitted to all firms having
blocked balances in Brazil, for their approval.
R
USINESS leaders of 39 countries urged genera/
restoration of the gold standard in a resolution adopted last Saturday at the conclusion of the
seventh biennial congress of the International Chambers of Commerce, held in Vienna. The congress
was in session for a week, and as it drew to a close
19 resolutions were adopted on such matters as the
gold standard, tariff and trade treaty policies and
international capital movements. A report embodying the findings of the delegates was prepared, moreover, for presentation to the World Monetary and
Economic Conference. Restoration of the gold
standard was felt by all the delegates to be an urgent
Financial Chronicle
Volume 136
need of the moment. Another resolution urged the
nations to free their foreign exchange markets from
the control now exercised almost universally. It
was pointed out, however, that the governments can
contemplate abolition of currency control only concurrently with arrangements for some international
monetary standard.
In a resolution on the international flow of capital, the congress expressed the belief that debtors
must be made to realize that their first duty is to
pay their debts. Debtor countries which default,
or which threaten to default in order to bring pressure to bear on creditors, were warned that capital
markets would be closed against them. That
debtors must be allowed to pay in goods and services
was also recognized. The Chamber denounced emphatically the "abandonment of the provision inserted in debt agreements for the express protection
of the creditor," remarking that any such action
must impair faith in the written and spoken words
of the debtors, public and private. "The Chamber
calls on the governments of the world to adhere to
the same standards in such matters as have long
been expected of business men of all nations," the
resolution stated. In the resolution on tariff and
trade treaty policies, "group rapprochements" of
States were advocated and were declared to be beneficial to international trade. Modification of the
most-favored-nation clause in commercial treaties
was advocated. As the congress ended the election
of Frederick Fentener van Vlissingen, of Holland,
as the new President of the Chamber, was announced. He succeeds Abraham Frowein, of
Germany.
3957
138. The proportion of reserve to liability is down
to 46.31% from 48.80% a week ago. Last year the
ratio was 34.66%. Loans on government securities
increased £3,782,000 while those on other securities
fell off £367,257. Of the latter amount £176,760 was
from discounts and advances and £190,497 from
securities. The discount rate remains at 2%. Below
we furnish a five-year comparison of the items:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
June 7
1933.
June 8
1932.
June 10
1931.
June 12
1929.
June 11
1930.
£
£
£
£
£
Circulation
a 378,463,000 357.238 159 354,250,870 364,002,267 362,058,951
Public deposits
8,924,000 25,577,108 9.627.017 8,238,879 10,580,976
Other deposits
140,643,302 119,318.300 102,828,387 94,205,674 96.623,619
Bankers'accounts_ 102,409,999 85,846,068 69,561,406 58,822,236 61,100,497
Other accounts_ 38,233,303 33,472.232 33,266.981 35,383,438 35.523,122
Govt. securities.... 76,287,127 74,259.656 33,120,906 46.310,547 36,211,855
Other securities
21,831,574 38,233,205 35,123,247 20.747,452 26,682.121
Disci,. dr advances. 11,073,188 12,611,580 6,597,037 6,804,409 5,675,391
Securities
10,758,386 25,621,625 28,526,210 13,943,043 21,006,730
Reservelnotes dr coin 69,273,000 50,223,346 62,036,653 53.178,140 62,152,449
Coin and bullion
187,737,544 132,481,505 156.287,523 157.180.407 164,211,400
Proportion of reserve
to liabilities
46.31%
55.16%
34.66%
51.90%
57.97%
Thant. rata
20L
2 ,“7.
,
DA °Z,
3ez,
554.7.
a On Nov. 29 1928 the fiduciary currency was amalgamated with Bank o England
note Issues adding at that time £234,199.000 to the amount of Bank of England
outstanding.
_
HE Bank of France weekly statement dated June
2 shows an increase in gold holdings of 110,913,352 francs. Total gold holdings are now 81,061,689,310 francs, in comparison with 80,170,597,588
francs last year and 55,933,295,383 francs the previous year. Credit balances abroad decreased 12,-.
000,000 francs while bills bought abroad gained 72,000,000 francs. Notes in circulation reveal a large
increase, namely 1,348,000,000 francs, raising the
total of notes outstanding to 84,616,305,370 francs.
A year ago circulation aggregated 82,406,093,520
francs and the year before 77,803,172,250 francs.
The proportion of gold on hand to sight liabilities
stands at 78.18% in comparison with 73.47% a year
HERE have been no changes the present week ago, and 56.02% two years ago. French commercial
in the discount rates of any of the foreign bills discounted and creditor current accounts record
central banks. Present rates at the leading centers decreases of 503,000,000 francs and 1,594,000,000
are shown in the table which follows:
francs while advances against securities increased
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
63,000,000 francs. Below we furnish a comparison
Rate in
PreRaid in
Paoof the various items for three years:
Camila. Effect
Dale
Sous
Country. Rffea
Date
Nous
_
T
June 9 Established.
Austria....
Belgium _.
.
Bulgaria....
Chile
Colombia_
Czechozlovakla____
Danzig _ _ ....
Denmark_ _
England-Estonia__
Finland__
France .....
Germany. _
Greece
Rate.
5
34
84
44
5
Mar.23 1933
Jan. 13 1932
May 17 1932
Aug. 23 1932
Sept. 19 1932
6
214
914
534
6
83.4
4
X
2
54
544
234
4
7
Jan. 25 1933
July 12 1932
June 1 1933
June 30 1932
Jan. 29 1932
May 27 1933
Oct. 9 1931
Sept.31 1932
May 29 1933
434
5
334
24
63.4
6
2
5
9
June 9 Established.
Rolland— _
Hungary_
India
Ireland__
Italy
Japan
Lithuania
Norway... _
Poland, _ _ _
Portugal
Rumania
South Africa
Spain
Sweden
Switzerland
33.4 May 11 1933
44 Oct. 17 1932
334 Feb. 16 1933
3
June 30 1932
4
Jan. 9 1933
4.38 Aug. 18 1932
May 5 1032
7
34 May 23 1933
6
Oct. 20 1932
6
Mar. 14 1933
6
Apr. 7 1933
Feb. 21 1933
4
Oct. 22 1932
6
3
June 1 1933
Jan. 22 1931
2
Rare.
24
6
4
314
6
5.11
714
4
73.4
614
7
5
64
34
24
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
for Week.
.114114 2 1933.
June 3 1932.
June 5 1931.
Francs.
Francs.
Francs.
France.
+110.913,352 81,061,689.310 80,170,597,588 55.933,295,383
—12.000,000 2,456,414,601 5313,874.940 5,463,620,788
Gold holdings
Credit bale. abroad_
a French commercial
bills discounted... —503,000,000 2,948,556,612 3,379,460,092 4,712,440,073
b Bills bought abr'd
+72,000,000 1,490,969,764 3,984,762,258 20,694,814,367
Adv. agent secure—
+63.000,000 2,737,173,048 2,799,271,510 2,869,084,287
Note circulation__._ +1,348,000,000 84,616,305,370 82,406,093,520 77.803,172.250
Credit current accts. —1,594,000,000 19,063,045,309 26.718,878.636 22,041,481,067
Propor. of gold
on hand to sight
78.18%
liabilities
73.47%
56.02%
+0.29%
In London open market discounts for short bills
a Includes bids purchased in France. b Includes bills discounted abroad.
on Friday were /@7-16%, as against 7-16@3/2% on
Friday of last week, and 7-16@3/ for three months'
HEIBankTof Germany in its statement for the
2
%
bills, as against M% on Friday of last week. Money
first quarter of June shows a decline in gold
on call in London yesterday was N%. At Paris the and bullion of 21,088,000 marks. The Bank's gold
open market rate remains at 23i% and in Switzer- now stands at 351,241,000 marks which compares
land at
with 848,421,000 marks last year and 2,299,930,000
marks the previous year. Increases appear in reserve
HE Bank of England statement for the week in foreign currency of 7,410,000 marks, in silver and
ended June 7 shows another gain in gold other coin of 3,439,000 marks, in notes on other
holdings, amounting this time to £334,771, which German banks of 3,676,000 marks, in investments of
brings the total up to £187,737,544, the largest 2,885,000 marks and in other liabilities of 2,047,000
amount ever held. This is the fourth consecutive marks. Notes in circulation show a contraction of
week in which a new high mark has been set in this 96,196,000 marks reducing the total of the item to
item. A year ago the bank held only £132,461,505. 3,372,600,000 marks. Circulation last year stood at
The gain in gold was attended by an expansion of 3,889,407,000 marks and the previous year at 4,079,£4,400,000 in note circulation and so reserves fell off 245,000 marks. Bills of exchange and checks,
£4,065,000. Public deposits decreased £24,322,000 advances, other assets and other daily maturing
and other deposits rose £23,634,201. The latter obligations record decreases of 15,512,000 marks,
consists of bankers' accounts which increased £24,- 91,309,000 marks, 46,875,000 marks and 63,225,000
937,339 and other accounts which decreased £1,303,- marks respectively. The proportion of gold and
3958
Financial Chronicle
June 10 1933
HE demand for prime bankers' acceptances has
been very light this week, so that the supply of
paper available exceeds the requirements. Rates are
unchanged. The quotations of the American Acceptance Council for bills up to and including threeREICHSBANK'S COMPARATIVE STATEMENT.
months' bills are M% bid and %% asked; for four
Changes
June 7 1933. June 7 1932 June 6 1931.
for Week.
3
months, 4% bid and %% asked; for five and six
Assets—
Reichsmarks. Reichsmarks. Retchsmarks. Retchsmarks.
7
months, 1% bid and 4% asked. The bill buying
848,421,000 2,299,930.000
—21,088,000 351,241,000
Gold and bullion
80,254,000 259,369,000
17,285,000
Of which depos. abroad
No change
rate of the New York Reserve Bank is 2% for bills
84,408.000 138,163,000 112,956,000
Reserve in foreign curr.
+7,410.000
Bills of exch. and checks
—15,512,000 3,124,330,000 3,037.693,000 1,763.960,000
running from 1 to 90 days; 23/8% for 91 to 120 days,
+3,439,000 238,658,000 236,412,000 176.965.000
Silver and other coin.._
12,939,000
5,686,000
6,925,000
+3,676,000
Notes on 0th. Ger. has.
69,876,000
for bills due in 121 to 180 days. The
and 2
74,435,000 129,239,000
—91.309,000
Advances
+2,885,000 320,223,000 364,427,000 102,723,000
Investments
542,661,000
Reserve banks' holdings of acceptances
—48,875,000 332,254,000 758,997,000
Federal
Other assets
Liabilities—
—96,196,000 3,372,600,000 3,889.407,000 4,079,245,000
have dropped during the week from $19,862,000 to
Notes in circulation
—63,225,000 375,568.000 357,522,000 270,471,000
0th. dally matur. oblig.
+2,047,000 161,155,000 704,683.000 244,958,000
Other liabilities
$11,411,000. Their holdings of acceptances for
Propor.of gold & foreign
39.2%
25.4%
12.9%
+2.8%
curr. to note cireurn
foreign correspondents also decreased during the
week from $35,731,000 to $35,436,000. Open market
ONDITIONS in the New York money market rates for acceptances are as follows:
have been unchanged this week, the extraSPOT DELIVERY.
-—180 Days— —150 Days— —120 Days
ordinary ease continuing under the influence of addiBid.
Asked.
Asked.
Asked.
Bid.
Bid.
1
1
H
tional open market purchases of United States Gov- Prime eligible bills
—goDays— —60Days— —30Days—
ernment securities by the Federal Reserve banks.
Bid.
Asked.
Asked.
Bid.
Asked
Bid.
Call loans on the New York Stock Exchange have Prime eligible bills
FOR
been 1% for all transactions, whether renewals or Eligible member banks DELIVERY WITHIN THIRTY DAYS.
1% bid
market the rul- Eligible non-member banks
1% bid
new loans. In the unofficial outside
ing rate on call loans has been %%,but a few transHIS week the rediscount rates of the Philaactions were reported Monday and Tuesday at %.
delphia, St. Louis and Cleveland Federal
continued availability of call money in the outThe
side market at a concession, despite the larger de- Reserve Banks were lowered from 33/2% to 3%. The
mand for such accommodation, indicates the flood of changes in each case were announced June 7 by the
funds on offer. Time money has been unchanged at Federal Reserve Board and were made effective
3
a range of 4 to 1M%. There have been no changes June 8. The following is the schedule of rates now
in bankers bill or commercial paper rates. The in effect for the various classes of paper at the differUnited States Treasury announced Tuesday new is- ent Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
4% Treasury
sues of $500,000,000 in five year 27
months %% certifiRate in
notes and $400,000,000 in nine
Date
Precious
Riled on
Federal Reserve Bank.
Established.
Rate.
June 10.
cates of indebtedness. As the coupons were high
June 11933
334
3
out of line with outstanding issues of approxi- Boston
and
New York
334
3
mately similar maturities, heavy premiums were as- Philadelphia
u ne 10 73
ManY 2 19 3
8
6 83
3
334
Cleveland
Jan. 25 1932
4
314
sured and large subscriptions followed. The books Richmond
Nov. 14 1931
3
3h
Atlanta
3
May 27 1933
314
Chicago
were closed within one day on large subscriptions but St. Louis
June 8 1933
334
3
Sept.12 1930
4
334
Minneapolis
were kept open to encourage subscriptions in amounts Kansas City
Oct. 23 1931
3
334
Jan. 28 1932
4
334
Dallas
of $10,000 and less. An issue of $75,000,000 in 91- San Francisco
June 2 1933
314
day Treasury discount bills was awarded Monday at
TERLING exchange is in active demand in all
an average discount of only 0.27%. The easy
quarters of the world and is firmer than at any
tendency of money rates was reflected Thursday,
when the informal committee of bankers acting on time since Great Britain abandoned the gold standard
foreign deposit rates decided to lower the interest in Setember 1931. All other foreign exchanges are
allowed on foreign demand deposits here to 3j70 up in sympathy with sterling, which is equivalent
from the previous level of %, and on similar time to saying that the paper dollar is extremely weak
deposits to M% from 1%, effective next Monday. and that in the estimation of foreign exchange traders
Two compilations of brokers loans were made public its course is uncertain. The range for sterling this
this week. The monthly report of the New vork week has been between 4.005 and 4.13% for bank%
Stock Exchange reflected an increase of $206,017,250 ers' sight bills, compared with a range between 3.96
during May, while the weekly report of the Federal and 4.023/ last week. The range for cable transfers
Reserve Bank of New York showed a gain of $64,- has been between 4.003% and 4.14, compared with a
4
000,000 in the week to Wednesday night.
range of 3.97 to 4.025 a week ago. It will be
recalled that sterling cable transfers closed at 4.0032
EALING in detail with call loan rates on the on Friday of last week. From Saturday until TuesStock Exchange from day to day, 1% has day the market was largely nominal as the Whitbeen the ruling quotation all through the week for suntide holidays curtailed European interest. Neverboth new loans and renewals. The market for time theless in the extremely nominal trading on Saturday
4
money has been at a standstill this week except for and Monday sterling was quoted at 4.007 to 4.01%.
with the resumption of active European
-day money at 1%. On Tuesday
an occasional transaction in 90
3
Rates are nominal at 4% for 30 days, 1% for 60 interest the rate shot up sharply to 4.05. The
when
to 120 day periods and 1@13'% for five and six market was taken by surprise on Wednesday,
4
been the pound rose to 4.087 and was completely asmonths. The market for commercial paper has
to
more active but even though more paper is available, tounded on Thursday when cable transfers went
requirements. Rates 4.14 before a reaction set in. This represented a gain
the supply is still short of the
53/ cents on the day and was the highest
4
are 13 % for extra choice names running from 4 to 6 of more than
mark recorded by sterling since September 25 1931.
months and 2@23.1% for names less known.
foreign currency to note circulation stands now at
12.9%, as compared with 25.4% last year and 59.2%
two years ago. Below we furnish a comparison of the
various items for three years:
T
C
T
S
D
Volume 136
Financial Chronicle
3959
would seem imAll the European currencies and indeed all other of foreign funds in London. It
rates to go lower.
units moved more or less in close sympathy wth the possible for open market money
in abundant supply at
upswing in sterling. French francs touched 4.83, Call money against bills was
threewhich signified that the American paper dollar in 3t7o; two-months' bills are 5-16%-%%;
four-months' bills, %, and
the estimation of the foreign exchange market was months' bills, 7-16%;
worth only one or two mils more than 81 cents, a six-months' bill, /%-%%•
It will be recalled that the Bank of England last
new low for the dollar. Owing to the world-wide
gold in the open market
confidence in the British banking authorities sterling week resumed the purchase of
and has continued its operations since. The fact
is in universal demand despite the fact that the pound
is a reflection of the
is not anchored to gold. Funds of every description that the Bank is buying gold
of the few remaining
are rushing to London seeking security. While all strength of sterling in terms
last the Bank of
foreign currencies are so exceptionally firm with gold currencies. On Saturday
gold bars and on
respect to the dollar, they are quite generally at a England bought £143,897 in
bars. On Saturday last
discount with respect to sterling. In the active Tuesday £172,968 in gold
open market at 122s. 4d.
trading on Wednesday and Thursday sterling was gold sold in the London
taken for Continental
prevented from rising sharply against French francs On Tuesday £200,000 gold was
market and bars were quoted
only by the intervention of the British Exchange account in the open
total of £240,000 gold
Equalization Fund, operating in London, Paris, and 122s. 6d. On Wednesday a
in the open market was taken for Contiother European centers. Sterling is now valued a available
at 122s. On
full $1 above the record-breaking low of 3.14M which nental account and bars were quoted
Thursday the Continent took £27,000 open market
.was established on November 29. Then bankers
/
21 d. On Frieverywhere were persuaded that the pound would gold and bars were quoted at 122s.
evident day Continental interests took £44,000 and bars
-go to $3 or possibly lower. Now it is quite
England
2
that were the market perfectly free and not inter- were quoted 122s. 43/d. The Bank of
shows an infered with from time to time by the London authori- statement for the week ended June 7
ties, sterling would have no difficulty in reaching crease of £334,771 in gold holdings, the total standwhich
former gold parity of 4.8665 and in the estimation of ing at record high level of £187,737,544,
year ago and with
some it might easily reach a still higher level. Foreign compares with £132,461,505 a
the
exchange traders assert that London has been an the minimum of £150,000,000 recommended by
active buyer of dollars in London, Paris, and other Cunliffe committee.
The Federal Reserve Bank of New York reported
centers during the past few days and these operations,
week
although there is no means of verifying their actual that there was no gold movement here for the
7, neither imports, exports, nor change
occurrence, have given color to rumors that England ended June
has taken advantage of the low price of dollars in in gold earmarked for foreign account.
On Thursday $1,445,000 of gold was shipped to
order to accumulate funds to meet the June installthe United States. Germany. There were no imports of the metal on
ment of the war debt payment due
In the demoralized condition of the foreign ex- that day; but gold held earmarked for foreign account
changes which has continued since the Michigan decreased $1,445,000. On Friday there were no
bank moratorium in February, markets are full of imports or exports of gold or change in gold held
rumors but have very little reliable information upon earmarked for foreign account. There have been no
which to base transactions. Now the market awaits reports during the week of gold having been received
anxiously the outcome of the World Economic at any of the Pacific ports.
Canadian exchange continues at a severe discount,
Conference which opens in London on Monday.
Montreal.
According to London and Paris dispatches the chief but the rate is much more favorable to
Montreal funds were quoted at a
officers of the Bank of France, Governor Harrison On Saturday last
of the Federal Reserve Bank of New York, Professor discount of 10 15-16%; on Monday at 103/; on
on
Sprague, Washington's financial adviser, and central Tuesday at 103.(%; on Wednesday at 94%;
and on Friday at 93/2%.
bank officials of several European countries are Thursday at 9%%,
Referring to day-to-day rates, sterling exchange on
meeting with Governor Norman of the Bank of
of views Saturday last was firm. Bankers sight was 4.00%(4)
England in London to-day for an exchange
%
preliminary to the World Economic Conference. It 4.013;cable transfers,4.007@4.019/s. On Monday
would seem that there are very few commercial bills the market was dull and the pound slightly easier.
in the market and certainly commercial bills are at The range was 4.00/@4.01 for bankers' sight and
an exceptionally low ebb in New York, but there can 4.00% ®4.01A for cable transfers. On Tuesday
be no doubt that there is a flight of capital from the the market was active and sterling strong. Bankers'
dollar and not all of this, by any means, is foreign- sight was 4.013/@4.04%; cable transfers, 4.01%®
2
owned money. New York banks doing business with 4.05. On Wednesday sterling made a new high on
Latin-American countries report the receipt of the move. The range was 4.04%@4.08% for
instructions to convert dollar deposits into sterling. bankers' sight and 4.04%@4.083/ for cable transfers.
Such movements, of course, have the effect of de- On Thursday the pound made another sharp jump.
creasing the foreign deposits in New York and in- Bankers' sight was 4.093®4.13%; cable transfers,
/
creasing them in London, and of stimulating a rise 4.093 @4.14. On Friday sterling was easier. The
is not altogether pleased, range was 4.08%@4.123 for bankers' sight and
/
in sterling. London
2
however, with the excessively heavy foreign deposits 4.09@4.123/ for cable transfers. Closing quotations
now seeking security there, as these funds are almost on Friday were 4.113/i for demand and 4.11% for
unloanable in Lombard Street at the lowest rates. cable transfers. Commercial sight bills finished at
Commodity prices are rising throughout the world 4.11; 60-day bills at 4.103/2; 90-day bills at 4.103i;
and trade is more active in every country, a circum- documents for payment (60 days) at 4.10 and sevenstance which favors sterling exchange, while at the day grain bills at 4.11. Cotton and grain for paysame time it also has a tendency to swell the plethora ment closed at 4.11.
3960
Financial Chronicle
June 10 1933
XCHANGE on the Continental countries con- ately 5,000,000,000 lire, as against less than 1,500,tinues quite demoralized as a consequence of 000,000 lire last year.
the abandonment of gold by the United States and
The London check rate on Paris closed on Friday
the general nervousness and uncertainty as to the at 85.81, against 85.78 on Friday of last week. In
immediate future of all foreign exchanges. The gold New York sight bills on the French centre finished
currencies, such as French francs, Swiss francs and on Friday at 4.783 ,against 4.661 on Friday of last
4
%
Holland guilders, are especially affected by the ex- week; cable transfers at 4.79, against 4.663 , and
%
treme nervousness. German marks are of course commercial sight bills at 4.783/2, against 4.65.
entirely nominal, as there is practically no mark Antwerp belgas closed at 16.99 for bankers' sight
exchange. On Thursday Germany declared a par- bills and at 17.00 for cable transfers, against 16.47
tial transfer moratorium, effective July 1, on long- and 16.48. Final quotations for Berlin marks were
term and short-term debts except on the standstill 28.35 for bankers' sight bills and 28.40 for cable
credits. It would seem that the moratorium does transfers, in comparison with 27.68 and 27.70.
not immediately affect either the Dawes or the Young Italian lire closed at 6.33 for bankers' sight bills and
Plan bonds. Their status awaits further negotiation at
%
6.333 for cable transfers, against 6.133 and
between the Reichsbank and the Bank for Interna- 6.14. Austrian schillings closed at 16.25, against
tional Settlements. Further details regarding the 16.25; exchange on Czechoslovakia at 3.64, against
official views of the Reichsbank's president on the 3.56; on Bucharest at 0.80, against 0.73; on Poland
moratorium and the status of the Reichsbank will at 13.75, against 13.45, and on Finland at 1.83,
be found on other pages.
against 1.79. Greek exchange closed at 0.683/ for
French francs are exceptionally firm with respect bankers' sight bills and at 0.693/2 for cable transfers,
to the dollar, but easier in terms of the pound. The against 0.663/ and 0.673/2.
firmness of the franc is due largely to sympathetic
reaction of the market to the upswing in sterling. In
XCHANGE on the countries neutral during the
the upturn on Thursday the franc touched 4.83.
war presents varied aspects. All these units are
Par is 3.92. Despite the weakness of the franc in firm in terms of the dollar. Swiss francs are especially
terms of sterling exchange, the Bank of France has firm while at the same time weak in terms of sterling
increased its gold holdings this week, due largely to and French francs. In Thursday's trading the Swiss
a heavy flow of gold from Switzerland and Holland. franc was quoted as high as 23.70 in New York (par
Both these gold countries have been under the neces- is 19.30). The guilder rose to 49.25 (par is 40.20).
sity of shipping gold to Paris in order to protect the The Swiss franc is under pressure abroad and there
gold parity of their currencies, which suffer frequent have been incessant shipments of gold from Switzerraids. The French are by no means certain of the land to Paris for a few months past. The weekly
strength of their own gold position and while it is losses, amounting to about 50,000,000 Swiss francs,
frequently asserted that France advocates deflation has resulted in a decline of over 500,000,000 francs
and not inflation and will take strong measures to in the gold holdings of the National Bank of Switzermaintain the gold standard, nevertheless there is a land since March 15. Nevertheless the Swiss note.
considerable body of opinion even in Paris which cover is still above 100%. There have been heavy
asserts that the attempt will prove useless unless withdrawals of foreign capital, and, owing to price
developments at the world Economic Conference disturbances, the general business depression, and
result in a more complete rehabiliation of gold in the uncertainties of the foreign exchange situation,
other countries, especially in England and the United tourist traffic has fallen off greatly. Now additional
States. While gold has been flowing to Paris from pressure threatens from the German moratorium
other Continental centers, there is ample evidence which hits investments and credits in Germany.
of a flight of funds from Paris to London and the Dutch guilders are weak in Paris and London for much
nervousness of the French people with respect to the the same reasons. The Dutch are forced to take
future stability of the franc is shown by increased strong measures to hold the guilder to gold. Dr.
hoarding on the part of French citizens. This week Trip, president of the Nederlandsche Bank recently
the Bank of France shows an increase in gold holdings admitted that the defence of the guilder was particuof fr. 110,913,352, the total standing on June 2 at larly difficult owing to the high price level and the
fr. 81,061,689,310, which compares with fr. 80,- depression in Dutch colonial products. However,
170,597,588 on June 3 1932 and with fr. 28,935,000,- it seems quite probable that both the Dutch and
000 in June 1928, when the unit was stabilized.
Swiss currencies can be firmly anchored to gold unItalian lire are exceptionally firm having ruled for less France is forced to capitulate, in which event
the greater part of the week around 6.20-6.36. Par these two neutral currencies will be aligned to Briis 5.26. The present firmness in lire is due partly to tish monetary policies. The Scandinavian currencies
the general firmness of all currencies with respect to are firm in sympathy with sterling and the Spanish
the dollar. Aside from this influence, however, the peseta moves up in terms of the dollar with the upItalian unit has been firm for a long time because of swings in the general list.
the steady improvement in the economic position of
Bankers' sight on Amsterdam finished on Friday
Italy and to the conservative policies pursued by the at 48.99, against 47.60 on Friday of last week; cable
Bank of Italy, which has for the past two years or transfers at 49.00, against 47.62, and commercial
more added steadily to its gold holdings, while at the sight bills at 48.85, against 47.50. Swiss francs
same time keeping note circulation within bounds. closed at 23.54 for checks and at 23.55 for cable
Italian foreign trade returns for the first four months transfers, against 22.91 and 22.92. Copenhagen
this year show an excess of imports over exports checks finished at 18.39 and cable transfers at 18.40,
amounting to 549,311,565 lire, compared with 770,- against 17.86 and 17.87. Checks on Sweden closed
701,740 lire in the corresponding period a year ago. at 21.28 and cable transfers at 21.29, against 20.54
In 1927 the import surplus amounted to approxim- and 20.55; while checks on Norway finished at 20.76
E
E
Volume 136
Financial Chronicle
and cable transfers at 20.77, against 20.29 and 20.30.
Spanish pesetas closed at 10.39 for bankers' sight
bills and at 10.40 for cable transfers, against 10.11
and 10.12.
•
American countries
on
in the
,EXCHANGE to bethe Southnominalquoted despite
only noininally
continues
rates,
New York market, though the
3961
Closing quotations for yen checks yesterday were
A
25%, against 245 on Friday of last week. Hong
Kong closed at 29 7-16 ® 293/2, against 2834 28%;
26%, against 253i @ 253/;
/
2
Shanghai at 26 5-16
834,
Manila at 50, against 50%; Singapore at 4
8
,
%
against 463 ;Bombay at 313/ against 3038, and Cal8
.
cutta at 313/g, against 303/
the practical non-existence of transactions, are
HE following table indicates the amount of gold
higher in terms of the dollar. It is understood that
bullion in the principal European banks as of
New York representatives of Argentine banks are June 8 1933, together with comparisons as of the
under orders to turn their dollar balances here into corresponding dates in the previous four years:
sterling. Such operations serve as contributing cause
1931.
1930.
1929.
1932.
for the present strength in sterling and weakness in Banks of- 1933.
£
£
£
£
£
187,737,544 132,461,505 156,287,523 157,180.407 164,211,400
U. S. paper dollars. Representatives of the Brazilian England... 648.493,515 641,364,780 447,466,363 350,540,477 292,822,687
France a___
85 263,850
16,697,800
Germany
government and the Banco do Brazil have reached Spain b 90,374,000 37,481,300 104,614,000 123.449.650 102,416,000
98.823,000
90,150,000 96,962,000
55,434,000
58.279,000
57,461,000
60,895,000
70,483,000
an agreement with representatives of American Italy
36,408,000
35,995,000
78,121,000
37,498,000
69,744,000
Netherlands
72,617,000
Nat. Belg'm
holders of blocked accounts in Brazil, amounting to Switzerland 76,400,000 80,463,000 41,374,000 34,280,000 27,522,000
23.153,000
19,845,000
26,102,000
71,278,000
about $25,000,000, for the release of these accounts. Sweden__. 12,031,000 11,443,000 13,301,000 13,508,000 13,000,000
9,591,000
9,552,000
9,587.000
8,032,000
7,397,000
De mar_
8,156,000
8,144,000
6,561,000
8,133,000
6,569,000
A detailed description of the agreement will be No way
Tot 1 week_ 1,257,204,859 1,219,589,585 998,751,486 910,917.534 814,678,937
found on another page.
'Pro
stresolr 1 940 WA 1 gn 1 9,07877 019 007 078 012 009 073,374 814_286.190
hese are the gold holdings of the Bank of France as reported in the new form
Argentine paper pesos closed on Friday nominally
ment. b Gold holdings of the Bank of Germany are exclusive of gold held
the amount of which the present year is £864,250.
at 303/ for bankers' sight bills, against 30.00 on
agains
Friday of last week; cable transfers at 31.10,
he Political Setting of the Economic
30.50. Brazilian milreis are nominally quoted 7.95
Conference.
for bankers' sight bills and 8.00 for cable transfers,
With the meeting of the World Economic Conferagainst 7.95 and 8.00. Chilean exchange is nominally
quoted 63/8, against 63. Peru is nominal at 19.25, ence at London next Monday, the attention of the
world is likely to be centered,for an indefinite period
against 19.25.
of weeks or months, upon this ambitious attempt to
XCHANGE on the Far Eastern countries presents bring the nations to agreement in regard to the treatno new features. These units are all firm in ment of pressing financial and business problems.
terms of the dollar, influenced almost altogether by As it was pointed out by Edward H. Collins, finanthe rise in sterling and the departure of all confidence cial editor of the New York "Herald Tribune," on
in the soundness of the dollar. This is especially Monday,this is not the first time that such an effort
reflected in Japanese yen. The Indian rupee would has been made. A conference at Brussels in 1920,
be firm in any event, regardless of the position of the another at Genoa in 1922, and a third at Geneva in
dollar, as the rupee follows the British pound to 1927, undertook to deal internationally with some of
which it is attached at the rate of one shilling and six the questions which appear on the London agenda.
pence per rupee. The Chinese units follow the prices Neither of these meetings, however, was on the
elaborate scale that has been planned for the London
of silver.
Conference, and in neither was the United States
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
the leading factor that it is now. The program that
JUNE 3 1933 TO JUNE 9 1933, INCLUSIVE.
has been drawn up for the London sessions excludes
Noon Burins Rate for Cable Transfers fn New York.
strictly political topics, but since any agreements
Country and Monetary
Value in United States Money.
Unit.
that may be made will have to be ratified by parliaJune 3. June 5. June 6. June 7. June 8. June 9.
ments or congresses in the various countries, and
$
$
$
$
EUROPE$
$
Austria,schilling
142708* .142583* .142750 .144166* .145166* .145166*
Belgium, belga
.165100 .165054 .165361 .166833 .170890 .169475
the line between economic and political questions
Bulgaria, lev
007933 .007833 .007866 .007900 .007833 .008075
Czechoslovakia, krone .035512 .035444 .035488 .035842 .036550 .036300
is at best hard to draw, a survey of the political
Denmark, krone
178663 .178588 .179140 .181133 .183700 .183040
England, pound
background of the Conference, as far as the leading
sterling
4 007916 4.005250 4.017333 4.057916 4.120500 4.101916
.017580 .017641 .017758 .017891 .018091 .018033
Finland, markka
nations represented are concerned, will throw some
046693 .046615 .046726 .047165 .048156 .047758
France. franc
Germany, reichsmark .277168 .277033 .277230 .279081 .282944 .282480
light on the difficulties which the Conference may
.006671 .006665 .006727 .006762 .006862 .006918
Greece, drachma
.476807 .476414 .477457 .482083 .491184 .488523
Holland. guilder
have to meet in reaching agreements or giving effect
.204500* .200000* .202166 .205666* .204666* .206333*
Hungary, Peng°
.061560 .061470 .061651 .062273 .063592 .063065
Italy, lira
to its conclusions.
203216 .203000 .203491 .205325 .208083 .206970
Norway, krone
133916 .134125 .133166 .133833 .135875 .136875
Poland, zloty
It is one of the traditions of politics that an inter036775 .036515 .036506 .036887 .037030 .037312
Portugal, escudo
.007125 .007125 .007100 .007300 .007487 .007400
Rumania,leu
national conference which is not preceded by in101453 .101382 .101498 .102296 .104440 .103617
Spain, peseta
205618 .205558 .206175 .209020 .212472 .211430
Sweden,krona
formal conversations among the leading particiSwitzerland, franc__ .229078 .228428 .229338 .231923 .236069 .233914
'Yugoslavia, dinar__ .016100 .016100 .016112 .016337 .016662 .016625
pants is likely to find its work impeded by the lack
ASIAChina250833 .251666 .251041 .253541 .257916 .257708
of preliminary understandings. With the excepCliefoo dollar
Hankow dollar_ ___ .250833 .251666 .251041 .253451 .257916 .257708
shanghai dollar__-_ .251875 .251562 .252031 .254218 .259062 .258906
tion of the personal conferences with representatives
250833 .251666 .251041 .253541 .255916 .257708
Tientsin dollar
.281250 .280000 .280156 .283125 .290468 .288750
Bong Kong dollar
of various Powers which Mr. Roosevelt has been
300906 .301075 .302025 .304500 .308750 .307050
India, rupee
245900 .247625 .249375 .252468 .254825 .254350
„japan, yen
holding at Washington, the only preliminary discus.465000 .466250 .469375 .475000 .473125
Singapore (8.S.) dollar .465625
NORTH AMER.sions of which the world has been made aware are
I 889062.888489 .893697 .900208 .906250 .901988
dollar
Canada.
999212 .999212 .999212 .999212 .999212 .999212
-Cuba, peso
those which are reported to have taken place durMexico, peso (silver). .274480 .274640 .277500 .277366 .278010 .277675
.886375 .888000 .891375 .898000 .904000 .899531
Newfoundland, dol
ing the past week among certain States of Eastern
SOUTH AMER.Argentina. peso (gold)I 692182 .693140 .693381 .696745* .707422. .7020811
Europe and the Balkans. The prolonged discussions
076387 .076387 .076387 .076387* .076387* .0763501
'Brazil, milreis
075000 .075000 .067500 .075000* .075000* .0750001
Chile, peso
between Great Britain, France, Italy and Germany
.536666 .536666 .547500* .543333* .5466661
540000
Uruguay. Peso
862100 .862100 .862100 .862100* .862100* .8621001
Colombia. peso
over the four-Power pact have not, as far as is
OTHER
3 195000 3.190000 3.199166 3.218333 3.284166 3.265833
Australia. pound
known, extended to any of the questions to be taken
New Zealand, pound_ 3.203333 3.197916 3.207083 3.233750 3.292500 3.274166
.......). a ...1,‘ nnund 3.963333 3.969376 3.970625 4.010000 4.074166 4.056250
up at London. Even the members of the British
firm rates not available.
•Nominal rates,
T
E
3962
Financial Chronicle
Commonwealth of Nations, it was reported on Wednesday, have not entered into any preliminary
understandings regarding the positions they will
take; on the contrary, it was intimated that the
Dominions preferred to retain entire freedom of
action on such questions as might be presented.
The absence of preliminary conversations, on the
other hand, does not leave the London Conference
quite as free of underlying obligations as might at
first be thought. The Ottawa agreements, from
some of whose provisions the United States has
particularly suffered, bind the signatory members
of the British Empire for five years unless changed
by mutual consent, and the tariff truce which Mr.
Roosevelt eventually secured has not prevented
Great Britain from continuing the negotiation of
an extended list of commercial treaties designed to
put the Ottawa program into effect. A French
colonial conference, held at Paris in May, took the
first steps toward perfecting for the French empire
a system of commercial preferences similar in
principle to that developed at Ottawa, and French
tariff duties are still subject to readjustment to
meet the situation created by depreciated currencies
in other countries. The idea of a Danubian commercial union, originally put forward by Andre
Tardieu, has been temporarily shelved for political
reasons, but the idea itself has not lost favor as a
possible solution of the complicated agricultural, industrial and financial problems of the Eastern
European region. Europe itself, moreover, is covered by a network of political and commercial
treaties no part of which can be disturbed without
affecting, directly or indirectly, the parts that remain.
What is the political atmosphere into which the
agreements of the London Conference, if any are
made, will be launched? On the surface, the outstanding factor at the moment is the four-Power
pact, finally initialed at Rome, after long delay, on
Wednesday. The published text of the pact does not
differ materially from the forecasts of the form into
which it was gradually being molded. It begins by
reciting the "special responsibilities" of the contracting Powers as holders of permanent seats in the
Council of the League, and the obligations arising
from the Covenant,the Locarno treaties, the Kellogg
pact, and the Geneva declaration of December 1932,
for the renunciation of force, and declares an intention to conform to the methods and procedure laid
down in the Covenant. Article I then announces
that the Powers "will consult together regarding
all questions which appertain to them," and "make
every effort to pursue within the framework of the
League . . . a policy of effective co-operation
between all Powers with a view to the maintenance
of peace." Article II contemplates the examination
between the signatory Powers, without prejudice to
the machinery of the League, of "all proposals relating to the methods and procedure" involved in giving
effect to the Covenant, particularly Articles 10, 16
and 19, those articles being the ones that relate to
treaty revision and the imposition of sanctions in
case. of aggression; while Article III promises
"every effort to insure the success of the Disarmament Conference," and an independent examination
of questions specially concerning the four Powers
that may "remain in suspense" upon the conclusion
of the Conference. Article IV affirms the desire of
the four Powers "to consult together regarding all
June 10 1933
economic questions which have a common interest
for Europe and particularly for its economic restoration, with a view to seeking a settlement within the
framework of the League of Nations." Article V
provides for continuing the pact in force for ten
years, and indefinitely if it is not denounced by the
end of the eighth year.
Two or three points in this pact specially deserve
notice. One is the evidence it affords that Germany
has abandoned its insistance upon recognition by
the Powers of its right to treaty revision. The
recognition of the need of treaty revision, it will
be remembered, was one of the principal features
of the four-Power pact as originally proposed. Not
only, however, is there no specific reference to revision in the text as we now have it, but the very
specific declarations that the League Covenant will
be fully adhered to leave no loophole for revision
save through the agency of the League. Whether
Germany's yielding was due to political pressure
which the Hitler Government did not feel itself
strong enough to resist, or whether assurances have
been given of favorable treatment in return for acceptance of a formal statement, are questions which
may be answered later, but for the moment Germany
appears to have receded from one of its cardinal
demands and to have accepted an agreement which,
at this point, represents a clear victory for France.
A second point has to do with disarmament. The
pact seems clearly to envisage a breakdown of the
Geneva conference, and a relegation of the whole
subject to the Powers to be dealt with as they may
severally see fit. It must be admitted that each succeeding day appears to make only more hopeless
any successful issue of the disarmament controversy,
and the action of the Japanese delegate at Geneva
in attacking, on Thursday, the "atmosphere of uncertainty and apprehension" created by the London
Naval Treaty, and announcing that Japan could not
agree to give up air bombing unless the Powers gave
up aircraft carriers, together with the flat refusal
of France to abandon heavy guns and tanks in return for German concessions, tore further rents in
the British proposals which Ambassador Davis and
his colleagues are laboring to make acceptable. A
four-Power agreement to reduce or limit armaments,
if Article III should lead to one, could hardly accomplish less than has been achieved at Geneva,
and it might accomplish more.
A third point concerns the agreement of the four
Powers to consult regarding all economic questions
of common interest for Europe "and particularly
for its economic restoration, with a view to seeking
a settlement within the framework of the League of
Nations." The only meaning, apparently, to be
gathered from this provision of the pact is either
that the four Powers have no great confidence in
the success of the London Economic Conference, or
else that they are prepared to act on their own account in behalf of Europe if the agreements that
may be made at London are not satisfactory. In
either case, this provision of the pact represents an
agreement outside of the London Conference which,
while it may conceivably afford a basis for a fourPower concert of action at London, nevertheless imposes another limitation upon the London proceedings. With the British Empire bound by the Ottawa
agreements, and Great Britain a party to a fourPower agreement which looks to economic action
elsewhere for the general welfare in Europe, the
Volume 136
Financial Chronicle
freedom of the London Conference is obviously restricted.
In the matter of national politics, the situation in
Europe is a curious combination of strength and instability. There is no sign as yet that the MacDonald Government is likely soon to be displaced,
but tariff policy is still a lively issue in the Conservative party, and opposition to further war debt
payments—a question which Mr. Roosevelt, it is
understood, insists shall not be taken up at the Conference—has become increasingly outspoken. It
was reported yesterday that a Cabinet declaration
on the subject of the debts might be made before
the Conference meets. The Daladier Ministry in
France appears stronger than it was a few weeks
ago, but it is still in office by grace of the Socialists,
and M. Herriot's continued pressure for payment of
the war debt instalments if concessions from the
United States are to be hoped for keeps the debt
question heatedly to the front. A disturbing issue
in French foreign relations is the widening rift
with Poland over the four-Power pact, accompanied by a hint that Poland may withdraw from
the League. The severe restrictions upon the Jews
in Germany do not appear to have been materially
lightened, although the Hitler Government has conceded the right of the League to inquire into the
treatment of Jews in Silesia, and the political tension between the Reich and Austria has increased
rather then lessened. The Azana Cabinet in Spain
resigned on Thursday, ostensibly because of differences of opinion between the Premier and President Zamora regarding the reorganization of Government departments, but also, it would seem, in
consequence of a vigorous attack by the Vatican
government departments, but also, it would seem,
in consequence of a vigorous attack by the Vatican
upon the recent laws imposing civil status upon the
religious orders and nationalizing church property.
Italy alone, among the greater Powers, appears to
be free from internal discord, and the initialing of
the four-Power pact has added much to Italy's international prestige as well as to Premier Mussolini's personal popularity.
It will be remarkable if the Powers which for
years have been debating disarmament, only to find
their antagonisms more emphatic than ever, are able
to settle down at London to a calm discussion of such
intricate and vexing questions as tariffs, the gold
standard and commercial relations generally. Unless history fails to repeat itself, they will approach
the business of the Conference in a nationalistic
rather than an international frame of mind, and will
be influenced in their actions primarily by the
political conditions which have to be regarded at
home. It is doubtful if, with the political uncertainty that so widely prevails, preliminary conversations would have done much to further accord. The
most that can be hoped for, on the eve of the sessions, is that the proceedings may be harmonious,
and that an exchange of views may lead to better
mutual understanding even if the practical results
are not great.
- An Explanation of Effective Dates of
Securities Act of 1933.
According to a statement issued last Saturday by
Chairman Charles H. March of the Federal Trade
Commission, that body has received a greater number of inquiries regarding the effective dates of the
3963
Securities Act of 1933 than about any other feature
of this new law which places in the hands of the
Commission the responsibility of enforcing the requirements regarding corporation financial statements and of making these facts available to the
public.
The Act became effective on May 27, when it was
signed by the President. The provisions regarding
fraudulent statements and practices are now in
effect, but, with regard to the dates on which the
registration statements become effective, there are
provisions for different times. For all practical
purposes the Act, as it refers to registration statements, will not be in full operation until 60 days
following the date of enactment.
The principal sections which became immediately
effective were: Section 12 (2) providing that the
seller shall be liable to the buyer for securities sold
by means of literature or oral communications which
contain an "untrue statement of a material fact," or
which "omits 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. . . ." Section 17 (entire) regarding the
use of fraud or deception in the sale of securities.
Both sections apply to outstanding securities, as
well as to new issues, which are to be placed in the
market after registration.
In explaining the effective dates for registration
of securities, the Chairman said that those which
were placed on the market prior to May 27, or which
may be placed and sold up to and including 60 days
from the date of the enactment, will not come under
the registration requirements of this Act.
The Act provides exemption from registration
for "any security which, prior to or within 60 days
after the enactment of this title, has been sold or disposed of by the issuer or bona fide offered to the
public." This was inserted to make it clear that the
Act does not apply retroactively regarding registration of securities sold prior to the date of the enactment,and,in addition,that it grants 60 days of grace
beyond the date of enactment in which securities
may be sold without being subject to the registration
requirements of the Act.
NEW SECURITIES ONLY ARE SUBJECT TO REGISTRATION
PROVISIONS.
But, according to the Act, this exemption does not
apply to any new offering of securities by an issuer
or underwriter subsequent to the 60-day period.
This means that for new securities sold subsequent
to the 60-day period the Act will be in full force and
the issuers must file with the Commission the registration statements and other data required by
the Act.
These registration statements for new security
issues to be sold subsequent to the 60-day period are
not to be filed with the Commission until 40 days
from the date of enactment or thereafter, according
to the Act, which says that "no registration statement may be filed within the first 40 days following
the enactment of this Act." This provision was designed to allow the Commission sufficient time in
which to set up its administrative machinery.
Any registration statements filed with the Commission 40 days after enactment or thereafter, will
not be effective for an additional 20 days. The Act
states that, "the effective date of a registration
statement shall be the twentieth day after the filing
thereof."
3964
Financial Chronicle
If an amendment to a registration statement is
filed prior to the effective date of the statement,"the
registration statement shall be deemed to have been
filed when such statement was filed." There are
further time limits concerning the filing of amendments and concerning the filing of registration statements which appear to be incomplete or inaccurate.
In the case of any foreign public authority, which
has continued the full service of its obligations to
the United States, the proceeds of which are to be
devoted to the refunding of obligations payable in
the United States, the registration statement shall
become effective seven days after the filing thereof."
EFFECTIVE DATE FOR FOREIGN SECURITIES NOT YET
DETERMINED.
In Title II of the Act, which is "for the purpose
of protecting, conserving, and advancing the interests of the holders of foreign securities in default,"
and for creation of the "Corporation of Foreign
Security Holders," the effective date is made known
in these words: "Sec. 211. This title shall not take
effect until the President finds that its taking effect
is in the public interest and by proclamation so
declares."
Another additional point that is made clear,
although it does not pertain to effective dates, is
that the Federal Trade Commission is in no sense
authorized to pass upon the value or soundness of a
security or of a company issuing a security. No
statement is to be construed as an endorsement or
approval of a security or of a company on the part
of the Commission. That body's only function is to
see that complete and accurate information concerning a security is made available to the public, that
no fraud is practiced in connection with the sale of
the security, and that the security is truthfully presented to prospective purchasers.
The Occupational Progress of Women.
A study of the occupational progress of women
recently prepared by the United States Bureau of
Labor reveals that the unusual conditions brought
about by the World War, together with the phenomenal development and specialization of industry
during that period, were responsible for overwhelming changes in the employment of women between
1910 and 1920. Since that time, however, considerable speculation has existed as to the future of
women in industry, upon which the latest census
figures now throw more light.
A really significant deduction made from a study
of these figures is that an unexpectedly large increase has taken place among women usually at
work, whether one considers merely the last decade
or the 20-year period from 1910 to 1930.
The numerical gain is accentuated further by the
great reduction in child labor that becomes evident
when one compares 1920 and 1930 occupation statistics. A decline of 40.5% took place among girls employed 10 to 15 years of age, whereas in the larger
group 10 to 17 years of age the decline was
only 24.6%.
It is true that in 1930 only a very small proportion of all women who work for a monetary consideration were engaged in pursuits not followed by
women for many years. In fact, the proportion of
women in jobs considered unusual for them to pursue was apparently even smaller in 1930 than it was
in 1920, when they had recently had the incentive
June 10 1933
to undertake a man's work in order to release him
for war duty. When the earlier censuses are adjusted to the 1930 classification, those occupations
in which no women whatever were employed declined
in number from 39 in 1910 to 23 in 1920, and rose
again to 30 in the decade following.
A study of the changes in women's status in large
groups in 1930, compared with 1920 and 1910, brings
out some of the most striking changes in the occupational status of women. The following table
shows the number of occupations in which the feminine groups of specified size were at work in 1930,
1920, and in 1910:
Size of Group.
1,000,000 or more
500,000 or more
200,000 or more
100,000 or more
50,000 or more
25,000 or more
10,000 or more
1,000 or more
No women
women
women
women
women
women
women
women
women
Number of Occupations in which the
Specified Number of Women Were
Engaged in
1930.
1
6
14
21
aro
46
86
208
30
1920.
1
5
12
18
30
41
76
191
23
1910.
2
3
9
18
28
33
60
165
39
The above statistics indicate that decided changes
have occurred in the distribution of women among
the various gainful pursuits. According to the
latest census, 30 occupations employed each at least
50,000 women; the same was true of 1920, whereas
in 1910 there were but 28 such pursuits. The census
of 1910 listed 165 occupations in which 1,000 or more
women were engaged; 10 years later the number had
increased to 191, and in 1930 it was 208. It is evident that the occupational field for women has
broadened since 1910 instead of concentrating on a
few long-established occupations. Furthermore,
this occupational field was slightly broader in 1920
than seems to have been the case in 1930, all of
which was no doubt due to war conditions.
Servants ranked first as a woman-employing
occupation both in 1920 and in 1930; in 1910, however, first place was held by farm laborers, the
occupation that ranked sixth in 1930. Servants
comprised the only pursuit to qualify with a million
or more women at each of the last three censuses.
School teachers advanced from fourth place in
1910 to second place in 1930, while stenographers
and typists, the third occupation in 1930 from a
numerical standpoint, ranked eighth in 1910.
Between 1920 and 1930 the greatest increases
occurred among women in professional service, in
domestic and personal service, in trade, and in the
clerical occupations. Agricultural pursuits continued to decline, while women in the manufacturing and mechanical industries decreased somewhat
from 1920 to 1930 after making a relatively slight
advance from 1910 to 1920. Inasmuch as an increase is recorded for women factory operatives, the
recent decline in the total number of women in the
manufacturing and mechanical industries is traced
to the diminution among those women engaged in
the various sewing trades. The three major sewing
occupations—dressmaking, millinery and tailoring
—decreased by 117,108 women between 1920 and
1930, whereas women operatives in clothing factories showed a net gain of 81,108. The changes, in
a large measure, represent the development of factory production at the expense of home activities.
The decade 1920 to 1930 revealed increases of
200,000 or more women in the occupations of servant,
office clerk, school teacher, and stenographer and
typist, while in each of eight other pursuits a gain
of 50,000 or more women took place. The greatest
Volume 136
inancial Chronicle
change in the past decade was the reversal in trend
among servants, the occupation that scored an increase of 61.5% from 1920 to 1930 compared with
a 22.7% decline during the preceding 10-year period.
Two major pursuits—dressmakers and farm
laborers—had decreases of more than 50,000 women
since 1920, but milliners and home laundresses suffered considerable losses as well. If the women
employed as farm laborers, dressmakers, milliners
and home laundresses had but held their own in
number from 1910 to 1930, the increase among working women would have been 50.7% instead of 33.1%.
To pursue the idea further, if the women in these
four occupations had shown a gain in number commensurate with that of the female population from
1910 to 1930, the total number of gainfully occupied
women would have advanced 64% during these two
decades, or practicall/ double the increase that
actually occurred.
Changes in the employment of women in the
manufacturing and mechanical industries were far
less striking between 1920 and 1930 than during
the preceding decade. Women operatives in factories of all kinds increased by 115,610 between 1920
and 1930; however, this small gain of 8.6% was partially offset by a loss of 40,197 women classed as
factory laborers. Only in the production of clothing, food, automobiles, chemicals and electrical
products did women operatives in the country's industrial plants register a gain of at least 5,000 and
a per cent. increase commensurate with the growth
of the female population. Inasmuch as the increase
among female factory workers reached the figure
of 298,952, or 28.6%, between 1910 and 1920, the
advance in the employment of women as factory
operatives has slowed up considerably since the war
emergency subsided.
With reference to factory operatives, by far the
greatest numerical gains were made by the women
in the clothing industries; this group increased by
81,000, while the second in rank—electrical machinery and supplies—increased by less than 18,000.
In several industries, however, women experienced
appreciable declines between 1920 and 1930 after
making marked gains during the earlier decade.
Conspicuous among these were employees in cigar
and tobacco factories, in candy factories, and in
textile industries as a whole, though not in all their
subdivisions.
The greatest increase in any one occupation of
importance, considered over a 20-year period, is
shown for office clerks, as distinguished from
stenographers and bookkeepers; since 1910 the number of women in this pursuit has increased nearly
600,000, or 476%. In 1930 hairdressers and manicurists were five times as numerous as they were 20
years earlier. Trained nurses and stenographers
and typists also made enormous numerical gains
between 1910 and 1930, while eight other occupations, each with 50,000 or more women in 1930, more
than doubled in number during these two decades.
Women operatives and laborers outnumbered men
in twelve manufacturing industries, not only in 1930
but in 1920. Among these were the clothing industries as a whole and four of their subdivisions,
silk mills,knitting mills,cigar and tobacco factories,
and candy factories.
Although the increase among gainfully occupied
women was greater between 1920 and 1930 than the
gain in female population 10 years of age or over,
3965
the opposite is true of men. This decade saw an increase of 15.2% among gainfully occupied men, compared to an 18.1% advance in the male population
10 years of age or more.
The study reveals that in seventeen important
occupations men are increasing in number more
rapidly than women, whereas in twenty-six pursuits
women are registering greater relative gains. This
statement is based on changes occurring between
1910 and 1930 in the number of men per 100 women
in all occupations of numerical importance to both
sexes. For example, men are taking the territory
formerly held by women as compositors, linotypers,
and typesetters; to a less degree they are increasing in number more rapidly than are women as
textile-mill operatives. In addition, men musicians
and music teachers are now enjoying the numerical
supremacy that women maintained in these professions for decades.
On the other hand, women are registering relative
gains as college presidents and professors, realestate agents, automobile-factory operatives, telegraph operators, and barbers, hairdressers, and
manicurists, though in each of these pursuits the
number of men still is greatly in excess of the number of women.
In many occupations the number of women, already large, is increasing with the growth of the
pursuit. In the case of real-estate agents and officials, positions in which women have heretofore been
represented to only a small extent, it is evident that
women are entering these commercial pursuits in
considerable number and are gaining ground to a
marked degree.
As stenographers and typists women are pressing
the advantage they so long have held; as office clerks
they have advanced to a remarkable extent; and as
bookkeepers and cashiers they have taken away
from men the superiority in numbers that the male
sex had always held prior to 1920.
American women have advanced by great strides
in the clerical occupations, in the professions, and
in the field of business—three great groups of pursuits that form the backbone of the so-called "whitecollar" occupations. The vast number of women
engaged in such occupations and the increases
registered during the past two decades reflect among
other things the extent of the educational advantages open to the women of America. It is true
that some of the pursuits covered by the study require initiative and ability rather than education,
but the woman who succeeds is, after all, one who
possesses these characteristics enhanced by education and by training.
Students of social changes will have the opportunity to watch carefully to see how American
women in the higher-class occupations weather the
depression. When the census of 1940 rolls around,
will they still be holding their own in the professions, in clerical positions, and in the realm of business?
The Buyer Must Still Beware.
The investment field is so broad, and it has so
many angles, that it is absolutely impossible to embody in a single statute all the phases respecting
the relations between buyers and sellers, and thus
to protect an investment buyer in all respects. No
matter what provisions may be enacted into law, the
relations between buyer and seller are practically
3966
Financial Chronicle
June 10 1933
also was connected
unchanged. A certain responsibility founded upon "Sun." At various times Oscar Riggs
buyer to protect him- with the New York "Journal of Commerce," the Naw York
common sense rests upon the
the "Herald."
self, and if he does not show enough interest in the "World," the "Sun" and
merits and value of what he undertakes to purchase
The Course of the Bond Market.
his negligence may scarcely be shifted to someone
Bonds have maintained their recent high level of prices.
else.
With all of the common law, with the many pro- While no strong upward movement was evident this past
visions of special statutes, State and Federal, civil week, previous prices were well sustained and even advanced.
and criminal, there will always be investors who are The railroad bond averages were adversely affected by applipart of Chicago Rock Island
too indifferent to look after their own interests, and cation for receivership on the
the buyer as little for his & Pacific R. R. but even these averages showed a slight rise
men who will seek to give
of the highest rating have not varied
money as possible, overlooking new provisions im- for the week. Bonds
much in price for several weeks, while the lower grade issues
posing responsibility upon the seller.
have moved up somewhat with advancing stock prices.
Whether a security is listed at an exchange or
The bond market this past week appears to have been
not, there will always exist men who are irresponmarking time, perhaps awaiting the outcome of several
sible themselves, and who, hiding behind such irrepending events, such as the Economic Conference in London,
sponsibility, will seek by devious sharp practices to
the disposition of the semi-annual payment of war debts by
get the best of investors.
European nations, the efforts to be made by the AdministraCongress and Legislatures may keep on enacting tion in getting industry control into operation, and any
statutes forever, but the schemers will still find some further action on inflationary measures.
way to separate investors from their savings for a
The Federal Reserve banks continued their bond buying
minimum of consideration.
policy this week, adding an additional $22,000,000 of U. S.
Regardless of the new Security Act, endeavoring Government issues to their portfolio. Market prices of
to put greater responsibility upon the seller, the in- long term Government issues were practically stationary.
vestor should not relax in vigilance but should ad- The Treasury's offer of $900,000,000 in notes and certificates
here with his customary tenacity to the old maxim, to be dated June 15 is reported as having been many times
"Let the buyer beware." The world is still in such oversubscribed. Of this amount, $400,000,000 in 9-months
a condition that it will not do to lapse into a false certificates will be used mainly to cover a maturity of
-year notes
sense of imaginary security.
$373,856,500 certificates, while $500,000,000 in 5
There are conditions always arising that neither will take care of the initial steps in the Government's public
a stock exchange nor a highly reputable investment works program.
Though easier at the end of the week, the bulk of industrial
house can control, as they are unaware of the unscrupulous tricks to which schemers will resort, nor issues sold in new high ground during the period. Inflation
do they know when nor upon whom the unprincipled talk has not brought enough selling into the highest grade
operators will attempt to prey. Investment houses bonds to cause more than occa ional fractional irregularity.
holding memberships in one or more reputable stock Second line and defaulted bonds continued to advance on
exchanges will still be found to be the most reliable trade prospects. Several bonds of companies in difficulty
firms with wikich to deal, as they must assent to financially were features. McCrory Stores 53/2s, 1941, ran
some exacting and very sensible regulations and up 10 points to 46 and Otis Steel 6s, 1941, recovered 7 points
year at 403. After having been
rules before they may obtain membership in such to around the high for the
very inactive for some time, Camaguey Sugar certificates
an exchange.
for 7s of 1942 sold at 12%,the preceding price having been X.
Price movements in the railroad group tended to be erratic.
Death of Oscar W. Riggs, Dean of Writers
Good sized gains were numerous but the declines were just
for the Commercial Press.
about as many. Second grade issues were adversely affected
Oscar Willoughby Riggs, a newspaper man of eminence,
during the middle of the week by unfounded rumors regarding
whose specialty was reporting for the commercial press,
imminent receivership for the Chicago & North Western
and long a member of the staff of this newspaper, died on
and also by the announcement of bankruptcy for the Chicago
Thursday of the present week. Along with his father, the
Rock Island & Pacific. The Chicago & North Western
late James W. Riggs, who was a specialist in the same
/
43 0, 1949, declined from 23 to 18,reaching a low price of 11.
fiela, who preceded him, the two together reported the comThe 5s, 1987, declined from 683 to 62. Chicago Rook
mercial markets for this paper for the Whole of the period
Island & Pacific 4s, 1988, declined from 593' to 583/2, the
since it was started back in 1865, right up to the present
43/2s, 1960,from 16 to 133/2. Among the second grade issues
time.
advances were recorded for Chicago Milwaukee St. Paul &
He had an unusual grasp of the commercial markets,
Pacific 5s, 2000, from 133/2 to 15%. Strictly high grade
and his knowledge of them was deep and profound. That
issues held well and some gains were recorded, as in Atchison
is what made him such a capable writer on this class of Topeka & Santa Fe 4s, 1995, from 923/2 to 93. Features of
topics. His knowledge regarding cotton, for one thing, pronounced strength included the Chesapeake Corporation
was probably unsurpassed. He was a most conscientious
,1947, which advanced from 86% to 92 and the Alleghany
writer, and in what he said and did could be absolutely Corporation 5s, 1944, from 57 to 583/2.
Public utility bonds continued strong. In the middle of
depended upon. What is more, he never went off halfthe week some low grade issues receded a little, but later
cocked. He had an orderly and well-trained mind, and he
regained this loss and advanced. High grade issues remained
kept it always under control.
at about the same level all the week, yielding around 4.34%,
Mr. Riggs was one of the older generation of New York which compares with a yield of about 4.55% on Asa industrial
newspaper men, and he passed away on June 8 in his 79th bonds and 4.60% on Aaa railroad bonds. Net changes for
year. Although he had been in failing health for several the week in utility issues were small, as evidenced by the
months, he had recently shown improvement, and this death following: Philadelphia Electric 4s, 1971, from 933/i to 94,
3
43/2s, 1957,from 93% to 9434, Louisifrom heart failure was sudden and unexpected. Born in Pacific Gas & Electric
ana Power & Light 5s, 1957, from 84 to 853/2 and Carolina
New York City, Oct. 7 1854, Oscar Riggs, who bore the nick- Power and Light 5s, 1956, from 68% to 7332.
3
name of "Horse Car" Riggs in his younger days, followed his
The week's foreign bond market was characterized by
father into newspaper work, as did his brother Edward, strength in the South American groups, and weakness in
one of the best-known of the political writers of the old German issues. Danish and Norwegian bonds were stable
Financial Chronicle
Volume 136
and Japanese obligations were up materially. There was a
sharp speculative advance in Mexican bonds.
After more than two weeks of strong market for municipals, bonds of cities such as Buffalo, Rochester and Syracuse
have improved a full per cent in yield while Detroit was the
feature of a speculative rise, with an advance of over 25 points
from the lows. New York City received note extensions to
December 11 upon pledge of $30,000,000 in new revenues,
the source of which has not yet been determined definitely.
The offering of new issues has increased sharply.
Moody's computed bond prices and bond yield averages
are given in the tables below:
MOODY'S BOND YIELD AVERAGRS.t
(Based an Individual Cloying Prices.)
MOODY'S BOND PRICES.*
(Based on Average nada).
1933
Daily
Averages.
June 9
8
7
6
5
3
2
1
Weekly
May 26
19
12
5
Apr. 28
21
14
13
7
1
Mar.24
17
Feb. 24
17
10
Jan. 27
zo
AU
120
Domes
tic.
Aaa.
Aa.
A
.
Baa.
RR.
86.64
86.51
86.38
86.12
86.25
85.99
85.87
85.35
104.16
104.33
104.16
103.99
104.16
103.99
103.82
103 82
:
94.43
94.58
94.58
94.29
94.14
94.14
93.99
93.55
83.48
83.48
83.60
83.11
83.23
82.87
82.87
82.02
70.15
69.77
69.31
69.13
69.40
69.31
68.94
68.9
86.12
86.38
86.12
85.99
86.12
85.99
85.61
84.85
81.90
81.66
81.54
81.18
81.30
81.42
81.18
80.84
92.25
91.96
91.81
91.53
91.67
91.25
91.11
90.83
85.10 103.99
84.10 103.32
82,74 102.30
79.68 09.36
77.11 99.68
74.67 97.78
93.26
92.25
90.55
87.30
85.35
83.35
Stock
85.87
85.10
85.48
87.83
89.17
85.48
89.31
90.83
92.68
92.53
92.39
91.81
92.25
90.69
94.58
82.99
89.72
71.38
81.78
80.72
79.34
76.67
74.46
72.16
Excha
73.95
72.65
72.85
7.5.82
77.33
72.06
78.25
79.45
81.54
80.49
81.18
81.07
81.90
79.34
83.60
71.87
78 55
54.43
68.04 84.47
66.98 83.35
65.62 81.66
62.56 78.55
58.32 74.36
55.73 71.38
nge Clo sed.
54.80 71.09
53.28 70.62
53.88 71.38
57.24 73.65
58.52 74.57
54.18 69.59
67.98 73.15
60.60 75.50
62.48 77.77
61.34 76.25
62.95 78.25
83.11 75.09
64.31 75.71
61.58 71.96
70.15 86.38
53.16 69.59
67.86 78.99
37.94 47.58
80.84
80.14
79.11
75.92
74.05
72.06
90.27
89.31
87.69
84.85
83.35
81.30
74.67
73.25
73.35
78.10
80.49
76.35
80.60
83.85
85.99
8.5.99
87.56
88.23
89.17
88.23
89.31
71.96
87.69
85.71
81.90
79.91
80.14
82.14
82.74
78.44
83.11
84.97
86.2.5
85.48
86.38
88.64
87.56
86.38
82.25
78.44
85.61
82.09
75.61
74.46
74.77
77.88
79.11
74.67
78.77
81.30
83.23
82.38
83.11
82.99
83.85
81.86
86.64
74.15
82.62
67.67
120 Domestics by Ratings.
100.00
99.84
99.52
101.64
102.30
99.04
102 98
104.51
105.89
105.37
105.54
105.03
105.54
104.85
106.07
97.47
103.99
85.61
13
a
High 1833
Low 1933
High 1932
Low 1932
Year A go
June 9 1932
63.19 90.13
Two Years Ago
June 10 1931
87.56 106.78
3967
120 Domestics
by Groups.
P. U. Indus.
76.25
59.80
43.14
55.55
69.68
65.71
99.20
85.23
67.33
85.87
95.48
82.02
AU
1983
120
Daily
Domes
Averages.
June 9__
1_
Weekly May 26__
19__
12._
Apr. 28_21__
14__
13__
Mar.24_ _
17__
Feb. 24__
17._
10._
Jan. 27._
20-13__
e__
Low 1933
High 1933
Low 1932
High 1932
Yr. Ago-.
June 9'32
2 Yrs.Ago
June10'31
120 Domestics by Ratings
120 DOMititiG8
99 Groups.
Ao.
A.
Baa.
RR.
7.16
7.20
7.25
7.27
7.24
7.25
7.29
7.34
5.71
5.69
5.71
5.72
5.71
5.72
5.75
5.81
40
ForP. U. index. dont.
6.05
6.07
6.08
6.11
6.10
6.09
6.11
6.14
5.26
5.28
5.29
5.31
5.30
5.33
5.34
6.36
9.78
9.71
9.77
9.78
9.72
9.82
9.62
9.88
5.84
6.14
7.39
6.20
7.51
5.93
7.67
6.29
6.07
6.58
8.05
6.34
8.63
6.73
6.76
9.02
7.03
6.96
Excha nge Clo sed.
6.70
9.17
7.06
7.11
6.84
9.42
6.83
9.32
7.03
6.80
6.38
8.79
6.71
6.17
8.60
9.27
7.22
6.54
6.85
8.16
8.68
6.62
8.31
5.89
6.41
5.72
8.08
6.55
8.21
5.72
6.55
5.60
8.00
7.98
6.66
5.55
5.48
7.83
6.60
8.18
6.97
5.55
7.16
5.69
5.47
9.44
7.22
6.97
7.41
6.30
5.59
7.68
12.98 10.49
5.40
5.47
6.59
5.81
5.93
6.10
9.66
10.08
10.07
9.89
1020
10.58
6.05
6.22
6.20
6.03
5.98
6.35
5.96
5.80
5.70
5.76
5.69
5.67
5.60
5.89
5.26
8.35
5.75
8.11
10.83
11.010.80
10 76
10.
II 19
.'it
10.49
10.09
10.20
9.88
9.85
9.62
9.98
9.60
11.19
9.88
15.83
7.21
7.66
14.78
5.04
6.04
7.32
5.67
5.68
5.69
5.71
5.70
5.72
5.73
5.77
4.50
4.49
4.50
4.51
4.50
4.51
4.52
4.52
.5.11
5.10
5.10
5.12
5.13
5.13
5.14
5.17
5.92
5.92
5.91
5.95
5.94
5.97
5.97
6.04
5.79
5.87
5.98
6.24
6.47
6.70
4.51
4.55
4.61
4.79
4.77
4.89
.5.19
5.26
5.38
5.62
5.77
5.93
6.61
6.72
6.69
6.40
6.29
6.70
6.32
6.10
5.94
6.81
5.95
5.96
5.89
6.07
5.67
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
4.39
4.91
4.51
5.75
5.73
5.79
5.76
5.58
5.48
5.76
5.47
5.36
5.23
5.24
5.25
5 29
5.28
5.37
5.10
5.96
5.44
7.03
6.06
6.15
6.27
6.51
6.72
6.95
Stock
6.77
6.90
6.88
6.59
6.45
6.96
6.55
6.28
.08
6.17
8.11
6 12
6.05
6.27
5.91
6.98
6.34
9.23
7.97
5.41
6.55
8.42
11.50
9.05
5.60
4.35
4.80
5.78
7.47
5.73
• Note.-Thene prime are computed from average yield on the basis of one "ideal" bond (49(% coupon. maturing In 31 years) and do not purport to show either
the average level or the average movement of actual price quotations. They merely serve to Illustrate In a more comprehensive way the relative levels and the relative
movement of yield averages, the latter being the truer picture of the bond market.
t The last complete Ilst of bonds used in computing these Indexes was published In the -Chronicle" on Jan. 14 1933. page 222 For Moody's index of bond prices
by months back to 1928, refer to the "Chronicle" of Feb. 8 1932. page 907.
The New Capital Flotations in the United States During the Month
of May and Since the First of January.
There is nothing to be said about the new financing in this
country during the month of May except to refer to its
diminutive character. As a matter of fact the record consists
simply of the floating of $15,633,835 of corporate issues and
the placing of $44,009,173 of issues by States and municipalities making a total of $59,643,008 of new financing of all
kinds done during the month,$15,841,300 of which consisted
of the refunding of outstanding issues, leaving a net addition
for the month of strictly new capital of only $43,801,708.
This was a little better than the showing for the two months
immediately preceding, but obviously is nothing to boast of.
In April the new flotations were $45,388,275, of which
$20,460,010 was for refunding and $24,928,265 represented
new capital. In March the new financing footed up no more
than $19,094,453 of which $2,829,223 was for refunding and
$16,265,230 represented new capital.
The increase in May was almost entirely in the floating
of State and municipal issues which reached an aggregate of
$44,009,173 and followed from the floating of several large
issues such as $5,000,000, Nassau County, New York bonds;
$5,000,000, State of New Jersey emergency relief bonds;
$4,677,000, Westchester County, New York bonds; $4,074,000, State of Montana bonds; $4,000,000, Buffalo, New
York home and work relief bonds; $3,500,000, State of
Rhode Island bonds; $2,635,000, State of Tennessee bonds;
$2,250,000, Rochester New York bonds and $1,470,000,
Worcester County, Mass. hospital bonds-this was notwithstanding that numerous other States and municipalities
made appeals for new loans and as in the past, failed to find
a market for them; and as a matter of fact several of the large
municipalities here mentioned actually succeeded in disposing of their issues only after one or two previous failures
to find a market for them.
United States Government issues of course appeared in the
usual order, and consisted in great part of offerings of new
treasury bills sold on a discount basis, and which were
marketed at a gradually decreasing cost to the Government.
In the following we enumerate all the Treasury offerings of
the month.
New Treasury Offerings During the Month of
May 1933.
On April 23 Secretary of the Treasury Woodin announced
an offering of $500,000,000, or thereabouts, of a new issue
of three-year 2%% Treasury notes. The notes (series
C-1936) were dated May 2 1933 and mature April 15 1936.
Applications for this issue amounted to $1,202,043,500, of
which $572,419,200 was accepted. The notes were offered
at par. The amount raised for refunding was $239,197,000.
The remaining $333,222,200 represented an addition to the
public debt.
This issue was mentioned in our April review, but not
included in our total of financing for that month, hence the
obligations bear a May date and are now included as a part
of the financing for the month of May.
An issue of 91-day Treasury bills was likewise offered by
Secretary of the Treasury Woodin at the close of April;
that is, on April 27. This was for amount of $60,000,000,
or thereabouts. The bills were dated May 3 and will mature
Aug. 2 1933. The total amount applied for was $224,691,000, of which $60,655,000 was accepted. The average
price of this issue of bills was 99.877, the average on a bank
discount basis being 0.49%. The bills were sold to replace
a maturing issue. This issue was also referred to in our
April review and is now included as part of the financing
for the month of May.
Mr. Woodin on May 3 announced another issue of 91-day
Treasury bills to the amount • f $75,000,000, or thereabouts.
The bills were dated ,May 10 and will mature on Aug. 9
1933. Tenders of $225,173,000 were received, of which
amount $75,067,000 was accepted. The bills were sold at
an average price of 99.878, yielding an average rate of
0.48% on a bank discount basis, which was a slight drop
from the rate paid on the previous issue of TreAsury bills.
They were issued to replace maturing bills.
Announcement was made on May 10, by Secretary of the
Treasury Woodin that subscriptions were invited to an issue
of 91-day Treasury bills in the amount of $75,000,000, or
thereabouts. The bills were dated May 17 1933 and will
Financial Chronicle
3968
June 10 1933
mature on Aug. 16 1933. Subscriptions of $254,685,000 were 835, which compares with ten offerings for a total of $35,received of which amount $75,442,000 was accepted. The 541,476, reported for the month of April. The $15,633,835
average price of this offering was 99.887 and the average rate of corporate offerings in May comprised $9,042,635 for in0.45%,showing another decrease from the previous bill rate. dustrial and miscellaneous companies and $6,591,200 for
They were issued to replace maturing bills.
public utilities. There was no new financing for the account
A further offering of 91-day Treasury bills to the amount of railroads in May. Of the total corporate offerings put
of $60,000,000, or thereabouts was announced by Mr. out in May, short-term issues comprised $12,050,300, stock
Woodin on May 17. This issue was dated May 24 1933, and offerings (all common) amounted to $3,083,535, while longwill mature Aug. 23 1933. The amount applied for was term issues aggregated only $500,000.
The portion of the month's financing used for refunding
$221,557,000, of which $60,078,000, was accepted. The
average price of this issue was 99.893, the average rate on a purposes was $12,050,300, or more than 77% of the total.
bank discount basis dropping to 0.42% as compared with In April the refunding portion was $18,206,500, or over 51%
0.45% on the previous bill offering. This issue was also of the month's total. In March it was $2,247,778, or about
used to meet maturing bills.
42% of the total for that month. In February it was $36,A still further offering of $100,000,000, or thereabouts of 241,000 or more than 96% of the month's total and in
91-day Treasury bills was announced on May 23, by Sec- January it was $42,360,000 or over 65% of the total. In
retary of the Treasury Woodin. The bills were dated May 31 May 1932, the amount raised for refunding was $15,000,000,
1933 and will mature on Aug. 30 1933. Bids for this issue or about 67% of the month's total. The $12,050,300, raised
amounted to $407,553,000, of which $100,352,000 was for refunding in May (1933) consis:ed entirely of new shortaccepted. This issue of Treasury bills was sold at an average term issues to refund existing short-term.
The financing done in May consisted of $6,091,200 Public
price of 99.919, yielding an average rate of 0.32% showing a
-year 7% Notes, due
still further decline in the cost of the Government's short- Utility Holding Corp. of America 2
term borrowings. They were issued to replace maturing bills. April 15 1935 issued at par,$5,959,100; United States Rubber
-year 6% Secured Notes, due June 1 1936, also issued
On May 31 Mr. Woodin announced a new offering of Co. 3
91-day Treasury bills in the amount of $75,000,000, or at par, two water company bond issues totaling only $500,000
thereabouts. The bills were dated June 7 1933 and will and eight offerings of stock issues aggregating $3,083,535,
mature Sept. 6 1933. Tenders for this issue amounted to included among which were seven by brewing and distilling
$197,947,000, of which $75,529,000 was accepted. The companies accounting for $2,946,035.
average price for the bills was 99.932, the average rate on a
No foreign issues of any description were floated here
bank discount basis dropping to 0.27%, as compared with during May. None of the May corporate offerings contained
0.32% on the previous bill offering. This issue was also convertible features, nor carried rights to acquire stock of
used to meet maturing bills.
one kind or another. There were no new fixed investment
Although the latter issue of Treasury bills was announced trust issues marketed during the month of May.
in May, the securities bear the issue date of June 7, and this
The following is a complete summary of the new financing
offering is, therefore, not included in our tables of Treasury -corporate, State and city, foreign government, as well as
financing for the first five months of this year as given below. farm loan issues-for May and the five months ending
In the following we show in tabular form the Treasury with May:
financing done during the first five months of this year. The SUMMARY OF CORPORATE. FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
result is found to be that the Government in this period disposed of $3,312,598,300, of which $2,322,796,000, went to
New Capital. Refunding.
1933.
Total.
take up existing issues and $989,802,300, represented new
$
MONTH
$
$
indebtedness. For May alone the disposals aggregated Corporate- OF MAYDomestic
$944,013,200, of which $610,791,000 was used to take up
500,000
Long term bonds and notes
500,00C
up existing issues and $333,222,200, constituted new inShort term
12,050,300
12.050,30C
Preferred stocks
debtedness.
3,083.535
Common stocks
3,083,535
UNITED STATES TREASURY FINANCING DURING THE FIRST FIVE
MONTHS OF 1933.
Date
Offered. Dated.
Due.
AM051711
Applied for.
Amount
Accepted.
Price.
Yield.
Jan. 4 Jan. 11 91 days
$229,845,000 $75,090,000 Average 99.948 *0.20%
75,032,000 Average 99.941 *0.24%
Jan. 11 Jan. 18 91 days
339,567,000
Jan. 17 Jan. 25 91 days
427,740,000
80,020.000 Average 99.954 *0.18%
Jan. 22 Feb. 1 5 years 7,802,843,600 277,516,600
100
2.625%
Feb. 1 Feb. 8 91 days
75,228,000 Average 99.955 *0.18%
234,790,000
Feb. 8 Feb. 15 91 days
75,202,000 Average 99.942 *0.23%
281,122,000
Feb. 16 Feb. 23 90 days
60,074,000 Average 99.864 *0.55%
123,929,000
Feb. 22 Mar. 1 91 days
254,283,000 100,613,000 Average 99.750 *0.99%
Mar. 3 Mar. 6 93 days
94,101,000
75,266,000 Average 98.900 *4.26%
Mar. 12 Mar. 15 5 months 913,593,600 469,131,000
100
4.00%
Mar. 12 Mar. 15 9 months 918,222,000 473,373,500
100
4.25%
Mar. 15 Mar. 22 91 days
386,906,000 100,569,000 Average 99.537 *1.83%
Mar. 22 Mar. 29 91 days
318,206,000 100,158,000 Average 99.566 *1.72%
Mar. 29 Apr. 591 days
383,656,000 100,096,000 Average 99.659 *1.35%
Apr. 5 Apr. 12 91 days
75,733,000 Average 99.808 *0.77%
404,325,000
Apr. 12 Apr. 19 91 days
75,188,000 Average 99.876 *0.49%
348,315,000
Apr. 19 Apr. 26 91 days
80,295,000 Average 99.870 *0.51%
290,184,000
Apr. 23 May 2 3 years 1,202,043,500 572,419,200
100
2.875%
Apr. 27 May 3 91 days
60.655,000 Average 99.877 *0.49%
224,691,000
May 3 May 10 91 days
75,067,000 Average 99.878 *0.48%
225,173,000
75,442,000 Average 99.887 *0.45%
May 10 May 17 91 days
254,685,000
May 17 May 24 91 days
60,078,000 Average 99.893 *0.42%
221,557,000
Maw 91 1\Ao.. 21 01 fl..,.
An', 552 MA
100 2C9 11/10 Avaratna
00 010 *11 soot
•Average rate on a bank discount basis.
USE OF FUNDS.
Date
Offered.
Jan. 4
Jan. 11
Jan. 17
Jan. 22
Feb. 1
Feb. 8
Feb. 16
Feb..22
Mar. 3
Mar. 12
Mar. 12
Mar. 15
Mar. 22
Mar. 29
Apr. 5
Apr. 12
Apr. 19
Apr. 23
Apr. 27
May 3
May 10
May 17
May 23
Type of
Security,
Treasury bills
Treasury bills
Treasury bills
2M % Treas. notes
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
4% Treas. ctfs.
414% Treas. cas.
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
21 % Treas. notes
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Total Amount
Refunding.
Accepted.
New
Indebtedness.
$75,090,000 $75,090,000
75,032.000
75,032,000
80,020,000
80,020,000
277,516,600 144,372,000 $133,144,600
75,228,000
75,228,000
75,202,000
75,202,000
60,074,000
60,074,000
100,613,000 100,613,000
75,266,000
75,266,000
469,131,000 I 695,000,000
247,504,500
473,373,500 J
100,589,000
100,569,000
100,158,000 100,158,000
100,096,000
100,096,000
75,733,000
75,733,000
75,188,000
75,188,000
80,295,000
80,295,000
572,419,200 239,197,000
333,222,200
60,655,000
60,655,000
75.087,000
75,067,000
75,442,000
75,442,000
60,078,000
60,078,000
100.352.000 100.352.000
Proceeding now with our analysis of the limited volume of
corporate offerings announced during May,we find that there
were but twelve new issues, totaling no more than $15,633,-
Canadian
Long term bonds and notes
Short term
Preferred stocks
Common stocks
Other foreign
Long term bonds and notes
Short term
Preferred stocks
Common stocks
Total corporate
Canadian Government
Other foreign Government
Farm Loan issues
Municipal, States, cities. &a
United States Possessions
Grand total
5 MONTHS ENDED MAY 31CorporateDomestic
Long term bonds and notes
Short term
Preferred stocks
Common stocks
Canadian
Long term bonds and notes
Short term
Preferred stocks
Common stocks
Other foreign
Long term bonds and notes
Short term
Preferred stocks
Common stocks
Total corporate
Janadian Government
Other foreign Government
Perm Loan issues
3unicipal, States, cities, arc
United States Possessions
8,588,535
12,050,300
15,633,835
*40,218,173
*3,791,000
•44,009,173
43,801,708
15,841,300
59,643,008
20,621,000
16,500,000
3,250,000
7,188,511
69,045,500
38.212,300
2,247,778
89,666,500
54,712,300
3,250,000
9,436,289
1,800,000
1,600,000
111,105,578
158,665,089.
47,559,511
10,900,000
a111,201,896
10,900.000
al0,337,895 a 121,539,791
169,681,407 121,443,473 291.104,880
Grand total
•Figures to not include $12,141,098 Reconstruction Finance Corporation advances to States and municipalities, either actually made or promised during May.
a Figures do not include a total of $229,961,826 Reconstruction Finance Corporation advances to municipalities, either actually made or promised during the first
five months of 1933.
In the tables on the two succeeding pages we compare
the foregoing figures for 1933 with the corresponding figures
for the four years preceding, thus affording a five-year
comparison. We also furnish a detailed analysis for the
five years of the corporate offerings, showing separately
the amounts for all the different classes of corporations.
Following the full-page tables we give complete details
of the new capital flotations during May, including every
issue of any kind brought out in that month.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF MAY FOR FIVE YEARS.
1933.
1932.
1931.
1930.
1929.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
CorporateTotal.
New Cam tat. Refunding.
Total.
New Capital. Refunding.
Total.
Domestic
A
$
5
$
$
$
$
$
$
Long term bonds and notes_
500,000
500,000
4.930.800
7.000.000
11.930,800
102,335,000
49,450,000 151.785,000
375.365,500
25,834,000 401,199,500 297,707,000 103,266,000 400,973.000
Short term
12,050.300
12,050.300
2,300,000
8,000.000
29,550,000
10,300.000
730,000
30,280,000
64,536,250
28,000,000
92,536,250
24,548.900
1,100,000
25,648,900
Preferred stocks
16,175,000
31,050,000
47,225,000
51,114,000
__ ______
51,114,000
98,036.360
39,427,090 137,463,450
Common stocks
3,083,535
3,083,535
13,300.000
13,300,000
356.126,468
9,500,000 365,626,468 478,480,059 247.054,550 725,534.609
Canadian
Long term bonds and notes_
8,000,000
8.000,000
18,000,000
18.000,000
Short term
Preferred stocks
13,000,000
13,000,000
Common stocks
Other foreign
Long term bonds and notes_
Short term
Preferred stocks
Common stocks
3,900,000
3.900,000
6,273.347
6,273.347
Total corporate
3.583.535
12,050,300
15,633,835
7,230,800
15,000.000
22,230.800
169,360,000
81,230,000 250,590,000
864,042,218
63,334,000 927,376,218 923,045,666 390,847,640 1,313,893,306
Canadian Government
2,144.000
2,144,000
23,000,000
4,000,000
27,000,000
23,000.000
23,000,000
Other foreign Government
78,281,000
1.500,000
79,781,000
Farm Loan issues
15.000,000
15,000,000
100,000
100,000
1,000,000
1,000.000
Municipal, States, Cities, &c___ _ *40,218,173
*3,791,000 *44,009,173
83,666,494
3.667,804
87,334.298
172,679,521
2,319,000 174,998,521
140,354,596
4,517,500 144,872,096
174.735,688
1,621,093 176,356,781
ions
United States P
1,425,000
1,425,000
Grand total
43,801,708
15.841.300
59.643,008
i IPA In9 51.4
7A RAI um 1 151 ASA R1A 1 1911 751 RSA
.209 A02 7RR 1 017 nAn n57
90.897.294
33,667,804 124,565,098
•Figures do not include 912,141,099 Reconstruction Finance Corporation advances to municipalities, either actually made or promised during May.
MONTH OF MAY.
Lb
New Capital.
$
1933.
Refunding,
$
500,000
Total,
$
500,000
New Capital.
$
4,930,800
1932.
Refunding.
$
7,000,000
Total.
$
11,930,800
New Capital.
$
I ,000,000
94,600,000
2,750,000
2,000,000
9.185.000
6.091,200
47,650.000
, New Capital.
Total.
$
$
60,435,000
1,000.000
248.318,000
142,250,000
14,000,000
6,350,000
1,500,000
4.930,800
7,000,000
11.930.800
800.000
110,335,000
6,091,200
2.100,000
8,000,000
10.100,000
20,970,000
7,500.000
480,000
12,050.300
49.450.000
800.000
159.785.000
600.000
375,365,500
21,500,000
7,500.000
200,000
2.300,000
8.000,000
200.000
10,300,000
9,560,000
25.000,000
22,868.000
600,000
401.199,500
35,900,000
315,707,000
5,000,000
103,266,000
40,900,000
418,973,000
2,750,000
2,750,000
2,100,000
1,100,000
3,200,000
1,000,000
49,400,000
12,000,000
1,000,000
61,400,000
500,000
500,000
680,000
3,536,250
3,536,250
15,000,000
20,348,900
20,348,900
7,850.000
64.536,250
1.000.000
28,000.000
8.850.000
92,536,250
1,600,000
24,548,900
1,100,000
1.600,000
25.648,900
318,583,649
31,709.375
9,000,000
327,583,649
31.709,375
41,107,700
46.281,410
71,254,105
36,992.090
246,877,700
41,107,700
83,273,500
318,131,805
28.035,690
23,931,754
250.000
500,000
250.000
200,000
__ __
15,016,000
600,000
530,000
28,535,690
23,931,754
250,000
8,151,470
121,944,917
11,102.064
5,640.000
2,203.200
2,110,000
19,520.000
424,140,468
2,110,000
19.520.000
433 640,468
78,206,200
196,898,700
582,789,766
1.685,000
286.481,640
78,206,200
198,583,700
869,271,406
97,307,700
229,576,410
71,254,105
8,000,000
113,342,090
246,877,700
105,307,700
342,918,500
318,131.805
8,151.470
132,004,917
21,086,064
48.856,900
2,203,200
926,850
15,016,000
15,000,000
60,435,000
604,485,649
45,709.375
6,350,000
1.000,000
101.785.690
23.931,754
7,598,750
45,000,000
132,931,767
36,102,064
48,856.900
2,203,200
1,000,000
63,334,000
2,110,000
28,970.000
927,376.218
78.206,200
234,398,700
923.045,666
29,550,000
730,000
30,280,000
31,050.000
60,275,000
'
3,083,535
250.000
3,083,535
500,000
3,083,535
6,091,200
3,083.535
29,475,000
15,000,000
22,030.800
12.050.300
31,050.000
60.525,000
21.970.000
131,325,000
530,000
78.700,000
22,500,000
210,025,000
3,350,000
2.000,000
9,915,000
7,030,800
3,083,535
5,959,100
3.583.535
6,591,200
1,500,000
4,850,000
2,000.000
10,415,000
500.000
5.959.100
15,633.835
3,812,500
30.000,000
Total.
II
64,200,000
256,445,000
9,560,000
9,984,000
22,868,000
29,225,000
3,083,536
11,850,000
3,812,500
30,000,000
4.250.000
2,000,000
9,485,000
5,959,100
12,050,300
25,834,000
1929.
Total.
New Capital. Refunding.
$
$
$
60,435,000
56,200,000
8,000,000
274.152,000 181.195,000
75,250,000
14,000.000
6,350,000
11,850,000
300,000
600,000
5,959,100
1930.
Refunding.
$
15,000,000
500,000
500,000
1931.
Refunding.
$
200.000
7.230,800
15,000.000
200.000
22.230,800
800,000
169.360,000
81.230.000
800,000
250.590,000
60.435,000
569.651,649
45,709,375
6,350,000
1,000,000
89.285,690
23.931,754
7,598,750
30.000,000
2,110,000
27.970.000
864,042,218
25,834,000
9,500 000
34,834,000
12,500,000
926,850
Gptuoiqo
MONTH OF MAY.
Long Term Bonds and NotesRailroads
Public utilities
Iron, steel, coal, copper. &c
Equipment manufacturers
Motors and accessories
Either industrial and manufacturing
Dil
Land, buildings, &c
Rubber
3hipping
Inv. trusts, trading, holding, &c__ _
giscellaneous
Total
Short Term Bonds and Noteslailroads
3ublic utilities
ron,steel, coal, copper, &c
ilquipment manufacturers
vlotors and accessories
/ther Industrial and manufacturing
)il
,and, buildings, &c
tubber
{hipping
nv. trusts, trading, holding, &c_
/Iiscellaneous
Total
Stockstailroads
'ublic utilities
ron, steel, coal. copper. &c
:quipment manufacturers
fotors and accessories
Rher industrial and manufacturing
lil
and, buildings, &c
tubber
hipping
nv. trusts, trading, holding, &c_
liscellaneous
Total
Totala.ilroads
'ublic utilities
ron, steel, coal, copper, &c
;quipment manufacturers
lotors and accessories
Miler industrial and manufacturing
Ill
and, buildings, &c
tubber
hipping
ay. trusts, trading, holding. &c_
1iscellaneous
Total corporate securities
letaueuki
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF MAY FOR FIVE YEARS.
8.151,470
122,871,767
11.102,064
5,640,000
2,203,200
-____-78,206,200
6,685.000 241,083.700
390.847.640 1,313.893,306
rr>
•
Total.
46.802,500
40,239,000
New Capital.
127,782,800
1932.
Refunding.
$
18,587,000
Total.
146,369,800
New Capital.
242,126,300
364.176.000
102.939,800
11,970.000
1931.
Refunding.
145.895.700
354,988,000
6,062,500
Total.
388,022,000
719,164,000
109.002,300
11,970.000
140,080.910
80,050.000
81,180,000
30.000,000
10,000,000
1,650.000
75,000,000
48.300,000
13,980.000
2,694.000
512.360.200 1.339.800,300 1,891,661,660
1.220.000
67.167.000
2.000.000
26,845,000
24,970.000
61,037,500
2,530.000
15,337,500
27.500,000
76,375,000
33,500.000
791,000
1.400.000
54.885.000
6,440,000
8.055.850
500.000
900.000
2,470,000
2,470,000
65.667,000
2,000.000
25.625,000
89.666.500
200.000
130.452.800
18,587,000
200,000
149,039,800
11.286.000
827.440,100
1.000,000
42.825.000
100,000
8,375,000
45,675,000
100,000
1,725,000
1,650,000
6,216,000
39.795,200
4.342.000
7.375.000
2,850.000
1930.
New Capital. Refunding.
$
$
486,124,250 112,443.750
915,676,500
49,605,500
17,500,000
7.750,000
1,500,000
4,056.000
4.056,000
21.385,000
5.649,000
6,655.850
56,312.300
2.268.000
16,549,000
43,925,000
2.268.000
60,474.000
20,100.000
139,797.350
54.058,500
500.000
20,100,000
193.855,850
2.147.778
4.912.175
1.897.320
6,809,495
178.863,511
31,050,000
209,913,511
10.538,511
491.250
491,250
13,256.250
2,052,500
1.282,500
2.168,750
12.686.289
53.018.500
82.181.978
4.342.000
1.500.000
9,072,175
7,375,000
135.544,975
1.897,320
1,500.000
10,969,495
2.300,000
14,967.500
212.722.261
1.000,000
63.309.320
100,000
8,375.000
198,854.295
100.000
267.096,300
604,077,011
102,939.800
11.970.000
100,308,250
9.701.500
33.563,350
12,263.511
491,250
491.250
900.000
5,959.100
6.526,000
2.168.750
6,526,000
2.168.750
158.665,089
3,968.000
156.073.975
64.409.320
1,650.000
2.300,000
3.968.000
46.353,500
220.483.295 1,179.959,711
13.256.250
2.052,500
1,282.500
31.050,000
133.928,000
140,185,910
18.584,000
87.000,000
81,250,000 204,834,600
1,000,000
30,000,000
3,100.000
10,000,000
85,000,000
75.000,000
184.945,000
1.020,000
49.320,000
170.194,250 2,061.855.910 1,258.056,840
105,000
6,950,000
70,000
1,500.000
20,009,000
134,503,000
34,000,000
208.123.600
1.000,000
9.100,000
85.000.000
7,205.000 192,150,000
376,205,260 1,634,262,100
1,500,000
39,190,000
16,900,000
600.000
685,000
15.000.000
14.500,000
74,750.000
23,000,000
12,000,000
2,600,000
87,055,000
3.750,000
41.617,250
15,800.000
1,000,000
11,500.000
238.759,250
1,000,000
49,813,000
1,000.000
12.500,000
288.572.250
23,103.500
92 268,900
1.916,500
21,097,500
25.020,000
113.366,400
27,750.000
579.156.761
115,879,875
9,000,000
27.750.000
588,156.761
115,879.875
71,107.700
514,234,950
138,229,385
51,457,090
263,020,200
71.107,700
565,692,040
401.249.585
4.132,662
138,520,031
81,698,463
12,265,000
69,097.344
2,300,000
62.111,462
14.967.500
243.772.261 1.090.611.598
525.874.250
148.425.700 415,522,000
401,375 500 1.005.452.511 1,556,455.261
156.379.875
6.062.500 109,002,300
19,750,000
11.970.000
6,732,662
348.755,941
35,000,000 135,308.250
164,898,463
10,492,500
791,000
134.377,250
36,183,350
2,620,000
30.800.000
10,000,000
1,650.000
145.097.344
2.800.000
500.000
121.911,462
49.047.500
2,694.000
597.468,700 1.777.428.411 9 991 mo .nce
2,500.000
13,128,000
575,000
15,416,000
3,289,000
__ ______
6.000,000
12,000,000
61,622,000
23,000,000
12,000,000
2,600,000
70.155,000
3.150,000
40.932.250
800,000
2.168,750
5,959.100
1929.
Total.
New Capital. Refunding. dm. Total.
$
it
4
$
175.147,240 112.143,760 287,291,000
598,568,000
965,282,000 381304,500 228,390,000 609,694.500
72,250,000
17,500,000
69,063.500
3,186,500
1,150,000
7,750,000
1,150,000
19,181,000
500,000
9.500.000
500,000
9,500,000
37,656,400
37,656,400
51,151,322
461,677.414
37,878,244
101,192,330
54,233,534
23,178,000
69.097,344 771,060,338
382,000
62,493.462 499,398,463
10.753.500 1.101.365.098 2,723,341,680
56,663.174
544,169,634
79,630,183
101.600,830
54,233,534
23.178,000
771,060,338
6,342,400 505.740.863
450,984.201 3.174,325,881
247,754,940
915,548.450
207.292,885
1,150,000
51,651.322
605,105,414
56,462,244
343,683,330
55,233.534
26,278,000
856.060,338
707.446,963
112,143,760 359,898.700
299,028,090 1.214,576.540
266,206,700 473,499,585
1,150,000
5,511,852
57.163.174
83,067,220 688,172,634
57,167,939 113,630.183
3,697.500 347,380 830
55,233,534
6.000,000
32.278.000
856,060339
15.463,900 722.910.863
A 117q 507 49n
51.15 9510001 A 091 Ocd Q521
1,371,500
4,132,662
139,891,531
81,698.463
12,265,000
114,943,750 640,818.000
71,733,500 1.628.188,761
156,379,875
19.750,000
6.732.662
18,376,500 367.132,441
7 550.000 172,448,463
755.000 135,132,250
45.800.000
15.000.000
10,000,000
145,097,344
2.402.000 124.313.462
990 7an 7cnq A 1
11 70'1 90.5
5,511,852
82,492,220
41,751,939
408,500
ET61 01 aunf
1933.
5 MONTHS ENDED MAY 31. New Capital. Refunding.
Long Term Bonds and Notes—
34.802,500
12.000,000
Railroads
32,518.000
Public utilities
7,721,000
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
1,725.000
Other industrial and manufacturing
Oil
900,000
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, &c..
Miscellaneous
20.621,000
69.045.500
Total
Short Term Bonds and Notes—
6.216.000
Railroads
23.295.200
Public utilities
16,500,000
4.342.000
Iron, steel, coal. copper. &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
Oil
Land, buildings, &c
5.959.100
Rubber
Shipping
Inv. trusts, trading, holding, Sz.c_
Miscellaneous
Total
16,500.000
39,812,300
Stocks—
Railroads
Public utilities
2,147.778
Iron, steel, coal, copper. &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
10.438.511
100.000
Oil
Land, buildings. &c
Rubber
Shipping
Inv. trusts, trading, holding, &c_
Miscellaneous
Total
10.438.511
2.247.778
Total—
12,000.000
41,018.500
Railroads
24.221.000
57.960.978
Public utilities
4,342,000
Iron, steel, coal, copper. &c
Equipment manufacturers
Motors and accessories
10,438.511
1.825.000
Other industrial and manufacturing
Oil
900,000
Land, buildings, &c
5.959.100
Rubber
Shipping
Inv trusts, trading, holding, &c_
Miscellaneous
Total corporate securities
47.559.511 111,105,578
aiagranio letoueuu
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE FIVE MONTHS ENDED MAY 31 FOR FIVE YEARS.
1929.
1930.
1931.
5 MONTHS ENDED MAY 31.
1932.
1933.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
Total.
New Capital. Refunding.
New Capital. Refunding.
Total.
New Capital. Refunding.
Corporate-Domestic-689,940,100 512360.200 1.202,300.300 1.654,118.660 148,194,250 1,802,312,910 1,082.946.840 374,205.260 1,457,152,100
Long term bonds and notes_
20,621,000
69,045,500
130,452,800
18.587,000 149,039,800
89.666,500
91,668,900
21,097,500 112,766.400
49,813,000 271,572.250
221,759,250
49.058.500 188.855.850
139,797.350
Short term
16,500,000
16,549,000
43.925.000
60.474,000
38,212300
54,712.300
92,502,040 772,973,986
232.397.946 680,471.946
232,397,946
31.050,000 124.248,667
93.198.667
Preferred stocks
3.250,000
3,250,000
6.775,275
6,775.275
10,753,500 845,907.152 1,887,260,287 358,482.161 2,245.742,448
835,153.652
119,523,594
119,523,594
Common stocks
7,188,511
9,436,289
2,296,900
1,897,320
4,194,220
2.247.778
L Canadian—
84,100,000
84.100,000
91,888.000
18,000,000
73.888.000
87.500.000
87,500,000
Ina Long term bonds and notes_
Short term
10,400,000
10.400,000
13,000,000
13.000,000
• Preferred stocks
15,558,900
15,558,900
Common stocks
Other foreign
2.000.000
91,010,000
93,010,000
163,655,000
4.000.000 167,655,000
50,000,000
50.000.000
Long term bonds and notes_
le
600,000
600,000
17,000,000
17.000.000
5,000.000
5,000.000
Short
1,600,000
1.600.000
100,827,200
100,827,200
Preferred stocks
term
28.823,347
28.823.347
10.060.000
10,060,000
,kg, Common stocks
Total corporate
47.559.511 111,105.578 158,665,089
156.073.975
64.409,320 220.483,295 1.179.959.711 597,468.700 1.777,428,411 3.221.032,508 230.760.750 3.451,793.258 4,073.667,420 848,286,961 4,921,954,381
8,000,000
32,750,000
24,750,000
51,300,000
7.158.000
44,142,000
2,000,000
41,922,000
39,922,000
Canadian Government
35,750,000
35,750,000
5,500,000 271,456,000
265,956,000
Other foreign Government- _
23,000,000
23.000,000
40,600,000
11,000,000
29,600,000
92.500,000
Farm Loan issues
10,900,000
10,900.000
30.000,000
62,500.000
7.210.526 519,680,721
512.470,195
13.867,412 613,897,001
600,029.589
730.576.915
9,738.000
720338,915
Municipal, States, Cities, &c__- _ *111,201,896 *16:337- 8 *121,539.791 395.979,721
43.695,426 439,675,147
,89.
1,495.000
1.495,000
4.175.000
4.175,000
692,000
United States P
ions_
692.000
Grand total
169.661.407 121.443.473 291.104,880 582,745.696 170,604.746 753,350.442 1.970,320,626 620,206,700 2.590.527,326 4,158.335,097 257.286,1624.415.621.259 4.648,132.615 863.497.487 5,511 630.102
*Figures do not include a total of 8229,961,826 Reconstruction Finance Corporation advances to municipalities, either actually made or promised during the first five months 011933.
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE FIVE MONTHS ENDED MAY 31 FOR FIVE YEARS.
Financial Chronicle
Volume 136
3971
DETAILS OF NEW CAPITAL FLOTATIONS DURING MAY 1933.
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS.)
Amount.
Purpose of Issue.
Public Utilities—
200,000 Additions; extensions; other corporate purposes
300,000 Additions; extensions; other corporate purposes
Price.
To Yield
About.
Company and Issue, and by Whom Offered.
96
Commonwealth Water Co., N. J. 1st mtge., 535s, A, 1947. Offered by W. C. Langley & Co.
78
6.92 Monmouth Consolidated Water Co., N.J., 1st mtge. 5s, A, 1956. Offered by W.C. Langley & Co.
500,000
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Price.
To Yield
About.
Company and Issue, and by tVhom Offered.
Public Utilities
6,091,200 Refunding
100
Rubber
5,959,100 Refunding
7.00 Public Utility Holding Corp. of America 2
-year 7% notes, due April 15 1935.
of South American Railways Co. 6% notes, due April 15 1933.
100
6.00 United States Rubber Co. 3
-year secured 6% notes, due June I 1936. Offered to holders of cornpany's 3
-year 6% notes. due June 11933.
Offered to holders
STOCKS.
Par or No.
I of Shares.
Purpose of Issue.
(a) Amount Price
To Yield
Involved. Per Share. About.
Other Industrial & mfg.—
125,000 Discharge debt of predecessor company; working caplatl
156,250
50,000 abs Reduce mtge. debt; gen.corp.purp.
226,200 Additional equip.; working apital_
137,500
361.920
23
8(mkt.)
150,000 fronts.; additions; working capital_
150.000
1
63,530 abs Impts.; wkg.cap.; other corp.purp.
190,590
3
.67,591 shs Expansion; development
115,000 Additional equip.; working caPital150,000 equip.; wkg.cap.; other corp. pun .
,
1,689,775 25
172,500 155
225,000
15.5
Company and Issue, and by Whom Offered.
Brackenridge (Pa.) Brewing Co., Inc., common stock. Offered by Zacharias & Co.,
Pittsburgh.
Curtiss-Wright Corp. common stock. Placed privately.
Dick & Bros.(Quincy, Ill.) Brewery Co. capital stock. Offered by Robert A. Drum,
Chicago.
Engesser Brewing Co. (St. Peter, Minn.) class A common stock. Offered by Chas.
Minneapolis.
E. Lewis &
Flock BrewingCo.. (Williamsport, Pa.) capital stock. Offered by A. F. Hatch &
Co.
Co., Inc., New York.
National Distillers Products Corp. common stock. Offered to stockholders.
Renner Co. (Youngstown, Ohio) capital stock. Offered by Butler, Wick & Co.,
Youngstown; Witt, Kraus & Co., Cleveland; and Brinker, Bell & Co.. Pittsburgh.
Union Brewing Co. (New Castle, Pa.) common stock. Offered by Norman Ward
& Co., l'ittsburgh.
3,083.535
•Shares of no par value.
a Preferred stocks of a stated par value are taken at par, while preferred stocks of no par value and all classes of common stocks are computed at their offering prices.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, June 9 1933.
During the past week the advance in industry has continued although at not quite the pace witnessed recently.
Gains, however, have been consolidated and the outlook
remains bright despite a more complicated legislative situation at Washington and the near approach of the Economic
Conference at London with its rather dubious prospect of
success. War debts have ceased to be a bug-a-boo to business
for a time at least, although Germany's moratorium on the
debt service may revive them. The dollar has steadily depreciated in the terms of foreign currencies, it is true, but
the principal repercussion in this country has been merely
to raise the price level.
Steel production has continued to expand with automotive
buying its main back-log although the rate of progress has
lessened. It has shown more tendency to equalize itself in
the different sections. More railroad buying has been noted
and structural steel has done a little better. Cotton, wool
and the textile trades generally have made further progress
and leather and hides show no let-up in demand. Although
seasonal, May was much better in the automobile trade than
April and June is expected to exceed May in output. Inquiry
is broadening for more luxurious cars, although the lowpriced models are still at the peak of their popularity. Car
loadings have improved and statistics of electrical output
have recently shown a larger gain each week over the same
period for 1932. Cigarette production for May is estimated
to be 45% more than in May a year ago. Retail trade has
felt the influence of summer weather to a marked extent
both as to volume of business and dollar value. Buying in
the farming sections has increased. Wholesale business in
some lines is at a new high level for three years and continues
generally to hold the gains already made except where advances are recorded. Shoe manufacturers report unabated
activity.
Wage increases and re-employment are becoming more
more common,a 10% advance being planned for the workers
in the steel industry as of July 1. Activity in the stock
market has been on a huge scale, several days in the week
showing a volume of well over 6,000,000 shares. Prices
have advanced in some instances to unwarranted levels, but
the spur of inflation and progressively better trade news has
prevailed over the instinct of caution and some rather disquieting developments of a political nature, both foreign and
domestic. Aside from some foodstuffs, commodities have
generally been higher. The wheat and oats crops have been
adversely affected by the torrid heat recently prevailing in
the Middle West while weather conditions have been in the
main beneficial to corn and cotton. Speculative interest in
the commodities has fallen off perceptibly and has very
apparently been shifting to the stock market. Instances of
betterment compared to last year could be cited almost
indefinitely. However, although it is well to temper
enthusiasm by recollection of the extremely low level of
business prevailing at this time in 1932, the progress has been
steadily upward for the past 11 weeks while a year ago the
trend was just the reverse.
Taken by cities, trade in New York gained with the first
touch of actual summer weather and belated purchases of
bathing suits, beach cloths and summer wear generally gave
retail business another fillip. The activity in the stock
market was also reflected in New York's shopping district
by an increase in purchases of both luxuries and necessities.
Wholesale orders continued in large volume.
In Chicago store sales are good and one railroad company
ordered 500 locomotives. Sales of automobiles in May made
the best showing for months. The output of steel ingots in
Chicago was increased by several points. The dollar volume
of large department stores is running steadily ahead of that
of last year. Out of town buying at wholesale increased.
In Boston trade continued to improve with no signs of a
decrease. The electricity output last week was 11.9%
larger than for the same week last year. The output of
textiles continues to increase as well as that of the shoe industry. Even the heavy industries are beginning to improve. Wage increases are becoming more general. Retail
sales have been increasing somewhat, with the better class of
merchandise rather scarce. At Kansas City better wholesale and retail sales are larger with prices of farm products
holding up well. Reports from Atlanta, Dallas and Richmond continue to be good and if anything better than
recently.
At Cleveland, sales of automobiles are encouraging. Wages
in some cases also ;ncreased. In St. Louis production is
expanding assisted by seasonable weather. Employment is
better and wages here and there have risen. In shoes and
textiles, production has increased. Larger trade is reported by department stores, in some cases exceeding the
total of last year. Most roads show larger car loadings.
The rise in farm products has had a distinctly beneficial
effect. In Philadelphia retail trade is steadily enlarging.
Fear of higher prices spurs trade, especially in wearing
apparel and house furnish;ngs. Milk was higher. In
3972
Financial Chronicle
Minneapolis retail trade made a good showing. In San
Francisco labor is better employed at higher wages and in the
big fruit packing industry prices are higher. Mining is
increasingly active. The shopping trade is better.
In the stock market the most severe reaction in a number
of months occurred on the 3d. Industrial averages lost
over 4 points, but the stubborn resistance to selling pressure
by the rails and utilities made the net loss for the day in all
groups slightly under 23/i points. Business was on a
tremendous scale, total sales being 3,587,000 shares. While
prices had risen to such an extent that a corrective reaction
was due, the immediate causes of Saturday's downturn
appeared to be the report from Washington quoted by a
local news bureau to the effect that the Administration was
watching the sharp upswing in security prices with concern,
another report that the Secretary of Agriculture did not
approve of the big speculative movement in grain and finally
the report that the Finance Committee of the Senate was
attempting to cut down the President's economy program
by some $170,000,000. Trade news was excellent. Car
loadings showed a large increase over the same week in
1932 and there were numerous indications that a real business
recovery is in progress. Bonds were also somewhat reactionary. Sales amounted to $10,697,000. The rails again
advanced against the general market trend but industrials
and utilities sold off. In the foreign section the weakness of
German bonds was the main feature on the uncertainty of
the method of interest payments on that country's foreign
loans. U. S. Governments were generally higher.
On the 5th, after some early hesitation, prices again
swung upward and the averages at the close were some I
points up. Total sales were 5,008,335 shares. Practically
all of the news, aside from that from Washington, was
bullish. One authority estimated steel operations as high
as 47%,chain store sales were larger and commodity markets
were stronger. The rumors of a projected merger of Western
Union with Postal Telegraph caused a sharp advance in
issues of that category. Bond sales totaled $13,922,000
in an irregular market. United States Governments were
steady but inactive, rails were mixed, while foreign issues
were for the most part heavy.
On the 6th, after a strong forenoon market, prices reacted
later in the day and closed irregularly lower. Trading
was on a very large tcale with total sales up to 6,216,069
shares. The cutting of the Atchison preferred dividend
from an annual basis of $5 to $3 started the selling movement. The fact that Atchison has always been most conservative in its dividend policy was ignored. Washington
news was closely watched but did not apparently have as
dominant an influence as was the case last week.
Prices rose again on the 7th. Transactions totaled 6,641,440 shares, being the eighth time that the volume has
risen above the 6,000,000 mark since the present activity
started on April 19. The utilities were particularly strong
and so were the metal stocks. Various estimates of steel
production agreed as to an advance although the figures
varied a little. Electricity output for the week of June 3
showed a sizeable increase over the same period for 1932
and the dollar declined in the exchanges again. The petition
of the C. R. 1. & P. for permission to reorganize under the
new railroad reorganization act turned out to have been
pretty well discounted. Bond trading was also heavy with
the volume up to $20,475,000. Prices moved upward as
a rule. Despite some adverse news the rail group was the
market leader, although utility bonds acted well. Industrials were inclined to be sluggish and United States Governments were dull. French and German issues of the foreign
group sold off, but the rest of that section acted well. A
stock exchange seat was sold for $190,000, or at the highest
price since Sept. 111931.
On the 8th total sales amounted to 6,356,670 shares, thus
keeping up the sequence of 6,000,000 share days although
the average again fluctuated but little. A promising rally
in the morning was halted and the trend turned downward
by the sudden drive at Chicago and North Western Railway.
After the rumors accompanying this relapse had been officially denied, prices swung upward again and closed a fraction
higher for the day. The dollar reacted again and trade news
continued favorable. Bond sales were $20,596,000. Speculative issues were strong as a rule and foreign bonds were
firmer. There was little interest in United States Governments. The balance of the list was mixed in tone. To-day
after being subjected to selling pressure during a good part
of the session prices turned strong in the last hour and closed
June 10 1933
at the best levels of the day. The volume while heavy, was
below the recent turnover, amounting to 5,310,360 shares.
There was a budget of disturbing news from the market to
face even though there were many constructive offsets to it.
The declaration of the virtual German moratorium of debt
service, the apparent legislative obstacle just raised to prevent
the merger of communications companies and the advance of
the dollar all worked against the price level. On the other
hand the stressing of continued improvement in trade conditions, the hurry-up policy of the Administration to get
everything done possible to facilitate the quick adjournment
of Congress and the influence of a strong wheat market overcame in the late trading the sluggishness of prices. Farm
implement shares, utilities and oils were among the strongest
features, the telegraph stocks the weakest. Bonds too had
a sharp drop but rallied late until the net average result of
the day was a fractional decline. German bonds and wire
company issues were outstandingly weak, the rest of the list
irregular. Total sales were $15,300,000. A Stock Exchange
"seat" sold to-day at $200,000 the highest price reached
since August 1931.
Abnormally high temperatures prevailed all week. On
the 7th inst. the temperature rose to 89, the highest this
year. A heavy rain and electrical storm swept western New
York and the southern part of Ontario Province in Canada,
causing the death of at least four persons and injury to many.
A windstorm swept across southeastern New Jersey, injuring several persons and doing much damage to property.
A heat wave gripped the Middle West and caused the death
of at least 35 persons. It was as high as 117 degrees at
Kiosk, Kans. In Philadelphia on the 7th inst. it was 90
degrees at 3 p. m. and the first heat prostration of the summer was reported. Many farmers in Nebraska, Kansas,
Missouri, Iowa and Illinois did their plowing and planting
at night with the aid of searchlights attached to their implements. On the 8th inst. the temperature here soared
92 degrees, the highest this year and the hottest June 8th
on record. Two men were drowned in the metropolitan
area. To-day, it was 96 degrees here at 2 p. m., establishing an all-year record and an all-time record for June 9th.
The all-time record was 102 degrees made on Aug. 7 1918.
Overnight, Boston had 66 to 76 degrees; Pittsburgh, 78 to
96; Portland, Me., 56 to 88; Chicago, 70 to 98; Cincinnati,
76 to 94; Cleveland, 78 to 98; Detroit, 76 to 100; Indianapolis, 74 to 94; Louisville, 70 to 94; Milwaukee, 68 to 92;
Kansas City, 72 to 90; St. Paul, 60 to 78; Oklahoma City,
70 to 94; St. Louis, 76 to 94; Denver, 52 to 80; Salt Lake
City, 58 to 78; Los Angeles, 56 to 72; Portland, Ore., 46 to
58; San Francisco, 50 to 66; Seattle, 46 to 54; Montreal,
58 to 84, and Winnipeg, 58 to 72.
Wholesale Trade During April in New York Federat
Reserve District 9% Below Year Ago According to
Federal Reserve Bank of New York.
In its June 1 "Monthly Review," of the Federal Reserve
Bank of New York states that "April sales of the reporting
wholesale firms in the Second (New York) District averaged
9% below a year previous," which is according to the Bank,
"the smallest decline since June 1931." The Bank further
noted:
Most lines reported some improvement in sales. Gocery sales were equa
to those of a year previous for the first time in three years; diamond and
men's clothing firms showed the smallest reductions since the spring of 1931;
and shoe, paper, cotton goods, and jewelry firms reported smaller declines
than in immediately preceding months. In drug sales, the year to year
increases which began in January, and which were interrupted in March,
were resumed in April. Orders for machine tools and sales of hardware.
however, declined by about the same percentages as in March, and the
reduction in sales of stationery was greater In April than In March.
Stocks of merchandise on hand at the end of April remained substantially
below a year ago in all reporting lines except groceries, which were virtually'
the same as a year ago. Collections In April of accounts outstanding at
the end of March averaged a little higher in 1933 than in 1932.
Commodity.
Percentage
Change,
April 1933
Compared with
March 1933.
Weighted average
Percent of AccountsOutstanding
March 31
collected in
April.
Stock
End of
Month.
1932.
1933.
-5.2
0.0
+0.4
-26.7
____
-6.6
+17.1
-2.6 -23.3
+16.4* -14.9• +21.3*
____ -22.7
+7.0
-4.2 +12.1
+11.2
+4.3 -18.0
+17.4
+0.1
-___
-39.1
-26.5•
____
-25.1
-21.2
82.4
28.8
33.4
56.1
38.1
27.8
39.2
85.6
36.2
27.4
64.4
46.7
20.1
39.9
-21.4
--7.6
+46.5
+15.7
-25.4
--26.3
-10.4
-31.7
--__
62.9
47.7
-33.1 I 14.7
-29.6 I
52:&
35.2
} 17.1
-9.0
49.0
51.8
Na
Sales.
Groceries
Men's clothing
Cotton goods
Silk goods
Shoes
Drugs
Hardware
Machine tools-x
Stationery
Paper
Diamonds
Jewelry
Stock
End of
Month.
Percentage
Change,
April 1933
Compared with
April 1932.
+0.5
____
....
+2.4
-2.0
Net
Sales.
•Quantity not value. Reported by Silk Association of America.
Reported by the National Machine Tool Builders Association.
Financial Chronicle
Volume 136
7
Weekly Production of Electricity Continues to Show a
Larger Percentage Gain Over Corresponding Period
in 1932.
According to the Edison Electric Institute, the production
of electricity by the electric light and power industry of the
United States for the week ended June 3 1933 was 1,461,488,000 kwh., compared with 1,493,923,000 kwh. in the
preceding week and 1,381,452,000 kwh. in the corresponding
period last year.
The percentage increase for the week ended June 3 1933
was 5.8% over the same week in 1932, as against 4.8% for
the previous week over the week ended May 28 1932. The
Institute's statement follows:
PER CENT. CHANGES.
Week Ended
Week Ended
June 3 1933. May 27 1933.
Major Geographic Divisions
-
+12.1
+7.1
+7.3
+12.9
-2.3
Total United States
+11.2
+4.3
+5.4
+15.8
-7.3
+5.8
New England
Middle Atlantic
Central Industrial
Southern States
Pacific Coast
+4.8
Note -Specific Information on the trend of electric power production is now
available for the Southern States through the addition of another geographic region
In the weekly reports of electric power output. This major economic division
Includes the territory south of the Potomac and Ohio rivers and the States of Arkansas.
Oklahoma, Louisiana and Texas.
The region formerly described as the Atlantic Seaboard has been changed to the
"Middle Atlantic" area and includes the States of Maryland, Delaware, New
Jersey and the central and eastern portion of New York and Pennsylvania.
No changes have been made In New England, the Pacific Coast, or the Central
Industrial region which, as before, is outlined by Buffalo, Pittsburgh, Cincinnati,
St. Louis and Milwaukee.
Arranged in tabular form, the output in kilowatt hours of
the light and power companies of recent weeks and by
months since and including January 1930 is as follows:
Week ofJan. 14
Jan. 21
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 2.5
Mar. 4
Mar. 11
Mar, 18
Mar. 25
Apr. 1
Apr. 8
Apr. 15
Apr, 22
Apr. 29
May 6
May 13
May 20
May 27
June 3
June 10
June 17
June 24
July 1
July 8
1933.
Week of-
1,495,116,000 Jan. 16
1,484,089,000 Jan. 23
1,469,636,000 Jan. 30
1,454,913,000 Feb. 6
1,482,509,000 Feb. 13
1,469,732,000 Feb. 20
1,425,511,000 Feb. 27
1,422,875,000 Mar. 5
1,390,607,000 Mar. 12
1,375,207,000 Mar. 19
1.
409.655.000 Mar. 26
1,402,142,000 Apr. 2
1.399,367,000 Apr. 9
1,409.603,000 Apr. 16
1,431,095,000 Apr. 23
1,427,960,000 Apr. 30
1,435,707,000 May 7
1,468,035.000 May 14
1,483,090,000 May 21
1,493,923,000 May 28
1,461,488,000 June 4
June 11
June 18
June 25
July 2
10111
0
1932.
1931.
1Veek of-
1,602,482,000 Jan. 17
1,598,201,000 Jan. 24
1,588,967,000 Jan. 31
1,588,853,000 Feb. 7
1,578,817,000 Feb. 14
1,545,459,000 Feb. 21
1,512,158.000 Feb. 28
1,519,679,000 Mar. 7
1,538,452.000 Mar. 14
1,537,747,000 Mar. 21
1,514,553,000 Mar. 28
1,480,208,000 Apr. 4
1,465,076,000 Apr. 11
1.480,738,000 Apr, 18
1,469,810,000 Apr. 25
1,454,505,000 May 2
1.429,032,000 May 9
1,436,928,000 May 16
1,435,731,000 May 23
1,425,151,000 May 30
1,381,452,000 June 6
1,435,471,000 June 13
1,441,532,000 June 20
1,440,541,000 June 27
1,456,961,000 July 4
1 Rell san nnn July 11
1,716.822,000
1,712,786,000
1,687,160,000
1,679,016,000
1,683,712,000
1,680,029,000
1,633,353,000
1,684,125,000
1,676,422,000
1.682,437,000
1,689,407.000
1,679,764.000
1,647,078,000
1,641,253,000
1,675,570,000
1,644,437,000
1,637,296,000
1,654,303,000
1,644,783,000
1,601,833,000
1,593,662,000
1,621,451,000
1,609,931,000
1,634,935,000
1,607,238,000
1 603 713 000
1933
Under
1932.
6.7%
7.1%
7.5%
8.4%
6.1%
4.9%
5.7%
6.4%
9.6%
10.6%
6.9%
5.3%
4.5%
4.8%
2.6%
1.8%
a0.5%
a2.2%
a3.3%
a4.8%
a5.8%
1932.
1931.
1930.
April
1932.
1933
Under
1932.
January
6,480,897,000 7,011,736,000 7,435,782,000 8,021.749,000 7.6%
February ___ .5,835,263,000 6,494,091,000 6,678,915.000 7,066.788.000 10.1%
March
6,182,281,000 6,771,684,000 7,370.687,000 7,580,335,000 8.7%
ADM
6,294,302,000 7,184,514,000 7,416,191,000
May
...6,219,554,000 7,180,210,000 7,494.807.000
June
...6,130,077,000 7.070,729,000 7,239.697.000
July
...6,112,175,000 7,286,576.000 7,363,730,000
August
6,310,667,000 7.166,086,000 7,391,196.000
September_
...6,317,733,000 7,099,421,000 7,337,106,000
October
-_
6.633,865,000 7,331,380,000 7,718,787.000
November
.......
6,507,804,000 6,971,644.000 7,270,112.000
December6,638,424,000 7.288,025.000 7,566,601,000
Total
77,442,112,000 86,063,969,000 89,467.099,000
•February 1933 has one less working day than February 1932 (Leap Year).
-The monthly figures shown above are based on reports covering approxiNote.
mately 92% of the electric light and power industry and the weekly figures are
based on about 70%.
March
1933.
April
1933.
58
56
49
62
40
75
51
.55
41
48
45
81p
48
47
39
51
40
829
52
51
429
499
42
859
Distribution to Consumer
Department store sales, Second District
Chain grocery sales
Other chain store sales
Mail order house sales
Advertising
Gasoline consumption
Passenger automobile registration
82
73
83
83
62
75r
28
66
61
73
68
.50
68r
32p
66
59
65
.53
45
71r
22p
73
60
75
72
50
70
65
86
67
71
75
71r
66
124
24
83
48
59
59
72
51
53
75
64r
61
101
17
81
49
a
a
a
a
59
62
61r
58
77
12
64
35
55
53
72
52
125
679
64r
59
85
11
71
37
134
187
139
124
172
128
123r
169p
127
124
1709
127
General Business Activity
Bank debits, outside of New York City
Bank debits, New York City
Velocity of bank deposits, outside of N.Y.City
Velocity 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 corporation formed in New York State
Real Estate transfers
General price level.
Composite index of wages*
Cost of living*
p Preliminary. r RevLsed. •1913 averager=100. a Data not available.
Loading of Railroad Revenue Freight Continues to
Increase.
During the current week-that is, for the week ended
June 10
-some of the larger roads released figures showing
loading of revenue freight for the week ended June 3 and
also for the month of May 1933. With the exception of
the Gulf Coast Lines, all the railroads in the following tables
show substantial increases in car loadings over the corresponding periods a year ago:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(NUMBER OF CARS).
Loaded on Lines.
Received from Connections.
June 3 May 27
1933.
1933.
June 4
1932.
June 3 May 27
1933,
1933.
Atch. Top. de Santa Fe....
Chesapeake & Ohio Ry_
Chic. Burl & Qu. RR
Chic. M. St. P.& P. Ry
Chic.& N. W.Ry
Chic. R. I. & Pac. Ry__
Gulf Coast & subsidiaries
International Gt. Northern
M. K.& T Lines
Missouri Pacific
New York Central Lines_ _
Pennsylvania System
Pere Marquette Ry
Wabash Ry
16,218
17,477
12,451
15,740
13,428
12,320
1,731
4,382
4,155
11,970
36,894
48,701
4,243
4,405
15,864
14,223
11,163
12,961
11,368
9,985
2,164
1,577
3,779
10,236
30,009
44,539
3,687
4,334
3,772
4,080
3,094
7,871
7,892
5,279
5,382
5,570
4,454
5,761
5,825
4,883
7,332
7,499
6,080
7,577
7,416
5,059
946
949
1,051
1,442
1,592
1,566
1,922
2,025
1,661
6,963
7,184
5,628
47,235 48,293 39,627
30,895 32,604 25,249
No t avallab Ie.
6,312
6,155
6,109
Months of
-
June 4
1932.
Chesapeake & Ohio Ry_
Chic. Burl & Quincy RR
Chic.& No. W.Ry
Norfolk & Western
Missouri Pacific RR
New York Federal Reserve Bank's Indexes of Business
Activity-Rising Tendency in Trade and Business
Activity.
Stating that "during the first half of May general trade
and business activity continued to show a rising tendency,"
the Federal Reserve Bank of New York in presenting, in
its June 1 "Monthly Review," its indexes of business activity,
went on to say:
Railroad loadings of merchandise and less than carload freight rose
more than seasonally, and shipments of bulk commodities increased in
accordance with the usual seasonal movement. . .
Total freight car loadings in the second and third weeks of May reached
a higher level than in the corresponding period of the previous
year; this was the first time since 1929 that railroad freight traffic
exceeded the level of a year earlier, with one exception at the end of 1932,
which was due to special circumstances. Production of electric power
showed a considerable gain, and also rose above the previous year's level.
The value of department store sales in the New York metropolitan area
for the first two weeks of May was only 5% lower than in the corresponding
period of the previous year. After taking into account the reduction in
Beijing prices, it is likely that the quantity of goods sold was about as
17,315
17,642
13,334
16,889
13,926
12,713
2,325
4.331
4,164
12,209
39,986
52,539
4,863
4,876
Loaded on L rats.
Received from Connections.
May '33. Apr .•33. May '32. May '33. Apr .'33. May'32.
84,687
59,095
60,167
63,187
52,974
71,815
53,315
53,703
.52,892
47,896
75,789
58,975
56,111
51,671
50,684
33,434
24,401
33,110
15,510
32,232
28,504
21,200
30,160
14,281
27,069
26,529
21,282
29,368
13,313
27,751
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS (NUMBER
OF CARS).
Weeks Ended
-
Feb.
1933.
Primary Distribution
Car loadings, merchandise and miscellaneous_ ___
Car loadings, other
Exports
Imports
Waterways traffic
Wholesale trade
Weeks Ended
-
DATA FOR RECENT MONTHS.
1933.
(Adjusted for seasonal variations,for usual year-to-year growth, and where necessary
for price changes.)
--
u Increase over 1932,
Month of-
3973
.
large as a year earlier. In addition, a continued rise in retail salei of
automobiles was indicated by current reports.
In April the primary movement of goods and also retail trade showed
large increases from the low levels of March, according to this Bank's
seasonally adjusted indexes. Substantial advances occurred in the movement of freight over the railroads and waterways, in sales of department
stores, chain stores, and mall order houses, and in the output of electric
power. To a considerable extent the April increases represented recoveries from the declines in March, but some of the more important
Indexes more than regained the February levels.
Illinois Central System
St. Louis-San Francisco
Months ofGulf Coast Lines
Illinois Central System
International-Great Northern
Pere Marquette Ry
Reading Co
June 3 '33. May 27 '33. June 4 '32.
22,666
11.231
22,816
11.159
21,754
10.092
May 1933. April 1933. May 1932.
15,137
102,723
28,542
35,215
108.377
13,788
93,232
21,982
30,957
98.794
15,341
98,229
14,720
31,362
107.958
Loading of revenue freight for the latest full week, i.e.,
for the week ended May 27 1933, totaled 541,309 cars,
according to figures compiled by the American Railway
Association. This was an increase of 9,691 cars above thepreceding week and an increase of 20,060 cars above the
same week in 1932. It was, however, a decrease of 169,940
ears under the same week in 1931. Comparisons showed that
all commodities for the week of May 27 revealed increasesover the corresponding week last year with the exception of
merchandise less than carload lot freight and live stock which
showed reductions. Details of this latter period follow:
Financial Chronicle
3974
Miscellaneous freight loading for the week of May 27 totaled 207,391
cars, an increase of 5,698 cars above the preceding week, and 11,563 cars
above the corresponding week in 1932. It was, however, a decrease of
74,534 cars under the same week in 1931.
•
Loading of merchandise lees than carload lot freight totaled 166,404
cars, an increase of 428 cars above the preceding week, but 14,104 cars
below the corresponding week last year and 30,815 cars under the same
week two years ago.
Grain and grain products loading for the week totaled 34,339 cars, a
decrease of 908 cars below the preceding week, but 2,331 cars above the
corresponding week last year. It was, however, 659 cars below the same
week in 1931. In the Western districts alone, grain and grain products
loading for the week ended May 27 totaled 23.591 cars, an increase of
4,113 cars above the same week last year.
Forest products loading totaled 22,609 cars, 1,222 cars above the preceding week, and 4.606 cars above the same week in 1932, but 8,709 cars
below the corresponding week in 1931.
Ore loading amounted to 10.099 cars, an increase of 1,901 cars above the
week before, and 7.555 cars above the corresponding week in 1932 but
15.785 cars below the same week in 1931.
Coal loading amounted to 80,915 cars, an increase of 1,269 cars above
the preceding week, and 8.063 cars above the corresponding week in 1932
but a decrease of 34,877 cars below the same week in 1931.
Coke loading amounted to 4,137 cars. 240 cars above the preceding week.
and 935 cars above the same week last year, but 2,080 cars below the
same week two years ago.
Live stock loading amounted to 15,415 cars, a decrease of 159 cars below
the preceding week, 889 cars below the same week last year, and 2,481
cars below the same week two years ago. In the Western Districts alone,
loading of live stock for the week ended on May 27 totaled 12,069 cars, a
decrease of 315 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 except the Centralwestern which
June 10 1933
showed a reduction. 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
523,819
531,095
531,618
541.309
Four weeks In January
your weeks In February
Four weeks in March
Five weeks in April
Week ended May 6
Week ended May 13
Week ended May 20
Week ended May 27
2,266,771
2,243,221
2,280,837
2,774.134
533,951
517,260
515,628
521,249
10 342.265
T•Ntal
1931.
2,873,211
2,834,119
2,936,928
3,757,863
745,740
747,057
754,738
711,249
11.653.051
15.360 005
The foregoing, as noted covers total loadings by the railroads of the United States for the week ended May 27. In
the table below we undertake to show also the loadings for
the separate roads and systems. It should be understood,
however, that in this case the figures are a week behind
those of the general totals-that is, are for the week ended
May 20. During the latter period a total of 78 roads showed
increases over the corresponding week last year, the most
important of which were the Southern By. System, the
New York Central RR., the Chicago Milwaukee St. Paul &
Pacific By., the Chesapeake & Ohio Ry., the Louisville &
Nashville RR., the Norfolk & Western By., the Reading Co.
and the Erie RR.
-WEEK ENDED MAY 20.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
Total Loads Received
from Connections.
Total &TIMM
Freight Loaded.
Railroads.
1933.
Eastern District
Group A:
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
New York N. H. & Hartford
Rutland
Total
Group B:
Delaware & Hudson
Delaware Lackawanna & West_
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western_
Pittsburgh dc Shawmut
Mts.Shawmut& Northern.Total
Group C:
Ann Arbor
Chicago Ind. de Louisville
Dleve. Ctn. Chic. de St. Louis
Dentral Indletna
Detroit & Mackinac
Detroit & Toledo Shore Line
Detroit Toledo & Ironton
Brand Trunk Western
Vlichigan Central
Honongahela
Sew York Chicago & St. Louis.
Pere Marquette
Pittsburgh Ac Lake Erie
Pittsburgh & West Virginia
Wabash
Wheeling de Lake Erie
Total
Brand total Eastern District
Allegheny DistrictBaltimore & Ohio
Etessemer & Lake Ede
Buffalo Creek & GauleY
Dentrat RR.of New Jersey
Dornwall
Bumberland & Pennsylvania...
Jgonier Valley
..ong Island
'ennaylvania System
teading Co
/Mon (Pittsburgh)
Vest Virginia Northern
Western Maryland
Total
Pocahontas District3iesapeake & Otto
Iorfolk & Western
Torfolk de Portsmouth Belt Line
,
irginian
Total
Southern District&OLD A:
AMantle Coast Line
:finchfield
:harleeton & Western Carolina_
)urham dc Southern
lalneevIlle & Midland
forfolk Southern
ledmont & Northern
Ichmond Frederick. de Potom_
eaboard Air Line
outhern System
SiTinston-Salem Southbound..
1932.
1931.
1933.
1,914
2,965
7,560
708
2,640
10,258
654
1.532
3,883
10,202
898
3,304
14,076
715
396
4.704
9.294
2.712
2,427
10,899
1,165
346
4,473
9,314
2,632
2.580
10.150
1,095
26,175
26,699
34,610
31,597
30,590
4,027
7,553
10,607
194
1,350
6,727
1,623
18,082
1,504
263
296
4,700
6,069
10,504
215
1,298
6,620
970
17,097
1,867
357
323
7,581
11,608
14,851
218
2,076
9.927
2,006
25,548
2,345
633
419
5,871
5,315
11,818
1,843
828
6,279
28
22,464
1.810
22
143
5,957
4,922
11,218
1,687
985
6,062
24
21,776
2,028
39
233
52,226
52,020
77,112
56,421
54,931
454
1,133
7,281
20
314
264
1,385
3,238
6,678
.3,076
4,121
4,733
3,689
1,126
4,723
3,241
522
1,333
7,259
31
244
155
1,745
2,746
5,961
3,190
4,118
4.432
3,489
827
5.219
2,128
569
1,990
9,715
55
518
286
2.140
5,309
8.284
3,570
5.411
6,190
5.647
1,588
6,233
3,553
848
1,632
8,833
52
95
1,870
707
5,374
6,991
147
6,928
3,514
3,705
750
6,171
2,116
858
1,500
7,901
41
82
1,599
790
4,841
6.343
209
6,616
3,050
3,212
581
6,589
1.551
45,476
43,399
61,069
49.733
45,763
123,877
122,118
172.791
137,751
131.284
22,416
1,659
193
4,899
631
210
49
969
52,012
11,108
3,349
28
2,507
22,643
944
144
5,726
1
129
87
1.209
52,134
10,587
3,431
52
2,729
33,179
2,031
154
9,409
1
316
144
1,395
76,240
16,758
8,459
38
3,265
11,622
1,110
6
9,562
41
20
13
2,417
32,321
13,184
1,202
11,189
742
1
9,078
40
13
14
2,689
28,895
13,624
578
3,131
99,816
151,389
74,629
69,937
Group B:
Alabama Tenn. & Northern.-Atlanta Birmington & Coast-.
Atl. de W.P.-Weet.RR.of Ala
Central of Georgia
Columbus dc Greenville
Florida East Coast
Georgia
Georgia & Florida....
Gulf Moblle de Northern
Illinois Central System
Louisville & Nashville
Macon Dublin de Savannah
Mississippi Central
Mobile & Ohio
Nashville Chatt. & St. Louis
New Orleans
-Great Northern
Tennessee Central
1931.
1933.
210
688
620
3,421
228
666
768
349
864
15,723
14,805
129
164
1.646
2,681
515
301
169
576
615
2,899
175
699
772
257
675
16,328
12,941
101
104
1,811
2,526
453
382
190
792
647
4,221
247
1,427
1.107
446
731
21,614
21,305
159
181
2,422
3,477
887
637
134
663
1,076
2,096
159
408
1,359
300
711
8,168
3,446
342
189
1,321
2,126
340
461
1932.
17,411
14,675
906
2,668
16,840
12,431
999
2,220
21,143
18,298
1,361
3,187
7,622
3,290
1,054
483
6.104
3,112
996
311
35,660
32,490
43,989
12,449
10,523
8.308
904
543
180
41
1,672
Sll
332
7,112
18,310
149
7,487
739
356
114
48
1,554
425
299
6,241
16,916
164
11,667
1.339
601
144
63
2,041
530
484
9.792
23,637
203
3,974
1,190
872
302
71
927
803
3.944
2.862
10,860
643
3,408
948
567
186
53
898
558
3,236
2,482
8.558
652
132
485
748
1,694
117
543
955
236
574
7,104
2,947
278
163
966
1,665
258
437
43.778
41.483
60,490
23,299
19,302
Grand total Southern District__
81,840
75.826
110.991
49,747
40,848
Northwestern District
Belt Ry. of Chicago
Chicago de North Western
Chicago Great Western
Chic. Milw. St. Paul & Pacific_
Chic. Si. Paul Minn.& Omaha.
Duluth Missabe de Northern...
Duluth South Shore & Atlantic_
Elgin Jollet & Eastern
Ft. Dodge Des M.de Southern-Great Northern
Green Bay de Western
Minneapolis & Bt. Louis
Minn. St. Paul & 8.8. Marie
Northern Pacific
Spokane Portland dc Seattle...
801
13,280
2,293
15.885
3,490
3,435
299
3,404
269
7,502
484
1,722
4,058
7,724
1.026
1.412
13.434
2.310
15,091
3.166
493
313
3,131
283
6,889
473
1,657
3.708
7.625
1,218
1,428
21,855
2,814
22,992
4,191
9.120
1,324
5,183
356
11,197
716
2,715
6,036
10.165
1,337
1,585
7,491
2,003
5,798
2,911
57
317
3.853
113
1,885
269
1,087
1,653
1.956
1,230
1,337
6.494
1.986
5,338
2.790
72
309
2,817
121
1,953
319
1,116
1,707
1.987
798
65,672
61,203
101,329
32.208
29.144
17,787
2,778
169
13,085
11,333
1,885
719
1,749
312
1,098
542
109
12,960
225
422
9,491
262
1,027
18.859
3,117
131
13,903
12.123
1,963
750
1,441
140
1,034
497
168
15,321
238
301
10.014
121
1,185
24,612
3,429
223
19.564
16,981
2,635
1.225
2,090
322
969
717
165
20,942
328
268
14,289
259
1.500
3,877
1.411
41
5,334
5,285
1,598
777
1,912
731
185
71
2,932
256
820
6,419
6
1,342
3,344
1,651
19
4,797
5,787
1,633
730
1,817
16
068
228
22
3,281
236
625
6,017
4
1,158
75,953
81,306
110,518
33,002
32,033
223
94
129
2,568
125
131
108
2,451
213
150
173
13,072
2,751
322
127
904
2,417
268
131
923
4,379
87
1.441
1,237
234
430
66
4.210
11,736
53
112
7,060
2,421
1.521
117
1,400
1,038
81
440
58
4.155
12,075
49
71
6,839
1,962
4,463
364
1.897
1,743
180
737
114
5,074
17,694
42
94
9,881
3,213
1,764
664
1,332
560
636
146
276
1,930
6.912
11
80
2,902
1,419
1,607
651
1,251
1,053
368
107
213
2,042
6,195
35
89
2,729
1,406
5,821
4.530
1,734
21
5,318
3,131
1,785
14
7.387
5,077
2.347
36
2,437
3,072
1,901
31
2,564
2,954
1,662
39
48,586
42.869
63.731
30,177
28.644
Total
Total
Central Western District
Atch. Top.& Santa Fe System_
Alton
Bingham & Garfield
Chicago Burlington & QuincyChicago Rock Island de Pacific.
Chicago & Eastern IllinoisColorado & Southern
Denver & Rio Grande Western_
Denver & Salt Lake
Fort Worth & Denver City
Northwestern Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island-Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific,
Total
38,062
21,546
Total
26,448
50,501
34,343
•Figures of preceding week. x Estimated. 3 Included in Gulf Coast Lines.
,
1932.
3,074
100,030
Total Loads Received
from Connections.
1933.
1932.
1,610
2,782
7,527
892
2.478
10,202
684
Total Revenue
Freight Loaded.
Railroads.
Southwestern District
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
yHouston & Brazos Valley
International-Great Northern
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Litchfield & Madison
Midland Valley
Missouri & North Arkansas.Missouri-KansasTexas Lines
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. LoulsSan Francisco
St. Louts Southwestern
ySan Antonio Uvalde & GulfSouthern Pacific in Texas & La_
Texas & Pacific
Terminal RR.Aeon.of St. Louis
Weatherford Min. Wells de N.W
Total
5
Financial Chronicle
Volume 136
7
Wholesale Prices Slightly Higher During Week Ended
June 3, According to U. S. Department of Labor.
The Bureau of Labor Statistics of the U. S. Department
of Labor announces that its index of wholesale prices for the
week ending June 3 stands at 63.8 as compared with 63.3
for the week ending May 27, showing an increase of approximately .8 of 1%. Continuing, the Bureau said:
These index numbers are derived from price quotations of784 commodities
weighted according to the importance of each commodity and based on
average prices for the year 1926 as 100.0.
The accompanying statement shows the index numbers of groups of
Commodities for the weeks ending May 6. 13,20,27 and June 3 1933f
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF
MAY 6, 13, 20, 27, AND JUNE 3 1933 (1926=100.0)•
Week Ending-.
May 6. May 13. May 20. May 27. June 3.
All commodities
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting
Metals-and metal-products
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous
61.9
47.8
58.2
73.3
53.7
62.1
70.8
72.4
71.7
58.8
62.3
49.0
59.1
75.8
54.0
61.3
77.9
70.8
72.6
71.8
59.0
63.0
50.9
59.9
77.9
55.3
61.2
77.9
71.1
72.9
71.9
58.9
63.3
52.4
60.3
78.9
56.2
61.0
78.1
71.5
73.2
71.9
58.8
63.8
53.2
61.0
79.9
57.5
61.1
78.2
71.8
73.2
71.9
59.2
Department Store Sales During May Show Increase Over
April, According to Federal Reserve Board.
Preliminary figures on the value of department store sales
show an increase from April to May of about the estimated
seasonal amount. The Federal Reserve Board's index,
which makes allowance both for number of business days and
for usual seasonal changes, was 68 in May on the basis of
the 1923-1925 average as 100, compared with 67 in April
and 57 in March. Under date of June 9 the Board continued:
In comparison with a year ago, the value of sales for May, according to
preliminary figures, was 2% smaller; when allowance is made for the fact
that there was one more trading day this year than last, the decrease from
last year is about 6%. The aggregate for the first five months of the year
was 18% smaller than last year.
PERCENTAGE INCREASE OR DECREASE FROM A YEAR AGO.
Federal Reserve
Districts.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
May.•
Jan. 1 to
Mat/ 31..
Number of
Reporting
Stores.
Number Of
Cities.
-4
-2
-6
-4
-5
+4
-1
-3
+3
-0
+5
+4
-21
-16
-19
-20
-16
-17
-19
-18
-14
-17
-12
-18
55
53
34
24
50
21
59
18
17
18
22
68
29
28
17
9
21
14
29
8
11
12
9
24
Total
211
-2
-18
439
•May figures preliminary; in most dis tins the month had one more business day
this year than last year.
Moody's Daily Index of Staple Commodity Prices
Steady in Narrow Range.
Primary commodity prices, a exemplified by Moody's
Daily Index of Staple Commodity Prices, engaged in a levelling-off process during the week in review and showed
resistance to further advances under present conditions. A
rally on the last day in the chief speculative commodities
pushed the Index to a new high for the year of 121.6, compared with 120.9 last week. At present levels, the advance
from the low point of February 4 is equivalent to 54.6%.
The uncertain trend of commodity prices is shown by the
fact that eight of the staples included in the Index showed
advances for the week while four showed declines, and cotton, steel scrap and copper showed no change. A 40
-cent
rise in silk to the highest levels in 18 months featured the
week, while sugar, hides, wheat and wool also scored important advances, and lead, silver and cocoa were responsible
-cent
for smaller additions to the Index number. A 40
decline in hogs was by far the most important change on the
downward side, while corn, rubber and coffee also closed
lower.
The movement of the Index number during the week, with
comparisons, is as follows:
120.912 wks. ago, May 26
116.9
pri. June 2
Sat.
June 3
Mon. June 5
Tues. June 6
Wed. June 7
Thurs. June 8
June 9
Fri.
120.51Month ago, May 9
120.2 Year ago. June 9
.
120.9119321High Sept 6.
121.41
Low, Dec. 31
120.611933 High, June 9
ILow, Feb. 4
121.61
110.9
79.8
103.9
79.3
121.6
78.7
Commodity Prices Reached New High Level for 1933
During Week Ended June 3, According to National
Fertilizer Association-Prices Higher Than Year
Ago.
Wholesale commodity prices, during the week ended
June 3 advanced to a new high level for 1933 according
3975
to the National Fertilizer Association index. This index
advanced seven points during the week and now stands at
60.8. (The three-year average 1926-1928 equals 100.)The latest number is 15 points higher than it was a month
ago and nine points higher than it was at this time last year.
The latest number is a record high peak for 1933'. A number of groups are higher than they were at this time last
year. This is particularly true of grains,feeds and livestock,
textiles, and fats and oils. Under date of June 5 the Association added:
During the latest week eight of the major groups in the index advanced.
one declined, and five showed no change. The advancing groups were
foods, fuel, including pet.oleum and its products, grains, feeds and livestock. textiles, miscellaneous commodities, building materials, metals,
and fertilizer materials. The largest gains were shown in textiles and
grains, feeds and livestock, due principally to increased prices for wheat.
cattle, cotton and wool. Fats and oils declined because of reduced prices
for butter.
Fifty commodities advanced and nine declined during the latest week.
This is the best showing in several weeks. During the preceding week 38
commodities advanced and 30 declined. Important commodities that
advanced during the latest week were &tton. cotton yarns, wool, silk,
flour, corn, oats, wheat, cattle, lambs, pig iron, copper, silver, rosin,
gasoline, hides, rubber and leather. The declining commodities included
butter, eggs, hogs 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-BARED ON 476 COMMODITY
PRICES (1926-1928=100).
Latest
Week
June 3
1933.
Pre
reline
Week.
Month
Ago.
Year
Ago.
Foods
Fuel
Grains, feeds and livestockTextiles
Miscellaneous commoditiesAutomobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials.
Mixed fertilizer
Agricultural implements
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
61.0
48.2
48.6
52.9
60.9
84.4
71.6
71.5
75.2
51.0
87.2
64.3
65.9
90.2
60.1
50.7
45.5
48.8
60.5
84.9
71.5
69.6
75.9
49.3
87.2
63.2
62.4
90.2
59.5
63.6
40.8
41.5
59.8
87.7
73.0
71.1
80.0
35.8
87.8
68.0
71.9
92.2
zu .t...,,,,,......hiam _ _ _
60.8
60.1
59.3
59.9
Per Cent
Each Group
Bears to the
Total Index.
Group.
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
inn nn
Increase of Approximately .5 of 1% Reported in Wholesale Prices by United States Department of Labor
During Week of May 27.
The Bureau of Labor Statistics of the U. S. Department
of Labor announces that its index number of wholesale
prices for the week ending May 27 stands at 63.3 as compared with 63.0 for the week ending May 20, showing an
increase of approximately .5 of 1%. The Bureau continued:
These index numbers are derived from price quotations of 784 commodities, weighted according to the importance of each commodity and
based on average prices for the year 1926 as 100.0.
The accompanying statement shows the index numbers of groups of
commodities for the weeks ending April 29 and May 6, 13. 20 and 27 1933.
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF APRIL 29,
AND MAY 6, 13, 20 AND 27 1933.-(1926=100).
Week Ending
Apr. 29.
All commodities
Farm Products
Foods
Hides & leather products
Textile products
Fuel and lighting
Metals dc metal products
Building materials
Chemicals and drugs_
Houseturnishing goods._
Miscellaneous
May 6.
May 13.
May 20.
May 27.
61.5
46.4
58.1
71.8
52.4
62.5
77.0
70.5
72.0
72.3
58.6
61.9
47.8
58.2
73.3
53.7
62.1
77.5
70.8
72.4
71.7
58.8
62.3
49.0
59.1
75.8
54.0
61.3
77.9
70.8
72.6
71.8
59.0
63.0
50.9
59.9
77.9
55.3
61.2
77.9
71.1
72.9
71.9
58.9
63.3
52.4
60.3
78.9
56.2
61.0
78.1
71.5
73.2
71.9
55.8
"Annalist" Weekly Wholesale Price Index Unchanged
During Week of June 6.
The average wholesale price level continued unchanged
during the eight days ended Tuesday, June 6, the "Annalist"
Weekly Index of Wholesale Commodity Prices remaining
at 92.7. The "Annalist" added:
The farm products group index and its more important constituents,
notably wheat and hogs, declined moderately, while the other groups, including especially the meats, hides and leather, gasoline and the nonferrous metals, generally advanced. On a gold basis, the index advanced
0.2 points to 77.5, the dollar rising 0.2 to 83.6 cents.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES.
[Unadjusted for Seasonal Variation (1913=100)1.
June 6 1933. May 29 1933. June 7 1932.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
I All commodities nn anld hags
82.3
97.8
*93.2
95.9
99.3
107.0
95.5
77.8
92.7
77.5
a83.9
97.1
a92.3
94.5
98.3
107.0
95.5
76.6
92.7
77.2
64.8
90.6
69.1
134.0
96.0
107.3
96.0
81.1
87.4
•Preliminary. a Revised. 8 Based on exchange quotations for France, Switzerland, Holland and Belgium.
3976
Financial Chronicle
Farm prices were influenced adversely chiefly by better crop prospects
for wheat and cotton, and by reports that the rise in prices, by reducing
the disparity with the 1909-14 level, was decreasing the possible processing
tax, thus embarrassing the plans of the administration to finance the
leasing of farm land. Whether the leasing program would finally have to
be abandoned for this season was uncertain at the time of writing.
External factors in the rise of the other commodities were the further
Improvement in business and to a less extent the President's insistence that
the government economies be not jeopardized by the elimination of the
cuts in veterans' payments without the imposition of compensating taxes.
Valuation of Construction Contracts Awarded as
Compiled by F. W. Dodge Corp. Shows 47% Decline
for May.
The valuation of construction contracts awarded in the
37 States east of the Rocky Mountains in the month of
May 1933 was $69,049,500 less than in May 1932, the
figure for May of this year being $77,171,700 against $146,221,200 in the same month of last year, a decline of 47%
as compared with a decline of 533' % in April of 1933 in
comparison with April of 1932. For the first five months
of the year the decline frOm 1932 was $224,233,200.
May construction contracts of all descriptions showed a gain of about
36% over the total of $56,573,000 reported during April, according to
F. W. Dodge Corp. Gains over April were reported in each of the four
major classifications of construction. Increases in residential building and
public utilities as compared with May of last year were too small to offset
declines in public works and non-residential building.
Residential awards during May totaled $26,519,700: this was not only
larger than the volume reported in either the preceding month or May of
last year, but was the largest monthly total since that recorded for April
1932. The improvement over April 1933 was universal, being in evidence
In practically all territories in the area east of the Rocky Mountains. Gains
In residential contracts as contrasted with May 1932 were shown in seven
of the 13 Dodge districts-the New England, Metropolitan New York,
the Southeast, Chicago, St. Louis, Kansas City and Texas territories. For
the first five months of 1933 residential contracts for the 37 Eastern States
totaled $85,440,500, as against $139,561,700 for the corresponding period
of 1932. Commenting on the outlook the Dodge organization observes:
"There appears reason to believe that the gap between the cumulative totals
for the two years will be progressively narrowed throughout the remainder
of the current year."
Non-residential building contracts let during May amounted to $31,639,400; this was an increase of 32% over the total for April but was sizably
lower than the total of $58,946,400 recorded during May of last year. For
the elapsed months of 1933, non-residential awards amounted to $134,207,200 as contrasted with $223,219,200 for the same period of 1932.
Gains over April were shown in all territories except in the up-State New
York, central Northwest and Texas districts. Gains over May 1932 were
recorded in the Pittsburgh, Central Northwest, Southern Michigan and
St. Louis territories.
CONSTRUCTION CONTRACTS AWARDED-37 STATES EAST OF THE
ROCKY MOUNTAINS.
Number of
New Floor
Projects. Space (Sq. Ft.).
Month of May
1933
-Residential building
Non-residential building
Public works and utilities
$26,519,700
31,639,400
19,012,600
15,277,000
$77,171,700
3,784
2,140
1,589
6,661,900
8,898,600
181,700
$25,556,800
58,946,400
61,718,000
15,742,200
$146,221,200
16,211
10,939
3,500
25,248,300
25,042,300
1,581,900
$85,440,500
134,207,200
110,123,800
51,872,500
$329,771,500
17,031
9,628
5,020
35,351,900
35,034,600
1,066,300
$139,581,700
223,219,200
191,203,800
31,679
Total construction
8,352,200
6,524,700
400,100
30,650
Total construction
1932
-Residential building
Non-residential
Public works and utilities
5,299
3,152
958
7,513
Total construction
First Five Months
1933
-Residential building
Non-residential building
Public works and utilities
71,452,800
$554,004,700
NEW CONTEMPLATED WORK REPORTED-37 STATES EAST OF THE
ROCKY MOUNTAINS.
1932.
1933.
No.of
Projects.
Month of May
Residential building
Non-residential building_ _ Public works and utilities__,
Total construction
First Five Months
Residential building
Non-residential building_ _
Public works and utilities_..
Total construction
Valuation.
No. of
Projects.
5,920
3,813
1,267
566,118,400
91,834,700
194,514,600
4,346
2,467
1,758
$38,679,000
35,802,100
75,375,100
11,000
$352,467,700
8,571
$149,856,200
19,619
14,444
5,946
$167,943,400
294,699,000
383,188,900
20,844
12,805
7,598
$217,128,700
267,204,100
372,286,600
40,009
$845,831,300
41,247
$856,619,400
Valuation.
30
-Hour Work Week Bill Signed by Governor Rolph
of California.
Sacramento advices (Associated Press) May 31 to the
Los Angeles "Times" reported that Governor Rolph on that
day signed bills which provide for a 30
-hour week on public
construction projects and protect the motoring public
against fraud in the sale of second-hand lubricating oils.
It was further stated:
-hour week bill includes construction work done by the State
The 30
and its political subdivisions during the existing economic emergency,
deemed to end July 11935, or at such prior time as may be determined by
a Governor's proclamation.
Newsprint Price on West Coast Cut $5 to $40 a Ton.
Newsprint manufacturers on the West Coast have reduced
newsprint $5 a ton to basis of $40 a ton. The new price,
effective as of June 1, is in line with prices in eastern territory. Advices from San Francisco to the "Wall Street
Journal" of June 7 said that the following statement was
issued by 0. W. Miekel, general manager of Blake, Moffitt
& Towne, selling agents on the West Coast of Powell River
Co., Ltd.:
Recently certain large eastern manufacturers announced a discount of
$5 per ton on roll newsprint contracts, which had the effect of bringing
the current market price down to $40 per ton. This very drastic and severe
reduction is especially unfortunate in the face of the present stiffening in
commodity prices in general. The market, however, has been established
at this figure largely because of the demoralized condition of the newsprint
Industry in the East, where many mills are now in the hands of receivers.
The situation is still more aggravated by reason of the fact that publishers
here on the coast have responded to the very low prices which northern
European mills have been enabled to offer due to the depreciated currency
condition.
Association of Newsprint Manufacturers of United
States Formed-Appoints Committee to Formulate
Code Under National Industrial Recovery Bill.
The following is from the "Wall Street Journal" of June 7
according to advices from Boston (Boston News Bureau):
At a meeting of 21 representatives of American newsprint manufacturing
companies representing approximately 85% of this country's newsprint
capacity, held in Boston, the Association of Newsprint Manufacturers of
the United States was organized. It appointed a committee to consider
conditions in the industry and to formulate a code to meet the requirements
of the National Industrial Recovery bill now pending in Congress.
The committee consists of William A. Whitcomb, President of Great
Northern Paper Co.,(Chairman); Edgar Rickard,President of the Pejepscot
Paper Co., (Vice-Chairman); I. Zelierback, President of the Crown Zellerback Corp.; A. R. Graustein, President of the International Paper & Power
Co., and R. M. H. Robinson, receiver of the Minnesota & Ontario Paper
Co. Messrs. Whitcomb and Rickard represent the Eastern mills; Mr.
Zellerbach the Pacific Coast mills; Mr. Gaustein the New York mills and
Mr. Robinson the central district mills.
It was the sense of the meeting that the newsprint industry should be
regarded as a separate entity and not as a part of a group embracing manufacturing of all kinds of paper products.
Valuation.
9,409
Total construction
1932
-Residential building
Non-residential building
Public works and utilities
•
June 10 1933
An exception is made for persons employed on maintenance or repair
work, the working week being set at 44 hours or not more than eight hours
per day for such workers.
The bill provides that the State Department of Industrial Relations
Shall enforce the new Act, effective immediately.
The oil sale bill, introduced by Assemblyman Craig, provides that
lubricating or motor oil which has been reclaimed from oils previously
used must be labeled "reclaimed used lubricating oil" or "reclaimed used
motor oil" when offered for sale.
Trade and Industrial Operations in Cleveland Federal
Reserve District During April and First Three
Weeks of May Shows Sharpest Advance Since
Depression Began-Rubber Industry in District
Makes Upturn.
"The sharpest advance in trade and industrial operations
since the depression began occurred in the Fourth (Cleveland) Federal Reserve District in April and the first three
weeks of May," according to the Federal Reserve Bank of
that place, "and reports from most of the important fields,"
the Bank continues, "were more favorable than for months."
In its "Monthly Business Review" of June 1 the Bank further stated:
In several instances operations were at higher levels than prevailed a
year ago, and, whereas in most recent years some slackening developed in
May, the past month showed continued improvement in the more important
lines of this District. Electric power consumption was greater than a
year ago, and so were car loadings in the latter part of May.
Retail buying was much improved in April, the seasonally adjusted index
of department store sales advancing to 62.8% of the 1923-25 monthly
average from 46.2% in Mardi. This was the sharpest increase on record
beck to 1919. Buying in April was stimulated by several factors, among
which were rising wholesale prices, release of bank deposits which perrhitted buying in April prior to the late Easter, and increased employment
and in some cases, wages, which meant greater buying power that apparently was utilized for purchases deferred in earlier months.
In the industrial field, the improvement in steel production was spectacular. Rising from a low of about 12% of capacity in early Mardi,
operations increased until a 43% rate prevailed in the entire country in
late May. Steel centers in this district outside of Pittsburgh were producing at much-better-than-average rates. Tin plate mills in the third
week of May were operating at 80%; Cleveland output was at 58%,
Youngstown 45% and Pittsburgh 25% of capacity. Lack of rail and
structural orders affected operations in the eastern part of this district,
whereas automobile material buying was responsible for much of the
activity at other centers, though considerable ordering by general manufacturers has been reported recently. Steel production in April was 8%
greater than a year ago, and while in most years there is a seasonal decline
in May, indications are that May production will exceed April by a good
margin.
Tire companies stepped up schedules sharply in late April and May in
response to greater dealer and retail demand. Employment at Akron factories was increased by more than 3,000, and the expansion in operations
was much greater than seasonal. Tire prices were raised 5% on May 1.
In the automobile parts and accessory field, operations improved coincident with the expansion in automobile assemblies. Shoe production was
40% higher in April than in the same month of 1932. Most of the smaller
manufacturing lines reported marked improvement in the first part of
May, though in many cases operations are still below a year ago.
Volume 136
Financial Chronicle
Building activity continues to lag and contracts awarded are less than
half as large as a year ago. Building material sales were reported larger
In May than for some time, but much of this apparently represented repair
work.
The crop season has been retarded about three weeks by the cool, wet
weather, but conditions are better in this district than in most parts of
the country. Winter wheat is in better-than-average condition, and the
estimated crop for Ohio is the second largest in the entire country. The
rise in grain prices has been encouraging to local farmers in this
connection.
Reviewing wholesale and retail trade conditions, the bank
noted:
One of the sharpest increases in retail buying on record was reflected
in the April reports of department stores in the Fourth District. Several
factors worked together to bolster buying in the period. Purchases which
were deferred in March because of the bank holiday were made in April,
and much pre-Easter buying occurred In the latter month. The index of
sales rose from 41.6% in March to 67.2% of the 1923-25 monthly average
in April, and, after allowing for seasonal variations and changes in the
Easter date, the index was 62.8 compared with 46.2 in March.
Sales in the month were only down 3% in dollar volume from a year
ago, which, when allowing for price declines that have occurcred in the
period, meant that the physical volume of goods sold was larger than a year
ago. According to "Fairchild's" index, retail department store prices in
April were 11.3% below last year at that time. The decline in the month,
however, was only 0.5%, and women's apparel prices advanced slightly.
Dollar sales in the first four months of this year were 21.7% below the
corresponding period of 1932.
Judging by April figures, little stocking-up has yet occurred at reporting stores, for the seasonally adjusted index of the dollar value of stocks
was 48.8% of the 1923-25 monthly average, compared with 49.8% in
March. Compared with a year ago, the value of stocks was down 26.8%.
Some improvement in collections was evident in April, and the ratio of
credit to total sales declined slightly.
Other lines of retail trade showed improvement in April, furniture
sales being off only 12.7% in dollar value from last year, whereas the
decline in the first quarter was over 30%. Sales of wearing apparel stores
were down 19% in April and 32% in the first tour months from similar
periods of 1932. Chain drug store sales were off 18% in April and sales
of grocery chains 8.7% in the same period.
Wholesale.
Sales of the four reporting wholesale lines in April increased about
seasonally in the aggregate, but not all lines shared in the improvement.
Grocery sales were 1.6% smaller in April than in March, and were down
13.7% from April 1932. Drug firms reported a falling off of 2.8% from
March and 24% from last year. Dry goods sales were up 8.3% from
March, but were 12.7% smaller than a year ago. Hardware sales improved
sharply in April, being up 39% from March, but they were still about 10%
smaller than in April 1932. Dollar sales of all wholesale firms in April
were only 47% of the monthly average of the three years 1923-25. Stocks
Increased slightly in the latest month, but they were still much below
a year ago.
A review of the rubber industry in the Cleveland District,
by the Bank, follows:
In the rubber tire industry in the past six weeks operations and sales
increased sharply and prices have been advanced slightly. The
industry,
along with steel production, has been leading the way recently so far
as
expanding operations are concerned.
Consumption of crude rubber in the United States in April was up 45%
from March and was only slightly under April 1932. Takings by
domestic
plants exceeded imports by a good margin and stocks declined 2%,
but
remained 11.4% above a year ago at 382,167 tons. Imports in April
were
only 19,469 tons, a decrease of 30% from March and of 47%
from a
year ago.
Prices of crude materials used in tire production have
increased quite
sharply in recent weeks, cotton advancing from around 6 to
8%c. a
pound and rubber from 21 to 6c. Because of these increases,
/
2
&c., tire
manufacturers raised prices about 5%, effective early in May. So far,
according to reports, these advances have been maintained.
Conditions in Akron, the center of the tire industry in this District,
have improved markedly in recent weeks, despite the fact that the
financial
situation is unfavorable. Employment has increased about 3,000 in the
rubber industry alone, but, despite the expansion,
employment in the
entire city as well as the rubber industry is about 40% below
the level
of 1926.
Several plants are reported to be operating at capacity levels and
working 24 hours a day, on four six-hour shifts. Present capacity,
however, is
very much below what it was in pre-depression years.
As a matter of record, tire production in March, according
to the
"Rubber Manufacturers' Association," was 44.7% below the
corresponding
month of 1932, and in the first quarter was off 40%. Output in
that
period was smaller than for any quarter since 1921, when only approximately 11,000,000 cars were in use, whereas at the present time automobile registrations are close to, if not in excess of, 22,000,000.
In April and the first part of May a marked change occurred in dealer
buying and, according to reports, more orders have been placed for delivery
than since the enactment of the tax on rubber products last June. The
seasonal increase in April replacement sales in past years was close to 12%.
This year, according to a reliable source, the increase was 54% and
sales were only 17% below April 1932. The peak of the tire selling
season is from the middle of May to the 15th of June, and present indications point to an increase in sales from April to May of about 28% in contrast with an average increase for that time of year of about 8%. Dealers'
stocks are known to be low, and some of the recent buying no doubt has
been to replenish them, but retail sales also have increased in the past
dew weeks. In the latter, part of May manufacturers reported demand
bolding up well and some difficulty obtaining cotton fabric from mills
fast enough to take care of current operations was mentioned.
Continued Expansion Noted in Commercial and
Industrial Activity in St. Louis Federal Reserve
District.
The Federal Reserve Bank of St. Louis, in its May 31
"Monthly Review" compiled May 23, states that "the expansion in commercial and industrial activity in the Eighth
3977
(St. Louis) District, which began almost immediately after
the national banking holiday in March, continued on a considerably broader scale during the past 30 days." The Bank
continued:
The improvement extended both to sentiment in the business community
and actual volume of transactions. For the first time in many months
merchants and manufacturers showed a disposition to cover on future requirements, the chief incentives for this attitude being the sharp advance
in commodity prices and increased demands from the general public
Despite the buying movement, however, inventories of merchandise in
numerous lines are still much below those at the corresponding time a year
ago, and during the past several years. The number of visiting merchants
in the principal distributing centers during April and the first half of May
was large, and the character of their purchasing reflected more confidence
and greater actual need for the goods than has been the case in more than
two years. According to wholesalers and jobbers in a number of important
lines, buying has been more diversified than heretofore, and in many instances the volume of advance orders booked as of May 1 was considerably
larger than a year and two years earlier.
Taken as a whole the volume of production at manufacturing establishments was measurably larger in April than in March, and compared favorably with April a year ago. Quite notable increases took place in the iron
and steel industry, textiles, glass, lumber, boots and shoes, and beverages.
Definite information relative to employment during May is not yet available, but reports received by this bank indicate marked improvement in
practically all lines over the low levels of March, and moderate gains over
April. While increases in employment is usual at this time of year, the
betterment is too marked to be accounted for by seasonal influences. Lateness of the spring and excessive rains have held back agricultural operations. In general, farm work and planting of crops is from two weeks to
a month behind the seasonal schedule. For this reason employment in the
rural areas makes a relatively poorer showing than in the industrial centers.
The trend of commodity prices continued sharply upward, with new high
levels for the year being recorded on a number of important agricultural
products, notably grains, cotton and hogs. The U. S. Department of Agriculture's report, based on conditions as of May 1, forecasts a winter wheat
crop for States of this district about 6% larger than was harvested a year
ago, but about 14% smaller than the 5-year (1926-1930) average. For
the country as a whole, indications are for a crop approximately 27%
smaller than a year ago and 43% below the 5-year average. Planting of
tobacco, corn, cotton and other spring crops is unusually late, and at the
middle of May, fields generally throughout the district were too wet for
working, and additional delay was inevitable. Prospects for fruits, vegetables and other miscellaneous crops are somewhat spotty and irregular, but
in the main favorable, with the outcome largely dependent on weather conditions to harvest.
Retail trade in April, as reflected by sales of department stores in the
principal cities of this district, was 27.4% greater than in March; 12.9%
less than in April 1932; for the first four months this year there was a
decrease of 23.4% as compared with same period a year ago. Combined
sales of all wholesaling and jobbing firms reporting to this bank were 10%
greater in April than in March, and 2% larger than in April 1932 ; total
cumulative sales for the first four months this year were 11% less than for
the comparable period in 1932. The dollar value of building permits let
'for new construction in the five largest cities of the district in April was
40.6% more than in March and 44% less than the April 1932, total; for
the first four months of 1933 the total was 70% smaller than in the comparable period in 1932. Construction contracts let in the Eighth District
in April were 33% less than in March and 66% less than in April 1932;
for the first four months this year there was a decrease of 40% as compared
with the same period in 1932.
According to officials of railroads operating in this District, freight traffic
handled during the past several weeks shows an irregular, but definitely upward trend. The volume continues smaller than a year and two years
earlier, but the extent of the decrease is considerably narrower than has been
the case in recent months. Improvement in the business of certain roads is
attributed partly to the movement of beer and brewery supplies, but the
general movement of merchandise and miscellaneous freight is heavier, and
a particularly favorable showing is being made by grain and grain products.
For the country as a whole, loadings of revenue freight for the first 18
weeks this year, or to May 6, totaled 8,738,243 cars, against 10,098,914
cars during the corresponding period in 1932, and 13,147,861 cars In 1931.
The St. Louis Terminal Railway Association, which handles interchanges
for 28 connecting lines, interchanged 120,673 loads in April, against 116,049
loads in March, and 133,955 loads in April 1932. During the first nine
days of May the interchange amounted to 40,188 loads, against 36,356 loads
during the corresponding period in April, and 38,323 loads during the first
nine days of May 1932. Passenger traffic of the reporting roads decreased
25% in April as compared with the same month last year. Estimated
tonnage of the Federal Barge Line between St. Louis and New Orleans in
April was 81,600 tons, which compares with 79,499 tons in March, and
98,789 tons in April 1932.
While reflecting spottiness and irregularity, reports relative to collections during the past thirty days indicate quite general improvement over
the similar period immediately preceding. Further improvement in the
banking situations and reopening of additional financial institutions in this
district and other sections of the country permitted the settlement of numerous accounts which had been tied up since the national banking holiday.
In the chief centers of distribution, wholesalers and jobbers reported May 1
settlements above expectations as a rule, and comparing favorably with a
year ago. In sections where early fruits and vegetables are important crops,
a considerable volume of liquidation took place, both with Lanka and merchants. Generally through the rural areas, recent advances in prices of
farm products have served to stimulate collections. Retailers in the large
cities report some backwardness in paying bills, there still being a disposition to conserve cash.
Lumber Shipments Largest Since October 1931
-Hardwood Orders Heaviest Since September 1930
-All
Production Increases.
Although new business booked at the lumber mills during
the week ended June 3 1933 was lower by about 2% than
that received during either of the two immediately preceding
weeks, it was larger than in any other week since April 1931;
and production and shipments were larger than in any
other week since October 1931, according to telegraphic
3978
Financial Chronicle
reports to the National Lumber Manufacturers Association
from regional associations covering the operations of 644
leading softwood and hardwood mills. Hardwood orders.
for the first time since September 1930, were reported as over
30,000,000 feet.
Total orders amounted to 234,537,000 feet; shipments were
198,450,000 feet and production, 153,754,000 feet. For the
22 weeks of the year to date, orders were 8% in excess of
those received during similar period of 1932; production
and shipments were respectively 5% and 8% below. All
regions showed excess of orders over production except
northern pine, where production more than doubled the
output of recent weeks. The Association further reports
as follows:
Softwood orders totaled 46% above production and hardwood orders
were 2h' times output. Production was 34%, shipments 39%,and orders
78% heavier during the week ended June 3 1933,than during corresponding
week of 1932. All regions shared in the excess of all three items over last
year.
Unfilled orders at the mills on June 3 1933 were 61% heavier than on
corresponding date of 1932. They were the equivalent of 23 days' average
production of the reporting mills, which is the best record since March 1930.
Forest products carloadings at 22,609 cars during the week ended May 27
1933. were the heaviest for any week since November 1931. They were
26% above loadings of corresponding week of 1932 but 29% below those of
similar week of 1931.
Lumber orders reported for the week ended June 3 1933, by 418 softwood
mills totaled 204,197,000 feet, or 46% above the production of the same
mills. Shipments as reported for the same week were 171,090,000 feet, or
22% above production. Production was 140,315,000 feet.
Reports from 239 hardwood mills give new business as 30,340,000 feet,
or 126% above production. Shipments as reported for the same week were
27,360,000 feet, or 104% above production. Production was 13,439,000 feet.
Unfilled Orders.
Reports from 366 softwood mills give unfilled orders of 605,001,000 feet,
on June 3 1933, or the equivalent of 22 days' production. The 526 identical
mills (softwood and hardwood) report unfilled orders as 686,307,000 feet
on June 3 1933, or the equivalent of 23 days' average production, as compared with 425,330,000 feet, or the equivalent of 14 days' average pro• duction on similar date a year ago.
Last week's production of 402 identical softwood mills was 136.317,000
feet, and a year ago it was 101,019,000 feet; shipments were respectively
166,420,000 feet and 123,715,000; and orders received 200,197,000 feet and
116,308,000. In the case of hardwoods, 177 identical mills reported production last week and a year ago 10,775,000 feet and 8,808,000; shipments
22,296,000 feet and 11,842,000; and orders 24,833,000 feet and 9,865,000
feet.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 180 mills reporting for
the week ended June 3:
NEW BUSINESS.
UNSHIPPED ORDERS. 1
SHIPENTS.
Feet.
Feet.
Feet.
Domestic cargo
Domestic cargo
Coastwise and
delivery__ _ _ 41,026,000 delivery_ _209,797,0001 intercoastal _33,703.000
Export
26,139,000 Foreign
100,751,000 Export
13,591,00
35,332,000 Rail
86,761.000 I Rail
31,579,000
Local
9,497,000
Local
9,497.000
Total
111,994,000 Total
397,309,0001
Production for the week was 74,138,000 feet.
Total
88,370,000
Southern Pine.
The Southern Pine Association reported from New Orleans that for
100 mills reporting, shipments were 33% above production, and orders
52% above production and 14% above shipments. New business taken
during the week amounted to 40,357,000 feet, (previous week 46,056,000
at 114 mills); shipments 35,303,000 feet, (previous week 38.541,000); and
production 26.631.000 feet, (previous week 26.863.000). Production was
46% and orders 70% of capacity, compared with 42% and 72% for the
previous week. Orders on hand at the end of the week at 98 mills were
90,577.000 feet. The 98 identical mills reported an increase in production of
14%,and in new business an increase of 110%,as compared with the same
week a year ago.
Western Pine.
The Western Pine Association reported from Portland, Ore., that for
118 mills reporting,shipments were 21% above production, and orders 34%
above production and 11% above shipments. New business taken during
the week amounted to 48,540.000 feet, (previous week 51,476,000 at 115
mills); shipments 43.715.000 feet, (previous week 42,439,000); and production 36,100,000 feet,(previous week 33,732.000). Production was 26%
and orders 35% of capacity, compared with 25% and 38% for the previous
week. Orders on hand at the end of the week at 117 mills were 155,994,000
feet. The 115 identical mills reported an increase in production of 21%,and
in new business a gain of 49%,as compared with the same week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis, Minn., reported
production from seven mills as 3.416,000 feet. shipments 2,910,000 feet
and new business 2,565.000 feet. The same mills reported production 123%
more and new business 46% more than for the same week last year.
Northern Hemlock.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh. Wis., reported softwood production from 13 mills as 30,000 feet,
shipments 792,000 and orders 741,000 feet. Orders were 9% of capacity
compared with 15% the previous week. The 10 identical mills reported a
gain of 28% in new business, compared with the same week a year ago.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis. Tenn., reported
production from 226 mills as 13.049,000 feet, shipments 26.018.000 and new
business 28.845.000. Production was 28% and orders 62% of capacity,
compared with 25% and 53% the previous week. The 167 identical mills
reported production 18% heavier and new business 147% heavier than
for the same week last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh. Wis., reported hardwood production from 13 mills as 390,000 feet,
shipments 1,342.000 and orders 1,495.000 feet. Orders were 33% of capacity,
compared with 54% the previous week. The 10 identical mills reported a
gain of 300% in orders, compared with the same week last year.
June 10 1933
Lumber Production, Shipments and Orders Received
During the Four Weeks Ended May 27 1933 Exceeded Corresponding Period Last Year.
We give herewith data on identical mills for the four weeks
ended May 27 1933, as reported by the National Lumber
Manufacturers Association:
An average of 584 mills reported as follows to the National Lumber
Trade Barometer for the four weeks ended May 27 1933:
—Production-- —Shipments.— -Orders Received—
(In 1,000 Cu. Ft.)
1933.
1932.
1932.
1933.
1933.
1932.
Softwoods
489,8.59 449,493 590,522 489,538 793,557 469,295
Hardwoods
36,345 40,330 73,455 46,046 85,099 42,094
Total lumber
526,204 489,823 663,977 535,584 878,656 511,389
Production during the four weeks ended May 27 1933 was 7% greater
than during corresponding weeks of 1932. as reported by these mills and
57% below the record of comparable mills for the same period of 1931.
1933 softwood cut was 9% above that of the same weeks of 1932 and hardwood cut was 10% below.
Shipments in the four weeks ended May 27 1933 were 24% above those of
corresponding weeks of 1932, softwoods showing gain of 21% and hardwoods of 60%.
Orders received during the four weeks ended May 27 1933 were 72%
above those of corresponding weeks of 1932 and 2% above orders for similar
weeks of 1931. Softwoods showed 69% increase and hardwoods, 102%
increase, as compared with similar period of 1932.
On May 27 1933, gross stocks as reported by 353 softwood mills were
2,602,656.000 feet or the equivalent of 97 days' average production of the
reporting mills, compared with 3.443.439.000 feet on May 28 1932, or the
equivalent of 128 days' average production.
On May 27 1933, unfilled orders as reported by 533 mills (cutting either
hardwoods or softwoods or both) were 666,397,000 feet or the equivalent
of 22 days' average production, as compared with 444,342,000 feet on
May 28 1932, the equivalent of 15 days' average production. This 1933
record is the best since May 1930.
New Pierce Arrow Models Announced.
To meet a very definite demand that has developed in
conjunction with the strengthening of the fine-car market
during the past few weeks, the Pierce-Arrow Motor Car Co.
announces the introduction of three distinctive new sport
models: viz.: a convertible coupe roadster, a convertible
five-passenger sedan, and a sport coupe with rumble seat.
All three body types will be offered in both eight-cylinder
and 12
-cylinder groups.
In the eight-cylinder group the new cars will be powered
with Pierce-Arrow's 135-horsepower engine and have a
wheelbase of 136 inches. Factory list price of the coupe will
be $2,795; the convertible five-passenger sedan, $2,975; the
convertible coupe roadster, $3,100, salon equipment extra.
The 12-cylinder models will be powered with the same
160
-horsepower engine used by Ab Jenkins last September
in his history-making run on the salt beds of Utah. Cars
of this group also will have a wheelbase of 136 inches and
are priced as follows: The coupe, 3,195; the convertible
five-passenger sedan, $3,375, and the convertible coupe
roadster, $3,500, salon equipment extra.
According to Roy H.'Faulkner, Pierce-Arrow's Vice-President in charge of sales, these new models are nearing completion at the Pierce-Arrow factory in Buffalo and will be
on exhibition this month in Pierce-Arrow dealer showrooms.
Dutch Revive Talk of Rubber Restriction Schemes.
Rubber interests in the Netherlands appear to be giving
more than serious attention to revived discussions of possible
rubber production restriction plans in East Indies plantations, it is stated in a report to the Commerce Department's
rubber division from Trade Commissioner Roger R. Townsend, London. The Department's advices May 29, added:
The question has been raised in the Dutch Parliament and the Minister
for Colonies indicated that he thought legal restriction was desirable if it
were possible to draft a practical and useful plan applicable to native production and acceptable to the British Government.
It was intimated that the producing companies should first arrive at an
agreement, after which the Government could take a more active part.
It was also suggested by the Colonial Minister that the British Government
should take the initiative, as the British had a greater interest in rubber.
Following these developments the question was asked in the British
Parliament whether any proposals have yet been made by the Dutch
Government for a joint consideration of a rubber restriction scheme. The
British Secretary of Colonies replied that none had been made as yet.
The British Secretary was also asked what percentage of the world's
rubber area is planted in Malaya; how much rubber it is expected to produce in 1933; what percentage this is of the estimated world's production
of rubber and what are the equivalent figures for the Dutch East Indies?
The answer was given at the beginning of 1932 in which it was stated that
approximately 36% of the world's acreage of plantation rubber was in
Malaya, and 42% in the Netherlands Rest Indies. The British Secretary
states that the output of rubber depends largely on price, and that he could
give no reliable estimate of probable production in 1933.
Tube and Tire Prices Advanced by Leading Companies
—Tires Up 732 to 10%—Sears Roebuck Takes
Action.
Prices of tires were advanced 734% to 10% and inner
tubes 14% on June 6. This is the second general increase
in prices in five weeks, they having been raised 334% to 7%
on May 1, as noted n our issue of May 6, page 3056. The
Volume 136
Financial Chronicle
New York "Journal of Commerce" of June 7, with regard
to the latest increase, said:
The second and greater boost in tire lists may still be followed by further
upward revisions,said one of the large rubber firms in making the announcement. Instead of diminishing as is customary at this period of the tire
selling season, sales are holding at a high level for the industry and in some
instances showed further gains at the start of June.
Effective This Morning.
The advance in tire lists, effective 8 A. M. June 7, was participated in
by the United States, Goodyear. Goodrich, Pennsylvania. General, Seiberling and Kelly-Springfield companies.
J. D. Tew, president of the 13. F. Goodrich Co., in announcing advances
of 8 to 9%, said the revisions would apply to the entire Goodrich line,
making the second of the year and following an increase of about 5% by
that company on May 1, which was the first tire price boost "in nearly
eight years."
Advices from Akron, Ohio, June 7, to the paper previously
quoted, said that the advances in tire prices named by leading manufacturers on June 6 were followed by the Firestone
Tire & Rubber Co. and other rubber companies on June 7.
The advices contained the following statement issued by
John W. Thomas, president of the Firestone Company in
regard to the increase in prices:
The increase just announced is fully justified in view of the recent advances of over 100% in cost of rubber and over 50% in cost of cotton. The
increase does not yet bring tire prices up to the Jan. 1 level. We are
issuing new price lists and feel that another advance in tire prices will
surely follow if the cost of rubber and cotton continues to advance.
The advices continued:
General Tire & Rubber Co. announces that it will follow other rubber
companies in the tire price advance. The increase will amount to 73i% to
10% on tires and 15% on tubes.
The Dayton Rubber Manufacturing Co. revised its list upward 8% to
9% and inner tubes 10%. Lee Rubber & Tire Co. advanced prices on all
Its lines of tires approximately 10% •
Sears. Roebuck & Co. will advance automobile tire and tube prices in
Its retail stores June 12 by approximately 7M% on tires and 10% on tubes.
according to advices from Chicago. June 7. Prices of the Crusader,
Sears' third line tire, will not be raised. It will be sold at present prices
until the supply is exhausted, or until September 1. when the line will be
discontinued.
The following advice is from San Francisco, June 7:
Standard Stations, Inc., subsidiary of Standard 011 of California and
distributor for Atlas Supply Co., has advanced all lines of tires an average
of from 4% to 7%.
Wheat Growers at Conference Called by George N.
Peek Urge Early Action on Voluntary Farm Allotment Plan—M. W. Thatcher of National Grain
Corporation Asks that Payment of Benefits to
Farmers Begin in July and that Processing Tax
Become Effective Aug. 1.
Representatives of wheat growers, meeting in Washington
on May 26 at the first commodity conference called by
George N. Peek, Administrator of the Farm Adjustment
Act, urged the speedy application of the voluntary domestic
allotment plan and benefit payments to farmers of $231,000,000 during the coming summer.
Invitations to the conference were extended by Mr. Peek
to representatives of 25 wheat growing, handling and
processing organizations, in order that they might present
their recommendations for making the Act apply to wheat.
The general views of the organizations, as well as assurances
of co-operation, were presented on May 26 at a public conference held at the United States Department of Agriculture.
At the request of Mr. Peek the groups concerned have
designated representatives to confer further with the
authorities.
M. L. Wilson, wheat production administrator, presided
at the meeting. In opening the conference, Mr. Peek
emphasized that the Agricultural Adjustment Administration had not been committed to any plan regarding wheat,
and that the purpose of the meeting was to get the views
of the different parts of the wheat industry. He said that
the recommendations would be used by the administrators
as a guide in forming their program. The announcement
May 27 of the Department of Agriculture regarding the
conference said:
Several of the groups favored the voluntary domestic allotment plan.
M. W. Thatcher, speaking for the Farmers' National Grain Corporation
and 16 other organizations in the wheat belt, reiterated the recommendation
of those organizations made last week to Secretary Wallace and Administrator Peek that the voluntary domestic allotment plan be used. Mr.
Thatcher proposed that payments be made this season on condition of
promise to reduce winter wheat acreage for the 1934 crop and that a processing tax be effective Aug. 1.
In Associated Press advices from Washington May 26
Mr. Thatcher was reported as presenting as among the
proposals of the Farmers' National Grain Corporation a
recommendation that payment of benefits to farmers start
in mid-July. From the Associated Press accounts we also
quote:
The plan calls for payment to farmers of rewards in return for agreements to curtail their wheat output next year. Payment of 70% of the
benefits this summer as proposed by the growers would, Mr. Thatcher
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said, aid business recovery and assist farmers in the winter wheat belt
who have abandoned large acreages because of bad weather conditions.
Mr. Thatcher said that assuming that the net average wheat price
to the farmer will be 40 cents per bushel, and that the parity price defined
under the Farm Act would be 31, a processing tax of 60 cents a bushel
would be levied.
"If our crop for the year will approximate 550,000.000 bushels and our
processing will be a like amount, then the imposition of a 60% tax per
bushel would create a fund of$330.000,000 for benefit payments," he added.
"We ask that 70% of $231,000,000 be advanced to farmers at an early
date and the balance of the fund over administrative expenses be apportioned near the end of the crop year. We ask that these funds be
apportioned to States and then by the States to counties, based on past
yields and production.
"There is no switch on the National Board which can be turned to
such an immediate advantage to the nation as that one which would provice agriculture with some immediate funds for lumber, hardware, paint,
clothes, schools, debt payments and so on."
"This is the time," Mr. Thatcher continued. "to establish mutual crop
insurance benefit soundly based on historic yields and applicable only
to land which has been regularly used for wheat production. If this
benefit is not made available as suggested thousands of families will be
obliged to fall back on charity."
The Department of Agriculture in its May 27 announcement had the following to say regarding the conference:
Secretary Wallace told the group that it had within it the elements to
make or break the wheat program, but that he felt sure that he would have
the co-operation of the entire group. Charles J. Brand, co-administrator,
and Chester C. Davis, production administrator, also spoke briefly.
Henry Stude, President of the American Bakers' Association, pledged
the co-operation of the baking industry to whatever program the administration forms for wheat. He pledged that the bakers would not use
a processing tax as an excuse for pyramiding the price of bread and said
that the bakers would pass on only the amount of the tax.
Following the statement by Mr. Thatcher, Edward A. O'Neal, President
of the American Farm Bureau Federation, said that he was substantially
in accord with the program offered by Mr. Thatcher. W. H. Settle, a
director of the Farm Bureau, said any plan adopted should be based on
relieving the domestic wheat market through exports.
Lawrence Farlow. of the Farmers' National Grain Dealers' Association,
said that his organization was opposed to governmental activity in connection with the handling or marketing of grain.
Thomas Y. Wickham, of Chicago. Chairman of the Grain Committee
on National Affairs which represents the principal grain exchanges in
the country, said that his organization believed that the farmer is entitled to an export market for wheat and flour and that his highest welfare
rests largely upon enlarged trade with the nations which meet his products.
He urged that benefit payments should be a tariff on domestic consumption, with payment direct to the individual grower and that acreage reduction should be based upon international agreement.
George II. Davis. of Kansas City, Mo., representing the Terminal
Elevator Grain Merchants' Association, urged that a plan to pay benefits
to farmers should also retain the export market for the farmer and also
maintain the futures markets.
The Southwestern Millers' League, represented by Thad L. Hoffman,
Chairman, recommended the domestic allotment plan and recommended
further that the milling industry be brought under the supervision and
control of the Secretary of Agriculture, asking his approval of trade practice
rules and regulations.
Pointing to the fact that consumer purchasing power in major industrial
centers is at an extremely low ebb, W.P. Tanner.of the Nttional Federated
Flour Clubs, urged that the benefit payments begin before any processing
taxes are levied, in order to give time for greater rural purchasing power
to be reflected to the cities.
Preservation and development of our export flour trade was presented
as a fundamental of any program that may be adopted, while any plan
designed to restrict wheat production to domestic needs was declared
unsound by F. Hutchinson, President of the Millers' National Federation.
He feared that steps to adjust production might limit or eliminate the
export trade.
Others who presented their views and offered their co-operation included:
George E. Booth, President, Grain and Feed Dealers' National Association, Chicago; Edward Crossmore, National Biscuit and Cracker Manufacturers' Association, Baltimore; C. J. Kramer, Associated Bakers of
America, Retail and Wholesale, St. Louis, Mo.; Milton W.Griggs, National
Wholesale Grocers Association of the United States, St. Paul; R. H. Roe.
American Wholesale Grocers Association, Washington; W. Ctilman.
National Macaroni Manufacturers' Association, Rochester, N. Y.
Italy's Wheat Crop in 1933 Estimated Below That of
Previous Year.
From the New York "Evening Post" we take the following
from Rome, June 2:
Italy's 1933 wheat crop will be smaller than that of 1932, on the basis
of reports to the Government from provincial authorities, the Permanent
Wheat Board stated. The Board estimated also a smaller crop for all wheat
producing nations, excluding Russia, China and Turkey, predicting the crop
would be 960,000,000 quintals, compared with 1,000,000,000 in 1932 and
1,040,000,000 in 1931. Wheat sown in the area, the Board said, was
5,000,000 hectares less than in 1932.
83.5 Paid for First Wheat Sold on Floor of Fort Worth
Grain and Cotton Exchange.
The following is from the Fort Worth "Record" of June 2:
First car of 1933 wheat sold at sealed bids on the floor of the Fort Worth
,ic. plus a
Grain and Cotton Exchange Thursday (June 1) afternoon at 831
premium of Sc. per bushel paid by the purchaser because it was the initial
car of new crop wheat to reach this terminal market.
Gaylord Stone, President of Universal Bills of this city, was the purchaser.
Transit Grain and Commission Co., to whom the grain was consigned, was
the seller. E. B. Wooten, Secretary-Manager of the Grain Exchange, carried
on the sale and opened the sealed bids, which were made by practically all
Texas mill and elevator interests.
The price was about 20c. per bushel above the price paid here for similar
wheat at the beginning of the harvest a year ago.
This car reached Fort Worth terminal grain market Thursday morning
(June 1) from Grandfield, Okla., where it was grown. This car reached
market about 10 days ahead of the average time in past years, but is declared
to be of splendid quality.
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Financial Chronicle
Leo Potishman, President of Transit Grain and Commission Co., to which
the car was consigned, said the shipment graded No. I dark hard wheat and
tested 62 pounds to the bushel. Its protein content is 13.80%.
International Grain Crop Control Reported Opposed
in Canada.
There is no general sentiment among the farmers favorable
to commitment to an international wheat production cartel,
said Winnipeg advices, June 1, to the New York "Journal of
Commerce," which also had the following to say:
On the contrary, substantial majorities of large and small producers declare uncompromising hostility to governmental control of the precise acreage the individual may devote to wheat.
According to many men prominent in the exchange and elevator circles,
not a single reason based upon sound trade methods can be mentioned in
favor of reduced acreage. And the transportation interests get the same
freight for hauling 60c. wheat as they received for the $2 article. Elevator
owners get the same storage charges and elevation fees and insurance premiums regardless of price levels. It is volume that counts, at least with every
branch of the grain industry, regardless of final market prices.
So the trade is asking very directly as to just who is to be benefited by
restricting acreage under a Government edict. Certainly not the shipper
nor the miller, and it is of record that no considerable number of growers
favor any such policy.
Among the growers and the marketing trade the objections to the new
policy goes deeper than the surface. It is not so much as to whether this
or that branch of the industry will profit most by restricting acreage as
the unalterable objection of agrarian as well as the merchandising interests
to Government interference.
On the prairies a multiplicity of illustrations may be employed to prove,
at least to the satisfaction of many, that the very measures taken, with the
best intentions, by those in authority to regulate the grain trade have had,
in the last analysis, the reverse effect. It proved so in the progress of the
great Consolidated Wheat Pool, which still stands as the most successful
and, at the same time, the most economically unfortunate example of interference with old and tried marketing methods the continent has witnessed.
And yet the three Premiers of the wheat growing provinces sent to the
Federal authorities their approval of the proposition. For what reason they
thought they represented the desire of the farmer and the trade, or either,
In reaching this decision, has not yet been disclosed.
Aside from all this, leading agencies engaged in marketing and members
of big agrarian organizations frankly say they can't understand how it is
possible for Government supervision to enforce such a law unless and until
the producer vluntarily comes into the scheme. Compulsory policy means
an army of inspectors, and supervisors must be employed, and they must be
paid—obviously the trade must bear its share of this new expense.
One of the largest shippers said it might be possible for the Government
to regulate the quantity of export stocks by the issuance of shipping permits,
but, wise in his day and generation, be frankly could not see how such a
cumbersome system could possibly be applied to the man on the farm without
such uneconomic methods as would prove an unsupportable drag on the
wheels of agrarian and merchandising industry. This is the reaction of
the West.
Grain Men Support Plan to Make Fort Erie a Terminal
for Movement of Grain Exports—Canadian IntereststiOppose Move.
The proposition to make Fort Erie another Buffalo in
point of terminal volume for the movement of grain exports
through to the United States Atlantic seaboard is meeting
with considerable opposition among Canadian interests that
are insisting that only Canadian ocean ports shall handle
this traffic, according to a Winnipeg account, June 1, to the
New York "Journal of Commerce," which went on to say:
The movement has been subscribed to rather extensively, however, by
Canadian grain firms, in co-operation with American elevator and transportation interests, since it will comply with the law which permits this grain
to qualify for the British preference.
The promoters claim that it meets all the objections raised against the
Buffalo-New York route, since the preference agreement of the economic conference was made, and, at the same time, places these big reserves where
they can be moved down the St. Lawrence or on to the Atlantic ports of the
United States as ocean rates and other conditions prove the most economical
from time to time.
It is the experience of the big exporters that at one time or another each
route has advantages over the other and they want their grain stored where
it is "spot" for either as market emergencies may dictate.
Any grain the owners are satisfied will not be required for the British
market can move on down the Lakes into Buffalo as of old, in American
craft, but that commerce which may later want to claim the British
preference or go to any other world market can be elevated at the new
terminal
under way at Fort Erie.
Of course, American ships cannot take on cargoes at the Canadian
lake
head and unload at Fort Erie, nor can they in future transship at
Buffalo or
Erie and have the grain cargo sent on down the St. Lawrence.
Prices of Farm Commodities Higher—Crops Week to
Ten Days Late.
Natural and man-made factors have combined to raise
prices of farm commodities. Crops are a week to ten days
late; winter wheat is in the poorest condition on record;
expectation of results from the farm relief law with its provisions for controlled production and for drastic monetary
changes, has continued to influence wheat, cotton, hogs, and
butter toward higher price levels, says the Bureau of Agricultural Economics in its June report on the agricultural
situation. The Bureau continued:
The reduction in wheat prospects is mostly in winter wheat in the western
part of the main belt, and in white wheats in the Pacific Northwest. It Is
expected that the soft winter wheat crop will be nearly as large as last
season. Spring wheat went into the ground a week to ten days late, but
Jane 10 1933
seeding was practically completed at the middle of May, with moisture conditions the beat in several years.
The carry-over of wheat on June 30, it is expected, will be about as large
as a year ago. Canada is reported to have had nearly 75,000,000 bushels
more wheat on hand May I than a year ago. Total supplies of wheat in
North America, taking bonded grain into account, are about 40,000,000
bushels larger than at this time last season, and are sufficient to supply the
domestic needs of both the United States and Canada for nearly a year.
Regarding prices, it is pointed out that foreign wheat prices have followed only a small part of the recent advances in domestic markets and
have been influenced more by the large world supplies and slow demand
from importing countries.
The marked rise in hog prices in May was probably the most encouraging
economic development experienced by Corn Belt farmers in four years. It
is expected that hog slaughter during the five months, May to September,
will be slightly larger than in the corresponding period last year, but the
present reduction in storage holdings of hog products compared with a
year ago will more than offset any increase in slaughter.
The Bureau expects the distribution of hog supplies over
the five-months period this year to be substantially the reverse of last year, when they were relatively small in June
and July and unusually large in August and September, but
it is stated that "with the hog market developing such
marked strength recently despite increased supplies, there.
is a good prospect that the demand for hogs this summer will
be considerably improved over that of a year earlier."
Dairy markets in May were influenced upward by the
trend of production and the improvement in business conditions, says the Bureau, adding that "there is a general feeling that the Federal farm bill affords the opportunity for
improving conditions and eliminating certain problems In
connection with the marketing of dairy products."
Pune Sale of Federal Farm Board's Holdings
of Brazilian Coffee.
Announcement was made, June 1, by Henry Morgenthau
Jr., Governor of the Farm Credit Administration, that the
New York coffee office of the Grain Stabilization Corporation on June 1 1933 sold 62,500 bags of Santos coffee, at
prices ranging from 9.31c. to 9.76c. per pound. The announcement continued:
This sale constitutes the regular monthly allotment offered to the trade
on sealed bids of coffee acquired from the Brazilian Government in 1931 in
exchange for American wheat.
At the May sale, held May 8, 62,500 bags of Santos coffee
were sold at prices ranging from 9.26c. to 9.36c. per pound.
This sale was referred to in our issue of May 13, page 3247.
Increase of 67,140 Tons Reported in Sugar Consumption
in United States During April7Compared with
April 1932.
Sugar consumption (distribution) in the United States
during April 1933 amounted to 516,889 long tons, raw sugar
value, compared with 449,249 tons consumed during April
1932. This is an increase of 67,140 tons, or 14.91%, according to a report issued June 2 by B. W. Dyer & Co., sugar
economists and brokers. Consumption for the first four
months of 1933 amounted to 1,790,032 tons, an Increase of
142,077 tons, or 8.62%, compared with the same period
of 1932.
New York State Milk Control Board Refuses Dealers
Permission to Increase Retail Price One Cent—
Price to Producers Raised by Control Board.
A request of retail milk dealers for an increase of one cent
a quart in minimum milk prices was refused by the New York
State Milk Control Board on May 26. The dealers had
asked minimum price increases from 11 to 12 cents a quart
in New York City and from 10 to 11 cents up-State. In
refusing the request the Board said the dealers would have
to prove that they were losing money before any price rise
would be considered.
It was announced May 13 by the State Milk Control
Board, in fixing a minimum price, that producers of Class I
milk in New York State would receive four cents a quart
effective May 16. The official order increased the price
on milk in New York City one cent a quart, and the new
scale was declared effective within a radius of 200 miles
of New York City. The action represented the Board's
answer to demands of farmers that they be paid a minimum
of 34 cents a quart. A farmers' strike had been called
throughout the State for May 12, but it was abandoned by
its organizers when it was indicated that the Board would
act on the producers' petitions. Two abuses are corrected
by the order of the Milk Control Board, Commissioner
Charles H. Baldwin said on May 13. He was quoted as
follows in Albany advices of that date to the New York
"Times":
"First." he said, "it will no longer be possible for dealers buying milk
in up-State markets to deduct the freight to New York In the price to
Producers.
Volume 136
"Second, it will no longer be possible for dealers to buy at the pool
price, which is the average of the fluid milk price and the price of milk
used in manufactured products, and then sell all the milk so purchased
in the fluid milk market. If the dealer is going to sell fluid milk, he must
pay the fluid milk price for it."
Mr. Baldwin also pointed out that increases during the past month in
the prices for other farm products have been greater than increases ordered
by the Milk Control Board for this most important single food. These
increased prices of agricultural products mean higher feed costs for milk
producers.
"The Board's order," he said, "in addition to fixing a price of 4 cents
per quart for fluid milk, takes into consideration the usual butter fat and
freight differentials, it establishes a lower price for milk used for fluid
cream, and utilizes the well-recognized formulas in fixing prices for milk
used in the manufacture of cheese, condensed milk, butter and other
products.
"The Board believes that efficient milk distributors can continue to
operate satisfactorily."
Milk dealers must pass along to producers any profits
accruing from the minimum retail prices recently fixed
for milk and cream, according to an order issued by the
New York State Milk Control Board on May 5. A minimum
retail price of 10 cents a quart for bottled milk delivered
to homes was established in April, but the Board did not
at that time set a minimum scale for the producer. On
May 8 the Board issued another statement in which it
deplored the contemplated strike and said that a producers'
strike at this time might alienate public sympathy. The
Board added that "there is no excuse for any strike at the
present time" and that it "must refuse to be swayed by
this possibility."
Mr. Baldwin on May 5 was quoted as saying:
The State Milk Control Board is determined to see that milk producers
receive all the profits accruing to milk dealers as a result of the operation
of the minimum price schedules for milk and cream.
In the order issued to-day the milk dealers are required in making payments to producers to include all benefits which such milk dealer has received by reason of an increase or stabilization of milk and cream prices
resulting from the price schedules established by the Board.
This is the first of a series of actions designed to implement the provisions of the Pitcher bill that "it is the intent of the Legislature that all
benefits of any increase of prices received by milk dealers by virtue of
the minimum price provisions of this section shall be given to producers."
"In addition to the order issued to-day the Board will require detailed
accounting from each milk distributer concerning prices paid for milk
before and after the stabilization orders were put into effect, the amounts
of milk sold for various purposes and at the several prices, and accurate
records of past and present operating costs.
The signing of the Pitcher milk-price-fixing bill, by
Governor Lehman of New York on April 10 was noted in
our issue of April 15, page 2533.
New York Milk Dealers Must Report to State Milk
Control Board in Detail Every Month.
The New York State Milk Control Board, in regulations
issued on June 7, specified that milk dealers must submit
reports to the hoard not later than the eighth day of each
month. Further details of the ruling, as contained in Albany
advices of the date mentioned to the New York "Times"
follows:
Dealers are to report in detail on milk received, with the names of those
supplying it; the butter-fat test, prices paid, deductions and so on. Milk
sales also must be reported in detail.
Other requirements include a record of the items of the spread,or handling
expenses, and the profit and loss represented by the difference between
the prices paid and the prices received. The report must be attested.
The rules were made because Commissioner Charles H. Baldwin said
It was found that some dealers were delivering milk and not charging for it.
Milk Prices Up 2 Cents a Quart in Minneapolis.
Retail milk prices in Minneapolis were increased on June 3
from 5 cents a quart to 7 cents, according to an article in
the Minneapolis "Journal" of June 2, which quotes Harry
Leonard of the Twin City Milk Producers Association as
stating that the new price is in line with increases paid to
farmers in the territory. Mr. Leonard then continued:
Prices for the last 10 weeks have been distressingly low and much below
cost of production. If it were not for the fact a large part of the milk we
receive from the farmers is turned into butter, milk powder and other
products which have brought a better than milk price on the market, we
could not have paid farmers more than 50 cents a hundred on the basis of
Minneapolis retail milk prices. This, of course, would have been tragic.
The fact the largest part of the milk has been turned into manufactured
milk products and sold on the market has enabled us to pay the farmers
about 85 cents a hundred. Under the new prices we will be able to pay
them a little more than $1.00 or at the rate of about 2M cents a quart,
which is still a low price.
New York City Forbids Sale of Loose Milk, Effective
June 1.
An order of the New York City Health Department,
forbidding the retail sale of loose milk in the city, became
effective on June 1. It was estimated that the order affected
40,000 establishments. The only exception to the general
order was a provision for special permits which would allow
certain restaurants and lunch counters to sell a glass of milk
and a sandwich for 15 cents. These special permits will be
effective until March 1934. The penalty for violation of the
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Financial Chronicle
order regarding the sale of loose milk was fixed at three
years' imprisonment or a fine of $1,000, or both.
-cent Minimum
New Jersey Milk Control Board Sets 13
Price for Quart of Grade A Milk-Other Charges
Specified.
The New Jersey State Milk Control Board on May 29
issued a schedule of minimum milk prices effective June 1.
The new rates, as reported in Trenton advices of May 29
to the New York "Herald Tribune," follow:
Grade A milk, in bottles or containers, will cost 13 cents to consumers
for quarts and 9 cents for pints. Other grades will be 10 cents a quart.
Milk sold in bulk to consumers is 8 cents a quart, and for hotels, hospitals
and charitable institutions 7 cents a quart, except for Grade A, which
will be 10 cents.
Heavy cream, bottled, will be 60 cents a quart, 34 cents a pint and 18
cents a half pint, and stores will sell it at 50 cents a quart, 32 cents a pint.
and 17 cents a half pint. Medium cream, bottled, will cost 50 cents for
quarts, 30 cents for pints and 16 cents for half pints, and store prices will
be 45 cents a quart, 28 cents a pint and 15 cents a half pint.
Milk or cream may not be sold below these prices, although there is no
injunction againt making the consumer pay more. Farmers will receive
a minimum of $2.52 a hundredweight for grade A milk.
Hearing on Chicago Milk Pact Is Held at Washington
Under Provisions of Agricultural Adjustment Act.
Hearings of testimony in support of the proposed marketing
agreement in the Chicago metropolitan milk region were
held in Washington on June 5 under the provisions of the
Agricultural Adjustment Act. Testimony was given by
the Pure Milk Association, the Chicago Milk Dealers' Assocition and the Milk Council. The session was attended by
50 representatives of producers and distributors. Thomas
J. Shearman, assistant to the solicitor for the Department
of Agriculture, presided, and Charles J. Brand, co-administrator of the adjustment act, and Dr. Clyde L. Bing, who
recently acted as arbitrator for the Chicago milk zone, also
attended. An account of the hearing as given in a Washington dispatch of June 5 to the New York "Journal of
Commerce' continues:
Addressing the session at its opening, Mr. Brand asserted that it is the
duty of the adjustment administration under the law to make milk production pay the farmer better, to get milk to consumers without excessive
increase in price and see that the distribution system does not get more
for its service than it is entitled to receive.
At the morning session general argument as to why it would be advisable
for the Secretary of Agriculture to enter into the marketing agreement
offered were given by Don N. Geyer, Secretary and Manager of the Pure
Milk Association; Dr. P. D. Walmsley, Borden's Farm Products Co., and
President of the Milk Council; Stanley Wanzer, dealer; Mrs. W.F. Fribley.
President. Chicago Housewives' League, and M. J. Metzger. Bowman
Dairy Co.
General statements in opposition to the agreement as presented were
made by Walter M. Singles, President of the Wisconsin Co-operative Milk
Pool, who urged that the hearing be changed to another location in the
Middle West so that more farmers and consumers might attend it. Intentions to offer later testimony against the proposed agreement were
expressed by Attorneys Edgar J. Cook and Joseph E. Green, prepresenting
Independent distributors and the Farmers' Co-operative Marketing Co.,
an organization in northern Illinois.
Imports of Raw Silk Increased During May 1933
Approximate Deliveries to American Mills Also
Higher-Inventories Fall Off.
According to the Silk Association of America, Inc., raw
silk imports during May 1933 amounted to 44,238 bales,
compared with 41,134 bales in the preceding month and
34,233 bales during the corresponding period last year.
Approximate deliveries to American mills totaled 47,151
bales in May 1933, as against 41,910 bales in April 1933
and 32,923 bales in May 1932.
Inventories declined from 43,038 bales at May 1 1933 to
40,125 bales at June 1. The latter figure also compares
with 59,159 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.)
AU
EuroTotal.
Other.
Japan.
peas.
Figure,in Bales38,667
2,280
43,038
2,091
In storage May 1 1933
40,163
413
44.238
Imports, month of May 1933-x
3,662
5,753
2,600
78,830
35,913
2,693
1.612
87,276
40.125
Approx. deliveres to American mills during
May 1933-y
3,153
SUMMARY.
42,917
1,081
47,151
Total available during May 1933
In storage June 1 1933.x
Imports During the Month.z
Storage at End of Alonth.s
1933,
1932,
1931.
1933.
1932.
1931.
53.114
23,377
22.249
*41,134
44,238
52,238
53,574
38,866
30,953
34,233
31,355
36.055
61,412
56,859
58,775
47,422
45,453
49,294
47,827
57.391
29,446
42,264
46,825
37,315
58,411
48,040
70,490
67,999
50,617
69,747
60.459
43.814
43.038
40,125
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
Total
184,152
Average monthly- 38,830
547,195
45,600
605,919
50,493
51,437
57,815
45.393
January
February
March
April
May
June
July
August
September
October
November
December
3982
Financial Chronicle
Approzimate Deliveries
to American illlis
Approximate Amount of Japan
SOS to Transit at Close
of Month.
1933,
JanuarY
February
March
April
May
Jane
July
August
September
October
November
December
1932.
1931.
1933.
1932.
1931.
46,204
32.665
38.934
41,910
47,151
58,793
45,909
48.761
35,779
32,923
37,468
38,382
59,905
59.694
53,703
43,955
40,548
55,910
54,242
55,383
41,356
45,073
42,161
44,748
46,454
53,819
56,668
50,645
48,432
25,700
28,100
39,100
40,200
42,300
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
206,864 553,818 594,889
Monthly average 41,373
40,058
46,151
35,080
40,958
49,574
x Covered by European manifests Nos. 21 to 25 inclusive, Asiatic man feats Nos.
77 to 100 inclusive. y Includes re-exports. z Includes 363 bales held a terminals
at end of month. Stocks at warehouses include National Raw Silk Exchange
certified stocks, 2,300 bales. "Corrected figure.
Japanese Ask Ban on India's Cotton-Spinners Recommend Boycott in Retalia ion for Rise in PieceGoods Tariff-Purchases from U. S. Gain.
In retaliation against the Indian Government's raising of
the tariff on cotton piece-goods of non-British manufacture
to 75%,a committee of Japanese spinners resolved on June 8
to recommend a boycott of Indian raw cotton. Reporting this
a wireless message from Tokio June 8 to the New York
"Times" added:
Japan is a large buyer of India's cotton, but the force of the boycott
will be weakened by the (fact that she had recently been reducing her put
,
chases from India and increasing those from the United States.
In 1932 only 91,000,000 yen worth of cotton was imported from India,
compared with 320,000,000 yen worth from the United States. The 1930
imports from India reached 147,000,000 yen and from the United States
176,000,000.
Spinners express indigntion that the tariff was abruptly increased while
negotiations were pending. Tempers have also been exacerbated by statements in Britain accusing Japan of dumping products of low-paid labor.
The Japanese answer that wages are not the major factor in the price level,
which results from the fall of exchange plus vertical organization, low
capitalization and the fullest use of machinery.
The Foreign Office has now received, after two months of correspondence
with the Indian Government, an invitation to send a representative to India
for a conference. It is intimated that Japan is expected to present precise
proposals, but no suggestion has been offered concerning the line such proposals should follow.
The six months following notice of abrogation of the Indo-Japanese trade
agreement will be far gone before the conference meets, as the agreement
expires on Oct. 10, and there is a disposition here to regard the delay as
intentional.
April World Cotton Consumption-2,047,000 Bales
Consumed During Month as Compared with
2,120,000 Bales in March.
World consumption of all kinds of cotton during April
totaled 2,047,000 bales as against 2,120,000 bales in March,
1,932.000 bales in April last year, 1,965,000 bales two years
ago, 2,151,000 bales three years ago, and 2,259,000 bales four
years ago according to the New York Cotton Exchange
Service. The Exchange Service, under date of June 5,
also said:
During the nine months of this season from Aug. 1 through April 30
the world consumed 18,204,000 bales of all kinds of cotton as against
17,603,000 bales during the corresponding portion of last season, 16,738,000
bales two seasons ago, 19,386,000 bales three seasons ago, and 19,456,000
bales four seasons ago. World spinners used 115,000 bales more in April
this year than in April last year, and 82,000 bales more than two years
ago, but 104,000 bales less than three years ago and 212,000 bales less
than four years ago.
During the first nine months of this season, world consumption was
601,000 bales larger than during the corresponding portion of last season
and 1,466,000 bales larger than two seasons ago, but it was 1,182,000 bales
smaller than three seasons ago and 1,252,000 bales smaller than four
seasons ago. The decline in world consumption of all growths from
March to April was entirely due to the fact that April had fewer working
days than March. The daily rate of consumption showed a material
Increase.
Sales of Women's Wear Wool Goods Heaviest in Four
Years.
Advance business on women's wear wool goods is the
heaviest in four years, despite the fact that forward buying
is restricted chiefly to Jobbers and a few of the more important garment manufacturers, according to the New York
Wool Top Exchange Service. Several mills opened their
lines only to close their books several days later, having accepted all of the business that they could handle for the next
few months. The Exchange Service continued as follows
under date of June 2:
Most of the woolen and worsted mills are operating close to capacity.
Thousands have returned to work at increased wages at Lawrence, Mass.,
and in other manufacturing centers. Unable to obtain the wool they need
in domestic markets, a number of mills have been forced to draw on foreign suriplies. Clothing factories in Rochester, New York, Chicago and
Philadelada have stopped up operations, having booked heavy initial business from retailers.
June 10 1933
Petroleum and Its Products
-Tests Confirm Exhaustion
of East Texas Pressure-Believe Output Allowance
Will be Reduced-Buyers Offer 10c. Over Posted
Prices to Assure Delivery-Oklahoma Price Increase
Expected-Oil Associations to Prepare Codes in
Conformity with National Recovery Bill.
Tests thus far concluded by the Texas Railroad Commission show that there exists a rapid and continual loss of
bottom hole pressure in the East Texas field due to the practically unrestrained production schedules under which the
field is operating at present. Hundreds of wells have already
been forced to shut down entirely, while the rate of exhaustion is estimated to be about 1,000 wells per month
from now on.
The tests are being made prior to a general meeting called
for June 12 at which time it is generally believed that the
state authority will order a reduction in the field's output
to a new figure of 500,000 barrels daily. At present the legal
production is in excess of 800,000 barrels daily. The shutdowns, which are spreading throughout the various districts
of the territory affected, have had a beneficial reaction on
prices, as buyers are offering from Sc. to 10e. above the
posted price of 25c. The official reduction to an output in
the neighborhood of half-million barrels daily should bring
about the immediate return of prices to the 50e. per barrel
level.
Reports from Oklahoma and Kansas indicate much the
same situation. There is not enough oil being produced at
present to meet requirements, due to voluntary shut-downs
in protest against the present low prices. While the allowable for the Oklahoma City field continues through June at
159,410 barrels daily, purchasers are unable to secure more
than 60,000. The balance is being put in storage by producers, in anticipation of higher prices. The stripper wells
are being abandoned in large numbers, because of low crude
prices.
It is generally thought throughout the industry that the
East Texas field has passed its peak, and that it will dwindle
steadily from now on. The field has produced more than
420,000,000 barrels of crude since its discovery late in 1930.
By exhausting the natural pressure, as has been done through
the uncontrolled flows, pumping will have to be resorted to
by those wells which continue operations. The cost of
pumping is estimated at 25c. a barrel, which is now the price
posted for the crude itself. Recent surveys indicate that the
Oklahoma City field is also showing a decline. Oklahoma
City has been under better control than East Texas, and output has been held to about 140,000,000 since its discovery
in the latter part of 1928. Thus the industry's ills are to
a great extent being solved not only without benefit of
restrictive supervision but, on the contrary, by the rule of
unbridled production in East Texas.
A meeting has been called for June 15 in the Stevens Hotel,
Chicago, by the American Petroleum Institute, and to which
representatives of oil producers' associations in all parts of the
country have been invited. The purpose is a collaboration
of a national code of practices for the oil industry, in accordance with the provisions of the Industrial Recovery Bill, now
pending in Congress.
Although the premiums now being paid for crude in East
Texas ranges from Sc. to 10c. a barrel, and in Oklahoma City
from 15e. to 25c. a barrel, there has as yet been no official
change in posted prices.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A.P.I. degrees are not shown.)
Bradford, Pa
$1.37 Eldorado, Ark., 40
$ .52
Corning,Pa
.85 Rusk, Tex., 40 and over
25-.35
Illinois
.47 Salt Creek. Wyo.,40 and over
.23
Western Kentucky
.42 Dant Creek
.23
Mid-Cont., Okla., 40 and above__ .25-.50 Midland District, Mich
.70
Hutchinson, Tex., 40 and over__ .25-.35 Sunburst Mont
1.05
Spindletop, Tex., 40 and over-__ .25-.35 Santa Fe Springs,Calif.,40 and over .75
Winkler, Tex
25-.35 Huntington, Calif.. 26
.75
Smackover, Ark., 24 and over
.20 Petrol's, Canada
1.75
REFINED PRODUCTS
-GASOLINE BULK PRICES ADVANCE AS
MARKET SHOWS CONSISTENT IMPROVEMENT
-MOTOR
FUEL STORAGE SHOWS LARGE DECLINE
-STANDARD OF
INDIANA INAUGURATES REFORMS IN NEW MARKETING
-KEROSENE FAILS TO REFLECT BETTER TONE
CODE
LOCALLY.
Continued improvement in the gasoline situation, with
the American Petroleum Institute reporting a reduction in
storage of 680,000 barrels of motor fuels during the week
ended June 3, has resulted in strengthening of the bulk
gasoline lists, and farther advances in price postings. On
June 6 Standard of Pennsylvania advanced tank car gasoline
prices /0.a gallon at Philadelphia. At the same time Stand1
Financial Chronicle
Volume 136
ard of New Jersey advanced bulk prices Mc. to Sc. at Baltimore and Norfolk.
Realizing that a definite change for the better is occurring,
jobbers who have been lax in covering their forward requirements are now hurrying to do so. This concerted buying
movement in itself adds additional strength to the normal
improvement now under way.
The reduction in storage figures for last week, quoted
above, represent the greatest drop in any week thus far this
year. Refineries reported the major portion of the decline,
616,000 barrels.
Majors, as well as independents, were keenly interested
this week in the announcement by Standard of Indiana
regarding the set-up of that company's new marketing code,
which introduces greater extremes in settling many disputed
points than did the American Petroleum Institute's code,
generally adopted by the industry several years ago.
Some of the features, which Standard of Indiana considers
"necessary in marketing practises," include: Beginning at
once and entirely effective by July.1 all dealer discounts and
AAA commissions will be adjusted as follows: Red Crown
Ethyl, 234c.; Standard Red Crown, 23/2c.; Stanolind, 13/20.;
all rentals will be put on a gallonage basis and reduced to
Mc. per gallon, making the total revenue to AAA operators
not more than 3c. on Red Crown Ethyl; 3c. on Standard Red
Crown, and 2c. on third grade; flat rentals will be paid only
on service stations for company operation, and then only
when leases are for periods of five or ten years and are
non-cancellable; effective at once dealer contracts and AAA's
will carry a clause to the effect that dealer and A AA operators
shall absorb one-half of any service station local price reduction up to maximum to him of lc. per gallon on all grades;
effective at once, all sales to large consumers, including
governmental units of all kinds, will be on basis of the following discounts off the tank wagon price, without exception:
Red Crown Ethyl, 2c.; Standard Red Crown, 2c.; Stanolind,
le.(In Chicago division, Mc. more); under no circumstances
will the company loan or lease gasoline or kerosene equipment to new outlets of any kind; nor will it lease or loan air
compressors, air towers, lifts, and electric light standards or
poles to dealers. As equipment now on loan or lease becomes
damaged, destroyed or worn-out, it will not be replaced.
Allan Jackson, Vice-President in charge of marketing for
Standard of Indiana, expressed gratification at the reception
thus far accorded the "new deal" in marketing practices.
Locally, conditions have improved vastly during the past
week. Kerosene alone seems to lag behind the rest of the
refined products in reflecting the better tone apparent in the
metropolitan area. The stronger crude market has brightened the outlook for fuel oils. Grade C bunker is selling
in better volume, with the price unchanged at 75c. a barrel,
in bulk, at refineries. Diesel is firm and active at $1.65 a
barrel, same basis.
Price changes follow:
June 3
-Standard Oil Co. of New York advances tank-car gasoline hc.,
new price being 5.10c., Long Island. Also posts advance of 3-10c. a gallon
in service station prices throughout New York and New England. New
York City service station price now 14.5c., including tax of 4c.
June 5
-Principal refiners in Pittsburgh area eliminate 2c. cash discount
on gasoline sales, thus, in effect, advancing service station prices 2c. to
new price of 14.5c., including 4c. tax.
June 5
-Standard 011 Co. of New Jersey advances tank car gasoline
prices hc. a gallon at Baltimore and Norfolk.
June 5-Gasoline prices in Richmond. Va., area advanced by leading
companies to new price of 12.8c.. with 2c. cash discount. Premium motor
fuels are 3c. additional, all plus 6c. in State and Federal taxes.
Gasoline, Service Station, Tax Included.
New Orleans
5 152 Cleveland
New York
.18 Philadelphia
19
Denver
Atlanta
.115 San Francisco:
16
Detroit
Baltimore
Third grade
17
.16
Houston
Boston
Above 65 octane.195
.172 Jacksonville
Buffalo
Premium
133
12
Kansas City
Chicago
125 St. Louis
Cincinnati
Minneapolis
15
•Less 2 cents cash discount.
128
12
144
185
219
14
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery.
3.0274-.031 New Orleans,ex....S.03%
%
Chicago
New YorkTulsa
.04i -.O6
(Bayonne) _$.04j-.05) Los Ang.,ex
.03
North Texas
N. Y.(Bayonne)Bunter C
Diesel 28-30 D
Fuel 011, F.O.B. Refinery or Terminal.
.65
Gulf Coast C
I California 27 plus D
5.75-1.00 Chicago 18-22 D .42%-.50
.75
.70
.60 Philadelphia C
1.65 New Orleans C
Gas Oil, F.O.B. Refinery or Terminal.
I Tulsa
3.01%
I ChicagoN. y.(Bayonne)3.01%1
plus G 0__13.03h-.041 32-36 00
28
U. S. Gasoline, Motor (Above 65 Octane), Tank Car Lots, F.O.B. Refinery.
Chicago
$ 04-.04%
N. Y.(Bayonne)
N.Y.(Bayonne)
Shell Eastern Pet_3.043( New Orleans.ex- .04-0451
Standard Oil, N.J..04-.041.i
Arkansas
New York
Motor. U. S.-3.05
05-.07
California
Colonial-Beacon.. .05
Stand. Oil, N. Y. .0510
.0435 Los Angeles, ex. .0451-.07
z Texas
Tide Water 011 Co .05
0475 Guld ports
Gulf
.05-.053.j
Richfield 011 (Cal.) .051(
05-.0551
Tulsa
05
Republic 011
Warner-Quin. Co_ .0511
Pennsylvania- -.0551
:Richfield "Golden." z"Fire Chief," 5.0510.
3983
Senator McAdoo Introduces Resolution Demanding
Sweeping Probe of Petroleum Industry-Charges
Existence of Huge Monopoly.
A resolution providing for a Senate investigation of the
oil industry was introduced on June 6 by Senator McAdoo of
California, who declared that Congress should endeavor to
ascertain the facts of the petroleum business because of its
"vital interest." He said that a world petroleum combine
has been in the process of formation for several years and that
inability of oil interests to control the diverse elements in the
United States was the single factor preventing its accomplishment. He also charged that the price paid for crude oil
and that charged for gasoline were fixed arbitrarily. Further
details regarding the resolution follow, as given in Washington a.dvices to the New York "Journal of Commerce"
on June 6:
The McAdoo resolution would direct the Senate Committee to probe
reduction, purchase, storage, transportation, refining and sale of petroleum
and its products with particular regard to monopolistic practices.
In support of his resolution for investigation of the oil industry, Senator
McAdoo declared that during the past few years a combination has been in
the making in the industry, embracing the civilized world.
"Every oil-producing nation has been in this effort to combine." he
said. "The only thing that has prevented consummation of this colossal
International scheme has been the inability of petroleum interests of the
United States to control successfully all the elements of the industry in this
country.
"The price of crude oil at the well is now fixed arbitrarily by the purchasing companies," he added. "The law of supply and demand is not
allowed to operate except to a most limited degree."
California Oil Receipts at Atlantic and Gulf Coast
Ports Increased During May 1933.
P Receipts of California oil (crude and refined) at Atlantic
and the Gulf Coast ports during the month of May 1933
amounted to 1,366,000 barrels, a daily average of 44,065
barrels, according to the American Petroleum Institute.
This compares with 1,142,000 barrels, a daily average of
38,067 barrels, during the previous month. The detailed
statement follows:
RECEIPTS OF CALIFORNIA OIL AT ATLANTIC AND GULF COAST
PORTS (CRUDE AND REFINED).
(Barrels of 42 Gallons.)
Month ofAt Atlantic Coast Ports
-Baltimore
Boston
New York
Philadelphia
Others
May.
April.
March.
130.000
180,000
157,000
473,000
443,000
182,000
435,000
232,000
148.000
512,000
309.000
432,000
February.
255,000
46,000
399,000
307,000
322.000
995,000 1,410,000 1,329,000
1,228,000
Total
47.464
46,484
33,167
39,613
Daily average
At Gulf Coast Ports
x74,000
z232.000
x138,000 :147.000
Total
2,643
7,484
4,900
4,452
Daily average
At Atlantic and Gulf Coast Porte
1,366,000 1,142,000 1,842,000 1,403,000
Total
50,107
52.968
38,067
44.065
Daily average
Fuel oil received at Port Arthur.
DISTRIBUTION OF TOTAL CALIFORNIA OIL RECEIPTS.
(Barrels of 42 Gallons.)
Month ofAt Atlantic Coati Ports
Gasoline
Kerosene
Gas oil
Fuel oil
Lubricants
Total
February.
May.
April.
March.
995,000
80,000
71,000
212,000
8.000
829,000
854,000
234,000
313,000
554.000
492,000
220,000
75.000
616,000
1.366.000
1.142.000
1.642.000
1.403,000
Crude Oil Production Slightly Higher During Week
Ended June 3 1933-Inventories Decline Further.
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
June 3 1933 was 2,675,650 barrels, compared with 2,634,550
barrels per day during the preceding week, a daily average
of 2,673,250 barrels for the four weeks ended June 3, and
an average daily output of 2,181,250 barrels for the week
ended June 4 1932.
Stocks of fuel oil at all points declined 680,000 barrels
during the week ended June 3 1933, as compared with a
decrease of 95,000 barrels during the previous week.
Reports received for the week ended June 3 1933 from
refining companies controlling 91.6% of the 3,856,300 barrel
estimated daily potential refining capacity of the United
States indicate that 2,187,000 barrels of crude oil daily
were run to the stills operated by those companies, and that
they had in storage at refineries at the end of the week
32,127,000 barrels of gasoline and 125,046,000 barrels of
gas and fuel oil. Gasoline at bulk terminals, in transit
and in pipe lines amounted to 20,735,000 barrels. Cracked
gasoline production by companies owning 95.4% of the
potential charging capacity of all cracking units averaged
467,000 barrels _daily during the week.
3984
Financial Chronicle
The report for the week ended June 3 1933 follows in
detail:
DAILY AVERAGE PRODUCTION OF CRUDE OIL.
(Figures in Barrels.)
Week
Ended
June 3
1933.
383,350
105,650
44,150
47,850
19,800
160,500
58,350
814,500
78,000
48,500
26,400
29,950
115,000
41,450
89,050
16,100
27,400
5,900
2,550
36,100
484.000
418,950
111,550
45,050
49,150
20,450
159,300
58,500
816,850
72,100
49,450
26,850
30,000
115,150
41,800
89,800
16,450
29.400
5,900
2,550
36,050
477.950
Week
Ended
June 4
1932.
82282882 28288888222§!
ocee0—
omooNmo. .nclm.mo.m
Total
Average
4 Weeks
Ended
June 3
1933.
401,150
107,650
45,300
47,850
18,050
157,800
58,600
837,500
82,250
49,200
25,100
29,900
115,500
42,350
90,650
16.700
28,250
5,950
2,550
36.050
477,300
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
Week
Ended
May 27
1933.
June 10 1933
another case on the validity of those orders. The action of
the Federal Judge was detailed as follows, in Associated
Press advices from Texarkana on June 1 to the Dallas
"News":
Neal Powers, Assistant Attorney-General, agreed to seek dissolution of
State receiverships in force against the Saco Company and its co-plaintiffs
if they would make themselves subject to a Federal Court injunction. They
assented and Judge Bryant said he would prepare an order in the case.
The Saco Company et al. protested against the State Court receiverships
to District Judge Ben C. Dawkins here last week, challenging the State's
authority, but he referred them to Judge Bryant, who as a member of a
three-Judge Federal Court tribunal heard the Rowan and Nichols et al consolidated suit in Fort Worth last week. That action attacked the Railroad
Commission's proration orders. A temporary injunction was denied, but
the case has not yet been set for final hearing.
Test Case Appealed.
First tests in the State Court of the State's right to receivership proceedings in proration suits reached the Sixth Court of Civil Appeals here Thursday on the appeals of T. C. Patten and the Ortiz Oil Company.
W. F. Fisher, counsel for the appellants, urged that the State had no
more right in an equity proceeding against citizens than has any individual,
and that it should be forced, in its receivership actions, to give due notice,
grant a hearing and present facts for determination, before its receivers
were granted possession of private property.
Says Acts Equitable.
2 675.650 2.634,550 2.673.250 2,181.250
Note.
-The figures indicated above do not include any estimate of any ollwhich
might have been surreptitiously produced.
CRUDE RUNS TO STILLS, MOTOR FUEL STOCKS, AND GAS AND FUEL
OIL STOCKS. FOR WEEK ENDED JUNE 3 1933.
(Figures in barrels of 42 gallons each.)
Daily Refining Capacity
of Plants.
Crude Runs
to Stills.
District.
Reporting.
Total.
%
§§§§§g§§§g
8888888888
m.
00m-4....,tonamm
East coast
Appalachian __
Ind., III., Ky __ _
Okla., Kan., Mo.
Inland Texas__ _
Texas Gulf
Louisiana Gulf
North La.
-Ark
Rocky Mountain
California
Cr& .VtC44.44.-'M
..0004•404.4.
Clip0CAGA.
..QW0100WWVW.4
Potentia
Rate.
%
Daily OperAverage. cited.
99.1 446,000
81,000
95.0
97.5 310,000
84.9 223,000
78,000
56.4
97.7 433,000
97.3 109,000
38,000
88.5
90.8
36,000
94.6 433,000
aMotor
Fuel
Stocks.
Gas and
Fuel Oil
Stocks.
69.8 16,922,000 6,897.000
60.0 2,088,000
820,000
73.1 8.239,000 3.987.000
57.2 4,948,000 3,265.000
43.9 1,595,000 2,243,000
799 5,553,000 6,125,000
758 1,387.000 2,044,000
292,000
48 1
564,000
26.1 1,244,000
686,000
50.0 14,119,000 98,415,000
Totals week:
June 3 1933_ 3,856,300 3.532,500 91.6 2,187,000 61.9 56,387,000 c125046000
May 27 1933_ 3.856.3003.532.500 91.6 2,288,000 64.8 57,067,000 d124566000
a Below are set out estimates of total motor fuel stocks on U. S. Bureau of Mines
basis for week of June 3 compared with certain June 1932 Bureau figures:
A. P. L. estimate of B. dc M. basis, week June 3 1933_b
58,090,000 barrels
U. S. B. of 51. motor fuel stocks, June 1 1932
69,135,000 barrels
U. S. B. of M. motor fuel stocks, June 30 1932
61,558,000 barrels
is Estimated to permit comparison with A. P. I. Economics report, which is on
Bureau of Mines basis.
c Includes 32,127,000 barrels at refineries, 20,735.000 bulk terminals, in transit
and pipe lines, and 3,525,000 barrels of other motor fuel stocks.
d Revised downward by 691,000 barrels due to change In original reports received from California.
Imports of Petroleum Again Fell Off During May 1933.
According to figures collected by the American Petroleum
Institute, imports of petroleum (crude and refined) at the
principal ports in the United States in May 1933 totaled
3,075,000 barrels, a daily average of 99,194 barrels, as
against 3,971,000 barrels, a daily average of 132,367 barrels
during the preceding month. The Institute's report follows:
IMPORTS OF PETROLEUM AT PRINCIPAL UNITED STATES PORTS.
(CRUDE AND REFINED OILS.)
(Barrels 01 42 Gallons.)
Month.
Al Atlantic Coast Ports
Baltimore
Boston
New York
Philadelphia
Others
Ma
IllTotal
Daily average
lp. Al Gulf Coast Ports
-Total
Daily average
Al All United States Ports
Total
Daily avcrace
May.
April.
March.
February.
132,000
68,000
1,937,000
699,000
104.000
300.000
201,000
2,203,000
968,000
299,000
239,000
133,000
3,139,000
1,117,000
496,000
215,000
134.000
3,374,000
353,000
303,000
2. 0,000
94.839
3,971.000
132,367
5.124,000
165,290
x135,000
4,355
3,075.000
99 194
4,379,000
156,393
166,000
2,357
3.971,000
132 367
5,124,000
165.290
4,445.000
158.750
x Received at Port Arthur.
DISTRIBUTION OF TOTAL IMPORTS.
(Barrels of 42 Gallons.)
Month.
Assistant Attorney-General Powers argued that receivership action was
the most equitable remedy of wrongs alleged by the State Railroad Commission in connection with overproduction of oil, and that the Courts should
have the right to lock the stable doors before the horse is stolen, rather
than punish later for proved violation.
The Ortiz Company asked a stay of receivership proceedings and return of
its property, pending final decision, on grounds that the State receiver was
inexperienced and already had caused damage of approximately $10,000 to
the appellant's property.
Shipments of Slab Zinc Increased Sharply During May
1933
-Production Higher Than in PrecedingMonth.
According to the American Zinc Institute, Inc., a total
of 21,730 short tons of slab zinc were produced during the
month of May 1933, as against 21,449 tons in the preceding
month and 18,605 tons in the corresponding period last
year. Shipments spurted again to a new high figure,
amounting to 27,543 tons as compared with 19,381 tons in
April 1933 and 18,050 tons in May 1932. Inventories fell
off during the month to 136,634 net tons at May 31 from
142,447 tons at April 30 1933. The Institute's statement
follows:
SLAB ZINC STATISTICS (ALL GRADES).
(Tons of 2,000 Pounds.)
Retorts Average
aShip- Operag Retorts
ped for End of During
Export. Period. Period,
Unfilled
Orders,
End of
Perod.
75,430
6,352
529
57,999
68,491
18,585
436,275
36,356
143,618
196
16
31,240
47,769
26,651
300,738
25,062
314,514
26,210
129,842
41
3
19,875
23.680
23,099
23.099
18.273
26.166
22,471
21,474
22.448
20,575
18,605
16,423
14,716
13,611
13,260
15,217
b16,078
b18,653
22,404 129,909
129,532
21,851
22,503 129,477
18.032 132,020
18,050 132.575
134,027
14,971
135,902
12,841
16,360 133,153
20,638 125,775
19,152 121,840
b15,970 bI21.948
b15.745 b124,856
31
0
0
0
0
20
0
39
20
20
20
20
22.044 21,001
21,752 20,629
22,016 21,078
20,796 19,469
20,850 20.172
18,742 19,670
18,295 17,552
14.514
15,067
14.915 13,809
17,369 15,1101
19,753 b17,990
21.023 20,372
24,232
23,118
23,712
20.821
19,837
16.116
16,949
18.017
16,028
10,333
8,640
8,478
170
14
19,339
18,560
17.190
22,660
23,389
22,375
22,405
23,569
21,970
22,500
21,683
21,526
22,154
6,313
8,562
8.581
18,072
21,056
Produced
During
Period.
1929.
Total for year.
Monthly aver_
1930.
Total for year.
Monthly aver_
1931.
Total for year.
Monthly aver_
1932.
January
February
March
April
May
June
July
August
September
October
November
December
Shipped
During
Period.
Stock at
End of
Period.
631,601
52,633
602,601
50,217
504,463
42,039
Total for yr_ b213.531 b218,517
Monthly aver. b17,794 b18,214
1933.
January
February
March
April
May
Total 5 MO9_
b19,828
20,076
22.095
21.449
21.730
15,040 b129,644
15,280 134,440
16,156
140,379
19.381
142,447
27,543 136,634
40
0
0
45
0
105,178
93,400
85
a Export shipments are included in total shipments. b Corrected figure.
Lead Price Advanced.
The American Smelting Sc. Refining Co. on June 9 advanced the price of lead 10 points to 4.20 cents a pound,
New York.
May.
April.
March.
February.
Crude
Fuel oil
2,393.000
682,000
2,576,000
1,395,000
3,690,000
1,434,000
2,671,000
1,774,000
Total
3,075,000
3,971.000
5,124,000
4,445,000
Copper, Tin, Platinum, Quicksilver and Silver Advance
-Lead and Zinc Active.
Texas Oil Receiverships Temporarily Upheld in Federal
Court, Pending Final Action on Proration Orders
of Texas Railroad Commission.
Action of Texas courts in ordering into receivership oil
companies which had violated proration orders of the Texas
Railroad Commission in the East Texas field was temporarily
sustained when on June 1 Federal Judge Randolph Bryant in
Texarkana granted a temporary injunction restraining the
Saco Oil Corporation and others from violating the proration
orders pending a decision by a three-judge Federal Court in
"Metal and Mineral Marko s" for June 8 reports that
the trend of prices in non-ferrous metals again was upward
in the last week, and activity, taking the industry as a
whole, continues at a relatively high rate. Higher prices
prevailed in copper, tin, silver, platinum, and quicksilver.
On volume of sales both lead and zinc fared well, business
in these item being far in excess of a normal week's turnover.
Interest in non-ferrous metals at present centers chiefly in
the Industrial Recovery Bill. Domestic prices in a number
of items have risen to a point where foreign material is
Volume 136
Financial Chronicle
threatening to halt the upward movement. Under the industrial control plan of the Administration,according to advices
from Washington, importers will be asked to organize and
operate in conformity with the regulations finally adopted
for domestic industry. In other words, this matter has
received full consideration in Washington. The same
publication adds:
Copper Steady at Sc.
featured the doTwo advances in price, both occuring last Thursday,
level up to
mestic copper market of the past week; the first took the price
another Sic.
Connecticut, from 7'%c., and the second moved it up
seven-day period.
to Sc., where it stood throughout the remainder of the
bulk of the
Total sales volume was of moderate proportions, with the
the price basis was underbusiness being booked early In the week while
s for much
going stabilization at the Sc. level. Shipment specification
reported
of the metal extended Into the fourth quarter. Fabricators
specifications refurther improvement in the outlet for their products,
business providing for
questing immediate or prompt shipment and new
undoubtedly
shipment within a month or so. Considerable thought was
to the forthbeing given by the trade to the Industrial Recovery Bill and
undoubtedly descoming World Economic Conference, both of which are
tined to exert an increasingly important influence on the market.
trading
The week abroad included a holiday and this shortening in the
a more
period, as well as a mild moderation in buying interest, resulted in
volume,
or less colorless market. In brief, total purchases were of fair
change.
with the status of the market undergoing little or no
advance in
The higher market for copper brought out another general
yellow brass
copper and brass products. Leading interests raised prices for
sheets, wire, rods, tubes, pipe, red brass and commercial bronze 90%,
phosphor
and nickel silver he. Commercial bronze 95%,copper products,
schedule
bronze products. ;ie. Seamless tubes advanced ;ie. The revised
went into effect on June 5.
Active Trade in Lead.
more than
Sales of lead during the last week again were large, involving
Pro8,900 tons of the metal, most of which was gold for July shipment.
the 4c.
ducers expected business to slacken after the price moved above
believe
level on May 31, but since this did not occur leaders In the industry
generally
that more lead must be moving into actual consumption than is
rate close
recognized. Lead is being consumed in the United States at a
took
to 28,000 tons a month, according to authorities. The buying that
character. Inplace during the seven-day period was well diversified in
metal manucluding corroders, battery makers, cable interests, mixedfacturers, and foil makers.
contract
The price held at 4.10c., New York, through the week, the
St. Louis.
basis of the American Smelting & Refining Co., and at 3.95c.,
moved up.
The market was firm and might have advanced had foreign prices
according
Lead sold for May shipments amounted to about 25.000 tons,
to figures circulating in the industry, or sufficient to bring about a reducly
tion in stocks. Sales booked so far for June shipment total approximate
delivery.
25,000 tons, with more than 20,000 tons disposed of for July
Good Sales of line.
past
Demand for zinc was steady and in good volume throughout the
Most of
week, with the price level holding at 4.30(54.35c., St. Louis.
tonnage
the business booked was for prompt shipment, although a small
the fourth
of future business was accepted for delivery extending into
the dequarter. The outstanding feature of the seven-day period was
as increase of 5,813 tons effected during May in the stocks of slab zinc,
decrease, however, was
dicated in the following tabulation. Much of this
said to be attributable to the high-grade side of the industry. Shipments
18,032
mounted to 27.543 tons in May, against 19,381 tons in April and
tons in April last year.
the American
Zinc statistics for April and May, released yesterday by
Zinc Institute, in short tons, follow:
May.
April.
21.730
21.449
Production
701
715
Production, daily rate
27,543
19,381
Shipments
136.634
142.447
Stocks
21.056
18.072
Unfilled orders
23.569
22.405
Retorts operating end of month
22,154
21,526
Retorts, average for month
Tin Sells at 43.375c.
Though domestic sales of tin were smaller In volume, prices continued
show
upward, touching a new high for the movement yesterday. Prices
not quite
a gain of almost 3 Sic. for the week. The May statistics wereshowing a
as favorable as expected, the so-called world's visible supply
reduction of only 658 tons. The supply at the end of May stood at 41,883
with
long tons, according to the Commodity Exchange, and contrasts
42,541 tons a month previous. Tin-plate mills in this country continue
revived yesactive, operating at about 80% of capacity. Interest in tin
terday afternoon, and sales were reported as high as 43.375c. per pound.
Chinese tin, 99%, was quoted as follows: June 1, 37.35c.: June 2.
37.50c.: June 3, 37.50c.: June 5. 37.60e.; Juno 6, 38.75c.; June 7, 40.125c.
Steel Production Rate Rises to 44%-Price of Scrap
Again Advances.
Pending industrial control legislation at Washington overshadows all other considerations in the iron and steel market,
according to the "Iron Age" of June 8. Uncertainty as to
the exact form in which the Act will be passed and the
manner in which its provisions will be enforced has made
future operating cost an unknown quantity. The "Age"
continues:
hours, or some other
Whether the working week will be 40 hours, 32
increased and how much,
specified period, whether base wage rates will be
have added to the spirit of confusion
and many other undetermined factors
that higher prices are a certainty,
that exists in the industry. Sensing
tho largest in the country, have
many consumers, among them some of
s through the third quarter.
attempted to cover their steel requirement
reluctance to sell; in fact, certain
But they have encountered a general
for orders at present prices and
mills have fixed July 1 as the deadline
periods will be definitely
there Is a strong possibility that sales for quarterly
s.
abandoned in favor of month-to-month commitment
prices remains unsettled, pending
While the status of most finished steel
been announced
developments at the Nation's capital, advances have
nuts and bolts, wire mesh, rail steel bars,
on other products, among them
Rail steel bars have been marked up
ferromanganese and refractories.
mill, while refractories prices are 85 a ton higher.
$4 a ton to 1.50c. a pound
which represents an increase of Si a
The new price on ferromanganese,
3985
advance may be
ton, is for spot delivery only, indicating that a further
made on July 1.
nuts, refractories and
In some instances, as in the case of bolts and
prices for the
coal, advances in wages have accompanied higher asking
resultant products.
Recovery Act 11
Concern over the labor provisions in the Industrial
encouraging the
reflected in the current action of certain producers in
employees. Among many iron
formation of works councils among their
functioning for
and steel companies organizations of this type have been
a considerable number of years.
pointing upward.
Current indices of production and demand are still
continuing the
Ingot output has risen from 41% to 44% of capacity,
At Pittsburgh the
advance which was so pronounced throughout May.
to 42%. in the
operating rate rose from 28 to 32%, at Chicago from 40
from 54 to 65%.
Valleys from 45 to 50%, in the Cleveland-Lorain area
Evidences of contraction
and in the Wheeling district from 80 to 85%.
the
In finished steel demand are entirely lacking and in some quarters
month. It
view is now held that June bookings will exceed those of last
make
is to be conceded, of course, that buyers have every incentive to
are miniProtective purchases, but the chances for speculative covering
themselves. Such
mized because of the reluctance of mills to commit
for specific projects
advance sales as have been made are usually tonnages
on which the mills are assured full specifications within a given time.
American
The gain in steel ingot production in May, as reported by the
increase of
Iron and Steel Institute, was 36%. which compares with an
computed from
37.7% in pig iron production. Pig iron output in May, as
623.618 tons
returns to the "Iron Age." was 887,252 gross tons, against
than
In April. The May daily rate, at 28.621 tons, was 64% higher
low.
that of March and 67% over that of August 1932, the depression
48 on May 1,
Sixty-three furnaces were in blast June I, compared with
a net gain of 15 stacks.
by altered
Revision of sales forecasts in the steel industry is matched
fact that
expectations among automobile manufacturers. Despite the
in some
May assemblies were the largest for any month since July 1931,
production
cases retail sales outdistanced output. Hence a seasonal drop in
conservative
this month is no longer regarded as a certainty. Even the most
buoyant
estimates place this month's assemblies at 190,000 units. The
nt of 5%
attitude of the automobile trade is evidenced in the announceme
wage increases by the General Motors and Cord organizations.
those of
Fabricated structural steel awards, at 11,800 tons, equaled
looked
a week ago. No material increase in heavy construction work is
for until the Government's public works program is launched. Similarly
enactment of
railroad buying of any consequence is delayed pending final co-ordinator.
the rehabilitation bill and the appointment of a railroad
went
Of 7,000 tons of rails placed by the New York Central, 2,000 tons
Steel
to the Bethlehem Steel Corp. and 5,000 tons to the United States
Norfolk
Corp. The Steel corporation's share will be rolled at Gary. The
but
& Western has bought 6,000 kegs of spikes and 3.500 tons of tie plates,
Seahas not yet taken action on its inquiry for 10,000 tons of rails. The
board Air Line is in the market for 11,000 tons of rails.
signs of inScrap, which is always:a sensitive barometer, again shows
Chicago and
creasing strength, with advances reported at Pittsburgh,
Detroit.
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
Based on steel bars, beams, tank plates,
June 6 1933, 1.892c. a Lb.
wire rails black pipe and sheets.
1 892c.
One week ago
0
1 8670. These products make 85c- of the
One month ago
1.970c.j United States output.
One year ago
Low.
High.
1.867c. Apr. 18
1 948c, Jan. 3
1933
1.926c. Feb. 2
1.977c. Oct. 4
1932
1.9450. Dec. 29
2.037c. Jan. 13
1931
2.018c. Dec. 9
2.273c. Jan. 7
1930
2.283c. Oct. 29
2.317c. Apr. 2
1929
2.2170. July 17
2.286c, Dec. 11
1928
2.2120. Nov. 1
2 402c. Jan. 4
1927
Pig Iron,
Based on average of basic iron at Valley
June 6 1933, $15.01 a Gross Ton.
furnace foundry irons at Chicago,
$15.01
One week ago
14.33 Philadelphia, Buffalo, Valley and 131rOne month ago
mingham.
14.01
One year ago
Low
High.
$13.56 Jan. 3
$15.01 May 29
1933
13.56 Dec. 6
14.81 Jan. 5
1932
15.79 Dec. 15
15.90 Jan, 6
1931
15.90 Dec. 16
18.21 Jan. 7
1930
18.21 Dec. 17
18.71 May 14
1929
17.04 July 24
18.59 Nov. 27
1928
17.54 Nov. 1
19.71 Jan. 4
1927
Steel Scrap.
Based on No. 1 heavy melting stee
June 6 1933, $9.92 a Gross Ton.
Quotations at Pittsburgh. Philadelphia
$9.75
One week ago
9.83 and Chicago.
One month ago
7.17
One year ago
Low.
High.
$6.75 Jan. 3
59.92 June 6
1933
6.42 July 5
8.50 Jan. 12
1932
7.62 Dec. 29
11.33 Jan, 6
1931
11.25 Dec. 9
15.00 Feb. 18
1930
14.08 Dec. 3
Jan. 29
17.58
1929
13.08 July 2
16.50 Dec. 31
1928
13.08 Nov.22
15.25 Jan. 11
1927
Breaking through the 1931 trend line, steelworks operations last week pushed up 4 points to 47%, which considering the fact that some capacity is always out for repairs is
equivalent to 50% of actual capacity, stated "Steel" of
Cleveland on June 5. This publication further went on to say:
at the
The unparalleled expansion in steel production in May,from 33%
substantiated
beginning of the month to 47% in the first week of June, is
by an extraordinary rise in pig iron production for May. Thirteen addithe
tional stacks were lighted, 61 out of 289 being active at the close of
month. Daily output Increased 40.7% to 29.249 gross tons; and the total,
906,725 tons, was the highest since March 1932.
Even more vigorously than in recent weeks, the markets now reflect
strongly the desire of consumers to anticipate a firmer price situation,
universally expected to follow the application of the National Industrial
is
Recovery Act. A 10 to 15% increase in the common labor wage rate
effective
scheduled to be supported by an agreed increase in prices, possibly
with the third quarter. Actual advances in the past week include $4 a ton
on spot ferromanganese: $2 to $5 per 1,000 for refractory brick; 8% increases on nuts and bolts; and 5% on boiler tubes and wire rope.
Additional support for the markets has originated with the railroads.
The Chicago Great Western has purchased 500 steel box cars, requiring
car25.000 tons of steel, a larger number than ordered from all private
builders in 1932. Seaboard Air Line is taking bids on 11,000 tons of rails;
commensurate with its
and Norfolk & Western on track fastenings and
recent inquiry for 10,000 tons of rails. New York Central has placed 7.000
tons of rails, and the Canadian Government, 50,000 tons with Dominion
3986
Financial Chronicle
mills. Practically all American railroads now have out inquiries for prices
covering third quarter material requirements.
In bridge work, too, the railroads are beginning to show renewed activity;
of the 10,300 tons of structural shapes awarded during the week. 4,200 tons
are for two railroad spans, and a much larger tonnage for railroad bridge
work is pending in New York. For power transmission towers in Southern
California bids are being taken on 28,000 tons of shapes; 20,000 tons
additional to be purchased this year.
Automotive specifications continue at a high level, with current activity
equal to early summer of 1931, and prospects still strong that June output
of motorcars will exceed even that of May. Automotive consumers are
pressing producers to protect them through the life of current models, and
have obtained some third quarter contracts for sheets and strip at current
prices. Sheet mill operations have risen from 70 to 80% in northern Ohio,
largely on pressure for automotive material.
The biggest increases in steelworks operations in the past week developed
in the largest districts. Pittsburgh moved up 3 points to 30%; and 5
-point
gains were made in Cleveland, to 64%; in eastern Pennsylvania to 243.4%;
and in Youngstown, to 52%. The average for the Wheeling district was
80%; New England, 59; Birmingham, 50; Chicago, 38; Buffalo, 33. Tin
plate mill operations again advanced, to an average of 85 to 90%.
A spectacular rise in Lake Superior iron ore shipments for May accompanied the climb in pig iron. Starting the season with 85,210 tons in April.
ore producers moved 900,534 tons in May,more than eight times the volume
for the month last year. Despite excessive stocks at lower lake ports and
furnaces,revised estimates for shipments this season have risen to 10.000.000
tons. Unusually late on prices, producers are waiting to see what Federal
legislation will do to their industry.
All of "Steel's" price composites this week are unchanged; iron and steel
at $28.59; finished steel, $45.10; and scrap $9.37. A reduction of 25 cents
in scrap prices at Pittsburgh is offset by an increase in eastern Pennsylvania.
Steel ingot production for the week ended June 5 is
placed at better than 44% of capacity, according to the
"Wall Street Journal" of June 6. This compares with a
shade under 42% in the preceding week and a little over
39% two week ago. The "Journal" further states:
For the United States Steel Corp. the rate is estimated at 363.4%. against
about 35% in the week before and 333.4% two weeks ago. Independents
are credited with approximately 51%. compared with 48% in the previous
week and 453.4% 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.
1932"
1931
1930
1929
39 -2
71
9634+154
76 -334
7534-434
1928
1927
U. S. Steel.
Independents.
40 -2
75
100 + 34
79 -334
383.4-13.4
67 -13.4
9454-1-2.4
73 -3
70 -2
8034-7
•Not available.
Large Increase in Steel Output.
Steel ingot production in May, according to the report of
thv American Iron and Steel Institute, was the highest of
any month since Juno 1931 and was no less than 639,153
tons greater than in April. The institute places the output
of all companies in May at 2,001,991 tons. This compares
with 1,362,856 tons in April and with only 1,125,243 tons
in May 1932. The approximate daily output for the 27
working days in May was 74,148 tons, which compares with
54,514 tons in April, in which month there were 25 working
days. In May 1932, with 26 working days, daily output
averaged 43,279 tons. Below we show the monthly figures
as reported by the Institute for the months since January
1932:
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1932 TO MAY
1933
-GROSS TONS,
Reported for 1932 by companies which made 93.71% of the Open-hearth and
Bessemer Steel Ingot Product on in Witt year and for 1933 by companies
which made 96 57%.
Months.
5 mos__
June
July
Aug
Sept
Oct
Nov
Dec
Total
1933.
Jan
Feb
Mar
Apr
May
Monthly
Calculated No.of Approx. Per
Output
Monthly Work Daily
Cent.
Bessemer. Companies Output AU fag Output OperaReporting. Companies. Days. All Cos. lion.:
1,230,907
160,633
1,391,540 *1,484,991
1,230,970
1,149,193
1,036,163
950,838
157,067
193,944
144,197
103,593
1,388.037
1,343,137
1,180,360
1,054.431
5,598,071
759.434
6,357,505
755,068
653,039
698,122
804,470
885.773
838,419
724,917
*1,481,253
*1,433,337
*1,259,629
*1,125,243
0.....00
NNNNN
1932.
Jan
Feb
Mar
Apr
May
OpenHearth.
6,784,453 130
100,249
855,317
"912,757
102,916 • 755,955
"806,722
97,323
793,445
"846,730
124,970
929,440
*991,858
132,876 1,018,649 *1,087,058
128,844
967.283 .1,032,221
81,932
806,849
*861.034
26
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
109,000
126,781
94,509
135.217
216,841
994,743 "1,030,075
1,049,587 *1,086,867
878,677
*909,886
1,316,110 *1,362,856
1,933,323 2,001,991
26
24
27
25
27
*57,115
.59,250
*53,087
*48,447
*43,279
*28.41
.27.40
*24.55
*22.40
.20.01
52,188
24.13
"35,106
.32,269
*31,380
*38,148
*41,810
*39.701
"33,117
•16.23
.14.92
"14.50
*17.64
*19.33
"18.38
*15.31
•42,701 "19.75
"39,618
*45,288
*33,699
.54,514
74,148
.18.23
"20.83
*15.50
*25.08
34.11
5 mos._
5,490,092
682.348 6.172.440 6.391.675 129
49.548 22.79
a The figures of "per cent of operation" in 1932 are based on the annual capacity
as of Dec. 31 1931 01 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.
Pig Iron Production 37.7% Higher in May.
May production of coke pig iron totaled 887,252 gross
tons, against 623,618 tons in April, stated the "Iron Age"
of June 8. The May daily rate, at 28,621 tons, showed
June 10 1933
a gain of 37.7% over April rate of 20,787 tons daily. The
daily rate in May was the highest since March 1932, which
was 31,201 tons. The "Age" continued:
There were 63 furnaces in operation on June 1, making iron at the rate
of 33,160 tons daily, compared with 48 on May I, with a daily operating
rate of 22,805 tons. Seventeen furnaces were blown in and two taken off
blast, making a net gain of 15 furnaces. The Steel corporation blew in
six. The independents blew in nine furnaces and took two off blast, and
merchant producers put two furnaces in.
Among the furnaces blown in are the following: One Edgar Thomson,
one Ohio,one Farrell, of the Carnegie Steel Co.; one Lorain, of the National
Tube Co.; one Gary and one South Chicago, of the Illinois Steel Co.; one
Aliquippa, one Eliza, one Hubbard and one Indiana Harbor unit of the
Youngstown Sheet & Tube Co.; a Haselton and a Pioneer unit of the
Republic Iron & Steel Co.; one unit of the Shenango Furnace Co.; one of
the Weirton furnaces of the Weirton Steel Co.; a City furnace of the SlossSheffield Steel & Iron Co.: a River furnace of the Corrigan, McKinney
Steel Co., and the Ashland furnace of the American Rolling Mill Co. The
Pittsburgh Steel Co. blew out one of its Moneissen furnaces and the Colorado
Fuel & Iron Co. banked a Colorado furnace.
PRODUCTION OF COKE PIG IRON AND OF FERROMANGANESE.
(Gross Tons.)
Pig Iron.x
Ferromanganese.y
1933.
588,785
554,330
542,011
623,618
887.252
January
February
March
April
May
June
1932.
972,784
964,280
967,235
852,897
783,554
628,064
Half year
July
August
September
October
November
December
1933.
1932.
8,810
8,591
4,783
5,857
5,948
11,250
4,010
4,900
481
5,219
7,702
5,168,814
572,296
530,576
592,589
644,808
631,280
546,080
8,686,443
Year
33,562
2,299
3,414
2,212
2,302
5,746
7,807
57,342
These totals do not include charcoal mg ron. The 1931 production of this
.ron was 46,213 gross tons. y Included in pig ,
ron figures.
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS
--GROSS TONS.
Me?Steel
Works. chants.* Total.
1931January
February
March
April
May
June
July
August
September
October
November
December
1932January
February
45,883
49,018
54,975
53,878
51,113
43,413
35,189
31,739
29,979
30,797
31,024
24,847
25,124
25,000
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
38,782
31,625
Stee'
MerWorks. chants.* Total.
1932 (Cond.)
March
April
May
June
7,157
5,287
4,658
6,090
3,329
3.070
3,213
4,286
4,435
3,874
31,201
28,430
25.276
20,935
18,461
17,115
19,753
20,800
21,042
17,615
15,748
16,935
15,072
18,879
25,492
July
August
September
October
November
December
1933
January
February
6,258 31,380 March
7,251 33,251 April
May
24,044
23,143
20,618
14,845
15,132
14,045
16,540
16,514
16,607
13,941
2,602
2,863
2,412
1,908
3,129
18,348
19,798
17,484
20,787
28,621
•Includes pig iron made for the market by steel companies.
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
1929.
1930.
1931.
1932.
1933,
92,573
100,004
103,215
106,183
105,931
102,733
101,763
99,091
101,180
102,077
108,832
110,084
108,705
103,382
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
55,299
60,950
65,556
67,317
64,325
54,621
61,356
47,201
41.308
38,964
37,848
36,782
31,825
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
Pewter Ware Trade Pool Discussed at Meeting of
Manufacturers
-Fund to Aid Makers Losing Business Considered.
Plans for pooling a percentage of profits Into an insurance
fund for the protection of manufacturers who fail to obtain
a fair share of the industry's business were discussed at a
meeting in New York on May 24 of the Pewter and Hollow
Ware Manufacturers Association at the Hotel Imperial. The
New York "Times" of May 25 said:
The plan for profit pooling is to be incorporated in a code of fair competition to be drafted by the association for submission to Washington under
the terms of the President's industrial control bill, according to Benjamin
Schwartz, trade relations counsel of the association.
An agreement to eliminate piracy of designs in the manufacture of
pewterware was approved at the meeting. Flagrant copying
of designs has
always been followed in the industry by a cheapening of
quality, the cutting
of prices and the reduction of wages and employment, Mr.
Schwartz said.
Production of Bituminous Coal Continues at a Higher
Rate-Anthracite Output Reported Below that of
Corresponding Period Last Year.
According to the United States Bureau of Mines, Department of Commerce, there were produced a total of 5,115,000
net tons of bituminous coal and 688,000 tons of anthracite
during the week ended May 271933,compared with 5,050,000
tons of bituminous coal and 664,000 tons of anthracite in
the preceding week and 4,250,000 tons of bituminous coal
and 729,000 tons of anthracite during the corresponding
period last year.
Financial Chronicle
Volume 135
During the month of April 1933 production of bituminous
coal amounted to 19,523,000 net tons of bituminous coal
and 2,891,000 tons of anthracite, as against 23,685,000 tons
of bituminous coal and 4,519,000 tons of anthracite during
the previous month and 20,300,000 tons of bituminous and
5,629,000 tons of anthracite in April 1932. The Bureau's
statement follows:
ESTIMATED WEEKLY AND MONTHLY PRODUCTION OF COAL BY
STATES (IN NET TONS
-000 OMITTED).
Week Ended
Monthly Production.
Calendar Year to Date.
State.
May 20 May 13 April March
1933. 1933. 1933.c 1933.
1932.
1929.
605
73
379
3,230
1,019
260
427
2,577 2,699 6,271
590
696 1,938
1,857 2,173 3,687
12,508 14,838 21,967
4,251
4,571 6,473
1.027 1,346 1,514
1,813 1,994 2,585
463
95
20
2
24
16
15
285
1,393
49
14
37
157
17
432
98
22
1
24
14
18
311
1,372
50
13
34
150
21
1,550
440
88
8
103
65
83
970
5,345
200
60
140
590
75
1,780
624
117
36
152
80
160
1.395
6,120
240
63
165
656
93
7,640 7,975 14,589
2,544 2,767 5,407
471
591
946
128
210
266
656
774 1,157
374
442
911
728
649
708
5,502 4,888 7,004
23,905 26,263 47,284
1,003 1,150 1,807
238
201
383
937 1,125 1,076
2,776 2,674 4,264
421
633
952
1,150
308
55
1
1,129
319
61
1
4,190
1,043
246
5
4,609
1,135
257
10
t
.,C4MM
°Qt..
WON
19,665 20,748 31,905
4,605 7,520 11,775
1,143 1,460 2,325
45
68
74
5,050
664
5,080 19,523 23,685 20,300 97,402 108,455 178,168
724 2,891 4,519 5,629 15,492 18,334 24,557
41;
568
51
311
2,123
810
163
296
Mt.,4
141
13
75
486
193
41
61
Nt•OC:1192
,01
. O.
.M.
0.tO4V,PC4t.WWMVVVN
Total bit. coal
Penna.anthracite
1933.
139
19
69
429
188
43
64
OMM.t•0.0
N.41sWNOVM
0 NM,ONN
Alabama
Ark. and Okla
Colorado
Illinois
Indiana
Iowa
Kansas and Mo_
Kentucky:
Eastern
Western
Maryland
Michigan
Montana
New !Mexico__ _ _
North Dakota_ _
Ohio
Penna.(bitum.)_
Tennessee
Texas
Utah
Virginia
Washington._ _ _
West Virginia
Southern_ a.
Northern.b
Wyoming
Other States_ __ _
Apr11
1932.
Total coal
5.714 5,804 22,414 28.204 25,929 112,894 126.789 202.725
a Includes operations on the N. & W.; C. es 0.; Virginian; K.Is M.; and B.C.&
G. b Rest of State, Inc uding Panhandle. c Revised.
3987
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
Week Ended
May 27
1933.c
May 20
I933.d
Calendar Year to Date.
May 28
1932.
1933.
1932.
1929.
Bitum. coal
-a
Weekly total 5,115,000 5,050,000 4,250,000 117,457,000 123,785,000 213,289,000
Daily aver_ _ 853,000 842,000 708,000
940,000
992,000 1,706,000
Pa. anthra.-b
Weekly total 688,000 884,000 729,000 18,232,000 21,100,000 23.793,000
Daily aver_. 114,700 110,700 121,500
147,600
241,200
170,900
Beehive coke
Weekly tote
352,700 2,596,900
347,400
9,700
10,400
8,400
Daily aver__
2,799
2,757
1,617
20,610
1,733
1,400
a Includes lignite, coal made into coke, local sales and colliery fuel. b Includes
Sullivan county, washery and dredge coal, local sales, and colliery fuel. c Subject
to revision. d Revised.
Scrap Iron Code of Fair Competition Planned Under
President Roosevelt's Industrial Control Bill
Project to Spur Employment.
From the New York "Times" of June 6 we take the following:
A code of fair competition under President Roosevelt's Industrial Control
Bill, for the scrap-iron industry, to be presented for adoption at the annual
convention in Chicago in the week of July 3, was discussed at the annual
meeting of the New York Chapter of the Institute of Scrap Iron and Steel,
held last night in the Hotel New Yorker.
The code was drafted by Benjamin Schwartz, director-general of the institute. He said it would be one purpose of the code to bring about increased employment in the collection, preparation and distribution of scrap
iron.
Under normal conditions, Mr. Schwartz said, the industry employs about
200,000 persons. During the depression the number employed has been
about 50,000. The code will aim to remove unfair and wasteful competitive practices, such as cross-bauling of scra/p and wide fluctuations in prim
The following officers were elected: President, William E. Friedman;
Vice-President, Thomas F. Kelly; Secretary, George Betton ; Treasurer,
Joseph A. Moskowitz; Chairman of the Executive Board, J. L. Spitzer.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve bank credit
outstanding during the week ended June 7, as reported by
the Federal Reserve banks, was $2,220,000,000, an increase
of $12,000,000 compared with the preceding week and a decrease of $276,000,000 compared with the corresponding
week in 1932. After noting these facts, the Federal Reserve
Board proceeds as follows:
On June 7 total Reserve bank credit amounted to $2,214,000,000, a decrease of 24,000,000 for the week. This decrease corresponds with a decrease of $45.000,000 in money in circulation and an increase of $35,000,000
in Treasury currency, adjusted, offset in part by increases of $37.000.000
In member bank reserve balances and $40,000,000 in unexpended capital
funds, non-member deposits, &c.
Bills discounted decreased $6,000,000 at the Federal Reserve Bank of
Atlanta, $4,000.000 each at New York and San Francisco, and $25,000,000
at all Federal Reserve banks. The System's holdings of bills bought in
open market declined $9,000,000, while holdings of United States Treasury
notes increased $19.000,000 and of Treasury certificates and bills $.3.000.000.
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
"Chronicle," on page 3797.
The statement in full for the week ended June 7, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages, namely,
4046 and 4047.
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-non-member banks," representing the amount of segregated deposits received from
member and non-member banks.
A new section has also been added to the statement to show the amount
of Federal Reserve bank notes outstanding, held by Federal Reserve banks
and in actual circulation, and the amount of collateral pledged against
outstanding Federal Reserve bank notes.
Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended
June 7 1933 were as follows:
Increase (+) or Decrease (-)
Since
June 7 1933. May 31 1933. June 8 1932.
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
277,000,000 -25,000,000
11,000,000 -9,000,000
1,912.000,000
15,000,000
+22,000,000
+8,000,000
TOTAL RES'VE BANK CREDIT2,214,000,000 -4,000,000
Monetary gold stock
4,316,000,000
+1,000.000
Treasury currency adjusted
1,989,000,000 +35,000,000
Money In circulation
5,787,000,000 -45,000,000
Member bank reserve balances
2,204,000,000 +37,000,000
Unexpended capital funds, non-member deposits, &c
548,000,000 +40,000,000
$
-225,000,000
-25,000,000
+267 000 000
. .
-1.000,000
+16,000,000
+337,000.000
+193,000,000
+315.000.000
+92,000.000
+139,000,000
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 waiting until the following Monday, before which time the
statistics covering the entire body of reporting member banks
in the different cities included cannot be got ready.
Below is the statement for the New York City member
banks and that for the Chicago member banks, for the
current week, as thus issued in advance of the full statement
of the member banks, which latter will not be available until
the coming Monday. The New York City statement, of
course, also includes the brokers' loans of reporting member
banks. The grand aggregate a brokers' loans the present
week shows an increase of $64,000,000, the total of these
loans on June 7 1933 standing at $699,000,000 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 $611,000,000 to
$675,000,000, while loans "for account of out-of-town banks"
remain unchanged at $17,000,000, and loans "for account
of others" at $7,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Loans and investments-total
June 7 1933. May 31 1933. June 8 1932.
•
$
$
6,970,000,000 8,933,000,000 8,430,000.000
Loans
-total
3 459,000,000 3,427.000,000 3,703,000,000
On securities
All other
Investments-total
U. S. Government securities
Other securities
1,777,000,000 1,733,000,000 1,737,000,000
1,682,000,000 1,694,000,000 1,968,000,000
3,511,000,000 3.508,000,000 2,727,000,000
2,443,000,000 2,429,000,000 1,789.000.000
1 068,000.000 1,077.000,000 938,000,000
June 7 1933
Reserve with Federal Reserve Bank____ 856,000,000
38,000,000
Cash in vault
May 31 1933
3
868,000,000
44,000.000
Due from banks
Due to banks
66,000,000
77,000,000
85,000,000
1,398,000,000 1,356,000,000 1,082.000,000
611,000,000 335,000,000
31,000,000
17.000.000
7,000,000
7,000,000
Due from banks
Due to banks
635,000,000 373,000,000
Borrowings from F. R. banks
539,000,000
160,000,000
481,000,000
154,000,000
271,000,000
102,000,000
Chicago.
1,197,000,000 1,180,000,000 1,346,000,000
Loans and investments—total
640,000,000
On securities
All other
636,000,000 896,000,000
334,000,000
306,000.000
Loans—total
334,000,000 513,000,000
383,000,000
302,000,000
450,000,000
557,000,000
544,000,000
350.000,000
207,000,000
337,000,000 265,000,000
207,000,000 185,000,000
Reserve with Federal Reserve Bank
Cash in vault
200,000,000
32,000,000
187,000,000
36,000,000
221,000,000
16,000,000
Net demand deposits
Time deposits
Government deposits
903,000,000
356,000,000
7,000,000
879,000,000
360,000,000
8,000,000
905,000,000
384,000,000
8,000,000
Due from banks
Due to banks
219,000,000
274,000,000
222,000,000
255,000,000
144,000,000
273,000,000
Investments—total
U. S. Government securities
Other securities
4,000,000
Borrowings from Federal Reserve Bank_
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
The Federal Reserve Board resumed on May 15 the
publication of its weekly condition statement of reporting
member banks in leading cities, which had been discontinued
after the report issued on March 6, giving the figures for
March 1. The present statement covers banks in 90 leading
cities instead of in 101 leading cities as formerly, and shows
figures as of Wednesday, May 24, with comparisons for
May 17 1933 and May 25 1932. Corresponding data by
weeks beginning March 1 will be published, it is stated, in
the Federal Reserve Bulletin.
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 $735,000,000 and net demand,
time and Government deposits of $678,000,000 on May 24,
compared with $712,000,000 and $661,000,000, respectively,
on May 17.
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 covering the
same week,instead of being held until the following Monday,
before which time the statistics covering the entire body of
reporting member banks in 90 cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on May 31:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 90 leading cities on May 31 shows an increase for the week
of $133,000.000 in loans, a decrease of $36,000.000 in Investments, and an
Increase of $193,000.000 in net demand deposits.
Loans on securities increased 170,000.000 at reporting member banks
In the New York district and $65,000,000 at all reporting banks. "MI
other"loans increased $69,000,000 in the New York district and $68,000,000
at all reporting banks.
Holdings of United States Government securities increased $46,000,000
in the Now York district, and declined $29,000,000 in the St. Louis district,
$20.000,000 in the Boston district and $15,000,000 at all reporting member
banks. Holdings of other securities declined $36,000.000 In the New York
district and $21,000,000 at all reporting banks, and increased $7,000,000
in the St. Louis district.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $76,000,000 on May 31, or $2,000.000 less than the
week before.
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 $721,000.000 and net demand
time and Government deposits of $677,000,000 on May 31. compared with
$735,000,000 and $678,000,000, respectively, on May 24.
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 during the week and the year ended May 31 1933. follows:
Increase(+) or Decrease (—)
Since
May 31 1933. May 24 1933. June 1 1932.
Loans and investments—total ____16,426.000,000
Reserve with F. It. banks
Cash in vault
699,000,000
Total
On securities
All other
U. S. Government securities
Other securities
Net demand deposits
Time deposits
Government deposits
Borrowings from Federal Reserve Bank_
On demand
On time
8,485,000,000
3,713 000,000
4,772,000,000
+97,000,000
—460,000,000
+133,000,000 —1,607,000,000
+65,000,000
+68,000,000
4,948,000,000
2,993,000.000
—15,000,000 +1,174,000.000
—27,000,000
—21,000,000
1,624,000,000
205,000.000
—11.000,000
+7.000,000
+72,000,000
+30,000,000
10,918,000,000
4,282,000,000
218,000,000
+193,000,000
+4,000,000
—1,000,000
+558,000,000
—312,000,000
—5,000,000
1,333,000,000
2,812,000,000
+16.000,000
+58,000,000
+229,000,000
+252,000.000
76,000,000
—2,000,000
—71,000,000
May 31 1933.
Investments—total
5,758,000,000 5,749,000,000 4,967,000,000
687,000,000 688,000,000 759,000,000
40,000,000
87,000,000 105,000,000
Loans on secur. to brokers & dealers;
675,000,000
For own account
17,000,000
For account of out-of-town banks_
7,000,000
For account of others
7,941,000,000
Increase (+) or Decrease(—)
Since
May 24 1933. June 1 1932.
5
—36,000,000 +1,147,000,000
June 8 1932
741.000,000
41,000,000
Net demand deposits
Time deposits
Government deposits
Loans—total
June 10 1933
Financial Chronicle
3988
—622,000,000
—985,000,000
International Balance of Payments—Federal Reserve
Board Sees Tendency Toward Closer Balance of
International Transactions in United States,
France, England, &c.
Commenting on the recent figures of international payments, made available by the Department of Commerce, the
Federal Board had the following to say in its May Bulletin,
issued June 1:
Balances of International Payments: United States.
Publication by the Department of Commerce of official figures for the
international balance of payments of the United States in 1932 brings out
the fact that this country continued last year to show a surplus of international income on current account, which was balanced by an outflow of
capital funds, and an inflow of gold. During the year exports of merchandise from the United States exceeded imports by $250,000,000; and, In
addition, this country received $400,000,000 in interest and dividends and
$100,000,000 on inter-governmental debt, largely as interest. Against these
international receipts were balanced large tourist expenditures, immigrants'
remittances, and other items; but the net result was a surplus of $130,000,000 in current international income.
Long-time capital movements were also in the direction of the United
States, chiefly through the repurchase by foreigners of issues originally
floated by them in the United States. It was the favorable balance of
current income and the foreign purchases of dollar bonds that provided this
country With- funds to meet the withdrawals of foreign short-term balances,
which were on a large scale during the year, and in addition resulted in a
net growth of the country's stock of monetary gold. Excess of current
international income has been continuous in this country during the past
decade, but has diminished in recent years. In 1930 It was $710,000,000;
in 1931, $160,000,000; and in 1932, $130,000,000. The indications are
that for the first quarter of 1933 this country's current international income has been practically in balance and that the losses of gold during the
quarter have been attributable to the movement of capital funds.
France.
In France a similar development has been under way. No official statement of the country's international balance of payments is published, but
there is sufficient evidence to indicate the broader outlines of the situation.
The net current international income of France was largest in the years
immediately before and after de facto stabilination of the franc in 1926.
At the outset the surplus was reflected in increases in foreign balances;
later in an inflow of gold. Since 1928, however, there has been a marked
contraction in the international income of the country, and the heavy inflow of gold has reflected chiefly the repatriation of previously accumulated
foreign balances. In the last two years the excess of merchandise imports
to France has been greater than the country's receipts from tourists' expenditures, reparations, and income from foreign investments. As a consequence there has been a decline in foreign balances larger than is accounted for by the inflow of gold. Since the beginning of December 1932
the flow of gold has been reversed, and up to April 21 the Bank of France
had lost $100,000,000 from its reserves.
England.
A tendency toward a closer balance of current international transactions
has also been evident in England since 1931. In 1931 there was a deficit
of $470,000,000, reflecting an excess of imports over exports, together with
a reduced income from shipping and British investments abroad. In 1932
the income from shipping and foreign investments declined further, but the
excess of merchandise imports showed a larger decline, and the deficit was
less than half as large as in the preceding year. In the first four months
of 1933 available figures indicate that current international receipts and
expenditures of England were about in balance. The growth of $320,000,000
in gold reserves of the Bank of England between January 18 and April 26
represented largely a movement of capital funds into the country.
Germ,'fly.
In Germany, if reparation payments be included, there was until 1931 a
deficit on current international account. In that year the deficit, which
had been diminishing in preceding years, disappeared and was replaced by
a considerable surplus. This was due in part to the cessation of reparation payments after adoption of the moratorium in July 1931, but more
largely to the growing excess of German merchandise exports added to receipts from shipping and other services. The financial crisis which developed toward the middle of 1931, however, led to large withdrawals of
short-term capital from Germany and forced the introduction of a rigid
exchange control and the adoption of agreements designed to retain foreign
funds in Germany subject to partial repayment from time to time. In
1932 the excess of German merchandise exports was cut to about onethird of the volume of 1931, and in the first quarter of 1933 it has been
reduced still further. At the present time it is approximately equal to the
service of the foreign debt, after successive reductions in the rate of interest.
Balance of International Payments — Investments
Abroad by Americans r$15,252,000,000 in 1932—
Yielded but $217,000,000 Net.
With private long-term investments abroad by Americans
totaling $15,2452,000,000 at the end of last year, the Commerce
Department's Balance of International Payments for 1932
shows that receipts on the long-term capital account were
Volume 136
Financial Chronicle
$217,000,000 in excess of payments to foreigners for the year.
It was pointed out in ta Washington account May 30 to the
New York "Times" from which the foregoing is taken, that
the favorable trade balance for this country, maintaining a
status unbroken since 1893. was $289,000,000. This, it is
noted, was offset by payments to foreigners of $695,000,000
on account of freight and shipping costs, tourist expenditures,
immigrant remittances and other so-called invisibles, but
other credit items aggregating $537,000,000 from interest,
dividends and commissions, war-debts and the like gave a
net return of $131,000,000 to this country on its "current" account.
An earlier reference to the United States balance of
International payments appeared In these columns May 13,
page 3276. From the "Times" Washington account May 30
we take the following:
Position Viewed as Untenable.
The annual survey, compiled by Amos Taylor with the assistance of Paul
Dickens and Henry Shepherd of the Commerce Department's Finance and
Investment Division, is non-committal on the question of this country's
favorable merchandise trade for the future.
The figures it contains, however, are regarded in official circles as reflecting an untenable world economic position for this country, which, it is
contended, must eventually import snore goods than it exports or revive
its former liberal lending policy.
Bearing on this point, the analysis shows that, although the United States
maintained favorable export balances without foreign lending during the
past two years, short-term deposits maintained by foreigners in this country
for trade purposes declined by $1,080,000,000. In the withdrawal of shortterm funds, $709,000,000 left the country during 1931 and $371,000,000
during 1932.
Effect of IVithdrawals.
The result of these heavy withdrawals was to reduce foreign short-term
funds on deposit in the United States to about $600,000,000 by the end of
1932.
The inference from these figures is that United States exports during the
past two years have been largely financed by the withdrawal of the shortterm deposits and, since the practice could not go on indefinitely, this
country must begin again to make large loans to foreigners by way of
financing its exports or face defaults on the interest and dividend payments,
due from its $15,000,000,000 investment in foreign countries.
The analysis sets forth that no nation can pay indefinitely on its foreign
obligations more than it receives from foreign sources. A deficit in the
international balance sheet can be met, it is pointed out, either by shipments of gold or the supplying of goods and services to the creditor country.
With most of the gold supply largely controlled by the United States and
France, there has been little opportunity for adjusting balances by gold
shipment. As to the other alternative, it is observed that increased tariff
barriers and other impediments to trade effectively prevent debtor nations
from paying their obligations in goods and eervices.
This argument is expected to confront the American delegates to the
Economic Conference at London next month and, for this reason greater
importance is attached to the department's analysis.
Items in Investments Abroad.
The $15,252,000,000 estimated as the book value of the private longterm investments by Americans in foreign countries includes $125,000,000
of capital of banks and insurance companies in this country, but is
exclusive of the $11,800,000,000 of obligations of foreign governments to
the
United States Government.
Allowing for the $2,250,000,000 investment of foreigners in this country,
the net long-term indebtedness of foreigners to the United
States is about
$13,000,000,000.
Making up the gross total was $7,997,000,000 of direct investments
by
Americans, representing their participation in foreign commercial and
industrial enterprises. The remainder which, exclusive of bank and
insurance
capital, was $7,130,000,000, represented holdings of foreign securities
either
publicly offered in this country or purchased through
the international
security markets.
Americans bought $88,000,000 of publicly offered foreign
bond issues
during 1932, but of these $59,000,000 were refunding
issues. Deducting in
addition an estimated $2,000,000 for underwriters'
commissions, the net
subscription by Americans was $27,000,000.
There were also $225,000,000 of American
purchases of foreign securities
through security markets as distinguished from
public offerings, and $36,000,000 of new direct investments abroad in industrial
enterprises, making
g total of $288,000,000 in new American
private long-term investments for
the year.
Reducing Long-Term Credits.
From this total, however, there were deductions of
$561,000,000 on account of bond redemption and sinking fund payments
received from foreigners, resales to foreigners of direct investments and
resales to foreigners
of foreign stocks and bonds through security markets.
These deductions, more than off-setting the new American
private longterm investments abroad for the year, resulted in the
receipt in this
country of $273,000,000 of foreign long-term funds.
Against the latter there were net payments of $56,000,000
to foreigners
resulting chiefly from repurchases of American stocks
and bonds, with a
resulting excess of receipts over payments on long-term
international capital
transactions amounting to $217,000,00.
This marked the second consecutive year in which the
United States reduced its long-term creditor position.
Depreciation Not Reckoned.
In detailing American private long-term investments abroad, the
ment explains that no attempt was made to allow for depreciation departand that
the estimate was based on the book values of direct investments
and the
par values of portfolio investments or security holdings.
"Both types of investments are undergoing severe tests during
the present
world depression," the departments states, "and it is entirely
probable
that the recorded value will have to be reduced when the necessary
adjustments have been completed."
The estimate of the value of American investments in
foreign
was said to be subject to a deduction of about $1,300,000,000 par securities
value for
securities "repatriated to foreign countries."
3989
With these qualifications the department showed the geographical distribution of American long-term private and portfolio investments at the end
of 1932 as follows:
Portfolio.
Direct.
Region—
Total.
$2,073,000,000 $1,926,000,000 $3,999,000,000
Canada and Newfoundland
1,553,000,000 2,859,000,000
4,432,000,000
Europe
933,000,000
33,000,000
Central America
966,000.000
1,645,000,000 1,337,000,000
2,982,000,000
South America
1,075,000,000
1,209,000,000
134,000,000
West Indies
127,000,000
2,000,000
Africa
129,000,000
1,002,000,000
423,000,000
579,000,000
Asia
168,000,000
260,000,000
428,000,000
Oceania
$7,997,000.000 $7,130,000,000 $15,127,000,000
Total
125,000,000
Plus the capital of banks and insurance companies
Grand total
$15,252,000,000
Explanation for Trend.
In connection with the falling off of foreign loans the department states:
"One of the outstanding features of the United States balance of international
payments since 1930 has been the rapid decline in new public offerings of foreign
issues.
"The sharp decline in new underwriting during 1931 was a natural consequence
of the depressed state of the securities market, in which the dominating influences
were the deepening of the economic depression, world-wide monetary and banking
crises, interest and sinking fund defaults, on several foreign issues, and unfavorable
political developments in various foreign countries.
"These factors were further strengthened during 1932 by increasing defaults
on outstanding issues, rigid exchange controls, and deflationary movements, which
reduced international long-term lending almost to the vanishing point."
Future Net-Importer Position.
Although venturing no opinion in the report, which is a purely factual
document, the authors do not look to any considerable revival of American
long-term loans to foreigners within the next few years.
This belief is attributed to a public antipathy to such purchases in this
country as much as to the depression and gives rise to the prediction that
the United States may become a net importer rather than a net exporter of
commodities.
The report refers in this connection to the opinion widely held about
1922 that "when the return from our investments abroad rose to exceed the
volume of new investments an era of 'unfavorable' trade balances would
begin." That this era did not eventuate is not attributed to the large loans
or their equivalent in open accounts for merchandise trading which began
in 1919.
With the income from investments now exceeding the volume of new
investments being made, and with little prospect of exports being further
financed by short-term capital withdrawals, the opinion is gaining among
economists that the United States must accept an unfavorable balance of
trade in commodities in order to protect its foreign long-term investments.
Principal Items in International Balance of Payments
of United States for 1932-1931.
Supplementing the items which appeared in these columns
May 31 (pages 3276-3277) with reference to the United
States balance of international payments, we quote the
following from the June 1 number of the "Monthly Review"
of the Federal Reserve Bank of New York.
Balance of Payments of the United States.
The estimate of the balance of International payments of the
United
States for 1932, recently published by the Department of Commerce,
indicates a continuation of the tendencies which were apparent in the
previous year. These tendencies were associated on the one hand
with
the further decline in world prices and trade, and on the other hand
with
the repatriation of foreign central bank funds.
The decline in world prices and trade was reflected in a continued falling
off In income from private investments abroad and a further reduction
In this country's surplus of merchandise exports. Moreover, war
debt
receipts were reduced further as a result of the failure of some European
debtors to meet their December installments. These declines were largely
counterbalanced by a reduction in expenditures of American tourists
abroad, in immigrant and charitable remittances, and in net payments
to foreign countries on account of other current transactions, such as
shipping charges. As a result, this country's surplus of receipts on current account in 1932, estimated at $131,000.000. was not greatly below
the previous year's figure.
In addition to the surplus of receipts on current account, this country
is estimated to have received $217,000.000 through a net inflow of longterm capital. This was due principally to the repatriation by foreigns of
outstanding dollar obligations, sinking fund and redemption payments,
and the virtually complete suspension of new foreign security issues in
this country.
The combined receipts by this country on current and long-term capital
accounts are estimated at $348.000,000. The payments due on these
transactions were offset by an outflow of short-term capital, representing
chiefly the withdrawal of foreign balances, during the spring of 1932.
It
appears therefore that the forces associated with the world depression tended
to promote a movement of gold to this country,
while the repatriation of
foreign funds tended to produce an outflow of gold. That
these two
forces were of approximately equal magnitude
is indicated by the fact
that heavy gold losses during the first half of the
year were offset by equally
substantial receipts of gold in the latter half.
The principal items in the international balance of
payments of the
United States for 1932 and for 1931 are summarized
in the following table:
14- represents cash claims against foreigners; — represents cash
claims against U.S.)
1931,
I. Current account:
Merchandise
+5284,000,000
Tourist expenditures
Immigrant remittances and charitable —456,000,000
contributions
—202,000,000
Income from foreign investments
+536,000,000
War debt receipts
+113,000,000
Other current items
— 115.000,000
Total
+5160,000,000
II. Gold and currency:
Gold shipments and earmarklngs
+5176,000,000
Paper currency shipments
— 10,000,000
Total
+5166,000,000
III. Capital account:
Short-term capital movement
—709,000,000
Long-term capital movement
+218,000.000
Total
—$491,000,000
IV. Errors and omissions
+165,000.000
1932.
+5247,000,000
—375,000,000
—163,000.000
+393,000.000
+99,000.000
—70,003,000
+5131,000,000
—511,000.000
—80,000,000
—591,000,000
—371,000.000
+217.000,000
—$154,000,000
+114,000.000
Financial Chronicle
3990
Four-Power Pact Signed at Rome—Premier Mussolini
and Ambassadors of Great Britain, France and
German Initial Treaty to Assure Peace in Europe
for Decade—Mussolini Calls for Co-Operation of
Other Nations, Particularly the United States
Pact Goes to Parliaments for Ratification.
The four-power pact of co-operation and consultation
among Great Britain, France, Germany and Italy was signed
in Rome on June 7 by Premier Mussolini and the Ambassadors of the other three nations. The accord, which was
originally proposed by the Italian Premier, pledges the four
powers to collaborate within the framework of the League
of Nations and to co-operate in economic reconstruction. It
was planned to present it for immediate ratification to the
Parliaments of the four countries involved. In an address
to the Italian Senate shortly before the signing of the pact,
Premier Mussolini said that the treaty assures Europe of
peace for at least ten years. He added that the improved
atmosphere it will create will facilitate the solution of
current world problems. He said,further,that the agreement
opened the way for collaboration of all nations, and particularly the United States, without whose contribution no
substantial progress would be possible.
The pact itself is similar to preliminary drafts which had
previously been made public. It is to last for a period of
ten years and is automatically renewable unless denounced
on two years' notice. In initialing the accord, the representatives of the four nations signed a protocol pledging
formal ratification and signature as soon as possible. An
abstract of Premier Mussolini's address to the Italian Senate
is given below, as quoted from Rome advices to the New
York "Times" on June 7:
he said,
The pact, it is true, establishes a kind of hierarchy of nations,
that have
but it must not be forgotten that the four signatories are nations
permanent seats on the League of Nations Council. Some countries have
Eduard
been particularly noisy in their opposition, he declared, but even
Benes of Czechoslovakia, who is spokesman for the Little Entente, admitted
and
in a recent speech that he was not opposed to revision of treaties forever
inunder all conditions. Premier Mussolini made clear that there was no
tention to modify existing treaties by force. Besides, he added, revision
of treaties has been progressing continuously since 1919.
After having compared his original proposal and the final text of the
pact to show that all its essential points had been retained, the Premier said
the treaty was not directed against any nation.
He paid tribute to the part played by France in the negotiations. Much
false information, he added, has been circulated about the attitude of France,
but he wished it known that Premier Daladier never once replied with an
absolute refusal to any proposal.
"France is an essential element to peace and progress," he said. "By
adhering to the pact she has given an example of collaboration whose importance must not be disregarded. All Italo-French problems assume in
the light of the pact a totally new appearance and their solution becomes
very much easier."
As to Germany, Signor Mussolini said Chancellor Hitler's recent speech
to the Reichstag had been courageous and showed Germany wished peace.
The authorization given the German Ambassador to initial the pact was
concrete proof of the sincerity of her sentiments.
Denying a charge that the pact formed a united front of the four principal
European powers, the Premier said the treaty invited the collaboration of
all powers and in the first place of the United States, "without whose valid
contribution we can do nothing." Signor Mussolini stressed the word
"valid." The whole Senate turned toward United States Ambassador Breckinridge Long with warm applause.
The official English text of the four-power pact, as made
public in London on June 7, follows:
TEXT OF FOUR-POWER PACT.
AGREEMENT OF UNDERSTANDING AND CO-OPERATION.
The Preamble.
The President of the German Reich, the President of the French Republic,
his Majesty the King of Great Britain, Ireland and the British Dominions
beyond the seas, Emperor of India, and his Majesty the King of Italy.
, Conscious of the special responsibilities incumbent on them as possessing
permanent representation on the Council of the League of Nations where
the League itself and its members are concerned and of responsibilities resulting from the common signature of the Locarno agreements.
Convinced that the state of disquiet, which obtains throughout the world,
can only be dissipated by re-enforcing their solidarity in such a way as to
strengthen confidence in peace in Europe.
Faithful to obligations which they have assumed in virtue of the covenant
of the League of Nations, the Locarno treaties and the Briand-Kellogg pact,
and taking into account the declaration of the renunciation of force, the
principle of which was proclaimed in the declaration signed at Geneva on
the 11th of December 1932, by their delegates at the disarmament conference and adopted on the 2d of March 1933, by the political commission of
that conference.
Anxious to give full effect to all provisions of the covenant of the League
of Nations while conforming to the methods and procedure laid down therein, from which they have no intention of departing.
Mindful of the rights of every State, which cannot be affected without
the consent of the interested party.
Have resolved to conclude an agreement with these objects and have appointed as their plenipotentiaries the President of the German Reich, the
President of the French Republic, his Majesty the King of Great Britain,
Ireland and the British dominions beyond the seas, Emperor of India, for
Great Britain and Northern Ireland; His Majesty the King of Italy, who,
having exchanged their full powers found in good and due form, have agreed
as follows:
June 10 1933
Article I.
quesThe high contracting parties will consult together as regards all
effort to
tions which appertain to them. They undertake to make every
effective
pursue within the framework of the League of Nations a policy of
peace.
co-operation between all powers, with a view to the maintenance of
Article II.
In respect to the Covenant of the League of Nations, and particularly
Articles X, XVI, and XIX, the high contracting parties decide to examine
between themselves and without prejudice to the decisions which can only
be taken by the regular organs of the League of Nations all proposals relating to the methods and the procedure calculated to give due effect to these
articles.
Article III.
The high contracting parties undertake to make every effort to insure
the success of the disarmament conference, and should questions which
particularly concern them remain in suspense on the conclusion of that conference they reserve the right to re-examine these questions between themselves under the present agreement, with a view to insuring their solution
through the appropriate channels.
Article IV.
The high contracting parties affirm their desire to consult together as
regards all economic questions which have a common interest for Europe,
and particularly for its economic restoration, with a view to seeking a settlement within the framework of the League of Nations.
Article V.
The present agreement is concluded for a period of ten years from the
date of its entry into force.
If before the end of the eighth year none of the high contracting parties
shall have notified to the others its intention to terminate the agreement, it
shall be regarded as renewed and will remain in force indefinitely, each of
the high contracting parties possessing in that event the right to terminate
it by a declaration to that effect giving two years' notice.
Article VI.
The present agreement is drawn up in English, French, German and
Italian, of which the French text prevails in case of divergence. It shall
be ratified and ratifications shall be deposited in Rome as soon as possible.
The Government of the Kingdom of Italy will deliver to each of the high
contracting parties a certified copy of the proces verbena of deposit.
The present agreement will enter into force as soon as all ratifications
have been deposited.
It shall be registered at the League of Nations in conformity with the
covenant of the League.
Done at Rome, this seventh day of June 1933, in single copy, which will
remain deposited in the archives of the Government of the Kingdom of
Italy, certified copies will be delivered to each of the high contracting
parties.
In faith whereof the above-mentioned plenipotentiaries have signed the
present agreement.
Chancellor Chamberlain Explains'British Exchange
Equalization Fund.
From the New York "Times" we quote the following, under
date of June 1, from London:
Uneasy because the exchange equalization fund, now amounting to
£350,000,000, is handled by anonymous officials without any sort of check
by Parliament, Commons members to-day exacted a concession from Neville
Chamberlain, Chancellor of the Exchequer, who agreed to disclose the average monthly holdings to the end of the financial year. Hitherto the workings of the Exchange Fund have been a close secret.
Mr. Chamberlain warned that though the fund admittedly was expedient
it would not necessarily be closed if the economic conference reached an
agreement on currency stabilization. The fund was created, he said, for the
emergency arising from world-wide instability and not as a conference
manoeuvre.
British Tighten Control of ForeignY Capital Issues.
Tightening of control of foreign capital issues by the British Chancellor of the Exchequer was effected recently, it was
noted in a report to the Commerce Department's Finance
Division from Assistant Commercial Attache Charles E.
Lyon, London. The Department, on June 3, further said:
The Chancellor of the Exchequer stated that for the present it Is not in
the public interest that large blocks of securities should be purchased from
foreign holders, with a view to their sale in the United Kingdom, either
by an issue to the public or otherwise. He requested that if doubt existed
as to whether any particular transaction was in this category, inquiry should
be made at the Treasury.
In recent months two large transactions of this nature have been consummated, both involving the purchase by British interests of American-owned
shares in certain chain stores in that country. The main consideration
probably is the operation of the Exchange Equalization Account.
End of War Debts Urged by Lord Wakefield—British
t Leader Asserts at Least All Claims to the Interest
Should Be Given Up.
r
Under date of May 12 advices from London to the New
York "Times" stated:
Lord Wakefield, presiding at a meeting of the North British mercantile
Insurance Co In Edinburgh yesterday, said that before there could be any
question of stabilization or return to the gold standard in Great Britain it
was essential that a satisfactory and lasting arrangement as to war debts
be made.
Failing a decision to cancel all war debts, which in his view was a "wise
and sales-making" move, he suggested as a measure of partial relief that
creditor nations give up all claims to interest and treat all payments as
instalments of capital. He strongly emphasized "signs on both sides of the
water of a growing desire to find a real and equitable solution of the question,
one that would be not only honorable to all concerned but also to the mutual
advantage of the two great English-speaking nations and indeed the world
at large."
Indicating that the whole future prosperity of the world was linked with
currency and exchange, Lord Wakefield expressed hope that the Economic
Conference would arrive at a generally satisfactory arrangement whereby
Financial Chronicle
Volume 136
international monetary machines might again function normally and SO
provide the necessary means for the rehabilitation of world trade.
British National Debt Increases.
The British National debt in the fiscal year 1932-33 increased by a net total of £59,000,000, according to a report•
to the Commerce Department's Regional Division from
The
Trade Commissioner Roger Townsend, London.
Department's advices, May 11 said:
The total of all obligations of the British government at the close of the
past fiscal year, according to a recently published unofficial study, is given
as £7.642,000,000 compared with £7.433,000.000 at the beginning of that
year. The increase in the National debt,including that of the floating debt,
amounts to £209.000.000.
It was pointed out in the study that £150,000,000 of the increase of £209.000,000 was borrowed for use in the exchange equalization fund. After
deducting this £150,000,000 from the gross increase of £209.000,000. the
balance of £59,000,000 would appear to represent the real increase in the
British National debt during the past year. The £150.000.000 is presumably
represented by assets held by the fund in the form of gold, gold exchange,
or sterling, and is therefore not a real increase in the National debt.
The amount of this real increase in the National debt is approximately
equal to the total of three items of a somewhat exceptional character shown
In the National accounts as issues out of the exchequer, but not included
In the actual budget figures of current revenue and expenditure.
The sum of £2,666,000 was thus issued for interest on National savings
certificates which was paid in excess of the provision in the permanent debt
charge. Another item, amounting to £23.175.000, mainly represents the
sum issued to pay the 1% bonus to holders of 5% internal war loan who
converted into the new 3 % war loan within the specified time limit: it
also includes certain other expenses connected with this large conversion
operation. The third item of the three mentioned amounts to £33,798.000
and is the sum issued to repay outstanding balance of the franc and dollar
credits obtained by the British government shortly before suspension of
the gold standard, September 1931.
The National accounts as published by the British Treasury at the end
of the financial year include a statement showing the floating debt at
March 31 1933, as £810,445,000, which is £198,500,000 higher than at the
end of the financial year 1931-32, but the accounts do not contain a similar
statement on the National debt as a whole.
Changes In the British National debt during the financial year 1932-33.
because of conversions and other operations, are shown in the following
table:
CHANGES IN BRITISH NATIONAL DEBT DURING THE FINANCIAL
YEAR 1932-33. BECAUSE OF CONVERSION OPERATIONS AND
OTHER TRANSACTIONS.
Description.
Amount Outstanding.
march 31 1932.
March 311933.
Increase(+)or
Decrease (—I.
—2,085,000,000
5% war stock
2.085,000,000
% war stock, 1932
1,920.000,000 +1,920.000,000
—13,000.000
4ti% war stock
13.000,000
—80,000,000
414,000,000
Treasury bonds
494,000,000
294.000,000
3% conversion loan
+294.000,000
+5,000,000
5,000,000
2;i% conversion loan
+3,000,000
385,000,000
National savings certificates
382,000,000
—34,000,000
1,058.000,000
Other debt
Y1,092,000,000
-I 172.000,000
Treasury bills
604,000.000 :776,000.000
+27,000.000
:35,000,000
Temporary advances
8.000.000
209,000,000
Net change
x Includes debt to American Government. Y Includes United States and French
credits to British Treasury. z Including together borrowing o £150,000,000 for
exchange equalization fund.
British Bank Buys First Gold Since Abandonment of
Gold Standard by United States.
From London, June 4, a wireless message to the New York
"Times" said:
For the first time since the United States abandoned the gold standard
and a nremitrm on the Irene parity was established on the market price of
gold, the Bank of England has this week been a buyer of gold, although it
acts as usual through what the market describes as an unknown buyer who
is generally understood to be the Treasury.
The amount bought by the Bank of England was £340,000, and as this
purchase coincided with the disappearance of the premium, it is assumed
that the Bank of England has refrained from buying in recent weeks simply
because it was unwilling to pay a premium which at times was as high as
In. 3d. an ounce over the parity price.
Establishment of Ministry of Publicity Suggested in
London.
The establishment of a Ministry of Publicity, but not of
propaganda, was suggested by Sir Charles Higham, publicist,
at a meeting of the Publicity Club of London. Special correspondence, May 19, from London, to the New York "Times,"
which reported this, quoted Sir Charles as follows:
I see no reason why the Government should not use press advertising in
exactly the same way as the great business houses do—to create trade.
The publicity I mean is frank advertising of facts in the press. A State
publicity department should have nothing whatever to do with politics, but
should merely inform the public so they might know exactly what the Government was doing.
British Building Associations Have Assets
of $1,876,000,000.
The following London cablegram, June 6, is from the New
York "Times":
The Prince of Wales welcomed the delegates to the opening of the International Congress of Building Societies here to-day. He revealed the
"gigantic" work of these "geld-help" organizations, which in Great Britain
have become a most powerful aid in creating a property-owning democracy.
The assets of British building societies exceed £469,000,000 [about
$1,876,000,000], and they report having financed about half of the 2,000,000
houses built in this country since 1918. Since 1919 they have advanced
3991
£626,000,000 to assist in house purchases, and now about 2,500,000 individuals are using their service.
Turning to the United States delegates, the Prince said:
"In England we are glad to remember that the building society idea was
carried to the United States just over a hundred years ago by British workmen who migrated to Pennsylvania."
Viscount Ishii Proposes Change in League Covenant
and Kellogg Pact to Outlaw Treaty-Breaking and
Economic Aggression as Instruments of Policy—
Attacks Boycotts and Accuses China of Forcing
Japan to Employ Self-Protective Measures.
The League of Nations Covenant and the Kellogg Pact will
remain ineffectual and unjust instruments of international
peace so long as they fail to outlaw treaty-breaking and economic boycotts, as well as aggression by armed forces, according to a declaration by Viscount Kikujiro Ishii, Japan's
principal delegate to the World Monetary and Economic Conference, in an address delivered on May 31 at a private
luncheon at the Lawyers' Club in New York City. Viscount
Ishii defended Japan from charges of aggression by asserting that China had "systematically and persistently resorted
to treaty violation as an instrument of national policy," and
that Japan found it necessary to use force in self-protection.
"One of the worst forms of treaty violation and aggression,"
he said,"is the boycott." He contended that this should have
no legalized place in world relations, despite the fact that
the League Covenant "permits treaty violation to be perpetrated with impunity." As a remedy for this situation, Viscount Ishii urged that both the Covenant and the Kellogg
Pact be modified so that their provisions would specifically
outlaw treaty breaking and economic aggression, including
the boycott. No reporters were admitted during the talk, but
the text of Viscount Ishii's address was later released at
the offices of the Japanese Consulate-General.
The text of the address given by Viscount Ishii at the
Lawyers' Club in New York City on May 31 follows:
We are grateful to you for your kindness in inviting us to this delightful
gathering. Both Mr. Fukai and I are happy to meet our American friends
brought together in this congenial atmosphere.
We are almost on the eve of our departure from America. In a few days
we shall be on the high seas. When we look back over the 10 days which we
have spent in this country, our hearts are filled with a mingled feeling of
gratitude and satisfaction.
We are grateful, first of all, to the American Government, which has
been so solicitous of our personal comfort and convenience. The representatives of the State Department came clear across the continent to meet us at
San Francisco, and escorted us to Washington.
We have found the American people cordial. Wherever we have been we
have seen signs of friendliness. The press, too, has been accommodating
and considerate. Their reporters were invariably courteous and seldom
pressed for replies when the questions asked were of a nature that I did not
wish to discuss.
All this confirms my fond belief that America's friendly feeling toward
Japan has suffered no serious disturbance from the new developments which
have brought about a radical change in our part of the world in the past
score of months. I am convinced now more than ever that the friendship
which has bound our two nations together for 80 years rests upon a foundation too solid to be shaken by temporary disagreements.
I am happy to be able to tell you that our conversations with the President and the Secretary of State have been pleasant and gratifying. The
President was graciousness itself, and was open-minded and sympathetic.
So was the Secretary of State. Both were animated with a desire to understand the peculiar difficulties and problems which confront us in the Far
East. We bade farewell to them with a warm feeling of friendship and
appreciation.
In all my public utterances since my arrival in San Francisco I have done
my beat to steer clear of all problems of a political nature. But at a congenial, private gathering, such as has been so thoughtfully arranged by our
Consul-General, I may, perhaps, be permitted to give expression to an idea
which has for a long time been uppermost in my mind. It concerns the
covenant of the League of Nations. For some seven years I was intimately
connected with the League and I feel that I know something about it.
Needless to say, the object of the League is peace. In order to maintain
International peace it is most essential that the members of the League
should observe treaty obligations. If any one of the nations systematically
and persistently resorts to treaty violations as an instrument of national
policy, another nation whose vital interests are thus jeopardized will sooner
or later be obliged to employ force in self-protection. If the League of some
other organization does not provide preventive measures against such systematic and organized treaty-breaking, we cannot reasonably blame the
victim for taking the only available measure of self-protection.
One of the worst forms of treaty violation and abrogation is boycott.
In a certain specific case which we have in mind, the boycott has been so
serious as to threaten a virtual severance of economic and commercial relations with the nation against which it is directed. For more than 20 years
it has been practiced as a national policy at various intervals. At first it was
a boycott of an ordinary nature. But it has become more and more serious
as to its methods, its extent, and its intensity, until its avowed object is to
starve the neighbor nation against which it is aimed.
And it so happens that this neighbor nation, whose territory is congested
with population and whose natural resources are meager, depends largely
upon the nation which practices the boycott tor food stuffs and the essential
materials of industry. Boycott of this nature should be called economic
aggression. And it must be remembered that this ruthless economic aggression has for many years been carried on by the specific nation in question,
not necessarily as a reprisal against any grave provocation but usually as a
means of giving vent to grievances, real or fancied, which can be and should
be adjusted by the usual process of diplomacy.
If any nation in this modern world is permitted to break treaties at will
and to employ the most dangerous form of boycott every time it has dig-
3992
Financial Chronicle
agreements with its neighbor or neighbors, it is difficult to see how peace
among nations can be preserved._
dy? It
Does the League covenant provide any remedy? ' does not. Are there
any provisions in the covenant which will prevent any nation from breaking
treaties? None at all. The covenant, in its preamble, states that one of
the objects of the League is to maintain "a scrupulous respect for all treaty
obligations." That is all. The covenant is entirely silent as to the measures
to be taken against such a violator of treaties as I have described. The
result is that the League can do nothing to restrain or punish treaty violation of this nature. No nation, which suffers from it, can seek redress in
the League.
No doubt you have often wondered why Japan did not submit to the League
the question of China's wholesale treaty violation before the situation became so serious as to cause the regrettable incident of September 1931.
You have the explanation in what I have said. It was useless for Japan to
appeal to Geneva, because the League covenant contains no articles which
can be applied to such a case. And yet none can deny the gravity of the case.
If, as I have already said, a nation may with impunity break treaties in a
wholesale manner, and thus inflict intense suffering upon its neighbors, it
Is idle to talk of international peace. Indeed, scrupulous observance of
treaties is, and should be, the keystone as well as the foundation of any
peace organization such as the League of Nations. The covenant merely
expresses a pious hope for "a respect for treaty obligations," but it has no
provisions conceived to translate that hope into a reality. That is what I
call a grave defect of the League.
On the other hand, the covenant contains detailed provisions to punish,
and if possible forestall, what may be called aggression by force. These
provisions are set down in a number of articles. They are meant to prevent
any nation from employing force against another nation. They establish
the principle of non-aggression, which, of course, is desirable and essential
to the maintenance of peace.
But this principle of non-aggression, when divorced from the principle
of treaty observance, results in obvious injustice. Suppose that a nation
resorted to a wilful policy of treaty violation and schemed to starve and
cripple its neighbor nation; and suppose that the same neighbor nation
strove for many years to ameliorate the situation by peaceable means, but
was finally compelled to employ force for the sole purpose of self-protection—
which is the real aggressor ? Certainly not the neighbor nation which could
find no redress in the League or the Kellogg pact or in any other peace
system. It took the only available alternative, namely, force.
Yet the League covenant, as it stands, denounces the nation which uses
force, even as the last and only means of self-protection against treaty
violation, as an aggressor. Thus the covenant punishes aggression by force,
even when such aggression is deliberately provoked by treaty violation.
On the other hand, the covenant permits treaty violation to be perpetrated
with impunity. It attacks the effect without dealing with the cause. Any
peace organization which permits such obvious injustice and inequity is
bound to be ineffectual, and may in the end prove harmful.
Is there any remedy? I think there is. Include in the covenant new
provisions which shall deal with treaty-breaking such as I have described
in a manner similar to that in which aggression by force, or military
aggression, is dealt with in the existing provisions of the covenant. That is
the remedy. In other words, we must forbid treaty-breaking, just as the
League covenant, in its present form, forbids military aggression. Until
and unless this is done, the League cannot function, as has been proven by
the recent developments on the Slob-Japanese situation.
What I have said in regard to the League covenant holds good in regard to
the Peace Pact of Paris. I do not mean to put teeth in the peace pact.
I know that you will never agree to implement that pact with any articles
which will provide sanctions against the violator of that instrument. What
I wish to suggest is simply this—that the Kellogg pact should outlaw treaty.
breaking and economic aggression as an instrument of national policy just
as it outlaws the employment of force, i.e., military aggression. Unless this
suggestion is adopted, the Pact of Paris will entail the same injustice as
does the League covenant, and thus defeat its own purpose.
This is a very important matter. I hope you will think it over, for it is
a question which has a vital bearing upon the most important phase of the
proposal which your Government has put forth at the Disarmament Conference at Geneva. If you have any sympathy for what I have explained, you
will agree with me that it is not so simple to define an aggressor, and that
what the League covenant and the Kellogg pact, under their present imperfect
provisions, denounce as aggression may be, and often is, an act of selfprotection.
Only a few more words of a personal nature, and I close. In 1917 it was
my good fortune to carry away with me a memory of a great President who
combined in him the rare qualities of penetrating intellect and warm sympathy. I am grateful to be able to tell you that once again I am taking away
with me much the same memory of another of your great Presidents, who
has received us so graciously and who has opened to us not only his mind
but his heart.
On behalf of my colleagues and myself, I wish to thank you once more,
Mr. Consul-General, for your kindness in giving me the opportunity of
meeting your friends.
Viscount Ishii Praises Roosevelt Candor and Sincerity
—Head of Japanese Delegation to London Conference, in Radio Address, Pleads for Better Understanding Between United States and Japan.
A plea for greater understanding of Japanese aims and
aspirations by the people of the United States was voiced
by Viscount Kikujiro Ishii, headfof the Japanese mission
to the World Monetary and Economic Conference, in a
radio address broadcast from station WJZ on May 29.
Viscount Ishii said that his conversations with President
Roosevelt had confirmed his belief that the "desire on both
sides to maintain and promote the good neighborhood which
has bound our two nations together for 80 long years has
not changed." He added that he was "profoundly impressed
by the candor, the sincerity and the generosity" of the
President. The New York "Times," from which we have
quoted, continued, in part, in an account of the address
on May 30:
"At Washington we talked things over, not in the manner of conventional diplomacy, but in a heart-to-heart fashion, with deep sympathy
and genuine friendliness on both sides," he added. "We talked in words
June 10 1933
not of the mouth,!butiof the heart. We explored many fields. We exchanged views on many topics. On many points vi,e found ourselves in
accord. Your President was most gracious and accomodating. He was
keen but sympathetic, firm but fair. Be was anxious to understand our
hopes and fears, our aspirations and expectations. We were not bent
upon bargaining. Neither did we argue or debate. We just talked things
over as freind to friend. We compared our troubles and difficulties. Each
revealed his mind to the other, and we understood each other."
Viscount Ishii emphasized what he characterized as the traditional attraction of Japan for the United States, revealed in the adoption by the
Japanese of the American educational system and many things American,
and pleaded that "all this should not be taken lightly.
"It should be pondered and cherished." he said. "It goes much deeper
than surface indications. The friendship which is underneath those indications is not skin deep. It springs from the soul itself, it touches a warm
spot in the heart. Whatever you do, pray do not forget this. I admit
that in the past we have had occasion more than once to disagree with you.
But whatever disagreements have arisen between us have been disposed of
by mutual concession and mutual good-will. They have not been quarrels,
but only differences of opinion. They have been nothing more serious than
such differences as may often occur even between good friends and loving
brothers."
As an example, Viscount Ishii cited the immigration question. It was
"a grave matter," he said, "but we never quarreled with you about it."
Viscount Ishii pleaded that Americans try to understand "the peculiar
difficulties and the peculiar plight" with which Japan has to cope in the
Far East. He continued:
"Japan is a small country, the size of the single State of Montana. Yet
she supports 66,000,000 people, as compared with Montana's 600,000.
She lacks the essential raw materials ofindustry. Her territory is congested.
"Please remember that these regions are contiguous to a vast country—
vast in area and vast in population—whose aim is to subvert and destroy
the ideas and institutions and systems which you and we and most of the
civilized world consider essential and even sacred.
"Remember, too, that those regions are also contiguous to another
vast country where chaos reigns supreme, where lawlessness is the law and
misrule is the rule."
Japanese Government Replies to President Roosevelt's
Peace Message—Message Accepts Project "in Principle" but Is Indefinite on Aggression Proposals. ,
The formal Japanese reply to the message on peace and
.
disarmament, which President RooseVelt sent "to the rulers
and peoples of the world on May 16, was transmitted to
Washington on June 6. Japan expressed its "hearty
response" to the peace proposals and accepted the Roosevelt plan "in principle," but the message was guarded on
the matter of the proposed non-aggression pact. After
presenting the reply to Acting Secretary of State Phillips,
Katsuji Debuehi, the Japanese Ambassador to Washington,
said that his Government's note constituted an acceptance
of the President's proposals without reservation. The text
of the Japanese reply follows:
"It being the fundamental aim of Japan's national policy to contribute
toward establishment of universal peace and promotion of the common
well-being of mankind, the appeal of the President of the United States for
co-operation toward success of the world economic conference and the disarmament conference finds a hearty response on the part of the Japanese
Government.
"As regards the world economic conference shortly to be convened at
London, the Japanese Government are fully resolved to collaborate with
the other governments with the aim of delivering the world from the prevailing depression and bringing happiness and prosperity to all nations.
"The Japanese Government take the utmost interest in the work of
disarmament and are exerting their best efforts toward Its accomplishment.
They are confident that their objective in this is in harmony with the
noble desire of the President, which aims at securing firm assurance of
peace throughout the world. Their views upon the different steps in the
President's message can, if necessary, be presented as occasion offers.
"It is the sincere hope of the Japanese Government that those two conferences will. as speedily as possible, arrive at fair and reasonable solutions
of all the problems they have to consider and thus eliminate the difficulties
now confronting the entire world."
—
Switzerland to Pay In Gold.
Associated Press advices June 9 from Berne, Switzerland,
said:
The Swiss Federal Council decided to-day to continue to pay in gold
the interest on bonds floated in the United States.
Long, United States Envoy to Italy,
Presents Credentials.
Breckenridge Long, new United States Ambassador to
Italy, presented his credentials to King Victor Emmanuel
on May 31, according to dispatches from Rome on that date.
Ambassador Long arrived in Rome on May 29, when he
was welcomed by the embassy staff, headed by Counselor
Alexander Kirk, and by foreign representatives.
The nomination of Mr. Long, who was Assistant Secretary
of State in the Wilson administration, to be Ambassador to
Italy was sent to the Senate by President Roosevelt on April
20. He succeeds John W. Garrett of Baltimore at Rome.
Ambassador Long is 52 years of age, and was the Democratic nominee for the Senate from Missouri in 1920.
Breckenridge
Francis P. White Assistant Secretary of State, Chosen
Minister to Czechoslovakia—Acceptance by Prague
Awaited by United States.
Francis P. White, Assistant Secretary of State, has been
chosen Minister to Czechoslovakia, we learn from Associated
Press advices from Washington, June 5. The government at
Volume 136
Financial Chronicle
Prague has been asked if Mr. White is acceptable and a
favorable reply is expected momentarily. The nomination
is to be made soon thereafter. The advices continued:
Mr. White's appointment will leave vacant an important post in the
State Department. He has been Assistant Secretary in Charge of LatinAmerican affairs for several years and is a career diplomat.
Mrs. Ruth Bryan Owen, United States Minister to
Denmark, Presents Credentials to King.
Mrs. Ruth Bryan Owen, recently appointed United States
Minister to Denmark, presented her credentials to King
Christian X at Copenhagen on May 29. After the formal
ceremony she presented Counsellor North Winship to the
king, and Mrs. Owen was then received in special audience
by Queen Alexandria. From advices May 29 from Copenhagen to the New York "Times" we quote:
The Minister was received in the audience hall and handed to King
Christian a sealed letterfrom President Roosevelt containing her credentials.
The ladies and gentlemen of the Danish court were presented by the King.
After a chat with the King on topics of world concern Mrs. Owen was
ushered into the State chamber, where Queen Alexandria entertained her.
As she left in the royal coach the tall guards again beat their drums.
Mrs. Owen expressed her admiration for King Christian. She apologized
for her inability to speak Danish, promising soon to master the language.
She described Queen Alexandria as "friendly and human" and his Majesty
as "impressive" and said both spoke perfect English. She declared she
felt at home in Denmark and would try to promote friendly intercourse
between the two nations. She intends to write a number of articles and a
book for young Americans on caravaning in Denmark.
With her arrival in Copenhagen on May 23, Mrs. Owen
was welcomed on behalf of the Danish Government by Count
Carl Moltke, former Danish Minister to Washington.
Mrs. Owen said she was pleased at the thought of her new
post, and then continued, according to Associated Press
advices from Copenhagen:
My particular job will be to attempt to relieve economic relations between
America and Denmark, to get back a normal adjustment and to reduce
barriers keeping Danish goods from America and American goods from
Denmark.
I shall try to make relations much more intimate. No two people are so
akin in outlook, thought and sentiment.
United States Delegation to London Conference—
American Representation Comprises Secretary
Hull, Senators Couzens and Pittman, James M.
Cox, Representative McReynolds and Ralph W.
Morrison—Staff of Technical Advisors.
Four members of the United States delegation to the World
Monetary and Economic Conference at London sailed from
New York on the liner President Roosevelt on May 31. The
delegation was headed by Secretary of State Cordell Hull,
as Chairman, and comprised in addition, the following
members:
Senator Key Pittman, of Nevada, Chairman of the Senate Foreign
Relations Committee.
Representative Samuel D. McReynolds. of Tennessee.
Ralph W.Morrison, of San Antonio, Tex.
The other two members of the United States delegation
are James M. Cox of Ohio, Vice-Chairman, and Senator
James Couzens of Michigan. Mr. Cox sailed for London
on June 2 on the Olympic, while Senator Couzens left on
June 7. "If the world is sick enough to have gained any
sense, the World Monetary and Economic Conference will
be a success. The American delegation will do its best."
This was the farewell message of James M. Cox, former
Governor of Ohio as he sailed from New York for London
on June 2 on the steamship Olympic. Before sailing from
New York, Secretary Hull said that he hoped the conference
might conclude its work within a period of eight weeks.
He declared that there is the strongest reason for an agreement to lower trade barriers and stabilize currency exchange.
Secretary Hull was further quoted by the New York "Times"
on June 1 as follows:
"Our delegation naturally is keeping expressly in mind," he continued.
"the purposes expressed by the President a number of times, to the effect
that it is earnestly hoped that the London Economic Conference will be
able to conclude its work within eight weeks. Especially we hope this, as
It relates to a program dealing with the fundamentals of the economic
situation. The crisis in all countries is sufficiently great and urgent to
make six or eight weeks extremely important."
Asked whether there was any prospects of lowering tariffs, he replied:
"The fact that the entire world is in a state of bitter economic war and
all the world is at present functioning on an artificial basis affords the strongest reason for an agreement among the countries to lower trade barriers
and stabilize the currency exchange, with a corresponding restoration of
International finance and trade.
"The program as suggested by the agenda at the preparatory conference
applies measures that are equally important to the people of all countries,
and that if carried out would give remedies that would be equally beneficial
to all.
"The result of this is that there will be no occasion for bargaining and
therefore there should be an agreement as to the fundamentals of the situation in a.few weeks, that should equally apply to currency stabilization as
well as to trade barriers. That does not necessarily relate to the exact
time in which the agreement would be carried out. It might be carried out
more rapidly in one country and more slowly in another."
Mr. Hull added that speed is essential if the conference
is to halt trade disintegration. Senator Pittman, also inter-
3993
viewed before sailing, said that remonetization of silver
would help end the depression and could be accomplished
if the nations would agree to end the debasing of their silver
currencies and if 250,000,000 ounces of silver now held in
India could be distributed among other countries. All of
the members of the American delegation but Senator Couzens
are Democrats. Two nominal Republicans—Senator Hiram
Johnson of California and Senator Robert M. LaFollette of
Wisconsin, were offered posts by President Roosevelt but
declined. Accompanying the official delegation to London,
was a body of technical advisors.
Senator James Couzens Sails as Delegate to World
Monetary and Economic Conference—Comments
on Senate Inquiry into Affairs of J. P. Morgan
& Co.
Senator James Couzens of Michigan, member of the
United States delegation to the World Monetary and Economic Conference, sailed from New York for London on
June 7, and before his departure told reporters that he was
going to the conference without any fixed ideas, but with
the hope that something would come out of the meeting.
If it does not, he added, he will "return to the United States
a rabid isolationist." Further details of the interview with
Senator Couzens,as given in the New York"Herald Tribune"
on June 8,follow:
He has been one of the most active members of the Senate Banking and
Currency Committee in the private banking inquiry of the affairs of J. P.
Morgan & Co. He expressed regret that he had to leave Washington before
the investigation and hearings were concluded, but he thought that there
would be an adjournment for the summer months in about a week or ten
days.
"During the BUIIIIlleir months Mr. Pecora and the investigators will continue their examinations of the private bankers and investment houses,
and the hearings will be resumed in the fall," he continued. . . .
"I know of no legislation that we could enact which would prevent the
establishment of preferred lists. And I know of no way Congress could prevent bargains, whether of clothing or securities. These investigations
simply put the public and public officials on guard."
As for himself, the Senator said that his surplus funds were invested in
tax-exempt securities. If he invested in steel or sugar,for instance, ulterior
motives would immediately be imputed to him as a public official, he said.
Senator Couzens reiterated that the United States could be self-sustaining
by adopting a policy of isolation if no concrete agreements were made at the
London parley. But, he said he had no pre-conceived ideas and hoped
that agreements would result from the parleys that would make it possible
for international commerce to be conducted on an easier basis.
He said that although he was still a tariff protectionist, this did not mean
that he was against foreign products being imported here "freely." Tariffs
should be adjusted so as to balance the difference between the foreign and
domestic production costa, in his opinion. But the present fluctuations of
currencies has made it impossible to determine proper tariffs, he said.
"We shall strive for an international currency or exchange before taking
up other problems," said Senator Couzens. "Such a currency would enable us to measure the difference of costs in domestic and foreign products.
It would take the hazard out of international commerce and both buyer
and seller would have something stable to rely upon. So it seems to me
that this should be prior to any consideration of tariff adjustments and it is
vital to determine this first.
Otherwise, there can be no basis to determine production costs."
• •
Raising of World Price Levels, Currency Restabilization
on Gold Standard and Limitation of Trade Barriers
Listed by Neville Chamberlain as Three Main
Objectives of World Monetary and Economic Conference—Parley Must Succeed If Depression Is to
End British Chancellor of Exchequer Asserts.
Mutual concessions by all nations represented at the
World Monetary and Economic Conference will be required
if successful results are to be attained, Chancellor of the
Exchequer Neville Chamberlain told the House of Commons
on June 2. Mr. Chamberlain added that unless this is
realized it would have been better if the conference had never
been called. In such a case, he said, "we might despair of
emerging in our own time from depression, hardship and
suffering from which we hope the conference may deliver us."
The first objective of the parley, he stated, is the raising of
world price levels, while two other vital aims are an understanding on currency which will lead to world currency
restabilization on a gold standard basis, and the removal
or limitation of barriers to international trade. Fluctuations
of leading currencies must be ended in order to protect the
ordinary trade channels, Mr. Chamberlain said. The gold
standard, he asserted, is the single monetary basis which
is universally known and in which there is general confidence.
Before Great Britain will return to that standard there must
be an international accord on practical methods which will
assure a basis to operate properly.
The text of Mr. Chamberlain's address, as given in London
advices to the New York "Times" on June 2, follows:
I have been invited to give some further information concerning the
views and policy of the Government in entering the World Economic
Conference.
Of course, if all the nations which are going to attend the Conference
thoroughly agreed on what they wanted to do and how they wanted to do
it, there would be no need of the Conference at all. The very fact that
3994
Financial Chronicle
they are holding the Conference is based on the supposition that there is
not complete agreement and the purpose of the meeting Is to explore differences which might exist between them and see how far they could be
bridged.
If each nation were to attempt by laying down in definite, specific.
rigid terms what it was going to the Conference to get adopted, it would
be the worst possible way of approaching the task of diminishing such
differences in views as exist between them.
I don't think there can really be very much doubt concerning the purpose
of the Government in taking part in the Conference. It Is about objectives which have already been published. These objectives are fortunately
common to most of you In the House.
Sees General Agreement.
The agreement which exists here exists also outside.
I have seen a memorandum which has been prepared by the General
Council of the Trades Union Congress, which, I understand, will shortly
be made public. Somewhat to my surprise, I find very little therein to
which I would take exception, while, on the contrary, many passages—
it was on the work of the World Economic Conference—seem almost expressing the views of the Government. I feel the Government may consider then that in this Conference it is representing nearly the whole nation
Blithe objectives at which it is aiming.
I can go further, because we discussed these subjects at Ottawa, where
again we found there was the closest possible harmony.
I would classify these objectives under three heads—price levels, currency considerations and the abolition or reduction of barriers to international trade.
Consideration of Price Levels.
Regarding price levels, Mr. Lansberry [Independent Labor M. P. and
Commissioner of Works in the former Labor Cabinet] has pointed out that
in the last four years international trade has shrunk to one-third of what
it was and prices have fallen one-half. The fall in both cases was unprecedented in the whole history of the world. The results have been most
disastrous.
In agricultural countries there has been a very severe fall in the standard
of living and a corresponding drop in purchasing power. Some of the
most important customers of the industrial world are the agricultural producers, and they are probably responsible for quite half, possibly more,
of the demand for industrial goods.
When we find agricultural countries such as those of South America
and some in Europe suffering from a condition of things in which the prices
they have obtained for their produce has dropped to half of what they were
four years ago, it is not surprising that it is reflected in distress in the
agricultural countries and 30,000,000 unemployed throughout the industrial
world.
It is these considerations which have convinced the Government, and
I feel the Trades Union Congress, that the first objective ought to be the
raising of world prices to a more satisfactory level and their maintenance
at someting like that level. How is that to be done?
Renewed Confidence Needed.
I have always held the view that we cannot raise prices by monetary
action alone and that there are other vital factors entering the question
which cannot be neglected.
I am sure the revival of international trade is essential to an increase
in prices, and the revival of international trade is largely bound up with
the possibility of obtaining political tranquility and a general restoration
of international good-will and international confidence.
I cannot help feeling that there is still a great deal of confusion about
the idea of regulation or adaptation of production to consumption. It
is constantly spoken of as though it consisted solely in restriction of production, and theorists have said that, although that might produce some temporary alleviation in the situation, ultimately it must be a bad thing.
But that is not the reality which we have got to face. The reality is
that there is overproduction at present, and the restriction required is
restriction of overproduction.
The question of consumption is on the other side of the picture; and if
we increased the capacity for consumption, then we do not require to
restrict production but to expand production, and the process is not solely
one of restriction, but of restriction and expansion according as the capacity
for consumption varies.
It is sheer fallacy to say the Government believes production should
restricted and consumption allowed to take care of itself. We want to do
everything possible in increasing consumptive power. But to allow production to continue unchecked and unregulated in these modern conditions.
when It could almost at a moment's notice be increased to an almost indefinite extent, 18 absolute folly. In the direction of regulation agreed on
among producers lies, almost more than any other, the raising of prices,
which we so much desire.
Currency Stabilization.
Regarding currency, we want to protect the currencies of the world
from fluctuations having no relation to their intrinsic values, fluctuations
the extent of which cannot be foreseen, but which come suddenly and
unexpectedly and are fatal to the ordinary processses of trade.
We have done what we can in this country, through the instrument of
the Exchange Equalization Fund, to avoid these unnecessary and undesirable fluctuations in sterling, and of course we will continue to do so.
But we hope at the Conference, by an exchange of views, to arrive at some
agreement as to further steps that may be taken,leading ultimately to what
we must regard as the complete essential to thorough restoration of finance
and trade—namely, a stable international monetary standard.
So far as I have been able to judge, there is only one standard which
is familar to everybody and which could inspire confidence provided certain
conditions are observed, That is, of course, the god standard; and whatever might theoretically be adduced about the best standard, obviously
in this work-a-day world we have got to try to fix on a standard which will
be accepted and worked by the nations as a whole.
Before we can return to any gold standard—I am not of course suggesting we should go back at any particular parity—we must be satisfied that
practical means are going to be taken to insure that the gold standard will
work and will not be subject to those defects which brought it to the ground
not so very long ago. That is a matter of the utmost importance, and I
earnestly trust one to which the Conference will give serious attention.
To Remove Trade Barriers.
The third objective Is the removal of abnormal barriers to international
trade.
Exchange controls are now found in some 40 countries and they have
made trade absolutely impcssible. They have been imposed in countries
which are nervous about their currencies and have been imposed for the
protection of those currencies.
In order to get the system removed, we must remove the causes, and
until we can get some sort of revival of confidence; Until they could get.
the reserves of central banks strengthened where they were weak, and some
June 10 1933
revival of financial standing, I do not see very much hope for speedy
removal of exchange controls.
There again the meeting of creditor and debtor nations alike would
give unexampled opportunities for discussion, and I cannot think they would
part without having made some substantial, concrete advance toward a
solution of that very difficult problem.
Regarding restrictions and quotas. I think I can see some yielding in the
rigidity of views for the necessity of such quotas, and I am not without
hope that we might find some nations who, having tried these experiments.
would for the purpose of better understanding and better feeling between
nations, be prepared to relax.
Tariff Question.
Finally there is the question of tariffs. Some members seemed to
think there was an inconsistency in the attitude of the government which
has been occupied for many months building up tariffs and is now desirous
of seeing other nations reduce theirs.
I see no inconsistency myself, because everything depends on the areas
of the tariffs or the height of the tariffs.
We have tried the experiment of leaving ourselves completely open
to the importation of foriegn goods, while others built up walls against
us. The result very nearly landed us in disaster, and there can be few now
who would like to go back these days to the condition of so-called free
trade, but really only of free imports, which existed a few years ago.
We do not ourselves desire to make our tariffs of a prohibitive character,
and we are quite certain the continual raising of these walla until they are
no longer merely a check, but are a complete barrier to the passing of
trade over their tops, is a policy which has been injurious, not only to the
countries against whom those barriers have been erected but to those who
tried to be self-sufficient within their own walls.
Trade Must Pay Debts.
After all, the creditor nations ought to have realized, they must realize
anyhow that commercial debts can only be paid in goods and services.
and unless they are prepared to take goods and services, they cannot expect
to have those debts paid.
Revival of trade depends, in my opinion, upon acceptances of these
three main objectives by the Conference. I have very little doubt there
will be a wide measure of agreement upon the main issues, but I dare say,
when we come to the mesalires to be taken to put them into effect, we may
find that a good deal of work will have to be done before we can line up
with one another.
Nevertheless, there is one observation made by the previous speaker
which struck me as being particularly happy and to the point, when he
said the delegates would be coming to this Conference with faith and of
necessity.
This is perfectly true. Necessity drives us all, and we all must realize
even now, after this tremendous shrinkage which there has been, shrinkage
which has not yet ceased, and unless we can put aside something of our
prejudices, unless we are prepared each of us to give something in order to
secure some agreement from others; if, in short, this Conference fails to
achieve the purposes which have brought it together, amid the expectations
and hopes of all the world, then, indeed, It would have been well of the
Conference should never have been called.
We might despair of emerging in our time from the depressions, hardships and sufferings from which we hope this Conference may deliver us.
Separation of the war debts from the Conference agenda is inevitable.
I think;for, after all, the war debt is not a debt by the Conference as a whole;
it is a debt between individual nations and other nations, and can only
be settled by negotiation and discussion between debtor and creditor.
What have the other 30 or 40 nations to do or say upon the subject of war
debts? It has been discussed between the parties concerned.
Avoids Issue of Default.
I have been asked whether I cannot make some suggestion which would
free us from the necessity of default. The Government of the United
States are in full possession already of the views of our Government. They
were expressed officially in a communication which we made to them
when the December instalment was paid.
They since have been further developed in the conversations that took
place between the President and Prime Minister, and if I say nothing
more now it is because at this moment any words of mine,however innocuous
my intentions might be, might be subject to misunderstanding on the
other side of the water. I am not prepared to take any risk of saying what
might, however inadvertently, prejudice the chance of a satisfactory
solution of this very delicate question. But I think we should do well to
assume that our difficulties are fully appreciated by the American Government and there is no desire on their part to do anything to emphasize those
difficulties or which would prejudice the success of the World Conference.
That is all I feel I can say en the subject of the war debts.
At the Conference itself the very greatness of the emergency and desperate nature of the situation will themselves,I think, put all the delegates
in a mood to do their best to make the Conference a success. For myself,
it is in a spirit of optimism and confidence that I shall go to the Conference,
and I trust the House will feel it can approve the account which I have
given of the general objectives which we shall pursue and that it will be
prepared to trust us to do our utmost to see that those objectives are
attained in whatever way may seem possible to us as the Conference procoeds.
Government Order Against Gold Hoarders Challenged
by C. S. Thomas, Former United States Senator.
Charles S. Thomas, a former United States Senator,
former Governor of Colorado and long-time bimetalist, has
asked the Government to place him in the penitentiary for
possessing $120 in gold, according to Associated Press advices
from Denver May 3, which added:
The 84-year-old statesman has written to Ralph L. Carr, District At
torney, expressing objections to the order of President Roosevelt that all
gold be turned in to the Government. His letter follows:
"I am the owner and possessor of one hundred and twenty dollars ($120)
in gold. which I have acquired in order to qualify myself for the penitentiary pursuant to the recent edict of the President of the United States.
"Being entitled under the prevailing laws of the country to its retention.
I shall not comply with the Presidential requirements and surrender it to
the authorities, preferring to use my few remaining years in testing the
extent to which the Executive power can compel a citizen to comply with
its demands.
"I am, therefore, at your service as desired."
Carr said he had received the letter but would not discuss his plans.
The President's order prohibits any one from holding
more than $100 in gold except under license.
Volume 136
Can Government Compel Citizens to Yield Hoarded
Gold?—Reported that Delay in Preparing Legal
Action May Obviate Test Case if Emergency Is
Dissolved in Near Future.
From the "United States Daily" (bearing date April 29May 2) we take the following:
If the emergency which has forced the Government to call for the surrender of all private gold should dissolve reasonably soon, the Constitutionality of the anti-gold-hoarding Executive order may never be tested in
court. The Attorney-General, Homer S. Cummings, made this statement
May 4.
Sifting of the information on hoarding preparatory to using it as a basis
for action will take some time, and in addition court procedure may be long.
he stated. Before all the steps are completed, the gold emergency maybe
removed by international or national action.
Test Case in Prospect.
Meanwhile, a test case on the validity of the anti-hoarding order seems
In prospect. Can the Government force a citizen to surrender gold in
exchange for other legal tender? The Attorney-General insists that the
order issued by the President requiring them to do so undoubtedly is constitutional. Others, including Senator Borah (Rep.), of Idaho, maintain
it is not.
When the first test case under the order will be raised still is uncertain.
Attorney-General Cummings stated May 3 that the Treasury Department,
having amassed a great deal of information on hoarding, is checking it to
eliminate errors. After this task is completed, the evidence will be turned
over to the Department of Justice as a basis for action.
Delays in Procedure.
Meanwhile, if legal action is taken against any hoarder, it will be only in
cases where the district attorneys involved have collected sufficient evidence. Small hoarders and those who immediately deliver up their gold
are practically assured of freedom from prosecution at any time.
Although liable to prosecution by holding gold after the deadline of May 1,
hoarders who turn in their gold immediately will be doing "a very wise
thing," the Attorney-General said. He pointed out that it will be some time
before the Treasury's information will be in shape to serve as a basis for
action.
Publicity Considered.
In this connection he admitted that necessary delays could be so long
that the emergency gold restrictions might be dissolved before they were
tested in court. In this event prosecutions might never be completed.
Meanwhile, publication of the names on the Treasury's list of hoarders
is being considered, the Attorney-General said. He added that the Government would endeavor not to "pillory" anyone unneceesrily. Under the
Emergency Banking Act the penalty for hoarding is not more than 10 Years
in prison or not more than $10,000 in fines, or both.
Of the $4,312,000,000 worth of gold in the country on May 3, according
to Federal Reserve Board figures, $3,435,600,000 was in the Federal Reserve banks, another $144,600,000 was in the Treasury, and the remaining
$700,000,000 or more is outstanding.
Gold Export Permits.
On May 1, the last day of the return of gold, the Treasury Department
Issued regulations covering the possible licensing of gold holidays. Licenses
can be issued for gold for use in industry, for gold extracted for export
from imported materials, for export in certain instances and for certain
other uses exclusive of hoarding.
The export of gold will be permitted in only four circumstances, however,
according to the regulations. Gold may be exported when it already has
been earmarked for foreign account, when it is imported for re-export,
when it is required to fulfill an agreement entered into prior to the gold
embargo, when the President and the Secretary of the Treasury deem it
in the public interest,
In addition to these specific types of cases, the Treasury will consider
other applications for the retention or acquisition of gold.
The regulations governing the distribution and exports
of gold are given elsewhere in our issue to-day.
Views of Hornblower & Weeks on Effect of Gold Repeal
Resolution on Gold Mining Shares and Other
Securities.
Hornblower & Weeks in their current "Weekly Observations" discuss the effect on the gold mining shares and on the
investment status of other securities, of the enactment of
the resolution nullifying the gold clauses in existing bond
debentures.
It is pointed out that the history of inflation in other
countries has shown that gold tends to appreciate faster than
any other commodity. Because of this, it is noted, the investment position of equity holders in railroad shares, public
utilities and certain industrials might have seen their equities
jeopardized by the strict enforcement of gold clauses which
were issued in such quantity as to have made their payment
impossible. The report states that the tendency of gold
to advance rapidly is understandable at present, for while.
international measures are being taken to control the output
of most of the commodities of the world to bring them into
line with consumption, there is at the moment a world
scarcity of gold.
The report further states that the world wants gold and
now that it appears that the United States is willing to pay
a premium to get it, gold mining will be recognized by investors as a favored industry. In addition to the gold
mining shares, the enactment of this resolution as a law, it
is argued, is bound to improve fundamenatlly the investment
status of the common and preferred shares of our railroads,
public utilities, oils, peeking stocks and other industrial
companies which were formerly subjected to funded debt
with gold contract clauses.
3995
Financial Chronicle
Gold Holdings of Bank for International Settlements
Reported Highest in Its History.
Basle (Switzerland) advices June 6 to the New York
"Times" stated:
The World Bank is now holding the largest amount of gold in its history.
Officials declined to-day to give the figure, but they said it was a "very
substantial" one; that the gold holdings had increased considerably recently.
Banking quarters attribute the rapid growth in this function of the Bank
to fears caused by the action of the dollar, apprehension for currencies
remaining on the gold standard and to the lowness of interest rates.
These factors, they think, combine to cause central banks to convert
their assets into gold as the only safe thing and to entrust the gold to the
World Bank as the only institution 'which is dominated by no national
government.
The gold accounts of the Bank do not figure in its monthly statement.
Paris Said to Put Gold Base as Uppermost Need.
The following from Paris, May 27, is from the New York
"Times":
The French Government backed by Parliament is firmly opposed to
abandonment of the gold standard, nor do rumors which were circulated
concerning the possible currency failure in Holland seem justified.
The Dutch situation seems much improved. Although countries whose
currency has remained attached to gold are determined not to detach it
voluntarily, anxiety concerning the future will persist as long as the dollar
and pound are not definitely stabilized.
It is the unanimous opinion here, as the experts who were nominated
prepare for the London conference, that a return to the gold standard is a
primary condition for the re-establishment of normal commercial interchange. It is thought that if this question is not solved before June 12, or
at least if not agreed that it will be discussed prior to any other question
at the opening of the conference, it would be quite useless for France.to
attend the London conference.
Unfortunately, it is said, no signs have been given that either England
or America are disposed to commit themselves concerning stabilization of
sterling or the dollar.
Statement of Bank for International Settlements for
May 31 —Cash on Hand Totals 6,961,642.37 Swiss
Gold Francs, Compared with 8,069,922.26 on
April 30.
A wireless to the New York "Times" of June 6 from
Basle, Switzerland, June 5 noted the following:
"The Board of Governors of the Bank for International
Settlements went over President Leon Fraser's statement
of the World Bank situation on May 31 when it was given
out. It shows the Bank's funds balance at 720,565,496
Swiss gold francs, or about $6,000 000 less than a month
-day deposits of central banks
ago. The decline is all in 90
for their own account. The liquidity of the Bank remains
extremely high, as before.
Associated Press advices from Basle June 5, in reporting
the statement, said:
Following is the balance statement of the Bank for International Settlements, giving its condition as of May 31, as made public here to-day.
Figures are in Swiss gold francs at par. 19.3 cents:
April.
May.
Assets—
I. Cash on hand and on current account with
8,069,922.26
6,961,642.37
banks
43,896,539.79 23,597,926.50
IT. Sight funds at interest
III. Rediscount bills and acceptances:
Commercial bills and bankers' accept1.
238,174,787.01 234,715,784.49
ances
167,320,275.98 237,494,761.71
2. Treasury bills
405,495,062.99 472,210,546.20
Total
IV. Time funds at interest not exceeding three
110,731,797.59 95,227,641.73
months
V. Sundry bills and investments:
months:
I. Maturing within three
3.5,572,769.80 20,243,850.06
a. Treasury bills
47,777,030.37 71.724,487.70
b. Sundry investments
2. Between three and six months:
8,300,312.95 23,816,294.19
a. Treasury bills
59,539,816.26 35,778,844.58
b. Sundry investments
601,270.78
594,808.79
3. Over six months
Total
VI. Other assets
151,784,738.17 152,164.747.31
1,014,867.31
1,695,715.19
Total assets
Liabilities—
I. Paid up capital
II. Reserves:
1. Legal reserve fund
2. Dividend reserve fund
3. General reserve fund
720,565,496.10 752,285,651.31
125,000,000.00 125,000,000.00
2,021,691.48
3,894,823.45
7,789,646.89
Total
III. Long term deposits:
1. Annuity trust account
2. German Government deposit
3. French Government guarantee fund
1,318,467.03
2,689,570.55
5,379,141.10
13,706,161.82
9,387,178.68
152,623,750.00 153,083,750.00
76,311,875.00 76,541,875.00
56,917,710.16 60.507.353.97
Total
285,853,335.16 290,132,978.97
IV. Short term and sight deposits:
1. Central banks for their own accounts:
a. Not exceeding three months
139,599,410.93 164,282,693.50
b. Sight
95,527,788.91 103,461,957.37
Total
235,127,199.84 267,744.650.87
2. Central banks for the account of others:
Sight
10,188,886.79 10,050,491.19
3. Other depositors:
a. Not exceeding three months
3,330,020.00
b. Sight
3,271,072.73
6,567,153.84
Total
V. 6‘", shareholders' dividends_ _7,335,000.00
VI. Participation of long term de2 410,505.79
positors
Total
VII. :Miscellaneous items
Total liabilities
6,657,153.84
6,601.092.73
34,377,252.86
43,369,258.87
9 745,505.79
720,565,496.10 752,285,651.31
3996
•
Financial Chronicle
June 10 1933
Gold Mines in South Africa Face New £6,000,000 Tax.
Under date of May 30, Canadian Press advices from Cape
Town, South Africa, stated:
The present system of government in America he described as a "dictatorship in a democratic dickey."
The Minister of Finance, N. C. Havenga, in his budget address in the
House of Assembly to-day announced that the Government would take an
additional £6,000,000 from the country's gold mines in the form of a new
tax. This will represent about one-third the additional profit resulting
from South Africa's abandonment of the gold standard.
He said the tax would be levied on a graduated scale on the balance
remaining after allowances and decutions were made. He maintained
that the scheme would encourage a sound policy of development in the
mines by freeing from other taxation any share of the premium used for
this purpose. It would also penalize by higher taxation any mine failing
to take advantage of this opportunity.
Devalued Franc is Urged in Paris—"La Liberte" Predicts Deficit of 18,000,000,000 Francs by End of
the Year—Edouard Herriot Backs Cabinet.
Paris advices June 4 are taken as follows from the New
York "Times":
Manchukuo Proclaims Embargo on Gold Export.
From Changchun, Manchuria, June 5, United Press
advices to the New York "Herald Tribune" said:
The Manchukuo State Council to-day imposed an embargo on gold
shipments and provided for Government purchase of all gold mines in the
country.
Former Vice-President Curtis Becomes President of
New Mexico Gold Producers' Co.
Announcement was made in Washington June 3that former
Vice-President Charles Curtis had accepted the Presidency
of the New Mexico Gold Producers' Corp. Press advices
from Washington June 3 to the New York "Herald Tribune"
said:
Mr. Curtis returned to private life on March 4 after more than 50 years
of public service.
The properties of the New Mexico Gold Producers' Corp. have an historic
background. They stretch from the town of Embudo, Rio Arriba County.
New Mexico, northward for 16 miles along the Rio Grande to the mouth
of the Rio Taos, in Taos County, near the Colorado border. The southern
end of the property lies about 60 miles to the north of Santa Fe, while the
northernmost point is 14 miles south of Taos. county seat of Taos County.
Eventual Return to Gold Standard British Objective
According to Sir Josiah Stamp.
British officialdom is intent upon eventual return to the
gold standard, but does not mean to act until events have
clearly demonstracted what the proper ratio should be between the pound and the dollar and between the pound and
gold, according to Sir Josiah Stamp. Director of the Bank
of England and President of the London, Midland & Scottish
Ry. Sir Josiah spoke thus at a dinner given by the Economic
Club of Chicago on June 1, attended by business and financial leaders. The following regarding what he had to
say is from a Chicago account June 2 to the New York
"Times":
"The foreign trade aspect of exchange stability between two currencies
is most important to the country with the greatest dependence on foreign
trade," he said. "We could not expect that the American dollar price level
would be doubled while the British sterling level remained constant. We
should certainly find that the British price level mould rise, too, so that
the exchange rate would not need to change to so great an extent."
His hearees interpreted this to mean that inflation could not go too far
in the United States without provoking competitive inflation in Great
Britain.
Sir Josiah spoke in an optimistic way of the current American explorations
in managed currency, but he warned that monetary science was by no
means an exact mathematical study and that unforeseen difficulties might
arise.
"There is a great deal of unreasoning prejudice against the mere term
Inflation. Because of past history, which is in no way comparable," he
said, "I should no more call the reflation which is now taking place from
these ruinously and abnormally low price levels inflation than I should call
a man a mountaineer when he is coming up from the cellar.
"We are increasingly realizing that monetary science can never be exactly laid down. It is subtle compound of the quasi-mechanical and
Quantitive forces and equivalents of the pure quantity theory of money
with an attitude of mind about money, and if that attitude changes, some
of the principles will refuse to work.
"The element of confidence is capable of much wider variation than we
had thought and taken beyond certain limits in either direction, it renders
pcosible or impossible, as the case may be, the application of our principles.
"If people in the mass persist in thinking that certain monetary mechanism is not safe, they will certainly succeed in making it unsafe. In the
field of currency mass psychology has the greatest scope of economic derangement."
It was not impossible that current workings of this combination of
tangibles and intangibles might result in an altogether changed value being
placed upon gold itself, he said.
"What will be the future value of gold?" he continued. "So long as
we are discontented with non-gold currencies and regard gold as a safe
haven to which we hope to return, it will be important and desired. But
If we get on well without it. and it has no monopoly of current basis, it
may rapidly become less valuable in relation to goods; gold prices may rise
rapidly and pass the old parity of dollars and sterling, and our currencies,
instead of being devalued in terms of gold, would all be supervalued."
The goal sought by Great Britain in abandoning the gold standard and
cheapening money, he said, was to protect the nation's balance of trade
and prevent real wages from consuming a disproportionate share of national income.
Any one of several factors, political nationalism, general inability to
arrive at a common view of the gold standard, unwillingness to suffer
individual disadvantage, and conflict of personal interests, might wreck
the London monetary conference. Sir Josiah said.
The very openness with which nations would be forced to deal with
each other at the conference might defeat their purpose.
"We all live in glass houses," he commented, "and it is a pity we can't
undress in the dark."
Predicting that the budget deficit would reach 18,000,000,000 francs by
the end of this year, the Nationalist newspaper "La Liberte" says to-night:
"The road to the franc's devaluation is now clearly indicated."
"Parliament has just voted the 1933 budget in deficit," says"La Liberte."
"to the extent of 3.600,000,000 francs. In reckoning that figure, it counted
that receipts would be 49,270,000,000 francs, but during the first four
months of the present year tax collections amounted to only 11,000,000,000
francs. At this rate the Government would collect a maximum of 35.000.000,000 francs for the year. The real deficit then, next December, would
be about 18,000,000,000 francs."
Andre Tardieu, leader of the opposition in the Chamber of Deputies,
launched another vigorous attack on the Government's financial and
foreign policies in an address delivered to-day at a political rally at Ambert.
These policies were stoutly defended, however, by Edouard Herriot,speaking to-night at the inauguration ceremonies for the new law school at Culoz.
"Instead of preparing for national defense." said M. Tardieu, "we
are waiting for invasion. Instead of looking after finances we are waiting
for bankruptcy."
M. Herriot's speech was more optimistic.
"We have just found 11,000,000,000 francs to cover the internal deficit."
he said, "and can look forward to recovery next year of our industrial and
agricultural balance. We are working for peace, and I persist in believing
the best formula for obtaining it is that which I advanced in 1924—arbitration, security, disarmament."
France Protests to Tokio on Loan—Repeats Demand
for Payment in Gold, Under Decision of High Court
in Paris—Application to United States Seen.
The French Government has instructed its Ambassador
in Tokio to make new representations to the Japanese
Ministry of Foreign Affairs regarding the City of Tokio
5% 1912 bonds, it was learned on June 3. According to
advices onithat date from Paris to the New York "Times,"
which also had the following to say:
These bonds contained a clause guaranteeing payment in gold pounds.
When Britain went off the gold standard. Tokio sought to make payments
in depreciated pounds. After the case was taken through all the lower
courts here, the Court of Cassation rendered judgment against the Japanese
on Feb. 20.
Tokio having no other judicial recourse, payment has been expected but
has not been forthcoming and to-day's protest is the result. At the Japanese Embassy here, it was said this was a matter between the French Government and the city of Tokio, but the Japanese Government was not involved. The opinion was expressed, however, that the Tokio government
would use its good offices in adjusting the dispute.
Much interest has centered in this case, which involves the same principle
as does the bill now before the United States Congress in regard to American
private and public obligations.
The Japanese case was adjudicated before the American project came
up, but the French Government has stated more than once since that its
opinions in the matter were unchanged.
France's move to-day is taken as proof that if the United States intends
to lead a world-wide movement toward repudiation of the gold clause,
France, for one, refuses to follow.
French Taxes for April Fell $12,095,000 Under
Estimate.
Advices as follows from Paris June 6 are from the New
York "Times":
French tax statistics for April, issued to-day,show a deficit of 259,000,000
francs [about $12,095,000 at current exchange], compared with budget
estimates. The total of collections was 3,126,000,000 francs [about
$145,984,000], which was 31,000,000 francs less than in April of 1932.
The two months, however, do not represent similar factors, since April
in 1932 began the fiscal year and this year it was the fourth month,in which
the yield under the French system is considerably heavier than in the
first month.
France Abandons National Works Program.
The following advices were made public Juno 3 by the
Department of Commerce at Washington:
Because finances were not available,the French Government has admitted
-franc public works program, known as
that its long-planned 5,000,000,000
the "National Equipment Program," has been abandoned, according to a
report to the Commerce Department from Assistant Commercial Attache
W. L. Finger, Paris.
Under contemplation in France for more than three years, the plan
envisaged an expenditure of 3,000.000,000 francs in 1933. Since the main
body of the plan continued to be deferred from year to year, the Government admitted that it could not hope to be executed in the near future.
However, two small sections of the plan received funds voted for them
and work on these two have been completed.
The current French budget is in deficit by about 3,500,000,000 francs
and the Treasury is charged with heavy expenses, it was pointed out in
official circles. Only a few weeks ago the Government issued a 5,000.
000,000 franc, 60
-year loan, and more recently the Treasury borrowed on
possible,
short term 2,000,000.000 francs from English bankers. It is quite
It was reported, that before the end of the year the Treasury may have to
borrow again.
In view of these conditions,it is the concensus of opinion in Governmental
circles that it would be unwise to attempt to float a loan to finance the
National Equipment Program. The Minister of the Budget pointed out
that realization of the program depended upon the recognized used for it
but also upon the possibility of obtaining the necessary funds with which
to finance it.
(Franc equals about 5 cents. U. S.)
Volume 136
Financial Chronicle
Germany Declares Partial• Transfer Moratorium on
Foreign Debts Contracted Before July, 1931—
"Standstill" Credits Excepted—Announcement by
Dr. Schacht of Reichsbank—Communique Points
--Conclusion
to Need of Increasing Gold Reserves
of Conference Between Dr. Schacht and Foreign
Bankers.
A partial transfer moratorium on payments of Germany's
foreign debts was declared on June 8 by the Reichsbank.
Indications that a moratorium might be declared this
week on all German foreign debts, including both long-term
and short-term obligations, were seen in a statement made
on June 2 at Berlin by Dr. Hjalmar Schacht, President of
the German Reichsbank. At the end of a five-day conference with international bankers, Dr. Schacht read to newspaper correspondents a joint communique, approved, it is
said, by all delegates, and then declared (according to Associated Press advices from Berlin):
This puts the decision for further action straight up to the Reichsbank.
Our decision, which is irrevocable, is tbs., we will not permit further shrinkage of our gold and devisen (bills of foreign exchange).
This statement was generally interpreted as an announcement that Germany planned to declare a moratorium, at
least until the results of the World Monetary and Economic
Conference are known. The statement previously adopted
by the banking representatives of six countries read in part:
As a result of the discussions, there is general agreement that the free
reserves of gold and foreign currency which are yet at the disposal of the
Reichsbank have fallen to such a point that if further reductions occur the
exercise by the Reichsbank of the full functions of a central bank may be
impaired, and that it is desirable that these reserves be gradually increased,
thereby fortifying the Reichsbank in its successful endeavors to maintain
the stability of German currency.
It was also recognized that the declining surplus from German foreign
trade and services makes it necessary to consider the protection and expansion of Germany's resources in foreign exchanges.
It was recognized by all that German foreign trade and world trade must
be regarded as fundamental to the problem of transfer.
A permanent solution of the existing difficulties requires great efforts
by Germany and also depends largely on the attitude of other countries
toward the question of exchange of goods,for ultimately international debts
of magnitude can only be settled through the movement of goods and the
rendering of services.
In view of the important position of German economy in world affairs
and the magnitude of its debt problem, which is to be dealt with, it is assumed that one of the most important and most urgent objectives of the
World Economic Conference will be to facilitate a prompt and permanent
solution of the German transfer problem.
After reading the joint statement, Dr. Schacht was further quoted in the dispatch as emphasizing that under no
conditions would Germany permit inflation of her currency.
He stated that the London conference must solve Germany's
transfer problem,and added:
"Otherwise, I view the future with the greatest gloom so far as Germany's
repayment of her debts is concerned."
There can be no question of Germany's willingness and desire to repay.
he continued, but the transfer problem must be solved.
"After emptying our pockets through reparations, it is imperative that
other nations give us an opportunity for exporting, for only through exports can the devisen for repayment of the debts be realized," he said.
"Moreover, we must always have enough devisen on hand to pay for
raw material. Our efforts therefore must be devoted not only at all costs
to conserve the present supply of gold and devisen but gradually to increase
it.
"This our visiting friends fully agreed to."
The communique was valuable to the Reichsbank among other reasons,
Dr. Schacht said, because it recognized that the Reichsbank may be forced
by circumstances to take extraordinary measures.
The moratorium declared June 8 on the transfer abroad
of the service payments on Germany's private debts will
be operative July 1, according to Berlin advices June 8 to
the New York "Times," and will remain in effect until the
Reichsbank's gold reserves have again reached the level
essential to the protection of the German currency and national economy. The June 8 cablegram to the New York
"Times" also said:
The moratorium provisionally applies to all foreign obligations contracted
by German nationals prior to the crisis in July. 1931, with the exception
of those bracketed under the present "standstill" agreement and current
reimbursing credits for commercial bills.
Service payments will be stopped on long-term obligations, chiefly comprising bond issues. The embargo will also apply to the Dawes and Young
loans, although final action concerning their status will await further negotiations between Dr. Hjalmar Schacht. President of the Reichsbank, and
the Bank for International Settlements, which is the trustee for both issues.
The international service on both issues totals slightly less than 200,000,000
marks.
Government Bonds Affected
Beginning July 1, however, the service on all Federal, State, municipal,
communal, industrial and agricultural bonds as well as other long-term
securities floated abroad will be indefinitely suspended.
The suspensions will be legally sanctioned by the Government through
an ordinance to be decreed to-morrow.
In a lengthy memorial to Chancellor Hitler, requesting the necessary
authorization, Dr. Schacht sets forth the reasons why the Recihsbank is
compelled to take recourse to a moratorium.
The official decree will make it mandatory that every German debtor
deposit his payments in marks in a conversion fund to be administered by
the Reichsbank, which will be guaranteed by the Reich.
Since the moratorium affects only the question of transfer, the German
debtor is not absolved from meeting his obligation when legally due and
3997
his foreign creditor will have the right to proceed against him in any German court in case of default.
While the Reich will be responsible for the conversion fund, it will not
assume risk for any foreign exchange losses that foreign creditors may sustain during the duration of the transfer.
The scope of the moratorium as elucidated to newspaper men by Dr.
Schacht to-night suggests that the Reichsbank has purposely given it
an elastic form to permit further negotiations with all the creditor groups
in London in the next three weeks.
Dr. Schacht was emphatic in expressing the hope that the conclusions
reached by the Conference would make it possible to soften some of the
hardships involved for foreign creditors through the Reichsbank's procedure.
It was made manifest that Dr. Schacht intends to make the utmost use
of the weeks remaining until the moratorium becomes effective to reach a
better understanding with the foreign creditors on all the aspects of Germany's private foreign indebtedness.
This primarily applies to the question of whether the Dawes and Young
loans can be legally included under the proposed suspension, since the
former, at least, enjoys certain priority rights because it was partially
guaranteed by foreign governments under the provisions of the Dawes
Plan.
Since both are Government loans, and as such involve the credit and
prestige of the Reich, it was not expected that they would be bracketed
with Germany's other long-term bonds.
Dr. Schacht has also invited the committee representing foreign bondholders, headed by John Foster Dulles of New York, to further consultation in London over the method of dealing with the long-term obligations,
but it was not apparent from the remarks of the Reichsbank's head to-night
that the long-term creditors could look for any immediate accommodation,
at least to an extent equalling that accorded to the stand-still creditors.
In his memorial to Chancellor Hitler, Dr. Schacht points out that the
Reichsbank's holdings of gold and eligible bills shrunk from 3,078,000.000
marks at the end of June, 1930, to 280,000,000 at the end of May of this
year.
This, Dr. Schacht declares, constitutes a danger that available bills of
exchange may not suffice for covering the current requirements of Germany's foreign trade, which are increasing with the ever-growing shrinkage
of her export surplus. The latter has declined from the monthly average
of 94.000,000 marks for the first four months of 1932 to an average of 44.000,000 in 1933.
The complete exhaustion of the foreign exchange portfolio and a concomitant further shrinkage in trades have been brought dangerously imminent, Dr. Schacht asserts, declaring that such an eventuality must be
avoided if Germany's importation of raw materials and half-finished goods.
on which her industries depend, is not to be wholly jeopardized.
Beginning July 1 and "for a transitory period," be continues, the Reichsbank will no longer furnish bills of exchange for transfer payments antedating July 15 1931—the date of the German banking crisis—except insofar
as specially provided for under the standstill agreement.
Seeks Early Resumption.
Dr. Schacht would have it understood that the ultimate aim of such a
suspension is the earliest possible resumption of German payments in full
and free exchange, adding:
"We realize that the proposed measures will subject the creditors to
temporary inconveniences, but we believe that its is in their own interest
to make such a transitory sacrifice for strengthening Germany's future
ability to pay rather than run the risk of continuing the stoppage of payments. The Reichsbank wants to prevent the latter by all means."
Dr. Schacht takes pains to emphasize that he is proposing not a debt
but only a transfer moratorium, and demands that the German debtors
pay their obligations in marks—excepting exemptions under the standstill
agreement—into a conversion fund under the supervision of the Reichsbank
as they fall due at the day's rate of the foreign currency in which the debt
is payable. He further reserves to the foreign creditors facilities for bringing legal action when such payment in marks is not forthcoming.
Would Aid World Trade.
Dr. Schacht says the measures are inspired by the aim of contributing
to the recovery of world trade and the hope that the Reichsbank will thus
Obtain not only enough bills of exchange for the requirements of current
trade, but also for the service of the German long-term debts. Furthermore, he says, It is an initiative taken by the Reichsbank "to induce other
countries and central banks to take measures for reviving world trade.
"I would recommend that a foremost place be given to this problem at
the impending World Economic Conference in order to secure the co-operation of all interested countries for its rapid solution," he concludes.
It is reported that the Reichsbank will repay the balance of the $45.000.000 American rediscount credit to the Gold Discount Bank. In view of the
devaloration of the dollar, this will net the Reichsbank a profit of about
$30,000,000.
In its issue of June 9 the New York "Journal of Commerce"
said:
See Change of Front.
That Dr. Hjalmar Schacht first had threatened a moratorium on standstill credits along with other foreign obligations and later changed his mind.
was the opinion in Wall Street quarters yesterday. It was pointed out that
standstill creditors as well as long-term bondholders had been called upon
to send representatives to Berlin.
There was a boom yesterday in Young and Dawes plan bonds, while
all other German securities moved downward. The rise for the obligations
of the National Government was due of course to the reports that they
would receive favored treatment.
The Federal Reserve Bank of New York yesterday announced the withdrawal by Germany of $1,445,000 gold which had been earmarked for
Reichsbank account in New York. Rumors that Germany was taking
away her earmarked gold, fearing reprisals because of the moratorium, were
not taken seriously in banking quarters.
The departure on May 20 of Albert H. Wiggin and John
Foster Dulles for Germany to participate in the German debt
conference was noted in our issue of May 27, page 3629.
Last week, June 3, page 3815, we published an item quoting
Dr. Schacht as stating that Germany was unable to meet its
credits.
Bankers in New York Confer on German Debt Situation—No Statement Expected Until John Foster
Dulles Returns to New York on June 15.
Representatives of American issuing houses which sponsored offerings of German bonds met in New York on June
3998
Financial Chronicle
9 to discuss the action of the German authorities in suspending the transfer into foreign exchange of interest and amortization payments on Germany's foreign debt created prior to
July 15, 1931. Preceding the declaration of the transfer
moratorium discussions had taken place at Berlin between
Dr. Schacht, President of the Reiehsbank, and representatives of certain foreign creditor interests, John Foster Dulles
having attended the Berlin meetings at the invitation of
these American issuing houses. It is understood that the
situation is being closely watched by these houses through
Mr. Dulles, but it is not expected that any statement of
their position in reference to the transfer moratorium will
be forthcoming until after Mr. Dulles' arrival in New York
on June 15.
Payment of June 15 Service on City of Berlin Bonds.
From the New York "Times" of June 8 we take the following:
The only German dollar bond issue of any size on which principal and
interest is due between now and the date set for the moratorium on German
external debt, July 1, is that of City of Berlin 6s, due 1958. The service
on this loan is due June 15.
Brown Brothers, Harriman Sic Co., as paying agents, stated that they
received the funds late yesterday to pay the June 15 coupons on this loan.
now outstanding in the amount of $14,066,000, and to pay off $120,000
principal amount of the bonds.
German Gold Credit to Make Repayment July 1.
In its June 8 issue the "Wall Street Journal" reported the
following from Berlin:
Deutsche Golddiskontbank will repay on July 1 the $45,000,000 credit
to the syndicate of American banks, formerly headed by the International
Acceptance Bank. and since the merger of the latter by the Bank of the
Manhattan Co. The German bank will make an exchange profit on the
epayment owing to the abolition of the gold clause in the United States.
German Government Yields to League in Question
of Anti-Semitic Action in Upper Silesia—Treaty
Violations to Be Ended.
The German Government adopted a conciliatory attitude
toward the question of the treatment of Jews in Silesia, and
by refraining from voting at a meeting of the Council of
the League of Nations at Geneva on June 6 permitted the
Council to adopt a report which held that the application
of anti-Semitic measures in Upper Silesia violated the convention for the protection of minorities in that region.
The German delegate formally stated that "anti-Semitic
measures taken by subordinate authorities that were not
compatible with the Silesian Convention would be corrected." As a result of these concessions it appeared likely
that the League would take no further action in the matter
at this time.
The report adopted by the League Council was in connection with a petition of one Franz Bernheim, who had complained of anti-Semitic measures. Details of the petition
were given in our issue of May 27, page 3627. A further
account of the meeting of the League Council on June 6
is given below, in an extract from advices of that date
by the Geneva correspondent of the New York "Times":
The report adopted was the same as the one to which Germany objected
in a recent Council session, with the following exceptions:
The phrase whereby Germany's statement "if any infringements of
the Convention had taken place they were to be regarded as errors due
to misconstruction of the law by subordinate authorities" was held to
imply an undertaking to correct those infringements was changed in the
light of to-day's statement to become a clear obligation to correct them
instead of an implied one.
The other original implication from this statement, that the Jews who
had lost employment through such infringements in Silesia would be
restored to their posts, was maintained and this sentence was then inserted:
"The Council will doubtless share my convictions that the German
Government has done and will do everything necessary to insure that
the provisions of the Geneva Convention regarding the protection of the
minority shall be fully respected."
Italy Also Abstains.
Dr. Friedrich von Keller, the German delegate, covered his retreat
by expressing it in more roundabout language in his own statement. Italy,
which was silent in the previous discussion, declared to-day that she also
abstained from approving the report in view of the German comment and
"certain general considerations raised in connection with this question,"
which her delegate. Signor Blancher', did not explain.
The Italian attitude caused much comment in view of reports that
Guido Jung, Italy's Foreign Minister, had assured President Roosevelt
recently in Washington that the original Fascist government did not
include the anti-Semitism of German fascism in its policies.
Dr. von Keller declared that, although he was not convinced by the
findings that the committee of three jurists submitted, unanimously
over-ruling Germany's objections to the Council's receiving the Bernheim
petition, he "would loyally bow to the happy tradition that obliges us
not to neglect the opinion of impartial experts." This was typical of
the phraseology he used to-day.
He warned that Germany would expect the jurists' findings to apply
as a precedent in Polish Silesia and Poland's delegate promptly abstained
from approving the jurists' interpretation.
Rene Massigli, in briefly accepting the report for France, feared public
opinion might reasonably find that the Council was setting too narrow
legal bounds to its action by confining itself to anti-Semitism in Silesia,
but he trusted that Mr. Lester as reporter would follow up the affair.
June 10 1933
Captain Anthony Eden of Great Britain, Salvador de Madariaga of
Spain and Christian Lange of Norway briefly approved.
Stephan Osusky, the Czechoslovak delegate, stressed that Bohemia
had pioneered in giving the Jews rights, had protected them against crusades and had suffered National eclipse because of its struggle for liberty
of conscience.
This, he held, added to Czechoslovakia's right to raise in September
more general problems that it could not raise now because the treaty
limited the Council to the Silesian situation, but even so, Dr. von Keller
protested that he had gone outside the agenda.
Partial Transfer Moratorium on Germany's Foreign
Debts—$4,824,000,000 Debts Reported Affected—
Washington Said to Have Anticipated Action.
Associated Press advices from Berlin stated that by
declaring a partial transfer moratorium on June 8, Germany
admitted her inability to pay in foreign currencies either the
,
interest or the amortization charges on some 17,300,000,000
marks [about $4,824,000,000 at current exchange] of foreign
indebtedness. The Berlin cablegram continued:
The moratorium will operate for the debts owed to the United States
Treasury. How far the latter is hit is indicated by a resume of German.
Government indebtedness as a result of the American military occupation
and the mixed claims.
The obligations resulting from the American military occupation are to.
run until 1966, while the mixed claims account is to extend until 1981. The
total of the two payments due this year is 66,000,000 marks [about $18,480,000].
In all, America's stake in Germany's foreign debt represents roughly
two-fifths of the total.
Dr. Schacht, in explaining the moratorium. declared:
"I wish to warn the world against threatened foreclosures and confiscation. If the world wishes to alleviate the hates that have largely disappeared in the past fifteen years it will not take any thoughtless steps as
a result of the Reichsbank's action."
In an effort to allay reports that the government would use the money
temporarily frozen in Germany to solve unemployment, Dr. Schacht said
that money collected by the conversion office would not be placed at the
disposal of the government for internal uses.
"The money remains at the disposal of foreign creditors until we can.
resume payments," he said.
From the New York "Times" we take the following from
Washington, June 8:
Government circles viewed calmly the German moratorium announcement
to-day. It had been anticipated for several weeks, and was considered as
clarifying the situation. No pronounced effect on markets WU expected.
One government expert interpreted the moratorium declaration of Dr.
Hjalmar Schacht as putting an end to the standstill agreement. He believed
that foreign creditors were automatically released from their obligations tokeep credits outstanding in Germany,In the face of an official edict of this
kind.
City of Dresden, Germany, Plans Partial Moratorium.
From the Department of Commerce the following announcement was issued June 6:
Indicative of the prevailing financial position of many large German
cities, the City Council of Dresden has just adopted a resolution to invite
holders of the city's internal loans to take action in postponing amortization.
and a portion of the interest payments, according to a report to the Commerce Department's Finance Division from Commercial Attache H. L.
Groves, Berlin.
The proposal foresees that interest payments in excess of 4% will be
postponed to June 30 1935, and that no amortization payments shall be
made during this period. it is also understood that the city would likewise
Initiate discussions along the same lind with foreign bondholders.
This action is taken on the basis of the Presidential Decree of September.
1932, which permitted the cities to summon creditors in case offinancial difficulty. The first to take advantage of this decree were the cities of Frankfurt and Cologne, with a few other cities subsequently following their
example.
A three-fourths majority of the creditors is required to affect postponement of capital or interest payments. Hitherto such creditors' meetings
have been called to vote postponement of capital repayment. Dresden is
the first city to request postponement on service charges.
There is again much discussion in Germany regarding a further forced
reduction in interest rates on long-term obligations; certain elements in or
near the government propose a reduction, at least on farm mortgages, to
2%. Others favor a reduction to 4 or 4%. The present rate is 6% as
previously determined by government decree.
Dresdner Banks to Cut Capital.
The following from Berlin is from the"Wall Street Journal"
of June 8:
The Dresdner Bank will reduce its common capital from the present
figure of Rm. 220,000,000 to probably RM. 150,000,000 in order to cover
losses suffered in 1932. The German government and the Reichsbank own
90% of the capital.
Germany Votes $238,000,000 to Combat Unemployment
—Treasury Issue to Promote Public Works, Rivers
and Smell Dwelling Building—Subsidy for Film
Industry Also Approved.
Under date of May 31 a copyright cablegram from Berlin
to the New York "Times" said:
After four months in office, devoted largely to consolidating its power,the
Hitler Government to-day took its first concrete step toward combating
unemployment, whereon its success or failure in the final analysis ultimately
will depend.
To-day's move, in contrast with the grandiose promises of the "four-year
plan," was rather of moderate nature, consisting of the adoption of a socalled "law for diminishing unemployment" by the Cabinet, whereby the
Finance Ministry was authorized to issue treasury notes to the extent of
1.000,000,000 marks ($238,000,000). The proceeds of this loan will be
devoted to promotion of public works and construction of private dwelling
places and small settlements, as well as river regulations.
Volume 136
Financial Chronicle
A commission headed by the Reichsbank President, Dr. Hjalmar Schacht,
has been set up to supervise the financial details of this great construction
program, and to see to it that the money and capital markets are not unduly
disturbed by the financial operations of the government.
Chancellor Adolf Hitler apparently was not altogether satisfied with the
somewhat meager character of this first installment on his government's
promise to solve the unemployment problem, for the official communique
states that the Nazi leader urged,over and above these measures,"that labor
projects be taken up with all haste." Hitler is reported to have recommended specifically a building program for housing repairs and the creation
of a great network of roads.
Simultaneously, a plan for financing German film production under government auspices was published to-night. The foundation of a film credit
bank was decided upon at a meeting of representatives of leading German
banks, German film promoters and high government officials at the Dresdner Bank.
This newly established financing organization will have nominal capital
of 200,000 marks ($47,600), but it is stated that credit pledges to the
amount of 10,000,000 marks ($2.380,000) have been offered in its behalf.
Behind this film bank stand not only the leading organizations of the German film industry, but such outstanding banks as the Reichscredit Gesellschaft, the Deutschebank taxi Disconto Gesellschaft, the Dresdener Bank
and the Commerce und Privatbank.
The government will be represented on the board of directors of the film
bank by Walter Funk, Nazi press chief of the government. The entire organization, indeed, is largely the inspiration of Funk's chief, Dr. Joseph
Goebbels, Minister of Propaganda and Public Enlightenment, who has been
tireless in his advocacy of an independent national German film industry.
Hitler Government Publishes Recovery Plan, Designed
to Eliminate Unemployment in Germany—Involves
Credit Expansion of $415,500,000—Large Treasury
Note Issue for Public Works Under Supervision of
Dr. Hjalmar Schacht—Bachelors' Tax to Provide
Loans for Newly-Married Couples If Bride Quits
Work.
The plan of the Hitler government for reviving German
industry and eliminating unemployment was published on
June 1, after it had been approved on the preceding day by
the Cabinet. The program, described as "the beginning of
the Hitler four-year plan," was generally welcomed in
Germany as furnishing a panacea that will restore the
economic strength of the country. The principal feature of
the project, as summarized from newspaper reports, is the
extension of government credit by about 1,500,000,000
marks (approximately $415,500,000) in order to finance the
following:
1. Public and private works for which the Government will issue 1.000,4)00,000 marks of Treasury notes under "the sole and authoritative supervision" of Dr. Hjalmar Schacht, President of the Reichsbank.
2. Reduction of interest rates on agricultural loans to 4 % for the
debtor and 5%% for the creditor, the Government paying the difference
of 1% with Treasury notes for 300,000,000 marks.
3. Extensions of Government aid to finance new marriages and increase
employment of domestic help in order to take women out of industry.
This program would be financed by a special bachelors' tax. Each newlymarried couple would be granted 1,000 marks as a loan without interest
repayable at the rate of 1% monthly. In order to qualify for such a
loan the bride must have been employed for the preceding six months
and must leave this position and promise not to take another so long as
her husband has a minimum income of 125 marks a month.
Other features of the plan, as noted in Berlin advices to
the New York "Times" on June 1, follow:
The Government has announced that it expects to finance no fewer
than 150,000 additional marriages during the first year.
To promote the employment of girls for domestic help the law provides
that for tax purposes they can be counted as members of the family. reducing its income tax accordingly. With previous easements and social
insurance premiums for domestic help, the Government believes it has
paved the way for the additional employment of some 300,000 girls.
The work creation program, it was announced, is Chancellor Hitler's
own special contribution. It is intended to realize his promise at the great
May Day meeting in Berlin. Some 3,000 miles of automobile roads are
to be built, roads constructed and repaired, bridges and gas and electric
works erected and rivers regulated. The Government hopes to employ
400,000 men in such works within the next few weeks.
What Workers Will Receive.
The chief object of these projects, however, is to provide work for the
unemployed. Machinery is to be used only where absolutely necessary.
'The workers employed on these projects will not receive regular wages
but only their unemployment dole plus one warm meal a day, plus scrip
for 25 marks for every four weeks, with which they will be able to buy
clothes and household goods. The aim is to help both the unemployed
and the trade in consumers' goods.
"The German workers do not want charity, they want work," the
Nazis say, the inference being that wages are less important.
These projects are to be financed by subsidies out of the 1,000,000,000mark fund for both Government agencies and private persons. One-fifth
of the total of these Treasury bills is to be retired every year, so that the
total will be repaid by 1938.
Special stress is laid by both the Nazis and the financial world on the
fact that Dr. Schacht is to be in charge of the financial part of the program.
"Der Angriff," the Berlin Nazi organ, says:
"Thefinancial program does away with the unholy credit restriction policy
of former governments and the former president of the Reichabank, Dr.
Luther. Dr. Schacht is a guarantee that the credit will be handled in a
careful and coherent manner and the big banks will not be allowed to yield
any undue influence."
Seek to Encourage Buying.
To encourage buying, the law further provides that the replacment of
domestic producta—machinery,for instance—can be deducted
purchases of
from income subject to taxation.
In addition, the German people are called upon to contribute "gifts
for national labor," both open and secret. With secret gifts. the donor
can buy an amnesty for actual or suspected tax deceptions. The gift can
be made though a notary public, who will issue a receipt, but keep the
donor's name confidential.
3999
If the donor should afterward be found guilty of tax fraud and his gift is
at least 50% of the unpaid tax, he will go free of punishment and the gift
will be reckoned as part of the tax due.
Open gifts can be made as a matter of partiotism and deducted with
an additional 25% from taxable income.
The interest Reduction Law is part of Dr. Alfred Hugenberg's agricultural
relief program. It rejects the demand of the Nazi peasant leader, Walther
Darre, for a maximum interest rate of 2% on all agricultural debts. Its
aim, Dr. Hugenberg announced, is to "gave capital, not destroy it."
At the same time, the Minister of Agriculture declared that a number
of estates whose indebtedness was too great were to be divided into peasant
holdings. This is a concession to the Nazi peasant demands.
Finally, the Cabinet promised that a general tax reform would be announced in the near future.
Italy to Keep Gold Rasis, Finance Minister Jung Promises Bankers—Not to Devalue Lira to Retain 1 to
19 Ratio with Dollar.
Rome advices May 28(copyright) are taken as follows from
the New York "Herald Tribune":
That part of the motion referring to Italian policy at the economic conference, approved by the Fascist Grand Council on May 23, wherein the
Italian people were invited to be ready to do their share in the plan for
effective and practical international collaboration, received various interpretations in financial and economic circles here owing to its vague
terminology.
Some saw in the motion first indication that Italy would further devalue
the lira as soon as the dollar and pound are stabilized, but official quarters
flatly deny such intentions. Minister of Finance Jung, in his first public
statement after his return from the United States, declared at the annual
meeting of the Italian Bankers Association that Italy had a stable currency and that it would continue to maintain the gold standard at the
parity fixed in December 1927.
Generally it has been believed that the lira has been linked to the dollar,
since its stabilization was fixed at exactly 19 to $1, and therefore it has
been maintained by some that the lira should be revalued to retain the same
ratio. While it is true that in one decree concerning stabilization the
parity of 19 to $I is mentioned, this is subordinated to the principle that the
Bra is equivalent to a certain fixed weight of gold and is therefore independent of any eventual fluctuations of the dollar or pound.
Oversubscription of Italian Loan for Electrification of
State Railways.
On June 2, Associated Press advices from Rome (Italy)
said:
Subscription to a loan of 500.000.000 lira for the electrification of the
State railways, opened yesterday, was closed to-day as the offerings had
already passed the billion mark. The number of subscribers amounted to
170.000.
Regarding the proposed electrification of the Italian railways a Rome account June 3 to the New York "Times"
said:
A start has been made toward carrying into effect the electrification of
the Italian State railroads, announced by Premier Mussolini last October.
A credit consortium has floated a loan of some $38,000,000 for the first
and some urgent parts of the scheme. Probably another loan will be floated
in a few months. To increase its popularity a lottery will be run in conjunction with it, whereby three prizes of $6,000. $3,000 and 151,000 will be
apportioned among the participants.
The entire electrification plan will be completed in 10 years at an expenditure of almost $300.000,000. It involves electrification of 3.000
miles of railroad line, of which three-fifths is double track, bringing the
total electrified to 4,100 miles.
When the plan is completed one-third of the total Italian network, including all the principal lines, will be electrified, leaving steam traction
only on relatively unimportant local lines. The work will be performed
in six stages. First will be the two main lines, starting at Milan and running along Italy's eastern and western coasts
Italy Raises Tariff Wall—Decree Authorizes Retaliation on Nation's Lifting Duties.
Under the above head the New York "Herald Tribune"
published on May 29 the following (copyright) from Rome,
May 28:
The official "Gazette" has published a decree authorizing the Government to increase its custom duties. On goods from countries which put
special or differential duties on Italian goods, or otherwise restrict Italian
imports, the Government may order a countervailing duty up to 50% of
the general and ad valorem existing duties. In the case of goods now duty
free the countervailing duty will be 25% ad valorem.
In the cases of countries with which Italy has no trade agreement the
general duties,including ad valorem, will be increased 25% for raw materials.
30% for foods,live animals and half finished products, and 40% for finished
goods. Free goods will be taxed 20% ad valorem duty. Special exemptions
can be granted in general or within a stated quota.
Italy May Float Loan to Erase Current Deficit—Finance Minister Jung Places Year's Needs at Four
Billion Lire, and Next Year's at 2,900,000,000.
The following (copyright) from Rome, June 4, is from the
New York "Herald Tribune":
Finance Minister Jung's yearly statement of the Italian financial and
economic policy before the Chamber of Deputies is viewed as a courageous
attempt to make the beet of world conditions. Examining first the results
of the financial year the fiscal officer stated that revenue totaled 17,874,000.000 lire against estimated revenue of 18,647.000.000. All principal
sources of income throughout the year had been fairly steady except the
tax on imported grain, which alone was responsible for a drop of 565,000.000, and taxes on business transactions and tobacco sales. Actual expenditure amounted to 21.880,000.000. which was 1,820.000,000 above the
estimate as of the beginning of the fiscal year.
Signor Jung estimated that a deficit of about 4,000,000,000 for the
current fiscal year would be finally reported. How such a large deficit
is to be met is not yet known, although the Minister declared that steps
4000
Financial Chronicle
would be taken to meet it. It was thought probable that the Government
would float an internal loan for this purpose in the near future.
For the year beginning July 1 the Minister anticipated revenue of 17,714.000.000. a decrease of 160.000,000. compared with the revised revenue
In the current fiscal year. Expenditures for the next year were estimated at
20.614.000,000 lire, or about 600,000,000 more than the estimated expenditure for the current year. The deficit for the year was fixed by the
Minister at 2,900.000,000, as against an estimated deficit of 1,595.000.000
for the current year.
Signor Jung reassured the Chamber that there would be no forced conversion but that savings would be protected and controlled. The Italian
banking situation was reassuring and the Government intended to further
enhance the position of the Bank of Italy which would then become the
"bank of banks" Examining briefly the balance of international payments
the Minister pointed out that again this year it was in Italy's favor although the margin of profit had dropped.
Italy Adjusting Trade Balance with Russia.
Italy is consistently adjusting the country's unfavorable
trade balance with Soviet Russia, the 1932 adverse balance
amounting to 96,484,000 lire compared with 451,544,000
lire in 1930 and 138,679,000 lire in 1928, it is indicated in a
report from Consul C. P. Kuykendall, Roma, made public
by the Commerce Department. The Department's announcement in the matter June 1, said:
The high level of Russian exports to Italy was reached in 1931 when the
value of merchandise imported from Russia amounted to 561,275,547 lire:
imports from Russia in 1932 amounted to 333,484,503 lire.
Exports of merchandise from Italy to Russia in 1932 amounted to 237,000,000 lire compared with 275.663,038 lire in 1931; 102,045,000 lire in
1930. 70,611.299 lire in 1929 and 84.015.198 lire in 1928. Imports of merchandise into Italy from Soviet Russia in 1932 amounted to 333,484.503
lire compared with 561.275,547 lire in 1931: 553.589.067 lire in 1930: 340,449,797 lire in 1929 and 222.693,918 lire in 1928.
Principal Soviet Russian imports into Italy in the past year were wheat.
soft wood, coal, distillations of mineral oil, gasoline, crude mineral oils,
kerosene, dressed furs and cocoons. Chief Italian exports to Russia were
machinery and parts, accounting for 75% of the entire shipments; iron and
iron alloys: aluminum and aluminum alloys; parts of aeroplanes and hydroplanes, cotton textiles, iron and steel, hydroplanes and scientific apparatus.
The two trade agreements recently signed between representatives of
Italy and Russia should insure continued progress in commercial relations
between the two countries. The two agreements consist of a new tariff
convention and an agreement guaranteeing credits.
(Lire equal to about 5 cents. U. S.)
Italian Industries Ordered to Cut Work Hours and
Add Personnel in Move to Combat Unemployment.
June 10 1933
"Naturally, a diminution of hours is not always possible, or at least as a
general thing for all employees. But except for these cases, which individual
employers will judge out of their own experience and at their own responsibility, it is the duty of employers, in case of further contraction in production, to practice a reduction of hours so that dismissals may be kept
within the narrowest possible limits."
Principal Amount of Bonds of Republic of Estonia
Purchased for Sinking Fund.
Hallgarten & Co., Fiscal Agents, announce that they have
purchased for the sinking fund, $37,000. principal amount
of Republic of Estonia (Banking and Currency Reform),
7% Loan, 1927, due July 1 1967. An announcement issued
in the matter said that these bonds have been retired and
there now remains outstanding $3,734,500.—par value of
bonds.
The Fiscal Agents also announce that they have received
funds for the payment of the July 1 1933 interest on all outstanding bonds.
Invited by
Kidder, Peabody & Co.
Kidder, Peabody & Co., as fiscal agents under an agreement with the City of Buenos Aires, have invited tenders to
%
2
/
2
/
them of the Oity's External 311 year 61 Sinking Fund
Gold Bonds of 1924, Series 2-B, at prices not exceeding par,
exclusive of accrued Interest, we learn from an announcement issued in the matter. The offer is for as many of the
bonds as will be sufficient to exhaust as nearly as possible
the sum of $85,546 now held in the Sinking Fund. Tenders
must be received not later than June 12.
-—0
Funds Received by J. P. Morgan & Co. for Payment of
Interest on Certain Series of Bonds of Chinese
Government Hukuang Ry. Bonds.
A notice as follows was issued June 6 by J. P. Morgan
& Co.
Tenders to Bonds of City of Buenos Aires
IMPERIAL CHINESE GOVERNMENT 5% HUKUANG RAILWAYS
SINKING FUND GOLD LOAN OF 1911.
We have received from China funds for the payment, on and after Thursday, June 15th, of the following interest:
Coupon No, 35 Due December 15 1928:
On all bonds of the American, British and French series, including the
unredeemed bonds drawn for redemption on June 15 1926, June 15 1927
and June 15 1928.
Coupon No. 34 Due June 15 1928:
' On all bonds of the German series, including the unredeemed bonds drawn
for redemption on June 15 1925, June 15 1926 and June 15 1927. (It is
to be noted that China has not yet arranged to pay the interest due between
December 15 1920 and June 15 1924 inclusive on those bonds of the German series which were not validated prior to 1924.)
No provision has yet been made by China for the payment of principal
of any bonds of the American, British and French series drawn for redemption in the sinking fund after June 15 1925, or of the German series after
June 15 1924. In addition, China is in arrears for the payment of principal
of those bonds of the German series not validated prior to 1924 which were
0
1, RGInclusive.
.
drawn for redemption between June 15 1922 and June 151924 AN a oo
.P.
J.
Italy's efforts to meet the unemployment problem have
been given added impetus recently by an order from the
General Confederation of Industry calling upon Italian
industries to reduce the number of working hours instead of
cutting personnel and to take an added personnel in place of
permitting overtime work, it is stated in a report from
Commercial Attache Mowatt M. Mitchell at Rome to the
Department of Commerce. The order, according to the
Department's announcement of May 26, points out that
although the plan may in some instances act as an added
burden to the companies, because the reduction in the hours
of work will not bring a corresponding reduction in such
expenses as social insurance, employers are asked to consider
on the other hand "the wisdom of maintaining in their
personnel a state of psychological and physical efficiency Jugoslavia Bars All Goods from Austria as a Reprisal.
From Belgrade, Jugoslavia, May 27, the New York
against the time of industrial recovery" and that it is necessary for employers to realize "that it is their social, humani- "Times" reported the following:
did so much to
A new "pig war,"
tarian and political duty to do everything in their power to Prepare the ground forreminiscent of that in 1910, which between Austria
the conflict in 1914, has broken out
confine within and to reduce the painful phenomenom of and Jugoslavia.
As a reprisal against the prohibition of the Importation of Jogoslav
unemployment to the narrowest limits possible." A transpigs by Austria for one month, Jogoslavia has
lation of the order is made public as follows by the Depart- all Austrian goods, including even newspapers.clotted her frontiers against
ment:
The Confederation is perfectly aware of the daily difficulties which inNew Canadian Association to Promote Barter With
dustry has to face, and of the necessity of not aggravating them with further
Great Britain.
instructions which may complicate the problems of production.
However, at the direct request of the Minister of Corporations, and
Under date of May 22 an announcement issued by the
In the interest of our sister organization of labor, we again return to the
Department of Commerce at Washington said:
question in order to draw your attention to the following:
"Whenever the occasion arises for a reduction of activity in a given
establishment, the arrangement which, without seriously prejudicing the
interests of production, will best serve the interests of labor as a whole, and
which is most desirable from the social and the political view point, is a
reduction in the hours of labor of the establishment as a whole, or of individual departments, or of groups of workers, or of individual workers, so
as to maintain at work the largest possible number of operatives.
"It is true that this system will impose a burden on the company, because,
with a reduction in the hours of work there is at least not a corresponding
reduction in certain expenses such as social insurance, administrative personnel having to do with labor, &c., but it is also true on the one hand that
this burden is, relatively not high, and on the other hand that the employers
must consider the wisdom of maintaining in their personnel a state of
psychological and physical efficiency against the time of industrial recovery.
"But above all, and in spite of certain grave objections of a technical
and economic nature, the social, political and humanitarian elements
of the question deserve particular attention. In light of the suffering of the
unemployed who have no resources other than their capacity for work.
in light of the privations of numberless families, in light of the grave and
difficult political and financial problems which unemployment imposes
upon the State. employers—who, be it said to their credit, have resisted
heroically the storm which has been raging over the economic world in a
manner which day by day earns greater respect for them from society as a
whole—must do all that lies in their power to see that a contraction in
production does not result in a diminution of employment.
An association to promote international barter between Canada and Great
Britain was recently organized in the Province of Ontario, according to a
report from Consul George G. Fuller, Kingston.
The new organization, known as the Eastern Ontario Barter Association.
will endeavor to enlarge the market in Canada for British coal by the
direct exchange of Canadian cheese, bacon, canned goods and fruit for
coal, it is reported.
The association in developing its plans believes that if this arrangement
can be effected it will stimulate the British market for Canadian products.
Anglo-Iceland Trade Agreement Signed.
Advices issued May 25 by the U. S. Department of
Commerce said:
The trade agreement between the United Kingdom and Iceland, signed
on May 19, provides for a mutual exchange of trade concessions similar
to the recently negotiated Anglo-Norwegian Agreement, according to
cablegram dated May 24 from Commercial Attache William L. Cooper,
London.
The text of the agreement which has just become available reveals that
in exchange for an undertaking by Iceland to take 77% of its total coal
imports from the United Kingdom and to reduce the import duties on certain textiles, the United Kingdom guarantees the maintenance of its market
for fish and mutton imported from Iceland.
Volume 136
Financial Chronicle
4001
Argentine Finance Minister Explains to Senate Reasons
for Policy in Authorizing Suspension of Sinking
Fund Payments.
Brazil Negotiates New £10,000,000 Credit—To Be
Covered in United States, Great Britain and
France.
Finance Minister Alberto Hueyo, explaining to the
Senate why he has not acted on the law authorizing the
suspension of sinking fund payments, had the following to
say, according to a Buenos Aires cablegram June 2 to the
New York "Times":
The following from Rio de Janeiro June 6 is from the
New York "Times".
"The Ministry of Finance has the satisfaction of announcing to the
entire world that the Argentine Republic possesses resources sufficient
to continue the punctual payment of its public debt integrally."
He stated, however, that the executive power believes the financial
situation requires urgently a decrease in the public debt, which absorbs
almost 45% of the Republic's revenues. When the sinking fund has
accumulated until the annual service charges are disproportionate and a
balance is still owed, then will be time for a conversion operation, the
success of which, he said, would depend upon the ability to point to a past
of meeting all obligations.
Argentina must be most careful, he declared, to take care of its credit,
because it needs foreign capital.
Argentina Limits Dollar Exchange Allocation—Dollar
Drafts Must Be Covered by Export Receipts.
Under date of June 2 the Department of Commerce at
Washington said:
Effective May 31 all permits granted by the Exchange Control Commission for the purchase of dollars must be covered by dollars derived
from exports to the United States, according to a cablegram to the Commerce Department from Commercial Attache A. V. Dye, Buenos Aires.
All permits for collections or other transfers in dollars are to be liquidated
only in dollars, it was also announced. In case banks have difficulty in
acquiring dollars to cover permits they are advised to communicate with
the Exchange Control Commission.
An item bearing on the above appeared in our issue of
June 3, page 3817.
Data on Argentine Trade—United States Takes Second
Place in Her Imports—Eighth in Exports.
The following Buenos Aires cablegram June 3 is from
the New York "Times":
The Bureau of National Statistics has published a report showing the
United States took only 3.2% of Argentina's exports in the first four
months of this year, occupying eighth place, with total purchases worth
5,350,000 gold pesos.
The United Kingdom, in first place, took 28.8%, 48,692,000 gold pesos.
The gold peso is worth 70 cents in United States gold.
The United States was second as a supplier of Argentina's imports,
furnishing 10.7%, amounting to 14.921.000 gold pesos. The United
Kingdom was first, with 21.3%, 29,673,000 gold pesos.
Argentine Exports to United States Heavy.
Exports of Argentine products to the United States have
been unusually heavy recently, although shipments to
other foreign sources remain slow, according to a cablegram
to the Commerce Department's Regional Division from
Commercial Attache Alexander V. Dye, Buenos Aires. In
announcing this May 31 the Department said:
It is reported in Argentine trade circles that increased shipments to
the United States are attributable to an expected increase in commodity
prices by American importers.
The general business situation in Argentina was steady during May,
despite the decline in grain shipments to levels below those of preceding
years. However, the rising cereal prices and the heavy sales of Argentine
products to the United States, despite poor demand from other countries,
engendered a noticeable spirit of optimism.
Total Argentina exports for the first four months of 1933 amounted to
4,867,000 metric tons valued at 168,000,000 gold pesos, representing
a decline of 39% by quantity and 31% by value from the levels of the
corresponding period of 1932.
Foreign exchange available to May 16 totaled approximately 65,000,000
gold pesos, with prospects that the total amount available for the entire
month would exceed that of April. Dollar exchange for imports from
the United States, however, are reported increasingly difficult to obtain.
Advance charterings for Argentine wheat included 36,000 tons for
China and 7,000 tons for Russia. Shipments to Russia are in part barter
payment for lumber and oil from the Soviets, it is reported.
Retail commodity sales continue irregular with an apparent pick-up in
a number of lines being reported and no recessions being evident.
Construction of the now subway is expected to materially ease the labor
situation in Buenos Aires, it was stated.
(Gold peso equal to about 67 cents, United States.)
Brazil Liquidates Loan—Final Payment of $2,200,000
Is Made to the Rothschilds.
Under date of June 1 Rio de Janeiro advices to the New
York "Times" stated:
The Banco do Brazil paid to Rothschllds of London to-day £542,744
(about $2,200,000). finally liquidating a loan left uncovered by the last
government. Payments began on Feb. 16. last year. Brazil having remitted since then E6,906,137, including interest.
Bank officials and the government have received congratulatory telegrams especially because the payment was completed without floating any
new foreign loans.
The Banco do Brazil exchange director, Senor Figuereido, told this
correspondent that beginning to-day exchange coverage would cover a
larger field and that measures are being taken to afford coverage for frozen
funds. Finance Minister Aranha expressed optimism, visualizing a great
future for Brazil, because exports are improving, her credit is good abroad
and the economic parlays in the United States have been satisfactory.
A credit of £10,000,000, to be covered in the United States, Britain and
France, will be used to thaw foreign funds of all descriptions frozen here
by exchange control requirements, Finance Minister Aranha said today.
Senor Aranha declared that a dispatch to the New York "Times"
Saturday asserting the credit had been arranged in Britain for British
balances and that a similar one was being negotiated in the United States
was a misinterpretation of his remarks in announcing it.
Balances in milreis will be kept in Brazil against drafts in foreign currencies under a plan for redemption, in sterling in monthly instalments over
a period of six years, up to the amount of the credit.
Brazil Plans Bank Reform—Finance Minister Indicates
Early Action.
A cablegram from Rio de Janeiro, May 23, to the New
York "Times" said:
Finance Minister Aranha said in an interview to-day that, because of
the abnormal economic condition of the world, governments cannot draft
fixed economic policies, but that Brazil considers banking reform along
lines suggested by Sir Otto Niemeyer, Vice Governor of the Bank of England.
This will be done, according to Senor Aranha, before any step is taken
toward fixing Brazilian economic policy under a government study of the
findings and report of the Brazilian commission now in the United States,
especially in regard to the suggested conversion scheme to pay foreign
loans of Brazilian States in milreis.
Brazil to Release Blocked Dollars—Agreement Reached
for the Payment of $25,000,000 to Firms in United
States.
In the New York "Times" of June 9 it was stated that an
agreement has been reached between a committee representing American holders of about $25,000,000 of blocked
currencies in Brazil and representatives of the Brazilian
Government and the Banco de Brazil providing for the
payment of the claims. The item in the "Times" also said:
Dr. Numa de Oliveira represented the Government of Brazil and Valentin Boucas acted for the Banco de Brazil. American parties to the
agreement were represented by E. P. Thomas, President of the Nadonal
Foreign Trade Council; General Palmer E. Pierce, Chairman, and James
S. Carson of the Council on Inter-American Relations.
All American firms having, on June 30 next, blocked balances of not
more than $65,000, or 665,000 milreis, each, may become parties to the
agreement and will be paid within ninety days at the official rate of 13.3
milreis to the dollar. The firm of Haskins & Sells, accountants, will represent the Banco de Brazil in determining the amounts.
The agreement provides for the payment in American dollars of all
balances of $50,000 or more by the Banco de Brazil, which will issue
seventy-two monthly drafts or notes, dated July 1 1933 guaranteed and
endorsed by the government of Brazil and payable monthly for six years.
The conversion rate agreed upon is 13.965 milreis to the dollar for these
balances.
Safeguarded by Guarantees.
The Brazilian representatives promise that no more favorable exchange
arrangement shall be made with another country and no contract entered
Into which might interfere with the progressive fulfillment of the terms of
the agreement. They promise that American parties to the agreement
shall receive sufficient dollar exchange for current needs during the life of
the agreement.
In announcing the successful conclusion of the negotiations, the American
representatives recount that the owners of about $16,000,000 of American
dollars blocked in Brazil had their representatives meet the Brazilian
delegates early this month and selected Mr. Thomas, Mr. Carson and
General Pierce to negotiate the agreement.
The agreement is to be submitted for ratification to all firma having
blocked balances in Brazil. The monthly drafts for the larger amounts
will include interest at 4% a year. While the official rate of the Banco
de Brazil for some time has been 13.3 milreis to the dollar, unofficial rates
on the so-called "Black Bourse," or bootleg exchange, has been as high as
21 milreis.
There are about thirty American firms having balances exceeding $50,000
each, but not more than six have balances in Brazil in excess of $1,000,000.
Trading Position Restored.
"Too much emphasis cannot be laid on the great importance of this
agreement," the American representatives said yesterday, "not only in
the restoration of about $25,000,000 frozen in Brazil to trade uses, or dividends, here, but, equally important, in enabling American firms to resume
their normal trading position with Brazil, with what is believed to be
reasonable certainty of their future drafts for sales being met at maturity
without any delay or restrictions.
"The committee wishes to express its deep appreciation of the friendly
cooperation of the Brazilian committee, Dr. Numa de Oliveira and Valentin
C. Boucas, General Palmer Pierce, Chairman of the Council on InterAmerican Relations, 1 Hanover Square, New York, is to act as communications agent to give information regarding the terms and provisions of
the agreement,"
Panama Raises $100,000 Relief Projects Fund—Workers and Farmers Contribute Toward Financing
Public Work Program.
In its issue of May 28 the Now York "Herald Tribune"
published the following special correspondence from Panama
City, May 21:
Despite an acute financial situation which recently caused Panama to
suspend its semi-annual interest payment on the $12,000.000 loan made
in the United States in 1928, the Government has accumulated $100.000
which will be expended during the next four months on public works projects.
Coming at it does at a time when the Canal Zone is completing its dry
season overhaul of the locks, thereby dispensing with the services of many
Panamanians on temporary jobs, the President's announcement has encouraged both labor and capital. What will follow when this fund is spent
4002
Financial Chronicle
is not decided, but for four months at least the unemployment situation
will be eased.
Included in the program are construction of a new station for mounted
police, eniargment and improvement of the public market and construction
eta new road from Old Panama to the capital.
The so-called Workers' and Farmers' Fund, which was created last
February, will provide part of the money for the proposed projects. About
$40,000 had been collected up to May 15, with every wage-earner who makes
$45 a month or more contributing his quota. Collections from this emergency measure should total $20,000 monthly.
President Arias so far has been able to meet every obligation contracted
by his Government since he took office last October 1 and has managed to
pay some of the debt contracted previously. "This had been made possible,- he said, "only by means of extraordinary privations to which the
country has been subjected."
The suspension of the May interest payments on the 1928 loan was made
with the understanding that every possible effort would be made to resume
payments in November. In this connection the President recalled that the
situation was forseen some months ago and that he suggested issuing a
limited number of Treasury notes (about $300,000) for the purpose of
paying debts In arrears and thereby stimulating commercial actiivity.
_Holders of Colombian Bonds in Default Urged by
Institute of International Finance to Await
Outcome of Peace Negotiations Between Peru and
Colombia—Chief Problem in Resumption of Debt
Payment by Brazilian States Viewed as Relating
to Foreign Exchange.
Recent defaults on foreign debt obligations by Colombia
and Brazil and the possibilities of early relief to holders of
the defaulted bonds formed the subject of a special bulletin
of the Institute of International Finance issued June 2
by Dean John T. Madden, director. The Institute of
International Finance is conducted by the Investment
Bankers' Association in co-operation with New York
University.
The Institute advised holders of Colombian bonds to
await the outcome of present negotiations for peace between
Peru and Colombia before entering into discussions with
the Colombian Government in regard to a settlement of
the funded debt. The temporary moratorium on the
external funded debt was declared by the Colombian Government in March because of the seriousness of the conflict
between Colombia and Peru. The bulletin points out:
According to the newspaper reports, both Peru and Colombia have
accepted the League of Nations plan to settle the boundary dispute and
hostilities have ceased.
The plan entails evacuation by Peru of the seized territory and the
placing of the disputed area under the jurisdiction of a League Commission.
If a definite settlement is agreed upon the reason for the moratorium will
have been removed and it is to be hoped that the Colombian Government
will rescind its decree providing for the moratorium on the external debt.
While considerable amounts must have been spent in connection with
the prosecution of the armed conflict with Peru. the Government has
,made serious efforts to reduce other expenditures and to maintain its
gold reserves.
Therefore, the Institute is of the opinion that bondholders would be well
advised to await the outcome of the present negotiations looking towards
a peaceful settlement with Peru before entering into discussions with
,the Colombian Government in regard to the funded debt.
The bulletin also contained a report of the American
Committee on Brazilian State and Municipal Loans which
has held a number of conferences with Senor Valentim
Boucas, secretary of a committee appointed by the Brazilian
Federal Minister of Finance in Rio de Janeiro for the purpose of investigating the economic and financial situation
of the Brazilian States and municipalities.
Senor Boucas, the bulletin explained, has been in New
York and has prepared a report on his conversations with
the fiscal and paying agents of the Brazilian State and
municipal dollar loans.
The chief problem is the resumption of debt payment
by the Brazilian States and municipalities, the Committee
concluded after reading the report of Senor Boucas, relates
to the supply of foreign exchange for that purpose.
The Committee reported:
The financial ability of certain States and municipalities to continue
payment of their debt obligations would seem beyond question, but under
existing regulations of the exchange control, that Is to say, of the Brazilian
Federal Government, no dollar exchange has been made available to the
States and municipalities for the purpose of debt payment in New York,
• except as later noted.
The Committee pointed out:
Merchandise transactions between the United States and Brazil in 1932
created a net credit in Brazil's favor of 716,217 contos of reis (equal at
_seven cents per milreis to over $50,000,000, United States currency; purchases in Brazil during 1932 by the United States amounted to 1,173,129
contos of rels, while sales by the United States to Brazil amounted only
to 456,912 contos of refs. The balance of these amounts was 716.217
contos of rein, but of this large sum only 79,746 contos of reis was placed
at the disposal of Brazilian States and municipalities for payment of debt
service in New York, this amount representing the American portion
of the service of the Sao Paulo Coffee Realization Loan 1930-40. On the
other hand, a sum nearly three times as great, namely 228,911 contos, was
transferred to Great Britain during 1932 for service of the Brazilian Government funding 5% 1898 and 5% 1914, the Coffee Institute 7A % 1956.
and the Sao Paulo 7% 1940, and in addition 249,374 contos of reis in
payments to Rothschild on the short-term loan; despite the fact that
Great Britain during 1932 created no net credit for Brazil through its
merchandise trade, the balance against Brazil on that trade having been
116,672 cantos of reis.
June 10 1933
The Committee reported that it believes it can perceive
in a paragraph from Senor Boucas' report the basis for a
formula by which the unfortunate position of the American
bondholder might be alleviated in some respects.
The paragraph in question reads:
In the course of my talks I noted the good will of all the bankers, but
they persisted in the defense of their viewpoint that the States and municipalities should pay a part of their debts in gold and the balance in paper.
In a practical way no good result could be obtained as it would be very
difficult to determine the sum total of the two entirely heterogeneous
items In order to pay 25% in gold and 75% in paper it would necessitate
practically the increase of the total of the foreign debt service and therefore
unbalanced budgets would be the result and this would be tantamount from
the very beginning to noncompliance by the States with the new agreement. The only way that seems to me the most reasonable would be
to obtain from the Banco do Brasil exchange for 25% of the amounts
received in milreis in payment of interest. This would be the most practical form. I am mentioning this, however, because this was one of the
points we discussed at the beginning after my arrival to this country in
January last.
The Committee pointed out that
It is to be noted that any formula now outlined must be considered as
purely in the light of a temporary expedient, to be utilized only and until
such time as it is possible to develop a more definite basis for the resumption
of full service on the State and municipal loans; also that as the bondholders have been informed that the exchange restrictions imposed by
the Federal Government are responsible for the State and municipal defaults, the bondholders quite naturally look to the Brazilian Government
for some action in their behalf.
The Committee hopes that during the second half of 1933 the Brazilian
Government will make available the necessary data, particularly as regards
the position and supply of exchange, to provide a basis for an arrangement
more satisfactory to the bondholders; but in any case it seems reasonable
to the Committee to observe that the Brazilian Government should require
or
the various State and municipal debtors, in setting up their budgets f
the year 1934, to make provision therein for the service of their bonds on
the following minimum basis: Payment of 25% of the face amount of
the coupons maturing during 1934 in dollars, and the balance of 75%
thereof in milreis, the Brazilian Government making the necessary arrangements with the Bank of Brazil for the States and municipalities to
obtain the dollar exchange required for the transfer of the 25% above
mentioned.
It would not appear that the payment in United States dollars of 25%
of the coupons, as above, would impose an undue burden on the budgets
of the States and municipalities, or on the supply of dollar exchange which
presumably will be available. Excluding the service of the State of Sao
Paulo 7% 1930-40 loan, the total dollar amount of the annual interest on
all Brazilian State and municipal dollar bonds is $14,614,645. The amount
of 25% of this would be $3,653,000. for which ample exchange should
be available; the equivalent of this amount in Brazilian currency, calculated at 14 milreis to the dollar, would be 51,142 contos, a sum which
would be distributed between 11 States and munidpalitles.
However, should the Brazilian Government find it impracticable in
certain cases to insist on the budgetary requirement above mentioned
for the States and municipalities in 1934, then the bondholders concerned
in those cases might still be willing to accept the arrangement set forth
for the second half of 1933, provided that the Brazilian Government
require the various State and municipal debtors to consider the settlement for 1933 as a minimum debt-service payment, and that succeeding
payments of debt service be adjusted in accordance with any improvement
in the financial condition of the respective States and municipalities.
It will be understood that any arrangement made along these lines should
be considered minimum requirements of a temporary nature, and should
all be subject to subsequent review, more especially if any material changes
occur in exchange rates.
China Imposes Customs Surtaxes on Products Formerly
Exempted Under Sino-Japanese Treaty.
The only Chinese tariff alteration at present resulting
from the expiration of the Sino-Japanese Conventional tariff
treaty on May 15 is the application of the customs surtaxes
totaling one tenth of the import duty, levied for flood relief
and revenue purposes, to formerly exempted products
which were covered by that agreement; namely, wheat
flour, most cotton piece goods, cotton yarns and threads,
and other manufactures of cotton (excluding clothing),
and certain fish and fishery products, according to a radiogram received in the Department of Commerce from Commercial Attache Julean Arnold, Shanghai. The Department
on May 19 added:
However, wheat flour continues to be duty-free under the Chinese
tariff with no surtax therefore applicable on that product at this time.
Under the terms of the treaty, which entered into effect on May 16 1930.
China had agreed, for a period of three years, not to increase the import
duties existing at that time on certain of the above products and not to
increase the rates on the remaining items by more than 23 % ad valorem.
The customs surtaxes were therefore not assessed against importations
of these articles from Japan (or from countries, including the United
-favored-nation treaties with China).
States, having most
Outstanding Brokers' Loans on New York Stock
Exchange Increased $206,017,250 During May—
Total May 31, $528,509,438—Largest Figure Reported Since March 1932—May 31 Total Compares
with $322,492,188 April 29.
An increase of $206,017,250 was reported in outstanding
brokers' loans on the New York Stock Exchange during May
the total on May 31 being $528,509,438, the greatest reported
since March 1932 when the figure was $533,103,059. The
May 31 total compares with $322,492,188 reported on
April 29, which figure represented an increase of $11,530,607
over the March 31 total of $310,961,581. In the May 31
statement demand loans are shown as $398,148,452, com-
Financial Chronicle
Volume 136
pared with $207,385,202 April 29, while time loans on May 31
are reported as $130,360,986 against $115,106,986 April 29.
The May 31 figures were made public by the Exchange on
June 3 as follows:
Total net loans by New York Stock Exchange members on collateral.
contracted for and carried in New York as of the close of business May 31
1933. aggregated $528.509.438.
The detailed tabulation follows:
Demand Loans. Time Loans.
(1) Net borrowings on collateral from New York banks
$331,525,128 $129,256,486
or trust companies
(2) Net borrowings on collateral from private bankers,
brokers, foreign bank agencies or others in the City
1,104,500
68,623,324
of New York
2398,148,452 $130,360,986
$528,509,438
Combined total of time and demand loans
The scope of the above compilation is exactly the same as in the loan
report issued by the Exchange a month ago.
Below we give a compilation of the figures since January
1931:
1931Jan. 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
Demand Loans.
$1,365,582,515
1,505,251,689
1,829.883,494
1,389,163,124
1,173.508,350
1,102.285.060
1,041.142,201
1,089.280,033
802,153,879
615,515.068
599,919.108
502,329,542
$354,762.803
334,504.369
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
452,708,542
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
36,528,000
38.013.000
53,459.250
64,230,450
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
379,015,682
300,397,222
243,574,295
241.599.943
331,899.320
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
104.055.300
137,455,500
103,360.500
115.103,9g6
130,360,988
359.341,058
359,957,058
310.961,581
322,492,188
528,509,438
Time loans.
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 June 1 $32,473,061,395, Compared with
$26,815,110,054 May 1-Classification of Listed
Stocks.
As of June 1 1933 there were 1,217 stock issues aggregating 1,293,876,237 shares listed on the New York Stock
Exchange, with a total market value of $32,473,061,395.
This compares with 1,221 stock issues aggregating 1,293,545,655 shares listed on the Exchange May 1, with a total
market value of $26,815,110,054, and with 1,221 stock
issues aggregating 1,292,601,719 shares with a total market
value of $19,914,893,399 on April 1. The Exchange, in
making public the June 1 figures on June 6, said:
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 this date was therefore 1.63%.
As of May 1 1933 New York Stock Exchange member
borrowings on security collateral amounted to $322,492,188.
The ratio of security loans to market values of all listed
stocks on that date was therefore 1.20%.
In the following table listed stocks are classified by
leading industrial groups, with the aggregate market value
and average price for each:
June 11933.
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. & radlo)_
Miscellaneous utilities
Aviation
Business and office equipment
1,849,193,700
.866,970,949
3,052.434,289
273,291,690
901,784,228
2.338,000,805
271,274.055
351,013.318
98,613,082
43,797,020
994,495,311
1,110,791.187
3,219,986.995
180.053,928
1.537.110.054
3,741.341.385
1.490.397.313
189,471,617
2,232,891,124
1,475.236,180
2,629,108,145
159,669,430
208.385,974
240,591,136
12.778.862
Shipping services
19.649,623
Ship operating and building
87.464,752
Miscellaneous business
264,313,870
Leather and boots
1,430.059,270
Tobacco
15.045,589
Garments
629,853,859
17. S. companies operating abroad
Foreign companies (incl. Cuba & Can.) 578.032,895
All listed stocks
May 11033.
Aver.
Price.
Market
Value.
Aver.
Price.
$
17.50
16.25
43.93
17.57
22.08
32 98
26.02
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
1,497,011.287
732,928,545
2,444,271.453
187.779,401
771,836,175
2,089,876,822
206,529,427
289,555.457
64,583.985
30.890.489
753.062,944
871,933,665
2,714,180,456
127,337.870
1.300,500.939
2,880,446,82C
1,222,822,795
131,908,351
1,969,516,589
1.192,993,989
2,228,737,806
135.097.788
178,174,490
190,670.878
5,792,894
14,370,656
56,729.932
211,907.255
1,319.121,377
9,820,791
505,940,008
498,798,920
14.20
13.73
35.20
11.92
18.89
29.22
20.50
25.78
4.07
6.16
15.82
14.47
14.75
7.58
20.97
25.00
30.86
11.93
28.45
12.14
59.28
13.29
9.31
17.93
2.77
4.26
12.65
30.74
60.86
7.55
15.33
13.46
32.473,061,395 25.10 26,815,110.054 20.73
4003
Paine,
Michael J. O'Brien, of Paine Webber & Co., Elected
Exchange.
President Chicago
Michael J. O'Brien, resident partner in Chicago of the
New York Stock Exchange firm of Paine, Webber & Co.,
who joined the firm at Houghton, Mich., 33 years ago as
a telegraph operator, was on June 5 elected President of the
Chicago Stock Exchange. Mr. O'Brien in 1931 was elected
Vice-President of the Chicago Stock Exchange, and has been
a Governor since 1923. Other partners of Paine, Webber
& Co., have attained like distinction and are serving on
important official posts in connection with the work of
various exchanges and commercial organizations. Frank R.
Hope, a resident partner in New York, was recently reelected for a third time as President of the Association of
New York Stock Exchange firms. E. J. Furlong, resident
partner in Milwaukee, is a former President of the Milwaukee Chamber of Commerce and is Chairman of the
Quotation Committee of that body. Warren F. Scribner,
resident partner at Minneapolis, is a Governor of the Minneapolis-St. Paul Stock Exchange. Albert P. Everts, one
of the Boston partners, is on the Board of the Association of
Boston Stock Exchange Firms and is Chairman of the
Committee on Business Trends of the Investment Bankers
Association of America. The firm was established in 1880
and holds memberships in the New York Stock Exchange,
Boston Stock Exchange, New York Curb Exchange, Chicago
Stock Exchange, Cleveland Stock Exchange, Detroit Stock
Exchange, Hartford Stock Exchange, Minneapolis-St. Paul
Stock Exchange, New York Cotton Exchange, Chicago
Board of Trade, and Commodity Exchange, Inc., New
York.
Samuel Knighton Re-elected President of New York
Produce Exchange-Other Officers Elected.
Samuel Knighton was re-elected President of the New
York Produce Exchange by unanimous vote on June 5 at
the annual voting of members. Thomas F. Baker was reelected Vice-President, and John M. Murray was elected
Treasurer to succeed F. H. Teller. An announcement issued
by the Exchange continues:
.
Four members of the Board of Managers whose terms expired were reelected and the following two new members were chosen, all for two-year
terms:
John A. Anger, Jr., and Albert Wagner, of Albert Wagner & Co.
Those re-elected were Philip Brendel, of the Southern Cotton Oil Co.,
Moses Cohen, of Canada-Atlantic Grain Export Co., Inc., Axel Hansen,
of Axel Hansen & Co.. and Samuel S. Lerner.
la Robert M. Morgan, of Robert M. Morgan, Inc., was re-elected a trustee
of the gratuity fund for three years.
The nomination of officers of the New York Produce
Exchange was noted in our issue of May 13, p. 3265.
Reduction in Interest on Foreign Deposits.
The Informal Committee on Foreign Interest Rates approved on June 8 a reduction from one-half to one-quarter
of 1% in rates on demand deposits and from 1% to one-half
of 1% in rates on time deposits, effective June 12. The new
rates conform to those put into effect last week by the New
York Clearing House banks, noted in our issue of June 3,
page 3822. In its issue of June 9 the New York "Times"
said :
The foreign rates apply equally to foreign banks, central banks and Governments. Until last year, a preferential rate was given to foreign depositors over domestic depositors because of the large volume of foreign shortterm money in this market, and foreign central banks received a somewhat
better rate than other foreign depositors.
Interest Charge of 1% on Day Loans Fixed by New York
Clearing House.
Under an amendment to its constitution this week the New
York Clearing House requires members to collect interest at
the rate of not less than 1% per annum on day loans against
bankers acceptances, Federal funds and commercial paper.
In its issue of June 6 the "Wall Street Journal" said:
Heretofore, banks have not charged dealers in these securities for day
loans, which are in effect a type of overdraft and which dealers use to
finance their turnover. They have been in the practice of borrowing under
such arrangements with their banks during the morning and covering the
accommodations by deposits or longer loans later in the day when they have
either sold the bills bought with such loans or found how much must be
carried in portfolios with the aid of call loans, currently costing about
% of 1%.
Prior to 1929, Clearing House banks gave the same free accommodations
to all dealers in securities but decided in that year to charge brokers and
dealers in stocks for their one-day loans, exempting dealers in the three
classes of securities now included in the ruling. The ruling is regarded as
an effort to increase the earnings of banks.
The increased cost of financing the turnover in these securities will add
to the operating expenses of dealers in acceptances. It is not expected to
affect open market rates materially, except perhaps for extremely short
maturities of bills where immediate payment for purchase is demanded.
Bill dealers will no longer be able to trade in Federal funds at a profit,
however, since payment for funds bought from banks would have to be
4004
Financial Chronicle
open
financed with one-day loans at 1% per annum, whereas the current
oc%
4
1
%
4
1
market rate for Federal funds is / bid, / asked. Bill dealers
the Recasionally obtain Federal funds in the form of checks drawn against
when
serve Bank when selling bills to the bank and sometimes need funds
have also
repurchasing bills temporarily sold to the Reserve Bank. They
past but
acted as actual dealers in Federal funds between banks in the
will now be compelled to discontinue this business. The ruling will not
funds directly behave any effect on the rate for transactions in Federal
tween banks, however.
$28
A rate of 1% per annum for one-day loans is equivalent to almost
about
for a loan of $1,000,000. Federal funds, on the other hand, cost only
4
1
$3.50 for $1,000,000 at the / of 1% rate.
The announcement issued by the Clearing House follows:
NEW YORK CLEARING HOUSE.
New York, June 5 1933.
Section 6
We beg to hand you the following amendments to Article XI,
meeting of
and Article VIII, Section 1 of the Constitution, adopted at a
the Association held June 5 1933.
By order,
GEORGE W. DAVISON,
Chairman, Clearing House Committee.
CLARENCE E. BACON, Manager.
Interest Charge On Day Loans.
at the
Article XI, Section 6 là amended by striking out the word "not"
adding at
end of the ninth line and the word "or" in the tenth line, and
whole
the end of the Section the words "and Federal Funds" so that the
Section, as amended, shall read as follows:
non-member
"Section 6. Every member of this Association (and every
clearing through a member) shall charge and collect a full day's Interest
loan
at the rate of not less than 1% per annum upon the amount of each
the
made or credit extended for one day, or any part thereof, to enable
borrower or beneficiary of the credit to accept and make payment for
securities, and/or any interest therein deliverable on the date of the loan
or extension of credit. The term 'securities' as used in this Section shall
include Bankers Acceptances, Commercial Paper and Federal Funds."
This amendment will have the effect of rescinding Ruling No. 17, which
reads as follows:
"The charge (provided for in Section 6 of Article XI) need not be imposed when the loan is made or credit extended for the purpose of enabling
the borrower to make payment for purchase of Federal Funds."
Authority of Comptroller of Currency to Levy Assessments on Stock in Closed National Banks Upheld
by U. S. Circuit Court of Appeals at Philadelphia—
Ruling Affects Stockholders of New Jersey Banks
The authority of the Comptroller of the Currency to levy
100% assessments on stock in closed National banks is absolute, the United States Circuit Court of Appeals at Philadelphia ruled on May 25. Associated Press advices from Philadelphia (May 25) had the following to say regarding the
ruling:
Only in case of obvious error, mistake or fraud will the Courts interfere,
it decreed In dismissing the appeal of three stockholders in New Jersey.
They had been assessed 100% on their holdings by the receivers of the Union
City National Bank and the National Bank of North Hudson.
The Court's opinion added that it was not an adequate defense to plead
that a bank was solvent and that the Comptroller did not have sufficient
facts to warrant closing it.
Written by Judge Joseph Buffington, senior member of the Court, the
opinion upheld the ruling of Judge William Clark, of the Federal District
Court for New Jersey, that the defense was "frivolous." Judge Clark had
ordered judgments for the receivers.
The appellants contended that the receivers should have given stockholders a chance to make up among themselves any deficiency which might
occur in their banks' assets before levying the 100% assessment.
Under the ruling of the Courts, August Miller, holder of 873 shares of
North Hudson Bank stock, will have to pay its receiver $22,922 in assessment and interest; James McMahon, owner of 556 shares in the Union City
Bank, must pay $14,474, and John J. McMahon, holding 460 shares in the
same bank, must pay $11,973.
State Banks in Philadelphia Operating on Restricted
Basis Granted Additional Three Months Within
Which to Work Out Plans for Resumption.
State-chartered banks in Pennsylvania, which have been
operating for approximately three months on a restricted
basis, will be given another three months in which to work
out plans for resuming normal business, in accordance with
an announcement made on June 2 hy Dr. William D. Gordon,
State Secretary of Banking. The Philadelphia "Public
Ledger" of June 3 reported Dr. Gordon as saying:
Nearly all of the 69 banks under our supervision, which have been operating on a restricted basis prior to or since the nationwide banking holiday,
have shown real progress in liquidating loans and reducing expenses. Accordingly, the Banking Department is now prepared to extend the time of
restricted operation, to give the institutions opportunity to prepare themselves for resumption of normal operations. This, in many cases, will necessitate the raising of additional capital. An extension of time for restricted
operation is provided for in the Sordoni Act.
From the account in the "Ledger" we also quote:
Four of the restricted State-chartered banks are in Philadelphia and
vicinity. Some of the banks are members of the Federal Reserve System,
which will have to approve a license for the resumption of normal business
by a member bank.
Dr. Gordon further stated that the Banking Department had not yet
approved any plan to reopen a restricted bank for normal operation, although a number of plans looking toward that end have been submitted to
the department. Most of the plans, it is understood, provide for loans
from the Reconstruction Finance Corporation or the sale of preferred stock
to that corporation and a partial allotment of preferred stock to depositors.
Dr. Cordon also said that the cash portion of a number of closed banks
June 10 1933
In Pennsylvania and also that of the restricted banks had been materially
improved in recent weeks by the rise in the stock and commodity markets,
thereby enabling the liquidation of collateral back of loans at much higher
prices than those prevailing prior to March 4.
He added, however, that there had not been material improvement in
real estate, in which a number of the banks have large holdings.
The banks operating on the restricted plan are allowed to accept segregated deposits, payable on demand. They, however, are prohibited from
making any new loans. So far none of the restricted banks has paid anything on old deposit accounts. In connection with the latter, restricted
banks can make payment on account of old deposits upon application to the
Banking Department, provided they are sufficiently fortified to take care
of preferred claims, such as United States Government and State deposits
and bills payable. The bills payable usually are secured by some of the
best assets of the borrowing institution.
Reduction in Discount Rates of Philadelphia, Cleveland and St. Louis Federal Reserve Banks.
The Philadelphia, St. Louis and Cleveland Federal Reserve Banks this week reduced their rediscount rates from
33/i to 3%,following the action of the Chicago, Boston and
San Francisco Reserve Banks in lowering their rates from
334 to 3%. In the case of the New York Reserve Bank,its
rate was reduced May 26 from 3% to 234%. Items thereon
appeared in these columns May 27, page 3633 and June 3,
page 3822. The change in the rate of the Philadelphia
Federal Reserve Bank, announced by the Federal Reserve
Board at Washington on June 7, became effective on June 8.
Regarding the reduction in its rate the Federal Reserve
Bank of St. Louis issued the following announcement Jan. 7:
FEDERAL RESERVE BANK OF ST. LOUIS.
The Federal Reserve Board has approved application of the Federal
Reserve Bank of St. Louis to decrease its discount rate from 3%% to 3%
per annum, effective June 8, 1933, on member banks' collateral notes of
not exceeding fifteen days and on rediscounts of all maturities, under
Sections 13 and 13 (a) of the Federal Reserve Act.
JNO. S. WOOD,
Chairman of the Board.
The change in the rate of the Cleveland Federal Reserve
Bank was announced yesterday (June 9).
Review of Banking Conditions By Federal Reserve
Board—Return of Currency to Reserve Banks
Continued.
In the May number of its "Monthly Bulletin," made
available June 1, the Federal Reserve Board, reviewing
banking conditions during the month stated that "the return
of currency to the Federal Reserve banks continued in April,
although at a less rapid rate." The Board continued:
Total volume of currency returned between March 4 and May 10 was
$1,595,000,000, of which $300,000.000 was in gold coin and $470,000,001)
in gold certificates. Practically all of the currency withdrawn by banks
between Feb. 1 and March 4 for the purpose of increasing their vault cash
was returned to the Reserve banks by the second week of May, while of
the currency paid out to the public during that period about $250,000,000
was still outstanding.
The chart shows the total amount of currency outside the United States
Treasury and the Federal Reserve banks since the beginning of 1930.
It brings out the fact that the volume of currency, which had Increased by
about $1.000,000,000 in 1931, remained fairly constant in 1932. In 1933,
beginning in February,there was a more rapid increase than at any previous
time, followed by an almost as rapid return after the banks were reopened
early in March. Early in May. however, the amount of money in circulation was still about $400,000,000 larger than at the same season in 1932
and $1,200,000,000 larger than two years ago.
Reserve funds derived by the member banks in April and early May
from the redeposit of currency with the Federal Reserve banks were used
to reduce the banks'indebtedness by 3100,000,000, to liquidate $175,000,000
of maturing acceptances held by the Reserve banks, and to increase the
member banks' reserve balances by $170,000,000. Early in May the
reserves of member banks that had received licenses to reopen were approximately $300,000,000 in excess of legal requirements.
Loans and investments of member banks in New York City showed an
increase of $350,000,000, the increase being in loans on securities and in
all other loans, as well as in holdings of United States Government obligations. Demand deposits of the New York banks increased by more than
$500,000,000. and their balances held for correspondent banks by $200,000,000 during the period.
Total reserves of the Federal Reserve banks increased further in April
and early May. and this increase, together with the decline in Federal
Reserve notes, with reflected in a rise of the ratio of reserves to deposit and
note liabilities of the 12 Federal Reserve bank); combined to 64.8% on
May 10.
Federal Home Loan Banks as Banks Within Meaning
of Section 19 of the Federal Reserve Act.
The Federal Reserve Board reports a ruling by its counsel
to the effect that a Federal Home Loan Bank "may properly
be considered a bank within the meaning of the 8th paragraph of Section 19 of the Federal Reserve Act and that
deposits made by such an institution in a member bank may
properly be classified by the latter as amounts due to banks
in computing its reserves and in preparing its reports of
condition." The ruling was given as follows in the May
bulletin of the Reserve Board:
Federal Home Loan Banks as Banks Within the Meaning of Section 19 of the
Federal Reserve Ad.
Inquiry has recently been made of the Federal Reserve Board whether
deposits made in a member bank by a Federal Home Loan bank may be
classified by the member bank in computing its reserves as amounts due to
Volume 136
Financial Chronicle
banks under the 8th paragraph of.Section 19 of the Federal Reserve Act.
which provides that "In estimating the balances required by this act, the
net difference of amounts due to and from other banks shall be taken as
the basis for ascertaining the deposits against which required balances
with Federal Reserve banks shall be determined."
A Federal Home Loan bank is authorized by the Federal Home Loan
Bank Act to receive deposits, not subject to check, from its members and
non-member borrowers and to make loans to its members and non-member
borrowers under certain prescribed conditions. Moreover, the law provides that, when designated for that purpose by the Secretary of the Treasury, it shall be a depositary of public money and it may be employed as a
financial agent of the Government. In the latter capacities it must perform all such reasonable duties as may be require d of it.
Upon consideration of this matter, the Federal Reserve Board expressed
the opinion that a Federal Home Loan bank may properly be considered a
bank within the meaning of the 8th paragraph of Section 19 of the Federal
Reserve Act and that deposits made by such an institution in a member
bank may properly be classified by the latter as amounts due to banks in
computing its reserves and in preparing its reports of condition.
Changes in Law Relating to Federal Reserve System
Made by Recently Enacted Agricultural Relief Act.
In its May "Bulletin," issued June 1, the Federal Reserve
Board makes public comments by the Board's law department respecting "changes in law relating to the Federal
Reserve System made by the recent Agricultural Relief
Act." We quote from the "Bulletin" as follows:
A number of provisions amending the Federal Reserve Act or affecting
the Federal Reserve System are contained In the Act of Congress approved
May 12 1933, entitled "An Act to relieve the existing National Economic
Emergency by Increasing Agricultural Purchasing Power, to raise Revenue
for Extraordinary Expenses Incurred by Reason of Such Emergency.
to Provide Emergency Relief with Respect to Agricultural Indebtedness,
to Provide for the Orderly Liquidation of Joint-Stock Land Banks, and
for Other Purposes."
The President is authorized by this Act, in certain circumstances, to
direct the Secretary of the Treasury to enter into agreements with the
Federal Reserve banks and the Federal Reserve Board for the conduct
by the banks of open-market operations in obligations of the United States
Government or corporations in which the United States is a majority stockholder and for the purchase by the Federal Reserve banks of obligation S
of the United States Government in the aggregate sum of $3,000,000,000
in addition to those they may then hold. No suspension of reserve requirements of the Federal Reserve banks under the terms of Section 11 (c)
of the Federal Reserve Act, which may be necessitated by reason of such
open-market operations, shall require the imposition of a tax upon any
deficiency in reserves nor an automatic increase in the rates of interest
or discount charged by any Federal Reserve bank.
The President may, in certain circumstances, direct the Secretary of
the Treasury to cause to be issued United States notes in amounts not
exceeding $3.000,000,000 for the purpose of meeting maturing Federal
obligations to repay sums borrowed by the United States and for purchasing United States bonds and other interest
-bearing obligations of the
United States. Such notes and all other coins and currencies heretofore
or hereafter coined or issued by or under the authority of the United States
are declared to be legal tender for all debts, public and private.
The President is authorized to fix the weight of the gold dollar and also
the weight of the silver dollar at a definite fixed ratio in relation to the gold
dollar at such amounts as he may find necessary to stabilize domestic prices
or to protect foreign commerce, and to provide for the unlimited coinage
of gold and silver at the ratio so fixed; but the weight of the
gold dollar
may not be fixed BO as to reduce its present
weight by more than 50%.
The President is also authorized, for a six-months' period,
to accept
silver in an amount not exceeding $200,000,000 from any foreign Government In payment of indebtedness to the United States at price not to
a
exceed 50 cents an ounce in United States currency; and silver certificates
shall be issued against silver so
accepted.
Section 19 of the Federal Reserve Act is amended so as to provide that
the Federal Reserve Board, upon the affirmative vote of not less than
five members and with the approval of the President, may declare that
an emergency exists by reason of credit expansion and, during such emergency, may increase or decrease from time to time the reserve balances
required to be maintained against demand or time deposits by member
banks of the Federal Reserve System.
In addition to the above provisions, which are contained in Title III
of the Act of May 12 1933, Section 28 of Title H thereof contains an amendment to the eighth paragraph of Section 13 of the Federal Reserve Act
which authorizes the use of farm loan bonds, issued by Federal Land
banks for certain purposes (under Section 21 of the Act of May 12 1933).
as security for advances by Federal Reserve banks to member banks for
periods not exceeding 15 days.
The text of the Act, signed by President Roosevelt on
May 12, was given in these columns May 20,pages 3415-3420.
Combined Offering of Treasu y Notes and Certificates
to Amount of $900,000,000 or Thereabouts in June
Financing—Comprises $500,000,000 Fhe-Year 27
4%
Notes and $400,000,000 Nine-Months 9.4% Certificates—Books Closed—Issues Oversubscribed Five
Times—Gold Clause Eliminated.
A combined offering of Treasury notes and Treasury
certificates of indebtedness to the amount of $900,000,000
or thereabouts was offered in the June 15 financing of the
Government, announced on June 6 by Secretary of the
Treasury Woodin. The $900,000,000 offering is made up
of $500,000,000 or thereabouts of five-year 27
4% Treasury
notes (Series B 1938) dated and bearing interest from
June 15 1933, and due June 15 1938, and $400,000,000 or
thereabouts of nine-months 4% certificates of indebtedness
(Series TM-1934) dated and bearing interest from June 15
1933 and due March 4 1934. In the case of the rate of
of
1% borne by the new Treasury certificates, the interest is
the same as that carried by an issue of one-year certificates
put out last December. It was indicated,at the time that
4005 ,
the
of 1% rate set up-a new post-war record for cost of
borrowing, and officials were reported as saying they knew
of no lower rate at any time for one-year paper. On outstanding certificates the rates range from 4% to 44%;
3
the rates on outstanding notes range from 23i% to 34%.
In announcing this week's offering and indicating the purpose of the new issues, Secretary Woodin stated that about
$374,000,000 of Treasury certificates and about $104,000,000 in interest payments on the public debt become due
and payable on June 15 1933. As a result of the enactment
during the past week of the gold clause provision (referred
to elsewhere in our issue to-day) there is no provision in the
new offering for the payment of the new obligations. As
in the case of the April offering of Treasury notes (threeiyear, 23/s%)—referred to in these columns April 9, page
2891—the Government in the present week's offering seeks
to attract par icularly the small investor, Secretary Woodin's
announcement stating that the right is reserved "to increase
the offering by an amount sufficient to allot in full all
subscriptions for amounts up to and including $10,000;
Secretary Woodin added that "the books will be kept open
several days for the receipt of subscriptions of that class."
Except for that class, the books on the offering were closed
at the close of business on June 7. The following notice
regarding the closing of the books was issued June 7 by the
Federal Reserve Bank of New York:
To All Banks and Trust Companies in the Second
Federal Reserve District and Others Concerned:
In accordance with instructions from the Treasury Department, the
subscription books for the offering of United States of America Treasury
notes, 27's%, Series B-1938, due June 15 1938, dated and bearing interest
from June 15 1933. and on the offering of United States of America Treasury certificates of indebtedness. 3 %,Series TM-1934, due March 15
1934.
dated and bearing interest from June 15 1933. closed at the close of business
to
-day, Wednesday, June 7 1933, except for the receipt of subscriptions
for amounts up to and including $10,000. In accordance with previous
announcement, the subscription books will remain open until further notice
for the receipt of subscriptions of that class.
All subscriptions actually mailed before midnight, Wednesday, June 7
1933. as shown by post office cancellation, will be considered as having
been entered before the close of the subscription books.
The following further notice of the closing of the books in
the ease of subscriptions for amounts up to and including
$10,000, was issued on June 8 by the New York Federal
Reserve Bank:
To all Banks and Trust Companies in the Second
Federal Reserve District and Others Concerned:
In accordance with instructions from the Treasury Department the subcription books for the offering of United States of America Treasury notes,
234%, Series B-1938, due June 15, 1938, dated and bearing interest from
June 15. 1933, and for the offering of United States of America Treasury
certificates of indebtedness, ft %. Series TM-1934, due March 15, 1934,
dated and bearing interest from June 15, 1933. which were closed at the
close of business June 7, 1933, except for the receipt of both cash and exchange subscriptions for amounts up to and including $10,000, were closed
for such subscriptions at the close of business to-day. Thursday, June 8
1933.
All subscriptions of that class actually mailed before midnight Thursday,
June 8 1933, as shown by post office cancellation, will be considered as
having been entered before the close of the subscription books.
The new Treasury offering of $900,000,000 has been oversubscribed five times, according to an announcement June 8
by Secretary Woodin. The Associated Press advices from
Washington June 8 said:
A statement from Mr. Woodin to-night announcing the closing of the
books after they were open only three days, said preliminary and incomplete returns from the Federal Reserve banks indicated the total subscriptions would be $5,000,000,000 or more.
Secretary Woodin's announcement of the offering on
June 6 follows:
The Treasury is to-day offering for subscription at par and accrued
interest, through the Federal Reserve banks, $500,000,000, or thereabouts,
5
-year 2 % Treasury notes of series B-1938, and $400,000,000 or thereabouts, 9
-month
% certificates of indebtedness of series TM-I934, with
the right reserved to the Secretary of the Treasury to increase
the offering
by an amount sufficient to allot in full all subscriptions for
amounts up to
and including $10,000. The books will be kept open several days for
the
receipt of subscriptions of that class.
The Treasury notes will be dated June 15 1933 and will bear
interest
from that date at the rate of 2%% per annum, payable
semi-annually.
They will mature June 15 1938 and will not be subject to
call for redemption prior to that date.
The certificates of indebtedness will be dated June 15
1933 and will bear
interest from that date at the rate of ;.1 of 1% per
annum, payable on a
semi-annual basis. They will mature March 15 1934.
The Treasury notes and Treasury certificates of indebtedness
will be
exempt, both as to principal and interest, from all
taxation (except estate
or inheritance taxes) now or hereafter imposed by the
United States, any
State or any of the possessions of the United States,
or by any local taxing
authority.
Applications will be received at the Federal Reserve banks
and branches
and at the Treasury Department, Washington.
Banking institutions
generally will handle applications for subscribers, but only
the Federal
Reserve banks and the Treasury Department are
authorized to act as
official agencies. Banking institutions which have been
licensed to resume
their normal banking functions are permitted to handle subscriptions
in
the usual manner. Unlicensed banking institutions
are authorized to accept applications for subscribers and to hold in segregated accounts funds
tendered in payment pending transmittal to a Federal Reserve bank or
branch.
Financial Chronicle
4006
Applications, unless made by an incorporated bank or trust company.
or by a responsible and recognized dealer in Government securities, must
be accompanied by payment in full or by payment of 10% of the amount
of notes or certificates applied for. The forfeiture of the 10% payment
may be declared by the Secretary of the Treasury if payment in full is not
completed on the prescribed date in the case of subscriptions allotted.
Subscriptions for which payment is to be tendered in Treasury certificates
of indebtedness of series TJ-1933, maturing June 15 1933, and cash subscriptions for amounts up to and including 310,000, will be alloted in full.
The Treasury notes will be issued in bearer form only, in denominations
of $100. $500, 51,000, $5,000, $10,000 and $100,000, with interest coupons
attached, payable semi-annually on Dec. 15 1933, and thereafter on June 15
and Dec. 15 in each year. The certificates of indebtedness will be issued
in bearer form only, in denominations of $500, $1,000, 55,000, 510,000
and $100,000, with two interest coupons attached, payable on Sept. 15 1933
and March 15 1934.
About $374,000,000 of Treasury certificates of indebtedness and about
3104,000,000 in interest payments on the public debt become due and
payable on June 15 1933.
The Treasury circulars detailing the offerings follow:
UNITED STATES OF AMERICA
Treasury Notes
2H%, Series B-1938, Due June 15 1938.
Dated and bearing interest from June 15 1933.
The Secretary of the Treasury offers for subscription, at par and accrued
interest, through the Federal Reserve banks, under the authority of the
Act approved Sept. 24 1917, as amended, Treasury notes of series B-1938.
The amount of the offering is $500,000,000, or thereabouts, with the right
reserved to the Secretary of the Treasury to increase the offering by an
amount sufficient to allot in full all subscriptions for amounts up to and
including $10,000.
Description of Notes.
The notes will be dated June 15 1933 and will bear interest from that
date at the rate of 2•,r,i % per annum, payable semi-annually on Dec. 15 1933
and thereafter on June 15 and Dec. 15 in each year. They will mature
June 15 1938 and will not be subject to call for redemption prior to maturity.
Bearer notes with interest coupons attached will be issued in denominations of $100, $500, $1,000. $5,000, $10,000 and $100,000. The notes will
not be issued in registered form.
The notes shall be exempt, both as to principal and interest, from all
taxation (except estate or inheritance taxes) now or hereafter imposed by
the United States, any State or any of the possessions of the United States,
or by any local taxing authority.
The notes will be accepted at par during such time and under such rules
and regulations as shall be prescribed or approved by the Secretary of the
Treasury in payment of income and profits taxes payable at the maturity
of the notes.
The notes will be acceptable to secure deposits of public moneys, but will
not bear the circulation privilege.
Application and Allotment.
Applications will be received at the Federal Reserve banks and branches
and at the Treasury Department, Washington. Banking institutions
generally will handle applications for subscribers, but only the Federal
Reserve banks and the Treasury Department are authorized to act as
official agencies. Banking institutions which have been licensed to resume
their normal banking functions are permitted to handle subscriptions in
the usual manner. Unlicensed banking institutions are authorized to accept applications for subscribers and to hold in segregated accounts funds
tendered in payment pending transmittal to a Federal Reserve bank or
branch.
Cash subscriptions for amounts up to and including $10,000, and subscriptions for which payment is to be tendered in Treasury certificates of
indebtedness of series TJ-1933, maturing June 15 1933, will be allotted
in full.
The Secretary of the Treasury reserves the right to reject any subscription,in whole or in part, and to allot less than the amount of notes applied
for and to close the books as to any or all subscriptions at any time without
notice; the Secretary of the Treasury also reserves the right to make allotment in full upon applications for smaller amounts, to make reduced allotments upon, or to reject, applications for larger amounts, and to make
classified allotments and allotments upon a graduated scale; and his action
in these respects shall be final. Allotment notices will be sent out promptly
upon allotment, and the bash; of the allotment will be publicly announced.
Payment.
Payment at par and accrued interest for notes allotted must be made
on or before June 15 1933 or on later allotment. Any qualified depositary
will be permitted to make payment by credit for notes allotted to It for
Itself and its customers up to any amount for which it shall be qualified
bank
in excess of existing deposits, when so notified by the Federal Reserve
-of its district. Treasury certificates of indebtedness of series TJ-I933.
maturing June 15 1933, will be accepted at par in payment for any notes
which shall be subscribed for and allotted, with an adjustment of the interest accrued, if any, on the notes so paid for. Applications, unless made
by an incorporated bank or trust company, or by a responsible and recognized dealer in Government securities, must be accompanied by payment
In full or by payment of 10% of the amount of notes applied for. The
forfeiture of the 10% payment may be declared by the Secretary of the
Treasury if payment in full is not completed on the prescribed date in the
-case of subscriptions allotted.
General Provisions.
As fiscal agents of the United States, Federal Reserve banks are authorized and requested to receive subscriptions and to make allotments on the
basis and up to the amounts indicated by the Secretary of the Treasury
to the Federal Reserve banks of the respective districts. After allotment
and upon payment Federal Reserve banks may issue interim receipts
pending delivery of the definitive notes.
W. H. WOODIN, Secretary of the Treasury.
Treasury Department, Office of the Secretary, June 7 1933.
Department circular No. 488 (Public Debt).
UNITED STATES OF AMERICA
Treasury Certificates of Indebtedness
fa;%, Series TM-1934, Due March 15 1934.
Dated and bearing interest from June 15 1933.
The Secretary of the Treasury offers for subscription, at par and accrued
interest, through the Federal Reserve banks, under the authority of the
Act approved Sept. 24 1917. as amended. Treasury certificates of Indebtedness of series TM-1934. The amount of the offering Is $400,000,000. or
thereabouts, with the right reserved to the Secretary of the Treasury to
June 10 1933
increase the offering by an amount sufficient to allot in full all subscriptions
for amounts up to and including $10,000.
Description of Certificates.
The certificates will be dated June 15 1933 and will bear interest from
that date at the rate of ;A'% per annum, payable on a semi-annual basis.
They will be payable on March 15 1934.
Bearer certificates will be issued in denominations of $500, 51,000,55.000,
510.000 and $100,000. The certificates will have two interest coupons
attached, payable on Sept. 15 1933 and March 15 1934.
The certificates shall be exempt, both as to principal and interest, from
all taxation (except estate and inheritance taxes) now or hereafter imposed
by the United States, any State or any of the possessions of the United
States, or by any local taxing authority.
The certificates will be accepted at par during such time and under such
rules and regulations as shall be prescribed or approved by the Secretary
of the Treasury in payment of income and profits taxes payable at the maturity of the certificates.
The certificates will be acceptable to secure deposits of public moneys,
but will not bear the circulation privilege.
Application and Allotment.
branches
Applications will be received at the Federal Reserve banks and
and at the Treasury Department, Washington. Ranking institutions
the Federal
generally will handle applications for subscribers, but only
Reserve banks and the Treasury Department are authorized to act as
official agencies. Banking institutions which have been licensed to resume
in
their normal banking functions are permitted to handle subscriptions
the usual manner. Unlicensed banking institutions are authorized to
to hold in segregated accounts
accept applications for subscribers and
or
tendered in payment pending transmittal to a Federal Reserve bank
branch.
subCash subscriptions for amounts up to and including $10,000, and
of
scriptions for which payment Is to be tendered in Treasury certificates
Indebtedness of series TJ-1933, maturing June 15 1933, will be allotted
In full.
subscripThe Secretary of the Treasury reserves the right to reject any
tion, in whole or in part, and to allot less than the amount of certificates
time
applied for and to close the books as to any or all subscriptions at any
to
without notice; the Secretary of the Treasury also reserves the right
make
make allotment in full upon applications for smaller amounts, to
amounts,
reduced allotments upon, or to reject, applications for larger
and to make classified allotments and allotments upon a graduated scale;
and his action in these respects shall be final. Allotment notices will be
sent out promptly upon allotment, and the basis of the allotment will be
publicly announced.
Payment.
be
Payment at par and accrued interest for certificates allotted must
made on or before June 15 1933 or on later allotment. Any qualified
certificates
depositary will be permitted to make payment by credit for
which it
allotted to it for itself and its customers up to any amount for
the
shall be qualified in excess of existing deposits, when so notified by
indebtedness
Federal Reserve bank of its district. Treasury certificates of
payof series TJ-1933. maturing June 15 1933, will be accepted at par in
with
ment for any certificates which shall be subscribed for and allotted,
paid for.
an adjustment of the interest accrued, if any, on the certificate; so
or
Application, unless made by an incorporated bank or trust company,
be
by a responsible and recognized dealer in Government securities, must
amount of
accompanied by payment in full or by payment of 10% of the
decertificates applied for. The forfeiture of the 10% payment may be
if payment in full Is not completed
clared by the Secretary of the Treasury
on the prescribed date in the case of subscriptions allotted.
General Provisions.
agents of the United States, Federal Reserve banks are authorized and requested to receive subscriptions and to make allotments on the
basis and up to the amounts indicated by the Secretary of the Treasury
to the Federal Reserve banks of the respective districts. After allotment
and upon payment Federal Reserve banks may Issue interim receipts
pending delivery of the definitive certificates.
W. H. WOODIN. Secretary of the Treasury.
Treasury Department. Office of the Secretary. June 7 1933.
Department circular No. 489 (Public Debt).
As fiscal
Tenders of $197,947,000 Received to Offering of $75,-Day Treasury Bills
000,000 or Thereabouts of 91
Dated June 7—$76,529,000 Accepted—Average Rate
0.27%.
William H. Woodin, Secretary of the Treasury, announced
on June 5 that $75,529,000 of $197,947,000 tenders received to
Treasury
the offering of $75,000,000 or thereabouts of 91-day
June 7, has been accepted at an average rate of
bills, dated
0.27%. This compares with previous rates of 0.42% (bills
(bills
dated May 24);0.45% (bills dated May 17), and 0.48%
of
dated May 10). Bids to the offering (noted in our issue
Reserve
June 3, page 3822), were received at the Federal
StandBanks or the branches thereof, up to 2 p. m., Eastern
is 99.932.
ard time, June 5. The average price of the bills
in
Secretary Woodin's announcement was given as follows
Washington advices June 5 to the New York "Herald
Tribune":
that the
William H. Woodin, Secretary of the Treasury, announced to-day
dated
tenders for $75,000,000, or thereabouts, of 91.day Treasury bills,
to-day, amounted
June 7, which were opened at the Federal Reserve banks
to $197,947,000, of which $75,529,000 was accepted.
of
The accepted bids ranged in price from 99.949, equivalent to a rate
about 0.20% per annum, to 99.927, equivalent to a rate of about 0.29%
at
per annum, on a bank discount basis. Only part of the amount bid for
the latter price was accepted.
the average
The average price of Treasury bills to be issued is 99.932, and
rate is about 0.27%.
Treasury Department Reduces Interest Paid by Special
Depositaries on War Loan Deposit Accounts.
Notice of a reduction in the rate of interest by depositaries
holding special deposits of public moneys was issued during
the week by Secretary of the Treasury Woodin. In making
Volume 136
Financial Chronicle
available the Treasury Circular the Federal Reserve Bank
issued the following on June -5:
FEDERAL RESERVE BANK OF' NEW YORK.
[Circular No. 1238, June 5 1933. Reference to 1932 Treasury Department
Circular No. 92, Revised.]
Special Deposits of Public Moneys Under the Act of Congress Approved
September 24 1917, as Amended.
To designated special depositaries of public moneys and all other banks and
trust companies in the Second Federal Reserve District:
Enclosed will be found a copy of the 1933 First Supplement to Treasury
Department Circular No. 92 Revised, from which you will note that the
rate of interest to be paid by special depositaries upon War Loan Deposit
accounts has been reduced from % of 1% per annum to % of 1% per annum, effective as of June 16 1933.
Special depositaries should accordingly compute interest on War Loan
Deposit accounts at the rate of % of 1% per annum to and including June
14 1933, and at the rate of % of 1% per annum beginning June 15 1933,
until further advised to the contrary.
GEORGE L. HARRISON, Governor.
The Treasury Department circular follows:
Special Deposits of Public Moneys Under the Act of Congress Approved
September 24 1917, as Amended.
TREASURY DEPARTMENT
Office of the Secretary
1933 First Supplement to Department Circular No. 92 Revised.
Accounts and Deposits.
Washington, June 2 1933.
To Federal Reserve Banks and other banks and Mat companies incorporated
under the laws of the United States or of any State:
Effective as of June 15 1933, Treasury Department Circular No. 92, dated
February 23 1932, is hereby amended by changing the paragraph under the
caption "Interest on Deposits" to read as follows:
"Until further notice, each depositary will be required to pay interest
at the rate of % of 1% per annum on daily balances."
Accordingly, on and alter June 16 1933, the rate of interest to be
paid
on daily balances in the "War Loan Deposit Accounts" by special
depositaries will be 24 of 1% per annum, instead of % of 1% per annum
/
as
heretofore.
W. H. WOODIN, Secretary of the Treasury.
President Roosevelt Names J. J. Thomas of Nebraska
and M. S. Szymczak, City Comptroller of Chicago,
as Members of the Federal Reserve Board.
President Roosevelt on June 3 named J. J. Thomas of
Nebraska and M. S. Szymczak of Chicago as members of
the Federal Reserve Board. Mr. Szymczak has been acting
as City Comptroller of Chicago, to which post he was appointed by Mayor Cermak. Prior to this he served successively as general superintendent of the Forest Preserves
and as clerk of the Superior Court of Cook County, Illinois.
Changes in the Staff of Federal Reserve Board.
The following announcement was contained in the Monthly
Bulletin of the Federal Reserve Board:
Floyd R. Harrison, Assistant to the Governor of the Federal Reserve
Board, tendered his resignation to be effective as of the close of business on
May 15 1933, and it was accepted by the Federal Reserve Board.
On May 18 1933. the Board appointed E. M. McClelland, formerly
Assistant Secretary, to succeed Mr. Harrison as Assistant to the Governor.
The Board also on May 18 1933, appointed S. R. Carpenter as Assistant
Secretary to succeed Mr. McClelland.
Appointment of Chairman of the Board of Directors
and Federal Reserve Agent at Minneapolis.
An announcement as follows was made by the Federal
Reserve Board in its Monthly Bulletin:
John N. Peyton has been appointed by the Federal Reserve Board a
class 0 Director of the Federal Reserve Bank of Minneapolis for the remainder of the term of John R. Mitchell. deceased, ending Dec. 31 1935,
and has been designated Chairman of the Board of Directors of the Bank
and Federal Reserve Agent. Mr. Peyton, who for more than two years
served as Bank Commissioner of the State of Minnesota, assumed his new
duties on May 15 1933.
Liquidation of First Federal Foreign Banking
Corporation.
The following is from the May number (issued June 1)
of the Monthly Bulletin of the Federal Reserve Board:
The First Federal Foreign Banking Corporation, a corporation organized
under the provisions of section 25 (a) of the Federal Reserve Act, which
was authorized to commence business on May 24 1926, was placed in
liquidation on April 21 1933. by voluntary action of its shareholders.
Business (Corporate) Earnings in First Quarter of
1933—New York Federal Reserve Bank Reports
Deficit of $46,000,000 in Net Profits This Year
Compared with $25,000,000 in Corresponding
Period in 1932.
In its June 1 "Monthly Review" the Federal Reserve
Bank of New York has the following to say regarding corporate earnings in the first quarter of 1933:
Continuing the aggregate deficits reported in the second half of 1932.
earnings reports of 305 industrial and mercantile companies for the first
quarter of 1933 showed a combined deficit of $46.000,000 after payment
of interest, taxes and other expenses, as compared with net profits of
4007
$25,000,000 in the corresponding period of last year and $138,000,000
In 1931. A number of groups of companies, however, reported some
net profits, including the mining and smelting (other than coal and copper), aviation, food products, chemical, office equipment, motion picture,
printing and publishing, and tobacco groups, but in all these cases profits
were smaller than a year ago. Other groups of companies for which
an adequate number of reports are available showed aggregate deficits, of
which the largest were those reported by the oil and steel groups. The
electrical equipment and automobile groups had small deficits this year as
compared with small net profits last year, and Inmost other groups the deficits were larger than those of last year.
Net operating income of telephone companies was 30% less than in the
first quarter of 1932, and net earnings of other public utilities were down
19%—larger declines in both cases than occurred in the first quarter of
1932. Net operating income of the class I railroads was reduced 48%.
Net operating income of only $34,000,000 indicated that the railroads as
a whole continued to show a substantial deficit in the first quarter of 1933
,
after payment of fixed charges.
Corporation Group.
Mining and smelting (excluding coal
coke and copper)
Aviation
Food and food products
Chemical
Office equipment
Motion picture and amusement
Printing and publishing
Tobacco
Building supplies
Household equipment
Clothing and textiles
Steel
Machinery
Automobile parts and accessories (ex
eluding tires)
Copper
Coal and coke
Railroad equipment
Electrical equipment
Automobile
Oil
Paper
Miscellaneous
Total 22 groups
Telephone (net operating income)_
Otherpublic utilities (net earnings).Total public utilities
No.
of
Cos.
First Quarter.
1931.
1932.
1933.
19
12
$
$
$
5,200,000 2,600,000 2,200,000
200,000
—200,000
300,000
34,300,000 24,800,000 18,200,000
19,000,000 12,700,000 9,200,000
2,500,000 1,700,000 1,000,000
5,100,000 4,000,000 1,700.000
900,000
5,000,000 3,100,000
100,000
1,300,000
600,000
200,000 —2,200,000 —1,700,000
300,000 —1,200,000 —1.200,000
—490,0043 —390,000 —400,000
6,700,000 -28,800,000 -34.900,000
1,800,000 —2,800,000 —3,400,000
28
7
8
10
7
13
27
7
49
4,700,000 —2,700,000 —4,300,000
300,000 —1,700,000 —2,800,000
700,000 —500,000 —1,200,000
2,700.000 —1,200,000 —2.900,000
8,000.000 2,500,000 —2,100,000
29,000,000 2,200,000 —2,300,000
-11,600,000 —1,200,000 -27,500,000
—200,000
1,100,000
0
22,600,000 13,300,000 5,700.000
305
138,300,000 25,200,000 -45,700,000
103
69
69,300,000 58,700,000 y41,400,000
93,900,000 83,300,000 67,600,000
162
163,200,000 142,000,000 109,000,000
11
5
38
20
6
4
3
6
10
6
9
Class I railroads (net oper. income)- - 149 106.200.000 65,500.000 33.900.000
— Deficit. P Figures for March preliminary.
The Federal Reserve Bank's compilation of business
profits in 1932 was referred to in our issue of April 8,
page 2313.
Cyrus H. K. Curtis, Philadelphia Publisher, Dies in
83d Year—Tributes from National Leaders.
Cyrus H. K. Curtis, Philadelphia publisher, died in that
city on June 7 after a long period of illness. He would have
been 83 years of age on June 18. Mr. Curtis was Chairman
of the Board of the Curtis Publishing Company, which publishes "The Saturday Evening Post," "The Country Gentleman" and "The Ladies Home Journal." He was also President of Curtis-Martin Newspapers, Inc., which publishes the
New York "Evening Post," the Philadelphia "Public Ledger,"
the "Evening Public Ledger" and the Philadelphia "Inquirer." He had retired from most of the active duties in
connection with these publications about a year ago, however. Funeral services were held yesterday (June 9).
Following Mr. Curtis' death, messages of condolence to
his family and tributes to his outstanding accomplishments
came from leaders in many branches of activity throughout
the country. Among them was a message from President
Roosevelt to Mrs. Mary L. C. Bok of Wyncote, Pa., daughter
of Mr. Curtis. The President said:
In the passing of your father America has lost a great publisher, a noted
leader in the field of journalism and a generous and kind employer. Please
accept my sympathy.
The following tribute to the memory of Mr. Curtis was
paid by former President Herbert Hoover:
Cyrus Curtis was a great American. The great publications which he
developed, the high standards of journalism they maintained, their devotion
to National interests and their consistent advancement of sane understanding and constructive action in every avenue of American life have been for
more than half a century of inestimable service to the American people.
Senate Vote Clears Judge Louderback of Impeachment
Charges, Based on Handling of Receiverships in
California District—Case Marked First Trial of
Federal Official on Impeachment Charges in
20 Years.
Judge Harold Louderback of San Francisco, against whom
the House of Representatives on Feb. 24 approved impeachment proceedings, was acquitted by the Senate on
May 24 on all five counts of an indictment brought against
him by the managers appointed by the House. Judge
Louderback was the first Federal official to be tried on
impeachment charges in 20 years. He was accused by the
House managers, it is said, of "improper, oppressive and
unlawful conduct" and with misbehavior in office amounting
to a misdemeanor. The Senate took separate roll calls on
' Financial Chronicle
• 4008
Jane 10 1933
each article of impeachment. Only on the fifth article,
which summarized the other charges, was there a majority
for "guilty," but it was eight votes under the two-thirds
necessary for conviction. The votes were as follows:
Senator Walsh of Massachusetts said he had hoped the President would
added that he could not support confirmation.
that the fitness of Mr. Helvering had been challenged and that doubts in
the matter should be resolved in the public interest.
Not
Guilty.
E. Barrett Prettyman Named General Counsel for
Bureau of Internal Revenue.
E. Barrett Prettyman, Washington attorney, was named
by President Roosevelt on May 25 General Counsel for the
Bureau of Internal Revenue. Mr. Prettyman is a son of the
Rev. Forrest J. Prettyman, who was Chaplain of the Senate
during the Wilson Administration, and was counsel of the
Bureau of Internal Revenue in New York City under Collector Edwards.
Article—
Guilty.
Not
Guilty.
Guilty.
First
30
47
42
34
Fourth
• Second
34
23
45
47
Filth
11
63
Third
The Senate trial, lasting 10 days, was comparatively
• uneventful except for the appearance as a witness of W. S.
Leake, a mental healer, on a stretcher. Prior to the casting
of the vote on the impeachment articles, Representatives
• Sumners of Texas and Browning of Tennessee spoke on
behalf of the House managers and J. Walter Linforth, an
attorney, answered for Judge Louderba.ck. The Senate
then "closed its doors for deliberation," marking the first
assembly of the body in executive session for several years.
Charges brought against Judge Louderback are said to have
involved his handling of receiverships, and he was accused
of "tyranny and oppression, favoritism and conspiracy."
The House approved the impeachment proceedings despite
a recommendation of its Committee on the Judiciary that
the evidence was insufficient. The House vote on Feb. 24
was 183 to 142.
William A. Julian of Ohio Sworn as Treasurer of
United States.
William A. Julian of Ohio took the oath of office as
• Treasurer of the United States on June 1. Mr. Julian, who
was named to the post by President Roosevelt on May 12,
succeeds W. 0. Woods who will take a position in the Customs Bureau. Mr. Julian will be custodian to close to
1614,000,000,000, which, according to the New York "Times"
of June 2, includes the following items:
$11.000,000,000 in war debt bonds of foreign governments.
S1.000,000.000 in securities backing postal savings deposits.
$980,000,000 in securities held as collateral for national bank notes.
1700,000,000 collateral back of Federal Reserve notes.
$10,000,000 in gold and $48,000,000 in silver dollars kept in Treasury
vaults.
Stephen B. Gibbons Takes Oath of Office as Assistant
Secretary of the Treasury—Nomination of Thomas
Hewes to Like Post Confirmed by Senate.
Stephen B. Gibbons of New York took the oath of office
as Assistant Secretary of the Treasury on June 6. The
nomination of Mr. Gibbons was sent to the Senate on May
19 and was confirmed by that body on May 30. He succeeds
Seymour Lowman and will be in charge of Customs, Coast
Guard, the Narcotic and Industrial Alcohol Bureaus.
On June 3 the Senate confirmed the nomination of Thomas
Hewes of Connecticut as Assistant Secretary of the Treasury.
Mr. Hewes was nominated by President Roosevelt on May
25 to be in charge of Fiscal Bureaus and Intenal Revenue.
,
Senate Confirms Nomination of Guy T. Helvering as
Commissioner of Internal Revenue—Action Taken
After Heated Dispute—Is Sworn Into Office.
The nomination of Guy T. Helvering as Commissioner of
Internal Revenue, made by President Roosevelt on May 1,
was confirmed by the Senate on June 1. The Senate action
on Mr. Helvering's nomination (he was formerly a member
of the House of Representatives from Kansas), followed at
the close of bitter controversy. Advices from Washington,
June 1, to the New York "Herald-Tribune" of June 2, reported the dispute in part as follows:
The fitness of Mr. Helvering for the office was challenged sharply by a
minority of the Finance Committee, led by Senator Daniel 0. Hastings.
Republican, of Delaware. and Senator David A. Reed. Republican. of
Pennsylvania. The opposition was almost entirely confined to Republicans,
but included one Democrat, Senator David I. Walsh of Massachusetts.
The charge against the nominee revolved chiefly around the allegation
that after he left Congress in 1919 he became interested as a lawyer in tax
matters before the Bureau of Internal Revenue of the Treasury Department and that his success in this respect was due to influence with the
Department. Senator James Couzens, Republican of Michigan. a member of the Finance Committee, made a vigorous attack on confirmation.
Mr. Helvering was sworn into office on June 6. He said
that he intended to operate the Internal Revenue Bureau
as "a partnershp with taxpayers," which would benefit the
taxpayer and the Government.
Denounced by Couzens.
Senator C0117.13118 denounced the record of Mr. Helvering in his relations
with the Bureau of Internal Revenue and said there was no doubt that in
his tax practice he had "confederates in the Bureau." He added that there
was no doubt that, if confirmed, he would have confederates outside. Sen-
ator Couzens declared no amount of legal argument could change his conviction that the nominee was unfitted for the office.
Senator Couzens did not confine his objections to the record, but declared
the nominee had "shifty eyes and shifty methods." This brought hot replies from both Senators Barkley and Joseph T. Robinson. Democratic
leader, who held it unfair to go outside the record to challenge the fitness
of a nominee in that manner. Senator Robinson, who closed the debate in
a seven-minute speech, paid a tribute to Mr. Helvering.
withdraw the name. He
South Trimble, Jr., Nominated Solicitor for Department of Commerce.
South Trimble, Jr., was nominated to be Solicitor for the
Department of Commerce on June 6 by President Roosevelt.
Mr. Trimble, son of the Clerk of the House of Representatives, has been active in politics in Kentucky for many years.
W. H. Thompson of Nebraska Takes Oath as U. S.
L. Senator to Succeed Late Robert B. Howell.
William H. Thompson, former member of the Supreme
Court of Nebraska, was sworn in as Senator from that State
to succeed the late Robert B. Howell on May 26. Mr.
Thompson is a Democrat who was appointed by Governor
Charles W.Bryan. He will serve until January, 1934, when
Mr. Howell's term expires. Mr. Howell was a Republican.
Senator Thompson is 79 years of age and is now the oldest
member of the Senate.
Enactment Into Law of Resolution Repealing Gold
Clause in Public and Private Contracts—President
Roosevelt Affixes Signature Thereto After Congress
Passes Resolution—Removes Obligations of Foreign Governments to Pay War Debts in Gold.
The resolution repealing the gold clause in public and private contracts has been enacted into law, President Roosevelt having signed the resolution on June 5, after the completion of Congressional action on the new legislation. As
was indicated in our issue of June 3 (page 3826), the House
passed the resolution on May 29 by a vote of 283 to 57. On
June 3 the Senate, by a vote of 48 to 20, passed the resolution, and as placed on the statute books it is in the form in
which it was submitted to Congress in behalf of the Administration on May 26, its introduction at that time having
been noted in these columns May 27, page 3635. Regarding
the adoption of the resolution by the Senate, on June 3, and
the rejection by that body of amendments, a Washington dispatch, June 3, to the New York "Herald Tribune" said:
Passage of the resolution by the Senate followed nearly seven hours of
debate. Criticism came chiefly from Republicans, although a few Democrats, including Senators Carter Glass, of Virginia, and Thomas P. Gore, of
Oklahoma, also indicated their opposition.
In the final vote 43 Democrats and four Republicans [and one Farmer.
Laborite] voted in the affirmative, while 18 Republicans and two Democrats
were recorded in the negative.
Two Amendments Defeated.
Two amendments, offered by Republicans, were rejected in advance of the
resolution. One by Senator David A. Reed, of Pennsylvania, would have
eliminated the retroactive clause in the resolution. This was defeated by
a vote of 48 to 21. Its adoption would have meant that all outstanding
obligations, public and private, would not be affected by its terms.
The second amendment, by Senator F. C. Walcott, of Connecticut, would
have eliminated the retroactive clause only in so far as it applied to Government obligations. This was rejected by a vote of 20 to 38.
As indicated by the Reed and Walcott amendments, the opposition was
more concerned over the repudiation of the gold clause in outstanding obligations than over a change in policy for the future.
As signed by President Roosevelt, the resolution reads as
follows:
(H. J. Res. 192.)
To assure uniform value to the coins and currencies of the United States.
Whereas the holding of or dealing in gold affect the public interest, and
are, therefore, subject to proper regulation and restriction; and
Whereas the existing emergency has disclosed that provisions of obligations which purport to give the obligee a right to require payment in gold or
a particular kind of coin or currency of the United States, or in an amount
In money of the United States measured thereby, obstruct the power of the
Congress to regulate the value of the money of the United States, and are
inconsistent with the declared policy of the Congress to maintain at all times
the equal power of every dollar, coined or issued by the United States, in
the markets and in the payment of debts. Now, therefore, be it
Resolved by the Senate and House of Representatives of the United States
of America in Congress assembled, that
(A) Every provision contained in or made with respect to any obligation
which purports to give the obligee a right to require payment in gold or a
Particular kind of coin or currency, or in an amount in money of the United
States measured thereby, is declared to be against public policy; and no
such provision shall be contained in or made with respect to any obligation
hereafter incurred.
Volume 136
Financial Chronicle
Payable in Any Cain.
•
Every obligation, heretofore or hereafter incurred, whether or not any
such provision is contained therein or made with respect thereto, shall be
discharged upon payment, dollar for dollar, in any coin or currency which
at the time of payment is legal tender for public and private debts. Any
such provision contained in any law authorizing obligations to be issued by
or under authority of the United States, is hereby repealed, but the repeal
of any such provision shall not invalidate any other provision or authority
contained in such law.
(B) As used in this resolution, the term "obligation" means an obligation
(including every obligation of and to the United States, excepting currency)
payable in money of the United States; and the term "coin or currency"
means coin or currency of the United States, including Federal Reserve notes
and circulating notes of Federal Reserve banks and National banking associations.
Section 2. The last sentence of paragraph (1) of subsection (B) of section 43 of the Act entitled "An Act to relieve the existing national economic
emergency by increasing agricultural purchasing power, to raise revenue for
extraordinary expenses incurred by reason of such emergency, to provide
emergency relief with respect to agricultural indebtedness, to provide for the
orderly liquidation of Joint Stock Land Banks, and for other purposes,"
approved May 12 1933, is amended to read as follows:
"All coins and currencies of the United States (including Federal Reserve
notes and circulating notes of Federal Reserve banks and National banking
associations) heretofore or hereafter coined or issued, shall be legal tender
• for all debts, public and private, public charges, taxes, duties and dues,
except that gold coins, when below the standard weight and limit of tolerance
provided by law for the single piece, shall be legal tender only at valuation
in proportion to their actual weight."
In its Washington account, June 3, the New York "Times,"
reporting the Senate action, said, in part:
The bill was driven through with heavy pressure behind it because, Administration leaders explained, it must be effective by Monday, when the
Treasury must announce Government refinancing. . . . At one time
this afternoon Senator Robinson of Arkansas, Democratic leader, announced
that he would keep the Senate in continuous session if necessary to pass
the resolution and would send out for absentees if a quorum was lacking.
Administration officials, especially Secretary Woodin, contend that Congressional approval of the gold clause repeal merely validates the present
tacit understanding that debts do not have to be settled in gold. It is, these
officials say, ratification of the abandonment of the gold standard, which
was to all intents put into effect through approval of the Thomas inflation
amendment.
Aside from Senator Borah, defenders of the resolution in debate were
Chairman Fletcher of the Banking and Currency Committee, and Senator
Barkley, the latter asserting that the Government had full power to do what
Is necessary for the welfare of its citizens, and has complete constitutional
authority over money.
Senator Fees, declaring the resolution a violation of the Government's
pledge, said there must be something behind the proposal not generally understood. Otherwise, Mr. Tess continued, the President would not have
backed the plan which, he stated, violated all Mr. Roosevelt's previous statements on sound currency.
Reed Denounces Resolution.
Senator Reed, challenging the resolution, said:
"This is the most serious question of national dishonor since I entered the
Senate."
The joint resolution was unconstitutional, the Pennsylvanian argued.
Three days before the election, he added, Mr. Roosevelt termed charges that
the United States would go off the gold standard, if the Democrats were
elected, "a libel upon the credit of the United States."
"He meant to express the indignation that rose from the bottom of his
heart," Mr. Reed continued, "He praised the speech in which Senator Glass
said the country would not desert the gold standard. The President captivated the people of this country by his phrases."
Pointing out that as recently as April 23, the Administration put out
$500,000,000 in securities payable in gold, Senator Reed asked how it would
be possible for the country to retain its self-respect.
Denying the necessity of abandoning the gold standard, he continued:
"Prices have gone up, but only in terms of the rubber dollar. We are
enjoying a sort of feverish prosperity at the expense of working people,
whose wages have depreciated 20%. The rise in commodity prices is
false
and spurious, whereas I want to see a wholesome rise.
"I want to see my little grandson grow tall, but I do not want to
measure
his growth with a rubber yardstick," he declared to the
Democratic side.
The Senator said he felt like apologizing to France for the
criticism he
uttered when she failed to make the December war debt payment.
"Now," he continued, "we are saying to the peoples of foreign
countries that the sacred, promise of this country is merely a scrap of
paper.
"The national honor is about to receive a stain we cannot
erase for 100
years. The nation will come back, but for generations to come
Americans
will grow red around the ears when they think of what this Congress
did."
Borah Defends Resolution.
Senator Borah took up in his speech the two points of constitutionality
and policy. As to the first, he declared that Congress possesses complete
control over the national money and may modify and change the monetary
• system even if this impairs past contracts; if the resolution impaired contracts, there was no constitutional bar.
"Notwithstanding that the Government issued its obligations in gold,
these contracts were taken by the purchaser with the understanding that
the Government had the right to change the monetary system," he contended. "The citizen must take the loss. He must accept whatever Congress
says is money."
• But Senator Glass interrupted with a denial that Congress could alter
the gold content of a dollar,
If my neighbor agreed to pay me 10 bushels of wheat for a given consideration and then paid me only five, I'd consider him a thief," the Virginian
declared.
"Now as to policy—that is far more difficult," the Idaho Senator proceeded. "There are two sides to the question, for changing the monetary
system of a country is a very serious matter. But the only thing to be
determined now is whether the change is in the interest of the people as a
' whole, even though it injures a portion of the people."
"Great Britain will not return to the gold standard. Then how long can
we keep it? Shall we consider the interests of the great mass of the
•American people and restore some of their purchasing power?
"It has been said that this is repudiation. I am not prepared to controvert that statement. But the bondholder must take his place in the sacri-
4009
ice which the American people have been enduring for the last year and a
half. I can see no other escape from the situation.
"We must cease to pay tribute to the gold standard at the expense of the
average citizen of the United States."
Treasury Financing To-morrow.
The Senators supporting the motion—offered by Senator Reed—to strike
out the retroactive language on public and private obligations, were: Democrats, Bailey and Gore; and 19 Republicans, Barbour, Carey, Dickinson,
Tess, Goldsborough, Hatfield, Hebert, Johnson, Kean, Keyes, McNary, Metcalf, Patterson, Reed, Schall, Steiwer, Vandenberg, Walcott, White.
With the signing of the resolution by President Roosevelt,
on June 5, a dispatch from Washington on that date to the
"Times" said, in part:
The resolution was pushed quickly through Congress on representation by
the Administration that the Treasury did not desire to place the gold clause
in the June 15 issue of securities that will be announced this week. . . .
Repeals Bond Gold Payments.
Under the amended Second Liberty Loan Act, bonds, notes and certificates
are payable in gold of the present standard of value. That is repealed by
the gold resolution. Secretary Woodin has said that it would be inconsistent
to place the gold clause in the new issues when gold payments have been
suspended.
The resolution places in the law the practices which have been used since
the bank moratorium. By proclamation, gold payments were suspended.
The Thomas amendment to the Agricultural Relief Act more recently provided that all money issued by the Government is legal tender for the payment of all debts.
Asked to-day whether one-cent coins are legal tender in amounts of more
than 25c. under the Thomas amendment, officials said the amendment made
all money legal tender and fixed no maximum amount of any particular type
of money that might be used for legal tender. The opinion was expressed
by experts, however, that refusal to accept, for instance, a barrel of one-cent
pieces for payment of a debt would be upheld by the courts.
Many experts view the gold clause repeal resolution as an early step in a
new permanent gold policy under which this metal would be Impounded in
the Treasury and the Reserve banks much as under the European system.
Gold Standard Act Unaffected.
Gold is held by many experts to serve no useful purpose as currency.
Under the Gold Standard Act of March 14 1900, the Secretary of the
Treasury is required to maintain all money issued by the Government on a
parity with gold. This Act provides that the dollar shall consist of 25.8
grains of gold nine-tenths fine and that shall be the standard unit of value.
So long as all money must be kept on a parity with gold, regardless of
the gold content of the dollar, it is maintained that any money will have
the same purchasing power in the domestic market as gold. The American
currency, however, has depreciated abroad'.
The Treasury already has eliminated the gold clause from Treasury bills.
Under the law there was no requirement for payment in gold, but for the
sake of uniformity with other securities, the bills were made payable in
gold by Treasury regulations.
When outstanding registered bonds are reissued in the future, the gold
clause will be eliminated.
On June 5 the Washington correspondent of the New York
"Journal of Commerce" said:
Officials anticipated that the new law would be tested in the courts.
Foreign holders of American securities protested against the resolution,
claiming that it was a violation of the terms of the contract under which
the securities were sold.
During the Senate debate on the resolution, on June 3,
Senator Barkley had the following to say regarding maturing
Federal issues:
There are coming due within the next few months Treasury certificates
amounting to $2,122,000,000. Then there are Treasury bills amounting to
$978,000,000, and they are falling due each week. These are almost daily
transactions. Then, in addition to that, there are coming due obligations
amounting to $3,924,000,000; in 1933 and 1934 Liberty bonds amounting
to $8,201,000,000, and then, beginning in 1940, and for a period of years
thereafter, obligations amounting to $5,000,000,000. So the total of these
certificates and Liberty bonds amounts to over $20,000,000,000.
Reports ofIHouse Committee on Resolution Repealing
Gold Clause in Federal and Private Contracts—
In Minority Report Representative Luce Says
Legislation Ought to Be Known as "Repudiation
Bill of 1933."
As we note elsewhere in our issue to-day, the resolution
repealing the gold clause in Federal and private contracts
was enacted into law this week. In our issue of a week
ago we made reference to the action of the House in passing the resolution on May 29, after it had been reported to
the House of its Banking and Currency Committee on
May 27. We were, however, unable to make room at that
time for the report submitted to the House by Chairman
Steagall of its Banking Committee; a minority report accompanying that of the majority was signed by Representative Luce. The latter stated that the proposal has two
elements—"First, it renounces obligations of the United
States; secondly, it prohibits future obligations of the same
sort." Representative Luce also said:
We are asking sundry nations to pay us what they owe. Will they be
more likely to make good their promises if we set them the example of
repudiation?
That is the right name for it, repudiation, and this bill ought to be
known throughout history as "The Repudiation Bill of 1933."
We are making huge loans to our own people, to States, to cities, to
various kinds of Governmental agencies. If we repudiate, shall we expect
them to pay?
In conclusion, Mr. Luce said: "The circumstances under
which this expression of views was prepared made it im-
Financial Chronicle
4010
possible to submit them to other members of the Committee, but I am sure I am not alone in entertaining them."
The text of the two reports follows:
UNIFORM VALUE OF COINS AND CURRENCIES OF THE
UNITED STATES.
May 27 1933.—Committed to the Committee of the Whole House on the
state of the Union and ordered to be printed.
Mr. Steagall, from the Committee on Banking and Currency, submitted
the following
REPORT
[To accompany H. J. Res. 1921
The Committee on Banking and Currency, to whom was referred the
resolution (H. J. Res. 192) to assure uniform value to the coins and
currencies of the United States, having considered the same, report favorably thereon and recommend that the bill do pass.
The resolution accomplishes three purposes: (1) It declares that the
clauses in public and private obligations stating that they are payable in
gold or a specific coin or currency are contrary to public policy; (2) it
provides that obligations, public and private, expressed to be payable in
gold or in a specific coin or currency, may be discharged dollar for dollar
in legal tender. It also provides that no future obligations, public or
private, shall be expressed as payable in any specific coin or currency;
(3) it makes certain technical amendments to the Thomas amendment
which are necessary to carry out the intention of that legislation regarding
what shall be legal tender in the United States.
1. The occasion for the declaration in the resolution that the gold clauses
are contrary to public policy arises out of the experiences of the present
emergency. These gold clauses render ineffective the power of the Government to create a currency and determine the value thereof. If the gold
clause applied to a very limited number of contracts and security issues,
it would be a matter of no particular consequence, but in this country
virtually all obligations, almost as a matter of routine, contain the gold
clause. In the light of this situation two phenomena which have developed
during the present emergency make the enforcement of the gold clauses
incompatible with the public interest. The first is the tendency which
has developed internally to hoard gold; the second is the tendency for
capital to leave the country. Under these circumstances no currency
system, whether based upon gold or upon any other foundation, can meet
the requirements of a situation in which many billions of dollars of securities are expressed in a particular form of the circulating medium, particularly when it is the medium upon which the entire credit and currency
structure rests.
2. There can be no substantial question as to the constitutional power of
the Congress to make this legislation applicable to all obligations, public
and private, both past and future. The power of Congress to issue a
currency and determine the value thereof and to provide for the borrowing
of funds by the Government is express and undoubted. It is also undoubted
that Congress has all powers necessary to make the exercise of these two
express powers effective. Contracts of private individuals, past or future,
are valid and enforceable only insofar as they do not conflict with public
policy as enunciated by Congress in the exercise of its constitutional
powers. When, therefore, as is declared in this resolution, the enforcement or making of gold-clause provisions obstructs the proper exercise
of the congressional powers, such provisions must yield. Nor does the fact
that outstanding obligations of the Government are expressed as payable
In gold coin impose a limitation, under the circumstances obtaining, upon
the exercise of the powers conferred by the Constitution. The Government
cannot, by contract or otherwise, divest itself of its sovereign power. All
contracts of the Government are made in the light of this inalienable power
to legislate as the public interest may demand. It is too well settled to
admit of controversy that contracts or provisions of contracts, even though
not inconsistent with public policy when made, may subsequently become
contrary to public policy, as authoritatively announced by the legislative
branch of the Government, and that, in such event, they become invalid
and unenforceable.
So far as the future is concerned the power to borrow, both of the Government and of private interests, will be seriously impaired unless outstanding obligations and future obligations are placed upon the same footing in respect of the medium of payment. Considerations of both equity
and practical necessity demand that this be done, and it is the purpose of
the resolution to accomplish this end.
3. The second section of the resolution is a clarification of a clause in
the Act approved May 12 1933. Under that Act as passed, coins of the
Philippines would be legal tender in the United States, and abrased gold
coins would be legal tender at their face value. This situation, which
occurred through load)ertance, should be corrected as is done by the
resolution.
This legislation is complementary to the steps already taken under the
Emergency Banking Act to protect the monetary system and is essential
for the accomplishment of national recovery.
In conformity with 2a of rule XIII of the House rules, there is herewith
printed in full paragraph (1) of subsection (b) of section 43 of the Act
entitled "An Act to relieve the existing national economic emergency by
increasing agricultural purchasing power, to raise revenue for extraordinary
expenses incurred by reason of such emergency, to provide emergency
relief with respect to agricultural indebtedness, to provide for the orderly
liquidation of Joint Stock Land Banks, and for other purposes," approved
May 12 1933, showing the change made in the last sentence of paragraph
(1) of subsection (b) of said section 43 by showing new matter printed in
italics and matter stricken out shown in brackets, as follows:
ACT OF MAY 12 1933.
Sec. 43. Whenever the President finds, upon investigation, that (1) the
foreign commerce of the United States is adversely affected by reason of
the depreciation in the value of the currency of any other government or
governments in relation to the present standard value of gold, or (2) action
under this section is necessary in order to regulate and maintain the parity
of currency issues of the United States, or (3) an economic emergency
requires an expansion of credit, or (4) an expansion of credit is necessary
to secure by international agreement a stabilization at proper levels of the
currencies of various governments, the President is authorized, in his
discretion—
(a) To direct the Secretary of the Treasury to enter into agreements
with the several Federal Reserve banks and with the Federal Reserve
Board whereby the Federal Reserve Board will, and it is hereby authorized
to, notwithstanding any provisions of law or rules and regulations to the
contrary, permit such Reserve banks to agree that they will, (1) conduct,
June 10 1933
operapursuant to existing law, throughout specified periods, open market
in
tions in obligations of the United States Government or corporations
which the United States is the majority stockholder, and (2) purchase
time
directly and hold in portfolio for an agreed period or periods of
an
Treasury bills or other obligations of the United States Government in
hold,
aggregate sum of $3,000,000,000 in addition to those they may then
unless prior to the termination of such period or periods the Secretary shall
consent to their sale. No suspension of reserve requirements of the Federal
Reserve banks, under the terms of section 11(c) of the Federal Reserve Act,
necessitated by reason of operations under this section, shall require the
imposition of the graduated tax upon any deficiency in reserves as provided
the
in said section 11(c). Nor shall it require any automatic increase in
rates of interest or discount charged by any Federal Reserve bank, as
otherwise specified in that section. The Federal Reserve Board, with
Federal
the approval of the Secretary of the Treasury, may require the
judgment
Reserve banks to take such action as may be necessary, in the
Treasury, to prevent undue credit
of the Board and of the Secretary of the
expansion.
(b) If the Secretary, when directed by the President, is unable to secure
the assent of the several Federal Reserve banks and the Federal Reserve
Board to the agreements authorized in this section, or if operations under
of this
the above provisions prove to be inadequate to meet the purposes
section, or if for any other reason additional measures are required in the
judgment of the President to meet such purposes, then the President is
authorized—
(1) To direct the Secretary of the Treasury to cause to be issued in such
amount or amounts as he may from time to time order, United States notes,
as provided in the Act entitled "An Act to authorize the issue of United
States notes and for the redemption of funding thereof and for funding
the floating debt of the United States," approved February 25 1862, and
Acts supplementary thereto and amendatory thereof, in the same size and
of similar color to the Federal Reserve notes heretofore issued and
in denominations of $1, $5, $10, $20, $50, $100, $500, $1,000, and
$10,000; but notes issued under this subsection shall be issued only for
the purpose of meeting maturing Federal obligations to repay sums borrowed by the United States and for purchasing United States bonds and
other interest-bearing obligations of the United States: Provided, That
when ally such notes are used for such purpose the bond or other obligation so acquired or taken up shall be retired and canceled. Such notes
shall be issued at such times and in such amounts as the President may
approve but the aggregate amount of such notes outstanding at any time
shall not exceed $3,000,000,000. There is hereby appropriated, out of
any money in the Treasury not otherwise appropriated, an amount sufficient
to enable the Secretary of the Treasury to retire and cancel 4 per centum
annually of such outstanding notes, and the Secretary of the Treasury is
hereby directed to retire and cancel annually 4 per centum of such outstanding notes. [Such notes and all other coins and currencies heretofore
or hereafter coined or issued by or under the authority of the United
States shall be legal tender for all debts public and private.]
Text of Resolution.
All coins and currencies of the United States (including Federal Reserve
notes and circulating notes of Federal Reserve banks and national banking associations) heretofore or hereafter coined or issued, shall be legal
tender for all debts, public and private, public charges, taxes, duties, and
dues, except that gold coins, when below the standard weight and limit
of tolerance provided by law for the single piece, shall be legal tender only
at valuation in proportion to their actual weight.
MINORITY VIEWS.
This proposal has two elements. First, it renounces obligations of the
United States. Secondly, it prohibits future obligations of the same sort.
The second of these elements calls for no protest here. If in the
judgment of the Treasury future borrowings or issuance of currency would
better not be subject to payment or redemption in gold, very well.
Questioning of such judgment need not distract attention from the far
more important issue, that of the public faith.
In 1869 it was enacted (remember that "equivalent" means "equal
work"):
The faith of the United States is solemnly pledged to the payment in
coin or its equivalent of all the obligations of the United States not bearing interest, known as United States notes, and of all the interest-bearing
obligations of the United States, except in cases where the law authorizing
the issue of any such obligations has expressly provided that the same
may be paid in lawful money or other currency than gold or silver.
Yet we are now asked to declare that because such provisions "obstruct
the power of the Congress to regulate the value of the money of the United
States," the faith that we solemnly pledged 64 years ago is to be repudiated. What emergency can justify breaking the solemn pledge of
a nation? Do "solemn" and "pledge" mean nothing?
When the first Liberty bond law was enacted in April of 1917, it said
of the bonds:
The principal and interest thereof shall be payable in United States
gold coin of the present standard of value.
The same provision appears in the second, third, and fourth Liberty
Loan Acts and in other loan laws since then.
Millions of our people bought these bonds with this pledge. Whether
all gave equal weight to it is irrelevant where honor is involved. The
pledge alone counts though no more than one man gave it heed.
As a matter of fact this pledge has been a vital consideration not
alone with public securities but also with a great number of corporate
borrowings. Their total has been estimated at a hundred billions in par
value. Importance has been attached to the gold promise by countless
treasurers of universities, colleges, other educational and philanthropic institutions, by all sorts of men who are entrusted with investing the resources that support work for humanity. This includes the officers of
our mutual savings banks with their nine billion and more of deposits,
the life-insurance companies with more than 120,000,000 policies outstanding, and all other officials who must think of safety first when exercising their trusts. Shall the solemn pledge to them be broken?
The good faith of a nation is its greatest asset. We have boasted
that in this no nation is our superior. Upon it we have relied in our
International relations. On the very eve of a conference that bids fair
to be of supreme consequence to the welfare of the world, we are asked
to replace good faith with bad faith, to tell those with whom we confer
that whatever agreements we make may be repudiated next day or next
year. If we break solemn pledges to our own, what may be expected of
those to others?
We are asking sundry nations to pay us what they owe. Will they
be more likely to make good their promises if we set them the example
of repudiation?
Volume 136
Financial Chronicle
That is the right name for it, repudiation, and this bill ought to be
known throughout history as "The Repudiation Bill of 1933."
We are making huge loans to our own people, to States, to cities, to
various kinds of governmental agencies. If we repudiate, shall we expect
them to pay?
It is true that legal casuistry, in England and in one of our own subordinate courts, has recently perverted the plain meaning of language
In order to give a color of defense to repudiation. Not all the subtleties
of all the lawyers in the world can change the fact that both parties to
these contracts understood the words to mean what they said, what it
has been hitherto accepted that they meant.
Our Constitution forbade the States to impair the obligations of contracts. For some unknown reason the fathers did not impose the same
prohibition on the Nation. But the moral principle involved is the
same. The sanctity of contracts is the cornerstone of our civilization. To
violate that sanctity is to invite ruin.
The circumstances under which this expression of views was prepared
made it impossible to submit them to other members of the committee,
but I am sure I am not alone in entertaining them.
ROBERT LUCE.
Senate Debate on National Industrial Recovery Bill—
Many Changes Are Made in Measure—Taxation
Program Is Altered in Senate Finance Committee,
with Increased Income Levy Omitted and Capital
Stock Tax Substituted—Licensing Provision Offers
Principal Point of Attack by Opponents of Plan.
Debate on the Administration's National Industrial Recovery Bill opened in the Senate on June 7, after the bill
had been favorably reported by the Senate Finance Committee on June 5. The measure was passed by the House
of Representatives on May 26, as noted in our issue of
June 3, pages 3828-3830. The Senate debate was spirited,
with Senators Reed and Borah leading the attack on certain
provisions of the bill, and Senator Wagner acting as chief
sponsor of the legislation. Even if the Senate passes the
bill in its present form, it will probably go to conference
with a committee from the House, since it contains many
changes from the measure adopted in the lower branch of
Congress. This is particularly true as regards the tax
program.
In opening the debate on June 7, Senator Borah defended
the anti-trust laws and vigorously attacked the bill as an
attempt to break down those statutes. He said that the
bill would give huge power to great industrial interests
and would strike at the small industry. Senator Wagner
defended the measure on the floor. A partial account of
the debate, as contained in Washington advices of June 7
to the New York "Herald Tribune," follows:
Senator Wagner opened the Senate discussion to-day in behalf of the
bill, referring to it as the "National industrial recovery bill." Be called
It "the most far-reaching measure of this emergency session." He defended
it on social, economic and constitutional grounds and predicted "chaos"
for the country if it was not speedily enacted.
Calls It Employment Measure.
"The National industrial recovery bill is an employment measure," he
said. "Its single objective is to speed the restoration of normal conditions
of employment at wage scales sufficient to provide a comfort and decent
level of living.
"I want to say at the very beginning that the economic emergency Is
not over. It is upon us in fullest force.
"There has been some slight improvement, it is true, during the last
three months. But if we do nothing to speed revival we shall not only lose
such gains as have been made, but shall relapse into a chaos the consequences of which are too alarming to contemplate."
Senator Wagner explained at leangth both the industrial control aspects
of the bill and the public works features. He devoted much attention to
the anti-trust laws and the bearing of this proposed legislation on them.
He declared the anti-trust laws had not checked at all the growth in "the
size of business units" and the concentration of economic power in the hands
of a fin enormous enterprises.
Competition Not Abolished.
Senator Wagner continued:
"Title 1 of the present bill is intended to return to the objectives of the
anti-trust laws. The first step taken by the bill is to make competition
constructive rather than ruinous, and to permit co-operation whenever a
wise policy so dictates. The bill permits any trade or industrial group to
draw up a voluntary code of fair competition and to submit it to the
President for approval.
"It must be stated in the strongest terms that the bill does not abolish
competition; it purifies and strengthens it.
"The interests of the laboring man are adequately protected under the
voluntary codes."
Senator Borah devoted much of his remarks to assailing the breaking
down of the anti-trust laws and to emphasizing the dangers in which small
business and industry will be placed by the legislation. He said:
"When the time comes that the large industry, gathered together for the
purpose of making a code, does not dominate the situation, but permits
the small independent to write the code for the large industries, the millennium will have been here for many years. The effect of the small holder
will be infinitesimal in meetings where these vast corporations controlling
two-thirds of the National wealth are brought together. After these combines have made their code, if some American citizen desires to start his
own business they may not only dominate him with their economic power,
but send him to the penitentiary for seeking to pursue his legitimate business in the United States. The elder Rockfeller did not need any criminal
law when he was building up his code, but power to indict and prosecute
the man who violated the code."
"The small industries under the present law cannot meet for co-operative
purposes to agree on wages, hours of labor and other practices. The result
is the creation of the largo enterprises about which the Senator complains,"
said Senator Wagner.
"When the giant movers in a great industry meet, even to hold a dance,
before they close the meeting they will talk over the question of whether
4011
or not they can raise the prices of their products," said Senator Borah.
"Where in this bill is there any protection for the consumer, for the man
who has to pay the price? The consumers of the United States must pay
whatever the 200 non-banking corporations, holding the wealth of the
country, say is the proper price under fair competition."
At one point Senator Borah, pointing out that it was said that the
government now could not enforce the anti-monopoly laws, asked Senator
Wagner whether he expected "the government to step in successfully
through political maneuver." He asked if it was thought to enforce antimonopoly legislation "by suspending it."
Senator David A. Reed, interposing in the debate, made it plain he was
opposed to the industrial control program.
At another point Senator Borah, said:
"Let us suppose now that this law is enacted and all the other industries
In the United States form their combines; they form their codes; they
submit them. Do we suppose for a monemt that the President of the
United States by any possibility can go into the details of the 200 and odd
business industries of the United States upon a large scale and pass upon
that himself? We know that he is not going to do so; it is impossible for
him to do so.
"He will submit it to some individual and we are authorizing that now—
we are giving it to the President of the United States; but as a practical
Proposition we are authorizing some individual who may be selected for
that place or perhaps a dozen individuals—for there will be many industries
—to pass upon the question of fair competition without any guide or
direction from the law-making power of the United States as to what is
fair competion. It is wholly within the discretion of the industry the
Particular Individual who is called upon to pass on it; and in my opinion
Inside of a year there will be infinitely more discussion over this subject
than has arisen over the verterans' proposition or over the conservation
Proposition or anything of that nature.
"This is huge, stupendous, no one man can perform it. The President
cannot possibly attend to it. He must select an individual whom we do
not know and to whom we give no guide whatever."
In continuing the debate on June 8, Republicans in the
Senate led an attack on the licensing provision of the bill,
which was devised as a means of forcing recalcitrant industries into line. Features of this debate, as reported by the
United Press from Washington on the date mentioned,follow:
Senator David Reed (IL,Pa.) charged the provision was so revolutionary
that it would create an "inquisitorial" system and announced he would
offer an amendment to eliminate it.
"Under the bill," Senator Reed said, "the various industries may adopt
codes of fair practice which, when the President approves, have all the
force of law. Any one who violates them is subject to imprisonment.
"Now the administration insists on adding this licensing system as a
further penalty. The individual who violates the codes may be barred
from doing business. I think the plan is insane."
Senator Robert F. Wagner (D., N. Y.) leading defender of the measure,
told Senator Reed that it was put in as a club over "recalcitrant" business
men who, by wage cutting and sweatshop methods, imperil fair wage scales.
"This is a bill to protect the small business man," Santos Wagner said.
"That may be, but it is the big business man who is supporting it,"
Senator Reed answered. "They say W. C. Teagle of the Standard Oil Co.
Is going to administer the oil business. I'm not going to pay a higher price
for gasoline just because Mr. Teagle says I must."
"I don't think it's right that anyone who opposes this bill should be
accused of favoring the sweatshop." Senator Reed continued. "1 don't
think there is a place in the country where there are more sweatshops
than in New York, which has ample authority under the Constitution to
remedy that situation without coming to us."
el us
The National Industrial Recovery Bill was favorably reported to the Senate on June 5 by the Senate Finance Committee, after that body had reversed its:action taken three
days earlier, when the licensing provisions of the measure
had been rescinded. This evidence of anti-Administration
revolt was partially wiped out on June 5 when the licensing
feature was restored by a vote of 12Ito 6, although the
validity of this enforcement clausei,was,limited by the
Committee to one year instead of two. A number of other
amendments to the bill were inserted by the Senate Finance
Committee, of which the most important was a tax plan
along lines suggested by Senator Harrison, with income tax
increases eliminated. Instead there was provided a corporate stock tax combined with certain provisions of the
old excess profits tax to make it effective. The tax program
as framed by the Senate Finance Committee also included
a 5% levy on corporate dividends, tolbe withheld at the
source; a half-cent increase in the Federal refiners' tax on
gasoline, and administrative changes aimed at investment
bankers and brokerage partnerships.
A final effort to insert a general manufacturers' sales tax
in place of the entire tax program was defeated on June 5
by a committee vote of 10 to 9. The tax features approved
by the Senate Committee were outlined as follows in Washington advices to the New York "Times" on June 5.
The principal tax in the Senate bill, counted upon for 580,000,00 in
new revenue, is the corporate stock tax. It provides a levy of 1-10 of 1%
on the "fair value" of every corporation, such "fair value" to be decided
by the corporation itself.
In making the levy effective and in attempting to insure the highest
possible declaration of value for each corporation, the bill provides that
any profits made in excess of 123•5% on such declared value shall be taxable
as excess profits at the rate of 5%.
As figured out by experts to-day, a corporation with a declared valuation
of $500,000, which happened to make a profit:of 15%, would:pay as much
taxes as if it had declared a value of $900,000. The effect, therefore, of
the excess profits feature would be to insure the highest possible declaration
of value.
The dividends tax, which would be withheld by each corporation from
its stockholders except such stockholders as are other domestic corporations, would be at a flat rate of 5%, without exemptions. This levY,
according to estimates, would produce $70,000,000.
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Financial Chronicle
The increased gasoline tax, at one-half cent instead of three-quarters
of 1 cent as carried in the House bill, would produce $62,000,000.
The House provisions directing that these new levies be eliminated by
Presidential proclamation in the event of the repeal of the Eighteenth
Amendment or return of normal business conditions, within the effective
date of two years as fixed for the new taxes, were retained.
So was the House amendment extending about $500,000,000 in existing
special excises from their terminating date of June 30 1934 to the corresponding date in 1935.
The administrative changes, whereby it is proposed to plug up holes
in the present income tax law with a return of $15,000,000 in new revenue
to the Treasury, were only slightly modified from the form submitted by
Senator Harrison.
One of these, exactly as proposed by Mr. Harrison, would deny the right
of an investment bank to offset ordinary business gains with stock and
bond losses in computing tax returns.
Another would prohibit a partner from charging off against his ordinary
income any distributive share of security losses which might be passed on
to him out of partnership losses.
Senator Harrison originally proposed that a partner could take no distributive losses, not even ordinary business losses, which he would have to
share as a partner. Still another administrative amendment supplemented
the House provision which eliminated the carrying over of net losses from
one taxable year to another.
As still another "hole-plugger," the Senate committee voted to increase
the penalty for corporations making consolidated returns for subsidiaries
and affiliates to 1% instead of !i/i of 1% as provided in present law.
A corporation now pays 13 % tax, and 1434% if it makes consolidated
returns for subsidiaries. Under the Senate bill that corporation would
have to pay 1431% should it follow the latter practice.
The leading features of the Industrial Recovery Bill, as
reported to the Senate by the Finance Committee on June 5,
were summarized as follows by the Washington correspondent of the New York "Journal of Commerce" on that
date:
Licensing feature is to be operative only for one year and utilized only
where there are unreasonable reductions in wages or prices.
Broad latitude given labor in organizing workers in the industries, uninfluenced by their employers.
Affords industry added protection against unfair competition from
abroad by authority vested in President to place an embargo on imports
If necessary in carrying out of purposes of the legislation.
Paves way for putting oil pipe lines under control of the Inter-State
Commerce Commission.
Permits control of oil surpluses.
Tightens up existing revenue law in respect of deductions for stock
and bond losses.
Imposes a 5% tax upon dividends payable at source.
Assesses a 1-10 of 1% tax on the value of all corporations.
Increases the 1 cent present Federal tax on gasoline to lA cents per gallon.
Increases to 1% and extends for two years the privilege of fling consolidated returns of corporations.
Rejects so-called "Buy American" provision of the House bill.
Drastic revision of the Administration's Industrial Recovery Bill was undertaken by the Senate Finance Committee
on June 2, in what was regarded as a revolt against White
House leadership. In a series of adverse votes the Committee eliminated from the bill the licensing provision (considered the only effective method of insuring industrial conformance with the co-operative provisions of the measure);
rejected the oil-control amendment, and inserted a clause
giving the President the power to declare a complete embargo
against imports prejudicial to the operation of the bill.
The first amendment offered on June 2 was by Senator Clark
and would have entirely eliminated the industrial control
features, but this amendment was defeated by a vote of
10 to 8.
Senator McAdoo then moved to strike out the licensing
provision and his motion was carried, 12 to 7. An amendment sponsored by the Administration providing for control
of the oil industry was next rejected by the Committee by
a vote of 11 to 7. Senator Reed then introduced an embargo
amendment which was adopted, 10 to 8. Before adjourning
for the day the Senate Committee adopted a proposal by
Senator Gore that a board of three, to be confirmed by the
Senate, administer the public works section, and also
approved a motion by Senator Clark that any employee
under the bill receiving more than $5,000 annually should
be subject to Senate confirmation.
During this session of the Committee Senator Harrison
introduced a new tax plan as a substitute for the income
tax provisions specified in the House bill. Senator Harrison's plan comprised a capital stock levy of $80,000,000
and a dividend levy of $70,000,000, as well as revision of
the present tax law as it relates to investment bankers and
partnerships so as to collect at least $15,000,000 more in
taxes from them next year.
When the Senate Finance Committee met on June 3 it
voted 10 to 8 against the inclusion of a general manufacturers'
sales tax to finance the public works section of the bill,
and then considered the tax proposals offered on the preceding day by Senator Harrison. Several amendments were
also adopted by the Committee, as described in the following
excerpt from Washington advices to the New York "Times"
June 3:
The committee adopted a number of amendments to the bill, most of them
minor, save for one which would make it mandatory on the public works
June 10 1933
agency to use all of the $400,000,000 for Federal highway construction
if it used any at all. Another would allocate the road fund according to
the old law, one-third on area, one-third on population and one-third on
road mileage, instead following the formula of the House bill which would
allow a larger share for population. Under the latter, more money would
be allocated to populous States, where the unemployment is considered
to be more acute.
The committee also adopted an amendment offered by Senator Hayden
allocating $50,000,000 for roads and trails in public parks and national
forests. Until this amendment was adopted, the $400,000,000 for public
roads was the only specific allotment in the bill, other apportionments
being left entirely to the agency administering the Act.
Other amendments accepted included two by Senator Gore providing
for the divorcement of pipe lines from holding companies engaged in other
lines of industry and control by the President of pipe-line transportation,
including rates and services.
Another, offered by Senator Connally, would include army aircraft and
army and navy housing in public works expenditures; one presented by
Senator Clark would extend highway allotments to Alaska, the Virgin
Islands, Puerto Rico and Hawaii. One proposed by the committee itself
would include loans for completion of reservoirs and pumping plants in
connection with water works, canals and irrigation projects under the public
works authorizations.
The committee voted 12 to 5 against a proposal of Senator McAdoo to
issue $3,300,000 in new currency to pay for the public works program
Instead of raising the amount through Treasury borrowings.
Senate Passes Independent Offices Bill with Veterans'
Compensation Increased $170,000,000—President
Counters with Liberalization of Regulations to
Add $41,000,000 to Payments, But House Sentiment Apparently Favors Senate Action—Hope
Entertained for Compromise to Keep Balanced
Budget.
The first serious deadlock on a major issue between President Roosevelt and Congress engaged the attention of the
country during the past week, after the Senate on June 2
had passed the Independent Offices Bill and included in the
measure approximately $170,000,000 more for veterans'
compensation than had originally been proposed by the
administration after the passage of the Economy Act early
in the present session of Congress. The President almost
immediately called a conference of House leaders, who info7med him that the House was likely to enact the bill with
the increased veterans' payments included, despite knowledge
that to do so would incur strong disapproval from the White
House, and might even Jesult_in a veto for the measure.
Fre7dent Roosevelt thereupon said that'll the add)tonal
appropriations were voted, Congress must at the same time
vote additional taxation with which to meet them, as he
was determined that the national budget should be balanced
and if necessary would remain in Washington throughout
the Summer until that end had been attained. On June 6
the President issued an executive order liberalizing certain
of the regulations previously promulgated with regard to
veterans'action
veterans' compensation, and it was
(which in itself would involve:additional annual expenditures
estimated at $41,000,000) might stave off the $170,000,000
threat. On June 8 a conference was held at the White
House between President Roosevelt and the House Steering
Committee, and after the meeting it was said that progress
toward a compromise veterans' economy proposal had been
made.
The Economy Bill, under which the President acted in his
initial sharp cut in government expenditures, was passed
SY—the House on March 11 and by the Senate on March 15.
rch 18,
Details of the measure were given in our ssue of -Ma— - page 1810.
The Senate on June 2 passed without a record vote the
$715,740,936 Independent Offices Bill, including in the
measure $660,000,000 for veterans' compensation, or approximately $170,000,000 more than originally proposed by
the administration. Before passing the bill the Senate
adopted an amendment by Senator Connolly of Texas to
limit compensation and pension cuts under the Economy
Act of March 20 to 25%,applying to service-connected cases
of the World War and to pensions allowed for service in other
wars. President Roosevelt, at a conference called by him
two days later, on June 4, told House leaders that if the
Connolly amendment became law Congress would have to
provide higher taxes to meet increased expenditures of
$170,675,067. The President was said to have told the
Representatives that he would insist on the budget being
balanced and that if necessary he would stay in Washington
all Summer to do it.
Proceedings in the Senate on June 2, when the Connally
amendment was adopted and the bill later approved, were
described, in part, as follows in Washington advices of that
date to the New York "Herald Tribune":
The controversy over the veterans' compensation In the Senate occupied
most of the afternoon. After it was disposed of, the independent offices
bill, carrying more than $700,000,000, was passed without a roll call. An
Volume
136
Financial Chronicle
effort to knock out the provision giving the President power to cancel
ocean mail and air mail contracts was beaten.
The Connally amendment was at first beaten by a tie vote of 42 to 42.
Vice-President Garner hurried to vote aye, thus breaking the tie. On the
face of it, the Connally amendment was put through with administrative
backing, but it was in fact an Administration defeat. Administration support was given the Conslly proposal only because it was realized that if it
was not carried, the Senate would declare for the more drastic Trammell
amendment which would have added a much larger sum to the compensation
and pension figures.
The Administration first suffered a setback when Senator Joseph T. Robinson, Democratic leader, proposed what is known as the Cutting amendment. This was intended to limit reductions of compensation and pensions to 25% in service-connected cases and would have added $40,000,000
to the bill.
The Robinson motion to adopt the Cutting amendment was defeated by
more than two to one, the vote being 51 to 25 against it. Prior to this the
Senate had voted 59 to 21 to suspend the rules to pave the way for the
Trammel amendment. Appealing for support for the Cutting amendment,
Senator Robinson declared the Trammell amendment would be "virtually
a repeal of the economy act" affecting veterans' compensation. But the
Senate was deaf to the appeal.
Senator Conally then came forward with his proposal, which while a 25%
limitation was more sweeping than the Cutting plan. Seeing they were
lost otherwise, the Administration leaders came to the support of the
Connally proposal in order to head off the Trainmen amendment.
The Connally amendment as first proposed did not include in its limitation of reductions veterans getting incomes of $1,000 for single men and
$2,000 for married men. This feature, however, was abandoned.
Text of Amendment.
The amendment as adopted reads:
"Notwithstanding any of the provisions of the act approved March 20
1933, entitled'An act to maintain the credit of the United States government,' in no event shall World War service-connected disability compensation of any veteran or the pension of any veteran of a war prior to the
World War,or the pension ofany widow and-or dependents ofsuch veterans
be reduced more than 25% of the rate being received prior to March 15
1933.'
Senator Connally, in fighting for his amendment, insisted the Trammell
amendment was a "gesture" and would not help the vererans. He intimated the President would meet the Trammell 15% cut amendment by a
veto.
The implication of a veto brought Senator Huey Long, Democrat, of
Louisiana, to his feet. He said:
"The votes we have had here show that we have enough strength to
override a veto. And there's not much danger of a veto, anyhow, because
there are a lot of appropriations for other departments and bureaus in this
bill. The people are demanding this 15% limitation."
President Roosevelt's conference with leaders of the House
on June 4 was outlined as follows by the Washington correspondent of the New York "Times":
In opening the conference the President told the House leaders that he
sought to be fair both to the government and the taxpayers in the policy
which had led to a reduction in the benefits to veterans without service
disability.
He said he was prepared to make any reasonable changes in the regulations as they affected destitute veterans who will be refused allowances
under the administration's program and that the administration would not
permit destitute veterans to be put out of hospitals, even if they were not
beneficiaries under the new regulations.
The regulations adopted shortly after the Economic Act was passed
were too severe, he added, and were being modified to apply to cases on
the border line.
Lewis W. Douglas, Budget Director, said the Connally amendment,
which would permit reductions of only 25% in the allowances, would increase government expenditures by $153,675,000, and that other amendments made by the Senate brought the total increase to $170,675,067, and
would add 249,000 cases to the hospital rolls.
The opinion was expressed by Speaker Rainey, Chairman Pou of the
Rules Committee and Representative Rayburn that the sentiment of the
lower body was overwhelmingly in favor of adoption of the Connally
amendment.
The President also told the House members that they were not only
violating the principles of the Democratic party but of the platform as
well, and that if they would look at that document they would find that it
pledged protection to veterans suffering from service-connected disabilities.
This section of the platform reads:
"We advocate the full measure of justice and generosity for all war
veterans who have suffered disability or disease caused by or resulting from
actual service in time of war and for their dependents."
It was pointed out by the President that the platform did not mention
others than this particular group. When those who attended the conference left they were decidedly glum and refused to talk.
Those in the conference which began at 8:30 were Speaker Rainey,
Representatives Buchanan, chairman of the Appropriations Committee;
Byrns, the majority leader; Woodrum of Virginia; Pop of North Carolina;
McCormack of Massachusetts; Arnold of Illinois; McDuffie of Alabama;
Warren of North Carolina; Rayburn of Texas, and Milligan of Missouri.
General Hines, the Veterans' Administrator, and Lewis Douglas, Director
of the Budget, were also present.
On June 6 President Roosevelt issued an executive order
designed to modify the cuts in veterans' compensation which
were made under the Economy Bill. The order covered
cases of service-sustained disabilities, and it was estimated
that the economies of $450,000,000 originally provided for
in lowering compensation to veterans would be reduced by
approximately $41,000,000 as a result of this easing of the
regulation. It was hoped at the White House that promulgation of the executive order would satisfy the members of
Congress who were clamoring for a more drastic limitation
on cuts in veterans' payments, although the Senate proposal,
as approved on June 2, would have eliminated $170,000,000
of the prospective saving.
The executive order of June 6 was not made public, but
on the same day there was issued a statement at the White
House explaining the modifications in compensation econo-
4013
mies as decreed by the President. According to this statement, and to other semi-official explanations, the President's
plan decrees a maximum reduction in service-connected
cases of 25%, with an average of 18%. Changes authorized
by the revised regulations from those in force after the
passage of the Economy Act include the following:
Payments to service-connected Spanish War veterans and to some Peace
time veterans will be higher than those they were receiving before the passage of the Economy Act.
Compensation to Spanish War veterans over 62 years ofage who served
more than 90 days, suffering from either service or non-service disabilities,
will be increased from $6 to $15 a month.
Payments to totally disabled World War or Spanish War veterans will
be increased from $20 to $30 a month.
In the statement issued at the White House it was indicated that the new regulations were made possible by the
President's original direction that the initial rules be carefully reviewed and amended to prevent cuts that might work
extreme injustice. The statement follows:
Important changes were made to-day by the President in regulations
having to do with compensation allowances for veterans of the World War
and the Spanish American War. These changes were approved by the
President by an Executive order which he signed.
The object of the changes made was to reduce the severity of cuts originally proposed under the so-called economy bill passed by the Congress
to maintain the credit of the United States.
The new regulation set forth in the Executive order was made possible
by the President's original direction that the tentative regulations be
carefully reviewed and amended to specifically prevent cuts in compensation of service connected veterans which would be deeper than was intended
and to effect more equitable levels of payment.
Under the new regulations, no directly service connected veteran will be
reduced in payment by more than 25%. The average reduction will
approximate 18%. This regulation applies not only to World War Veterans
with direct connected disabilities and to peace-time veterans who have
Incurred a disability while with an expeditionary force engaged in a campaign or expedition such as Nicaragua, China, Russia or Hayti, and who
have incurred injuries or disease in line of duty.
Under this regulation, the service connected Spanish-American War
veterans and some of the peace-time veterans will receive payments sub- •
stantially in excess of those which they were receiving prior to the passage
of the economy act.
With respect to World War veterans, this regulation increases the payments to those suffering from specific injuries, such as $150 a month for
those who have lost both hands or both feet, or one hand or one foot, or
in any case where the person is so helpless as to be in need of regular aid or
attendant; and In addition, in the case of the more severely injured, the
President's new regulations increase the allowance from $150 per month to
$175 a month.
In the case of the Spanish-American War Veterans over sixty-two years
of age and who have served ninety days or more, even though they may
be suffering non-service connected disabilities, rates are increased from
$6 to $15 a month, and in the case of either Spanish-American War or
World War veterans who are permanently and totally disabled the rate is
increased from $20 to $30 a month.
The new regulations also liberalize allowances pertaining to burial and
funeral expenses to veterans, provide that pension shall continue to be
payable to children of deceased veterans up to the age of eighteen years,
and,in the event of a child being in an approved school or college, the pension may continue for an additional period until the completion ofthe course.
but not beyond the age of twenty-one years.
The original regulations only authorize payment of pensions up to sixteen
Years in such cases. This regulation also includes a provision exempting
from the prohibition against payment of pensions to Federal employees,
the widows of deceased veterans and those veterans whose pay is $50 a
month or less.
After the statement had been issued at the White House
on June 6 and the new regulations had been placed in the
record of the House of Representatives, there was a short
debate on the floor of the House regarding the subject of
cuts in veterans' compensation. This was reported as
follows, in Washington advices to the New York "Times":
Representative Fish of New York obtained the floor by unanimous consent and declared that if the House had an opportunity to do so it would
pass by more than 2 to i a provision limiting the cut in service-connected
cases to 15%.
"The President would be entirely within his rights in vetoing any legislation of which he did not approve," Mr. Fish declared. "At the same time,
Congress would be wholly within its rights in passing such legislation on
behalf of veterans injured in service as it deemed wise.
"I am confident that the House not only would pass legislation to correct
the injustice done veterans injured in active service if given the chance.
but that it would repass such legislation over a Presidential veto.
Representative Kvale of Minnesota interrupted to say that in his district
three World War veterans already had committed suicide as a result of the
cut in their disability allowances.
Representative Byrns, majority leader, then asked unanimous consent
to have the new regulations printed in the Record, and on motion of
another member the regulations were read to the House.
In reply to questions Mr. Byrns said the President was anxious that no
injustice be done any veteran injured in service. Representative McDuffle
of Alabama,assistant floor leader, also took up the cudgels for the President,
declaring that Mr. Roosevelt planned to set up boards in each State to see
that there was no injustice in these cases.
Manufacturers Association Demands Drastic Changes
in Industrial Recovery Bill—Would Eliminate
License Feature, Modify Labor Provisions, Allow
Tariff Embargo and Specify Manufacturers' Sales
Tax—Wm. Green of American Federation of Labor
Says Stand of Employers Is Selfish and Oppressive.
More than 1,000 representatives of American industry,
meeting at Washington on June 3 under the sponsorship of
the National Association of Manufacturers, virtually_ en-
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Financial Chronicle
dorsed certain amendments to the National Industrial Recovery Bill which were made in the Senate FinanceCommittee
on the preceding day. As reported in Washington advices
to the New York "Herald Tribune" the manufacturers announced that they could not give their "wholehearted
support" to the measure unless the following amendments
were made:
1. The licensing feature struck out.
2. The labor provisions modified to prevent interference with present
relationships between employers and employees.
3. A larger administrative body created,instead of a single administrator.
4. A manufacturers sales tax of 1% exempting food products, low priced
clothing and drop substituted for the taxes proposed in the bill as It passed
the House.
5. Power given to the President to raise the tariff or embargo imports
to prevent home industry from suffering from the increased costa of production.
6. The use of wholly domestic products required in the public works
section of the bill.
The manufacturers were addressed at their executive
session by General Hugh S. Johnson, who is mentioned as a
probable selection for chief administrator of the Industrial
Recovery Act. General Johnson made a forceful plea for
the licensing provision. He also said that if he were to administer the measure he would consult with a representative
of labor and a representative of the employers before making
up his mind.
Another speaker was James A. Emery, General Counsel to
the Association, who said that the broad grant of power in
Section 3 of the bill would allow the President to make
any stipulation he wished regarding labor relations in any
industry. Among the resolutions adpoted by the manufacturers was the following:
"While we have implicit confidence in the fairness of the President and
of such persons as he may appoint to administer the act, we feel that the
ramifications of industry are so far-reaching and its relationship so intricate
that no single administrator can, without the co-operation and assistance
of industry, successfully administer the act. We approve, therefore, the
setting up of a form of administration which will reflect the needs of the
various industries and will provide a continuing administration, which
cannot be assured by the appintment of a single administrator."
The decision of the Manufacturers' Association was sharply
attacked in a statement issued on June 3 by William Green,
President of the American Federation of Labor, who accused
the manufacturers of "an oppressive, negative and destructive attitude by seeking the aid of the Federal Government
to keep workers 'unorganized and helpless.'" Mr. Green's
statement follows, in part:
The opposition of the Manufacturers' Association to the labor sections
of the Industrial Recovery Act places it in a most selfish as well as a most
Inconsistent position. They are consistent only in their traditional opposition to the exercise of the right of the workers to organize into bona fide
trade unions. Their position is glaringly inconsistent because while they
willing to accept the provisions of the Industrial Recovery Act, which
confer upon them the right to organize, to fix prices and to compel any
employer who refuses to conform to their price-fixing arrangement to do so
or forfeit his right to engage in industrial production, they seek to deny
their own workers the right to organize and bargain collectively.
The Manufacturers' Association is willing that its members shall exercise
the right to organize, to establish a closed shop, so far as employers are
concerned, under the protection of the Government, but they are unwilling
to accord to labor the right to organize and to be represented by representatives of their own choosing. Such a position is indefensible. It is inconceivable that Congress would grant to employers the right to fix prices,
through a closed organization of employers, and deny their workers the
right to organize and be represented by representatives of thier own choosing.
It is plain, if the purpose of the Manufacturers' Association is realized,
that the worker will be helpless and that his economic condition will become
increasingly worse. The whole attitude of the Manufacturers' Association
is oppressive, negative and destructive, and if Congress should accept
their point of view the purpose of the bill would be defeated.
Labor will appeal to its friends in Congress to vote against the bill if
the labor sections. as adopted by the HOUSO Of Representatives are eliminated or modified.
Administration Food and Drug Bill Submitted to
Congressional Leaders for Consideration During
Recess—Cosmetics Included in Provisions of New
Measure—Heavy Penalties Provided for False Advertising and Deceptive Labels.
A new food and drug bill, sponsored by President Roosevelt, was submitted to Congressional leaders on June 2 by
Secretary of Agriculture Henry A. Wallace. The measure
has been designed to correct many deficiencies in the present
law. The White House explained that it was not expected
that the bill would be enacted during the present session of
Congress, but that it was hoped that Committees would work
on it during the recess and be ready to report the measure
when Congress meets next January. The bill was received
by Senator Ellison D. Smith, Chairman of the Senate Committee on Agriculture and Forestry, and Representative
Marvin Jones, Chairman of the House Committee on Agriculture. It had been prepared under the direction of Assistant Secretary R. G. Tugwell, Walter G. Campbell, Chief
of the Federal Food and Drug Administration, and the
Solicitor's office of the Department of Agriculture, and has
June 10 1933
been approved by the Department of Justice. Principal provisions of the measure, as summarized in a Washington dispatch to the New York "Herald Tribune" on June 2, follow:
Among the provisions of the new draft are clauses giving the Government
authority to prevent false advertising of foods, drugs and cosmetics and to
establish tolerances for added poisons in (foods. Other provisions include a
section which brings cosmetics within the jurisdiction of officials enforcing the food and drugs act and which authorizes the Secretary of Agriculture
to promulgate definitions and standards for foods which will have the force
and effect of law.
Power to require manufacturers to procure in certain cases Federal permits is also granted the Government, under the new draft, as is the authority
to control drug products on the basis of therapeutic claims which are contrary to the general agreement of medical opinion. Another important section of the bill to-day is a requirement for more informative labeling of
foods and drugs.
Designed to protect the public against harmful or deceptively labeled
foods and drugs, the limitations of the present food and drugs act are such as
to make impossible the achievement of this purpose, says Secretary Wallace.
Seven of the outstanding and most significant provisions of the proposed
new food nad drug law are briefly outlined in the Secretary's letters to the
Committee Chairmen.
1. The prevention of false advertising. The need for the control of
serious abuses in this field is generally recognized.
2. The inclusion of cosmetics. Serious injuries have occurred through
the sale and use of cosmetic products of a character harmful to the user.
The practice of deceptive labelling and advertising of such products should
be regulated.
3. The establishment of tolerances for added poisons in food. A complete
elimination of all poisonous substances from foods may be impossible.
Where the presence of poisons is unavoidable their amounts should be kept
so low that by no possibility will the food be harmful to health. The present
law contains no provision authorizing the establishment of tolerance for
poisons, but imposes upon the Government the obligation of showing affirmatively in every case that a food containing poisonous substances may
be harmful to health independent of similar adulterations prevailing extensively in other foods.
Authorizes Food Standards.
4. Authority for the Secretary, after notice and hearing, to promulgate
definitions and standards for foods which will have the force and effect of
law. Under the present law such authority extends to the field of canned
foods only. Legal food standards like those now existing for official drug
products are essential for efficient enforcement operations.
6. Power to require manufacturers to produce in certain cases Federal
permits. This method of regulation will be invoked in those instances only
where a menace to health is involved and where adequate protection to the
public cannot be effected through the other provisions of the bill.
6. The control of drug products on the basis of therapeutic claims which
are contrary to the general agreement of medical opinion. The bill would
remove the burden imposed by the present law of proving not only that
such statements are false but that they were made with fraudulent intent
on the part of the manufacturer. This has seriously handicapped the department in the extension of adequate protection to the public in the purchase of drugs labeled as treatments for various diseases.
7. Requirements of informative labels. With one or two minor exceptions the present food and drugs act contains no positive labeling requirement. It merely prohibits false or misleading statements and these prohibitions are to some extent minimized by excepting provisos. A disclosure on
the label of sufficient facts to enable intelligent and discriminating buying
will operate unquestionably to the advantage of the consumer.
House Passes McKeown Bill Providing Bankruptcy
Relief for Corporations if Creditors and Courts
Approve.
The McKeown bankruptcy reform bill, enabling corporations to organize in order to scale down their debts under
Court approval and by agreement of two-thirds of the creditors and a majority of the stockholders, was passed without
a record vote by the House of Representatives on June 5, and
was sent to the Senate, where little opposition was expected.
The measure is part of a bankruptcy relief program instituted
in the last session of Congress with the extension of similar
refinancing relief to railroads and to individuals. The section dealing with corporations was not enacted at that time,
however,since the Senate indicated that further study should
be given the subject of corporate reorganizations before action was taken.
Senate Passes Home Mortgage Bill, with Limit on
Property Value Raised to $25,000—Limit Set at
$20,000 by Conference Committee and Revised
Measure is Passed by the House and Sent to Senate
for Final Action.
The administration's $2,000,000,000 Home Mortgage Relief
Bill was passed by the Senate on June 5 without the formality
of a record vote and after only three hours of debate. The
measure went to conference with House leaders, in order
that differences between the bill approved by the Senate and
that previously passed by the House may be adjusted. The
most important change made by the Senate was the broadening of the limit on homes eligible for aid to those valued up
to $25,000, whereas the House bill had set the limit at $15,000.
The bill was introduced in both branches of Congress on
April 13, after a special message from President Roosevelt,
and as originally drafted it limited to $10,000 the value of
homes included in its provisions. This limit was raised to
$15,000 by the House Banking Committee, which then favorably reported the bill on April 25, and it was passed by the
Volume 136
Financial Chronicle
House on April 28 by a vote of 383 to 4. On May 22 the Senate
Finance Committee also made a favorable report, with the
limit on home values increased to $25,000. Previous references to the measure were made in our issues of April 15
(pages 2530 and 2531), April 29 (page 2899) and May 27
(page 3645).
Senate and House conferees reached an agreement, on
June 8, with the maximum value of a home eligible for aid
set at $20,000. On June 9 the revised bill was passed by
the House and sent to the Senate.
The bill as passed by the Senate June 5 covered the basic
provisions suggested by the administration for an organization under which bonds, with interest guaranteed by the
Government, could be substituted by voluntary agreements
for mortgages on homes. Other features of the legislation
are given below, as quoted from Washington advices to the
New York "Times" on June 5:
In addition, three amendments adopted without any material opposition
provide or moratoria on home mortgage interest payments, for administration by State directors appointed by the President and confirmed by the
Senate and for a flat interest rate of 6% on some types of cash loans to
home owners.
Both the House and Senate bills provide for the establishment of a corporation with a capital of $200,000,000 to refinance home mortgages. The
capital will be supplied by the Reconstruction Finance Corporation. The
Home Loan Corporation may issue $2,000,000,000 in bonds, carrying 4%
interest, but the principal of the bonds is not guaranteed by the Treasury.
The bonds will be available for exchange for home mortgages.
The House bill limits loans to homes not exceeding $15,000 in value or
housing more than three families, with a refinancing limit of 80% of the
present value. The Senate raised the limit to properties worth $25,000,
housing up to four families, and providing for refinancing up to 80% of
• values, with no arbitrary maximum loan. Under both bills, homeowners
are charged 5% interest and must amortize their loans within fifteen years.
The House bill authorized cash loans up to a maximum of 30% of assessed valuation on homes within the $15,000 limit to take up small mortgages and pay back taxes and interest where no voluntary arrangement could
be effected with holders of mortgages. The Senate raised this authorization to 50% of valuation on all homes within the $25,000 limit.
One of the amendments, pushed through by Senator Long, stipulated that
interest on cash loans shall be 6%.
Both the House and Senate bills had stated that this type of refinanced loan
should continue to bear the original interest. Senator Frazier submitted an
amendment setting the rate at 5%, drawing strong opposition from Senator
Bulkley, who said the amendment would "cost hundreds of millions of
dollars" and probably result in a Presidential veto of the bill.
Senator Wheeler argued that interest rates on loans vary from 5% in the
East to 10% in Western States, and that a continuance of the present interest rates would be "class legislation."
Senator Wagner sponsored the amendment for a three-year moratorium
on interest, arguing that home owners should obtain the same consideration
as was granted to farmers under their mortgage relief act. This amendment was accepted by Senator Bulkley and adopted without opposition.
Senator Dill sponsored the amendment providing for State administrators.
Federal Farm Board Succeeded by Farm Credit
Administration.
The Federal Farm Board, created at the outset of the
Hoover administration, passed out of existence May 26 according to Associated Press advices from Washington, which
added:
Its usable functions have been salvaged for merging into the new Farm
Credit Administration, run by Henry Morgenthau Jr., as one of President
Roosevelt's big units in the "new deal" for the farmer.
The Farm Board's great wheat and cotton price stabilizing adventure is
over and Morgenthau has estimated a loss to the Government of $350,000,000
of the original $500,000,000 revolving fund.
The replacing of the Federal Farm Board by the Farm
Credit Administration was forecast by Henry Morgenthau Jr.
on March 3 as noted in our issue March 25, page 1999.
Payment of $570,459.69 by Farmers National Grain
Corporation to Farm Credit Administration, Successor to Federal Farm Board.
The Farmers National Grain Corporation paid on May 31
to the Farm Credit Administration as successor to the Federal Farm Board $51'0,459.69, thus completing all payments
due up to May 31 under a funding agreement with the Federal Farm Board, we learn from an announcement issued
by the Farm Credit Administration on June 1, which continued:
The total amount maturing on May 31 this year under the funding agreement was $706,686.20, but installments prepaid over the last several months
had reduced this to the amount paid May 31. The outstanding debt of the
Farmers National Grain Corporation to the Farm Credit Administration
is
$15,139,086.48, on which no further payments are due until May 81 1934.
Nine Self-Liquidating Projects Approved by Reconstruction Finance Corporation—Total Approximately $1,000,000.
The Board of Directors of the Reconstruction Finance
Corporation approved on May 27 nine self-liquidating projects which total almost $1,000,000. An announcement issued May 27 by the Corporation said, that according to
4015
Director Harvey Couch, these projects will provide employment for 1,000 men directly and for three or four times that
number in assembling materials necessary for the improvement. The announcement continued:
The loans include three for water supply systems in small towns at a
total cost of almost $250,000; two for bridge projects at approximately the
same total; and other loans include an irrigation project, $125,000; a
terminal, $125,000, and a college dormitory, $150,000.
The Board agreed also to revision of an existing water supply system contract to include a sewage disposal plant without increase of the total loan
previously authorized.
Oscar Johnston of Mississippi Appointed Finance
Head of Agricultural Adjustment Administration.
Oscar Johnston, Mississippi farmer, banker and attorney,
has been appointed finance administrator of the Agricultural
Adjustment Administration, it was announced on May 26 by
Secretary Wallace and George N. Peek, administrator. The
announcement continued:
Mr. Johnston is one of the world's largest individual producers of staple
cotton and through his banking connections is widely known in financial
circles of the East, South and Middle West.
His duties as finance administrator of the Agricultural Adjustment Administration will include the shaping of financial policies under the new
farm act.
An experienced farmer and banker, Mr. Johnston is widely known throughout the South where, as President of the Delta and Pine Land Company, he
heads an organization which is engaged in the production of approximately
50,000 acres of cotton. This company plants some 23,000 acres to cotton
each year at Scott, Bolivar County, Mississippi. Mr. Johnston is also
director of the Staple Co-operative Association, a Mississippi Delta cooperative which markets approximately 14,000 bales of cotton annually. He
served as Democratic National Committeeman from Mississippi from 1920
to 1924, and is a former member of the Mississippi State Legislature.
Mr. Johnston lives at Clarksdale, Miss., where for six years he was
President of a bank. He has also engaged in the practice of law in Mississippi for more than 15 years.
Benefits from Farm Relief Act Expected to Accrue
to California Cited by Bank of America.
Benefits from the recently enacted Farm Bill may be
expected to accrue to California, producer of six of the
seven agricultural commodities chosen as basic by the Department of Agriculture, in the form of relief of debt burdens, improvement in land values and increase of general
trade, according to the May issue of the Bank of America
"Review." The purpose of the Farm Bill, as interpreted in
the "Review," is to raise the farmer's return on his product
to the same purchasing power, with respect to the things
which the farmer buys, as existed in the period 1909-1914.
Comparative price indices compiled by the Department of
Agriculture, says the "Review," show that the farmer paid
3% more for the things which he bought in March of this
year than he paid in the pre-War period, although he received 50% less for the things which he sold. The "Review"
likewise says:
The Farm legislation selected seven products as basic, and under its
operation an endeavor will be made to raise the price of each to pre-War
purchasing power. Should the index of the prices of the things the farmer
buys remain constant at its March 1933 level, the objective of the bill
would be to establish the following prices to the farmer for Californiagrown commidities: wheat, 9134 cents a bushel; corn, 71.3 cents a bushel:
cotton, 12.7 cents a pound; rice 83.6 cents a bushel; hogs, $7.42 a hundred
weight and butterfat, 26 cents a pound.
Establishment of California farm products prices at these levels would
result in the following approximate percentage increases from the market
as set forth in recent quotations: wheat, 25%; corn. 60%; cotton, 45%:
rice. 13035%; hogs, 147% and butterfat, 36%.
Bank of America (California) Suspends Mortgage
Foreclosures on Farm Property in California.
Suspension of mortgage foreclosures on farm property of
every character throughout California was announced by
the Bank of America (California). Will F. Morrisht President, expalined that the move was made in order to offer
temporary relief to the farmer until legislation offering
permanent relief becomes operative. Mr. Morrish continued:
President Roosevelt has requested that farm mortgage creditors refrain
from bringing foreclosure proceedings until the farm mortgage bill becomes
operative. The Bank of America is meeting the request of the President,
and is going even farther in suspending foreclosure proceedings on all
classes of real estate where the borrower is evidencing his good faith in
attempting to work out his problem.
The decision to withhold foreclosure proceedings during the present
period of stress was reached not only through desire to conform to the
President's program, but because of the conviction:on the part of the bank's
executive officers that the present uptrend in!commodity prices will solve
for many farmers the pressing problem of meeting their debt obligations.
It has been estimated that recent advances in commodity prices added
$15,000,000 to the value of the unsold portions of the 1932 crops in California. Should present prices hold, and there is evidence that they may do
better than that, Claifornia farmers would profit another $75,000,000 to
$100,000,000 on 1933 crops over 1932Ivalues.
With improved prices for farm products in view, and with Federal plans
for refinancing farm mortgages pending, our institution is devoting its
efforts to seeing the farmer through his immdeiate difficulties.
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Financial Chronicle
Mr. Morrish explained that the ruling of the bank in
regard to mortgages goes farther in extending relief to the
farmer than any legislation so far enacted.
for
Plans for 10,000 Construction Projects Involving
$1,000,000,000 Expenditures Being Considered for
Approval if Industrial Recovery Measure is Enacted.
Approximately 10,000 construction projects with an
estimated aggregate cost of $1,000,000,000 have already
been submitted to the Federal Employment Stabilization
Board for its consideration, in order that there may be no
delay in beginning work should the National Industrial
Recovery Bill be enacted by Congress, according to an
announcement made by the Department of Commerce on
June 5. The various plans, as outlined in Washington
advices to the New York "Journal of Commerce," include:
Works which had been put under way under the $322,000,000 appropriation provided by the last Congress, which were stopped by Executive order.
Included in the projects are highway construction works, elimination of
grade crossings, improvement of coast and lake harbors and river channels,
marking and lighting of navigation routes. Army housing, reconditioning
of Navy shore stations and Federal buildings.
Resolution Adopted by Senate Calls for Salary
Schedules of Executive Officers of Banks, Public
Utility and Other Corporations.
On May 29 the United States Senate adopted a resolution
calling on various Government agencies for reports showing
the salaries of officers and directors of banks, public utility
corporations and other corporations having capital or
assets of more than $1,000,000 in value whose securities are
listed on the New York Stock or Curb Exchanges. Introduced by Senator Costigan (Democrat), of Colorado, the
resolution requests the Federal Reserve Board, Reconstruction Finance Corporation, Federal Power Commission and
Federal Trade Commission to furnish the information. As
adopted, the resolution reads as follows:
Resolved, That the Federal Reserve Board is requested to prepare and
transmit to the Senate as soon as practicable a report showing the salary
schedule of the executive officers and directors of each Federal Reserve
bank and member bank of the Federal Reserve System; be it further
Resolved, That the Reconstruction Finance Corporation is requested to
prepare and transmit to the Senate as soon as practicable a report showing
the salary schedule of the executive officers and directors of each bank not a
member of the Federal Reserve System to which loans or advances have
been made by the Corporation; be it further
Resolved, That the Federal Power Commission is requested to prepare
and transmit to the Senate as soon as practicable a report showing the
salary schedule of the executive officers and directors of each public
utility corporation engaged in the transportation of electrical energy in
inter-State commerce and of all other corporations licensed under the
Federal Water Power Act; and be is further
Resolved, That the Federal Trade Commission is requested to prepare
and transmit to the Senate as soon as practicable a report showing the
salary schedule of the executive officers and directors of each corporation
engaged in inter-State commerce (other than public utility corporations)
having capital and/or assets of more than 61,000,000 in value, whose
securities are listed on the New York Stock Exchange or the New York
Curb Exchange.
For the purpose of this resolution the term "salary" includes any compensation, fee, bonus, commission, or other payments, direct or indirect,
In money or otherwise, for personal services.
President Roosevelt Signs Wagner Employment System
Bill—New System to Co-ordinate Federal and
State Services—Statement by Senator Wagner.
The Wagner Bill, establishing a national employment
system under the Department of Labor, was signed by President Roosevelt on June 6. The bill passed the Senate
without a record vote on May 29 and the House passed the
bill on June 1, as described in our issue of June 3, page 3832.
The Act provides for a co-ordinated system between the
Federal Government and the States for the establishment of
employment agencies and authorizes an appropriation of
$1,500,000 for the next fiscal year and $4,000,000 annually
thereafter. It is anticipated that the new system will be
inaugurated without delay. Senator Wagner and Representative Peyser, both of New York, who sponsored the
bill, were with President Roosevelt when he signed. the
measure, as was Secretary of Labor Frances Perkins. In a
statement issued subsequently Senator Wagner said:
The restoration of the 13,000,000 unemployed men and women to their
normal task is a most difficult task of the present period of reconstruction.
It is, of course, a part of the general problem of recovery, in the sense that
the opportunity for employment must first be found. But beyond that
we have an equally difficult problem, the intensely individual, the deeply
human problem, of guiding a man to a job wherein he can exercise the most
of native endowment and derive the maximum of happiness for himself
and family.
The principal question that must be answered in the organization of a
nation-wide employment service is this: What shall be the relation between
the Federal Government and the States in the conduct of such a service?
The Federal Government alone cannot perform the entire task. Many
of the employment problems are local, requiring for their solution a knowledge of local conditions. At the same time it is entirely clear that the
State cannot, acting individually, provide for the inter-State placements of
workers. Obviously, we do not desire to have the Federal Government
June 10
1933
duplicate the work of the States. Plainly we do not want the Federal
Government to compete with the States.
Effective Dates of Provisions of Federal Securities Act
of 1933 Explained by Chairman March of Federal
Trade Commission—Latter Not Authorized to
Pass Upon Soundness of a Security.
In an announcement, issued under date of June 2, Chairman March, of the Federal Trade Commission, explained
that the Federal Securities Act of 1933 became effective on
May 27, when President Roosevelt signed it. The provisions
regarding fraudulent statements and practices, said Mr.
March, are now in effect, but, 'with regard to the dates on
which the registration statements become effective, there
are provisions for different times. For all practical purposes the Act, as it refers to registration statements, will
not be in full operation, he stated, until 60 days following
the date of enactment.
The signing of the bill by President Roosevelt was noted
in our issue of June 3, page 3827, and other items bearing
on the new legislation will be found on that page as well
as page 3828. The full text of the Act will be found on
pages 3786-3791. In his announcement of June 2 Mr. March
pointed out that the new law "places in the hands of the
((Federal Trade) Commission the responsibility of maintaining truth in corporation financial statements and of
making these facts available to the public."
Continuing his explanation of the effective dates of the
provisions of the new law, Chairman March said:
Several Sections Effective Immediately.
The principal sections which became immediately effective were:
Section 12 (2) providing that the seller shall be liable to the buyer for securities
sold by means of literature or oral communications which contain "an untrue statement of a material fact" or which "omits 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 .
Section 17 (entire) regarding the use of fraud or deception in the sale of securities.
Both sections apply to outstanding securities as well as to new issues
which are to be placed in the market after registration.
Effective Dates for Registration of Securities.
the effective dates for registration of securities, Chairman
Explaining
March said that securities which were placed on the market prior to
May 27, or which may be placed and sold up to and including 60 days
from the date of enactment, will not come under the registration requirements of this Act.
Chairman March also said:
The Act provides exemption from registration for "any security which,
prior to or within 60 days after the enactment of this title, has been sold
or disposed of by the issuer or bona fide offered to the public." This was
inserted to make it clear that the Act does not apply retroactively regarding registration of securities sold prior to the date of enactment, and, in
addition, that it grants 60 days of grace beyond the date of enactment in
which securities may be sold without being subject to the registration
requirements of the Act.
New Securities Only Are Subject to Registration Provisions.
But, according to the Act, this exemption shall not apply to any new
offering of securities by an issuer or underwriter subsequent to the 60-day
period. This means that for new securities sold subsequent to the 60-day
period the Act will be in full force and the issuers must file with the
Commission the registration statements and other data required by the Act.
These registration statements for new security issues to be sold subsequent to the 60-day period are not to be filed with the Commission until
40 days from the date of enactment or thereafter, according to the Act,
which says that "no registration statement may be filed within the first
40 days following the enactment of this Act." This provision was designed
to allow the Commission sufficient time in which to set up its administrative machinery.
Any registration statements filed with the Commission 40 days after
enactment or thereafter, will not be effective for an additional 20 days.
The Act states that "the effective date of a registration statement shall be
the twentieth day after the filing thereof."
If an amendment to a registration statement is filed prior to the effective
date of the statement, "the registration statement shall be deemed to have
been filed when such amendment was filed." There are further time limits
concerning the filing of amendments and concerning the filing of registration statements which appear to be incomplete or inaccurate. (Title I,
Section 8.)
In the case of any foreign public authority, "which has continued the
full service of its obligations in the United States, the proceeds of which
are to be devoted to the refunding of obligations payable in the United
States, the registration statement shall become effective seven days after
the filing thereof."
Effective Date for Foreign Securities Not Yet Determined.
In Title II of the Act, which is "for the purpose of protecting, conserving, and advancing the interests of the holders of foreign securities in
default," and for creation of the "Corporation of Foreign Security Holders," the effective date is made known in these words: "Sec. 211. This
title shall not take effect until the President finds that its taking effect
is in the public interest and by proclamation so declares."
There is one additional point which I desire to make clear, although it
does not pertain to effective dates, and that is that the Federal Trade Corn'
mission is in no sense authorized to pass upon the value or soundness of a
security or of a company issuing a security. No statement is to be construed as an endorsement or approval of a security or of a company on
the part of the Commission. This body's only function is to see that
complete and accurate information concerning a security is made available
to the public, that no fraud is practiced in connection with the sale of the
security, and that the security is truthfully presented to prospective
purchasers.
Volume 136
Financial Chronicle
Accountants Co-operate With Trade Commission in
Considering Federal Securities Act.
Under date of June 2 the Federal Trade Commission said:
A special committee from the American Institute of Accounts, who
offered their services to the Federal Trade Commission in connection with
the preparation of forms and other papers required by the Securities Act
of 1933, are now co-operating with the Commission in the setting up of
machinery for administration of the act. The committee is composed of
T. Edward Ross, Philadelphia, Chairman; John L. Carey, New York.
Secretary; Joseph E. Sterrett and George P. Auld, New York, and Herbert
M. Temple, St. Paul. They are holding conferences with a committee of
Federal Trade Commission staff members.
The Commission is preparing forms for use in the registration of securities
under the act, and is going over the administrative requirements of the act.
Information regarding the operation of blue sky securities laws is being
obtained from State Governments.
Credit of $50,000,000 Granted to China by Reconstruction Finance Corporation to Facilitate Purchase by China of American Cotton and Wheat.
The conclusion of arrangements for a credit of $50,000,000
to China to facilitate the purchase by that country of American cotton and wheat was announced as follows by the Reconstruction Finance Corporation on June 4:
After a conference with the President, Jesse H. Jones, Chairman of the
Reconstruction Finance Corporation, announced that negotiations have been
concluded between the National Government of the Republic of China and
the Reconstruction Finance Corporation for a credit to China amounting to
$50,000,000 to facilitate purchase by China of American cotton and wheat.
About four-fifths will be used for the purchase of cotton and about onefifth for the purchase of wheat and flour. Shipment will be largely in
American flag vessels.
The necessary purchases of the commodities will be made from time to
time in the open market in the United States by representatives of China.
For several months the sale of American cotton and wheat to China has
been under consideration, and negotiations have just been concluded.
It is believed that this credit will be mutually advantageous, as it will
assist to remove surpluses from the American markets, and will increase
China's consumption of these commodities, and stimulate economic activity
in China and tend to contribute to world wide economic recovery.
Supplementing the above, Jesse H. Jones, Chairman of the
Reconstruction Finance Corporation, issued the following
statement on June 4:
Security for the Reconstruction Finance Corporation loan to China is a
first charge on certain consolidated taxes, including roll tobacco tax, flour
tax, cotton yarn tax, match tax, cement tax, and other taxes that in 1932
produced 22,000,000 American dollars.
A lien will be retained through warehouse receipts and other documents
both in this country and in China until the commodities are taken from the
warehouses for processing or consumption, at which time, 10% will be paid
in cash, 15% additional within 90 days, and the balance of 75% over a
period of three years.
China will pay all freight and other costs from the American port of
shipment.
The agreement was reached and contract entered into between the Reconstruction Finance Corporation and Mr. T. V. Soong, Minister of Finance
for the Chinese Government, prior to Mr. Soong's departure for London.
It was indicated in Associated Press dispatches from
Washington on June 5 that surplus supplies of American
cotton and wheat purchased with money from the Reconstruction Finance Corporation loan to China will begin to move
toward Shanghai within a few weeks. These advices added:
Arthur N. Young, financial advisor to China, to-day conferred with Jesse
H. Jones, Chairman, and other officials of the Reconstruction Finance Corporation, concerning details of the loan agreement. He plans to return to
China by way of San Francisco within a few days to arrange for the grain
and cotton shipments.
"As yet I do not know what grades of cotton and wheat will be required,
and am unable to say where the purchases will be made or what ports will
be used," Mr. Young said, "Experts in China familiar with market conditions must decide those details."
Mr. Young came to the United States recently with T. V. Soong,
the
Chinese Finance Minister, and expected to sail last week with Soong for
London to attend the economic conference, but the negotiations for
the cotton
and wheat loan held him here.
Regarding the arrangements consummated, a Washington
dispatch June 4 to the New York "Times" said in part:
Under the agreement about four-fifths of the credit would go
for cotton
purchases and the remainder for wheat during this year, and
it was estimated that about 1,000,000 bales of cotton and 10,000,000
to 15,000,000
bushels of wheat would be taken from surplus stocks in this
country.
Proposals to have the Reconstruction Finance Corporation
provide for the
financing of agricultural overseas shipments were made in the
Hoover administration but did not become effective. In March 1932,
Secretary Hyde
suggested the use of $125.00,000 to aid in the shipment
of American wheat
abroad and in September 1935, a deal to be financed by the
Finance Corporation to send 15,000,000 bushels of wheat to Reconstruction
China was made
at a White House confernice.
The Reconstruction Finance Corporation, however, did
not feel authorized
to accept the notes of the National Government of China as
collateral unless
they were underwritten by American interests and this was
not done.
In 1930 the Fectera Farm Board sold a similar amount of
,
wheat to China
for which it accepted such notes, and all payments on these
notes have been
met by the Chinese Government.
Collatera/ Held Adequate.
Officials are said to feel that under the present
arrangement, which
pledges taxes and provides that 25% of the credit shall be paid
within ninety
days after any of the wheat or cotton is removed from
warehouses, provides
an adequate collateral. .
Effect on Farm Program.
According to the program, much of the processing
of the cotton and wheat
would be done in this country, thus giving additional
employment. The corn-
4017
modities themselves would be security for the loan until released for consumption. The loan would not be advanced in a lump sum, but as the
purchases required.
Officials appear confident that the arrangement with China will help to
stimulate the price of cotton and prove another effective step in the administration's program looking to a better price situation.
The present wheat surplus is estimated at about 300,000,000 bushels and
the cotton surplus at 13,000,000 bales. Any steps to reduce the surpluses
will work in with the program of the administration under the Agricultural
Adjustment Act, which seeks to reduce acreage and stimulate prices.
Secretary Wallace and George N. Peek, Chief Administrator of the Adjustment Act, discussed the problems on Thursday (June 1) with the President and it is understood that the proposal for a loan to China was then
reviewed.
•
Various items have been published in these columns from
time to time regarding the proposals for the sale of American
wheat to China. One of these appeared in our issue of December 10 1932, page 3973; an earlier item was given in our
October 1 issue, page 2259.
Loan to China by Reconstruction Finance Corporation
Hailed at Shanghai.
The following Shanghai cablegram June 5 is from the New
York "Times":
The Reconstruction Finance Corporation's $50,000,000 loan to China was
confirmed to-day in a Ministry of Finance statement, which made known
that Finance Minister T. V. Soong negotiated the loan during his recent
visit in Washington for conversations on economic affairs with President
Roosevelt.
The statement declares that the loan will be used to facilitate importation into China of American cotton and wheat in the proportion of fourfifths cotton to one-fifth wheat and flour.
"It is believed that the credit will be mutually advantageous to the
United States and the people of China," said the statement. "For China
among other things it will enable the Government to extend credit facilities
on these commodities to interior markets which in the put several years
have been trading purely on a hand-to-mouth basis with resultant great
hardships to the people."
Wheat and Cotton Loan to China Criticized in Great
Britain—Contend Amer can Aid May Conflict
with 1920 Consortium.
From London June 6 the New York "Times" reported the
following:
The United States loan to China to finance purchases of wheat and cotton
has aroused British criticism in Shanghai and London, where it is contended
it may conflict with the 1920 consortium to which the United States, Britain.
France and Japan were parties.
This second operation was made recently by American interests in
China. The extent of the Chinese repayments is not known in London.
Grain Exporters Organize for Wheat Sales to China.
The following from Portland, Ore., June 7, is from the
New York "Journal of Commerce."
With a big sale of wheat to China in prospect, Pacific Northwest grain
exporters have organized the North Pacific Grain Export Association here
and have wired the Reconstruction Finance Corporation for information
as to how to negotiate for sales to Chinese buyers under the loan provisions.
Preston Smith is president.
House Passes Railroad Relief Bill, Providing for Federal
Coordinator—Measure Goes to Senate for Action
on Minor Amendments—Clause regarding I.
-S. C.
C. Approval of Telegraph Mergers is eliminated.
The administratioh railroad relief bill, creating a coordinator to bring about consolidations and effect economies
In operation, was passed by the House of Representatives on
June 5 without a record vote. The measure was then returned to the Senate for its action on several amendments
which were made in the House, and a final Conference Committee report was approved by the House yesterday (June
9). The legislation was introduced in Congress on May 4
in accordance with a special message from President Roosevelt. It was favorably reported by the Senate Inter-State
Commerce Committee on May 19, and was passed by the
Senate on May 27 without a record vote. The House InterState and Foreign Commerce Committee made a favorable
report on June 1. Previous reference to the bill, and to hearings on its provisions, will be found in our issues of May 6
(page 3087), May 27 (page 3649) and June 3 (page 3834).
Chief of the few amendments inserted by the House before
It approved the bill on June 5 was one which provided that
the Inter-State Commerce Commission approve agreements
for consolidation, acquisition or control by or between telegraph or cable companies upon similar terms as are provided
for telephone companies. This section was reported added
because of the present financial condition of the country's
two largest telegraph and cable companies, which were said
to be seeking legal authority to merge. In the Conference
Committee meeting on June 8, however, this section was
omitted, since the conferees considered the amendment
Should be stricken because of its importance and the need
for special treatment. Other features of the bill
approved
4018
Financial Chronicle
by the House, as described in Washington advices to the
New York "Times," June 5, are:
In addition to the Federal co-ordinator, the bill provides for the retroactive repeal of the "recapture clause," under which the railroads are indebted to the Government for more than $360,000,000.
The disputed labor compromise feature, which will act to prevent unemployment by reduction of railroad employes, remained in the House bill,
although the right of carriers themselves to release workers was not prohibited. The co-ordinator is forbidden to reduce personnel below the May
1933, level.
Holding companies are placed under supervision of the Inter-State Commerce Commission, and the right to attain greater economies, by suspending provisions of the anti-trust laws, is left with the co-ordinator.
Present High Railroad Rates Invite Competition, According to Inter-State Commerce Commissioner
Joseph B. Eastman—Opinion Warns Against Rate
War with Competing Waterways.
Railroad rates are too high and offer an unnecessary inducement to competition, when judged by cost standards,
according to an opinion of the Inter-State Commerce Commission delivered on June 3 by Commissioner Joseph B.
Eastman. Mr. Eastman's statement was part of a decision
allowing some Southern railroads conditionally to establish
reduced rates on gasoline and allied products to meet the
competition of barge lines. The text of the opinion as reported in part in Washington advices to the New York
"Times" follows:
"As a temporary expedient under existing conditions I concur in what
Is proposed here," Commissioner Eastman said, "but it raises questions
of very great importance to which I believe the thought of the country
should be directed.
"This promises to be the beginning of a return to a policy of railroad rate
making which existed for many years and reached its fullest development
in the Southeastern portion of the country. That section forms a peninsula
surrounded by the navigable waters of the Atlantic Ocean, the Gulf of
Mexico, the Mississippi River and the Ohio River and penetrated by many
other navigable streams.
"The railroads in their early years encountered stiff opposition from
many steamboat lines plying these waters, and they proceeded to meet
this competition ruthlessly. Eventually they swept the waters clean of
the competing craft, except on the ocean and the gulf, and even there
the competition was greatly weakened.
"This was done by cutting rates where competition existed to whatever extent was necessary to paralyze it, at the same time maintaining
rates at a very high level elsewhere. The steamboats did not have this
reservoir of non-competitive traffic to help them out, and hence perished
In the unequal struggle."
In his concurring opinion to-day, Mr. Eastman pointed to the particular danger of reviving the rate-cutting policy because of the substantial
diminution of traffic that was formerly of a non-competitive character,
and which provided out-of-pocket expense resulting from rate-cutting at
competitive points.
Two-Fold Danger Is Seen.
"The danger in this theory is two-fold." said Mr. Eastman. "In the
first place the railroads have always had a very imperfect knowledge of
this'added'expense and in the old days it was more of a theory than anything else. They went out frankly to cut the throats of their water competitors and made the rates whatever was necessary for this purpose. In
the second place, the theory places the chief burden of sutaining the profits
and the credit of the railraods upon the non-competitive traffic and this
burden is likely to increase progressively.
"Commerce and industry tend to centre at the favored competitive
points and their traffic tends to increase while that at the 'normal rate'
points tends to decrease.
"The danger of following this theory under present conditions is obviously
much greater than it was in the old days, for the trucks, pipe lines and
electric transmission lines have greatly curtailed the amount of strictly
non-competitive traffic."
Foreclosure Stays Held Invalid by Justice Black of New
York Supreme Court—Holds That Judges Who
Grant Them Violate Their Oaths and the Constitution.
Widespread interest is said to have been aroused in realty
circles over a decision handed down on May 20 by Justice
William Harman Black of the New York Supreme Court,
affecting the granting of a moratorium in mortgage suits.
Justice Black, it was stated in the "Times" of May 21, held
that a judge granting a moratorium on a mortgage suit
violates the Federal and State constitutions as well as his
own oath. From the same paper we quote:
Justice Black made this declaration yesterday In deciding a suit between
two companies on a mortgage covering unimproved land near Mineola,
L. I. In banding down his decision, which differed from rulings in other
parts of the country declaring moratoria on mortgage suits, Justice Black
held that when judges decide between two corporations, "they must no
more sympathize with one or the other than must the juries whom they
constantly instruct."
His decision granted a summary judgment for $24,117 for the Loma
Holding Co. against the Cripple Bush Realty. Co.
Foreclosure was not sought, the defendants contending that the plaintiff
merely asked a judgment and then intended to try to collect from other
property owned by the defendant. The Court upheld the contention of the
plaintiff that the answer, relying mainly on the plea of the economic depression, did not set up a valid defense.
One defense was that "there is stagnation in the real estate, mortgage
and lending markets, that because thereof no money can be obtained on
bond and mortgage secured by real estate; that the defendant, a real estate
company, has practically all its assets in equities upon which it cannot now
obtain loans, and that to compel defendant to pay or raise a loan for the
amount the plaintiff sues for would unfairly deprive it not only of Its equity
June 10 1933
or redemption in the property, but would harshly destroy all the defendant's equities in its properties and kill the defendant company."
The defendant asked also the dismissal of the complaint on the ground
that the action "is contrary to the public policy of this State," and, if the
Court refused to dismiss the complaint, the defendant asked that prosecution of the action be enjoined "until such time as this Court shall find the
abnormal depression has ended and fair markets exist."
The defendant finally pleaded that the plaintiff be restrained from
proceeding unless it credits the defendant "with the usual and fair value
of the premises or a portion thereof," and that the mortgage be canceled
and discharged.
"To put the defense briefly, the answer demands from the judicial department of the government of the State, in violation of every right of
the plaintiff under the conditions of the United States and the State of
New York, a moratorium for an indefinite period," said Justice Black.
As to the Court's right to do this, Justice Black quoted the oath taken by
a Supreme Court Justice, and said that similar oaths were taken by the
Judges of other States whose decisions were cited in support of the defendant's plea.
Roosevelt and Lehman Cited.
Justice Black's opinion said also:
"With the example, then, of the restraint of the Chief Executive of our
Nation at Washington and with the example of the Chief Executive of our
State at Albany, how could any conscientious Court for a moment think of
usurping the power of the Legislature to declare, or the Governor to enforce, a lawfully declared moratorium upon the ground that an emergency
eats, and how could any Justice of this Court restrain a corporation from
enforcing through the courts the constitutional rights given it under an
Instrument in writing, signed by another corporation and sealed with its
seal?
"Judges all over the United States have been liberal in doing privately
and publicly their share to help distress, each to the measure of his own ability. But when they come to decide between two corporations they must
no more sympathize with one or the other than must the juries whom they
constantly instruct to 'show no sympathy for nor bias against either side
to a lawsuit.'"
In noting that it was explained by Benjamin M. Kaye,
of the law firm of Kaye, McDavitt & Scholer, attorneys for
the plaintiff, that the case was not a foreclosure suit, the
"Times" of May 22 further quoted Mr. Kaye as follows:
"It was an action on the bond, that is, upon the defendant's promise
to pay," said Mr. Kaye. "A foreclosure suit could have been brought,
but that would have faced the opinion rendered by Justice Schmuck in
the New York Supreme Court on April 5 1933, which contains language to
the effect that under present conditions a court of equity wil undertake to
delay the mortgagee's right to foreclose.
Contention Court Lacked Power.
"In the case as instituted, it was maintained that the equitable principles
enunciated by Judge Schmuck are not applicable in a law case and also
that the Court was without power in either case, equity or law, to grant
general moratoria regardless of the specific facts in the case.
"In an action on the bond, if the plaintiff recovers judgment, the plaintiff
must then seek to satisfy that judgment out of other property of the mortgagor. It is only when other property falls to satisfy a judgment that the
plaintiff may maintain an action to foreclose the mortgage.
"A judgment was wanted in order to determine what the defendant
corporation was doing wtih its other assets. The foreclosure of the mortgage on vacant land was a secondary matter."
Mr. Kaye added that neither ho nor his firm would advise a general
abandonment of foreclosure suits in order to sue on the bond. Where
property is improved,and bringing in rent, he points out, that the important
thing is to safeguard those rents. To do this, the plaintiff asks the Court
to appoint a receiver, and a receiver can only be appointed in a foreclosure
action, not in an action on the bond.
"The nature of the property must be carefully considered," said Mr.
Kaye, "before the cause of action is determined.
Agrees with Justice Black.
"We are in complete accord with the learned opinion that Justice Black
has handed down. But that opinion must be understood in its entirety.
Justice Black does not hold that under no circumstances will the Court
restrain a plaintiff from proceeding with a foreclosure suit.
"What Justice Black points out is the grave danger that would attend
the establishment of a general principle that. In all foreclosure suits. the
present economic depression may be properly pleaded as ground for delay
irrespective of the attendant circumstances. Justice Black points out the
chaos that would ensue if such general principle of delay were followed.
The guaranteed mortgage situation, already in a bad way, would fall into
complete confusion.
"I am not unmindful of the humane principles of equity so ably stated by
Judge Schmuck. I believe that in many foreclosure suits the present economic depression, taken into consideration with other factors, wilt justify
the Court in granting reasooable delays before the foreclosure sale can be
held.
"These two opinions are landmarks in the history of the law of mortgagor
and mortgagee. They should be closely studied. Mortgagees should not
rush into foreclosures. On the other hand, they should not feel that the
courts have deprived them of their legal rgihts."
Ohio Foreclosure Bill Signed—Relief for Real Estate
Debtor Provided by Measure.
On May 18 Governor White of Ohio signed the Best bill,
which gives courts the right to postpone foreclosure sales on
real estate of worthy debtors who pay current interest and
taxes. Columbus, Ohio, advices (Associated Press) May
18 published in the Toledo "Blade" further said:
The bill passed both houses of the General Assembly as an emergency
measure and became a law when signed by the Governor.
The measure provides that in foreclosure proceedings the Court may
order a postponement in the sale of property if current taxes and interest
due from and after the date of postponement are paid.
The Court also may impose other conditions, and, if any of the conditions
are violated, may set aside the postponement order, in no event may the
order of postponement extend beyond Feb. 1 1935.
Minnesota Mortgage Moratorium Act Held Unconstitutional.
Minnesota's new mortgage moratorium Act was held
unconstitutional on May 16 by District Judge Arthur W.
Selover, according to Associated Press advices from Minne-
Volume 136
Financial Chronicle
apolis May 16 to the Milwaukee "Sentinel," these advices
also stating:
The law was enacted by the Legislature last month to ease the burden on
mortgagors.
Gov. Floyd B. Olson at the time of its passage said it made unnecessary
continuation of the foreclosure moratorium he had proclaimed, because it
furnished a means of relief to hard-pressed mortgagors, particularly farmers.
Announcement was made that Judge Selover's ruling would be appealed to
the State Supreme Court.
The Judge held the law violated a Federal Constitution forbidding passage
of any Act impairing obligations of contracts and a similar provision of the
State Constitution.
He ruled also that it violated a State Constitution section forbidding
special or class legislation and another saying a law may not embrace more
than one subject.
The law provided a 30
-day extension for redemption from mortgage
foreclosure sales of real estate and authorized district court judges to give
further extensions in the redemption time, up to March 1 1935.
North Dakota Supreme Court Rules on State Usury
Law—Instalment Price Held Valid if More Than
Cash Plus 8%.
The North Dakota usury statute, enacted by the 1933
Legislature, was construed by the State Supreme Court in
a decision announced on May 22 to permit sales of personal
property on credit or deferred payments at a higher price
than the cash selling price plus 8% interest, unless sales are
made to evade the prohibition against usury as defined by
the statute. Associated Press advices from Bismarck to
the St. Paul "Pioneer Press" in reporting this added:
The statute fixes the maximum interest rate at 8% and relates to the
amount to be charged on credit or instalment buying.
"Sales of personal property on credit or on deferred payments, or on
monthly or instalment payments, are not prohibited by the statute," the
Supreme Court held. "though the total payments exceed the cash selling
price plus 8% interest, unless so made In order to evade the prohibition
against usury as defined in it."
The case was brought by H. G. Sayler, Fargo, against the Brady Motor
Co., Fargo, involving the purchase of a car on deferred payments.
Sayler contended the contract was void because it violated the provisions
of the 1933 statute in that the automobile firm exacted a price for the car
greater than the cash selling price plus 8% interest on the deferred portion
of the purchase price.
Judge M. J. Englert in Cass County District Court held there was no
violation of the statute and this judgment was affirmed by the higher Court.
with Judge L. E. Birdie11 dissenting in part. He concurred in the affirmance of the judgment, but dissented from that portion construing the statute
as not to include sales on credit or on a deferred plan at a higher price than
the cash selling price plus 8% interest.
Statement Made By J. P. Morgan in Behalf of His Firm
Before Senate Committee Investigating Stock Exchange Trading—Explains Facts as to Income Tax
Payments,
Payments Customers Lists, Financing of Common
Stocks,
in Future of Allegheny
Corporation.
In person, before the Senate Banking and Currency Committee yesterday (June 9) J. P. Morgan made a statement
in behalf of his firm—J. P. Morgan & Co.—incident to the
inquiry which the Senate Committee has been making into
the affairs of the banking house. The statement deals with
the income tax payments of the firm, and other phases of
the testimony which developed at the inquiry. Mr. Morgan
points out that "since 1917 the partners of our firm have,
as stated, paid upwards of $51,000,000 in income taxes."
Mr. Morgan also points out that in the years 1930, '31 and
'32 our capital losses . .. were such as more than to wipe
out all our income, and leave nothing taxable. Mr. Morgan
likewise refers to the firm's "customers' lists" and says
"they were selected because of established business and
personal relations, and not because of any actual or potential
political relations." The financing of common stocks is also
alluded to by Mr. Morgan who says "the provision of new
equity capital, or the distribution of large holdings of common stock is a useful and necessary operation. Specifically
we believed in the future of the Alleghany Corporation as a
step towards ultimate consolidation of valuable and coherent
railroad properties under the policy laid down in the Transportation Act of 1920." In full Mr. Morgan's statement
follows:
As the hearing draws to a close we desire to thank the Committee for
their patience and courtesy and to make a brief statement upon certain
points which, we believe, are not yet fully clear. The first point relates to
the matter of income taxes.
Income Taxes.
The precise facts as to our payment of income taxes seems to have been
misunderstood by a portion of the community. Since 1917, the partners
of our firm have, as stated, paid upwards of $51.000,000 in income taxes.
In the three years 1927. 1928 and 1929, our income tax payments exceeded
$22.000,000. In 1929 alone they were approximately $11.000,000
In all these cases a substantial part of the taxes paid by us were due to
net capital gains which, under the kaw, had to be added for income tax
purposes to our regular income. In the years 1930. 1931 and 1932 our
capital losses (deductible under the law, just as previously the profits had
been added) were such as more than to wipe out all our income, and leave
nothing taxable. Income taxes are after all payable upon income and not
upon deficits.
We trust these facts will now be clearly understood, because at first
blush there can be no doubt that many persons,failing to realize that during
prosperous times we had paid heavy taxes upon our profits, felt it to be
4019
unjust that during the last three years we have paid no income taxes; again
failing to realize that our losses had more than wiped out our taxable income.
The second point upon which we wish to comment relates to our conduct
of certain features of our security business.
Investment Securities.
As investment bankers we are merchants of securities, and our normal
business in that field is the bond business. In the post-war period we have
Issued upwards of $6,000,000,000 of bonds, together with a very few preferred stocks. A third of the bonds have already been paid off and retired.
Little more than 2% thereof are in default, and none of our foreign bond
Issues has defaulted in payment of interest or principal. We issued no
loans for Central European countries except two important international
reconstruction loans each for Germany and Austria. The only outstanding
South American loans we issued were those for the Argentine Republic.
Of our domestic issues the greatest single category consists of bonds of
American railroad companies issued with the approval of the Inter-State
Commerce Commission within price limits determined by it.
Such investment securities we offer to the general public over our name.
Here we receive a limited compensation averaging approximately 4%,an
average which applies to our foreign as well as our domestic loans. We have
no salesmen and for the underwriting and distribution of investment,securities, we enlist the co-operation of banks and dealers.
Financing of Common Stocks.
The whole amount of the common stock financing done by us during the
post-war period does not exceed 3 1-3% of the total amount of investment
securities we issued in the period. Despite, however, the small proportion
of our securities business which this type of financing represents. it would
appear that these few transactions have largely occupied the attention of
these hearings.
The provision of new equity capital, or the distribution oflarge holdings of
common stock, is a useful and necessary operation. Specifically, we be- •
lieved in the future of the Allegheny Corporation,as a step towards ultimate
consolidation of valuable and coherent railroad properties under the policy
laid down in the Transportation Act of 1920. We believed in the United
Corporation, as offering a composite and diversified minority in estment
In homogeneous and non-competitive public utility properties. We believed in Standard Brands, as furnishing a logical grouping of products
salable by daily delivery. We believed in Johns-Manville, as an admirable
and tested business, long, well and favorably known to us.
However, as merchants of investment securities of established character.
we do not consider that it is sound practice for us to offer common stock
over our own name to the general public through banks and dealers. Consequently. In the few equity operations which we undertook, we invited to
Join us, not primarily institutions and dealers who distribute investment
securities to the general public, but individuals capable ofsharing and understanding the risk; and with one minor exception we asked them to join WI
in the stock purchase at the same price that we paid. It would not have
been prudent banking to keep all these common stocks in our own portfolio.
We wished, therefore, to sell part of them as a business man's investment to
those having knowledge of business and general conditions;,who would understand exactly what they were buying and who, as joint venturers, would
share with ourselves the profit and the risk of the stock purchase.
Prices.
With one minor exception, we offered these stocks at the same prices at
which we had purchased them—thatis to say at prices which were considered
fair by the corporations and individuals from whom we purchased. We,
too, considered these prices fair. Speculative market quotations did not
enter into our calculations. As a matter of fact in most instances there was
no stock in existence and no market for the stock at the time the sales price
was determined. The narrow and speculative market existing in one or
two cases formed no basis for a fair valuation. In the Allegheny case
much has been made at this hearing of the "when issued" market, which
sprang up after we had fixed the price at which we would sell the stock,
but about the time a few of the offers were made. As a matter of fact at
the same time 500,000 shares of the stock were offered publicly at $24 s
share,a far better indication of the market value of the stock than the narrow
and speculative "when issued" market.
No responsible banking house would change the issue price from day to
day to reflect "when issued" market quotations, or would advance the price
against a subscriber because of some slight delay in his receipt of the offer
of sale. Every successful issuer,from the Government of the United States
down, has the experience of seeing its issues quoted above the issue price
while the offering is still open, and certainly before the date for payment
by subscribers is reached. It is not the practice of responsible bankers and
dealers in pricing a new equity issue to charge all the traffic will bear—it
would be inexcusable to do so in an inflation market such as prevailed in
1929—but rather to name a fair price(based on actual and expected earnings,
not speculative market quotations), and stick to that price eith all those
invited to subscribe to the original issue, whether public or private.
It is true that the failure of the then Federal Reserve Board to take the
necessary measures to contaol the inflation in time encouraged the speculative frenzy, which carried the market quotations out of bounds—so that
they were too high in 1929 and too low later. Only ignorance of good business practice could explain the suggestion that, in naming what we thought
a fair issue price, and sticking to it in spite of a frenzied "when issued"
quotation, we were doing anything but adhering to the only possible rule
of fair business dealing.
Customers Lists
Our lists of private subscribers were naturally composed of men of affairs
and position; but they were selected because of established business and
personal relations, and not because of any actual or potential political
relations. We have never had occasion to ask for favors from legislators or
persons in public office, nor have we ever done so. We conduct our business
through no means or measures of "influence" Sr favor. We rely upon such
confidence as our clients and the business community generally may repose in us.
The same is true of our loans to personal clients. It has never before:been
considered wrong to borrow money or to lend it. Our loans were to men of
high standing against ample security. The unprecedented depreciation in
securities which has since occurred has caused certain of the borrowers heavy
losses, against which we have created ample reserves.
Pa
It seems extraordinary that, after seventy years devoted towbuildLng up
a good will which has made it true that our clients are men of affairs and of
leadership, we should be taken to task for perfectly sound, honorable and
straightforward business transactions with them,simply because chance has
brought some of them into high office and mischance has impaired the
fortunes of others.
rei
It has never during the firm's existence, been thought discreditable to be
a customer of J. P. Morgan & Co., whether as a depositor, borrower or subscriber. We protested vigorously against the breach of what we have always
assumed to be the confidential relationship of the banker and his customer.
The result of this action has been an unwarranted criticism upon our
customers. This unjust criticism we feel deeply.
4020
Financial Chronicle
Banking.
Our banking business is our principal business. As bankers our first
duty,ls to protect our depositors, and we do so by keeping ample reserves in
cash and in United States Government securities. We do not mingle investment business and our banking business, but keep our deposits separate
and fully protected by strictly banking assets.
6, We have always disapproved of the practice of making call loans "for
others." and with the exception of a few isolated cases have not practiced it,
We have not approved the practice of indiscriminate competition for
deposits. In 1918 the New York Clearing House banks and ourselves took
the lead in suggesting that deposit rates be adjusted in a definite relation
to the Federal Reserve Bank rate. This agreement among the Clearing
House banks put an end to the wasteful and dangerous practice of buying
deposits in competition with one another, and no doubt contributed to the
liquidity and soundness of the general banking situation in New York City
in these trying times.
Statements of Condition.
We:have beenlin the habit of furnishing a statement to the Federal
Reserve Bank of New York since soon after the Federal Reserve System
was organized, and are ready to be examined by the Federal Reserve Bank
at any time and as often as may be desired. We do not approve private
bankers publishing their statements, because such publication tends to
advertisement and solicitation of deposits from the general public. But
the question does not greatly interest us one way or another. Our business
comes to us because our depositors, relying upon a banking experience
covering more than three generations, put more faith in our banking reputation, our resources, and our methods of doing business than they put in
the work of bank examiners, or even In the not always illuminating published statements of institutions.
Inquiry Into Affairs of J. P. Morgan & Co. by Senate
Committee Investigating Stock Exchange Trading
—Operations in"Suspended Account" or"Bankers'
Pool" Formed in 1929, at Time of Stock Market
Crash.
Data put into the record during the hearing, on June 2, before the Senate Banking and Currency Committee inquiring
into the affairs of J. P. Morgan & Co. concerned the operations of the special "suspense account" or "bankers' pool"
formed by the syndicate headed by J. P. Morgan & Co. at the
time of the stock market crash in 1929. Testimony in the
matter was presented at the hearing by George Whitney, a
partner in the Morgan firm. In giving the detailed account
of the hearing, the Washington advices, June 2, to the New
York "Herald Tribune" reported that Mr. Whitney indicated
that the stock pool was designated on the books of J. P. Morgan & Co. as the "Special Suspense Account." The questioning by Ferdinand Pecora, counsel to the Committee, and the
responses by Mr. Whitney, as given in the "Herald Tribune"
account, follow:
Mr. Pecora—Now, what was the pool or syndicate account or joint
account?
Mr. Whitney—It is what we would call a divided joint account.
Mr. Pecora—A divided joint account?
Mr. Whitney—In other words, we bought jointly but the amount was then
taken up and paid for individually.
Managed By Morgan Firm.
Mr. Pecora—Who managed the operations of this account?
Mr. Whitney—We did, Mr. Pecora. That is, of course, the operation was
a transaction which was undertaken by those seven banks and firms at the
time of the stock market crash in 1929.
Mr. Pecora—Who were the participants in this account?
Mr. Whitney—First Security Co., Chase Securities Co., Guaranty Co. of
New York, National City Bank, Bankers' Co., the Messrs. Guggenheim,
being Messrs. Daniel, Murray, S. R., and Simon Guggenheim, and ourselves.
Mr. Pecora—Now, the First Securities Co. is the investment affiliate of
the First National Bank of New York, is it not?
Mr. Whitney—They are all securities companies associated with the First
National Bank, Chase National Bank, Guaranty Trust Co. of New York,
National City Bank, and Bankers' Trust Co. of New York. I think I can
make this a little clearer to the Committee if I may be permitted to just
say a word about the formation of it and the circumstances surrounding it.
Mr. Pecora—Go ahead.
Mr. Whitney—Because you will all remember, I think, that very uncertain
conditions in the stock market, the New York Stock Exchange, culminated
on the 24th day of October 1929, in an extremely chaotic condition, where
there were no bids for stocks of any kind, where the normal functioning of
the Stock Exchange just seemed to be stopped, with very heavy blocks for
sale. About noon of that day the President of the New York Stock Exchange,
or Vice-President he was then, called this matter to our attention. And,
practically simultaneously with that, the various heads of these banks in
New York called it also to our attention by coming to our office to discuss
what, if anything, should be done. You will remember also that at that
time there AM a very large amount of money being loaned on call in the
New York Stock Exchange, which created a condition with a great deal
of danger in it.
Sought to End Chaos.
It was decided by the representatives of those banks and ourselves—and
the Messrs. Guggenheim were not present at that initial meeting—that in
order to hope to preserve some order in the whole financial community something very substantial should be done immediately.
Mr. Pecora—Now, Mr. Whitney, I do not want to interrupt you if I can
avoid it, but I want to ask you at this point this question: Who were the
gentlemen who actually participated in this conference that you have just
alluded to? I mean the gentlemen to whom you referred as the then Vice'
President of the New York Stock Exchange and the officers of these banks?
Mr. Whitney—Well, the then Vice-President of the New York Stock Exchange was Mr. Richard Whitney.
Mr. Pecora—Your brother?
Mr. Whitney—My brother.
Mr. Pecora—He is now President of the New York Stock Exchange?
Mr. Whitney—He is now President of the New York Stock Exchange.
Mr. Pecora—And has been since 1930?
June 10 1933
Mr. Whitney—Yes. The then President of the New York Stock Exchange
was away, as it happened. The gentlemen at that first conference that morning were Mr. Potter, Mr. Prosser, Mr. Wiggin and Mr. Charles E. Mitchell.
My recollention is that at the very first meeting Mr. George F. Baker Jr.
was not present, not at the first meeting, but was present at the one held
that afternoon.
Mr. Pecora—Mr. Potter was the executive head of the Guaranty Trust
Co., wasn't he?
Mr. Whitney—He was then and is now the President of the Guaranty
Trust Co.
Mr. Pecora—And Mr. Prosser was the executive head of the Bankers'
Trust Co.?
Mr. Whitney—Yes, sir.
Mr. Pecora—And Mr. Wiggin was the executive head of the Chase National
Bank?
Mr. Whitney—Yes.
Mr. Pecora—And Mr. Mitchell was then the head of the National City
Bany?
Mr. Whitney—Yes, air; he was then the President of it.
Mr. Pecora—And the Chairman of the bank?
Mr. Whitney—No; then, I think, he was the President of the bank.
Mr. Pecora—And Mr. George F. Baker was the executive head of the
First National Bank of New York?
Mr. Whitney—No, sir. His father was then. But Mr. George F. Baker Jr.
was Vice-Chairman.
Mr. Pecora—What was the date of the first conference?
Mr. Whitney—About noon on Thursday, Oct. 24.
Mr. Pecora—Was that on the day of the first crash in the stock market,
or do you remember?
Mr. Whitney—Well, it was the first day of chaos. My recollection is that
the market had been very weak the night before. But this was the first
day when there was a really very serious situation threatening. Now, may
I go on?
Mr. Pecora—Just in a few moments. Was this conference held in the
office of your firm?
Mr. Whitney—It was.
Mr. Pecora—Who called it together?
Mr. Whitney—It was not called. It just happened.
Mr. Pecora—And these various gentlemen just happened to drop in at
your firm's office at practically the same time without prearrangement on
that date?
Mr. Whitney—No; and I can clear that up if you wish.
Mr. Pecora—All right.
Mr. Whitney—To the best of my recollection it was this: That Mr.
Richard Whitney came over to see us. I think the next person heard from
was Mr. Mitchell. I think the next person was by a telephone conversation
with Mr. Wiggin, and, if I remember rightly, then Mr. Prosser turned up.
I think also I called up Mr. Potter, suggesting that, inasmuch as the others
were there, he might come over. That would be to the best of my recollection how it happened.
Mr. Pecora—Who participated with those gentlemen in behalf of your
firm?
Lamont in Conference.
Mr. Whitney—Let me see. Mr. T. W. Lamont, I think Mr. Bartow and myself. I am not sure whether Mr. Bartow was there at the first meeting or
not, but he was there shortly afterward.
Mr. Pecora—Will you be good enough to give the Committee the substance
of the discussion that took place at the initial conference on that date?
Mr. Whitney—Yes, sir. The substance, as I tried to indicate before, was
that the conditions on the New York Stock Exchange were different from
almost any time before in its history, as there was absolutely no demand for
securities at any level. As you will doubtless remember, the newspapers
coined the phrase of "air pockets" at that time, which became used very
extensively. And there were very heavy blocks of stocks being offered for
sale. And the only object of this transaction from beginning to end was to
try to restore some kind of order to bring the situation out of chaos. There
was never the slightest attempt to hold prices at any level. I remember on
that first morning that we had to act pretty quickly, and this was around
noon, I should think, we put in certain orders with various brokers to bid
at the lost sale. And that brought a very uncertain level, because there had
been sales all over. But that was the order we gave, to make bids at the
last sale, for relatively small amounts of stock.
Mr. Pecora—Just a moment. What issues were enumerated in those
orders?
Mr. Whitney—Well, to show how quickly we were working, my best recollection is that we all sat down and suggested issues that seemed to be particularly weak. That will account for the fact, as you will see on the next
page, the photostatic copy, for some very small amounts of stock. Some
of those represented purchases on the first day, because the whole value of
this transaction was rather changed at a meeting after the close of the
Stock Exchange that night.
Asked About Purchases.
Mr. Pecora—Well, do you recall the issues with respect to which the first
orders were given in pursuance of the judgment of that conference?
Mr. Whitney—Well, as near as I can remember, and I haven't brought
memoranda of it I made at the time, but my recollection would be that this
whole list were tire securities for which orders were put in on the first day.
The next day a great many of these securities were eliminated from the list,
and at that ties we only made an effort to steady—instead of the word
"stabilize"—steady the market on the leading issues.
Mr. Peoora—Now, are the issues which you have referred to those issues
on the photostatic reproduction attached to Committee Exhibit No. 16 of
May 25 1933, which is entitled "special suspense account, 1929 and 1930,"
and is headed by Allegheny Corp.?
Mr. Whitney—That is the one. That is the transcript of the summary of
the whole account. Allegheny Corp. is the first. That is the one to which I
referred that we bought 3,500 shares and, next, Allied Chemical Is Dye Co.,
we bought 940 shares, and so on down the list. But, as I explained a
minute ago, this whole transaction really divides itself up into two parts,
because there was no formal undertaking to go into a transaction of this
character at the morning meeting. That morning meeting only dealt with
the urgent emergency. At a subsequent meeting that afternoon, when we had
more time to know what it was all about and find out what had happened, we
really then decided to go into this whole transaction.
Mr. Pecora—Was the afternoon conference held before or after the close
of the market?
Mr. Whitney—I said after the close.
Senator Couzens—What was the volume of the purchases, as stated on
that page?
Volume 136
Financial Chronicle
$137,752,705 Purchases Made.
Mr. Whitney—We purchased altogether 1,146,609 different shares of
stocks. The total cost of them was $137,752,705. We sold those, later on
in 1930, when the account was closed, for $138,820,060.04, which gave us a
net gross profit of $1,067,355.04, which is exclusive of interest. And that
was the gross.
Senator Couzens—Was that divided up among a number of firms? Among
all of those participating?
Mr. Whitney—Yes. The percentage in the group were: the five banks and
ourselves each had four twenty-fifths and the Messrs. Guggenheim had one
twenty-fifth.
The Chairman—When did you sell?
Mr. Whitney—Well, we sold during the early months of 1930.
The Chairman—And in giving your orders to your brokers to buy these
stocks mentioned on the list you specified the amount of each, the number
of shares of each?
Mr. Whitney—Quite right. And when we got really organized to go ahead
following the second conference, to which I referred, we gave very specific
orders, just purely with the idea of trying to steady it. . . .
Senator Couzens—Why did you take such a large loss on Anaconda Copper
Co., the largest loss you took on any of your sales?
Mr. Whitney—Well, because when we started to liquidate it we liquidated
without very much reference to profit and loss. This was never gone into
with the slightest idea that we would do anything but lose money. And at
one time before we were able to liquidate it I think we had about a
$40,000,000 book loss. . . .
Mr. Pecora—The newspapers at that time referred to it as a bankers' pool,
did they not?
Mr. Whitney—They did. And we did our very best to make them change,
but they would not change.
Mr. Pecora—Do you recognize a substantial distinction between the word
"pool" and the term "suspense account"?
Mr. Whitney—In the sense that "pools" are colloquially used, yes. . . .
$250,000,000 Fund Created.
Mr. Whitney—Well, as I stated, the first meeting there was no question of
amounts. It was a question of an immediate emergency. If my recollection
is right, the amounts on the afternoon conference were initially fixed, if
necessary that we would all put up a total of $120,000,000; that is, $20,000,000 apiece on the general very wise theory that if you start to do an
operation like this with a lot of ammunition you generally spend a great
deal less than if you start in any other way. Subsequently—and I cannot
remember how quickly—that amount was raised to $40,000,000 each from
each one of the six banks, and $10,000,000 from the Messrs. Guggenheims
for the total of $250,000,000 that we were prepared to invest.
Mr. Pecora—Now, there were some very violent fluctuations in the market
with regard to securities generally during that period commencing on Oct. 24
and terminating on Nov. 11 1929, were there not?
Mr. Whitney—Fluctuations is not exactly the word that I would use,
except in the sense that they fluctuated downward. They steadied every
now and then, and then went down. There was a succession of breaks.
Mr. Pecora—Well, then, we will say that there were a number of precipitous drops in the market; is that what occurred?
Mr. Whitney—That is a very accurate description.
Mr. Pecora—And did this suspense account buy on those drops?
Mr. Whitney—The suspense account put in orders—on what is called a
very wide scale in order to prevent or to try to prevent having what the
papers called air pockets. In other words, to have some bids—some basis
upon which these very large bodies of loans which were then in existence and
the loans by customers, would have some basis on which to stand, and not
have a perfectly empty no-bid market, which is what existed periodically
during this period.
Market Conditions Described.
If you remember, this was a Thursday. On Friday it rather looked as if
the market was in hand. Saturday it looked pretty steady again. Monday,
the 28th, opened up very bad, worse than any day before, and it continued
bad, if I remember, for three or four days, and then there would be a little
breathing spell, and then the thing would start off again. It was a succession of breaks. And, of course, it was made worse by loans being called and
one thing and another, which in the ordinary mechanism of the stock market
brings a second avalanche of sellers. We came to look for the hours of
11:15 and 2:15 with a great deal of anxiety, because those were the hours
when margin calls have to be responded to in the general practice of Stock
Exchange houses, so right after that we would get the immediate reflection
of that call.
Mr. Pecora—Can you tell us through what brokers these buying orders
were executed on behalf of this suspense account?
Mr. Whitney—The operation was handled for us. We made no charge
ourselves for any of this transaction, although it was all cleared through us,
because we did not want to make any profit in the way of commissions,
although we were entitled to them under the Stock Exchange practices,
against our partners' individual transactions. The placing of the orders
was handled entirely by Mr. Richard Whitney and Mr. Warren B. Nash, who
were, respectively, two executive heads of the Stock Exchange at that time,
Mr. Nash being the Treasurer and my brother being the Vice-President and
was in charge in the absence of the President. Those two. And they distributed the orders in their discretion—entirely within their discretion,
without any knowledge or designation by us. The only thing we would do is
every morning we would give them a list of amounts and prices. That was
always in our control. But the use of brokers was entirely handled by these
two executive heads of the Stock Exchange.
Mr. Pecora—At the time of the organization or creation of this suspense
account were any partners of J. P. Morgan & Co. directors of the First
Securities Co.?
Mr. Whitney—Why, I think so.
Mr. Pecora—And were any of them directors of the Chase Securities Corp.?
Mr. Whitney—No, sir.
Partners Not Directors.
Mr. Pecora—Were any of them directors of the Guaranty Co. of New
York?
Mr. Whitney—No, sir.
Mr. Pecora—Or of the National City Co.?
Mr. Whitney—No, sir.
Mr. Pecora—Or of the Bankers' Co.?
Mr. Whitney—No, sir.
Mr. Pecora—Were any of the partners of J. P. Morgan & Co. at that time
directors of the First National Bank of New York?
Mr. Whitney—No, sir.
Mr. Pecora—Or the Chase National Bank?
Mr. Whitney—No, sir.
4021
Mr. Pecora—Or of the Guaranty Trust Co.?
Mr. Whitney—Yes, sir.
Mr. Pecora—Or of the National City Bank?
Mr. Whitney—No, sir.
Mr. Pecora—Of the Bankers' Trust Co.?
Mr. Whitney—Yea, sir.
Mr. Pecora—Were any of the partners of J. P. Morgan & Co. directors of
the City Bank Farmers Trust Co., which was the trust affiliate of the
National City Bank?
Mr. Whitney—No, sir.
Mr. Pecora—Are you sure of that?
Mr. Whitney—Absolutely. Mr. Charles D. Dickey is now a partner of
ours. He was then a partner of the firm of Messrs. Brown Brothers, Harriman & Co., or I guess it was Messrs. Brown Brothers at that time—I think
he was then a partner—but he was not a partner of ours until Jan. 2 1932.
It has been suggested to me, Mr. Pecora, that there is one point that might
be of interest to the Committee in this connection, and that is about thee<
loans that existed at that time, to which I made a brief reference. I think,
if my recollection is right, there were about $8,000,000,000 worth of loans
on Stock Exchange collateral at that time. The vest bulk of that was for
what is known as "for the account of others." The New York banks themselves had a practice Which we ourselves have never approved of, of lending
for the account of others for a commission.
The Chairman—Called brokers' loans?
Mr. Whitney—These are brokers' loans, yes, sir, but not for their own
account, but for the account of—about evenly divided, as I recollect it,
between out-of-town banks and corporations and individuals. And that involved the whole question not only for the New York banks who did not and
were not when this party started, this break, this panic started, were not
very deeply involved themselves, but as that panic started the others who
had no responsibilities in the banking situation at all began calling their
loans, and it resulted in the New York banks either calling the loans, which
would have made an absolute disaster, as they were instructed to do—they
having no responsibility—and as a matter of fact as further evidence of their
co-operation the New York banks in most instances took over the loans of
others for their own account in a further effort to try to assist in a very
difficult situation.
It was the loans for others which really was the most dangerous thing in
all, because it was a practice which had crept up during the speculative boom
of '28 and '29, where there were very high rates, and the out-of-town banks
and individuals and corporations who had no direct responsibility to the
handling of the banking funds, thought that was a fine opportunity to make
this high rate. It was that money flowing in and the existence of that
condition which was one of the most desperate—one of the most dangerous
elements of the situation, and I think that is an element in it that should
be considered in the consideration of this situation.
In other words, the New York banks, these banks participating, including
ourselves, did not have themselves a large investment of their own funds is
the call money market. We have never—not never—but have always refused
to loan money or others, because we disapprove of it. There have been
certain instances where for some special reason we have done so. The other
banks have done it, and I think to-day they are not quite so sure that they
will do it again. But that was the practice at that time. So it was for
their own self-protection as much as it was for the general situation that
they felt that that call money situation had to be given consideration and
handled in order to prevent the loss that might have been incurred by us
and others scattered all over the length and breadth of this country.
Mr. Pecora—The participants in this suspense account assumed a very
serious risk, did they not, when they entered into the operations of this
suspense account?
Mr. Whitney—Yes, sir: but it was a risk that was, in the judgment of
all of us—and of course a matter of such importance as this was taken up,
as far as any institution of which I have any knowledge, by the boards of
directors of the banks.
The Chairman—Did you have any relations with the Federal Reserve
Bank?
Mr. Whitney—Sir?
The Chairman—Did you have any relations with them?
Mr. Whitney—Do you mean this transaction?
The Chairman—Yes.
Direct Profit Not Expected.
Mr. Whitney—No, sir, none whatever. As a matter of policy—and I
think it was held by every thoughtful person in New York, that if some action such as this were not taken the losses to the banking community not
only in New York but elsewhere would be infinitely greater than any risks
that might be involved in going into this undertaking. As I stated earlier,
there was not the slightest intention or expectation of making money out of
this. It was not gone into on a profit-making basis as a profit-making
transaction. It was purely what is known as a rescue party in a situation
which we all believed, and I think the result of the transaction proved that
It was a very wise risk to take in preserving something that would have been
infinitely worse than the risk which we incurred or the loss we might have
made or risked in going into this transaction.
Mr. Pecora—Do you know what holdings the participants in this suspense
account had in the securities that the suspense account traded in?
Mr. Whitney—No, sir. I never inquired.
Mr. Pecora—You do not know anything about that?
Mr. Whitney—Do you mean do I know if any of the participants had
any other stocks of these kind?
Mr. Pecora—Yes. If they had holdings of these stocks?
Mr. Whitney—Well, I certainly would not say—of course our own business is the only one I know about, and I do not remember, but it is quite
possible that we had stocks in certain of these companies that were bought
here.
Mr. Pecora—Which can you identify?
Mr. Whitney—I know, of course, Mr. Pecora, that we did not, and I am
very confident that no participant in this pool sold any stock during this
period. If that is the theory of your question. . . .
Asked About Liquidation.
Mr. Pecora—During the period of liquidation which we will assume ended
some time in March 1930, did your firm sell any of its stock holdings
apart from those in which it was interested as a member of this suspense
account?
(The essence of Mr. Whitney's reply was: "My general
recollection is
Mr. Pecora, that we did not dispose of any of our holdings of stocks
which
we might have had at that time until after the liquidation of
this account
was completed.")
The following table submitted at the hearing is from the
Washington dispatch to the New York "Times."
Financial Chronicle
4022
Shares
Bought.
Allegheny Corp
Allied Chemical & Dye Co
American Can Co
American Smelting & Refining Co
American Telephone dr Telegraph Co
Anaconda Copper Mining Co
Atchison Topeka & Santa Fe By. Co
Baltimore & Ohio RR. Co
Bethlehem Steel Corp
The Chesapeake Corp
Columbia Gas & Electric Co
Columbia Graphophone Co
Consolidated Gas Co. of New York
E. I. du Pont de Nemours & Co
General Electric Co
General Motors Corp. common
Great Northern By. Co. preferred
International Nickel Co. of Canada
International Telephone & Telegraph Corp_
Johns-Manville Co
Kennecott Copper Corp
Montgomery Ward & Co
New York Central RR. Co
Rights
Pennsylvania RR. Co
Rights
Public Service Corp. of New Jersey
Radio Corp. of America
Sears, Roebuck & Co
Southern Pacific Co
Southern Ry. Co
Standard Oil Co. of New Jersey
The Texas Corp
Union Pacific RR. Co
United Aircraft & Transport Co
United Gas Improvement Co. of Phila
United States Steel Corp
Western Union Telegraph Co
Westinghouse Electric & Manufacturing Co_
Total
Average
Price.
Cost.
3,500
940
106,200
17,100
71,400
76,200
15,000
10,000
12,700
1,000
60,000
31,600
88,700
2,000
66,600
54,000
13,400
26,600
92,400
6,500
32,300
47,100
25,900
35.15
272.25
122.854
76.957
232.313
85.488
239.316
118.540
101.852
71.675
66.940
25.622
104.407
167.25
238.769
43.940
100.973
34.904
78.423
170.25
60.720
60.487
182.698
$123,025.00
255,915.00
13,047,100.00
1,315,970.00
16,586,805.00
6,514,215.00
3,589,750.00
1,185,400.00
1,293,525.00
71,675.00
4,016,425.00
809,675.00
9,260,940.00
334.500.00
15,902,050.00
2,372,787.50
1,353,050.00
928,465.00
7,246,290.00
1,106,625.00
1,961,277.50
2,848,942.50
4,731,900.00
7,200
92.274
664,377.50
100
27,000
28,269
2,000
1,600
27,000
6,000
2,100
5,000
1,200
148,400
11,200
18,400
93.95
48.123
105.705
131.750
144.250
59.471
50.80
247.945
79.20
34.40
182.450
234.764
155.828
9,395.00
1,299,325.00
2,988,200.00
263,500.00
230,800.00
1,605,725.00
304,800.00
520,685.00
396,000.00
41,280.00
27,075,700.00
2,629,360.00
2,867,250.00
1,146,609
June 10 1933
Shares
Sold.
$137,752,705.00
M
Average.
Proceeds.
3,500
940
106,200
17,100
71,400
76,200
15,000
10,000
12-700
1,000
60,000
31,600
88,700
2,000
66,600
54,000
13,400
26,600
92,400
6,500
32,300
47,100
25,900
25,900
7,200
6,300
100
27,000
28,269
2,000
1,600
27,000
6,000
2,100
5,000
1,200
148,400
11,200
18,400
36.324
272.205
124.539
79.035
233.238
77.504
234.12
119.552
102.631
72.010
77.034
28.866
105.920
136.992
248.066
44.102
98.534
37455
79,734
138.436
62.124
61.898
179.540
5.919
84.566
2.948
97.885
48.364
91.402
122.385
135.460
63.248
56.898
243.901
47.84
36.810
184.650
243.907
157.509
$127,135.00
255,873.40
13,226,063.00
1,351,511.00
16,653,231.50
5,905,821.00
3,511,800.00
1,195,525.00
1,303,417.00
72,010.00
4,622,060.00
848,984.58
9,395,164.50
273,984.00
16,521,258.50
2,381,559.00
1,320,359.00
996,308.50
7,367,469.00
899,840.00
2,006,615.50
2,915,423.50
4,650,089.00
153,310.19
608,878.50
18,576.18
9,788.50
1,305,845.00
2,583,860.19
244,770.00
216,736.00
1,707,705.00
341,390.00
512,193.50
239,200.00
44,172.00
27,402,184.00
2,731,767.00
2,898,182.00
1,146,609
$138,829,060.04
Profit.
Loss.
$4,110.00
$41.60
178,963.00
35,541.00
66,426.50
608,394.00
77,950.00
10,125.00
9,892.00
335.00
605,635.00
39,309.58
134,224.50
60,516.00
619,208.50
8,771.50
32,691.00
67,843.50
121,179.00
206,785.00
45,338.00
66,481.00
71,499.19
36,922.82
393.50
6,520.00
404,339.81
18,730.00
14,064.00
101,980.00
36,590.00
8,491.50
156,800.00
8,292.00
326,484.00
102,407.00
30,932.00
$2,693,080.77
1,625,725.73
$1,625,725.73
$1,067,355.04
Inquiry Into Affairs of J. P. Morgan & Co. by Senate
Committee Investigating Stock Market Trading—
List of Personal Loans Made by Morgan Firm and
Affiliates to Officers and Directors of Corporations.
A list of personal loans made by J. P. Morgan & Co. and
affiliates to officers and directors of corporations was made
public on June 2 during the hearing in Washington by the
Senate Banking and Currency Committee in the Senate
investigation. The amounts of the loans were not indicated. The list of loans or advances from 1927 to 1932,
inclusive, as given in Washington advices June 2 to the New
York "Times" follows:
Paid Off.
J.P. Morgan & Co.—
Chas. E. Andrews Jr., President First National Bank, New
Bethlehem, Pa
Feb. 1 1927
Jan. 4 1929
G. G. Bacon
Geo. T. Bowdoin, partner Winslow, Lanier & Co
Apr. 14 1931
Robert E. Broome
Aug. 25 1932
L. H. Brown, President Johns-Manville Corp
Paul D. Childs, J. Armory Jefferies and William B. Nichols,
director Boston Consolidated Gas Co
Dec. 19 1930
Charles W. Clarke, President United Verde Copper Co
Dec. 19 1930
L. R. Clausen, President J. I. Case Threshing Machine Co__ May 14 1930
Samuel H. Curran, director Royal Baking Powder Co
R. S. Davenport
Jan. 25 1929
Donald K. Davis, President Maize Products Co
Jan. 2 1931
Daniel C. Dawes
Jan. 2 1932
Walter Farwell
Apr. 1 1931
Ernest B. Filsinger, Royal Baking Powder Co
Sept. 11 1929
Paul W. Fleischmann, director Fleischmann Co
H.A.Tortington, general attorney. Royal Insurance Co., Ltd.
Feb. 10 1930
Charles H. Hodges, director Union Trust Co
Wetmore Hodges
Dec. 19 1930
Richard Irvin, Richard Irvin & Co., Pittsburgh
Apr. 9 1930
J. J. Keating
William Klusmeyer
Sept. 11 1929
Alfred Knight, Vice-President Standard Brands
Sept.11 1929
Joseph A. Lee
C. Lemkau, director Royal Baking Powder Co
A.
L. F. Loree, Chairman executive committee 13. & H. RR----Feb. 18 1927
Feb. 17 1931
T. B. MacAuley
May 2 1927
John Markle
E. W. Marland (through Guaranty Trust Co.), Chairman
May 6 1930
E. W. Marland & Co
June 13 1930
H. C. McCaughan, director Erie Trust Co., Erie, Pa
A. C. Monagle, Vice-President Standard Brands, Inc
Sept.29 1932
J. J. Moran, President Continental Oil Co
Jan. 24 1930
A. J. G. Murray-Graham
Sept.13 1932
H. R. Newcomb, Vice-President Standard Brands, Inc
George Nichols, trustee Greenwich Savings Bank
Sept. 13 1932
John B. Noone
Sept 10 1929
Hugo A. Oswald, director Fleischmann Co
Ciendenin J. Ryan, Hutchinson Coal Co., Fairmont, W.Va--Feb. 5 1932
Nov. 14 1930
Isidore Scherer
Theodore Sedimayr, Vice-President Standard Brands, Inc__ _Sept. 11 1929
W.R. Seigle, Chairman Standard Brands, Inc
Oct. 24 1932
Henry T. Skelding
Oct. 27 1930
Robert S. Smith
T. L. Smith, Vice-President Standard Brands, Inc
Jan. 14 1927
J. E. Zanetti
Paid Off.
Drexel & Co.—
Dr. Thomas G. Ash,ton, director Baldwin Locomotive Works_Nov.21 1931
July 16 1931
H. M.Atkinson, Chairman Georgia Power Co
Charles T. Bach
Richard L.Binder, President Metals Coating Co.of America--Nov. 9 1931
May 26 1931
Augustus S. Blagden
Gideon S. Borden
Edwin M. Chance
3R
Charles M. Coover
Sept.23 1931
J. H. R. Cromwell, President Delaware Oil Products
George W.Davis, director Pearson-Erhard Co
Aug. 5 1931
John C. Dunn
Jan. 31 1931
William du Pont Jr
Joseph Ewing
Benjamin West Frazier, director E. G. Budd Mfg. Co
Dec. 29 1927
John K. Garrigues
Feb. 6 1930
Chester I. Hall
Howard F. Hansel] Jr
Charles S. Hebard
Daniel L. Hebard
Hermann M. Heesenbruch
Charles E. Hires Jr., President Charles E. Hires Co
Apr. 24 1929
Edward Hopkins Sr
Archibald T. Johnson
Sept.19 1929
D. Leonard, director Atlantic Refining Co
Richard
Sept.19 1929
Andrew J. Maloney, President Phila. & Reading Coal Co
Donald Markle, President Jeddo-Highland Coal Co
a ION
.
Drexel & Co.—
E. B. C. Markle, President Wilkes-Barre & Hazleton Ry__
John Markle 2d, Bell Telephone Co. of Pennsylvania
Orus J. Matthews
J. Kearsley Mitchell
Daniel A. Newhall
C. Lothrop Ritchie
William I. Schaffer, trustee Penn. Mutual Life Ins, Co
Joseph T. Schlacks
A. Homer Smith, President Sharpe & Dohme, Philadelphia
Charles A. Smith, Secretary Ferris & Hardgrove, Spokane_
Frank H. Taylor. President Pickford Telephone Co., Mich
A. C. Woodman, President Acewood Petroleum Corp
Paid Off.
Aug. 18 1931
Dec. 31 1931
Oct. 2 1931
Dec. 31 1931
Apr. 16 1931
Oct. 3 1930
Jan, 4 1929
Inquiry Into Affairs of J. P. Morgan & Co. by Senate
Committee Investigating Stock Market Trading—
Representative Marland Explains Borrowing.
Under date of June 2 Associated Press advices from
Washington said:
Representative Marland, Democrat of Oklahoma,former oil man,to-day
said the loan he obtained from J. P. Morgan & Co., disclosed in the Senate
Banking Committee's investigation of the firm, was negotiated in 1926
and paid in 1930.
"I don't remember the details, but I think It was 1926 when I borrowed
$1,500,000 from J. P. Morgan & Co. to help pay my income tax of that
year." Mr. Marland said.
"I had an unusually large income tax for that year, amounting to several
millions of dollars, and I borrowed the money from Morgan, and I think
I paid it back in 1930, or at least more than two years ago. It was the only
loan I got from Morgan."
Asked from which partner he obtained the loan, Mr. Marland said:
"Oh, from George Whitney. I know him."
Questioned as to what he put up for collateral, Mr. Marland replied:
"I put up Marland oil stock and Southland Royalty stock. As I recall
It, It was valued at between *6,000,000 and $8,000,000 at the time."
Inquiry Into Affairs of J. P. Morgan & Co. by Senate
Committee Investigating Stock Market Trading—
Profits of Banking House.
While an item bearing on figures of profits of J. P. Morgan
& Co., as reported in press accounts from Washington,
May 27 (during the Senate Committee investigation), was
given in these columns June 3, page 3843, the following
additional Associated Press account (copyright) from Wash,
ington, May 29, as published in the New York "Times,'
is given herewith:
J. P. Morgan & Co.'s reports to Senate investigators show the firm made
nearly $10,000,000 on the sale and underwriting of securities in 1930 and
1931, years in which the bank's partners paid 848,000 in Federal income
tax. The figures, brought out from the evidence while the Senate Banking
Committee investigation remained in recess until Wednesday, gave a hint
of the amounts the twenty partners must have been able to deduct from
their income tax returns under the law permitting capital losses to be subtracted from profits. From these earnings also were deducted the running
or overhead expenses of the firm.
The evidence indicated that the great banking house made more on the
sale of securities and its underwriting business, in each of these two "depressios years," than it had made in the boom year 1929, when income
taxes of $11,000,000 were paid. The totals for the three years, including
J. P. Morgan & Co. and Drexel & Co., Its Philadelphia affiliate, in round
figures, were: 1929.$2,936,000;in 1930,86.730,000,and in 1931.83,131.000.
Morgan officials testified in the investigation last week that altogether
they paid only $48,000 income tax in 1930, and none in 1931 or 1932. Profits
for 1932 were not included in the figures presented by Mr. Pecora.
Mr. Pecora's figures showed that for the five-year period, 1927 to 1931
Inclusive, the Morgan firm made more than $18,000,000 from the sale of
securities. Partners in the firm testified during last week's inquiry, however, that the investment business was a comparatively minor part of
their operations.
In addition to their profits from the sale and underwriting of securities.
the Morgan partners reported to the committee profits running into the
millions *am operations in joint accounts or syndicates, but the total
was not tabulated.
Volume 136
Financial Chronicle
Also, the profits from underwriting venturesiwerenot complete, because
In many cases the firm retained blocks of stock which were not estimated
In cash.
The records, drawn from the Morgan files, disclosed that in 1929 the
firm made $1,272,000 from issues it managed and $774,000 from issues
managed by others; while Drexel & Co. made $195,000 from issues it managed. $43,000 from 113811CS managed by others and $652,000 from underwritings.
In 19303. P. Morgan & Co. made $4,074,000 from issues they managed,
$516.000 from issues managed by others and $1.189,000 from underwritings;
while Drexel & Co. made $684,000 from issues they managed and $267,000
on issues originated by others.
The figures for 1931 showed these profits respectively for Morgan & Co.
as $1,261.000, $260,000 and $75.000. and for Drexel & Co. as $1,381,000
and $154,000.
Little information about the favored client lists is given in the Morgan
reports. For instance, in telling of their operations in Standard Brands,
Inc., they merely said:
"On or about Sept. 5 1929, 722,600 shares were disposed of at 32 to a
selected list."
The reports disclosed, however, that in January 1929 the Morgan firm
sold 315.070 units of United Corp. stock to 291 individuals at $75 a unit,
when testimony has shown that it was selling on the market at $99. At
the same time 202,930 shares were disposed of at the same price through
Bonbrlght & Co. and 82,000 through Drexel & Co.
Inquiry Into Affairs of J. P. Morgan & Co. by Senate
Committee Investigating Stock Market Trading—
Mr. Morgan, It Is Said, Doesn't Take His Share
of Firm's Profit.
From the "Wall Street Journal" of June 5 we take the
following from Washington:
J. P. Morgan has never received from J. P. Morgan & Co. profits proportionate to his investment in the firm, a member of the Senate Banking
and Currency Committee said.
"It appears to me," the committee member said. "that J. P. Morgan
has made concessions to his partners who have invested less than himself
In the firm, because the statements presented to the committee in closed
session show that he never has obtained the proportion of the net profits
which would equal his share based on the percentage of his investments
in the firm."
The percentage of profits of Morgan & Co. partners vary from year to
year. Sometimes a member receives a larger percentage than at other
times, although his investment has not changed.
Inquiry Into Affairs of J. P. Morgan & Co. by Senate
Committee Investigating Stock Market Trading—
Details of Reorganization of Railroad Holdings
of Van Sweringen Brothers—Latter's Cleveland
Banking Connections.
On Monday June 5 the inquiry which has been conducted
by the Senate Banking and Currency Committee into the
operations of J. P. Morgan & Co. was directed toward the
affairs of the Alleghany Corporation, organized as the holding conpany for the railroad interests of 0. P. and M. J.
Van Sweringen. As to the hearing on June 6 the Washington advices to the New York "Journal of Commerce" said:
Details of the organization of the railroad holdings of the Van Sweringen
brothers were given before the committee at the public hearings to-day
by 0.P. Van Sweringen, Mr.Pecora is seeking to bring out the connection
between the vast rail holdings of the brothers and the Morgan firm, which
has done most of their financing.
The day's session was brought to a close with charges by Mr.Pecora that
the Van Sweringens had denied the committee's investigators access to their
books. Mr. Van Sweringen replied that complaint "was probably right,"
but the organization had tried to and was willing to co-operate with the
committee.
Delving into the details of the Van Seringen railroad holdings, Mr.
Pecora established that the brothers acquired control of Chesapeake & Ohio
through the purchase of 73,000 shares of stock.
Nickel Plate Is Factor.
The Nickel Plate received 70,000 shares at $80, or a total of $5,600,000
for the other 3,000 shares of the stock. At that time the Van Seringens had
organized and were controlling the Nickel Plate Securities Corp.,which held
the controlling stock of the Nickel Plate road.
Explaining the difference in the cost of the same stock to the two related
organizations, Mr. Van Sweringen stated that the securities were bought
from the Huntington interests at a price above the market, which was
then between $70 and $80.
"While we believed that the price we paid for the stock above the market
was wise, there was the element of risk and gamble in the price, so we
assessed the major amount of the difference to the holding company rather
than have Nickel Plate stockholders think we treated them unfairly,"
Mr. Van Sweringen pointed out.
Asked if he thought it fair to "saddle" stockholders of the Nickel Plate
Securities Corp. with the price of "565, more than five times the market
value of the stock," the witness pointed out that he and his brother and
their regular business associates controlled about 80% of the holding company, while it held only about 50% of the control of the Nickel Plate road.
He added that if he had not thought that the transaction was right, it would
never have been made.
Outlines Allegheny Holdings.
Holdings of the Van Sweringens through the Allegheny Corporation and
the reason for acquiring them were outlined to the committee by Mr. Van
Sweringen. He stated that his interests are still expecting to consolidate
the holdings of Allegheny Corporation physically and financially "in spite
of the many difficulties we have encountered." The witness stressed that
there was no thought of consolidating the Chesapeak & Ohio system in the
East with the Missouri Pacific system owned in the West, nor do the Van
Sweringen interests have a conception of a transcontinental rail system.
The statement submitted at the hearing by Mr. Van
Sweringen is given elsewhere in this issue. Those present
at the hearing on June 5 were indicated as follows in the
Washington advices to the New York "Herald Tribune":
P Present: Senators Fletcher (Chairman), Costigan. Adams, Reynolds,
Byrnes, Goldsborough, Townsend, Walcott and Kean.
4023
Present also: Ferdinand Pecora, counsel to the committee; Julius Silver,
David Saperstein and James B. McDonough Jr.. associate counsel to the
committee,and Frank J. Meehan,chiefstatistician; John W.Davis,counsel
for J. P. Morgan & Co.; Randall J. LeBoeuf Jr. and Earle J. Machold.
counsel for the United Corporation and for George H. Howard, President
of the United Corporation.
On June 6 the examination of 0. P. Van Sweringen by
the committee was continued, as to which the Washington
account to the "Herald Tribune" said in part:
Throughout Mr. Pecora, in line with efforts to show possible connection
between the activities of the Van Sweringens and J. P. Morgan & Co..
Insisted upon drawing from the witness how much of their own funds the
Van Sweringens had put into their various ventures.
Although the committee's attorney was enabled to reveal that the Van
Sweringen group borrowed at different times up to the amount of $75,000.000 from J. P. Morgan & Co., he was plainly nettled over the failure
of the witness to supply the information in the manner he appeared to
desire. At the conclusion Mr. Pecora said:
"For the purpose of saving time, not only yours but ours, may I make the
suggestion that between now and the hearing to-morrow you get up a statement which would show how much of monies belonging to you and your
associates went into the entire scheme of transactions or operations whereby
all of these various railroad companies shares were acquired by the so-called
Van Sweringen interests, and when I refer to those moneys. I mean what
you had as distinguished from moneys which you borrowed or obtained
through the sale of securities to the public."
Witness Promises Figures.
The witness said he was sure such a statement could not be prepared by
to-morrow but an effort would be made to submit one to the committee as
soon as possible.
Mr. Pecora sought for an hour to draw from the witness whether or not
he had definite knowledge of the extent of purchases of Erie stock of the late
George F. Baker, New York banker, at the time the Van Sweringens were
obtaining control of that line. Mr. Van Sweringen had said in a prepared
statement previously that he was confident Mr. Baker had been interested
and increased his holding in Erie at the time.
"Did Mr. Baker tell you that he did and what amount he bought?" Persisted the examiner.
"I am confident that he did," the witness insisted.
"But yesterday you read in your statement that he did as if you had
knowledge," continued Mr. Pecora.
"All I can say is that I am confident he did, and if there is any doubt of
the meaning of that statement yesterday it will have to stand as I have
modified it to-day," said Mr. Van Sweringen.
The questioning later showed that the Vaness Corp., described as a
"personal" holding company of the Van Sweringens, borrowed $16,000,000
from J. P. Morgan & Co. and a later loan of $23,500,000 was made to
the Cleveland Terminal Building Co.
Banking Relations Surveyed.
Definite questions were put to Mr. Van Sweringen to disclose the connection between two Cleveland banks, the Guardian Trust & Savings Co.
and the Union Trust Co., both closed, and the Van Sweringens. The
witness could not recall the details of loans obtained from the banks, but
he did recollect that some were negotiated. The examiner pointed out that
.1. Arthur House,President of the Guardian Trust Co., was a Van Sweringen
associate and a director of the Nickel Plate RR., while J. R. Nutt was
Chairman of the Board of the Union Trust Co. and also a director of the
Van Ness Co.
In his course through the history of the development of the Van Sweringen
system, Mr. Pecora reached the Pere Marquette RR. and its acquirement
for the Van Sweringens by the Chesapeake & Ohio. It was shown that
under the terms of an agreement dated May 9 1927, the 304,065 shares of
stock of the Pere Marquette Railway Co.. together with certain assets and
liabilities, were transferred to the Pere Marquette Corp in exchange for
all the capital stock of that newly organized corporation, consisting of 304.065 shares of common stock without par value. The stock of the Per Marquette Corp. was immediately distributed to the Nickel Plate.
An agreement, May 10 1927, was entered into with the Chesapeake Corp.,
under which that corporation received 345,000 shares of the common stock
of the Chesapeake & Ohio Ry. Co., subject to certain indebtedness, in
exchange for the surrender to that corporation of all its outstanding capital
stock consisting of 304,065 shares of the common stock which the Chesapeake had acquired from the Nickel Plate.
1
Inquiry Into Affairs of J. P. Morgan & Co. by Senate
Committee Investigating Stock Market Trading—
Statement by 0. P. Van Sweringen on Reorganization of Railroad ,Holdings Through Alleghany
Corporation.
In another item in this issue of our paper we refer to the
inquiry by the Senate Banking and Currency Committee
into the affairs of the Alleghany Corporation, organized as
the holding company for the railroad interests of 0. P. and
M. J. Van Sweringen. Below we give the text of the prepared statement (as contained in Washington advices to
the New York "Herald Tribune") read by 0. P. Van Sweringen on his appearance June 5 before the Senate subcommittee:
In answer to your subpoena I should like to present to the committee a
brief outline of our activities as connected with the scope of this inquiry.
To do this I go back some 17 or 18 years when, in connection with an
undertaking to provide rapid transit to some portions of Cleveland, we
wanted to use a part of Nickel Plate—that railroad passing through Cleveland from east to west in an ideal location for our purpose.
We had heard that the Nickel Plate stock control might be acquired—
that is, that the New York Central interests might be willing to dispose of
It. We found this was so, and in 1916 we bought it. We didn't have
money enough to pay for it all. We arranged to defer a portion of the
purchase price, and we gathered with us some friends who invested along
with us to make the purchase.
Plans to Develop Nickel Plate.
Having obtained the stock control of the railroad, it was only natural
that we should try to develop and make the most of it, and it wasn't long
before we found ourselves in the midst of the general railroad problem.
In 1920 the Transportation Act was passed, and the Congress declared it
as a national policy that the railroads should be put together into a limited
4024
Financial Chronicle
number of systems. The Nickel Plate, of course, was a part of one of those
system.
Dr. William Z. Ripley had been engaged in that work by the Government, and others had made studies as to what these limited systems should
embrace. For the Eastern region all of the studies and the Inter-State
Commerce Commission's tentative plan provided for a greater number of
groupings than our studies led us to believe as ideal, if we were to consider
balancing of the systems in accord with public interest.
Our studies convinced us that following the policy laid down in the
Transportation Act there should not be more than four systems in the
Eastern region, and that the one including the Nickel Plate should also
include the Lake Erie & Western, the Toledo St. Louis & Western, the
Erie, Pere Marquette, Chesapeake & Ohio, Hocking Valley, Wheeling &
Lake Erie, Chicago & Eastern Illinois, Virginian, the Bessemer & Lake
Erie or the Buffalo Rochester & Pittsburgh, as well as either the Lackawanna or the Lehigh Valley, with some smaller lines and terminal properties.
Acquire Control of Two Other Lines.
"Ifsuch a system were to be created the plans embracing the Pennsylvania
had to be changed and those of the New York Central and Baltimore &
Ohio also, and this all meant that the Inter-State Commerce Commission
would have to be asked to reconsider their groupings and that there would
be much negotiation necessary between the different carriers who were
major in the territory.
"Along about 1922 an opportunity arose to buy the stock control of the
Toledo St. Louis & Western (commonly called the Clover Leaf), and also
of the Lake Erie & Western. These we purchased and consolidated with
the Nickel Plate.
"While we were studying and developing, we found that the Huntington
Interests in the Chesapeake & Ohio were for sale. We talked with J. P.
Morgan & Co.. whom we regarded, as does the world, as wise counsellors
In matters of finance. They felt that it wasn't the time for us to make the
expenditure. We were going to have to have some money. We took their
advice and postponed our activities in that direction, keeping in touch with
the Huntingtons, however.
Buy Into Chesapeake & Ohio.
"In the meantime,the Nickel Plate was prospering and was accumulating
money under the able management of Mr. J. J. Bernet, whom we had engaged as President when we first acquired the Nickel Plate; and a year or
so after our first discussions about Chesapeake & Ohio, we reached the
place where we again thought we should purchase the interest of the
Huntingtons.
"This time the Morgan firm agreed with us and we closed the deal, the
Nickel Plate buying 70,000 of the Huntington shares, the total of which was
73.000. The price on all of the shares was more than the market, so we
asked the Nickel Plate to pay only a part of this purchase price, and my
brother and I with our immediate associates undertook to and did pay the
difference (a considerable sum), all in the price of the extra shares which
we, instead of the Nickel Plate, purchased.
"The Huntington interest, while dominating the property in the sense
that it had been seating the directors, was far from a majority ownership.
We wanted more of the stock. We thought it was cheap as it was then selling.
At that time the property was struggling somewhat because of capital
necessities, but we were sure it could be made to earn a lot more money
and perform a much better service.
C. & 0. Paid During Depression.
"When we went into the management of it we conferred with Morgan
& Co. as to those improvements we felt should be made and through their
aid financed a large purchase of new equipment which, with other betterments, would provide President Harahan with the tools to accomplish the
construction job of which he was capable. We were correct in our belief.
It is the one railroad that has earned and paid its full dividend throughout
the period of this depression that we hope is now ending.
"We were on our way with both the Nickel Plate and the Chesapeake &
Ohio under good management, showing signs of increasing earnings. We
then turned our attention to an analysis of the Erie RR. Our studies convinced us that we could make it behave a lot better than it was doing.
It was one of the properties we felt was a necessary part of the system we
were trying to build.
"That grand old gentleman, Mr. George F. Baker, now deceased, was the
outstanding personality in the ownership of the property, so we talked with
him as to our welcome as a participant in its ownership. He heartily concurred and said that if we decided to move into it he would be glad to increase his own investment, which he later did to a very considerable extent.
When we finished our buying we, with him, had about half of She common
stock and a considerable portion of its preferred shares.
Pere Marquette Venture Next.
"At nearly the same time we decided the Chesapeake & Ohio should have
additional outlets for its coal shippers. Industrial Michigan seemed to
fill the bill, and so we then bought into the Pere Marquette.
"With that done we had very large and In some cases majority interests
In Nickel Plate, the Chesapeake & Ohio (including its subsidiary, Hocking
Valley). the Erie and the Pere Marquette, and it was then that we went to
the Inter-State Commerce Commission in what is generally known as the
first Nickel Plate unification case. This was in the fore part of 1925. In
March 1926, the petition was denied, though not to the complete destruction
of the grouping.
"One of the observaticns made in the Commission's decision indicated
that the Chesapeake & Ohio was more logical as the backbone of the system.
Accordingly, the first thing that seemed advisable to do was to physically
connect that property and its subsidiary by the building of about 60 miles
of double track between the Chesapeake & Ohio at Waverly, Ohio. and the
Hocking Valley at Columbus, Ohio. This we built and then, obtained
Inter-State Commerce Commission approval to consolidate the Chesapeake
& Ohio, Hocking Valley and this connecting link, to the end that the
Chesapeake & Ohio then had a continuous line from tidewater at Newport
News on Hampton Roads to Toledo on the Great Lakes.
Reason for Chesapeake Corp.
"What this meant to transportation is illustrated by the fact that in 11
months after permission was received from the Inter-State Commerce Commission, this double-track line, with all grade crossings eliminated, was constructed and we were putting over it as high as 2,400 cars in a day loaded
with coal for the Lakes.
"With this accomplished it was necessary, as we saw it, that If the
Chesapeake & Ohio was to become the nucleus of a great system, into which
the Nickel Plate should go, its position to that road should be changed so
that the Nickel Plate would not be an owner in part of its prospective parent.
This meant that the Chesapeake & Ohio shares which the Nickel Plate
owned should be taken out of it. You now have the reason for the creation
of Chesapeake Corp.
"To divest the Chesapeake & Ohio shares from Nickel Plate and at the
same time keep them compacted with the other similar shares that our
June 10 1933
interests held. Chesapeake Corp. was formed and shares of it that then
came to the Nickel Plate by exchange for its Chesapeake & Ohio shares were
thus distributed to the stockholders of Nickel Plate in effectuationlof this
divorcement of ownership. We, of course, put our other Chesapeake &
Ohio shares into Chesapeake Corp. upon the same basis.
$48,000,000 of Bands Sold to Morgan.
"In order to accomplish all of these things, it was also necessary to provide
a considerable sum of money to more permanently fund a portion of the
investment and thus avoid the necessity for assessing each shareholder of the
Nickel Plate, as well as ourselves, to whom the disbursement was being
made. Chesapeake Corp. went to J. P. Morgan & Co. for the financial
aid, and realized it by the sale to them in the spring of 1927 of $48,000,000
of 20
-year 5% bonds.
"Still carrying on our efforts to unify the railroads under our control, the
Chesapeake It Ohio at about this same time applied to the Inter-State
Commerce Commission for authority to acquire stock control of the Erie
and Pere Marquette. We did not this time ask to include the Nickel Plate
because it seemed to us that we would progress our undertakings more
certainly by proceeding a step at a time. The Commission allowed the Chesapeake & Ohio to have the Pere Marquette control, but withheld approval
as to the Erie.
"It was now clear that there was a definite need for a vehicle in which
to carry, in so far as was consistent, and to mobilize, in the financial sense,
our activities looking toward the ultimate goal of final upbuilding of the
Chesapeake & Ohio, or so-called fourth system for the Eastern region, that
all through these years of effort had been the subject of negotiation and
discussion with the various parties in interest.
riai
.al
Alleghany Corporation Formed.
"All of these efforts and activities could more readily be treated with'by
a proprietary interest than otherwise, and to that end also we had been
accumulating and developing the separate parts of that ultimate whole, as
we saw that fourth system to be.
"To meet the need to which we have just referred,early in 1929 we brought
Alleghany Corp. into being to take over shares held by us and to furnish a
corporate instrumentality to provide funds for carrying on. For each net
dollar value of our investment that we put into this corporation we took in
settlement junior, or common, shares only.
"In the summer of 1932 the Inter-State Commerce Commission handed
down a plan for rearrangement of the railroad groupings coinciding with the
four-system idea and approving as constituent parts of one of those systems
all of the railroads east of the Mississippi River, in which Alleghany is now
Interested.
"We are still expecting to get these railroads together, physically and
financially speaking, in spite of the many difficulties we have encountered.
Wheeling & Lake Erie Control Gained.
"Included in the investments acquired by Alleghany at its outset was the
control of the Buffalo, Rochester & Pittsburgh Ry., which we had gotten
a short time before, but as a result of the efforts to reconcile differences
In the eastern groupings, it was later decreed that the Baltimore & Ohio
should have it, and Alleghany therefore disposed of it to them at cost,
taking from them (likewise at cost) their interest in the Wheeling & Lake
Erie, and at about this same time also taking from the New York Central an
Interest they owned in Wheeling & Lake Erie. These, with the holdings
of Nickel Plate in the same property, amounted to a majority of the Wheeling & Lake Erie, and later, when Nickel Plate was able to do so, all of
these shares went over to Nickel Plate from Alleghany, again at cost.
"As we were putting these eastern railroad investments together in Alleghany we became more and more conscious that we had a lot of railroad
Investment that, like the average of all railroads of the eastern region, had
coal as the major commodity carried. About one-half of the tonnage and
nearly as many dollars of revenue to the railroads of the eastern region
come from coal.
"We felt that it would be better if we could have a little more diversity
in this respect in ow railroad holdings, and again we had the time and the
forces to direct, and the financial strength, as we thought, to acquire and
hold more than just the eastern combination.
Get Control of Missouri Pacific.
"We had been studying for a couple of years in a general way the growth
of the country and became convinced of the certainty of development of
the Southwest, and concluded that if we were to have any more railroad
Investment we would prefer it in that location. A study of the best railroad
Investment there—the one which afforded the greatest opportunity for
future growth, development and expansion, and possessing the diversity
of basic traffic that we were looking for—led clearly to the Missouri Pacific
system.
"In the early part of 1929 we began to accumulate its shares, and in the
spring of 1930 finished with a majority of them. Soon after we had accomplished these purchases the country was pitched headlong into the unforeseen depression, the worst the world has over known. This wrought its
accompanying havoc to investments and its violence to Alleghany Corporation.
"Missouri Pacific is now in the first stages of reorganization and when that
IS done that system will be one of the best and most prosperous in this
country. We knew when we bought control that the railroad needed some
capital readjustments, but we also knew that it was headed for some definite
betterments that were under way and others that could be put under way
to improve its operating ratio. We had expected that the lifting of the topheavy portion of its structure would be accomplished by putting more of
the investment into equity, or stock, by voluntary process rather than as
it is finally having to be done. We see nothing to change our minds as to
the ultimate desirability of that investment and ownership.
Coal and Oil Carriers Show Profit.
"Instead of coal. in the Southwest we haul oil and its products, agricultural products, fruits and vegetables. Of course, there is a goodly portion
of manufactured articles in both regions.
"While we are on this subject of diversity,a peculiar quirk of the present
economic situation, contrasting with the belief in that heretofore considered
measure of stability. has happened. Our road that is doing the best in the
East is the Chesapeake & Ohio, with coal making up over 80% of Its Um'
nage. In the Southwest, the road of the Missouri Pacific system that is
now showing up to the best advantage is the International-Great Northern,
majoring, if you will, in oil, so that wisdom of the past dictating diversity
has these striking examples at this time to the contrary, notwithstanding
which we are still of the opinion that in ordinary times diversity will be of
major Importance.
"Right here we would like to stress that there was no thought of consolidating the Chesapeake & Ohio system of the East with the Missouri Pacific
system in the West, nor was our conception that of a transcontinental
railroad system.
Purpose of the Acquisitions.
•
e i.e e it Is prone'.,in concluding, to leave one more thought withyou.
Volume 136
Financial Chronicle
"Upon the completion of the Missouri Pacific control purchase, we had
reached the place where Alleghany,in a general way, had acquired the properties it was seeking to obtain. There were still improvements and refinements to be made, as well as the rounding out of each of these systems
pursuant to the Inter-State Commerce Commission plans for them. We
have carried forward in the spirit of the Act of Congress of 1920. which
decreed that these and all other carriers should unite into a limited number
of systems.
"Our present aim is toward making these properties satisfy,in the highest
degree, the public need and service, and at the same time produce a just
return for the investors who have cast their lot with us."
Regarding the hearing on June 7 the Washington correspondent of the New York "Journal of Commerce" had the
following to say in part:
Examination of 0. P. Van Sweringen to-day revealed that the great rail
holdings were built on a "shoestring" of $1,000,000 contributed by the
brothers and their associates.
Counsel Pecora also drew from the witness the admission that by setting
up the General Securities Corporation in 1927 to act as the medium in the
transfer of certain shares of Chesapeake & Ohio Railroad stock to the
Chesapeake Corporation, the Van Sweringens "legally" avoided payment
of taxes on profits that had accrued on this stock while it was in their
possession.
The Van Sweringen's acquisition of their large rail holdings started in 1916
with a capital of $1,000,000. Of this amount, the Van Sweringen brothers
contributed $500,000 realized on borrowing on their property, and their
associates contributed the remainder.
"I am inclined to agree that we started on a shoestring," 0. P. Van
Sweringen declared. "but nevertheless, what we made of that shoestring is
what we hold to-day."
Tells of Stock Transfers.
The operations by which the Van Sweringen interests transferred stock
from one of their subsidies to their bolding company through a third affiliate
they controlled occurred in two instances, Mr. Pecora developed.
In 1927 the General Securities Corporation was organized "chiefly, but
not solely" to transfer 255,000 shares of C.& 0.common stock held by the
Vanness Co. to the Chesapeake Corporation.
The Geneva Corporation was formed by the group to act as the medium
in the transfer of stock from the Chesapeake Corporation to the Alleghany
Corporation, the present holding company for the Van Sweringen acquisitions.
Commenting on the first transaction, Mr. Van Sweringen stated that the
General Corporation was "organized as a medium of exchange so as to
avail ourselves ofincome tax exemptions provided by Congress for corporate
reorganizations where there was no recognized or realized gain." He later
said that the Geneva Corporation transaction was made in "the same
Interest of economy."
The examination of 0. P. Van Sweringen concerning the
financial details of the railroad empire set up by his family
and associates was concluded on June 8, the "Journal of
Commerce" account from Washington on that date continuing in part:
He and his brother, T. J. Van Sweringen, have been asked by committee
counsel to remain over until to-morrow in the event there are "loose ends of
the examination to be tied up." . . •
0. P. Van Sweringen, under examination for the fourth day, interrupted
questioning to-day to interject that the Investigation such as now is being
pursued by the committee are "terrifically destructive." He later changed
the statement to point out that reports on such investigations give an "atmosphere that something is wrong and this is destructive."
"Wise regulation" of holding companies was indorsed by the witness.
He contended that if the bolding companies concerned in the Van Sweringen
interests were checked it would be found that they have "been beneficial,
even under present conditions." The trouble with the railroads to-day is
not due to holding companies, he insisted, asserting it goes back beyond
that. Admitting that stock speculation contributed to the depression, he
pointed out that holding companies have helped in that circumstance.
Details of operations whereby the Van Sweringens set up a third corporation to transfer vertain stocks from one holding company to another to secure
tax exemptions were reviewed by Mr. Pecora. The committee counsel
admitted that such transactions were perfectly legal. He said that he had
developed the matter to call it to the attention of Congress.
Denial is Made.
Pecora's assertion that the Van Sweringen interests received considerations of $84,067,000 from the Allegheny Corporation in return for certain
stocks that originally cost $52,044,000 were denied by Mr. Van Sweringen.
He declared that the calculation was based on an assumption.
Questioning the witness concerning a loan acquired by the Missouri
Pacific Railroad, of which Mr. Van Sweringen is chairman of the board of
directors, used to fund half of a $11,700,000 loan due J. P. Morgan & Co..
Mr. Pecora sought to bring out that the banking firm had directed the
railroad to "sit on the doorstep" of the finance corporation until the advance was made.
Inquiry Into Affairs of J. P. Morgan & Co. by Senate
Committee Investigating Stock Market Trading—
Senate Passes Resolutions Empowering Committee
to Investigate Stock Sales for Income Tax Purposes
—Statement Regarding Stock Sales by Thomas
S. Lamont.
On June 8 the Senate passed, without opposition, the
Fletcher resolutions giving the Senate Banking and Currency
Committee specific power to investigate stock sales for income tax purposes, extending the life of the investigation
until the end of the next session of Congress, and appropriating $100,000 additional. The Washington correspondent of the New York "Evening Post" indicating this on
June 8 added:
Senator Duncan U. Fletcher, Chairman of the Committee,left the bearing
of the Van Sweringens to take care of itself and went to the floor to ask
unanimous consent to call up his resolutions and have them passed.
After one or two perfunctory questions by Senators Connally of Texas
and Hatfield of West Virginia and the statement by Senator McNar, of
Oregon. Republican leader, that he had no objection, the resolutions were
agreed to.
4025
This gives the committee full authority to ask Thomas S. Lamont and
any other partners of J.P. Morgan & Co.or of any other firm any questions
the Committee wishes about their stock sales. The resolutions developed
out of a question of Mr.Lamont as to his sales of securities on Dec. 30 1930:
allegedly for income tax purposes.
Morgan Objections Quieted.
It was made clear to-day that the Morgan firm no longer will contest
the authority of the Committee and that they have no intention of provoicing a court fight concerning the present authority by refusing to answer.
It is possible, however, that the questioning on these points may be deferred
until later by Ferdinand Pecora, Counsel to the Committee.
In the same paper it was stated by its Washington correspondent on June 6 that the Senate Banking and Currency
Committee decided on that day at a heated two and a half
hour session to seek further powers from the Senate before
inquiring into the income tax returns of Thomas S. Lamont,
William Ewing and Harold Stanley, Morgan partners. The
June 6 account to the "Post" continued:
The resolution adopted was proposed by Senator Glass and approved by
Ferdinand Pecora, Counsel to the Committee. It was weakened, however,
by the addition, after the clause directing appeal to the Senate for powers,
of the words "should it be deemed necessary to enlarge the powers."
The resolution was adopted by a vote understood to be 15 to 2, with
the votes of Senators Couzens and Norbeck cast in the negative. No announcement of the vote was made by Chairman Fletcher. however. He
explained that he was authorized by the Committee to say only that it had
been passed. . . .
The decision to seek additional powers came as the result of the questioning of authority of the Committee by John W. Davis, Attorney for
.1. P. Morgan & Co., which occurred as the result of a question last Friday
by Mr. Pecora to Thomas S. Lamont about the sale by him personally of
5,087 shares of stock on Dec. 30 1930—a sale about which. on Friday. Mr.
Lamont said he had no recollection.
Stating that a resolution enlarging the powers of the
Senate investigating]committee so that it could in uire into
personal stock transactionsTofiThomas S. Lamont and any
other individuals it chooses was being put into final form:on
June 7.
Advices that day (June 7) to the "Post" added in part:
This action was approNed at a meeting of the investigating sub-committee
-day.
to
Resolution Being Pushed.
The resolution to be introduced to-day to give the Committee power to
go Into tax matters was drafted in tentative form at a meeting of the subcommittee and was unanimously agreed to. It was turned over to the
law clerk of the committee and to Mr. Pecora to be "polished up." When
that is done Chairman Fletcher will introduce it.
In furtherance of the inquiry into the affairs of J. P.
Morgan & Co. Ferdinand Pecora, Counsel for the Banking
and Currency Committee, put Thomas S. Lamont, son of
Thomas W. Lamont and also a partner in the firm, on the
stand on June 2, as to which a dispatch on that date to the
New York "Times" said in part:
He was asked about the sale by him of many stocks on Dec. 30. 1930.
and was apparently puzzled as to how to reply. when John W. Davis.
counsel for the Morgan firm, jumped to his feet.
Mr. Davis, who has sat quietly through a good many searching intimate
inquiries into the financial details of the Morgan firm's aethities, showed
revehled.
on ta is occasion an excitement and indignation which he had not before
Not on the Questionnaire.
Turning to Mr. Pecora as soon as the question was asked, Mr. Davis
said that it was unfair to ask young Mr. Lamont, who was a comparative
newcomer to the firm, to explain a transaction which had not been set
down in the questionnaire submitted to the firm, and that he should have
an opportunity to acquaint himself with the facts so that he might answer
intelligently.
Mr. Pecora stated that he did not wish the witness to answer anything
with regard to which he was not informed, and after Senator Fletcher,
Chairman of the Committee, had said that he felt the question was fair
but that both he and Mr. Pecora were willing that Mr. Lamont refresh his
recollection, the incident ended. The meeting was adjourned until Monday, when it is expected that Mr. Lamont will again be called to the stand.
Yesterday (June 9) Thomas S. Lamont detailed means by
which losses in stock transactions were recorded against his
taxable income, and William Ewing, also a partner in J. P.
Morgan & Co. was examined on profitable short sales in
which he participated as trustee for his children.
Associated Press advices from Washington yesterday
(June 9) as given in the New York "Sun" went on to say in
part:
The former, in a statement, prepared after the committee had met a
challenge of its authority by getting wider power, told how he and his wife
had exchanged stocks both directly and indirectly, allowing a S114.807 loss
for him in 1930.
Later he repurchased the stocks at about the same prices which Mrs.
Lamont had paid.
Ferdinand Pecora. committee counsel, estimated the deals reduced the
young Morgan partner's tax liability that year by $20.000.
"I don't believe it could possibly have been as much as that." Mr.
Lamont commented, while J. P. Morgan and John W. Davis—Morgan
counsel—paid close attention in the uncomfortably warm and sparsely
filled hearing room.
Another List Presented.
A list of persons especially selected by the Morgan firm for invitations
to buy Johns-Manville stock at 4734 was placed this afternoon in the voluminous record of the Senate investigation of the bank.
It has been shown that still another list was made up in sale of the stock
at ten dollars more a the stock was offered at 57A.
Those let in at the lower price Included mostly Morgan partners.
William H. Woodin and Owen 13. Young were among those to whom
the stock was offered at 5734.
4026
Financial Chronicle
The purchases were made in June 1927. before Mr. Woodin held public
office.
Others on the 5736 price list included Norman H. Davis, Walter S.
Gifford, Charles D. Hills, Charles E. Mitchell, John J. Raskob, Silas H.
Strewn, Gerard Swope, Garrard B. Winston and Clarence M. Woolley.
This group, composed of many of the prominent figures on previously
published selected lists, was jokingly described to newspaper men by Mr.
Pecora as one of "mezzanine floor" clients.
0 ,Purchasers at the lower price took 343,750 shares and the others took
1
_
56,200.
George Whitney-Morgan partner-said when the stock was distributed
June 9 1927, the market price was "about 78."
He added the $47.50 list was composed of Morgan partners and their
families and the second was another "select list."
Lamont Deal Upheld.
Mr. Davis read a statement upholding the legality of the Lamont transactions. declaring "in all the revenue acts from 1913 to 1932 individuals
have been allowed unlimited deductions from their incomes on account
of losses actually sustained on the sale of securities or other property."
Mr. Lamont testified that the repurchase of the stocks from his wife
on April 8 1931 was direct.
He added that he tore up his wife's note at the time and that he paid
her no cash.
"The market price at the time I bought these shares back," he said.
"was within $100 or $200 of the price she paid for them."
Mr. Ewing revealed that In 1928 he made short sales on behalf of trust
accounts for his children.
1 As trustee, he sold 4,350 shares of Johns-Manville stock, making delivery
,
by borrowing 1,800 shares from his wife and the rest from himself.
A prepared statement regarding his personal income tax
return was submitted as follows to the Committee by Thomas
S. Lamont at yesterday's (June 9) hearing:
When I went home over last week-end I looked up as thoroughly as I
Could in those two days the transactions which I had had in those stocks
mentioned last Friday by Mr. Pecora. I ascertained the following facts:
I was in 1930 the owner of those stocks which Mr. Pecora specifically
referred to. At the end of that year I had a real loss in them due to the
decline in values. I sold them as follows:
(a) Publicly
1,000 shares Shamrock Oil & Gas Co. on Dec. 30 1930. 1,500 shares
Continental Oil Co. on Dec. 31 1930. 200 shares Durium Products
Corporation Preferred on Dec. 31 1930. 300 shares Hall Electric Heating
Co. on Dec. 311930.
(b) To my wife on Dec. 30 1930500 shares State Street Investment Corporation. 350 shares Investment
Corporation of Philadelphia. 237 shares P. R. Mallory & Co. Common.
My beneficial interest in 1,000 shares of Simms Petroleum Capital Stock.
My wife purchased in the market a similar amount of the shares sold
She purchased them for cash and borrowed an equal amount from me,
upon her demand note which, though not specifically collateralled, was
well covered by the shares themselves plus her other personal estate.
Proper transfer stamps were affixed to each transfer; the usual commissions were paid to the brokers where securities were sold through public
sales.
There was no agreement nor any understanding between us that I should
any time later on repurchase these shares from her or any of them. I
intended the sale to be a complete and final disposal of these shares and she
understood it to be so Dividends on these shares after she bought them
were naturally paid to my wife for her own personal account. I was advised
that under these circumstances I was fully within my rights in deducting
from my income return for the year 1930 the amount of the loss sustained.
In the early part of 1931 things seemed to improve but after several
months they seemed to me to be slipping and by April it looked to me as
though they might get considerably worse. I talked to my wife about this
and we both felt that it was not wise that she should continue to carry this
debt against stocks. Therefore, I purchased the stocks from her on Apr. 8.
1931. at the original price and she thereupon paid her loan; the note was
surrendered and marked "paid," There was no substantial difference then
in the value of the securities compared to December, 1930. The necessary
steps involved in a purchase of securities took place, including the payment
of transfer taxes. I believe that I acted fully within my rights in making
this purchase.
I am told that even if my tax deductions growing out of the loss on all
the above sales except those made publicly were eliminated it would result
in an additional tax of $1,440.29 in my return and $595.57 in my wife's.
I have always understood that the Bureau of Internal Revenue regularly
examines the tax returns made in our office and that whenever they find
mistakes they call our attention to them. I have been told that in 1932
they made their usual examination both of my own and my wife's income
tax return for 1930. At that time they were given full access to all books,
papers and accounts,including the accounts of J.P. Morgan & Co.,in which
these transactions were recorded. Complete information was given to the
Bureau regarding both my sale in December, 1930, and my purchase in
April, 1931. I'd like to say here that mistakes in my returns could come
from clerical errors in their compilation, which in our office are rare, or they
could come from some error on my own part in the handling of my affairs.
If the Bureau had found the latter I can only say that it would have been an
honest mistake and that it would probably have been due to my difficulty
-which others share
-of fully understanding the technique and details of
the income tax law.
Since the Bureau's examination I have received from them no further
inquiry, criticism or complaint, nor has there been at any time any redetermination of my tax or any request for a further payment.
Someone has said that the time allotted to the Bureau under the statute
to make a re-determination has expired. That doesn't mean anything to me
because I don't intend to try and hide my income tax return now or at any
time behind a statute of limitation. If the Bureau wants to make a reinvestigation of these transactions, naturally I am entirely willing that they
should do so and quite ready to waive any benefit from the lapse of time
which the statutes may give.
The following statement prepared by John W. Davis,
Counsel for J. P. Morgan & Co., was also submitted to the
Committee at yesterday's hearing:
1. By all the Revenue Acts from 1913 to 1932,individuals in determining
their net taxable income have been allowed unlimited deductions from their
gross incomes on account of losses actually sustained on the sale of securities
or other property.
2. The fact that a sale is made for the avowed purpose of reducing the
tax does not preclude the taxpayer from deducting the loss thus ascertained.
It is a settled principle of law that a taxpayer is entitled to resort to any
legal method available to lessen the amount of his tax liability.
June 10 1933
II. S. v. Isham, 17 Wall. 496.
Bullen v. Wisconsin, 240 U. S. 625.
Superior 011 Co v. Mississippi, 280 U. B. 390.
Ford v. Nauts, 25 F.(2d) 1015.
Weeks v. Sibley. 269 Fed, 155.
Marshall v. Commissioner, 57 F.(2d) 633.
As the Court remarked in the last case cited-"There was nothing unlawful, or even mildly unethical, in the motive of petitioner, to avoid some
portion of the burden of taxation."
3. Where, as in the State of New York, a married woman is given all the
rights of contract and of property which any other person enjoys, contracts
and agreements between husband and wife are legal and binding on both
parties. A sale by a husband to his wife is just as legal and just as effective
in establishing a loss by the sale of securities as a sale to any other person.
R. W. Hale v. Commissioner, 25 B.T.A. 1450 (memorandum opinion
printed in Prentice Hall Federal Tax Service, 1933, Par, 587, Page
682).
Ladew v. Commissioner, 22 Board of Tax Appeals, 443.
Hunan v. Commissioner, 27 Board of Tax Appeals,
Mallinckrodt v. Commissioner, 4 Board of 'lax Appeals, 1112.
14 Board of Tax Appeals, 194.
Catlin v. Commissioner. 25 Board of Tax Appeals, 834.
Foster v. Commissioner. 22 Board of Tax Appeals, 717.
Callaway v. Commissioner, 18 Board of Tax Appeals. 1059.
and many, many other cases.
4. In case of sales to husband and wife, relatives, friends or business
associates, the mere fact that thereafter there was a repurchase of the property by the seller, after the time limited in the statute, does not invalidate
the original transaction or justify denial to the taxpayer of a deduction for
the losses thereby incurred.
Appeal of Pennsylvania Co.for Insurance,etc.,2Board of Tax Appeals
48 (June 1,s 1925);
Appeal of Britt, 2 Board of Tax Appeals 53 (June 12. 1925).
Cole v. Heiburn, F. (2d)(D.C. Ky.)(March 24, 1933);
Griffin v. Commissioner. 7 Board of Tax Appeals, 1094 (August 22.
1907);
Kurtz v. Commissioner, 8 Board of Tax Appeals. 679 (Oct. 10. 1927);
(Jan. 4.
Kunau v. Commissioner. 27 Board of Tax Appeals
1933);
Budd v. Commissioner. 43 F. (2d) Mg. reversing 12 Board of Tax
Appeals 490 (August 13, 1930);
Wood Lumber Co. v. Commioner, 25 Board of Tax Appeals 1013
(March 28, 1932).
These well established principles of law make it clear that the action of
Mr. Thomas S. Lamont, concerning which the Committee has inquired and
he has testified, was fully within his rights and not subject to any justifiable
criticism.
Reopening of Banks in Federal Reserve System-5,478
Licensed Out of Total Membership of 6,689
-Banking Developments Following Bank Holiday.
The Federal Reserve Board announced June 1 that 5,478
member banks holding $26,103,948,000 in deposits (Dec. 31
1932) had again been licensed to reopen up to May 3. The
Board's report shows that 1,211 member banks holding
$2,618,606,000 were still unlicensed. Figures of member
banks licensed and not licensed as of May 3 1933, following
the bank holiday early in March were presented by the
Federal Reserve Board in the May "Bulletin," issued June 1.
Regarding the figures the "United States News" (formerly
"Daily") on June 3, said.
Ninety-one per cent of the deposits held by banks in the Federal Reserve
System prior to the banking holiday of March have been made available
again.
Ninety-one member banks were permitted to open during April, according to the Board's figures, The deposits in licensed member banks increased $254,000.000 during the same period.
Of the 5,478 member banks which were open on May 3, 4,822 were National banks and 656 were State bank members of the Reserve System.
The licensed National banks held $16,520,237,000 in deposits and the
licensed State member banks held $9,583,711,000.
Among the unlicensed banks there were 1.067 National banks and 144
State bank members. The closed National banks held deposits amounting
to $1,781,679,000 and the deposits in the closed State member banks
totaled $836.927,000.
Of the 12 Federal Reserve areas, the Chicago District has the largest
number of member banks still closed, 307. The deposits in unlicensed
banks also is higher in that District than any other. aggregating $939,835,000.
The Dallas Federal Reserve area has the fewest unlicensed member
banks. Out of the 564 member banks in the region only 29 have not
received licensee. They hold only $5,055,000 in deposits.
In its April "Bulletin" the Board reviewed banking developments following the bank holiday, at which time it said in
part.
Licensed Banks.
By March 29.the latest date for which comprehensive figures are available
about 12,800 banks out of 18,000 in operation before the crisis, had been
licensed to open on an unrestricted basis. Of this number, 4,766 were
National banks, 621 State member banks, and about 7,400 non-member
banks, including mutual savings banks and private banks operating under
State supervision. Approximately 5.200 banks had not received unrestricted
licensee; of this number 1,141 were National banks, 166 State member
banks, and about 3.900 non-member banks. Figures are not yet available
on the volume of deposits in opened or unopened non-member banks.
Deposits at those member banks that reopened between March 13 and
March 29 were approximately $25.850,000,000 on Dec. 311932, compared
with total deposits of all licensed and not licensed member banks of approximately $28.565,000,000: deposits of the reopened member banks.
therefore, represented about 90% of total member bank deposits.
Return Flow of Currency.
A rapid return flow of currency to the Reserve banks has characterized
the period since the reopening of licensed banks under the program announced by the President on March 10. Between March 4 and April 5,
$1.225,000,000 of money returned to the Reserve banks, of which $645,000,000 consisted of gold coin and gold certificates; the ratio of reserves
against Federal Reserve notes and deposits combined advanced from
45.1 to 59.7%. Currency brought to the Reserve banks by the member
banks represented in part a return by these banks of cash previously withdrawn for the purpose of increasing their vault holdings and In part currency redeposited with the banks by the public. Funds arising out of this
return flow of currency were used by the member banks to reduce their
borrowings at the Reserve banks by $1,000,000,000, and in addition to
Financial Chronicle
Volume 136
reduce the acceptance holdings of the Reserve banks by 1130,000,000.
Total reserves of the 12 Federal Reserve banks combined advanced from
$2,800,000,000 on March 4 to $3,490,000,000 on April 5, the highest level
since the autumn of 1931. On April 7 the discount rate of the Federal
Reserve Bank of New York was reduced from 334 to 3%•
The Reserve Board's summary of licensed and unlicensed
banks was given as follows in its May "Bulletin".
Member Banks Licensed and Not Licensed.
There is given below a table showing, as of May 3. the number of all
member banks, and indicating the number of these banks that had received
licenses to reopen from the Secretary of the Treasury and those that had
not received such licenses on that date. There is also shown the amount
of deposits held by these banks on Dec. 31 1932, the latest date for which
such figures are available.
.
MEMBER BANKS LICENSED AND NOT LICENSED AS OF MAY 3 1933
Deposits on Dec. 31 1932, of Banks
Licensed and Not Licensed on
May 3 1933 On Thousands of
Dollars).
Number of
Banks.
Total.
AR member banks:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
367
823
686
633
392
316
771
404
530
771
564
432
6,689
Total
338
677
622
562
352
277
614
339
495
744
513
356
Licensed.a
Not
Licensed.
128,514
243,548
156.273
518,398
194.436
154,896
939,835
93,581
35.433
71.869
5,055
76,768
5,478
1,211 28,722,554 26,103,948
2,618,606
1,465,381
4,313,774
1,385,268
1,172,348
619,043
616,100
1,979,063
550,949
655,416
881,312
676,748
2,204,835
92,939
207,113
126,781
159,682
118,165
26,279
822,596
45,311
35.433
71.869
4,819
70,692
1,067 18.301,916 16,520,237
1.781,679
450.855
5,749,327
640,255
853,923
209,381
70,283
539.607
274.311
33,669
116,011
40,954
605,135
35,575
36,435
29.492
358,716
76,271
128,617
117,239
48.270
5,899
4,822
29
146
64
71
40
39
157
65
35
27
51
76
25
138
57
59
33
34
89
49
36
27
49
61
State bank members:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco__
Total.
57 2,044,750 1,916,236
138 10,306.649 10,063,101
98 2,181.796 2,025.523
153 2,544,669 2.026,271
828,424
92 1,022,860
686,383
841,279
46
307 3,458,505 2,518,670
825,260
918,841
78
689.085
724,518
68
997.323
76 1.069.192
717.702
722,757
29
69 2,886.738 2,809,970
=M=4E42
National banks:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas COY
Dallas
San Francbmo
Li- Not Ltcensed. ceased.
WC7100.W.I.NWA.010W
COWDON0.40WWW.
,
WpOIN04.000M0 0
Federal Reserve
District.
53
130
91
141
85
41
239
62
68
76
27
54
4
8
7
12
7
5
68
16
2
15
1,558,320
4.520.887
1,512,049
1,332,030
737,208
642.379
2,801,659
596,260
690.849
953,181
681,567
2,275,527
486,430
5,785,762
669,747
1,212,639
285,652
198,900
656,846
322,581
33.669
116,011
41.190
611,211
236
6,076
836,927
Total
144 10.420,638 9,583,711
656
800
a Exclusive of depos is of banks that were not in operation on Dec. 311932.
Beginning of the Crisis.
From the beginning of 1933 serious developments in the banking situation in some sections of the country were indicated by large-scale withdrawals of deposits from banks in those sections. Many of these represented the transfer of deposit accounts from banks in which depositors had
lost confidence to other institutions, but after the first week in February
withdrawals were to an increasing extent in the form of currency and toward the end of the month withdrawals of currency included considerable
amounts of gold. Gold withdrawals represented in part domestic hoarding
and in part losses of gold to foreign countries caused by the decline in
dollar exchange reflecting a movement of funds from the United States.
As these movements developed, the pressure was felt not only by the weaker
member and non-member banks in different sections of the country, but
generally by member and non-member banks throughout the country and
by the Federal Reserve banks, which were obliged to issue a large volume
of Federal Reserve notes and at the same time to reduce their reserves
by paying out gold.
The earlier transfers of deposit accounts as between institutions reflected
increasing distrust on the part of the public concerning the position of
Individual banks rather than apprehension concerning general banking conditions. Depositors in many banks drew upon their accounts and transferred funds to other banks in the same communities or other communities,
or to the Postal Savings System. While the effects ofsuch transfers differed
from those of currency withdrawals in that they did not reduce the volume
of deposits in the banking system as a whole, their effect upon the position
of the institutionsfrom which they were withdrawn were the same as those of
cash withdrawals. To obtain funds to most these transfers, institutions
under pressure were obliged to draw upon their balances with other banks,
to convert other liquid assets into cash, or to borrow on their sound assets
from the Federal Reserve banks or from the Reconstruction Finance
Corporation. In many cases, after having pledged or disposed of practically
all their sound assets and disbursed the proceeds in meeting withdrawals by
depositors, the banks were finally compelled to close. It was largely to
avoid the continuation of this process and to protect remaining depositors
that banking holidays were declared in individual States and finally in the
country as a whole.
Withdrawals of Currency.
The declaration of a banking holiday in Michigan on Feb. 14 arrested
the withdrawal of deposits from banks in that State which had been causing
progressive deterioration in the assets of many banks. An effect of this
holiday outside of Michigan, however, was to increase the movement of
funds from weaker to stronger banks, and also the withdrawal of currency
In many parts of the country. The chart this we omit. Ed.] shows for
the months of February and March changes in the demand for currency in
each of the 12 Federal Reserve districts. It indicates that after Feb. 14.
when the Michigan banking holiday was declared, currency demand increased in nearly all the Federal Reserve districts. This increase was
particularly marked in the Cleveland and Chicago districts, but was also
large in the New York district. The declaration of a similar holiday in
Maryland on Feb. 25, and in other States on subsequent days, was accompanied by sharp increases in currency demands throughout the country.
Between Feb. 15 and March 4 these demands amounted altogether to
4027
of
11,630,000,000, including demands for gold coin and gold certificates
the week
$300,000,000. Three fourths of these demands occurred during
three
beginning Feb. 27, and more than half was concentrated in the first
days of March.
York City.
Effect on Member Banks in New
held
Member banks in New York City at the beginning of February had
carried
a large amount of excess reserves with the Reserve banks, and also
banks throughout the country. The
large deposit balances for interior
balances
interior banks in meeting the demands upon them drew on their
with their New York correspondents to the extent to more than three
consequently were called upon
quarters of a billion dollars, and the latter
same time that direct
to release funds in large volume to other banks at the
withdrawals of currency within New York City were rapidly expanding.
In meeting these demands the New York City banks drew on their reserve
balances to the extent of 1307,000,000,thus eliminating their excess reserves.
and borrowed 1664,000,000 at the Federal Reserve Bank of New York.
In addition the Federal Reserve banks put $385,000,000 into the market
through the purchase of acceptances, chiefly in New York.
Position of Federal Reserve Banks.
On Feb. 1, before the banking crisis had developed, the Reserve banks
had reserves of $1,476,000,000 in excess of legal requirements and the
reserve ratio of the 12 Federal Reserve banks combined was 65.6%. In
the latter part of February and the fist part of March the Federal Reserve
banks loaned 11,170,000,000 to member banks and in addition furnished
funds through purchases of acceptances and United States Government
securities in the open market, amounting to $460,000,000. The greater
part of this expansion was due to an increase of Federal Reserve notes,
which require a 40% gold reserve, but there were also withdrawals of gold
which decreased the reserves of the Federal Reserve banks. As a consequence of these developments the combined reserves of the 12 Federal Reserve banks in excess of legal requirements were reduced to $416,000,000
on March 4,and the reserve ratio of the System as a whole declined to 45.1%.
At the Federal Reserve Bank of New York there was a heavy demand for
currency originating within the district, and a larger demand for funds
resulting from the withdrawal of bankers' balances by interior banks from
their New York correspondents. These withdrawals were effected through
the Federal Reserve banks and resulted in transfers of reserves through the
gold settlement funds from the Federal Reserve Bank of New York to other
Federal Reserve banks. While the movement to the interior was developing,
the New York Federal Reserve Bank sold part of its portfolio of United
States Government securities to other Federal Reserve banks, and on
March 8 had rediscounts of $210,000,000 with the Federal Reserve banks of
Boston, Cleveland, Chicago and St. Louis. Soon after the reopening of
the banks on March 13, the Federal Reserve Bank of New York retired
these rediscounts and repurchased United States securities previously sold
to other Reserve banks. The improvement in the position of the New York
bank reflected not only the return of gold and currency from within the
New York district, but also gains through the gold settlement fund, refleeting in part a return flow of bankers' balances to the large member banks
In New York City.
On April 5 the reserve ratio of the Federal Reserve banks was 59.7%.
Total cash reserves of the banks were 13,488,000,000 and their excess reserves $1,262,000,000.
Gold Reserves and Gold in Circukdicm.
The accompanying chart !this we omit. Ed.) shows the course since the
end of 1914 of the total monetary gold stock of the United States, the gold
reserves of the Federal Reserve banks, and the gold in circulation, that is,
outside the Treasury and Federal Reserve banks.
The chart shows that for the whole period since the establishment of
the Federal Reserve System in November 1914. the gold stock of the
the increase
country has increased from $1,812,e00,000 to $4,275,000,000.
occurring largely during the war period and the period of currency disorganization in Europe prior to 1924. After a rapid gain of gold in 1930 and
1931 to a peak of $5,000,000,000 in September 1931. this country lost
more than $1,000,000,000 through the withdrawal of foreign balances
prior to July 1932, but regained more than half of this amount by the end
of the year. The decrease in the country's stock of gold between Feb.1
and March 4 was $305,000,000 and at the end of March the total stood
at about the same level as last autumn and somewhat above the average
of the two years 1928 and 1929.
The chart also shows the amount of gold coin and gold certificates in
circulation. In November 1914. when the Federal Reserve System was
organized, there was about 1600,000,000 of gold coin in circulation, that is,
outside the Treasury and the Federal Reserve banks. Included in this
figure is gold held by national and State banks as reserves as well as gold
held in colections or in hoards and gold that may have been lost altogether.
Between 1917 and 1931 there was a gradual return of coin from circulation
and at the end of April 1931 the total volume was reduced to 1350,000.000.
The large-scale withdrawals of currency which developed in 1931 and 1932
were accompanied by some increase in the demand for gold coin, and on
Jan. 31 1933. the total amount in circulation had risen to 1480,000.000.
During the period of the recent banking crisis further withdrawals increased
the total to $625,000,000 on March 4, an increase of 1150,000.000 since
Jan. 31 and of $275,000,000 since the low point in 1931. After the declaration of the banking and the adoption of measures to prevent the hoarding
of gold, gold coin was returned in large volume to the Treasury and the
Federal Reserve banks, so that on March 31 the amount in circulation was
reduced to 1365.000.000.
The chart shows that at the end of 1914, 1700,000,000 of gold certificates
were in circulation and that by May 1917 this amount had increased to
more than $1,300,000,000. Under the policy of gold mobilization adopted
by the Government at that time, gold certificates were retired gradually
until the spring of 1922, when the total amount in circulation was reduced
to 1170,000,000. After that time gold certificates were again paid into
circulation, and in 1925 their volume reached a level of more than 11,000,000,000, which was maintained with some fluctuations until the autumn
of 1931. After September 1931 gold certificates in circulation declined to
$590.000.000 on Jan. 31 1933. During February and the early part of
March of this year gold certificates in circulation Increased by $170,000,000.
bringing the total to $760,000,000 on March 4. This increase was:in part
a reflection of the general increase in currency, but in part represented a
demand by the public for gold in the form of certificates as well as of coin.
On March 6 further paying out by banks of gold coin and certificates was
prohibited by the President's proclamation, and on March 8 the Federal
Reserve Board requested the Federal Reserve banks to prepare lists of
persons who had recently withdrawn gold (including gold certificates) and
had not redeposited it in a bank by March 13, the date being subsequently
extended to March 27. On March 10 the President issued an Executive
order which prohibited the export of gold except in accordance with regulations prescribed by or under license issued by the Secretary of the Treasury.
These developments in connection with gold payments, and the general
recognition by the public of the desirability of restoring to the country's
reserves gold held privately, where under existing conditions it does not
4028
Financial Chronicle
Promote the public interest, resulted in a rapid return flow of gold and gold
certificates to the Reserve banks. Between March 4 and March 31,
$260.000,000 of gold coin and $370.000,000 of gold certificates were returned to
the Federal Reserve banks and the Treasury. On March 31 the
total
amount of gold and gold certificates outside the Treasury and the Federal
Reserve banks was $760,000,000, the lowest figure since 1923.
Executive Order Forbidding Hoarding of Gold.
On April 5 the President issued his order forbidding the hoarding of gold.
Suspension of Holidays and Opening of Banks for
Business.
Since the publication in our issue of June 3 (page 3845)
with regard to the banking situation in the various States,
the following further action is recorded:
June 10
1933
MAINE.
The Brunswick National Bank of Brunswick, Me., closed
since the declaration of the National bank holiday, reopened
for business on June 6, according to advices by the Associated Press from Brunswick on that date, which,continuing,
said:
It was the first National bank in the State, exclusive of those which
reopened immediately after the holiday was concluded, to resume business.
Eighteen of the 43 National banks in the State are still closed or in various
stages of reorganization.
Depositors were entitled to withdraw up to 80% of their accounts, but
bank officials said most withdrawals were being made for immediate requirements only.
MARYLAND.
From the Baltimore "Sun" of June 2 it is learnt that an
DISTRICT OF COLUMBIA.
On June 6 the Franklin National Bank of Washington, agreement under which $2,120,000 would be advanced by
D. C., stated/that $2,100,000 worth of depositors' and the Reconstruction Finance Corporation to enable the
stockholders' agreements to the reopening of the institution Eastern Shore Trust Co. of Cambridge, Md., to reopen
asjan. i— epende'nt inst'itution under its present Orrad "on an entirely sound basis," provided its depositors assent,
— nd—
i
been secured,according to the Wa hington"Post" of May 7, was reached in Washington on June 2. Under its provvisions, however, depositors would be required to waive,
which added:
The required amount for this action now has been7placed at
through purchases of stock in the reorganized bank, 50%
$2,200,000
With reference to the affairs of the closed Park Savings of their claims, whereas 33 1-3% had been the basis upon
Bank of Washington, D. C., the Washington "Post" of June which previous reorganization plans were established. The
7 carried the following:
Reconstruction Finance Corporation's proposition was outA meeting of the depositors of the Park Savings Bank will be held next
lined in a letter written by Jesse H. Jones, Chairman of the
Monday (June 12) at 8 p. m. in the Central High School auditorium in
Board of the Corporation, to Hooper S. Miles, President of
order to take steps to protect their savings and to formulate plans to aid
the bank, under date of June 1. It read:
In the reopening of a new bank if possible. The committee
appointed by
the depositors will make a report of their investigation. J. W.Thompson,
head of the committee, said that so far there are not enough funds left
to start another bank.
CONNECTICUT.
On June 8, the Reconstruction Finance Corporation
authorized the purchase of $200,000 worth of preferrg
stock in the National Tradesmen's Bank of New/Haven,
Conn., according to a dispatch by the Associated Press from
Washington on June 8.
DELAWARE.
Associated Press advices from Dover, Del., on June 3
stated that under Delaware's new Banking Act Harold W.
Horsey, the State Banking Commissioner, that day was appointed receiver for the Brandywine Trust & SavingrBank
- of Wilmington by Chancellor J. 0. Wolcott.
-'Mr
dispa1731
continuing said:
The bank has been operating on a restricted basis under the supervision
of Horsey since the bank holiday ended in March.
Recently, the bank
tried to increase its capital stock by $100.000 by selling additional shares.
FLORIDA.
The directors of the Reconstruction Finance Corporation
in37—6 authorized the purchase of $40,000 preferred stock
ie in the reorganization of the First National Bank of Milton,
Fla. The preferred stock authorization is contingent upon
the subscription of common stock by those interested in the
reorganization of the bank.
ILLINOIS.
The State Auditor of Illinois on May 31 authorized the
following State banks to reopen on June 1:
Hinckley—Hinckley State bank.
Roanoke—Roanoke State Bank.
Flatrock—The Flatrock Bank.
Depositors in the First National Bank of Riverside Cook
County, Ill., which closed on June 27 1932, on June5 received an initial dividend of 25% of their claims, according
to the Chicago "News" of that date, which added:
The payment will involve about $35.000. Charles F. Knapp is the
receiver for the bank.
The following Illinois State banks reopened on June 5 on
an unrestricted basis: River Forest State Bank at River
Meat; Anchor State Bank at Anchor; Middletown State
Bank at Middletown; Farmers' State Bank of Sheffield, and
the Rio State Bank of Rio. Another bank, the First State
Bank of Fox River Grove, reopened on June 3.
INDIANA.
A dispatch by the United Press from Fort Wayne, Ind.,
on June 5 stated that the Old First National Bank & Trust
Co. of Fort Wayne would reopen shortly, according to
Frank H. Cutshall, President of the institution. The
institution has been on a restricted withdrawal basis since
before the National bank holiday, the dispatch said.
LOUISIANA.
The directors of the Reconstruction Finance Corporation
on June 3 authorized the purchase of $300,000 of preferred
stock in a proposed new National bank at Baton Rouge,
La., to succeed the Union Bank & Trust Co. of Baton
Rouge, and the Bank of Baton Rouge.
The preferred stock authorization is contingent upon subscription of an equal amount of common stock by those
interested in the formation of the new bank.
Dear Mr. Miles:—In conference to-day between the directors of the
Reconstruction Finance Corporation and representatives of the Eastern
Shore Trust Co. of Cambridge, Md., it was agreed that if the depositors
of the bank would give waivers of 50% of their claims instead of 33 1-3%.
as heretofore proposed, that the bank would be enabled to open on an
entirely sound basis.
Under these circumstances the Reconstruction Finance Corporation
would purchase $500,000 of class A capital debentures and led approximately $1,620,000 on certain of the assets of the bank and $500,000 class B
capital debentures. This plan contemplates a total advance by the Reconstruction Finance Corporation of $2,120,000, and will enable the bank to
open with adequate cash to meet all of its requirements.
Yours very truly.
JESSE H. JONES, Chairman.
The paper mentioned furthermore said in part:
To the previous reorganization plan, based on the 33 1-3% waiver of
claims, the trust company had received written assents representing more
than two-thirds of the bank's deposits.
John J. Ghingher, State Bank Commissioner, said last night, however.
that the new basis of 50% waivers would have to be presented to the
depositors and properly assented to before it could be placed in effect. . ..
The Baltimore "Sun" of June 4 stated that announcement
had been made the previous day that the Farmers' Bank of
Mardela Springs, Md., would reopen on an unrestricted
basis on June 5. George P. Waller and W. W. Robertson
are President and Cashier, respectively, of the institution.
MASSACHUSETTS.
On June 2 1933 the directors of the Reconstruction Finance
Corporation authorized the purchase of $100,000 of preferred
stock in the First National Bank of Athol, Mass., an institution being organized to succeed the Miller's River National
Bank of Athol and the Athol Savings Bank. The authorization to purchase the stock is contingent upon a like amount
of common stock being subscribed by those interested in the
formation of the new institution.
Probable merger of two Haverhill, Mass., banks, the First
National Bank and the Essex National Bank, both of which
have been closed since the recent bank holiday, except for
handling trust accounts, is indicated in the following dispatch from Haverhill on May 22:
Reorganization of the First National Dank of Haverhill and the Essex
National Bank was discussed by about 75 depositors of the two institutions
at a meeting on that night in the offices of the Haverhill Electric Corp.
Consolidation of the two banks was favored as a solution of the present
situation and it was voted to authorize Major Charles H. Morse, who presided, to appoint a committee to investigate the plan.
In regard to the reorganization of the Worcester Bank &
Trust Co. of Worcester, Mass., advices from that city under
date of May 31 to the Boston "Herald" had the following to
say:
June 12 has been tentatively set for the release of deposits under the
reorganization plan of the Worcester Bank & Trust Co., announced this
month. The present quarters of the Worcester Bank & Trust on Franklin
Street, as well as the branches of the bank at Lincoln Square and the State
Mutual Building, will become branches of the Worcester County National
Bank on that date, and releases will be from any of the branches of the
main bank on Main Street.
Announcement was made to-day by George Avery White, conservator.
that 1,212 stockholders have assented to the plan and have indicated their
ability to pay their assessments on 179,300 shares. There are 1,500 stockholders representing 190,000 shares of stock. . . .
A Boston dispatch on June 7 to the Springfield "Republican" stated that Bank Commissioner Arthur Guy of
Massachusetts on that day announced that under the plan
of reorganization of the Worcester Bank & Trust Co. of
Worcester, Mass.,substantially all of the stock of the Worcester County National Bank and its affiliated banks and also
4029
Financial Chronicle
Volume 136
the stock of the Worcester Bank & Trust Co. will be held
by the Worcester Depositors' Corporation for the benefit of
certificate holders of the Worcester Depositors' Corporation
who will participate in the following order:
1. Regular depositors of the trust company whose accounts
are not now being fully released.
2. Deferred depositors of the trust company who contributed to the guaranty fund in July, 1932.
3. Stockholders of the trust company who have assented
to the plan and paid the amount required to compromise
their stockholders' liability. The dispatch furthermore said:
Earnings on stock of the Worcester County National and the other banks
whose stock the Worcester Depositors' corporation will hold, and proceeds
of any disposition thereof, will be distributed from time to time to those
three classes of certificate holders in accordance with the reorganization plan.
Affairs of the Worcester Depositors' Corporation will be administered by
seven directors who, among other things, will elect the directors of the
Worcester County National Bank and the other banks whosestock it holds.
MICHIGAN.
to
holders as additional collateral. All'profits or the bank are pledged
cleaning up the 45% withheld.
NEVADA.
• Reno, Nev., advices by the Associated Press on June 1
stated that depositors in the closed Wingfield banks were
asked on that day by a committee working out reorganization
details to permit a postponement of the reopening date for
a "reasonable period" beyond June 17. The committee
explained some difficulty was being encountered and that it
now appeared the banks could not reopen until early in
July the dispatch said.
NEW JERSEY.
The North Arlington National Bank of Arlington, N. J.,
was to start full banking business on June 6, according to the
Newark "News" of June 5. A certificate giving authority
to reopen was received June 5 from the Comptroller of the
Currency by William Gugelman, Cashier. Gugelman also
was notified of the termination of his appointment as conservator under which the bank was permitted to do a restricted business. The paper mentioned continued:
The purchase of $60,000 of preferred stock in the Birmingham National Bank of Birmingham, Mich., was authorized
capital stock
After the bank holiday the bank was ordered to increase its
by the directors of the Reconstruction Finance Corporation
stockholders. The
by 650,000. This was subscribed by directors and
on June 2. The new bank is being organized to succeed bank was ordered also to convert into cash North Arlington municipal notes
the First National Bank of Birmingham. Authorization which it held to the amount of 650,000. The last of these notes was disto purchase the stock is contingent upon a similar amount of posed of Friday (June 2).
Borough officials co-operated with the bank by arranging to take the
common stock being subscribed by those interested in the borough notes from property owners in lieu of cash payments for taxes, to
the extent of 50% of the amounts due.
formation of the new bank.
Frank J. Stevens has resigned as President of the Chesaning
A plan for complete reorganization of the Orange National
State Bank, Chesaning, Mich., but will remain as conserva- Bank of Orange, N.J., which has been closed since March 4,
tor until July 10, when he becomes affiliated with the G. M. was announced on June 7 by the committee representing the
Peet Packing Co. as Treasurer, according to the Chicago depositors, according to advices from Orange on that day,
"Journal of Commerce" of June 2, which added:
printed in the New York "Herald Tribune", which conMr. Stevens was with the bank for 25 years and is widely known In
tinuing said:
Michigan banking circles.
The Chemical State Savings Bank of Midland, Mich.,
is scheduled to reopen June 17 following authorization in the
Circuit Court, according to the "Michigan Investor" of
June 3, which went on to say:
Stockholders have been assessed 100%. the capital stock increased from
650.000 to $100,000, and 65% of the depositors signed the agreement.
assets
The plan proposes a new bank which will take over the acceptable
in deof the Orange National Bank, together with an equivalent amount
depositors' committee, said
posits. Charles B. Storrs, Chairman of the
and that
the plan had been submitted to the Comptroller of the Currency
approval was anticipated within the next few days.
NEW YORK CITY,
John P. Gering of Elmhurst, Queens, New York City,
reorganization committee representing
A dispatch from Monroe, Mich., on June 2, regarding the Chairman of the
depositors and stockholders of the Elmhurst National Bank,
affairs of the closed First National Bank of that place,
the Newtown National Bank of Corona and the Ozone
contained the following:
Park National Bank in Queens, announced on June 5 that
banking examiner.
Hiram J. McGill of Mt. Clemens, Mich.,former State
was recommended Friday by the board of directors of the First National
a new bank, to be called the Fidelity National Bank of New
Bank of this city for the post of conservator. It is planned to proceed
York, was to be organized, using the present locations of the
at once with the reorganization of the bank. McGill has just completed
three banks.
reorganization of two State banks in Adrian.
The First National has been closed since the Presidential proclamation.
Mr. Gering said the Comptroller of the Currency had
to
With reference to the affairs of the Exchange Savings directed the chief bank examiner of New York State
to determine whether approval should be granted
Bank of Mt. Pleasant, Mich., the "Michigan Investor" investigate
for opening the newly organized bank. If approval was
of June 3 had the following to say:
The Exchange Savings Bank of Mr. Pleasant will reopen July 3 and 12%
granted, the bank would be opened for business at once.
in deposits released. Forty per cent will be segregated in a trust agreement. Chester W. Riches is Cashier.
NEW YORK STATE.
That reorganization of the First National Bank of Islip,
L. I., had been completed was stated on June 5 by Frederick W. Tuck, Jr., who announced the appointment of
Charles 0.Ireland of Amityville, L. I., as permanent President of the bank; the resignation of himself as Chairman of
MINNESOTA.
the board of directors,and the resignation of William Wisham
We learn from the Minneapolis "Journal" of June 1 that as Cashier of the institution. A dispatch from Islip to the
reopening of the State Bank of Foley in Benson County, New York "Times" from which the above information is
Minn., was announced on that date by Elmer A. Benson, obtained went on to say:
Mr. Tuck will remain on the board and will continue to act as counsel
Minnesota Commissioner of Banks, who also announced
be filled.
the bank.
that the Farmers' & Merchants' State Bank at Arlington forMr. Ireland, The Chairmanship will not director of the Bank of Amitywho is Vice-President and a
and the First State Bank of that place had reopened and then ville, a trustee of the Flatbush Savings Bank and Vice-President in charge
will
Manufacturers' Trust
consolidated and would continue business under the name of of one of the Brooklyn branches of the will succeed Frank E.Co.,
Quigley,
assume his new duties on June 15. He
the Arlington State Bank.
the
appointed temporary Executive President after the bank holiday for
The Security State Bank of Beardsley, Mimi., was to reorganization period.
reopen on June 6 for regular business, according to an
Mr. Quigley has been retained to aid in the reorganization
announcement by Elmer A. Benson, State Commissioner of of the First National Bank of Hempstead, L. I.
Banks for Minnesota, as noted in the Minneapolis "Journal"
Advices from Peekskill, N. Y., on June 6 stated that direcof June 5.
tors of the Westchester County National Bank & Trust Co.
NEBRASKA.
of Peekskill, now undergoing reorganization, will be elected
The Farmers' State Bank of Millard, Neb., was authorized
by the shareholders on July 6,according to an announcement
to function without restrictions beginning May 31, while the made June 6 by Bartow B. Seymour, Cashier.
the Citizens'
• Franklin State Bank of Franklin, Neb., and
Spring Valley, N. Y., advices by the Associated Press on
State Bank of Dorchester, Neb., were to open without e- June 3 stated that the First National Bank of that place,
strictions on June 1,according to a dispatch by the Associated closed since March 4, last, was reopened on an unrestricted
Press from Lincoln, Neb., on May 31.
basis on that day. The dispatch added:
Concerning the Farmers' State Bank at Plattsmouth,
Officers said the bank was reopened with $500,000 cash on hand and that
Neb., advices from that place on May 27, printed in the during the day deposits increased almost $100,000 over withdrawals.
Omaha "Bee", contained the following:
A subsequent dispatch by the Associated Press, June 4,
Under waiver contracts signed by more than 90% of the depositors,
gave additional information as follows:
the Farmers' State Bank, open under restrictions since the bank holiday,
The Reconstruction Finance Corporation on June 8
authorized the purehaseof preferred stook,totaling $200,000,
in the Community National Bank at Pontiac, Mich.,
according to Associated Press advices from Washington on
that date.
has released 55% of the deposits.
A depositors' committee has taken over assets ordered written out by
the State Banking Board, together with notes and securities given by stock-
The bank has total deposits of more than $2,000,000 and resources o
approximately 62,700,000. Officers include A. S. Burns, Jr., President
and Elbert Tatman and Lawrence Beckerly, Vice-Presidents.
4030
Financial Chronicle
The Adam, Meldrum & Anderson State Bank of Buffalo,
N. Y., has been given a license to resume full banking
operations.
Officials of the National City Bank of New Rochelle,
N. Y., announced June 8 that the Comptroller of the Currency has granted permission for its reorganization,according
to advices on that day to the New York "Times," which
added:
A new institution and a new board of directors are suggested, with
liquidation of the old institution and paying depositors as assets are converted into cash.
Depositors of the Pelham National Bank, Pelham, N. Y.,
held a meeting in the auditorium of the Memorial High
School the night of June 7 and heard a report from Dudley
A. Wilson, Chairman of the depositors' committee, asserting
that the most they could expect from the bank was 20% of
their depoiits. Advices from Pelham to the New York
"Times" reporting this said:
Verbal attacks were hurled at Clyde F. Brown, President of the bank.
One man fainted.
Mr. Wilson's report estimated the loss of the bank at $1,025,240. It
said approximately $500,000 of the unsecured assets were thrift and savings
accounts ofschool children, and contributing causes of the bank's difficulties
included an injustiflable issue of dividends in December 1931 and large
withdrawals by "certain friends of people close to the bank" after June
30 1932.
OHIO.
The Reconstruction Finance Corporation on June 3 approved the plan of the National City Bank of Cleveland,
Ohio, to expand its capital and take over the liquid assets
of the unlicensed Union Trust Co. and Guardian Trust Co.
of that city. On that date the directors of the corporation
authorized the purchase of $4,000,000 preferred stock in the
National City Bank, which, with an equal amount of common stock to be subscribed by the depositors of the Union
Trust Co. and Guardian Trust Co., will enable the National
City Bank to increase its capital structure to $10,000,000
and take over the reorganization plan for the two closed
banks previously attempted by the proposed First National
Bank.
Under the terms of the National City Bank plan, it will
make a loan of $25,000,000 on assets of the two old banks,
of which $18,000,000 will be made to the Union Trust Co.
and $7,000,000 to the Guardian Trust Co. The Reconstruction Finance Corporation under this plan agrees to make an
additional loan of $11,100,000 to the Guardian Trust Co.
and an additional loan of $32,500,000 to the Union Trust
Co. on acceptable assets.
The National City plan provides, as did the First National
Bank plan, for liquidating payments of approximately 35%
to depositors in the Union Trust Co. and 20% to the depositors in the Guardian Trust Co.
As a result of the final approval of the National City
Bank's plan by the Reconstruction Finance Corporation,
said the Cleveland "Plain Dealer" of June 4, depositors of
the Union Trust Co. and Guardian Trust Co. will have released to them approximately $50,000,000, probably between July 1 and July 20. Charles B. Reynolds, President
of the National City Bank, Sidney B. Congdon, conservator
of the Guardian Trust Co., and Oscar L. Cox, conservator
of the Union Trust Co., announced that everything would
be done to speed the payment of depositors at the earliest
possible date, but said they could not set a definite date at
that time. The paper mentioned continuing said in part:
The desire of the R. F. C. to do everything possible to iron out the
Cleveland situation was evident in the size of the loan it will make—
$43,600,000. This is $14,900,000 more than had been promised. .
Reynolds said yesterday (June 3) that one of the details of the new plan
which has been approved is that the R. F. C. will take all the preferred
stock. It had previously been thought that stockholders of the National
City would buy either preferred or common stock, as they wished, having
a pre-emptive right to buy as much as they wished before anyone else
could buy.
"The preferred stock will be retired in the course of time," Reynolds
said, "and is, therefore, not as desirable as a long-term investment as is
the common stock. I expect that our stockholders probably will wish to
take a number of shares of the common stock, depending on how much they
can afford.
"As you know, the $4,000,000 of common stock has been almost entirely
subscribed already by Union and Guardian depositors. The participation
of our stockholders in subscriptions to it will reduce correspondingly the
amount available for delivery to the people who have already subscribed.
"One of the important features of the plan approved yesterday is that
It enables the National City Bank to maintain a high degree of liquidity,
which is necessary to complete safety in these times. I anticipate that
the expanded bank will be approximately 65% liquid. . . ."
Final approval of the National City Bank plan was given
by the stockholders of the institution on Monday of this
week, June 5.
The Ohio State Banking Department on June 1 took over
for liquidation the Farmers' Commercial Bank of Edgerton, Ohio,according to Associated Press advices from Colum-
June 10 1933
bus on that date, which added that the bank had been in
charge of E. A. Geauque as conservator.
Three small Ohio State banks, operating under conservators, were licensed to resume business without restrictions
on May 31 by the State Banking Department, according to
Columbus advices on June 1 by the Associated Press. The
banks were:
The Citizens' State Bank of Somerset. Hardin County Bank Co. at
Forest and the People's Banking Co. at Clyde.
PENNSYLVANIA.
June 12 has been set as the opening date of the Pitt
National Bank, the new Pittsburgh, Pa., bank which is to
take over part of the assets of the Diamond National Bank
(which closed Nov. 11 1932) and the Monongahela National
Bank (which closed Oct. 21 1931). Depositors of the latter
institution will be given orders on the new institution for
65% of their proven claims, while depositors of the Diamond
National Bank will receive similar orders for 40%. If the
depositors should want cash for these amounts, it is said, it
will be available when the new institution opens. They
will also be entitled to receive further payments when and
as they become available. The Pitt National will have
capital, surplus and undivided profits of $1,050,000. Its
deposits at the opening will amount to approximately $7,500,000, according to Charles A. Fisher, President of the
new institution. Other officers of the bank are Andrew J.
Huglin, Vice-President and Cashier, and C. A. Johnston and
M. S. Vandevort, Assistant Cashiers. The Pittsburgh
"Post-Gazette" of May 25, authority for the foregoing,
also said:
A Federal court order signed by Judge R. M. Gibson yesterday (May 24)
cleared the way for the sale of certain assets of the two closed banks to the
Pitt National, which will occupy the old quarters of the Diamond National
at Fifth and Liberty Avenues. The plans have been approved also by the
United Comptroller of Currency.
Judge Gibson's order virtually transferred $7,847,360 in cash or liquid
assets from the receivers of the two closed banks to the new institution.
Of this total, $3.423,493 represented money obtained through liquidation
of the Diamond National and $4,423,867 from the Monongahela National.
A tentative reorganization plan for the Farmers' National
Bank of Reading, Pa., under which immediate release of
35% of "frozen" deposits would occur, was announced on
June 7 by Ferdinand Thun, Chairman of the Board of
Directors, as reported in Associated Press advices from
Reading, which continuing said:
The plan involves obtaining a new charter for Reading's largest bank
with more than 50,000 depositors whose accounts were "frozen" with the
proclamation of the recent bank holiday. It now awaits approval by the
Comptroller of the Currency.
The new bank would have $4,000,000 worth of new capital, one-half
supplied by the Reconstruction Finance Corporation. An additional
$2,000,000 worth of capital stock would be offered to depositors which
would represent from 15 to 25% of their deposit liability.
In addition, the depositors would be asked to waive withdrawal rights
on 50% of their accounts with the understanding that trustees be appointed
to conserve them and obtain a maximum return.
Thun said the tentative plan was approved by Stephen L. Newham,
chief national bank examiner, at a meeting in Philadelphia yesterday
(June 6). If carried through, it will mean the release of some $5,500,000
in deposits for circulation, he said.
VIRGINIA.
In an announcement on June 2, Bernard C. Syme, President of the Petersburg Savings & American Trust Co. of
Petersburg, Va., declared that details of the plan for reopening the institution, which has been closed since the
National bank holiday, have been completed and approved
to the point where the matter is entirely in the hands of
the depositors and the public in general. Petersburg advices
to the Richmond "Times-Dispatch" on June 2, authority
for the foregoing, furthermore said:
According to Mr. Syme. the reopening plan calls for amendment of the
bank's charter to provide for the reduction of the present stock to $15.000:
issuance and sale of 30.000 shares of class A stock of the par value of $10
per share, at $15 per share, this stock to be paid for either out of an old
deposit in the bank or otherwise; issuance and sale to the Reconstruction
Finance Corporation of $200,000 of preferred stock, which that corporation
has agreed to take.
In his statement, Mr. Syme said that at the time of the banking holiday,
the bank owed in borrowed money $413,254. which has been reduced to
$385,000. Authorities ruled that In order to be allowed to reopen on an
unrestricted basis, the bank could have no rediscounts and no bills payable.
According to Mr. Syme this provision has been met by the agreement to
transfer certain assets to the Petersburg Insurance Co. and the agreement
of the Reconstruction Finance Corporation to lend the Petersburg Insurance
Co. a sufficient amount to pay the balance the bank owes on account of
borrowed money, the bank not being liable for this loan. If the plan Is
carried out, according to Mr. Syme, the bank will open owing no borrowed
money, with an ample supply of cash on hand and with unpledged assets
from which additional cash can be realized if necessary.
When the new stock is subscribed there will be a new set of stockholders.
entitled to their own views as to the policies of the bank, Mr. Syme pointed
out,and they will be under no obligation to accept him as part of its management. Mr. Syme revealed in his statement to-day (June 2) that with this
thought in mind, he tendered his resignation as President to the Board of
Directors of the bank at a meeting Tuesday (May 30). The Hoard did
not accept the resignation but Mr. Syme said it will remain with the Board
subject to acceptance at their pleasure.
Financial Chronicle
Volume 136
Additional List of Banks Licensed to Resume Operations
in Second (New York) Federal Reserve District.
On June 7 the Federal Reserve Bank of New York issued
the following list, supplementing its statement of May 31
(noted in our issue of June 3, page 3848), showing additional
banking institutions in the Second (New York) District
which have been licensed to resume full banking operations:
FEDERAL RESERVE BANK OF NEW YORK
[Circular No. 1240. June 7 1933.]
MEMBER BANKS
NEW YORK STATE
Spring Valley—The First National Bank of Spring Valley.
NEW JERSEY
Clinton—The First National Bank of Clinton.
North Arlington—The North Arlington National Bank.
Perth Amboy—Perth Amboy Trust Co.
Perth Amboy—Raritan Trust Co.
4031
The directors of the Chase National Bank on June 7
declared a quarterly dividend of 35 cents a share on the
$148,000,000 capital stock of the bank. The dividend is
payable July 1 1933 to stockholders of record June 16.
This dividend represents a 15 cent reduction, the Bank
having paid 50 cents on the present stock since July 1 1932.
Previous to that the bank paid 75 cents, which rate had been
in effect since April 1 1932 when it was rediced from $1.
The following appointment- s to the official staff of The
Chase National Bank of the City of New York were made
at a meeting of the board of directors on June 7:
Jonas C. Andersen and Charles F. Batchelder, Vice-Presidents. John
S. Linen and Leslie W. Snow, Second Vice-Presidents. Edward A. Crone.
Walter W. Downing, John T. Inglesby, Jr., Arthur D. Lane and George
H. Reeves, Assistant Cashiers.
James H. Perkins, Chairma-n of the Board of The National
City Bank of New York, announced on June 7 that The
NEW MEMBER BANK
National City Co., effective Monday, June 12, will change
The following State bank, previously licensed to resume full banking
City Company of New York,
the State of New York, its corporate name to "The
operations by the Superintendent of Banks of
Inc.," at which time it will move its offices to 44 Wall Street.
In the Federal Reserve System:
has been admitted to membership
It is added that The City Company of New York, Inc., will
NEW YORK STATE
carry on an investment security business and will maintain
Sea Cliff—The State Bank of Sea Cliff.
GEORGE L. HARRISON, Governor.
branch offices in the United States and abroad. Mr. Joseph
P. Ripley will continue to head the organization as Executive
by the National City Bank
ITEMS ABOUT BANKS, TRUST COMPANIES, &c. Vice-President. The dropping
of its security affiliate was forecast by Mr. Perkins in a stateArrangements were made June 6 for the sale of two New
ment issued March 7 (noted in our issue of March 11, p.
York Stock Exchange memberships, one at $189,000 and the
1652). At that time he said that such action will be taken
other at $190,000. The preceding transaction was at $164,.'as soon as it can be done in an orderly manner without
000. On June 7 a membership sold at $195,000 and on
sacrifice of the assets of the Company and of the value which
June 9 one sold at $200,000.
exists in its facilities for the purchase and distribution of
investment securities of the highest grade."
The sale of two New York Curb Exchange memberships
took place June 3, one at $45,000 and the other at $49,000.
Theodore Howard Banks, President and a trustee of the
The last previous sale was at $43,000 June 2.
North River Savings Bank, New York, died on June 8 at
his Rumson (N. J.) estate. He was 66 years old. Mr.
The membership of estate of George Dowling in the New
Banks became President of the bank last January following
York Cotton Exchange was sold June 5 to William S. Dowdell
his resignation as Vice-Chairman of the Board of Directors
for another for $19,750, this price being $250 in advance of
of the Irving Trust Co. which post he had held since 1926.
the previous sale. On June 6 two seats sold, one at $19,500
He continued as a director of the trust company until the
and the other at $19,900. The first one was that of Mactime of his death. He also held directorships in many corMillen C. King to Alvin L. Wachsman and the second,
porations.
Pierre du Pasquier to Robert W. Siegel.
Announcement was made June 6 that Eugene R. Black Jr.,
The New York Cocoa Exchange membership of Hugo
of Atlanta, is to become associated with the Chase National
Volkening was sold June 7 to R.S.Scarburgh,for another,for
Bank of New York. He will join the bank on July 1, with
$2,400, an increase of $50 over the last previous sale.
headquarters in Atlanta, Ga., and will maintain contacts in
the States of Georgia, North Carolina, South Carolina,
Arrangements were made June 5 for the sale of the New
Florida, Tennessee, Mississippi, Louisiana and Alabama.
York Coffee & Sugar Exchange membership of Horace Havemeyer to Arthur Lehman at $6,250, an advance of $250 over
Frederick H. Hornby, President of the Continental Bank &
the previous sale. Earlier Monday morning the seat of Trust Co. of New York, on June 5 issued the following stateStewart A. Rhoades was sold to Charles Slaughter for $6,000
ment incident to the declaration, on that day, of the quarwhich was unchanged from the last previous transaction.
terly dividend of 20c. per share, payable July 1, to stockholders of record June 16 1933:
of the
Nathan P. Dworetzky sold a membership on the ComThe Comptroller of the Currency and the Superintendent of Banks
modity Exchange to Leopold Stern for another at $2,450, State of New York have recently been recommending that all banks reduce
capital structure, and curtail exstrengthen
and C. Gersbach a seat to Harold L. Bache for another at or omit their dividends,Directors of their Continental Bank & Trust Co. of
the
penses. The Board of
$2,500. Both sales took place June 3. On June 5 Paul New York, in spite of the fact that the Continental has more than currently
Tiefenbacher sold a membership to Eugene J. Schwabach for earned its regular dividend, have to-day, in keeping with their conservative
dividend on its stock
another at $2,600. June 6 arrangements were made for the policy of the past 80 years, reduced the quarterlyan additional reserve of
share to 20c. a share, and have set up
sale of three memberships as follows: Harold L. Bache, extra from 30c. a taking $1,000,000 out of surplus and $250,000 out of undivided
$1,250,000,
membership, to George F. Passmore for another at $2,600; profits.
The bank is over 98% liquid and the Board of Directors feel that they
V.D.Virnot to David J. Greene for another at $2,700; Joseph
have now made ample provision for all contingencies.
S. Rodenbough, extra, to Albert G. Boesel for another at
$2,750. Arrangements June 7 were completed for the sale
The Auburn-Cayuga Nationa- l Bank & Trust Co. of Auburn,
of an extra membership by A. 0. Lowry to Jerome Lewine
N. Y., on May 31 changed its title to the National Bank of
for another at $2,750, and on June 8, P.J.J. Davenport sold
Auburn.
a membership to Charles Slaughter for another, also at
$2,750. The sale of a membership on June 9 by Jacques CarCharles W. Gould, a well k- nown banker and real estate
let to William A. Overton, made for another, was at a new man of Chelsea, Mass., died suddenly of a heart attack on
high record price of $2,800. Other memberships sold June 9 June 1. Mr. Gould, who was a native of Chelsea, at the
were: Edouard J. Senn, extra membership, to Frank E. time of his death was President of the Chelsea Morris Plan
Hirschstein, for another, at $2,750; Claude D. Gott to Frank Bank, a Vice-President of the Chelsea Trust Co. and the
Chelsea Savings Bank, and Treasurer of the Provident CoE. Hirschstein, for another, at $2,750.
operative Bank of Chelsea. He was fifty-seven years of age.
Arrangements were completed June 3 for the sale of a
The following, with reference to the affairs of the defunct
membership in The Chicago Stock Exchange for $10,000, up
Citizens' National Bank of Long Branch, N. J., which closed
$3,500 from the last previous sale.
Dec. 23 1931, was contained in a Long Branch dispatch, on
Governors of the New York Cocoa Exchange have ruled
June 3, appearing in the New York "Herald Tribune":
that there will be no sessions on Saturdays during June,
An assessment of $150,000 on the stockholders of the closed Citizens'
National Bank of Long Branch has been levied by J. F. T. O'Connor, CompJuly, August and September. Similar action was taken by
troller of the Currency, it was announced yesterday (June 2) by Robert
the New York Coffee and Sugar Exchange as noted in our Sherwood, receiver for the bank. The
assessment must be paid on or before
issue of May 27, page 3665.
July 8.
4032
Financial Chronicle
June 10 1933
Andrew J. Sloper, Chairman of the Board of Directors of
of the First Capital State Bank of Iowa,,city. Lee Nagle
the New Britain National Bank of New Britain, Conn., President and F. D. Williams, Cashier, of the new bank.
and one of Connecticut's oldest active bankers, died at his
home in New Britain on June 2 after a prolonged illness at
The First National Bank of Burlington, Iowa, was charthe age of eighty-three years. Mr. Sloper, who was born tered by the Comptroller of the Currency on May 29. A. J.
in Southington, Conn., grew up in New Britain and began
Benner and Mortimer Goodwin are President and Cashier,
his banking career as a messenger in the bank which he later respectively, of the new bank, which is capitalized at 100,000.
headed. In 1885 he was appointed Cashier, and in 1895,
after 28 years of service with the institution, was made
Stockholders of the Central National Bank & Trust Co.
President. His advancement to Chairman of the Board of Des Moines,Iowa,on May 31 voted to increase the bank's
occurred five years ago. In addition to his banking interests capital from $250,000 to $450,000,according to an announceMr. Sloper at the time of his death was President and ment by Grant MePherrin, President of the institution.
Treasurer of the New Britain Gas Light Co., a Director of The Des Moines "Register" of June 1, in reporting the
the American Hardware Corp., of Landers, Frary & Clark, matter, furthermore said:
The move was necessary, Mr. McPherrin said at the meeting, In order
North & Judd, Union Manufacturing Co., New Britain
that the bank might continue to accept new deposits under Federal law
Machine Co. and the Trumbull Electric Co.
for national banks.
The deceased banker was a political as well as an industrial
The law permits a bank to accept deposits up to the amount of 20 times
influence in New Britain, being consulted frequently on Its combined capital and surplus. The bank had combined capital and
of $500,000
matters of public interest by State Republican leaders. He surplusstock will beand deposits of more than $10,000,000.
The
issued immediately. Mr. McPherrin said, and stockserved as a member of the Connecticut Senate from 1900 holders will be privileged to buy four-fifths of the amount they now hold.
The rest, if there is any, will be offered to the public.
to 1902.
According to the Philadelphia "Ledger," of June 3, a
10% dividend will be paid on June 15 to depositors of the
Bank of Secured Savings of Pittsburgh, Pa., which closed
July 12 1932 with total deposits of $1,333,089.
A charter was issued on May 27 by the Comptroller of the
Currency for the Planters' National Bank of Mena, Ark.,
with capital of $50,000. The new institution succeeds the
Planters' State Hank of Mena and the First State Bank of
Hatfield, Ark. W. W. Townsend heads the new bank, and
Fred C. Embry is Cashier.
The payment of approximately $550,000, representing
15%, to depositors of the Exchange National Bank of Pittsburgh, Pa., was begun on May 31 by Robert R. Gordon,
Receiver for the institution, according to the Pittsburgh
"Post Gazette" of June 1. Several months ago an initial
dividend of 33 1-3% was made, it was said. The closing of
this bank in October 1931 was noted in our issue of Oct. 24
of that year, page 2713.
A final dividend is being distributed to depositors of the
closed Bank of Alachua at Alachua, Fla., by F. G. McIntosh,
the liquidator, according to a Gainesville, Fla., dispatch on
May 29 to the "Wall Street Journal," which added:
Effective July 1, Monte J. Goble, Vice-President of the
Fifth Third Union Trust Co. of Cincinnati, Ohio, will retire
on a pension after 31 years of service with the institution,
according to the Cincinnati "Enquirer" of June 1, which
went on to say:
The first dividend to creditor's of the Bank of Coral Gables
of Coral Gables, Fla., closed since June 10 1930, amounting
to 10%,is available, according to a dispatch from that place
on June 5, appearing in the "Wall Street Journal," which
added:
Mr. Goble has been prominent in Cincinnati banking and business affairs
for a long number of years. He was well known to bankers throughout the
Middle West, as his duties had much to do with correspondents of the bank.
He has been prominent in the promotion of through highways, which pass
through Cincinnati.
The First National Bank of Dongola, Ill., was placed in
voluntary liquidation on June 1 last. This bank, which was
capitalized at $25.000, was taken over by the First State
Bank of the same place.
The Comptroller of the Currency on May 31 issued a charter to the Prange National Bank of New Douglas, III., with
capital of $25.000. The new bank succeeds the Prange State
Bank of New Douglas. A. F. Prange is President and W. W.
Prange, Cashier, of the new bank.
We learn from the Michigan "Investor" of June 3 that
John W. Miner has been made President of the Jackson City
Bank & Trust Co. of Jackson City, Mich., to succeed
Kennedy L. Potter, who lost his life recently in an automobile accident. Mr. Miner is the fifth President of the
institution since it was founded in 1848 and like his predecessors will serve without salary. He has been a director of
the bank since November 1914 and closely identified with
its management, it was stated.
That a 5% dividend was distributed last week to the
depositors of the Franklin State Bank of Milwaukee, Wis.,
which closed June 18 1931, is indicated in the following taken
from the Milwaukee "Sentinel" of May 31:
Depositors of the defunct Franklin State Bank were requested yesterday
(May 30) by Alfred Newlander, Deputy State Banking Commissioner in
charge of the liquidation, to call at the bank for their 5% dividend checks.
approximately $40,000 will be divided among 5.000 depositors.
On May 27 the Comptroller of the Currency issued a charter for the Citizens' National Bank of Park Rapids, Minn.
The new bank, which is capitalized at 25,000, succeeds the
First National Bank of the same place. H. W. Ressler and
C. A. Fuller are President and Cashier, respectively, of the
new institution.
On June 2 the Comptroller of the Currency issued a charter
fc the First Capital National Bank of Iowa City, Iowa,capitalized at $100.000. The institution represents a conversion
The dividend totals 31.54%. Fifteen per cent has been paid and the
present disbursement will make the total 46.54%.
Claims filed against the bank amount to $177,477. A. G. Veach,
liquidating agent, will pay the dividend on presentation of liquidator's
certificates.
That a 6% dividend is to be paid to the depositors of the
closed Crowley Trust & Savings Bank of Crowley, La., is
indicated in the following dispatch on May 27 from Crowley
to the New Orleans "Times-Picayune":
Two thousand checks, covering a 6% dividend to the depositors of the
old Crowley Trust & Savings Bank, are ready and will be sent as soon as
the necessary provisions oflaw are completed. In this manner some $34,000
of the $40,000 now on hand will be distributed. Of the amount left,
attorneys' fees, delinquent payments on property held by the Federal
Land Bank, taxes and other items, will reduce the residue to about 32,000.
There is still much land and paper to be disposed of as soon as the market
Is in condition to offer it.
The New York Agency of The Standard Bank of South
Africa, Ltd.,at 67 Wall Street, announced on June 2 receipt
of the following cablegram from the Head Office in London,
regarding the operations of the bank for the year ended
March 311933:
The Board of Directors have resolved subject to audit to recommend to
the shareholders at the General Meeting to be held on July 26 next a dividend payable in British Currency for the half year ended March 31 last at
the rate of 10% per annum subject to income tax, making a total distribution.
of 10% for the year ended March 311933. to appropriate E75,000 to writing
down bank premises and E110.000 to the officers pension fund, carrying
forward a balance of about £154,000. The bank's investments stand in the
books at less than market value as at March 31 last and all other usual and
necessary provisions have been made. The sum of £664,170 transferred
last year from the reserve fund to an exchange reserve account has been
credited contingency account, out of which account provision has been made
for the losses incurred in connection with the bank's contribution to the
South African Exchange Pool, which has now been closed.
According to cable advices received at the New York
Agency of Barclays Bank, Dominion, Colonial and Overseas
(head office London), the Board of Directors has declared
interim dividends for the half year ended Mar. 311933, at
the rates of 8% per annum on the cumulative preference
shares and 432% per annum on the "A" and "B" shares
subject to deduction of income tax after making allowance
for relief in respect of Dominion income tax. These rates
are identical with those paid for the corresponding period
to Mar. 311932.
Barclays Bank (Dominion, Colonial and Overseas) which
is affiliated with Barclays Bank Limited, one of the big five•
London banks, maintains over 400 branches in the Union
of South Africa, East and West Africa, Egypt, Sudan,.
Palestine, British West Indies, &c.
Volume 136
Financial Chronicle
4033
THE WEEK ON THE NEW YORK STOCK EXCHANGE. 23/2 points to 75. There were some gains among the less
The stock market has been active and strong during most active industrials, specialties and miscellaneous stocks, but
of the present week, and while there have been frequent the advances were not especially noteworthy.
Trading was heavy and prices moved forward from 1 to 6
periods of profit-taking, the upward surge was strong
enough to absorb the greater part of it with little apparent or more points on Wednesday, some of the more popular of
effect on the trend of the market. Trading has been very the speculative leaders breaking into new high ground for
heavy and has taxed the facilities of the stock market to the year, and in some instances, reaching the best levels for
the utmost, so much so that the tickers have frequently 3 years. The tickers again lagged behind from 5 to 10
been from 10 to 15 or more minutes behind the transactions minutes. Some profit taking appeared from time to time
on the floor. Railroad shares were strong during the fore- but this had little effect on the market as huge blocks of
part of the week but fell off toward the end following baseless stocks ranging from 10 to 15,000 shares changed hands.
rumors that the Chicago & North Western R.R. was in Radio Corp. was in active demand and crossed 10 for the
difficulties and the actual passing of the Rock Island R.R. first time in two years. J. I. Case Co., International
into the hands of receivers. Mining shares, particularly Harvester, American Tel. & Tel., Postal Telegraph pref.,
Gold Mining, have been in good demand at rising prices, and North American and American & Foreign Power were among
many of the so-called pivotal stocks have broken through the strong stocks. United States Steel was in demand, but
their 1933 tops. Call money renewed at 1% on Monday the gains were comparatively small. Among the changes
and remained unchanged at that rate on each and every day on the side of the advance were American & Foreign Power
(7) Pref. 41% points to 34, American Sugar Refining (2),
of the week.
Heavy selling chararacterized the trading on Saturday, 334 Points to 693%; American Water Works 1st pref., 3 points
the turnover reaching record proportions for the short period. to 78; Atlas Powder, 33% points to 303%; Chesapeake Corp.,
During the first hour, there were a liberal number of new 38% Points to 39; Homestake Mining, 4 points to 240; Ingertops scattered through the list due to overnight orders, but soll Rand, 2 points to 61; Johns-Manville, 234 points to 41;
prices began to slide backward as the day advanced and a Public Service of N. J. pref., 33% points to 833/2; Standard
4
4
good part of the early gains was erased. Railroad shares Gas & Electric pref. (6), 43 points to 423 ; Worthington
were conspicuous in the dealings and stocks like Chesapeake Pump pref. A,2 points to 50; American Smelting, 234 points
pref. (4), 2% points to 55.
& Ohio, Union Pacific, Atchison and Pennsylvania were in to 36; Continental Baking
On Thursday the market was somewhat unsettled due to
the list of new tops, but suffered in the subsequent selling.
Chicago & North Western would follow
American Can, United States Steel and General Electric the report that the
the Chicago Rock Island and Pacific into receivership under
were strong shares during the opening hour but fell back
law, and while several new tops were
with the rest. Public utilities went through a similar series the new bankruptcy
price changes, many stocks declining from 2 to 3 points established during the early trading, final prices were under
of
best for the day. Some sharp losses were recorded in
from their early tops. The volume of business was so large the railroad list and the industrial stocks were generally off
the
that the high speed tickers were, at one time, about 19 on the day. The gold mining issues were the leaders of the
minutes behind the transactions on the floor. The principal early advance, particularly Homestake Mining which, at
changes were on the side of the decline and included such one time, was up more than 9 points. United States Steel
popular speculative stocks as Air Reduction 23 points to crossed 56 at one time and American Can was higher by a
%
The outstanding
at its top for
803%, American Can 33/2 points to 897/8, Amer. Tel. & Tel. pointon the side of thethe day. and included amongchanges
others,
were
advance
33/2 points to 119, Atchison 2 points to 6734, J. I. Case Co. Allied Chemical & Dye, 43/2 points to 1193%; American Can
3 , pref., 3 points to 133; American Hide & Leather pref., 23%
%
4 points to 723 , Consolidated Gas 23% points to 55
%
Crucible Steel 23/2 points to 223%, Delaware & Hudson 23% points to 48; Colorado Gas & Electric, 3 points to 80; Dome
points to 72, Du Pont 45% points to 785s, International Mines, 23% points to 34; Ludlum Steel pref., 53% points to
/
4
%
Harvester 33 points to 36, Liggett & Myers "B" 2 points 50%; Standard Gas & Electric pref. 16), 43 points to 473i;
and International Silver pref., 534 points to 583%.
to 90, Louisville & Nashville 27/s points to 507/8, Owens Ill.
Stocks turned downward during the first half of the session
%
Glass 25 points to 53, St. Joseph Lead 23 points to 227/2, on Friday, and then moved briskly upward, the rally sending
%
%
Sun Oil 23 points to 413%, United States Steel pref. 23% prices above the previous close. As the trend turned upward, the volume increased and the trading was again
points to 83, and Wilson & Co. 3 points to 63.
Railroad shares and meat
-packing issues were the strong moving forward at a furious pace. Among the early favorites were stocks like Houston Oil, National Dairy Products
stocks on Monday as many shares moved sharply forward and Sears, Roebuck. United States Steel and Amer. Tel.
to new peaks for 1933. The market was inclined to sag & Tel. were among the favorites in the afternoon trading
during the early trading, but the sharp improvement in the and there was also a good demand for Penick & Ford and
rails quickly extended to all parts of the list, the gains ranging Allied Chemical & Dye. Among the noteworthy advances
from 3 to 6 or more points. Profit taking was a strong at the close were Allis-Chalmers, 2 points to 203%; Amer.
I. Case Co., 9 points to
Tel., 23/2 points
4
factor in the early weakness but this soon simmered down as Tel. & Ingersoll-Rand, to 1233 ; J. to 677s; International
853i;
33% points
prices continued their upward swing. Prominent among the Harvester, 3 points to 41; Public Service of N. J. pref.,
stocks showing advances were such active speculative issues 33/2 points to 118, and The Fair pref., 3 points to 55.
as Air Reduction, 23 points to 83; Allied Chemical & Dye,
%
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE,
DAILY, WEEKLY AND YEARLY.
63% points to 1193(; American Steel Foundry, 43 points
1
to 18/; American Sugar Refining, 43% points to 673%;
State,
Total
Railroad
United
Stocks,
American Water Works, 23/2 points to 75; J. I. Case Co.,
Stales
Bond
Week Ended
Number of and Mistell. Mantel/7W ch
Bonds.
Torn Bonds.
Bonds,
Sales.
Shares.
June 9 1933.
points to 773%; Celanese Corp., 2 points to 32; Crown
43/2
$332,000 $10,592,000
3,587,720 $8,244,000 $2,016,000
Cork & Seal, 33% points to 523%; Electric Storage Battery, Saturday
9,675,000
2,145,000
1,888,000 13,708,000
5,008,335
Monday
2,894,000
6,216,069 13,806,000
896,500 17,596,500
33/2 point to 483/2; Homestake Mining Co., 6 points to 236; Tuesday
6,641,440 15,669,000
4,171,000
469,000 20,309,000
Wednesday
Industrial Rayon, 33/2 points to 673/3; Nat;onal Distillers, Thursday
4,999,000
437,500 21,038,500
6,356,670 15,602,000
5,310,360 11,361,000
3,185,000
593,000 15,139,000
33% points to 723/2; Norfolk & Western, 23/2 points to 1483%; Friday
Total
33 120 594 874 357 000 SIA 410 non 84 RIR 000 895353000
Pacific Tel. & Tel., 33% points to 853/2, and Western Union
3
Telegraph, 9% points to 583/2.
Sales at
Week Ended June 9.
Jan. 1 to June 9.
New York Stock
The market was somewhat irregular on Tuesday, though
Exchange.
1933.
1932.
1933.
1982.
trading was heavy and prices were moderately higher. PivStocks-No, of shares_
33,120,594
6,236,886
259,991,623
105,461,226
otal issues soared to new tops during the early trading but
Bonds.
Government bonds_ _ _
met selling at their highs for the day and tumbled downward. State dr foreign bonds_ $4,616,000 $6,967,000 $243,598,200 $348,392,550
19,410,000 16,266,500
337,007,500
343,283,000
Railroad issues were slightly easier and while stocks like Railroad O. misc. bonds 74,357,000 34,268,000 888,216,900 684,887,300
Total
$98,383,000 857,501,500 $1,468,822,600 $1,376,562,850
Auburn Auto, Coca Cola, Eastman Kodak and J. I. Case
attracted considerable speculative attention, prices moved
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
backward and forward without definite trend. At the close,
BALTIMORE EXCHANGES.
the losses predominated the list of declines including such
Boston.
Philadelphia.
Baltimore.
prominent stocks as Mr Reduction, 23% points to 803 ;
Week Ended
%
June 9 1933.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
Chemical & Dye, 33% points to 116; American Can
Allied
61,678
$2,000
58,149
$4,000
2,617
$10,500
pref.,2 points to 130; J. I. Case Co.,23% points to 75; Central Saturday
Monday
78,304
4,500
54,219
3,900
4,689
2,100
88,502
20,000
75,065
10,000
4,313
11,300
RR of N.J., 434 points to 85; Illinois Central pref., 2 points Tuesday
Wednesday
11,000
93,198
68,428
10,700
5,625
3,000
to 403/2; Ludlum Steel pref., 2 points to 45; Norfolk & Thursday
84,286
3,000
72,894
6,000
4,719
7,300
19,323
3,000
13,585
3,372
Western, 334 points to 145; Revere Brass A,4 points to 21; Friday
Total
425,292
$43,500 342,340
$34,600
25,335
534,200
%
Union Pacific, 2 points to 110; White Motor, 23 points to
203%; Delaware & Hudson, 1 point to 74 and Glidden pref., Prey, week revised 419,856 $68,500 322.375 340,900 13,507 $38,200
4034
Financial Chronicle
THE CURB MARKET.
Trading on the Curb Exchange has been fairly heavy this
week, and with the exception of a sharp downturn on Thursday, the trend of prices has generally been toward higher
levels. Profit taking reduced part of the gains but the
market, as a whole, is above last week's closing prices.
Public utilities have attracted considerable speculative
attention and a good deal of interest has been manifested
in industrials and specialties. Mining stocks have been
in good demand but oil shares and power issues have been
mixed and the changes within narrow limits. On Saturday
many of the popular speculative issues closed at lower levels,
due to profit taking. In the early trading, practically
every group shared in the advances, the gains ranging from
fractions to 2 or more points. Industrial stocks led the
upswing under the guidance of Electric Bond & Share, which
closed at 31 with a net gain of 1 point, followed by American
Gas & Electric and Cities Service with substantial advances.
Industrial stocks were also prominent in the transactions,
the strong spots including Aluminum Co. of America,
Hazel Atlas Glass and Glen Alden Coal. In the closing hour
there was some heavy profit taking and prices dropped away
from their best of the day. Oil shares were mixed, Humble
Oil closing fractionally higher, while Gulf Oil of Pennsylvania and Standard Oil of Indiana eased off about a point.
Curb stocks were mixed on Monday, though several issues,
led by Aluminum Co. of America, moved to higher levels.
Great Atlantic & Pacific Tea Co., on the other hand, was
one of the weak features and dropped over 3 points to 171.
American Cyanamid B and Celanese were also strong.
Gold mining stocks were in demand and a number of prominent issues made substantial gains.
Shares on the curb again advanced on Tuesday, several
of the market leaders and many stocks in the specialties group
going briskly forward. Profit taking was frequently in evidence and some of the pivotal issues had sharp reactions
from their best prices. Electric Bond & Share broke through
to a new peak before meeting selling and American Light &
Traction and a number of other power shares were somewhat
irregular. Aluminum Co. of America had a further gain
of 2% points and St. Regis Paper pref. had a jump of 4 points.
The utilities were taken in large blocks, Electric Bond &
Share moving up to 33, while Columbia Gas & Electric pref.
rushed upward to a new top for recent trading. Oil stocks
were neglected, but investment trusts and mining shares
were active. The gold mining issues were the strong stocks
on the Curb Exchange on Wednesday, most of these being
in active demand because of the strong bullion markets in
London and elsewhere. Industrials also were in demand
but few made important gains. Aluminum Co. of America
was a point higher, Ford of Canada A was higher by a point
and National Steel Warrants was up 4 points. The movements of the public utilities were somewhat confused, some
showing gains while others equally prominent recorded losses.
Oil stocks were moderately strong and moved forward under
the leadership of Creole Petroleum and Gulf Oil of Pennslyvania. Reactionary tendencies developed during the
afternoon trading on Thursday, and as the selling increased,
many of the market leaders fell backward. Earlier in the
day the gains predominated, many stocks showing advances
up to 7 or more points. Most of these gains, however, were
canceled before the last hour, though, on the whole, the
closing quotations were higher than the preceding finals.
Public utilities moved around somewhat uncertainly and oil
shares and gold stocks were firm.
The curb market quieted down on Friday as prices turned
irregular. The oil stocks made the best showing, the advances being due'to the general understanding that increases
in the price of crude oil and gasoline will be made in the near
future. Industrials were irregular most of the leading issues
being off on the day. Gold stocks after having led the
upward swing for several days were without demand because
of the poor trading prospects. Columbia Gas & Electric
which sold up to 114 on Thursday, dropped to 108. Commonwealth Edison dropped 3 points to 63 and many other
prominent stocks recorded similar declines. The changes
for the week were generally on the side of the advance ard
included among others such active issues as Aluminum Co.
of America, 853/i to 93; American Gas & Electric, 409 to
,
5
43%; American Laundry Machine, 153 to 16; American
Light & Traction, 209/i to 23k; American Superpower, 6R.
4
to 73; Atlas Corp., 153 to 173'; Brazil Traction & Light,
13% to 133/s; Central States Electric, 4 to 43 ; Consolidated
,
Gas of Baltimore, 61 to 63; Creole Petroleum, 53/i to,64;
June 10 1933
Deere & Co., 203. to 203'; Electric Bond & Share, 303/i
to 343.; Ford of Canada A, 113' to 11%; Gulf Oil of Penn3
3
sylvania, 55% to 563'; Hudson Bay Mining, 93 to 9%;
Humble Oil, 73% to 75; International Petroleum, 143/g to
159z; New York Tel. pref., 115 to 1153/2; Niagara Hudson
5
Power, 125 to 123 ; Parker Rust Proof, 483 to 49%;
%
%
%
to 553/a; A. 0. Smith, 46%
Penn. Water & Power Co., 533
to 50; Standard Oil of Indiana, 293/2 to 293/8; Swift & Co.,
22 to 23; Teck Hughes, 53/i to 63/8; United Founders, 1%
to 13 ;United Gas Corp., 33< to 43/2; United Light 84 Power,
%
A, 73 to 732; United Shoe Machinery, 473 to 493 and
Utility Power, 23/i to 2.
A complete record of Curb Exchange transactions for the
week will be found on page 4066.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
June 9 1933.
Stocks
(Number
of
Shares).
Bonds (Par Value).
Foreign
Domestic. Government
Total.
Total
$98,000
192,000
212,000
147,000
133,000
709,000
$94,000 53,729,000
112,000 3,933,000
126,000 5,502,000
147,000 5,011,000
200,000 5,312,000
188,000 5,349,000
6,871,835 $26,478,000 $1,491,000
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
840,778 $3,537,000
1,006,799 3,629,000
1,156,858 5,164,000
1,221,563 4,717,000
1,446,227 4,979,000
1,199,610 4,452,000
Foreign
Corporate.
$867,000 $28,836,000
Week Ended June 9.
Sales at
New York Curb
Exchange.
Jan. Ito June 9.
1933.
1932.
726,895
6,871,835
Stocks
-No. of shares_
Bonds.
$26,478,000 $18,065,000
Domestic
691,000
1,491,000
Foreign government_ _
1,096,000
Foreign corporate
867,000
35,692,927
22,988,788
3402,591,000
17,511,000
20,015,000
$330,979,100
13,025,000
32,758,000
$28,836,000 517,852,000
3440.117,000
$376,762,100
Total
1933.
1932.
Course of Bank Clearings.
Bank clearings this week will again show a decrease as
compared with a year ago. Preliminary figures compiled by
us, based upon telegraphic advices from the chief cities of
the country, indicate that for the week ended to-day (Saturday June 10), bank exchanges for all the cities of the United
States from which it is po isible to obtain weekly returns will
be 1.4% below those for the corresponding week last year.
Our preliminary total stands at $4,483,843,387, against
$4,549,722,839 for the same week in 1932. At this center
there is a gain for the five days ended Friday of 6.5%. Our
comparative summary for the week follows:
Clearings-Returns Si, Telegraph.
Week Ending June 10.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
Twelve cities, five days
Other cities, five days
Total all cities, five days
All cities, one day
Tntol all rItIna fnr Irani
1933.
1932.
52,533,398,628 32,378,105,454
156,770,581
175,906,400
177,000,000
182,000,000
154,000,000
141,000,000
44,199,548
49,553,421
48,200,000
51.300,000
69,206,000
72,331,000
No longer will re port clearings.
62,189,322
62,924,494
31,483.217
58,000,000
34,830,317
46,093,396
29,708,123
44,324,715
13,899,000
26,999,022
Per
Cent.
+6.5
-10.9
-2.7
+9.2
-10.8
-6.0
-4.3
-1.2
-45.7
-24.4
-33.0
-48.5
53.354.884,736
381,651,420
33,525,537,902
475,783,675
-4.8
-19.8
53,736,536,156
747,207,231
$4,001,321,577
548,401,262
-6.6
+36.3
id 455 Adi .
557
id crin 709 iin
___, d
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 Juno 3. For
that week there is a decrease of 11.4%, the aggregate of
clearings for the whole country being $4,701,063,746, against
$5,306,382,969 in the same week in 1932. Outside of this
city there is a decrease of 16.5%, the bank clearings at this
center recording a gain of 9.1%. 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 loss of 9.5%,
in the Boston Reserve District there is a loss of 9.9% and
in the Philadelphia Reserve Distric 9.3%. In the Cleveland Reserve the totals register a decline of 13.7%, in the
Richmond Reserve District of 37.2% and in the Atlanta
Reserve District of 4.9%. In the Chicago Reserve District
the totals are smaller by 28.9%, in the St. Louis Reserve
Financial Chronicle
Volume 136
District by 2.1% and in the Minneapolis Reserve District
by 4.2%. In the Kansas City Reserve District, the decrease
is 17.9%, in the Dallas Reserve District 14.0%, and in the
San Francisco Reserve District of 13.8%.
In the following we furnish a summary of Federal Reserve
districts:
4035
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for May and the five months of 1933 and 1932 are given
below:
Month of May.
1932.
1933.
1932.
Ine.or
Dec.
Federal Reserve Diets.
$
1st Boston ____12 cities
207,342,134
2nd New York__12 "
3,384,479,340
3rd Phlladelpla 9 "
218,889,171
4th Cleveland__ 5 "
155,774,792
5th Richmond _ 6 "
62,311,371
6th Atianta____10 "
61,870,290
7th Chicago ..--18 "
235,802,592
8th St. Louis__ 4 "
82,859,228
9th Minneapolis 7 "
62,299,533
10th KansasCity 9 "
69,419.310
11th Dallas
5 "
23,885,245
12th San Fran 13 "
135,626,739
$
229,997,223
3,738,219,205
241,427,140
180,414,488
100,001,014
65,083,094
331,855,267
84,625,507
65,041,889
84,558,874
27.779,268
157,3E0,000
%
-5.9
-9.5
-9.3
-13.7
-37.2
-4.9
-28.9
-2.1
-4.2
-17.9
-14.0
-13.8
110 cities
Total
Outside N. Y. City
5,306,382,969 -11.4 10,805,883,641 11.634.153,314
1,681,961,829 -16.5 3,287,777,901 3,657,592,779
Week Ended June 3 1933.
Canada
22 Milan
1933.
4,701,063,746
1,404.718,831
ant as, Kr.
1931.
1930.
$
501,303,735
7,690,648,755
501,787,177
339,880,560
170.452,107
114,341,160
737,651,782
156,987,978
119,047,288
147,329,908
50,536,372
276,441,819
is, GNI Ion -1-1,1
$
468,914,805
8,159,559,355
547,876,491
386,535,961
180,815,152
141,163,732
884,860,088
186,587,773
116,658,426
189,608,475
57,032,780
314,540,278
IRA TM sea
al,0.1 Ma
We also furnish to-day a summary of the clearings for the
month of May. For that month there is a decrease for
the entire body of clearing houses of 3.2%, the 1933 aggregate of clearings being $19 996,745,772 and the 1932 aggregate $20,667,501,203. In the New York Reserve District
there is a gain of 4.0%, but in the Boston Reserve District
the totals show a decline of 9.3% and in the Philadelphia
Reserve District of 7.7%. The Cleveland Reserve District
suffers a contraction of 20.4%, the Richmond Reserve
District of 30.8% and the Atlanta Reserve District of 13.3%.
The Chicago Reserve District suffers a diminution of 31.1%
and the St. Louis Reserve District of 5.1%, but in the
Minneapolis Reserve District there is an increase of 1.0%.
In the Kansas City Reserw District, the loss is 16.0%, in the
Dallas Reserve District 6.5% and in the San Francisco
Reserve District of 9.7%.
We also furnish to-day a summary of the clearings for the
month of May.
May
1932.
May
1933.
Ins.or
Dec.
May
1931.
May
1930.
Federal Reserve Dists.
$
5
$
$
%
lst Boston _ _ __14 cities
999,494,437 -9.3 1,810,921,143 2.230,087,325
906,623,994
2nd New York_ _13 " 13,670,899,033 13,142,189,872 +4.0 25,515,860,486 32,195,783,637
3rd Philadelpla 14 "
1,056,756,423 1,144,811,120 -7.7 1,881,025,321 2,449,838,684
4th Cleveland_.13 "
663,838,970
833,934,235 --20.4 1,358,421,866 1,798,723,368
5th Richmond. 9 "
445,562,818 -30.8
308,392,630
615,704,190
757,518,153
6th Atlanta____16 ••
382,330,614 -13.3
331,468,159
543,905,374
721,357,280
7th Chicago - __25 "
1,043,248,986 1,513,984,110 -31.1 2,937,354,018 4,007,231.634
8th St. Louis__ 7 "
367,345,556
387,090,033 -6.1
555,764,313
861,733,172
9th 51inneapolls13 "
295,727,261
292,322.84 +1.0
5
411.443 00
, 0
533 925 668
. .
10511 KansasCity 14 "
435,988,425
519,177,650 -16.0
716,092,917 1,005,983,260
11th Dallas
10 "
244,866,439 -6.6
228,937,231
360,655,508
434,350,197
12th San Fran22 "
761,237,027 -9.7 1,136,554,642 1,933,073,701
687,719,135
170 cities 19,998,745,772 20,667,501,203 -3.2 37,843.712,623 40,493.606,139
Total
Outside N. Y. CRY
6.689,931,527 7,923,232,424 -15.6 12,900,103,745 17,064,688,219
Canada
32 cities
1,793,978,964
1.036,646,590 +255
1,695,136,490
1,844,778,652
We append another table showing the clearings by Federal
Reserve districts for the five months for each year back
to 1930:
5 mown*
1933.
Federal Reserve Diets.
1st Boaton ........14 cities
2nd New York.
.13 "
3rd Philadelpla 14 "
4th Cleveland_ _13 "
5th Richmond 9 "
.
6th Atlanta_ ___16 "
7th Chicago ___25 "
8th St. Louts__ 7 "
9th Minneapolls13 "
10th KansasCity 14 "
11th Dallas
10 "
12th San Fran...22 "
5 months Ine.or b months
1932.
Dee.
1931.
b
Months
1930.
$
I
S
$
%
4,067,096,443 5,680,796,171 -24.4 9,216,292,377 11,323,787,465
62,124,660,671 74,487,786,709 -16.6 126,993,959,610 160,422,147,593
6,325,843,421 6,482,945,838 -17.8 9,194,294,929 12,555,556,763
3,253,687,411 4,588,326,066 -29.1 7,098,172,138 8,820,079,009
1,582,476,829 2,385,887,191 -33.7 3,157,587,158 3,843,645,046
1,535,313,503 2,099,300,892 -74.5 2,860,045,743 3,728,457,337
4,769,769,662 8,184,093,198 -41.7 14,461,947,182 19.485,699.204
1,614,111.885 2,060,194,339 -21.7 2,881,946,719 4,316,667,502
1,239,994,674 1,520,595,987 -18.5 2,082.834,452 3,509,973,938
2,007,630,856 3,737,522,822 -28.7 3,809,163,379 5,137,324,038
1,104,901,264 1,372,162,230 -19.5 1,900,884,116 2,333,340.815
3,067,972,081 4,181,733,213 -26.3 5,781,239,905 7,560,065,845
170 cities 91,693,457,690 115,761,344,658 -20.8 189,438,367,708 242,036,737,655
Total
Outside N.Y. City
31,331,723,345 43,540,949,567 -28.0 65.421,831,910 85.287,677,519
Canada
32 cities
5.057.797.145
5.111.751.564
-3.0
Five Months.
Description.
SUMMARY OF BANK CLEARINGS.
7.359.935.1343
8.414.332033
1933.
Stock, number of shares_ 104,213,954 23,136,913
Bonds.
Railroad (1( miscell. bonds $260,918,000 $114,961,000
State, foreign, arc., bonds 76,643,500 59,851,000
U.S. Government bonds_
39,456,400 86,809,400
Total bonds
1932.
215,239,599
153.717,978
$787,155,900
310,831,000
236,954,700
$639,446,300
305,795,500
333,546,500
$377,017,900 $261,621,400 $1,334,941,600 $1,278,788,300
The volume of transactions in share properties on the
New York Stock Exchange for the month of May for the
years 1930 to 1933 is indicated in the following:
1933.
No. Shares.
Month of January
February
March
1931.
1932.
No. Shares. No. Shares.
1930.
No. Shares.
18,718,292
19,314,200
20,096.557
58,129,049
First quarter
April
Maw
34,362.383
31,716,267
33,031.499
99,110,149 172,343,252 226,694,430
52,896,596
104.113 954
31.470.516
23.1311.913
42.423,343
64,181,836
65,658,034
62,308,290
67,834,100
96,552,040
54.346,836 111.041.000
48.659 525 78.340.030
The following compilation covers the clearings by months
since Jan. 1 1933 and 1932:
MONTHLY CLEARINGS.
Clearings, Total AU.
Clearings Out..^ide New York.
.9168th
1933.
1932.
1933.
1932.
5
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 qu_ 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 -28.8 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
The course of bank clearings at leading cities of the country
for the month of May and since Jan. 1 in each of the last
four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES.
May
Jan. 1 to May 31
(000,0008
1933. 1932. 1931. 1930. 1933. 1932.
1931.
1930.
omitted.)
$
$
New York
13,307 12.739 24,944 31,429 60,362 72,220 124,017 156,749
Chicago
958 1,916 2,585
836
3,529
5,222
,317 12,646
Boston
792
3,526
858 1,618 1,979
4,917
8,214 10,062
Philadelphia
1,008 1,075 1,748 2,303
5,072
8,568 11.918
6,102
St. Louis
245
266
400
1,068
548
1,390
2,054
2,688
Pittsburgh
290
342
581
801
1,408
3,062
1,881
3,855
San Francisco
371
404
827
613
1,749
3,147
2,277
4,292
Baltimore
153
232
399
327
785
1,255
3,062
1,668
Cincinnati
147
242
168
274
929
697
1,253
1,409
Kansas City
221
350
266
521
1,401
1,045
1,918
2,682
Cleveland
269
177
430
919
582
1,489
2,881
2,248
Minneapolis
198
189
351
273
819
1,335
98.5
1,646
New Orleans
55
104
193
163
337
901
616
1,046
Detroit
559
33
286
823
1,518
416
2,906
3,913
73
Louisville
73
92
343
170
390
496
840
Omaha
85
98
187
150
348
770
505
942
31
Providence
34
47
143
60
192
308
244
45
Milwaukee
61
135
114
211
356
525
860
103
98
163
460
Buffalo
241
585
1,128
861
St. Paul
61
63
104
328
80
269
439
503
72
Denver
79
109
325
145
411
526
709
56
40
78
Indianapolis
101
280
189
377
476
101
142
Richmond
107
189
474
734
569
949
44
Memphis
41
76
50
183
236
430
275
83
Seattle
93
130
176
508
370
687
865
Salt Lake City-.
37
76
35
.58
168
308
208
383
35
Hartford
34
46
155
67
184
351
255
18,636 19,035 35,423 45,342 85,370 106,954 177,105 226,196
1,361 1,827 2,461 3,086
6,323 8.971 12,552 15,336
Total
Other cities
Total all
19,997 20,668 37,884 48,428 91,693 115,761 189,657 241,532
Outside New York_ 6,690 7,928 12,940 17,000 31,332 43,541 65,640 84,782
We now add our detailed statement showing the figures
for each city separately for May and since Jan. 1 for two
years and for the week ended June 3 for four Years:
CLEARINGS FOR MAY, SINCE JANUARY 1,'AND FOR WEEK- ENDING JUNE 3.
Month of May.
5 Months Ended May 31.
Clearings at
1933.
First Federal Rose
-Bangor
Me.
1.. Portland
1a8s.-Boston
Fall River
Holyoke
Lowell
New Bedford
Springfield
Worcester
-Hartford__ _
.
Conn.
New Haven
Waterbury
-Providence__ _
it. I.
N.11.
-Manchester..
1932.
$
$
rye District- Boston
1,784,350
1,844,758
4,405,163
9,271,458
791,780,052
857,651,087
3,092,099
2,599,660
1,289,943
1,692,304
1,430.545
1,135,332
2,224,439
2,594,579
10,755,683
13,559,106
4,553.924
9,257,143
34,326,46
35,090,720
13,683,173
23,910,874
5,179,300
4,203,000
31,113,600
33,662,800
2,004,955
2.021,92
Total (14 cities)
906,623,994
999,494,437
Inc. or
Dec.
1933.
%
$
.
Week Ended June 3.
1932.
Inc. or
Dec.
1933.
1932.
Inc. or
Dec.
1931.
$
%
$
$
%
$
-3.3
-52.5
-7.7
-15.9
-23.8
-20.6
-14.3
-20.7
-50.8
+2.2
-42.8
-18.9
-7.6
-0.8
7,676.617
25,580,994
3,525,827,097
11,373,316
6.507,337
5,255,665
10,012,707
54,095.059
25,496,997
154,945,359
71,193,110
17,959,800
142,547,500
8,623,885
9.579,556
49,655.628
4,916,772,974
16,120,436
9,138,676
6,860,788
14,136,985
72,896,302
48,293,222
183,635,036
125,856,949
25,219,600
192,402,800
10,227,219
-19.9
-4.8.5
-28.3
-29.4
-28.8
-23.4
-29.2
-25.8
-47.2
-15.6
-43.4
-28.8
-25.9
-15.7
416,482
1,011,166
181,223,701
463,779
-9.3
4,067,095,443
5,680,796,171 -28.4
207,342,134
523,662 -20.5
2,536,894 -490.1
196,358,928 -7.7
649.462 -28.6
1930.
$
840,201
3,751,320
448,047,649
912,129
838,455
3,776,582
412,808.950
1,208.451
201,638
488,572
2.972,557
714,775
8,109,537
3,343,484
293,713
584,722
3,632,805
1,875,151
9,290,597
5,569,127
-31.3
-19.9
-18.2
-61.9
-12.7
-40.0
509,627
877,457
5,883,023
3,601,253
15,016,400
8,682,295
644.598
1,133.690
5,474,861
3,606,809
17,276,456
8,895,011
7,939.400
477,043
8,299,900 -4.3
382,262 +24.8
12,479,300
703,081
12,473,000
777,942
501,303,735
468,914,805
229,997,223
-9.9
4036
Financial Chronicle
June 10 1933
CLEARINGS-(Continued.)
Month of May.
5 Months Ended May 31.
Clearings at
1933.
1932.
Inc. or
Dec.
$
Second Federal Re serve District -NewYorkN. Y.
-Albany
37,332,880
21,683,664
Binghamton
3,3 4,867
3,025,305
Buffalo
98,336,244
102,580,934
Elmira
2,105,886
3,057,422
Jamestown
1.209,223
2,604,122
New York
13,306,944,245 12,739,268,779
Rochester
26,150,816
27,398,663
Syracuse
14,281,256
16,108,583
Conn.
-Stamford _
11,669,065
10,468,932
N.J.
-Montclair _ _
1,645,579
2,172,877
Newark
65,912,611
92,213,040
Northern N.J
98,722,972
114,990,842
Oranges
3,243,378
6,616.709
Total(13 cities).
13,670,899,022 13,142,189.872
1,056,756,423 1,144,811,120
663,638,970
'iota!(9 cities)
308,392,620
Total(16 cities) _ _ _ _
331,468,159
4,697,140
4,124,475
5,061,139
34,701,558
14,771,419
5,833,639
7,663,241
5,072,000,000
23,365,906
39,412,271
29,314,740
18,437,493
66,460,400
4,458,907
2,299,348
6,272,024
1,880,830,932
26,470,093
37,631,345
-35.2
-44.0
-48.2
-25.2
-23.6
-23.8
833.934,235 -20.4
3,253,687,411
4,588,326,066 -29.1
8,992,037
59,389,783
569,216,521
15,601,297
18,385,802
20,268,710
1,255,109,016
5,496,581
2,084,844
-9.2
-61.5
-28.6
-20.8
-28.5
478,000,000
3,582,676
4,896,357
3,356,071
1,971,232
525,000,000
3,980.510
4,453,904
3,312,346
1,992,149
208,000,000
934,274
1,564,064
1,372,969
891,710
4,384,000
4,148.000
-9.3
501,267,177
547,876,491
33,216,263
41,647,408
6,134,100
37,523,099 -11.5
59,490,027 -30.0
7,395,100 -17.1
60,154,796
114,107,548
13,232,800
63,309,615
135,871,280
15,888,300
674,962
867,643 -22.2
1,404,018
1,545,974
150,981,398
169,920,792
-50.7
-25.7
-16.7
-62.8
-28.9
-69.4
-37.4
-28.0
74,102,059
339,880,560
386,535,961
114,784
1,897,000
15,591,591
417,032 --72.5
2,309,866 --17.9
22,028,339 --29.2
717,772
4,157,859
36,519,851
1,203,250
4,665,284
44,870,000
651,499
33,165,797
--3.7
--18.1
--47.4
382,330,614 -13.3
1,535,313,503
387,090,033
521,243
10,633,111
416,439,719
13,568,425
21,510,191
14,049,719
6,175,397
10,740,244
25,452,327
189,205,715
12,775,941
61,475,257
5,409,241
211,241,543
3,760,569
22,913,601
24,796,932
91,124,978
2,798,000
96,897,858
32,189,023
30,380,760
170,452,107
180,815,152
+48.0
-24.0
+22.8
+18.0
1,700,000
13,432,069
33275,046
1,365,946
2,700,000
22,003,259
38,949,126
1,500,000
400.210
8,679,000
449,112 -10.9
6,706,646 +29.4
903,203
13,061,019
1,397,456
13,831,751
7,230,280
692,493
6,786,059
700,866
11,647,554
1,436,262
18,285.439
2.181,554
11,390.700
62,811,371
-4.1
1,773,190
95,094,412
721,342
-24Ie
433,427,464 -43.3
2,385,887,191 -33.7
54,422,723
208,257,404
638,000,000
19,968,028
10,838,862
11,126,795
226,204,382
27,175,680
207,664,800
20,482,774
11,727,658
17.401,000
20,615,335
.;,952,669
2,721,086
615,741,696
-9.7
54,342,189 -39.0
100,001,014 -37.2
245,638,205
47,673,347
174,239,857
527,600,000
16,048,111
8,398,984
7,943,816
162,075,018
18,531,235
176,480,915
16,250,343
8,836,463
14307,000
12,071,169
6,639,558
2,097,053
337,320,634
75,138,619
180,414,488 -13.7
1,582,476,829
+0..
+27..
+10.
-3-15..
-34
+16.'
+15.
241,427,140
155,774,792
-49.7
+60.1
229,000,000
2,426,401
2,190,110
1,734,030
1,246,341
2,951,000 +65.1
445,562,818 -30.i
20,182,246
2,087,643
8,560,428
16,700,000
684,108
-12.4
-16.3
-17.3
-19.6
-22.5
-28.6
-28.4
-31.8
-15.0
-20.7
-24.7
-18.9
-41.4
-18.9
-22.9
-45.2
3,089,765
6,503.632
20,500,000
807.296
67,903
13,899,711
2- .
118,086 - 42
22,290,146 --37.6
138,896
37,381,165
186,166
40,128,981
2,099.300,892 -74.5
61,870,290
65,083.094
-4.9
114,341,160
141,163,732
491,593
25,353,093
Is
1,029,762 -62.3
69,140,213 -63,3
1,059,951
139,413,385
Is
1,256,499
152,109,539
1,043,248,986 1,513,984,110 -31.1
3,099,033
2,768,859
14,077,209
1,518,348,814
31,696,976
64,902,420
12,660,756
33,474,249
24,963,051
37,328,722
280,176.708
29,681,938
73,253,190
27,938,427
356,273,145
9,878,836
016,753,146
114,613,483
113,738,712
-81.2
-24.5
-72.6
-57.2
-66.9
+11.0
-81.6
-57.0
-31.8
-32.5
-57.0
-16.1
-80.6
-40.7
-61.9
-82.6
-78.4
-19.9
-1.2
6
-
796,347
2,968,673
5,261,380
5,791,946
349,262
453,460
2
1,506,500 - 76.8
1,034.871 --56.2
3,050,545
2,960,707
3,538,884
3,607,898
8,382,000
395,141
2,409,683
12,176,000 -31.2
1,508,720 -73.8
2,608,685 -7.6
19,045,000
2,799,249
3.951,486
22,364,000
3,054,022
4,824.882
8,966,834
14,915,446 -40.3
25,211,487
32,601,142
2,955,081
3,655,105
7,894,280
9,040,371
4,663,579
Is
6,610,888
-16.2
-23.4
+4.4
+18.5
-33.8
1,744,987
507,805,818
1,079,069
3,590,785
2,790,765
2,374,248
2,263,934
620,695,490
1,310,645
5,122,271
3,721,221
3,282,351
235.802,592
331,855,267 -28.9
737,651,782
884,860,086
62,000,000
12,889,669
-I- 1.5
61,100,000
15,320,732 --15.9
228,032
706,477
4,304,933
4,892,189
__ayo
56,942,498 -38.7
2,361,941
2,244,987
+5.2
-71.2
-62.6
-32.4
-40.3
-29.3
-46.6
-52.7
254,385
177,185,470
431,522
2,278,031
560,161
865.089
1,059,622
211,539,973
563,027
2,181,072
472,785
1,306,285
4,769,789,862
8,184,093,198 -41.7
Is
2,624,623
1,390,487,797
389.985,554
Is
26,653,177
235,219,797
2,567,869
12,655,522
Is
-73.3
-23.2
--12.2
-17.7
+ 10.1
-77.8
-39.2
700,907
1,068,027,360
342,503,141
Is
15,054,636
182,816,723
411,826
4,597,292
-5.1
1,614,111,885
2,060,194,339 -21.7
-8.0
+0.7
34,894,176
1,602,900
9,363,000 -58.6
9,436,499
22,620,590
5,222,456,540
13,273,876
55,311,631
20,495,282
37,780,789
367,345,556
1,085,413 --35.9
4,872,100
2,890,077
1,288,584
3,246,726
1,407,708,965
20,235,359
28,667,551
-14.5
1,301,838
695,703
218,889,171
-27.6
-37.2
-57.0
-15.3
-15.6
+2.4
-34.3
-10.7
1,171,691
-9.4
-25.0
-38.3
-24.6
-33.2
-53.4
+ 4.7
4,435,906
44,098,000
473,932,464
5,809,052
13,081,435
6,205,325
785,320,587
3,955,855
806,117
391,300 --27.9
73,373,000
928,608,446
1,488,807,521
175,584,200
10,250,938
3,053,160
14,696,152
--78.3
--23.5
--5.2
402,545 --31.4
6,482,945,838 -17.8
2,721,202
8,466,755
3,528,935,728
7,928,974
39,121,083
10,954,238
17,866,954
Total (7 cities)
1930.
282.059
-55.8
-67.8
-.48.2
-36.1
-45.6
-26.4
-21.1
-16.9
-55.8
-28.7
-25.0
-30.9
3,876,000
14,544,844
696,685,446
918,573,377
132.307,750
6,849,323
1,423,170
15,390,239
Eighth Federal Re serve District -St. Louis
-Evansville _ _ _ _
Ind.
577,392
New Albany
266,367,844
244,967,472
Mo.-St. Louis
72,562,613
Ky.-Louisville
73,075,296
Owensboro
5,119,943
4,214,616
Paducah
39,527,498
43,514,615
Tenn.-Ivfem phis_ _ _
543,861
120,557
Ill -Jacksonville_ _ _
.
2,390,882
1,453,000
Quincy
1931.
276,292
10,638,970
12,795,147
9,765,936
54,347,669
27,157,817
7,927,334
9,716,405
6,103,300,000
52,876,961
55,291,436
39,065,652
26,689,511
Seventh Federal R eserve Distric[-Chicago462,259
Mich.
-Adrian
1,855,242
2,669,136 -30.5
Ann Arbor
285,528,536 +15.5
32,969,196
Detroit
5,098,447 -47.6
2,671,398
Flint
11,175,227 -66.2
377,438
Grand Rapids
2,190,319 +107.8
4,550,807
Jackson
6,934,758 -79.9
1,395,722
Lansing
5,400,541 -66.3
1,818,419
Ind.
-Ft. Wayne_ _ _
6,234,115
8,102,808 -23.1
Gary
39,643,000
56,047,150 -29.3
Indianapolis
2,082,718
6,267,072 -66.8
South Bend
11,954,192
12,868,509 -7.1
Terre Haute
1,577,301
3,620,574 -56.4
Wis.-Madison
45,127,639
61.254,978 -26.3
Milwaukee
887,311
1,700,733 -47.8
Oshkosh
a889,743
a3,233,370 -72.5
Ia.-Cedar Rapids_ _
22,513,403
Davenport
22,744,241
24,284,951
+6.8
Des Moines
Is
Is
Iowa City
10,287,786 -17.7
8,470,298
Sioux City
Waterloo
678,828
1,848,653 -63.3
111.-Aurora
4,621,439 -65.8
1,581,346
Bloomington
958,082,308 -12.7
836,503,229
Chicago
2,610,227 -19.2
2,109,429
Decatur
10,571,071 -9.4
9,576,850
Peoria
3,249.813
2,737,150 -18.7
Rockford
8,628,785 -57.7
3,649,744
Springfield
Total(75 cities)..._ _
Inc. or
Dec.
-9.5 7,690,648,755 8,159,559,355
-12.6
-34.1
-11.4
-36.6
-53.0
-11.6
-Atlanta
Sixth Federal Rese rye District
16,424,109
10,233,033
-Knoxville_ _ _
Tenn.
42,346,553
38,348,558
Nashville
123,400,000
122,800,000
Ga.-Atlanta
4,108,004
3,224,200
Augusta
1,868,437
2,069,060
Columbus
2,094,914
2,181,052
Macon
33,731,156
40,000,000
Fla.
-Jacksonville_
5,319,364
3,499,611
Tampa
42,499,071
36,362,769
Ala.-Brimingbam_ _
3,431,827
3,955,653
Mobile
2,095.092
2,084,588
MongornerY
2,887,000
2,770.000
Miss.
-Hattiesburg _ 3,505,182
Jackson
1,153,104
1,110,967
Meridian
400,361
488,676
Vicksburg
54,972,107
104,434,325
La.
-New Orleans_
1932.
+4.0 62,124,660,671 74,487,786,709 -16.6 3,384,479,340 3,738,219,205
5,325,843,421
-R ichmondFifth Federal Reserv e District
W. Va.-Huntington _
1,742,003
378,828
12,407,410
Va.-Norfolk
9,497,000
107,023,092
Richmond
101,460,665
2,901,300
N.C.
-Raleigh
3,676,625
S. C.
-Charleston__ _
3,145,178
4,147,448
Columbia
232,183,407
Md.-Baltimore
152,575,037
882,714
Frederick
988,038
Hagerstown
Is
80,493,495
D.C.
-Washington _
40,453,198
1933.
+65.0
7,240,310
7,466,294
+11.5
1,271,018
1,525,526
--9.8
42,768,930
48,257,090
--31.7
1,202.175
1,085,999
--51.8
1,251,224
1,463,686
-9.1 7,518,110,740 7,976,560,535
-12.8
14,279,410
14,024,973
--25.3
7,155,949
8,089,467
-40.3
4.572,998
5,481,599
--37.9
1,546,650
1,698,270
--43.7
47,592,483
45.2
61,376
--23.7
43,656,868
48.644,540
-7.7
Fourth Federal Re serve District -ClevelandOhio-Akron
1,627,000
Canton
3,384,312
Cincinnati
146,689,007
167,775,878
Cleveland
177,162,550
268,715,370
Columbus
29,068,700
32,795,900
Hamilton
1,486,836
2,343,884
Lorain
246,147
523,627
Mansfield
3,535,815
4,001,362
Youngstown
No clearings a vallable.
Pa.
-Beaver Co
645,800
892.215
Franklin
286,570
456,479
Greensburg
577,167
1,343,702
Pittsburgh
289,868,948
342,344,545
3,244,620
3,845,000
Ky.-Lexington
W.Va.-Wheeling_
7,442,498
7,269,273
Total (14 cities)--
1932.
+72.2
183.348,240
123,015,324 +49.0
8,201,168
4,970,360
+10.6
16,145,282
18,726,239 -13.8
799,404
891,277
-4.1
459,563,937
584,511,825 -21.4
20,216,190
22,401,600
-31.1
12,031,756
17,504,571 -31.3
943.857
645,100
-53.6
7,694,845
661,812
13,290,090 -42.1
318,817
+4.5 60,361,734,345 72,220,395,089 -16.4 3,296,344,915 3,624,421,140
-4.6
121,878,040
166,665,585 -26.9
8,686.905
7,573,661
-11.3
65,662,302
4,360,100
87,371,695 -24.8
3,257,622
-11.5
49.350,602
56,977,599 -13.4
3,557,848
2,125,470
-24.3
7,827,578
1.060,221
11,901,000 -34.2
658,539
-28.5
326.875,402
31,866,824
509,495,905 -35.8
17,928,701
-14.1
495,544,052
34,489,134
648,641,040 -23.6
26,317,880
-51.0
17,004,290
29,200,747 -41.9
Third Federal Res erve District -Philadelph la-Pa.
1,204,275
1,909,088 --36.9
-Altoona
2,364,924
Bethlehem
Chester
1,186,704
1,659,348 -28.5
7,224,118
Harrisburg
10,937,525 -34.0
Lancaster
2,815,016
5,111,953 -44.9
1,335,927
Lebanon
1,569,321 -14.9
Norristown
1,546,235
1,830,813 -15.5
Philadelphia
1,008,000,000 1,075,400,000 -6.3
Reading
4,412,907
9,782,072 -54.9
7,147,579
9,370,344 -23.7
Scranton
6,286,096
Wilkes-Barre
7,075,041 -11.2
York
4,117,766
5,326,791 -22.7
N.J.
-Camden
No longer will report clearing s
.
Trenton
11,479,800
12,473,000
Total(13 cities)
1933.
Week Ended June 3.
Inc. or
Dec.
-43.5
-22.3
-84.0
-63.7
Is
7,670,560
299,000
82,859,228
7,616,766
Is
40.7
588,009 --49.2
84,625,507
--2.1
Is
Is
118,300,000
23,563,013
127,200,000
40,314,427
14.175,018
Is
949,947
17,489,960
Is
1,583,386
156,987,978
186,587,773
4037
Financial Chronicle
Volume 136
CLEART NGS-(Concludetl )
Month of May.
Week Ended Jun t 3.
5 Months Ended May 31.
Clearings at
1933.
Inc. or
Dec.
1932.
$
Ninth Federal Res erve District - Minneapo 11 Minn.
-Duluth
8,906,140 -0.1
8,903,317
Minneapolis
189,469,696
198,492,028
+4.8
Rochester
1,079,928 -33.0
723,444
St. Paul
63,284,470 -3.0
61,371,105
N.D.
7,050,947 -14.9
-Fargo
5,999,545
Grand Forks
4,291,000 -40.5
2,554,000
Minot
877,000 -36.8
554,430
S. D.
-Aberdeen _ - _
2,649,229 -21.7
2,074,031
Sioux Falls
3,746,479
+2.0
3,820,141
Mont.
1,437,607 -18.9
-Billings
1,165,846
2,287,938 -36.9
Great Falls
1,443,496
7,527,772 +12.6
Helena
8,474,032
214,642 -29.3
Lewistown
151,846
1933.
Inc. or
Dec.
1932.
1933.
1,723,995
44,645,424
4,612,769 -62.6
+4.7
42,654,611
10,686,458
81,716,857
7,513,033
77,847,187
12,344,294
1,207,086
13,719,754 -10.0
1,463.063 -17.5
20,309,231
2,071,410
23,970,364
2,237,378
409,236
545,688 --25.0
876,118
1,189,804
269,807
345,413 --21.9
719,133
752,325
1,699,691
1,700,591
--0.1
2,668,081
3,148,335
62,299,533
65,041,889
-4.2
119,047,288
116,658,426
1,520,595,987 -18.5
Tenth Federal Res erve District -Kansas Cit
::
Neb.-Fremont
825,806 Y 73.6
217,684
Hastings
"700,000
Lincoln
8,732,286 --17.8
7,173,587
97,585,794 --I3.3
Omaha
84,589,310
Kan.
-Kansas City
7,433,252 --33.7
4,928,477
Topeka
6,969,308 --I8.3
5,692,503
Wichita
16,111,131 --53.6
7,477,498
Mo.-Joplin
1,448,451 --I3.1
1,259,110
Kansas City
265,573,394 --16.6
221,396,158
St. Joseph
10,934,000 --I.8
10,736,376
Okla.
-Tulsa
18,174,715 --9.2
16,503,629
Colo.
-Colo. Spgs_
2,907,232 --27.7
2,102,148
Denver
78,523,525 --8.4
71,953,831
Pueblo
3,258,756 --39.9
1,958,114
1,328,993
950,000
31,008,171
347,865,685
26,746,599
29,965,444
46,571,274
.5,791,795
1,044,631,785
47,408,980
76,315,569
10,791,036
324,568,703
13,688,822
4,172,285
3,712,330
45,989,271
503,774,065
39,841,873
41,072,992
88,078,854
7,692,998
1,400,505,057
61,780,000
96,795,636
15,763,170
410,565,357
17,778,934
2,007,630,856
2.737,522,822 -26.7
Total(14 cities) _
435,988,425
292,822,848
519,177,650 -16.0
Eleventh Federal Reserve Distr ict-DallasTexas-Austin
4,357,669
2,939,476
Beaumont
2,500,263
2,423,647
Dallas
101,449,529
102,218,072
El Paso
11,141,811
8,524,191
Ft. Worth
21,807,026
19,777,023
Galveston
7,319,000
6,043,000
Houston
82,667,595
75,293,687
Port Arthur
1,156,696
922,518
Wichita Falls
2,255,000
2,029,734
La.
-Shreveport
10,211.850
8,765,883
Total (10 cities)._
228,937,231
-32.5
-3.1
+0.8
-23.5
-9.3
-17.4
-20.2
-10.0
-14.2
14,039,646
11,811,183
479,959,895
42,250,031
87,080,758
33,589,000
382,067,282
4,383,594
9,749,734
39,970,131
-6.5
1,104,901,254
244,866,439
Twelfth Federal IR aserve DIstile t
-San Franc SiCOWash.
-Bellingham_ _
1,867,000 --17.2
1,545,000
Seattle
93,149,257
82,891,955
Spokane
22,741,000 +66.0
37,740,000
Yakima
1,750,299 ---34.2
1,152,369
Ida.
-Boise
3,755,067 --42.8
2,147,720
Ore.
-Eugene
576,000 --26.9
421,000
Portland
88,074,532 --12.2
77,332,965
+1.1
Utah-Ogden
1,943,698
1,964,419
37,182,429 --7.1
Salt Lake City
34,623,556
-Phoenix
Aria.
10,576,637 --29.3
7,476,780
Calif -Bakersfield _ _ _
2,970,887 --18.2
2,429,340
Berkeley
12,894,547 --11.1
11,466,327
Long Beach
12,445,606 --3.2
12,050,482
Los Angeles
No longer will report cleans go.
Modesto
1,535,385 --20.2
1,225,269
Pasadena
15,796,721 --35.8
10,147,805
Riverside
3,374,821 --14.2
2,895,325
Sacramento
26,608,333 --51.7
12,840,895
San Diego
No longer will report dearth gs.
San Francisco
403,944,453 -8.2
370,916,365
San Jose
6,368,227 -17.3
5,265,822
Santa Barbara_
4,768,934 -21.4
3,750,479
Santa Monica
4,073,103 -19.0
3,299,748
Stockton
4,840,091 -14.6
4,135,504
Total (22 cities) _
761,237,027
687,719,125
Grand total (170
cities)
19,996,745,772 20,667,501,203
-9.7
• 3.2
-
1930.
-26.9
-16.9
-38.8
-18.0
-27.3
-52.3
-41.3
-27.5
-21.3
-33.2
-45.0
-0.7
-31.2
49,925,646
985,155,063
5,430,617
328,253,951
38,316,263
22,588,000
4,110,644
12,996,182
19,043,873
7,405,458
11,000,931
35,451,241
918,119
1,239,994,674
295,727,261
1931.
$
36,482,939
818,878,050
3,322,900
269,005,660
27,871,342
10,770,000
2,412,026
9,428,383
14,994,055
4,947,712
6,047,995
35,202,019
631,593
+1.0
Total(13 cities) _
Inc. Or
Dec .
1932.
21,126,839
21,728,775
589,845,426
56,223,997
125,304,165
46,681,000
437,524,899
6,344,191
12,799,000
54,583,938
-47.3
-27.2
-31.1
-49.0
-51.7
-54.2
-25.5
-25.4
-19.3
-43.7
-28.7
-27.5
-26.5
6,006,037
52,289,714
12,084,855
64,706,951
9,131,329
81,017,270
20,323,113
141,446,134
-34.2
-35.5
-40.5
-54.3
1,749,053,681
25,181,930
17,311,871
15,641,694
18,630,908
2,277,081,204
35,942,231
26,379,676
21,978,263
26,654,382
-23.2
-29.9
-34.4
-28.8
-30.1
3,067,972,081
427,661
is
3,504,440
36,845,597
3,811,276
43,971.963
1,321,475 -16.2
3,645,588 -55.3
2,394,272
5,339,629
2,934,286
7,707,396
45,555,786
2,416,458
54,619,748 --16.6
2,454,295 --1.5
92,354,375
4,004,076
121,981,316
5,635,710
358,636
713,707 --49.8
1,189,568
1,430,735
351,892
752,481 --53.2
1,270,290
1,670.302
69,419,310
84,558,874 -17.9
147,329,908
189,608,475
558,280
808,465 -30.9
993,711
1,657,664
16,546,570
18,971,045 -12.8
36,879,272
38,602,414
4,105,987
1,144,000
4,436,642 -7.5
1,466,000 -22.0
6,439,432
2,661,000
9,255,314
2,677,000
1,534.408
2,097,116 -26.8
3,562,957
4,840,388
23,889,245
27,779,268 -14.0
50,536,372
57,032,780
16,176,930
3,588,000
269,747
19,996,135 --19.1
5,034,000 --28.7
434,599 --37.9
36,171,291
10,727,000
1,111,543
42,771,240
13,045,000
1,287,633
13,681,580
15,400,091 -11.2
32,345,332
36,594,593
--4.7
14,877,690
17,342,683
2,686,954 -11.1
2,389,811
No longer will report clear! ngs.
6,083,176
7,563,235
6,190,094
1,372,162,230 -19.5
9,120,540
507,539,491
131,522,000
10,141,265
20,960,230
3,786,426
402,020,705
10,011,121
207,572,234
53,436,844
15,321,224
77,470,499
72,877,023
186,748 -61.4
1,828,056 -19.5
19,036,776 -13.6
1,106,932
1,628,541
--33.5
--45.6
-18.6
-24.9
-30.5
-28.0
-12.7
30.9
-23.8
-26.8
4,809,000
369,515,585
90,631,000
5,175,673
10,133,624
1,733,000
299,315,845
7,471,099
167,564,359
30,086,848
10,917,273
56,138,450
53,572,684
485,491
72,142
1,471,739
16,457,184
-68.1
-74.4
-32.6
-30.9
-32.9
-27.0
-47.1
-24.7
-25.4
-23.3
-21.2
-31.5
-20.9
-23.0
4,161,733,213 -26.3
7,399,134
7,767,382
3,221,664 -30.4
5,289,936
4.798,535 --64.9
1,685,638
No longer will report cleani ngs.
93,674,170 --9.7
84,604,099
1,614,833 --22.3
1,254,475
926,690 --14.5
792,260
896,178 --29.2
634,478
7,734,241
5,754,476
154,508,182
2,718,175
1,864,104
1,673,049
175,307,025
3,022,904
1,972,585
2,011,510
928,769 -2.3
157,380,000 -13.8
1,338,100
276,441,819
1,677,300
314,540,278
2,243,062
907,525
135,826,739
91.693,457,690 115,761,344,656 -20.8 4,701,063,746 5,306,382,969 -11.4 10805888,641 11634 153,314
Outside New York_ 6,633,801,52 7 7,928,232,424 -15.6 31,331,723,345 43,540,949,567 -28.0 1,404,718,831 1,681,961,829 -16.5 3,287,777,901 3,657,592,779
CANADIAN CLEARINGS FOR MAY, SINCE JANUARY 1, AND FOR WEEK ENDING JUNE 1.
Week Ended June 1.
5 Months Ended May 31.
Month of May.
Clearings at
-
304,487,505
I
1 14_11 11+1114111111+++4.,
-
r++1111111
,.0
..WW..
W
'00WCZWWCANOtN.4WW0p.WWWW,IWWWWWW=40W.
,
0CaO
000
,
140b17...Q.P.ICWW00.-4001141:000 Ca
00V000001P011
,NNNDW.0000..Wtr..=4.W.WWWW,MCOG CO
,
0OWNO..00,C.COMN
00,
1 , ,,
1W0 V0N.-40.P.C4©
-3.0
.W0000
W.
C.34•03.WCn&WliS10,02.4•CO
0,4 0,,
, IWVOMCnts14.0i4C,WNWNVeran.I.V.44,0
10,249WWWisN
PC.NOCWOW0040,
4 w....o.occatmo=.—moowcawcow.um..wwo...w
,
5,211,761,654
1931.
267,900,126 +13.7
1930.
op.m.1.0a.somn.o-.0mnom—lo.no.ocoromomvpN
5,057,797,145
$
90,405.607
112,296,258
45.777,176
15.210,101
3,683,035
4,567,396
2,217,645
3,419,271
5,070,166
1,442,845
1,512,030
2,253,749
3,229,310
2,696,743
258,998
324,180
1,058,932
491,739
883,214
505,344
494,026
153,847
565,843
553,676
887,652
2,030,082
204,618
538,300
473,201
372,621
318,872
591,028
42E4gg.T.4.1;2t4;NggV:".
iiRgFrA'=
.c4
%
-9.7
+3.6
+20.2
-10.4
-27.7
-16.5
-22.2
-20.8
-8.7
-24.5
-16.4
-16.7
-20.1
-14.2
-24.6
-9.5
-23.0
-12.3
-13.5
-17.0
-19.8
-7.0
-16.6
-15.9
-12.2
-18.0
-30.8
-25.2
-18.1
-17.4
-21.2
-12.4
Inc. or
Dec.
1932.
.
b No figures available.
1,477,757,529
1,727.852,411
828,150,315
240,258,495
75,275,133
73,480,976
39,162,357
64,657,256
92,639,300
28,622,410
25,504,692
45,144,558
65,992,705
59,702,188
5,177,623
6,005,088
22,275,190
10,487,837
14,240,268
9,571,104
8,004,797
3,408,396
10,310,054
10,349,207
15,580,014
41,139,258
4,405,539
11,760,786
9,349,300
7,981,515
6,591,233
8,959,611
$
1,636,611,434
1,667,164,999
689,080,283
268,181,227
104,087.881
88,014,356
50.358,870
81,620,744
101,475,077
37,903,540
30,504,598
54,210,079
82,613,702
69,621,439
6,869,836
6,635,182
28,920,536
11,953,762
16,456,003
11,536,404
9,980,902
3,665,607
12,356,553
12,304,998
17,747,132
50,142,147
6,364,536
15,719,281
11,410,249
9,657,366
8,367,340
10,225,591
1933.
-7a
a Not Included In totals.
1932.
ONMNel... NV0000.,..1,N0..VIC,VNNM,1,,,,tmC?..W
.
I.M./ WOON.OGO ,
.W.OWt. .$.0
, WODOWV.0t,OC,C00,MM,
I
. .
1,300,978,954 1,036,646,590 +25.5
Total(32 cities)._
1933.
Inc. or
Dec.
0...6,:a..4. .
, ..
1
ii
$
315,811,732
327,725,304
149,600,392
52,881,823
18,883,310
19,169,440
10,309,803
16,475,231
20,024.207
7,669,020
5,739,822
10,432,068
15,347,346
13,876,443
1,412,843
1,322,767
6,046,997
2,276,728
3,381,360
2,503,145
2,012,245
759,729
2,515,422
2,557,382
3,635,140
10,632,274
1,351,069
3,983,519
2,629,303
2,029,789
1,605,402
2,045,535
+++A
-
SWWW
1932.
ei4ci6.6c6,44.44
.
4OvM..oiN.4.oitliqt:491,61.i0070
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
Saint John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
Sudbury
Ca
Ca
CA .0
,
1933.
Inc. or
Dec.
360,772,859
$
143,620.139
127,467,769
43,180,511
22,917,451
8,072,589
8,711,517
4,293,101
6,313,285
8,271,978
2,237,246
2,628,697
3,612,593
8,735,525
4,702,185
549.652
580,277
2,772,230
1,154,848
1,164,934
950,688
918,068
528,915
964,816
1,190,802
1,427,793
5,279,722
477,618
1,629,955
933,037
587,049
985,713
1,108,576
417,969,279
Financial Chronicle
4038
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
May 24 1933:
GOLD.
The Bank of England gold reserve against notes amounted to £185.988,501 on the 17th instant, showing no change as compared with the
previous Wednesday.
In the open market, the amounts of gold available have been moderate.
Supplies have been readily absorbed by private Continental buyers, but
the demand has been rather less keen and, although prices were again at
a premium over the franc parity, this ruled rather smaller than has recently
been the case.
Quotations during the week:
Equivalent Value
of E Sterling.
Per Fine
Ounce.
13g. 9.54d.
13s. 9.65d.
13s. 10.33d.
123s. 2d.
May 18
123s. Id.
May 19
122s. 7d.
May 20
13g. 10.16d.
122s. 83.d.
May 22
13s. 10.44d.
122s. 6d.
May 23
13s. 10.21d.
122s. 8d.
May 24
13s. 10.06d.
122s. 9.42d.
Average
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 15th instant to mid-day on the 22nd inst.:
Exports.
Imports.
Germany
Netherlands
Belgium
France
Switzerland
Iraq
U. S. A
British South Africa
British India
British Malaya
Australia
New Zealand
Canada
Other countries
£200,286
400,728
107,059
4.817,892
82,689
21,898
43,156
1,327,665
1,10.3,952
37,713
254,043
56,461
1,279,201
14,200
£1,300
62,300
8,000
43,503
94,821
12,811
24,620
407,085
6.188
Germany
Netherlands
Belgium
France
Switzerland
Austria
Czechoslovakia
Uruguay
Other countries
£660,628
£9,746,943
Gold shipments from Bombay last week amounted to about £1,224.000.
for London: the SS. "Ranchi"
The SS. "Tarantia" has £178,000 destined
has £515.000 consigned to London, E67,000 to Amsterdam and E19,000
to Marseilles and the SS. "President Van Buren" has £445,000 also consigned to Marseilles.
During April, the United Kingdom imports of gold again greatly exceeded exports,the excess amounting to £16,314,770. Details are as follows:
Exports.
Imports.
£5,755
£5,197,257
Germany
765,439
799,614
Netherlands
33,117
18.570
Belgium
1,697,368
1,078,315
France
832,500
Portugal
260,576
Switzerland
134,603
West Africa
57,550
Brazil
Union of South Africa and South-West Africa
5,023,900
Territory
271,279
Rhodesia
2.891,947
British India
267.812
British Malaya
3,969.634
Australia
79,763
New Zealand
66,232
185.513
Other countries
£19,975,757 .C3,660,987
SILVER.
week in the silver market opened rather dull, and with selling by
The
America on an indifferently supported market quotations declined to
1830. for cash and 18 9-16(1. for two months delivery by the 19th Inst.
The next day, however, news was received from Washington of the
announcement by Senator Pittman of a six-point programme for the
rehabilitation of silver and this was followed by some further speculative
demand: in the circumstances sellers held back and prices rose sharply,
being quoted 11-16d. higher at 19 3-16d. for cash and i9 (d. for two
months' delivery. Buyers did not continue the pressure and on reselling
by speculators there was a reaction of 7-16d. and M for the respective
tone has obtained.
deliveries on the 22nd instant, since when a quietersold, but Continental
During the week America has both bought and
selling was less in evidence. The Indian Bazaars made some re-sales, but
on the whole, were more disposed to give support. and exports of silver
The following were the United Kingdom imports
registered from mid-day on the 15th instant to mid-day on the 22nd inst.:
£29,916
28,920
8,812
14,684
5,670
16.210
4,355
7,927
£2,835
Norway
3,685
Germany
6.500
French Possessions in India
Yugoslavia
28,785
116.675
U. S. A
49,050
British India
5,160
Straits Settlements
6,856
Other countries
£116,494
Quotations during the week:
IN LONDON.
1219,546
IN NEW YORK.
(Cents Per Ounce, .999 Fine)
Bar Silver per Oz., Standard.
.
.Deliv
Cash. Deity. 2 Mos
33 5-16
May 17
18Md.
May 18_ _ __18 11-16d.
18 9-16d. May 18
May 19_....1834d.
3
4
3
3 1-16
May 19
1930.
May 20-19 3-16d.
33M
May 20
18 Md.
May 22_..18d.
33M
May 22
1830.
May 23- ___184d.
333.
May 23
1830.
May 24--_18 13-16d.
18.844d.
Average__ _ _18.802d.
during the period
The highest rate of exchange on New York recordedthe lowest $3.85%.
from the 18th instant to the 24th instant was $3.93 and
The stocks in Shanghai on the 20th instant consisted of about 141,400,000
ounces in sycee, 255,000,000 dollars and 5,900 silver bars, as compared
with about 143,400,000 ounces in sycee, 250,000,000 dollars and 8,760
silver bars on the 13th 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:
Tues.,
Mon.,
June 8.
June 5.
19%d.
Holiday.
Holiday. 1228.6d.
73%
Holiday.
Fri.,
Wed.,
.,
June 9.
June 8.
June 7.
19 7-16d.
19 3-16d. 194d.
1228.6d. 1228.2ki d. 1228.4%d.
72M
73
73
Holiday.
99%
98%
99
98%
Holiday.
109%
109%
109%
109%
Holiday.
67.70
67.50
68.20
67.70
Holiday.
107.40
107.20
107.80
107.40
Tho price of silver in New York on the same days has been:
Silver In N. Y..
• per oz. (cts.)
35%
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:
June 3 J247185 June 6 June 7 June 8
1933.
1933.
1933.
1933.
1933.
Francs. Francs. Francs. Francs. Francs.
12,200 12,400 12,585
Bank of Prance
1,670
1,674
1,650
Banque de Parts et Pays Bag_
372
384
378
Banque d'Union Parlsienne......
231
227
238
Canadian Pacific
18,595 18.500 18,500
Canal de Suez
2,605
2,600
2,620
Cie Distr d'ElectrIcitle
2,270
2,300
2,265
Cie Generale d'ElectricItie
535
560
654
Cie Generale Transatlantique-.
553
530
539
Citroen B
1,166
1,150
1,160
Comptoir Nationale d'Escompte
285
270
260
Coty Inc
365
362
366
Courrieres
818 . 826
825
Credit Commercial de France
4,840
4,870
4,860
Credit Fonder de France
2,260
2,285
2,250
Credit Lyonnais
2,640
2,600
2,610
Distribution d'Electricitle la Par
2,910
2,850
2,850
Eau% Lyonnais
751
750
755
Energie Eiectrique du Nord- --1,005
1,006
995
Energie Electrique du Littoral
56
54
53
French Line
92
92
HOLI- HOLT93
Gaieties Lafayette
1,020
DAY DAY
1,030
1,050
Gas in Bon
613
620
630
Kuhlmann
890
830
844
L'Air Liquid°
900866
Lyon (P. L M)
566
360
360
Mints de Courrierea
480
460
470
Mines des Lens
1,280
1,259
1,280
Nord Ity
860
Orleans By
1,030
1:1320
1:020
Paris, France
99
98
97
Pathe Capital
1,230
1,205
1,170
Pechiney
67.70 67.50
68.25
Rentea 3%
107.40 107.20 107.80
Rente8 5% 19211
78.70
77.00
76.20
Rentes 4% 1917
84.00
83.80 83.20
4% 1932 A
Rentes 4,
1,720
1,710
1,730
Royal Dutch
1,330
1,325
1,410
Saint Gobain C & C
1,575
1,575
1,565
Schneider & Cle
540
550
530
Societe Andre Citroen
79
78
79
,
So lete Flancalse Ford
148
143
140
Societe Generale Fonciere
2,860
2,825
2,900
Societe Lyonnalse.
586
587
588
Societe klarsellaise
18,600 18,500 18,600
hues
187
193
193
Tublze Artificial Silk pie!
900
909
890
E
Union d'lertricitle
180
180
190
Union des Mines_
80
80
78
Wagon-Llts
June 9
1933.
Francs.
12,400
1,660
"i5o
---2,ilto
__ -1,lio
270
---4:8513
2,250
2,610
2,900
-ii
92
1,030
620
840
-566
460
1,250
1:1316
1,190
67.70
107.40
76.40
83.40
1,730
----LEO
78
144
--18,700
"oio
__-----
THE BERLIN STOCK EXCHANGE.
The Berlin Stock Exchange resumed trading on Friday,
April 29 1932, after having been closed by Government decree
since Sept. 18 1931. Closing prices of representative stocks
as received by cable each day of the past week have been
as follows:
June
3.
June June June June
5.
7.
6.
8.
Per Cent of Par
134
134
133
Relehabanic (12%)
92
92
92
Berliner Elandels-Geeeilschaft (5%)
51
51
51
Commers end Privet Bank k. 0
56
55
58
Deutsche Bank und Disconte-Geselischaft_51
51
50
Dresdner Bane
98
98
98
Deutsche Reichsbahn(Oar Rya) ere(7%)
26
26
26
Aligemeine Elektrizitaets-Gesell (A E 0)......
Hon- Holl- 115
113
114
Berliner Kraft u Licht (10%)
day 117
day
115
115
Deasauer Gas (7%)
94
93
93
Gesfuerel (5%)
106
105
106
Hamburg Etektr-Werke (84%)
164
166
165
Siemens & Hawke(7%)
136
136
136
1 G Farbenindu.strie(7%)
187
182
180
Salzdetfurth (9%)
205 208
210
Rheintsche Braunicohle (10%)
118
117
118
Deut.che Erdoel(4%)
71
70
70
Mannesmann Roehren
19
18
18
Rupee
19
19
19
Norddeutscher Lloyd
June
9.
137
92
51
58
50
99
25
113
114
94
104
167
135
178
212
120
72
18
19
Exports.
Imports.
Soviet Union (Russia)
Germany
Japan
British West Africa
Aden and Dependencies---Australia
New Zealand
Other countries
&a.
June 3.
Silver, per oz__ 19 7-16d.
Gold, p.fine oz. 1228.4d.
Consols, 2)4% Holiday.
5
British 3%7
W L
Holiday.
British 4%Holiday.
1930-90
French Rentes
an Paris/3% fr. Holiday.
French War L'n
(in Paris)5%
1920 an/ort.. _ Holiday.
June 10 19.1.1
345(
35%
36%
36%
36%
In the following we also give New York quotadons for
German and other foreign unlisted dollar bonds as of June 9
1933:
Anlialt 7010 1946
Argentine 3%. 1945, 1100
pieces
Bid
28
76
, 2312
Austrian Defaulted Coupons 70
Bank of Colombia. 7%,'47 1 3112
Bank of Colombia, 7%,'48 1 3112
34
Bavaria 6%s to 1945
Bavarian Palatinate Cons.
20
Cit. 7% to 1945
Bogota (Colombia) 63.4,'47 1 2212
Bolovie 6%, 1940
1 11
f 10
Buenos Aires Scrip
Brandenburg Elec. 6a. 1953 46
Brazil Funding 5%,'31-'51 4712
British Hungarian Bank
136
6)4., 1962
Brown Coal lad. Corp.
58
0%.. 1953
Call (Colombia) 7%, 1947 11512
Callao (Peru) 7%%, 1944 1 7
8
Ceara (Brazil) 8%, 1947.
City Savings Bank, Budapest, 75, 1953
1 33
Deutsehe Bk 6% '32 unat'd 1 74
Dortmund Mun CBI(la, '48 28
Duinberg 7% to tats
/14
I itieeeeldort 78 to 1945.... 20
Last Prussian Pr.(is, 1953. 36
uropean Mortgage & Investment 714s. 1966.... 152
ranch Govt. 6)4s. 1937_ 110
french Nat. Mail 58.6s, 52 110
t rankfun 7s to 1945
24
German Atl. Cable 78, 1945 43
German Building & Landbank 63i%, 1948
24
67
Haiti 6% 1953_
Hanyb-Am Line 6(.4s to '40 62
Hanover Harz Water Wka.
6%. 1957
23
Housing & Real Imp 7s,'46 29
Hungarian Cent Mut 7s'37 1 32
Hungarian Discount & Exchance Bank 75, 196_3 f 291
,
Plat price.
sk.
28
det.
Hungarian Defaulted Coup /a
Bia
Hungarian Bei Ilk 1145,'32 Ill
76
Koholyt 6%.. 1943
34
30
2512 Karma& 6s, 1943 C D..- 13
18
Land M Bk, Warsaw 8a,'41 45
50
33 Leipzig Oland Pr. 63.is.'46 62
55
33 Leipzig Trade Pair 75, 1953 2412 26
38 I.uneberg Power, Light &
48
Water 7%, 1948
43
24 Mannheim & Pettit 7a. 1941 42
45
30
32
2312 Munich 7s to 1945
29
15 Munle Bk, Ileseen. 72) to '45 26
Municipal Gas & h let Corp
20
30
48
Recklinghausen, 7s, 1947 25
62
48l2 Nassau Landbank 6)4g. '38 50
Nat Central Savings Bk of
3912
Hunga, 710, 1962.... 138
38
National Hungarian & Ind
3912
Mtge. 7%, 1948...
1 38
61
1712 Oberpfalz Elec 7%, 19411_ 26
31
Oldenburg-Free State 7%
11
30
27
12
U'
Porte le
Poto 45 re 7%,18
2412
12
96
35 Protestant Church (Ger30
78
25
79
tt 19
many)Pr
ovkk 7 , t013a to 64 '33
31
48
,
50
16 Prov.Bk Westphalia 6%'36
24 RhineWeatph'aElect 7%'36 - - 40
38
29
38 Rio de Janeiro 6%, 11)43_ 126
47
Rom Cath Church 6)4s,'46 45
41
54 R C Church Welfare 75,'46 40
76
Saarbrueeken M irk 8s, '47 74
16
ni- Salvador 7%, 19..1
1 15
28 Santa Catharine (Brazil)
20
8%, 1947
48
19
16
Santander (Colom) 75, 1948 1 15
2012
28 Sao Paulo (Brazil) As 1947 1 13
72 Saxon Public kk orks 5%,
'32 1 50
55
65
o
2
5
lem & Ha1 i‘1den 6 1947 2 0 270
Sal p S1at ake 1Ke 9 29
30 9
4
4
49
36
27 Stettin Pub Util 7a, 1940_
32
32 Tucuman City 7s, 1951._ 1 28
38
34 Tucuman Pray. 7s, 1950.. 33
20
Vesten El,c Ry is, 1947... 1 16
32
30
tirrenhorg 7. to 104'4
31
tti
Financial Chronicle
Volume 136
Treasury Money Holdings.
The following compilation, made up from the daily Government statements, shows the money holdings of the Treasury at the beginning of business on the first of March, April,
May and June 1933:
[Mang,in (1.8. Treasury Mar. 1 1933. April 1 1933 May 1 1933. June 1 1933.
Net gold coin and bullionNet silver coin and bullion
Net United States notes—
Net National bank notes_
Net Federsi Reserve notes
Net Fed. Res, bank notes
Net subsidiary silver
Minor coin. dal
S
280,851.466
35,717.372
1,744,383
14.442.822
1.506.740
58.679
15.368,930
6,830,566
$
349,335.636
24,665.195
4.21.7.165
15,818.572
45.579.870
4,335
15,354,473
6,672.280
$
298.382,239
32,756,991
4,083,248
17,473,989
45,025,060
45,298
16,519,343
7,431,699
Total cash in Treasury..
Lees gold reserve fund_ — _
356,520,958
156,039,088
461.647,526
156.039,088
421,717,867 *347,184,507
156,039,088 156,039,088
Cash balance in Treas'y 200.481,870
Dep. in epee1 depositories
account Treas'y bonds,
Treasury notes and certificates of Indebtedness 177,273,000
Dep. In Fed. Res. bank...
45,672.685
Dep. in National banks—
To credit Treas. U. S._
7,444,818
To credit dish. officers_
19,362.281
Cash In Philippine Islands
1,063,129
Deposits In foreign depts.
1,071,157
Dep. In Fed. Land banks_
305,608,438
265.678,779
191,145,419
383,185.000
66,672,711
111,317,000
90,339,079
287,505,000
83,125,564
7.359.141
23.515.636
899,457
2,529,888
7,288,682
19,894,596
944,758
1,879,555
7,445,980
18,856,495
964,275
2,067.573
789.770,271
296.843,794
497,342,449
256,589,857
591,110,306
226,679,095
Net cash In TressurY
and In banks
Deduct current liabilities_
452.368,940
230,888.564
$
235,538.921
49,883,524
5,011,809
16,242,473
21,306,855
138.069
11,824.494
7,258.362
940 7.2 RO9 nn4421 211
409090477
991 Man .17a
AvallahlwesAh Ilfthane.
•Includes June 1 $22,989,451 silver bullion and $5,532,382 minor, &c., coin
in statement "Stock of Money."
not Included
Debt Statement of the United States
May 31 1933.
The preliminary statement of the public debt of the United
States May 31 1933, as made upon the basis of the daily
Treasury statement, is as follows:
Preliminary
2% Consols of 1930
2% Panama Canal Loan of 1916-38
2% Panama Canal WW1 of 1918-38
3% Panama Canal Loan of 1961
3% Conversion bonds of 1946-47
384% Postal Savings bonds(5th to 44th series)
First Liberty Loan of 1932-473K% bonds
$1,392,227,350.00
4% bonds (convertedl_
5,002,450.00
% bonds (converted)
535,982,600.00
11K% Fourth Liberty Loan of 1933-38
$599,724,050.00
48,954,180.00
25,947,400.00
49,800,000.00
28,894,500.00
52,697,440.00— $806,017,570.00
Total bonds
Treasury Notes
3% Series A-1934. maturing May 2 1934
24% Series B-1934. maturing Aug. 1 1934
3% Series A-1935, maturing June 15 1935._
83j% Series A-1936, maturing Aug. 1 1936_
234% Series B-1936, maturing Dec. 15 1936—
aq% Series A-1937. maturing Sept. 151937..
3% Series B-I937. maturing Apr. 15 1937._
234% Series A-1938. maturing Feb. 11938...
384% Series C-1936 ,maturing Apr. 15 1936
4% Civil Service Retirement Fund, sates
1933 to 1937
4% Foreign Service Retirement Fund. Series
1033 to 1937
4% Canal Zone Retirement Fund, Series 1936
and 1937
1,933,212,400.00
6,268,095.250.00
$758,983,300.00
1,038,834,500.00
489,087,100.00
454,135,200.00
352,994,450.00
544,916,050.00
819,497,500.00
759,494,700.00
5,215,942,800.00
$14,223,268,020.00
4% Adjusted Service Certificate Fund Series.
maturing Jan. 1 1934
Treasury Silts (Maturity Value)—
Series maturing June 7 1933
Series maturing June 21 1933
Series maturing June 28 1933
Series maturing July 5 1933
Series maturing July 12 1933
Series maturing July 19 1933
Series maturing July 26 1933
Series maturing Aug. 2 1933
Series maturing Aug. 9 1033
Series maturing Aug. 16 1933
Series maturing Aug. 23 1933
Series maturing Aug. 30 1933
-bearing debt outstanding
Total Interest
Matured Debt on Which Int. Has Ceased—
Old debt matured—Issued prior to Apr. 1 1917
e
47 and 434% Second Llberty Loan bonds of
1927-42
% Third Liberty Loan bonds of 1928
g K % Victory notes of 1922-23
% Victory notes of 1922-23
Treasury notes. at various Interest rates
Ctfs. of indebtedness, at various rates of Int
Treasury bills
Treasury savings certificates
Deposits for retirement of National bank and
Federal Reserve bank notes
Old demand notes and fractional currencyThrift and Treasury savings stamps. unclassified sales. &a
219,000,000.00
2,057.000.00
2,164,000.00
$373,856,500.00
469,089,000.00
451,447.000.00
254,364,500.00
473,328,000.00
$2,022,085,000.00
Gross debt less net balance in general fund _$21,200,456,584.54 $21,488,954,770.58
CCommercialantigliscellaneonsBays
Auction Sales.—Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
$ per Sle
Shares. Stocks.
$53,100 lot
9,000 Androscoggin Pulp Co., common stock, no par
500.
1,471 Consolidated Indemnity and Insurance Co.(N. Y.), par $5
57 Wdwood Trust Co.(N. Y.), par $100
200 Henstaa Holding Corp.(N. Y.), Par $100 100 Heney1 Realty Corp.(N. Y.).$8 l"
Par $100; 50 West Fortieth Street Realty Corp. (N. Y.), par $50 25 290
Seventh Avenue Realty Corp.(N. Y.), par $100; 80 N. & M. Realty Corp.
(N. Y.), par $100; All the right, title, interest and equity originally in the
sum of $11,500, covering the premises known as No. 1581-50th Street.
Brooklyn, New York,together with a collateral bond upon which there Is now
unpaid the principal sum of $4,601.96, with interest In the sum of $1,426.62.
$35,000 lot
20
400 F. G. Trading Corp.(Del.), $6 cony. pref., no par
32
Co. (Ohio), common no par
300 LIbbey-Owens-Ford Glass
391 Columbian National Life Insurance Co. (Mass.), common, par $100-120
2034
500 Kennecott Copper Co.(N. Y.),common, no par
21
300 Equity Shares, Inc. (Del.), par $1
350 Industrial Development Corp. (Me.), temporary certificates, par 31_35 lot.
$25 28 E. 39th St. Corporation, 4% gold bond, due Aug. 1 1953 (N. Y.);
193-600ths Electric Bond dc Share Co.(N. Y.), common scrip certificate,
Par $5; 100 Ryan Petroleum Corp. (Me.). common, temporary certificate,
par 51; 300 Alaska Mines Corp. (Va.), temporary certificate, par Si; 3
American Commonwealths Power Corp. (Del.), class A, common, no par
and 34-40ths share scrip (of which 16-40ths have lapsed) 500 The Washington Consolidated Wires Co. (Del.), par $1; 300 Thompson-Krist Mining
perg4C1entlot.
Co., Ltd. (Ontario), par $1
Operst_59 lot
Claims agasnst certain individuals for total sum of $662.93
By R. L. Day & Co., Boston:
Shares &oat,.
11 Exter Manufacturing Co.. par $50
10 Appleton Co., preferred. par $100
100 Cities Service Co., common
20 Incorporated Investors Equities
35 New England Public Service Cos., $7 prior preferred
50 Indiana Consumers Gas & By-Products, 6 preferred
1 Boston Athenaeum par $300
20 Draper Corp
10 wilts Thompeons Spa, Inc
•
By A. J. Wright & Co., Buffalo:
$275
Per Sh.
2034
5354
4K
234
30
4 lot
$ 3h
17
$ per Sh.
300.
20e.
per Rh.
Shares. Stocks.
25)(
-Penn National Bank, par $10
8 Central
5414
15 Philadelphia National Bank, par $20
32
15 Chase National Bank, New York, par $20
30
10 Corn Exchange National Bank & Trust Co., par $20
4134
10 Chemical Bank & Trust Co., New York. par $10
744
25 Real Estate-Lend Title & Trust Co., par $10
734
31 Integrity Trust Co., par $10
18 Pennsylvania Company for Insurances on Lives and Granting Annuities, 2734
Par $10
13
5 John B.Stetson Co., preferred, par $25
4434
20 Minehill and Schuylkill Haven Railroad Co., par $50
National Banks.—The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
96,900,000.00
2,118,985,000.00
$75,216,000.00
100,569,000.00
100,158,000.00
100.096,000.00
75,733,000.00
75,188,000.00
80,295,000.00
60,655,000.00
75,067,000.00
75,442,000.00
60,078,000.00
100,352,000.00
978.849,000.00
$21,468,790,420.00
$1,508,425.26
2,471,900.00
4,039.500.00
11,150.00
959,000.00
5,874,350.00
30,329,900.00
24,943,000.00
594,325.00
CHARTERS ISSUED.
Capital.
May 27—The Citizens National Bank of Park Rapids, Minn-- $25,000
W. Ressler; Cashier, C. A. Fuller.
President, H.
Will succeed the First National Bank of Park Rapids,
Minn.. Charter No. 5542.
50,000
May 27 The Planters National Bank of Mena. Ark
President. W. W. Townsend; Cashier, Fred C. Embry.
Will succeed Planters State Bank of Mena and First
State Bank of Hatfield, Ark.
100,000
May 29—The First National Bank in Burlington. Iowa
President, A.J. Benner; Cashier, Mortimer Goodwin.
125,000
May 29—First National Bank of Freeport. III
President, L. G. Younglove; Cashier, D.P. Miller.
Will succeed the First National Bank of Freeport. Ill.,
Charter No, 2875.
25,000
May 31—The Prange National Bank of New Douglas, Ill
President, A. F. Prange; Cashier, W.W.Prange.
Succeeds Prange State Bank, New Douglas, Ill.
June 2—The First Capital National Bank of Iowa City. Iowa_ - 100.000
President, Lee Nagle; Cashier, F. D. Williams.
Conversion of First Capital State Bank,Iowa City,Iowa
CHANGE OF TITLE.
$346,681,016.00
156,039,088 03
$190,641,927.97
May 31—The Auburn-Cayuga National Bank & Trust Co.,
Auburn, N. Y., to "The National Bank of Auburn."
June
117,848,209.00
2,039,084.76
3,334,789.46
313,864,011.19
Total growl debt
Gross debt less net bal.
in general fund
$1,207,827,886.23 $25,478,592,113.25 $18,653,039,121.49
Aprfl 30 1933
May 31 1933.
Last Month.
$21,441,209,176.46 $21,853,385,981.45
Gross debt
364,431,210.87
240,752,591.92
Net balance in general fund
By Barnes & Lofland, Philadelphia:
70,731,550.26
Debt Bearing No Interest—
United States notes
Less gold reserve
[On the basis of daily Treasury statements.]
Aug. 31 1919
May 31 1932
When War Debt
March 31 1917
a Year Ago.
Was at Its Peak.
Pre-War Debt.
Gross debt
$1,282,044,346.28 $26,596,701,648.01 $19,036,916,646.23
383,877,524.74
1,118,109,534.76
74,216,460.05
Net bal. in general fund_
Sares. Stoicks.
h International Runless Iron
10Como Mines
$244,234,600.00
345,292,600.00
416,602,800.00
365,138,000.00
360,533,200.00
834,401,500.00
508,328,900.00
277,516,600.00
572,419,200.00
$3,924,467,400.00
4,147,688.400.00
Certificates of Indebtedness
135% Series TJ-1933, maturing June 15 1933_
4% Series TAG-1933, maturing Aug. 15 1933_
% Series in-tvso,maturing Sept. 15 1933K % Series TD-1933, maturing Dec. 15 1933_
434% Series TD2-1933, maturing Dec. 15 1933
COMPARATIVE PUBLIC DEBT STATEMENT.
Bonds—
$5,400 Estey Operating Corp.(N.Y.),6%,due April 1 1941 50 Eatey
*rig Corp.(N. Y.), common, voting trust certificate, no par
8,201,307,650.00
-'Treasury bonds
4 % bonds of 1947-52
14
4% bonds of 1944-54
% bonds of 1946-56
3% bonds of 1943-47
334% bonds of 1940-43
354% bonds of 1941-43
334% bonds of 1946-49
8% bonds of 1951-55
4039
June
VOLUNTARY LIQUIDATION.
2—The First National Bank of Dongola, Ill
Effective June 1 1933. Liquidating Agent, C. C.
Daggett, Dongola, Ill. Absorbed by First State Bank
of Dongola, Ill.
25,000
BRANCH AUTHORIZED UNDER ACT OF FEB. 25 1927.
1—The New York State National Bank of Albany, N.Y.
Location of Branch, Northwest corner of Central Ave.
and Quail St., Albany. Certificate No, 831A.
Financial Chronicle
4040
-All
Breadstuffs Figures Brought from Page 4118.
the statements below, regarding the movement of grain
receipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Receipts at-Chicago
Minneapolis_ _
Duluth
Milwaukee _ _
Toledo
Detroit
Indianapolis_ _
St. Louis
Peoria
Kansas City_ _
Omaha
St. Joseph_
Wichita
Sioux City_ _
Buffalo
Flour.
Wheat.
I
Oats.
Corn.
I
Barley.
Rye.
ls.1961bs. bush.60 lbs. bush. 56 lbs. bush. 32 lbs. bush.48163. bush.581bs.
159,000
227,000
311,000
62,000 2,047,000
191,000
227,000
411,000
450,000
969,001
1,282,000
147,000
202,000
333,000
412,011
1,077,000
17,000
224,000
100,000
272,001
8,000
15,000
17,006
22,000
58,000
22,000
10,000
11,0006
222,
160,000,
50,000
4,000
5,000
118,000,
425,000
499,001
108.000
58,000
436,111
36.000
1,000
23,000
40.000
461,1 I, i
54,000
11,000 1,278,000
732,011
114,000
359,000
28,000
258,000
93,000
2,000
255,000
2,000
31,000
121,000
35,000
336,000
492.000j
75,000
641,000
1,865,000,
365,000 6,881.000' 7,095,000
335,000 5,867,000 2,283,000
384,000 10,165,000 3,252,000
Tot. wk.'33
Same wk., '32
Same wk., '31
2,259,000
1,698.000
1,438,000
753,000 1,364,000
175,000
316,000
189,000
560,000
Since Aug.116,827,000 299,129,000186,661,000 85.519,000114,577.000 45,861,000
1932
17,985.000 290,545,000 116,325,000 65.856.0001 7.519,00030.291,000
1931
18,409,000 397,596,000 181,147,000 99,879,00 20,040,000 45.384,000
1930
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, June 3, follow:
Receipts at-
Flour.
I
Wheat.
Corn.
Oats.
Rye.
I Barley.
.
bbls.196150. bush. 60 lbs.bush. 56 lbs. bush. 32 lbs. bush.481bs.1 bush.561bs
14,
2,000
9,000
New York _ _ 108,000;
2,000
11,000,
23,000,
Philadelphia
11,000,
3,000
11,000
4.000,
Baltimore _ _ _ _
48,000
87,000
30,000'
New Orleans *
20,000
Galveston_ _ _ _
99,0001 1.171,000
Montreal _ _ 574,000
Sorel
2,000
Boston
16,000,
Halifax
4,000'
I
1r
Tot. wk.'33
309,000! 1,782,000
Since Jan 1 '33 6,583,000 28,292,000
102,000
2,059,000
56,000
1,931,000
Week 1932 __ _
261,000, 6,453,000
Since Jan.!'32 7,070,000' 53,926,000
131,000
2,016,000
190,000 599.000
249.000
3,979,000 5,651,000 2,508,000
116,000
107,000
• Receipts do not include grain passing through New Orleans for foreign ports
on through bil s of lading,
The exports from the several seaboard ports for the week
ending Saturday, June 3 1933, are shown in the annexed
statement:
Exports from-
Wheat.
Corn.
Flour.
Oats.
Rye.
Total week 1933._ 2,579,000
Same week 1932
5 503.000
1,000
23.000
131,665
86.375
3,000
94.000
47,000
639.000
247000
The destination of these exports for the week and since
July 1 1933 is as below:
Flour.
Exports for Week
and Since
July 1 to-
Week
June 3
1933.
Since
July 1
1932.
Wheat.
Week
June 3
1933.
Since
' July 1
1932.
Corn.
Week
June 3
1933.
Since
July 1
1932.
Bushels.
Bushels. Bushels. Bushels,
Barrels. Barrels.
United Kingdom_ 66,935 2,018,009 1,068,000 52,952,000
1,046,000
826,747 1,506,000 81,624,000
Continent
41,260
3,662,000
1,000 9,452,000
2,000
110,000
So.& Cent. Amer _
13,000
3,000
157,000
605,400
1,000
West Indies
14,000
90,000
2,000
66,600
Brit.No.Am. Cols. 2,000
5,000
1,000
553,000
5,470
184,351
Other countries _ _
2,000
Total 1933
Total 1932
131,665 3,811,107 2.579,000 144,740,000
86.375 5.336.310 5.503.000 160.352,000
1,000 4,818,000
23.000
629.000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, June 3, was as follows:
United StatesBoston
New York
i "
afloat
Philadelphia
Baltimore
New Orleans
Galveston
Fort Worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux City
St. Louis
Indianapolis
Peoria
Chicago
On Lakes
Milwaukee
Minneapolis
Duluth
Detroit
Buffalo
" afloat
On Canal
GRAIN STOCKS.
Rye,
Corn,
Oats,
Wheat.
Barley,
bush,
bush,
bush.
bush,
bush.
9,000
1,000
12,000
1,000
64,000
310,000
125,000
98,000
35,000
6,000
12,000
160,000
32,000
3,000
25.000
3.000
157.000
94,000
4,000
23,000
219,000
361,000
400,000
3,000
40,000
3,006.000
74,000
1,526,000
3,887,000
413,000
2,877,000 1,311,000
217,000
84,000
35,015,000 1,676,000
59,000
24,000
10,600,000 4,687,000 1,331,000
51,000
474,000
174,000
3,000
1,162,000
17,000
371,000
3,133,000 3,016,000
18,000
18.000
941,000
391.000 2,190,000
4,000
10,000
6,479,000 9,214.000 3,190,000 4,248,000 1,151.000
320,000
597,000
14.000
3,295,000 1,994,000 1,151,000
706,000
23,133,000 1,464,000 9,712,000 2,712,000 6,579,000
15,414,000 1,138,000 2,806,000 1,117,000 1,264,000
25,000
22,000
110,000
18,000
45,000
4,104,000 7,612,000 1,730,000
488,000
774,000
495,000
310,000
160,000
72,000
18,000
68,000
Total June 3 1933_ __ _116,007,000 36,298,000 22,844,000 8,748,000 10,809,000
Total May 27 1933_114,909.000 34,727,000 22,547,000 8,488,000 10,409,000
Total June 4 1932____170,921.000 20,049,000 10,492,000 9,237,000 2,234,000
-New York, 309,000 bushels:
Note,
-Bonded grain not included above: Wheal
N. Y. afloat, 457,000; Buffalo, 1,882,000; Buffalo afloat, 230,000; Duluth, 64,000;
Erie. 1,667,000; on Lakes, 336,000; Canal, 798,000, total. 5,743,000 bushels, against
6,426,000 bushels in 1932.
Corn,
bush,
Wheat,
Canadianbush.
Montreal and other points25,999,000
Ft. William & Port Arthur47,506,000
Other Canadian
12,761.000
Rye,
Oats,
bush.
bush,
1,858,000 1,585,000
1,562,000 2.285,000
551,000
43,000
Bean/.
bush.
734,000
1,918,000
354,000
3,913,000 3.006,000
3,870,000 3,018,000
7,490,000 2,875,000
3,971,000
Total June 3 1933_ _ _86,266,000
4,231,000
Total May 27 1933_90,157,000
2,249,000
Total June 4 1932____57,452,000
Summary
American
116,007,000 36,298,000 22,844,000
3,971.000
Canadian
86,266,000
8,748,000 10,809,000
3,913,000 3,006,000
Total June 3 1933____202,273,000 36,298,000 26,815,000 12,661,000 13,815,000
Total May 27 1933_205,066,000 34,727,000 26,778,000 12,358,000 13,427,000
Total June 4 1932____228.373,000 20,049,000 12,741,000 16,727,000 5,109,000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ended Friday, June 2, and since July 2 1932 and July 1
1931, are shown in the following:
Corn.
Wheat.
Exports
-
Since
July 1
1931.
Since
July 2
1932.
Week
June 2
1933.
Week
June 2
1933.
Since
July 2
1932.
Since
July 1
1931.
Bushels.
Bushels. I Bushels.
Bushels.
Bushels.
Bushels.
6,000 5,533,000 2,249,000
North Amer. 5,401,000 280,227,000 310,099,000
19,512,000 110,076,000 1,972,000 65,800,000 33,747,000
Black Sea_
Argentina_ _ _ 2,579,000 103,391,000 136,475,000 3,953,000 193,655,000 361,100,000
1,922,000148,306,000 151,907,000
Australia
600,000
India
136,000 31,173,000 20,741.000
0th. countr's
160,000 23,805,000 32,342,000
Total
10,062,000 575,241,000741,499,000 6,067,000 296,181,000417,837,000
Cincinnati Stock Exchange.
-Record of transactions
at Cincinnati Stock Exchange, June 3 to June 9, both
inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price, Low. High. Shares.
Range Since Jan. 1.
Low.
High.
76
7731
2534
75
83
734
64
2034
20
934
1134
1634
3
2031
2
234
53
6
76
78
30
75
85
8
6634
2034
20
15
1,816
2,310
50
823
30
250
621
26
23
10
50
40
218
297
517
15
20
2,044
3
634
2
634
2
1
41
6
69
70
%
75
7034
434
5734
1734
1034
23'4
Mar
Mar
Apr
Feb
May
Feb
May
June
Apr
Apr
Feb
June
Apr
May
Mar
Apr
Mar
Mar
1134
1634
3
203.1
2
234
53
6
76
78
534
75
93
9
13634
2034
20
15
June
June
June
June
May
June
June
June
June
June
June
June
June
•
20
•
•
•
100
•
4.
40
•
100
434
834
1134
834
5
15
18
934
12
29%
90
6
734
1231
12
5
15
18
10
12
3034
90
425
1,470
122
1,038
5
10
67
60
25
528
5
I%
234
5
834
134
5
10
6
10
1534
85
Apr
Feb
Jan
June
Mar
Apr
Feb
Feb
Mar
Feb
Apr
6
734
1234
12
5
15
1834
10
12
3034
90
June
June
June
June
June
June
May
June
June
June
June
*
Manischewitz com
Magnavox, Ltd
•
Meteor Motor
•
Nash (A)
100
Procter & Gamble new...*
•
Rapid Electrotype
Richardson corn
*
United Milk Crate, A__ •
U S Playing Card
10
US Print & Lith corn...*
Preferred
50
•
U S Shoe corn
•
Waco Aircraft
10
%
5
28
41
18
1034
20
1934
236
5
%
1136
10
134
9
28
4234
1834
11%
20
21
536
10
SI
1234
10
298
20
100
703
355
250
100
725
Si
37
300
540
7
%
5
10
1934
13
4
15
9
1
3
%
234
Apr
Jan
Apr
Apr
Mar
May
Jan
Apr
Mar
Apr
Apr
June
Jan
10
134
9
30
43
1834
1134
20
21
534
10
34
1234
June
June
June
May
May
June
June
June
June
June
June
June
June
Aluminum Industries__ • '
Amer Laundry Mach_ __20
•
Amer Products corn
Amer Rolling Mill com_ _25
Baldwin corn
20
Burger Bros
•
Carey (Philip) pref_ __100
Carthage Mills
•
Champ Coated 1st pref-100
Champ Fibre pref
100
Cincin Adv Products
•
CNO&TPpref
100
CM Gas & Elec prof_ _ _100
Cincinnati Street Ry_ _ _50
Cin & Sub Bell Tel
50
Cin Union Stock Yards
•
•
City Ice & Fuel
•
Crosley Radio, A
834
15
3
1836
2
234
50
6
Barley.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
1,000
19,665
833,000
47,000
574,000
1,000
9,000
3,000
1,171,000
99,000
4,000
New York
Sorel
New Orleans
Montreal
Halifax
June 10 1933
Dow Drug corn
Eagle-Picher Lead
Formica Insulation
Gibson Art corn
Gruen Watch com
Preferred
Hobart Mfg
Julian dr Kokenge
Kahn panic A
Kroger corn
Lazarus pre
may
June
June
June
June
• No par value.
-Record of transactions at
St. Louis Stock Exchange.
St. Louis Stock Exchange, June 3 to June 9, both inelusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
40
40
(AS) Aloe Co preferred _100 40
6
6
American Credit Indem_10
50%
Brown Shoe common
49% 48
1
1
Burkart Mfg corn
12
11
Coca-Cola Bottling corn_ _ I
1%
134
Consol Lead & Zinc A_
•
13
Corno Mills corn
13
Curtis Mfg corn
7
7%
7
5
20
20
Elder Mfg A
100
Ely & Walker D Gds com25
15% 16%
60
2d preferred
60
100
Globe-Democrat pref._100
105 105
Ham-Brown Shoe corn..25
3% 4%
4%
1% 2
Hussman-Ligonier corn.._•
8
8%
Hydraulic P Brick prof 100
834
International Shoe corn_ _ _•
48% 503.6
108 III
Preferred
100 111
7
8
Laclede-Chris Clay Pr corn*
8
18
17
Laclede Steel corn
20 1734
38% 40
McQuay-Norris corn
8% 11
Mo Ptld Cement corn_..25
831
National Candy corn
15
1634
• 16%
8
9%
Rice-Stix D Gds corn
•
934
58% 58%
2d preferred
100
3
4%
Scullin Steel prof
•
4
25
22
Southern Acid & Sul corn.* 25
115% 117
S'western Bell Tel pref_100 117
10
10
Stlx, Baer & Fuller corn_ _•
Wagner Electric com___ _15 11
10% 11%
Bonds
Scullin Steel 6s
• No par value.
1941
27
27
Range Since Jan. 1.
Low.
High.
10 35
Apr 40 June
90
o May 6 June
314 29
Apr 5034 June
20 50o
Jan
1
June
100
6% May 12% June
250 25e Mar
2
May
85
8% Mar 13 June
190
434 Apr
734 June
12 20 June 20 June
45
6
Mar 16% June
1 55
May 60 June
2 103% May 10734 Feb
Apr
1,423
5
234 Feb
250
I
2% may
Feb
491
4% Feb
836 June
268 26
Mar 50% June
June
18 102% Jan 111
June
20
3 May
8
June
18
100
9
Jan
30 24% Mar 40 June
June
11
730
434 Feb
984
534 Mar 1614 June
9% June
1,564
3
Feb
Jan
20 50
Apr 60
4% June
400
1
Apr
610 15
May 25 June
June
113 109% Apr 117
1034 June
5
534 Feb
4% Apr 11% June
1,074
$1,000
21
Jan
30
May
Financial Chronicle
Volume 136
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.
Per
When
Cent. Payable.
Railroads (Steam).
Atchison Topeka & Santa Fe. prof
6134 Aug.
Burlington Cedar Rapids & North.(s.-a.) $3July
Det. Hills & Southwestern (s.
$2 "July
-a.)
Semi-annual
$2
Jan.
Elmira & Williamsport(s-a)
$1.61 July
Peterborough (8.-a.)
Oct.
$134
Pittsburgh Bessemer & Lake Erie
6% preferred (guar.)
134% Dec.
Tunnel RR. of St. Louis (s.
$3
July
-a.)
Ware River,gtd.(s-a)
6334 July
Books Closed
Days Inaustre.
1 Holders of rec. June 30
1 Holders of rec. June 15
5 Holders of rec. June 20
5 Holders of rec. Dec. 20
1 Holders of rec. June 20
2 Holders of rec. Sept. 25
1 Holders of rec. Nov. 15
1 Holders of rec. June 18
1 Holders of roe. June 30
Public Utilities.
Amer.Pow.& Light Co., $6 pref. OLIO- 3734e. July 1 Holders of rec. June 12
$5 preferred (qmar.)
3134c. July 1 Holders of rec. June 12
Amer. Water Works di Elec. Co, Die.
Common (guar.)
250. Aug. 1 Holders of rec. July 7
Buffalo Niagara & Eastern Pow. Cori).
Preferred (guar.)
400. July 1 Holders of roe. June 15
$5 preferred (guar.)
$134 Aug. 1 Holders of rec. July 15
Calgary Power Co., Ltd., corn. (guar.) $135 July 3 Holders of roe. June 15
Calif. Elec. Generating, 6% pref. (qu.) 135% July I Holders of rec. June 5
Central Illinois P. Serv. Co., Ltd.
$6 &6% preferred (quar.)
500. Ally 15 Holders of rec. June 20
CM.& Suburban Bell Telep.
Co.(guar.) $1.12 My 1 Holders of rec. June 20
Clinton Water Works, 7% pref. (guar.)
% July 15 Holders of rec. July 1
Columbus Sty. Power & Light
634% preferred (guar.)
l4% July 1 Holders of rec. June 15
Commonwealth Water & Light Co.
$7 preferred (quar.)
1134 July 1 Holders of rec. June 20
$6 preferred (quar.)
$134 July 1 Holders of rec. June 20
Consumers Gas Co. of Toronto (quar.)..
$234 July 1 Holders of rec. June 15
Continental Gas & Electric Corp.
Common (guar.)
42c. July 1 Holders of ree. June 13a
7% preferred (guar.)
% July 1 Holders of rec. June 13a
Cuban Telep. Co.,00 7% pref. div. Rollo n taken
Elizabethtown Water Consol.(s-a)
June 30 Holders of rec. June 20
$2
Engineers Public Service Co.
$5 preferred (guar.)
$134 July 1 Holders of rec. June 19
$5.34 preferred (guar.)
$134 July 1 Holders of rec. June 19
$6 preferred (guar.)
July 1 Holders of rec. June 19
$134
Internat. Hydro-Elec. System, Ill. (qu.) 87340 July 15 Holders of rec. June 27
Jamaica Public Service Co., Ltd.
Common (guar.)
250 July 3 Holders of rec. June 15
7% preferred (guar.)
134% July 3 Holders of rec.$June 15
Joplin Water Works Co.,6% pref. (qu.) 134% July 15 Holders of rec. July 1
Mississippi Power, Prof. (guar.)
$134 July 1 Holders of rec. June 15
Monongahela Valley Water Co.
7% preferred (guar.)
134% July 15 Holders of rec. July 1
New Hampshire Pow., pref. (quar.)._
July 1 Holders of rec. June 15
$2
Northwestern Telegraph Co. O.
-DO-- $134 July 1 Holders of rec. June 15
Nova Scotia Light & Pow. Co., Ltd.
Common (guar.)
1r750 July 3 Holders of rec. June 17
Ottawa Light, Heat & Power Co.
Common (guar.)
$ni June 30 Holders of rec. June 15
634% preferred (guar.)
134% July 1 Holders of rec. June 15
Otter Tail Power Co.(Del.). $6 PL
$134 July
(OW
(
$534 preferred (guar.)
$131 July 1
Penna. Gas & El. Co.,$7 pref. OLIO-- $13( July 1 Holders of rec. June 20
Penn.Telep. Corp., pref.(quar.)
$134 July 1 Holders of rec. June 15
Porto Rico Power Co., Ltd., pref.
(Qum.) 3134 July 3 Holders of rec. June 15
Providence Gas Co., corn.(guar.)
25 . July 1 Holders of rec. June 15
0
Richmond Wat. Wks. Corp.6% pf.(q.) 134% July 1 Holders of rec. June 20
South Pitts. Water Co.,5% pref. (s•
134% Aug. 19 Holders of rec. Aug. 10
-a.)7% preferred (guar.)
134% July 15 Holders of rec. July 1
6% preferred (quar.)
134% July 15 Holders of rec. July 1
Southwestern Bell Tel., 7% pref. (guar.) 134% July 1 Holders of rec. June 20
Springifeld Gas & El. Co. pt. A (quar.).. $134
July 1 Holders of rec. June 15
Taunton Gas Light (guar.)
8134 July 1 Holders of rec. June 15
Union El. Lt.& Pow.(Mo.)6% pf.(q.) 134% July 1 Holders of rec. June 15
West Kootenay Pow.& Lt. Co., pf.(qu.) $134 July 3 Holders of rec. June 23
West Penn. Electric, class A (guar.)- --June 30 Holders of rec. June 17
Western Public Service Co
100. July 15 Holders of rec. June 15
West Penn Power Co.,6% pref.(quar.). $133 Aug. 1 Holders of rec. July 5
7% preferred (guar.)
$134 Aug. 1 Holders of rec. July 5
West Phila. Passenger Sty.(s
$434 July 1 Holders of rec. June 15
-a)
Wichita Water Co..7% pref.((Mar.) - 134% July 15 Holders of rec. July 1
Bank & Trust Cos.
Bank of the Manhattan Co-(guar.)
50c. July 1 Holders of rec. June 15
Central Hanover 13k. & Tr. Co.(qu.)- -- $134 July 1 Holders of rec. June 19
Chase National Bank (guar.)
35e. July 1 Holders of rec. June 16a
Continental Bank & Trust Co.(quar.)._
20e. July 1 Holders of rec. June 16
Guaranty Trust Co.(guar.)
June 30 Holders of rec. June 12
$5
National City Bank of N.Y
250. July 1 Holders of rec. June 10
Fire Insurance.
Birmingham Fire Ins. Co. of Ala.(s
-a)
Federal Ins. Co.(J. City, N.J.) (s
-a)--Phoenix Ins. Co.(Hartford) (guar.)--
250. June 30 Holders of rec. June 15
$1
July 1 Holders of rec. June 20
50c. July 1 Holders of rec. June 15
Miscellaneous.
Amer. Bakeries Corp., 7% prof. (qu.)__
134% July 1 Holders of rec. June 15
American Composite Trust Shares
7 3-5c June 3
Amer.
-Maize Prods. Co.com.(qu.)
250. June 30 Holders of rec. June 15
Preferred (guar.)
$1% June 30 Holders of rec. June 15
American Snuff Co., corn. (guar.)
-3% July 1 Holders of rec. June 16
Preferred (guar.)
154% July 1 Holders of roe. June 16
American Wringer Co.(guar.)
37340. July 1 Holders of rec. June 15
Apponaug Co., corn. (guar.)
50c. June 30 Holders of rec. June 15
Asbestos Mfg. Co., corn. (guar.)
12340. July 1 Holders of reo. June 15
Asbestos Mfg.Co
1234c. July 1 Holders of rec. June 15
Auburn Automobile Co.(quar.)
50c. July 1 Holders of rec. June 20
Axton-Fisher Tobacco Co. cl. A(qu.)
- 80e. July 1 Holders of rec. June 15
Class B (guar.)
40e. July 1 Holders of rec. June 15
Preferred (guar.)
$1% July 1 Holders of rec. June 15
Bankers TrustCo.(guar.)
734% July 1 Holders of rec. June 12
Bickford's, Inc., corn. (guar.)
150. July 1 Holders of rec. June 20
Preferred (guar.)
6234e. July 1 Holders of rec. June 20
Bird & Son, Inc., new corn.(guar.)
$131 July 1 Holders of rec. June 26
tr20c. July 3 Holders of rec. June 15
Brit. Amer.011 Co.,Ltd.(guar.)
200. July 1 Holders of rec. June 19
Broad Street Investing Co.,Inc
Bucyrus-Monighan Co., el.A
2234o. July 1 Holders of rec. June 20
June 1 Holders of rec. May 26
Budd Realty Corp.(guar.)
$1
Canadian Celanese Ltd.,7% pref
% June 30 Holders of rec. June 17
7% preferred
hil June 30 Holders of rec. June 17
Capital Admin. Co., Ltd. pt. A (guar.)- 75e. July 1 Holders of rec. June 19
Carpel Corp.(guar.)
250. July 1 Holders of reh. June 21
June 30 Holders of rec. June 17
Celanese Corp. of Amer.7% let pt.(qu.) $5
7% cum. series prior pref.(guar.)- 1 M % July 1 Holders of rec. June 17
Central Aguirre (guar.)
3734c. July 1 Holders of rec. June 20
Caned. General Elec. Co., corn, (guar.).
750. July 1 Holders of rec. June 15
Preferred (guar.)
87350. July 1 Holders of rec. June 15
cbicago Daily News,corn.(guar.)
$1
July 1 Holders of rec. June 20
Preferred (guar.)
$1% July 1 Holders of rec. June 20
Chickasha Cotton Oil Co. (special)
250. July 1 Holders of rec. June 15
20c. June 5 Holders of rec. June 1
City & Suburban Homes Co
Cluett Peabody & Co., Inc., pref. (qu.)_
$1% July 1 Holders of rec. June 20
Consol. Laund. Corp. pt. div. action dere rred.
Commonwealth Royalties,Inc.(month).
40. June 15 Holders of reo. June 5
Name of Company.
4041
Per
When
Cent. Payable.
Books Closed
Days Inehisies.
Miscellaneous (Concluded).
$1
July 1 Holders of roe. June 196
Continental Baking, pref. (guar.)
Courtaulds, Ltd.,Amer.dep. MC.pt. reg. 234% July 8 Holders of rec. July 8
10c. July 15 Holders of rec. July 5
Crum & Forster(guar.)
2% July 1 Holders of rec. June 19
Duplan Silk Corp.,8% prof.(guar.)_ _ _ Eastern Steamship Lines, Inc., pf. (qu.) 8734e July 1 Holders of rec. June 16
1st preferred (guar.)
$1 34 July 1 Holders of rec. June 16
Eastern Steel Prod., Ltd., pref. (guar.). $134 July 1 Holders of rec. June 15
u2% July 1 Holders of rec. June 10
Ecuadorian Corp., Ltd., pref.(s-a)
Emerson's Bromo-Seltzer,
July 1 Holders of rec. June 15
50c
Class A & B common (guar.)
50c
July 1 Holders of rec. June 15
Preferred (guar.)
Ever-Ready Co., Ltd. of Gt. Britain
.177c June 8 Holders of rec. May 15
American dep. rec, for ord. reg
July 1 Holders of rec. June 21
15e
Federated Dept.Stores(guar.)
June 30 Holders of rec. June 19
20e
Filene's (Wm.) Sons, (guar.)
$144 July 1 Holders of rec. June 19
Preferred (guar.)
$234 July 1 Holders of rec. June 17
Finance Co.of Pa.(guar.)
Finance Co. of Amer.
(Balt.),7% pf.
(qu.) 43%c July 15 Holders of rec. July 5
83‘e July 15 Holders of rec. July 5
7% preferred (guar.)
July 15 Holders of rec. July 5
10e
Clam A & B (guar.)
15e
June 15
First Custodian Shares
July 1 Holders of rec. June 20
750
Frick Co., Inc.,6% pref.(guar.)
$13( July 1
Fuller Brush Co..7% pref.(guar.)
Galland Mercantile Laundry Co.(guar.) 8734o July 1 Holders of rec. June 15
June 19 Holders of me. May 27
12c
Garner Royalties Co
General American Investors Co., Inc
$134 July 1 Holders of rec. June 20
preferred (guar.)
66
July 1 Holders of rec. June 16
General Amer. Transp. Corp. (s.
-a.)--- 50c
General Printing Ink Corp., pref. (qu.)_ 6134 July 1 Holders of rm. June 17
July 1 Holders of rec. June 10
250
General Ry. Signal Co., corn.(guar.)
$134 July 1 Holders of rec. June 10
Preferred (guar.)
15e
July 1 Holders of rec. June 20
Gibson Art Co. (guar.)
Globe Disct.& Fin. Corp..7% PI.(QUO - 8734c June 15 Holders of rec. June 1
June 30 Holders of rec. June 20
Gorton Pew Fisheries Co., coin.(guar.). 50c
June 12 Holders of rec. June 5
Sc
Grand Rapids Varnish Corp
Great Western Eleetro Chemical Co
6% let preferred (guar.)
134% July 1 Holders of rec. June 20
$134 July 1 Holders of rec. June 15
Curd (Chas.)& Co., pref.(guar.)
$134 June 30 Holders of rec. June 28
Heath (D. C.) & Co., pref.(guar.)
Hershey Creamery Co.. 7% pref. (8.-a.) $334 July 1 Holders of rec. June 15
$1.05 June 15 Holders of rec. June 5
Holophane Co., pref. (s.
-a.)
Holland Furnace Co., pref. dlv. omitted.
June 26 Holders of rec. June 20
75c
Homestake Mining Co. (monthly)
El% July 1 Holders of reo. June 20
Horn & Harden Baking (guar.)
$1% July 3 Holders of rec. June 15
Huron & Erie Mtge. Corp.(guar.)
July 1 Holders of rec. June 16
$1
Huylers of Del.. Inc.,7% pref.(guar.).
Imperial Chemical Industries, Ltd.
.097c June 8 Holders of rec. Apr. 13
Amer. dep. rec, for ord. shares
July 1 Holders of roe. June 19
75c
Industrial Rayon Corp.(guar.)
International Nickel of Can.(quar.)_ __- $134 Aug. 1 Holders of rec. July 3
International Shoe, corn.(gar.)
July 1 Holders of rec. June 15
50e
Preferred (monthly)
July 1 Holders of ree. June 15
500
50e
Aug. 1 Holders of rec. July 15
Preferred (monthly)
500
Sept. 1 Holders of rec. Aug. 15
Preferred (monthly)
50c
Oct. 1 Holders of rec. Sept. 15
Preferred (monthly)
Nov. 1 Holders of me. Oct. 15
Preferred (monthly)
50c
Dec. 1 Holders of rec. Nov. 15
Preferred (monthly)
50(1
June 15 Holders of rec. June 1
Investing Corp.of Phila
50c
Stoppers Gas & Coke Co., pref. (guar.). $134 July 1 Holders of rec. June 12
Lambert Co.(quarterly)
$1
July 1 Holders of rec. June 17
50c
June 30 Holders of rec. June 15
Land Title Bldg. Corp.(guar.)
3730 June 30
Landers Trary & Clark (guar.)
31
37731: Dee.Sept 30
3
Quarterly
Quarterly
100
June 30 Holders of reo. June 30
Lazarus(F.& R.)& Co.((Mari
July 6 Holders of rec. June 23
Lehman Corp., cap. stook (guar.)
600
June 30 Holders of rec. June 17
250
Loew's, Inc., common (guar.)
Aug. 1 Holders of rec. July 180
Loose Wiles Biscuit Co., corn. (guar.). ape
3134 July 1 Holders of rec. June 19a
Preferred (guar.)
$134 Oct. 1 Holders of rec. Sept. 18a
Preferred (guar.)
Jun 3
une 0
c
Mc j e 3
Major Corp. shares
Holders of rec. June 16
Mack Trucks, Inc., common (guar.)--- 25c
Sept. 1 Holders of rec. Aug. 15
25e
May Dept. Store Co.(guar.)
McColl Frontenac 011 Co., Ltd., pt.(qu) $134 July 15 Holders of rec. June 30
July 3 Holders of rec. June 15
McKeesport Tin Plate Co. (guar.)
$1
July 1 Holders of rec. June 15
750.
Mead Johnson & Co.(guar.)
Merchants & Miners Tramp.(quar.)--- 3734c June 30 Holders of rec. June 15
Aug. 1 Holders of rec. July 20
Metal & Thermit Corp., corn.(guar.)._ _
$1
Mitchell (J. S.) & Co., prof. (guar.)._ __
5134 July 3 Holders of rec. June 16
Monroe Chemical Co., OM prof. OLIO - 8734c July 1 Holders of rec. June 15
Motor Finance Corp.,8% pref.(guar.)-- 2% June 30 Holders of rec. June 23
July 1 Holders of rec. June 15a
250
Mountain Producers Corp. (guar.)
70e.
July 15 Holders of rec. June 16
National Biscuit Co., corn. (cluar.)
July 1 Holders of rec. June 12
250.
National Candy Co.,com.(guar.)
$134 July 1 Holders of rec. June 12
1st & 2nd preferred (guar.)
.
National Dairy Prods.,$7 pf. A & B (qu.) $1.31 July 1 Holders of rm. June 16
National Grocers, Ltd.,7% 2d pref
$134 July 1 Holders of rec. June 20
July 1 Holders of rec. June 14
150.
National Tea Co., corn.(guar.)
July 1 Holders of rec. June 30
$3
N.J. & Huds. Riv. Sty.& Ferry (8.-a.)
Novadel-Agene Corp., tom.(guar.) _- $134 July 1 Holders of rec. June 20
$134 July 1 Holders of rec. June 20
Preferred (guar.)
June 28 Holders of rec. June 15
100.
011stocks, Ltd
June 30 Holders of rec. June 19
250.
Parke Davis & Co. (guar.)
134% June 15 Holders of rec. May 31
Paton Mfg., 7% wet.(guar.)
1234c June 15 Holders of rec. June 3
Petroleum Exploration(mar.)
Peoples Collateral Corp.,8% Pt.(s
-a)- -- 2% June 20 Holders of rec. June 20
7% preferred (e-a)
134% June 30 Holders of rec. June 20
June 30 Holders of rec. June 20
$1
Semi-annual
Philadelphia Dairy Prod.. pref.(guar.).- $134 July 1 Holders of rec. June 20
1234e July 1 Holders of rec. June 16
Pratt
-Lambert Co
t(3e. July 3 Holders of rec. June 12
Premier Gold Mining Co., Ltd
Prudential Investors, $6 pref. (guar.)--- $134 July 15 Holders of rec. June 30
Mfg.Co.(Ill.) pref.(guar.).... $134 July 1 Holders of rec. June 21
Reliance
Sabin Robbins Pap. Co.,7% pt.(qu.)_ -- h134% July 3 Holders of rec. June 24
June 15 Holders of rec. June 7
San Carlos Milling Co. Ltd.(monthly)_ 20c
June 16
15c.
Second Custodian Shares
$13
8 July 1 Holders of rec. June 16
Selected Indust., Inc., $534 pr.stk.(qu.)_
July 10 Holders of rec. June 20
6c.
Shattuck (Frank G.)Co.(guar.)
Southern Acid & Sulphur Co., Inc.,
June 15 Holders of rec. June 10
50e.
Common (guar.)
Sept. 15 Holders of MC. Sept. 10
Common (guar.)
500.
June 30 Holders of rec. June 15
25c
Spartan Foundry (guar.)
June 30 Holders of rec. June 15
10c
Extra
$4
July 1 Holders of rec. June 20
Spartan Mills(s-a)
Standard 011 Co., no corn. div. action.
Starrett (L. S.) Co.,6% pref.(gust.)... 134% June 30 Holders of rec. June 19
State Theatre Co.of Boston, pref.(gu.): $2
July 1 Holders of ree. June 22
/Mix, Boer & Fuller,7% pref.(guar.)._ -- 4334c June 30 Holders of rec. June 15
Sunset McKee Saleebook Co., el. A (go.) 3130 June 15 Holders of rec. June 5
Supertest Petroleum Co., pref. A (qu.)__
$134 July 3 Holders of rec. June 15
Preferred B (guar.)
3734c. July 3 Holders of rec. June 15
Teton Oil & Land Co.,corn. My.omitted
Torrington Co. (guar.)
July 1 Holders of rec. June 16
50e.
United Carbon,corn.(guar.)
July 1 Holders of rec. June 16
25e
7% preferred (guar.)
334% July 1 Holders of rec. June 16
Tr -Continental Corp.,$6 pref.(guar.)-- $154 July 1 Holders of rec. June 16
United Dyewood Corp., prof.(guar.)_- $134 July 1 Holders of rm. June 19
United Piece Dye Works, wet ((AO-- $144 July 1 Holders of rec. June 20
United States Tob. Co., corn. (gust.)... $1.10 July 1 Holders of rec. June 19
Preferred (guar.)
$134 July 1 Holders of rec. June 19
United States Gauge CO.(8.-a.)
3134 July 1 Holders of rec. June 20
7% preferred (s.
-a.)
% July 1 Holders of rec. June 20
Vortex Cup Co., corn.(guar.)
1234c. July 1 Holders of rec. June 15
Class A (guar.)
6234e. July 1 Holders of rec. June 15
walgreen Co.,634% pref.(guar.)
134% July 1 Holders of rec. June 20
Wiser Oil (guar.)
2534e. July 1 Holders of rec. June 10
Wolverine Shoe & Tanning
400
June 10 Holders of rec. June 5
Semi-annual
June 30
350
Woolworth (F. W.) dr Co., Ltd.,
Amer. dep. rec.6% pref. reg
8c. June 8 Holders of net, May 12
Wright Hargreaves Mines, Ltd
u5c. July 1 Holders of rec. June 10
4042
Financial Chronicle
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
June 10 1933
Per
When
Share. Payable
Boots Closed
Days /ratlustre.
Public Utilities (Continuea)•
Dayton Power & Light Co.6% Pt. (100.)
50e July
Holders of rec. June 20
Consumers Power Co..$5 pref. (guar.).UK July
Holders of rec. June 15
Per
When
Rooks Closed
6% preferred (guar.)
13.4% July
Holders of rec. June 15
Yams of Company.
Share. Payable
Days Inanity&
6.6% preferred (guar.)
1.65% July
Holders of rec. June 15
7% preferred (guar.)
Holders of rec. June 15
134% July
Railroads (Steam).
6% preferred (monthly)
50e July
Holders of tee. June 15
Albany. ,usguehanna (s-a)
$4% July 1 Holders of rec. June 15
6.
6% Preferred (monthly)
55e July
Holders of rec. June 15
(semi annual)
$4% Jan. 1 holders of rec. Dec. 15
Diamond State Tel. Co..634% Pt.(qu.). 134% July 1 Holders of rec. June 20
Atlanta Birm. & Coast, pref. (s a)
$244 July 1 Holders of rec. June 12
Duke Power Co., common (guar.)
1% July
Holders of rec. June 15
Atlanta & Charlotte Air Line(s-a)
Sept. 1 Holders of ref). Aug. 20
$444
134% July
Preferred (guar.)
Holders of rec. June 15
Bangor & Aroostook. corn.(guar.)
July 1 Holders of rec. May 31
500
Duquesne Light Co 5% 1st pref.(quar.) 134% July I Holders of rec. June 15
Preferred (guar.)
51% July 1 Holders of rec. May 31
Eastern N. J. Pow. Co.,6% pf.(guar.). _ 1% %
July
Holders of rec. June 15
Beech Creek (guar.)
500 July 1 Holders of rec. June 15
East Tennessee Teleg. Co. (s.
$1.44 July
Holders of rec. June 16
-a.)
Boston & Albany
$244 June 30 Holders of rec. May 31
Eastern thid & Fuel Assoc.,6% pf.
Holders of ree. June 15
134% July
Boston & Providence (guar.)
$2.125 July I Holders of rec. June 20a
4 Si% preferred (guar.)
51.125 July
Holders of rec. June 15
Quarterly _
$2.125 Oct. 1 Holders of rec. Sept. 20e El Paso Elec.(Del.). 7% pref. A (qu.)..
% July 1 Holders of rec. June 30
Carolina Clinchtteld & Ohio (guar.)
51
July 10 Holders of rec. June 30
$134 July I Holders of rec. June 30
$6 preferred IS (guar.)
Guaranteed certificates (guar.)
$134 July 10 Holders of rec. June 30
El Paso Elec. (Texas), 5% pref. (qu.)
Holders of rec. June 30
134% July
Chesapeake & Ohio (guar.)
6234c July I Holders of rec. June 8
Electric Bond & Share Co. $6 pref. (qu.) 5134 Aug.
Holders of rec. July 8
Preferred (semi-annually)
$3
July 1 Holders of roe. June 8
$5 preferred (guar.)
Holders of rec. July 8
$134 Aug.
Cleveland & Pittsburgh, guar (quar.)._ 87440 Sept. 1 Holders of roe. Aug- 10
Empire & Bay State Teleg 4% gtd.(qu.) Si
Sept.
Holders of rec. Aug. 21
Special guaranteed (guar.)
500 Sept. 1 Holders of tee. Aug. 10
4% -uaranteed (guar.)
Dec.
$1
Holders of rec. Nov. 20
Guaranteed (guar.)
87%0 Dec. I Holders of roe. Nov. 10
$1
Elizabeth & Trenton RR.(s.
Oct.
Holders of rec. Sept. 20
-a.)
Special guaranteed (guar.)
50e Dee. 1 Holders of re0. Nov. 10
$1 Si Oct.
5% preferred (s.-a.)
Holders of rec. Sept.20
Continental Passenger Ry. (s.-a.)
5245 June 30 Holders of rec. May 31
Empire Power Corp.$6 pref (guar.).$1 34 July
Holders of rec. June 16
Dayton dr Michigan 8% pref. (guar.)... Si
July 5 Holders of rec. June 16
% Aug.
Escanaba Pow.& Tree.6% pref.(qu.)
Holders of roe. July 27
Delaware RR. Co. (s.
-a.)
$1
July 1 Holders of rec. June 16
6% preferred (guar.)
Holders of rec. Oct. 27
13.4% Nov.
Erie & Pittsburgh 7% guaranteed (guar.) 87440 June 10 Holders of roe. May 31
13.4% 2-1-'34 Holders of rec. Jan. 27
6% Preferred (guar.)
7% guaranteed (guar.)
87440 Sept. 10 Holders of tee. Aug 31
Frankford dr Southwark. Phila. city
7% guaranteed (guar.)
87450 Dec. 10 Holders of rec. Nov. 30
Passenger Ry
$445 July 1 Holders of rec. June 1
Guaranteed betterment (quar.)
800 Sept. 1 Holders of rec. Aug. 31
Georgia Power Co. $6 Prof. (guar.)
$13.4 July 1 Holders of rec. June 15
Guaranteed betterment Omar./
800 Dee. I Holders of rec. Nov.30
$5 preferred (guar.)
5134 July 1 Holders of rec. June 15
Georgia RR.& Banking (guar.)
$244 July 15 Holders of rec. July 1
$1.31% July 1 Holders of rec. June 15
Germantown Passenger Ry.,(Oust.)
Grand Rapids 8, InellanapolLs (s.-a.)
$2
June 20 Holders of rec. June 10
Gold & Stock Telegraph Co. (guar.)---- $1 34 July 1 Holders of rec. June 30
Greene (N. Y.)(s.-a.)
$3
June 19 Holders of rec. June 13 (;rem & Coats St.. Phila. Pass. Ry.(qu.) $144 July 1 !folders of rec. June 22
Illinois Central 4% leased line
$2
July 1 fielders of rec. June 12
Greenwich Water & Gas Systems
Lackawanna RR.of N.J.4% gtd.(qu.)_
$1
July 1 Holders of rec. June 8
134% July h Holders of rec. June 20
6% preferred (guar.)
Little Miami original guaranteed
$1.10 June 10 Holders of rec. May 26
Gulf Power Co. $6 pref. (guar.)
$134 July 1 Holders of roe. June 20
Special guaranteed (quar.)
50e June 10 Holders of rec. May 26
Gulf States Utilities Co.,$6 pref.(qu.).$134 Jane 15 Holders of roe. June 1
Louisville fiend.& St. L.5% pf.(s-a)_
244% Aug. 15 fielders of rec. Aug. 1
$51.4 preferred (gust.)...
$134 June 15 Holders of ree. June 1
Common (s-a)
$4
Aug. 15 Holders of rec. Aug. I
Hackensack Water Co. cl. A (guar.)
43440 June 30 Holders of rec. June 16
Mill Creek as Mine Hill Nay. at RR.
(s-a) $1K
July 10 Holders of roe. July 3
150 July 1 Holders of rec. June 15
Honolulu Gas Co. (monthly)
Mobile & Birmingham pref.(0.-1.)
$2
Holders of rec. June 1
July
Illinois Bell Telep. Co. (guar.)
June 30 Holders of rec. June 29
$2
Morris & Essex (s.
-a.)
(MK% July a Holders of rec. June 6
Indiana Hydro-El. Pow. Co. 7% pref
87340 June 15 Holders of rec. May 31
Morris & Essex
Holders of rec. June 6
144% July
Indiana Mich. Elec. Co.,7% pf.(Oust.). 134% July 1 Holders of rec. June 5
Nashville at Decatur 734% gtd.
93410 July
Holders of rec. June 20
6% preferred (guar.)
144% July 1 lIolders of too. June 5
New York & Harlem (s.
-a.)
$244 July
Holders of rec. June 15
Indianapolis Power & Light Co.
Preferred (5.-a.)
$244 July
Holders of rec. June 15
634 % preferred (guar.)
144% July I Holders of rec. June 5
N.Y.Lack.& Westn,5% gtd.(quar.)_
July
Holders of rec. June 15
$IN
Indianapolis Water Co..5% pref. A (gu.) 134% July I Holders of rec. June 100
Norfolk & Western common (quar.)_.._
$2 June I Holders of rec. May 31
International Power Securities pref
$2 June 15 Holders of roc. June 1
North Carolina (s.
-a.)
Holders of tee. July 20
331 Aug.
International Teleg Co. (guar.)
5134 July 1 Holders of rec. June 30
North. RR.of New Jar. 4% gtd. (guar.) $1
Sept.
Holders of re*. Aug. 21
Jersey Central Power dr Light Co.
4% guaranteed (guar.)
$1
Dec. 1 Holders of roe. Nov. 20
7% preferred (guar.)
134% July 1 Holders of rec. June 10
Norwich & Worcester,8% pref. (guar.)_ 2%
July 1 Holders of rec. June 15
6% preferred (gust.)
134% July 1 Holders of rec. June 10
Old Colony (guar.)
$144 July I Holders of rec. June 17
15-4% July 1 Holders of rec. June 10
534% preferred (guar.)
Philadelphia Bait. & Washington WO-- SIN June 30 Holders of rec. June 15
Kansas City Pow & Lt., pf. B..(guar.) _5134 July I IIolders of rec. June 14
Pitts. Bess.8, Lake Erie corn. (s.
-a.)-75e Oct. 1 Holders of rec. Sept 15
Kansas Elec. Power Co.. 7% pref.(gu.). 154% July 1 Holders of rec. June 15
Pittsburgh Fort Wayne dr Chicago (qua
% July I Holders of roe. June 1
6% preferred (gust)
134% July 1 Holders of roe. June 15
7% preferred (guar.)
1,4% July 5 Holders of rec. June 1
Keystone Public Service pref. (gust.)...
700 July 1 Holders of rec. June 15
Quarterly
141% Oct. 1 Holders of reo. Sept.
Kings County Lighting (guar.)
$134 July 1 Holders of rec. June 19
7% Preferred (guar.)
141% Oct. 3 Holders of rec. Sept.
7% preferred (guar.)
154% July 1 Holders of rec. June 19
Quarterly
% Jan.2'34 Holders of roe Dec.
% July 1 Holders of tel. June 19
6% Preferred (guar.)
7% preferred (guar.)
144% Jan.4'34 Holders of rec. Dee.
5% preferred (guar.)
% July I Holders of rec. June 19
Pittsburgh McKeesport at Yough.(s.
-a.) $134 July 1 Holders of rec. June 1
Laclede Gas Light Co common (gust.).. 5134 June 15 Holders of rec. Juno I
Pittsburgh Youngstown & Aantabula5% preferred (8 -a.)
523-4 June IS Holders of rec. June 1
7% preferred (guar.)
1M % Sept. 1 Holders of roe. Aug. 2
Lexington Utilities Co.634% pf. (q u.)-- 1 44% June 15 Holders of rec. Juno 1
7% preferred (guar.)
1%% Dec. 1 Holders of tee. Nov.2
Lone Star Gas Corp. common (guar.).
J16e June 30 Holders of rec. June 15
Reading Co.,2d preferred (quar.)
50e July 13 Holders of rec. June 2
6% preferred (guar.)
$134 June 30 Holders of rec. June 15
Rensselaer & Saratoga. corn.(s
-a)
July 1
$4
Long Island Ltg. Co.7% pf. A (g11.)-134% July I Holders of rec. June 16
Sussex (s-a)
July 1 Holders of rec. June 17
50c
6% preferred B (guar.)
% July I Holders of rec. June 16
Terman Rye_ pref. (final)
334% July 1
Louisville G.& E.(Del ). A&B ern. Will 43440 June 24 Holders of rec. May 31
Tunnel RR.of St. Louis (s-a)
July 1 Holders of rec. June 15
$3
Lynchburg & Abingdon Telep. Co.(8.-a.)
52 July
Holders of roe. June 15
Union Pacific common (guar.)
$144 July 1 Holders of rec. June la Marion Water Co. 7% pref.(guar.).— 154% July
Holders of rec. June 20
United N.J. RR.at Canal Co.(guar./—
$244 July 10 Holders of roe. June 20
Memphis Nat. Gas Co..$7 Prof. (gust.). 5134 July
Holders of roe. June 20
Quarterly
$244 Oct. 10 Holders of ree. Sept. 20
Memphis Pow.dr I.t. Co . $7 pt.(au.) . $114 July
Holders of rec. June 17
Valley RR.of New York (s-a)
$234 July 1 Holders of rec June 19
$6 preferred (gnarl
$134 July
Holders of rec. June 17
West Jersey & Seashore, tom. (s.
Holders of rec. June 15
-a.)
$145 July 1
Metropolitan Edison $7 pref. (guar.)... $154 July
Holders of rec. May 31
Common (s.-a.)
$144 Jan 134 Holders of tee. Dec. 15
$6 preferred (guar.)
$134 July
Holders of roe. May 31
6% special guaranteed (s.
135% Dec. 1 Holders of rec. Nov. 15
-a.)
$1 g July
$5 preferred (guar.)
Holders of rec. May 31
Mississippi River Power 6% pref. (gu.). 144% July
Holders of roe. June 15
Public Utilities.
Miss. Vail. Pub. Serv ,6% pref. B (gu.). 134% July
!folders of rec. June 21
Alabama Power Co.,$7 pref.(quar.). $144 July 1 Holders of rec. June 15
Nlonongahela West Penn Public Service.
$6 preferred (oust.)
$134 July 1 Holders of rec. June 15
7% cum. preferred (guar.)
131% July
Holders of roe. June 15
$5 preferred (guar.)
$141 Aug. 1 fielders of rec. July 15
Muncie Water Works Co.,8% pref.(gu.)
2% June 15 Holders of roe. June 1
American Gas 8, Elec., corn.(guar.) -250
Holders of rec. June 9
Nassau Ar Suffolk Ltg. Co.,7% pt.(gu.) 134% July 1 holders of rec. June 16
July
Common (s-a)
July 1 Holders of rec. June 9
National Transit Co. (guar.)
/2%
350. June 15 Holders of rec. May 31
6% preferred (guar.)
Holders of rec. July 8
134% Aug.
New Eng. Gas & El. Assoc.$534 pf.(gu.) $134 July 1 Holders of rec. May 31
Amer.Superpower, 1st pref.(guar.)
New Eng. Pow. Assoc., corn.(guar.)._
July 1 Holders of rec. June 10
July 10 Holders of rec. June 30
500
American Telep. & Teleg. Co.(quar.)
6% preferred (guar.)
4 July 15 Holders of rec. June 20
11.4% July 1 Holders of rec. June 10
Amer. B ater tVhs.tl, El. Co., pf.(quar.) $114 July
Holders of rec. June 9
$2 preferred (guar.)
July 1 Holders of rec. June 10
o
Appalachian Elec. Pow., $7 pref. (quar.) $144 July
Holders of rec. June 5
New England Tel & Tel. Co
5134 June 30 Holders of rec June 10
Atlantic & Ohio Teleg. Co. (guar.)
Holders of rec. June 16
New Jersey Pow. & Lt. $6 pref.(qu.)
$134 July
$134 July
Holders of rec. May 31
Attleboro GILA Light Co.(quar.)
Holders of rec. June 15
$3
July
Preferred (guar.)
$134 July
Holders of rec. May 31
Bangor Hydro-Elect. Co.. 7% pf. (qu.)
Holders of rec. June 10
New Jersey Water Co. pre.(guar.)._
July
$154 July
Holders of rec. June 20
6% preferred (guar.)
Holders of rec. June 10
New York Mutual Telep. Co.(8.-a.)-...
13.4% July
75e July
Holders of rec. June 30
Battle Creek Gas Co. $6 Pref. (guar.)
Holders of rec. June 20
New York Pow & Lt $6 pref. (quar.)
$145 July
$134 July
Holders of rec. June 15
Bell Telephone Co. of Canada (quar.) . fr5134 July 15 Holders of rec. June 23
7% preferred (guar.)
% July
Holders of rec. June 15
Bell Telep. of Pa. 634% pref. (quar.)
N. Y.& Queens Elec. Lt. dr Pow.(guar.) $2
IN% July 15 Holders of rec. June 20
June 1 Holders of rec. June 2
Birmingham Water Works.6% pf.(au.) 144% June 15 Holders of rec. June 1
New York Steam Corp.,$7 pref.(guar.). 5154 July
Holders of rec. June 15
Boston Elevated Ry.,corn.(guar.). -• Holders of rec. June 10
July
$8 preferred (guar.)
513-4 July
Holders of rec. June 15
Brazilian Tram., Light & Power, Ltd.—
New York Telep. Co.. pref. (guar.)
$134 July 15 Holders of tee. June 20
Preferred (quar.)
$144 July 3 Holders of rec. June 15
New York Transportation Co.(guar...
50c June 28 Holders of rec. June 15
Bridgeport Gas Light Co.(guar.)
60c June 30 Holders of reo. June 16
Newark Telep. Co.(Ohio)6% prof.(gu.) 134% July 10 Holders of rec. June 30
Brit. Col. Pow., el. A. (guar.)
tr.50e July 15 Holders of rec. June 30
Quarterly
$1
June 10 Holders of rec. May 31
Brooklyn & Queens Tran Corp., pf.(qu') $144 July 1 Holders of rec. June 15
Northern Ontario Power Co., Ltd.—
Brooklyn Union Gas Co. (guar.)
Holders of rec. June 1
$144 July
Common (guar.)
500 July 25 Holders of rec. June 30
Butler Water Co., 7% pref. (guar.).— 1, % June 1 Holders of roe. June 1
1
,
6% preferred (guar.)
154% July 25 Holders of rec. Juno 30
Canada Northern Power Corp., Ltd.—
Nor. States Pow. t.n.(Del.) 7% pf.(qu.) 134 % July 20 Holders of rec. June 30
Common (guar.)
20c July 2 Holders of rec. June 30
6% preferred (guar.)
134% July 20 Holders of rec. June 30
7% preferred (guar.)
144% July I Holders of rec. June 30
Northwestern Teleg. Co. (8.-a.)
Holders of rec. June 15
$134 July
Carolina Tel. & Tel. Co. (guar.)
Holders of rec. June 24
July
Northwestern Utilities,6% pref.(guar.). 134% June
Holders of rec. May 27
Central Kansas Power 7% pref.(guar.). 144% July 1 Holders of rec. June 30
Ohio Edison Co.,$5 pref. (guar.)
5134 July
Holders of rec. June 15
7% preferred (guar.)
Oct. 1 Holders of rec. Sept. 30
%
$6 preferred (guar.)
Holders of rec. June 15
5134 July
7% preferred (guar.)
IN% 1-15-34 Holders of rec. Dec. 31
56.80 preferred (guar.)
$1.65 July
Holders of rec. June 15
6% preferred (guar.)
144% July 1 Holders of rec. June 30
$7 preferred (guar.)
$1 54 July
Holders of rec. June 15
6% preferred (guar.)
144% Oct. 1 Holders of rec. Sept. 30
$7.20 preferred (guar.)
8
$1. 0 July
Holders of rec. June 15
6% preferred (guar.)
134% 1-15-3 Holders of rec. Dee. 31
Ohio & Mississippi Telep. Co.(annual).. $234 July
Holders of roe. Juno 16
Citizens Pass. Ry.(Phila.. Pa.)
July
Holders of rec. June 20
Ohio Public Service Co. 7% pref. (mo.)- 58 1-3c July
Holders of rec. Juno 15
Citizens Water Co.(Washington, Pa.)
6% preferred (monthly)
50c July
Holders of rec. June 15
7% preferred (guar.)
$144 July
Holders of rec. June 20
41 2-50 July
6% Preferred (monthly)
Holders of rec. June 15
Columbus Ry., Pow.& Lt., coot.(quar.) $2
July
Holders of rec. June 15
Oklahoma Gas& Elect. Co.,6% pf.(qu.) 134% Juno 15 Holders of rec. May 31
6% preferred (guar.)
Holders of me. June 15
145% July
7% preferred (guar.)
154% June 15 Holders of rec. May 31
Commonwealth & Southern Corp.—
Pacific & Atlantic Telep. (8.-a.)
50c July 1 Holders gf rec. June 15
S6 preferred (guar.)
$1% July
Holders of rec. June 9
Pacific Tel.& Tel., corn.(guar.)
51% June 30 Holders of rec. June 20
Commonwealth Utilities pref. A (guar.). $1% July
Holders of rec. June 15
Preferred (guar.)
5134 July 15 Holders of rec. June 30
Preferred B (guar.)
Holders of rec. June 15
$1% July
Peninsular Telep. Co., (guar.)
July
250
Holders of roe. June 15
Preferred C (guar.)
Holders of rec. Aug. 15
$1% Sept.
7% preferred (guar.)
134% Aug. 1 Holders of rec. Aug. 5
Concord Gas Co.(s.
June 1 Holders of rec. June 5
-a.)
$3
7% preferred (guar.)
134% Nov. 1 Holders of rec. Nov. 6
Connecticut Elect Service, corn. (guar.)- 750
Holders of rec. June 15
July
7% preferred (guar.)
134% 2-15-3 Holders of rec. 2-5-84
Consol. Gas of Baltimore corn.(gust.)..
Holders of rec. June 15
90e July
Penn Central Light & Power Co.
Preferred A (guar.)
Holders of rec. June 15
$144 July
55 preferred (guar.)
5134 July
Holders of rec. June 10
Preferred D (guar.)
Holders of rec. June 15
$134 July
$2.80 preferred (guar.)
70c July
Holders of rec. Juno 10
Preferred E (guar.)
Holders of rec. June 15
$144 July
Pennzylvania W.& Pow. Co.. oun.(ou.)
750 July
Holders of rec. June 15
Consolidated Gas Co.of N.Y.com.(qu.)
85e June 1 Holders of rec. May 12
Preferred (guar.)
5114 July
Holders of rec. June 15
Preferred (quar.)
Holders of rec. June 30
$13.4 Aug.
Peoria Water Works Co.7% pf.(qua134% July
Holders of rec. June 20
Canso!. Gas, El. Lt. & Pow. Co.of Bait.
Polladelphia Co. $6 pre!.(guar.)
Holders of rec. Julie 1
$134 July
Common (guar.)
Holders of rec. June 15
900 July
$5 preference
$IN July
Holders of roe. June 1
5% preferred series A (guar.)
Holders of rec June 15
144% July
Phila. Elec. Pow. Co..8% Pt.(guar.).-500. July
Holders of rec. June 10
Holders ot rec. June 15
6% preferred series D (guar.)
Pub. Serif. Co. of N. IS.. $6 pref. (gu.)
134% July
$134 June 1 !folders of rec. May 31
544% preferred aeries D (guar.)
Holders of rec. June 15
144% July
$5 preferred (guar.)
$141 June 1 Holders of rec. May 31
Name of Cummins.
Public Utilities (Concluded).
Ponce Elect. Co., 7% pref. (guar.)
Public Service Corp. of N.J. corn.(au.)_
8% preferred (guar.)
7% re eferred (guar.)
$5 preferred (guar.)
Cumulative preferred (monthly)
Public Service Co. of Oklahoma,
7% prior lien stock (guar.)
6% prior lien stock (guar.)
Public Service El. It Gas Co. 7% (rm.).$5 preferred (guar.)
Queensborough Gas & El.6% pt. (qu.)_ _
Ridge Ave. Pass. By.Co.(guar.)
Rochester Tel. Corp.(quar.)
06% preferred (guar.)
San Joaquin Lt.& P.,7% pref.(quar.)_
6% preferred A (guar.)
7% preferred A (guar.)
6% preferred B (guar.)
Savannah Elec. & Pr.,8% pref. A (au.).
714% preferred B (guar.)
7% preferred C (guar.)
6)4% preferred B (guar.)
Scranton Elec. Co., pref.(guar.)
2d & 3d Sts. PaSs, Ry. Co., gtd.(guar.) _
Shenango Valley Water Co.6% pt.(qu.)
6% preferred (guar.)
Southern Calif. Edison Co., Ltd.
7% preferred, series A (guar.)
6% preferred, series B (guar.)
Original preferred (guar.)
516% series C preferred (guar.)
Southern Canada Power Co.. Ltd.
6% preferred (guar.)
South Carolina l'ow. Co. $6 pt. (quar.)_
Southern Col. l'ow. Co. 7% pf. (quar.)-Southwestern Gas et El. Co.8% pf.(au.)
7% Preferred (guar.)
Syracuse Ltg. Co., Inc.,8% pref. (guar.)
616% preferred (guar.)
6% preferred (quar.)
Telephone Investment (monthly)
Tennessee Elec. Pow. Co.. 5% pf.(au.)6% preferred (guar.)
7% preferred (guar.)
7.2% preferred (guar.)
6% preferred (monthly)
7.2 preferred (monthly)
Toledo Edison Co. 7% pref.(monthly)__
6% Preferred (monthly)
5% preferred (monthly)
Union Elec. Lt. & P.of III.,6% pf.(qu.)
Union El. Lt. & P.of Mo.,7% pf.(qu.)
Union Traction Co.(s.-a.)
United Corp. common (guar.)
Preferred (guar.)...
United Gas It Elec. Corp., pref. (quar.)_
United Gas Im pt. Co.common (guar.)- $5 preferred (guar.)
United Light & Railways (Del.)
6.36% preferred (monthly)
Vermont & Boston Telep. (annual)
Virginia El. dr Pr. Co., $6 pref (quar.)
Virginia l'ub. Merv., 7% Pref.
-6% preferred (guar.)
Washington Water Power $6 pref. (qu.).
Westmoreland Water Co.(guar.)
Wisconsin Pow. dr Lt.,6% pref.(guar.)7% preferred (guar.)
Wisconsin Pub. Ser. Corp. 7% pf.(qu.)
6)4% preferred (guar.)
6% preferred (quar.)
WisconsIn-Michigan Pow..6% pf.(qu.)-
Per
When
Share, Payable.
Books Closed
Days Inclusive.
Name of Company.
1 Holders of rec. June 15
30 Holders of rec. June 1
30 Holders of rec. June 1
30 Holders of rec. June 1
30 Holders of rec. June 1
30 Holders of rec. June 1
%
70c
2%
134%
$114
50c
July
June
June
June
June
June
1.34 %
114%
1)4%
51%
134%
$3
51%
Si 5/
1)4%
116%
114%
134%
2%
134%
14%
136%
$116
53
1)4%
116%
July 1 Holders of rec. June 20
July 1 Holders of rec. June 20
June 30 Holders of rec. June 1
June 30 Holders of rec. June 1
July 1 Holders of rec. June 16
July 1 Holders of rec. June 15
July 1 Holders of rec. June 20
July 1 Holders of rec. June 20
June 15 Holders of rec. June 7
June 15 Holders of rec. June 7
June 15 Holders of rec. June 7
June 15 Holders of rec. June 7
July 1 Holders of rec. June 16
July 1 Holders of rec. June 16
July 1 Holders of rec. June 16
July 1 Holders of rec. June 16
July 1 Holders of rec. June .5
July 1 Holders of rec. June 1
Sept. 1 Holders of tee. Aug. 20
Dee, 1 Holders of rec. Nov. 20
114%
114%
2%
114%
June
June
July
July
Holders of rec. May
Holders of rec. May
Holders of rec. June
Holders of rec. June
20
20
20
20
116%
$i)4
1%
2%
114%
2%
114%
114%
20c
116%
114%
114%
$1.80
500
600
58 1-3c
50c
41 2-3c
134%
1%%
75c
10c
75e
%
30c
$114
July 15 Holders of rec. June
July 1 Holders of rec. June
June 15 Holders of rec. May
July 1 Holders of rec. June
July 1 Holders of rec. June
Aug. 15 Holders of rec. July
Aug. 15 Holders of rec. July
Aug. 15 Holders of rec. July
July I Holders of rec. June
July 1 Holders of reo. June
July 1 Holders of roe. June
July 1 Holders of rec. June
July 1 Holders of roe. June
July 1 Holders of rec. June
July 1 Holders of rec. June
July 1 Holders of rec. June
July 1 Holders of rec. June
July 1 Holders of rec. June
July 1 Holders of rec. June
July 1 Holders of rec. June
July 1 Holders of rec. June
July 1 Holders of rec. May
July 1 Holders of rec. May
July 1 Holders of rec. June
June 30 Holders of rec. May
June 30 Holders of rec. May
20
15
31
15
15
31
31
31
20
15
15
15
15
15
15
15
15
15
15
15
9
29
29
16
31
31
1 Holders of rec. June
1 Holders of rec. June
20 Holders of rec. May
1 Holders of rec. June
1 Holders of rec. June
15 Holders of rec May
1 Holders of rec. June
15 Holders of rec. May
15 Holders of rec. May
20 Holders of rec. May
20 Holders of rec. May
20 Holders of rec. May
15 Holders of rec. May
15
16
31
10
10
25
20
31
31
31
31
31
31
53e
54
SIM
134%
1)4%
5116
300
75e
8716c
134%
134%
1)4%
134%
July
July
June
July
July
June
July
June
June
June
June
June
June
Banks and Trust Companies.
Irving Trust Co. (guar.)
25e. July
Public National Bank & Trust Co.(qu.)_ 37160 July
United States Trust Co.(guar.)
July
$15
15
15
15
15
1 Holders of rec. June 9
I Holders of rec. June 2(1
1 Holders of rec. June 20
Fire Insurance Companies.
Agricultural Ins. (Watertown) (quar.)__
(Hen Falls Ins. Co.(quar.)
Halifax Fire Ins. Co., cap. stk. (s a) -Home Fire It Marine Ins. Co.(quar.)_ North River Ins. Co. (guar.)
50e
41k
450
500
15e
July 1 Holders of rec. June
July 1 Holders of rec. June
July 3 Holders of rec. June
June 15 Holders of rec. June
June 10 Holders of rec. June
24
15
In
5
1
Miscellaneous.
Abbott Laboratories (guar.)
Abraham dr Straus, Inc., corn.(guar.)- -Affiliated Products, Inc.(month.)
Agnew Surpass Shoe Sts.,Ltd.,pref.(q11.)
Allied Chem. & Dye Corp., pref. (qu.)_
Alpha Portland Cement, pref,(guar.)- Aluminum Mfg., Inc.. corn.(quar.)
Common (guar.)
Common (guar.)
Preferred (guar.)
Preferred (quar.)
Preferred (guar.)
American Bank Note Co. pref.(quar.)-American Can Co. pref. (guar.)
American Chicle Co.(guar.)
Extra
American Cigar Co., com.(guar.)
Preferred (guar.)
American Envelope Co.7% pf.(quar.)__
7% preferred (guar.)
American Factors, Ltd.(monthly)
Monthly
American Hardware (quar.)
Quarterly
Quarterly
American Hawaiian Steamship (guar.).American Home Products (monthly).- -American Hosiery Co.(guar.)
American Mfg. Co., pref. (guar.)
American Paper Goods. 7%pref. (qIL).
American Safety Razor Corp.(guar.)...
American Steel Foundries, pref
American Stores Co.(gear.)
American Sugar Relining Co., com.(qu.)
Preferred lunar,)
American Thread Co.. pref. (s.-a )
American Tobacco Co., pref.(guar.)- &moskeag Co.. common (s-s)
Preferred Wel
Anchor Cap Corp., corn. (guar.)
3614 preferred (guar.)
Andian National Corp. (s.
-a.)
Armour & Co.of Isel., pref. (guar.)
Associated Breweries of Canada. Ltd.
Preferred (guar.)
Associates Investment Co., corn. (guar.)
Prefe.red (quar.)
Atlantic Refining Co. corn. (quar.)
Babcock dr Wilcox Co
Baldwin Co. class A pref. (guar.)
-a.)
Bankers Invest. Trust of Amer.(s.
Semi-annually
4043
Financial Chronicle
Volume 136
500
300
5c.
134%
134%
$134
500
500
50o
$I%
$114
$134
780
134%
500
25c
$2
$116
114%
114%
10c
10c.
250
250
250
250
250
3716e
Sl%
134%
750
500
50e
50o
8134
12340
%
51
$234
15e.
$136
ur$1
8134
8114
$1
$114
250
250
5136
15c
30c.
July 1 Holders of rec. June 15
June 30 Holders of rec. June 21
July 1 Holders of rec. June 19
July 3 Holders of rec. June 15
July 1 Holders of rec. June 12
June 15 Holders of rec. June 1
June 30 Holders of rec. June 15
Sept. 30 Holders of rec. Sept. 15
Dec. 31 Holders of rec. Dec. 15
June 30 Holders of rte. June 15
Sept. 30 Holders of rec. Sept. 15
Dec. 31 Holders of rec. Dec. 15
July 1 Holders of rec. June 120
July 1 Holders of rec. June 16a
July I Holders or rec. June 12
July 1 Holders of rec. June 12
June 15 Holders of rec. June 2
July 1 Holders of rec. June 15
Sept. 1 Holders of roe. Aug. 25
Dee.. 1 Holders of rec. Nov.25
June 10 Holders of roe. May 31
July 10 Holders of rec. June 30
July 1 Holders of roe. June 17
Oct. 1 Holders of rec. Sept. 16
1-1-34 Holders of roe. Dec. 16
July 1 Holders of rec. June 15
July 1 Holders of rec. June 140
Sept. 1 Holders of rec. Aug. 24
July 1 Holders of rec. June 15
June 15
June 30 Holders of rec. June 9
June 30 Holders of roe. June 15
July 1 Holders of rec. June 15
July 3 Holders of rec. June 5
July 3 Holders of rec. June 5
July 1 Holders of rec. May 31
July 1 Holders of rec. June 10
July 3 Holders of rec. Juno 24
July 3 Holders of roe. June 24
July 1 Holders of rec. June 20
July 1 Holders of rec. June 20
June 15 Holders of rec. June 5
July 1 Holders of rec. June 10
July
June
June
June
July
June
June
June
1 Holders Of roe. June
30 Holders of rec. June
30 Holders of rec. June
15 Holders of rec. May
1 Holders of ree. June
15 Holders of rec. May
30 Holders of roe. June
30 Holders of roe. June
15
20
20
22
20
31
15
15
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
June 20 Holders of rec. May 31
Handful Petroleum Co.(monthly)
July 1 Holders of ree. June 26
Barber(W.H.), pref.(guar.)
Oct. 1 Holders of rec. Sept.26
Preferred (guar.)
July 1 Holders of rec. June 14
Beatrice Creamery Co.,pref.(guar.).
July 1 Holders of rec. June 12
Beech-Nut Packing Co., corn. (guar.).June 15 Holders of rec. May 31
Belding-CortIcelli, Ltd., pref.(guar.) _ _ _
June 15 Holders of rec. May 15
Biltmore Hats, Ltd.7% prof.(quar.)--June 30 Holders of rec. June 20
Block Bros. Tobacco,6% pref.(guar) -July 1 Holders of rec. June 15
Bohn Aluminum It Brass Co.corn.(au.)_
July 31 Holders of rec. July 15
Bore Aml Co., class A (guar.)
July 1 Holders of rec. June 19
Class H (guar.)
Boot's Pure Drug—
H Is. June 16 Holders of rec. May 24
Am, dep. refs. ord. reg. (extra)
14% July 1 Holders of rec. June 15
Borg Warner,7% pref.(guar.)
Jan. 12 Holders of rec. Jan. 12
25o
Bornot. Inc., class A
$115 June 15 Holders of rec. June 5
Boston Investing Co.(s-a)
Boston Wharf Co.(s-a)
$134 June 30 Holders of rec. June 1
June 15 Holders of rec. June 1
Boston Woven Hose It Rubber Co. pref. $3
25e June 30 Holders of rec June 20
13rIggs It Stratton Corp.(guar.)
15e July 1 Holders of rec. June 15
Brill° Mfg. Co., Inc., common (quar.)_
50c July I Holders of rec. June 15
Class A (guar.)
British American Tobacco Co.. Ltd.—
10d. June 30 Holders of rec. June 3
Ordinary stock (interim)
3% July 1
British Controlled Oilfields, Ltd.. 7% Pf75e June 15 Holders of rec. May 31
Buckeye Pipe Line Co.(guar.)
July 1 Holders of rec. June 15
$1
Burger Bros., 8% pref. (attar.)
Oct. 1 Holders of rec. Sept. 15
$1.
8% preferred (guar.)
Burmah Oil Co., Ltd.—
zro15% June 16 Holders of rec. May 15
Amer. dep. rcts. ord. reg
400 July 1 Holders of rec. June 15
Calamba Sugar Estates, common
500 July 1 Holders of rec. June 21
California Ink Co., Inc. (guar.)
5236 July 3 Holders of rec. June 15
Canada Permanent Mtge. (guar.)
Canadian Canners, Ltd., 1st pf.(guar.). 5116 July 3 Holders of rec. June 15
July 3 Holders of rec. June IF
Sc
Cony. preferrenee
Canadian Car It Foundry, pref.(quar.)_ tr44c. July 10 Holders of rec. June 26
$1.16 July 4 Holders of rec. June 17
Canadian Cottons, Ltd.. pref.(g
Canadian Foreign Investment Corp.—
June 15 Holders of roe. June 1
. $4
$4 preferred (s -a.)
2% July 1 Holders of rec. June 20
Canadian Oil Co., Ltd.8% prof.(guar.)
zw15% June 19 Holders of rec. May 23
Carreras, Ltd., ord. reg. cl. A
zw15% June 26 Holders of rec. June 1
Amer. dep. rec. for reg. A
zw15% June 19 Holders of rec. May 23
Ordinary register cl. B
zto15% June 26 Holders of rec. June 1
Amer. dep. rre. for B Feg
Carter(Wm.)Co.,6% pref.(guar.)
115% June 15 Holders of roe. June 10
87 140. Jan. 31 Holders of tee. Jan. 14
Cartier, Ins., 7% pref
July 1 Holders of rec. June 12
El
Case (J.1.) Co., pref.(guar.)
be. Aug. 15 Holders of n3o. Aug. 5
Centrifugal Pipe Line Corp.oapartk.(ati.)
10o. Nov. 15 Holders of rec. Nov. 6
Capital stock (guar.)
Champion Coated Paper Co.
7% preferred (guar.)
134% July 1 Holders of rec. June 20
7% special pref.(guar.)
134% July 1 Holders of rec. June 20
Chapman Knitting Mills. 7% prof(S-a)-. 3%% July 1 Holders of rec. June 30
50e July 1 Holders of rec. June 8
Chesapeake Corp., corn.(guar.)
June 29 Holders of rec. June 8
Si
Chesebrough Mfg. (guar.)
50c June 29 Holders of roe. June 8
Extra
$2% July 1 Holders of rec. June 15
Chicago June. Ry. It Un. K. Yds.(gu
8116 July 1 Holders of roe. June 15
6% preferred ((Mar.)
Christiana Securities 7% pref. (quiet.)... 134% July 1 Holders of rec. June 20
Citizens Wholesale Supply 7% pf. (qu.). 87160 July 1 Holders of rec. June 29
75c July 1 Holders of rec. June 29
6% preferred (guar.)
Clark Equipment 7% pref. (guar.)
134% June 15 Holders of rec. May 31
50c July 1 Holders of rec. June 20
Clorox Chemical Co., el. A (guar.)
$116 July 1 Holders of rec. June 12
Coca-Cola Co.,class A (9.-a.)
5116 July 1 Holders of rec. June 12
Common (guar.)
July 1 Holders of rec. June 12
Coca-Cola Internat. Corp. corn.(quar.)_ 83
July 1 Holders of rec. June 12
$3
Class A (s.
-a.)
Colgate-Palmolive-Peet Co., pref.(qu.) - $136 July 1 Holders of rec. June 10
July 1 Holders of tee. June 15
Columba Sugar Estates, corn. Hoar.).. 40e
July 1 Holders of rec. June 15
35e
7% preferred (guar.)
June 30 Holders of rec. June 10
250
Colt's Patent Fire Arms Mfg. Co.(qu.)
Commercial Credit Co.,6)4% Pf. (go.). 136% June 30 Holders of rec. June 10
4334c June 30 Holders of rec. June 10
7% lot preferred (guar.)
500 June 30 Holders of rec. June 10
8% preferred B (guar.)
500. June 30 Holders of rec. June 20
Commercial Credit Trust, pref. (au.)...
Commercial Investment Trust Corp.—
July 1 Holders of rec. June 5a
50c
Common (guar.)
n$136 July 1 Holders of rec. June 50
Cony. pref. opt. ser.(quar.)
30e June 30 Holders of rec. June 2
Commercial Solvents Corp. corn. (B.
-S.)15e June 30 Holders of rec. June 15
Community State Corp.,85 cl. A
35c June 15 Holders of rec. May 31
Compressed Industrial Gases (guar.)
$I June 30 Holders of rec. June 25
Confederation Life Assoc. (guar.)
51 Sept.30 Holders of rec. Sept.25
Quarterly
$1 Dec. 31 Holders of rec. Deo. 25
Quarterly
150 June 15 Holders of rec. June 1
Congoleum -Nairn, Inc.. corn. (gust.)...
25c. June 30 Holders of rec. June 14
Congress Cigar Co., COM.(guar.)
Consolidated Diversified Standard Se25e June 15 Holders of roe. May 15
curities, pref
1736c July 1 Holders of rec. June 20
Consolidated Paper, pref.(guar.)
40.
Corporal Investors, Ltd
July 1
Cottrell(C. B.) & 80124 Co.(annual).... $4
134% July 1
6% preferred (guar.)
134% Oct. 1
6% preferred (guar.)
114% 1-1-'34
6% preferred (guar.)
25e June 24 Holders of rec. June 14
Crowell Publishing (goar.)
68r3 June 15 Holders of rec. May 31
Crown Cork & Seal Co., Inc., pref.(au.)
h$1 July 1 Holders of rec. June 13
Crown Willamette Pa. Co., 1st pf. (qu.)_
June 30 Holders of rec. June 19
$2
Crum It Forster, preferred (quar.)
Curren Press, Inc. 616% pref. (guar.) -- 136% June 15 Holders of rec. June 1
$1% June 1 Holders of rec. May 8
Dart Mfg. Co., pref.(gum.)
500. July 1 Holders of rec. June 20
DeLong Hook It Eye Co.(guar.)
25c, July 1 Holders of rec. June 20
Extra
7)4c July 1
Deposited Bank Shares, series 11-1
Deposited Bank Shares, N. Y., A (s.-a.). e216% July 1 Holders of rec. May 15
Devoe It Reynolds Co., Ire.
5134 July 1 Holders of rec. June 20
1st and 2d pref. (guar.)
280 July 20 Holders of rec. June 30
Dome Mines, Ltd. (guar.)
280 July 20 Holders of rec. June 30
Extra
lr$154 July 3 Holders of rec. June 15
Dominion Glass Co., corn.(guar.)
oil% July 3 Holders of rec. June 15
Preferred (guar.)
30c July 1 Holders of tee. June 15
Dominion Stores, Ltd., common (guar.)
July 3 Holders of rec. June 15
Dominion Textile Co., Ltd., corn.(au.). (al
till 34 July IF Holders of rec. June 30
Preferred (guar.)
50c July 1 Holders of rec. May 27
Draper Corp.(guar.)
Driver-Harris Co., 7% prof. (guar.)---- $134 July 1 Holders of tee. June 20
Dunean Mills,7% preferred (guar.)
1)4% July 1
duPont de Nemours It Co.,com.(qu)
500 June 15 Holders of rec. May 25
Debenture stock (guar.)$114 July 25 Holders of rec. July 10
Eastern Malleable Iron Co.(guar.)
Sc June 10 Holders of rec. May 23
Eastern Theatres Ltd.,7% pref.(s--a.).. 5336 July 31 Holders of rec. June 30
Ek.).stman Kodak Co., common (guar.)._
75e July 1 Holders of tee. June 5
$I
July 1 Holders of rec. June 5
Preferred (guar.)
Edison Bros. Stores, Inc., pref.(guar.)._
81%; June 15 Holders of rec. May 31
10 Do -ado Oil Work.(quar.)
3716c June 15 Holders of tee. May 31
Electric Contr. It Mfg. Co.(guar.)
25c. July 1 Holders of rec. June 20
Electric Storage Battery Co.(quar.)___ _
fs0c July 1 Holders of rec. June 10
Preferred (quar.)
50c July 1 Holders of rec. June 10
Equitable Office Bldg. Corp.(guar.).-25c July 1 Holders of rec. June 15
7% preferred (quar.)
1%% July 1 Holders of rec. June 15
Equity Fund, Inc.,(initial)
11k. June 15 Holders of rec. June 5
Equity Trust Shares registered
Sc June 30 Holders of rec. June 26
Bearer
June 30
Ewa Plantation Co (extra)
$1
June 15 Holders of roe. June 5
100 June 30 Holders of rec. June 15
Falconbridge Nickel Mines
d50c July 1 Holders of rec. June 15
Faultless Rubber Co.,corn.(guar.)
Fifth Ave. Bus Securities Corp.(gust.)..
16m' June 29 Holders of rec June 15
First National Stores, Inc., com.(au.)_ _ 6216c July 1 Holders of rec. June 2
8% preferred (guar.)
20c July 1 Holders of rec. June 2
7% 1st preferred (gust)
134% July 1 Holders of rec. June 2
Florsbelm Shoe Co. pref. (guar.)
$114 July 1 Holders of rec. June 15
Freeport Texas,6% pref.(guar.)
I 36% Aug. 1 Holders of rec. July 14
Gamewell Co.. preferred (guar.)
8134 June 15 Holdear ot rec. June 6
4044
Name of Company.
Financial Chronicle
When
Per
Cent. Payable.
Books Closed
Days Inclustre.
Miscellaneous (Continued).
General Electric Co.,corn.(guar.)
100 July 25 Holders of rec. June 30
Special (quar.)
150 July 25 Holders of rec. JIM 30
General Mills. Inc pref. (quar.)
$155 July 1 Holders of rec. June 140
General Motors Corp., corn. (quar.)__. 250
June 12 Holders of rem May 11
$5 preferred (guar.)
Aug. I Holders of rec. July 10
General fly. Signal common (guar.).-25e July I Holders of rec. June 10
Preferred (guar.)
$134 July I Holders of rec. June 10
Gillette Safety Razor Co.,corn.(guar.)
25c June 30 Herders of rec. June 5
$5 preferred (quar.)
$134 July I Holders of rec. June 10
Glidden Co prior preference (guar.)..- $134 July I Holders of rec. June 16
Gold Dust Corp., pref. (guar.)
5155 June 30 Holders of rec. June 17
Goldblutt Bros., Inc. (guar.)
37540 July 1 Holders of rec. June 10
Golden Cycle (guar.)
40e
June 10 Holders of rec. May 31
Goodman Mfg. Co.(guar.)
45e
June 30 Holders of rec. June 30
Goodyear Tire & Rubber Co.$7 pref
500 July 1 Holders of rec. June 1
Goodyear T.& Rub. of Can., corn.(qu.) 600
JUIY 3 Holders of rec. June 15
Preferred (guar.)
tr$15‘ July 3 Holders of rec. June 15
Gorton Pew Fisheries Co., Ltd. (quar.)50c June 30 Holders of rec. June 20
Gottfried Baking Co., Inc.. el. A (guar.)
75e. July I Holders of rec. June 20
Class A (guar.)
750. Oct. 1 Holders of rec. Sept. 20
Preferred (guar.)
% July 1 Holders of rec. June 20
Preferred (guar.)
154% Oct. 2 Holders of rec. Sept. 20
Preferred (quar.)
1St % Jn.2 '34 Holders of rec. Dee. 20
Grace(W. R.) & Co., 8% pref. (s.
3% June 30 Holders of rec. June 28
-a.)
6% preferred (s.-a.)
3% Dec. 29 Holders of rec. Dec. 27
Granite City Steel Co.(guar.)
25c
June 30 Holders of rec. June 15
Grant(W. T.) Co., common (quar.)
250 July I Holders of rec. June 12
Great Western Sugar Co. pref.
$134 July I Holders of rec. June 15
Co. of North Amer.(guar.)
(quar.)_Gtne
$155 July 15 Holders of rec. June 30
Hammermill Paper Co 6% pref.(qu.)
134% July 1 Holders of rec. June 15
Halold Co. common (guar.)
250 July 1 Holders of rec. June 15
Common (extra)
250 July 1 flo.ders of rec. June 15
7% preferred (guar.)
IR % July 1 Holders of rec. June 15
Hamilton United Theatres. Ltd., pf.(qu) $15-1 June 30 Holders of rec. May 31
Hanna(M. A.) Co. $7 pref. (quar.)
$134 June 20 Holders of rec. June 5
Hannibal Bridge Co.. corn. Bluer.)
July 20 Holders of rec. July 10
$2
Quarterly
$2
Oct. 20 Holders of rec. Oct. r0
Harbauer Co., 7% pref. (quar.)
1St% July 1 Holders of roe. June 21
7% Preferred (guar.)
% Oct. 1 Holders of tee. Sept. 21
7% Preferred (quar.)
184% 1-1-'34 Holders of rec. Dec. 21
Hardesty (R.), 7% pref. (quar.)
1St % Sept. I Holders of rec. Aug. 15
7% Preferred (guar.)
1St % Dec. 1 Holders of roe. Nov. 15
Hawaiian Sugar Co. (monthly)
20e June 15 Holders of rec. June 10
Hazel Atlas Glass Co.(guar.)
75c July I Holders of rec. June 17
Extra
250 July 1 Holders of rec. June 17
Hearst Control. Publishers. A pref.(gu.)- 43
June 15 Holders of rec. May 31
lielme (Geo. W.)Co.,common (quar.)
$13.4 July 1 Holders of rec. June 10
Preferred (guar.)
$184 July 1 Holders of rec. June 10
Hercules Powder common (guar.)
6755c June 24 Holders of rec. June 13
fleyden Chemical Corp. pref. (quar.)_
July 1 Holders of rec. June 20
Hibbard. Spencer. Bartlett & Co. (mo.) 100
June 30 Holders of rec. June 23
Hivitok 011. 7% pref. (guar.)
1St% July I Holders of rec. June 24
Hiram Walker-Gooderhain & Worts,Ltd.
Quarterly
r 25c. June 15 Holders of rec. May 27
Hollinger Consolidated Gold Mines
trl% June 17 Holders of rec. June 2
Honolulu Plantation Co. (monthly).
2Sc June 10 Holders of rec May 31
Monthly
250 July 10 Holders of rec. June 30
LI urn Ille 011 & Refining (a Ilar.)
50c July 1 Holders of rec. June 1
Hygrade Sylvania Corp. common (qu.).
500 July 1 Holders of rec. June 10
$634 prefen ed (quar.)
$155 July 1 Holders of rec. June 10
Ideal Financing Assoc., $8 pref. (guar.).
$2 July 1 Holders of rec. June 15
$2 cony. preferred (guar.)
50e July 1 Holders of rec. June 15
Class A (guar.)
12550 July 1 Holders of rec. June 15
Imperial Chem.Industries. Ltd. (final)..: to355% June 8 Holders of rec. Apr. 13
Imperial Tobacco Co. of Can. ord. she- - t rl%% June 30 Holders of rec. May 31
Indiana General Sere. Co.,6% pt. (q11.) 154% July 1 Holders of rec. June 5
Industrial Cotton Mills.7% pref.(guar.) 131% Aug. 1 Holders of rec. July 20
Ingersoll-Rand Co., pref. (8.-a.)
83
July 1 Holders of rec. June 8
Internat! Business Mach. (guar.)
.
$155 July 10 Holders of roe. June 22
International Harvester Co..com.(qu.)
150 July 15 Holders of rec. June 20
Internet. Petroleum Co.. Ltd
I r 28c. June 15 Holders of rec. May 31
Intl. Proprietaries, Ltd., cl. A (guar.).
0650 June 15 Holders of rec. May 25
International Salt Co.. cap. stock (qUar)- 3754c July 1 FIolders of reo. June 15
Intertype Corp. 1st pref. (s.-a.)
July 1 Holden; of rec. June 15
$2
2d preferred (5.-a.)
$3
July 1 Holders of rec. June 15
Investors Corp.of R.I.,$6 pref.(quar.)- $155 July 1 Holders of rec. June 20
Jewel Tea Co.. corn (guar.)
750 July 15 Holders of rec. June 30
Jones & Laughlin Steel Corp.7% pf.(qu)
25c July 1 Holders of rec. June 13
Katz Drug Co , corn, (quar.)
50e June 15 Holders of rec. May 31
Prefern d (guar.)
$145 July 1 Holders of rec. June 15
Kekaha Sugar Co.(monthly)
10c July 1 Holders of roe. June 25
July 1 Holders of rec. June 12
Kimberly-Clark Corp. 6% pref. (quar.)Klein (Emll D.) Co.,common (quar.).... 1254c July 1 Holders of rec. June 20
Kresge (S. S.) Co. pref. (guar.)
$184 June 30 Holders of rec. June 15
Kroger Grocery & Baking, 6% pt. (qu.)_ 154% July 1 Holders of rec. June 20
7% preferred (guar.)
1S-1% Aug. 1 Holders of rec. July 20
Lake Shore Mines, Ltd.(quar.)
tr50e June 151 Holders of ree. June 1
Extra
tr50c June 15 Holders of rec. June 1
Landis Machine. Prof. (quar.)
134 % June 15 Holders of rec. June 6
Langendorf United Bakeries cl. A
25c July 15 Holders of rec. June 30
1.ehIgh Portland Cern. Co.. pt. (guar.).- 587550 July 1 Holders of roe. June 14
Leslie Calif. Salt Co.(guar.)
20c June 15 Holders of rec. June 1
Liggett & Myers Tob. Co., pl. (guar.).- $134 July I Holders of roe. June 12
Lily-Tullp Cup Corp. common (guar.). 3755e June 15 Holders of rec. June I
Linde Air Products. prof. (guar.)
3155 July 1 Holders of rec. June 201
Lincoln National Life Ins. Co.cap.stock
800. Aug. 1 Holders of roe. July 26
70e. Nov. 1 Holders of roe. Oct. 26
Capital stock
Lindsay tight Co., pref. (quar.)
1755e. lune 19 Holders of rec. June 10
Link Belt preferred (guar.)
$155 July 1 Holders of rec. June 15
Leek Joint Pipe Co.(monthly)
June 30 Holders of reo. June 30
340
$2
July 1 Holders of roe. July I
Preferred (quar.)
Lord & Taylor. common (quar.)
$255 July 1 Holders of roe. June 17
30c July 1 Holders of rec. June 15
Lorillard (P.) Co. common 0:111ar.)
SIR July 1 Holders of rec. June 15
Preferred (guar-)
250. July 1 Holders of rec. June 24
Loudon Packing, common (quar.)
Lunkentielmer Co.,pref.(quar.)
$1% July 1 Holders of ree. June 21
Oct 2 Holders of rec. Sept.22
$184
Preferred(guar.)
Magnin (I.) dr CO.. 8% prof. (quar.).._ 154% Aug. 15 Holders of roe. Aug. 6
6% preferred (quar.)
154% Nov. 15 Holders of roe. Nov. 5
Holders of roe. June 15
Mapes Consol. Mfg. Co.,(guar.)
75c. July
Holders of rec. June 15
250. July
Extra
Mathleson Alkali Works, corn.(qui--- 37550. July
Holders of roe. June 12
$134 July
Preferred (guar.)
Holders of roe. June 12
Mayflower Associates (guar.)
June 1 Holders of reo. June 1
500
McClateby Newspaper. 7% pref.(guar.) 431.40 Sept.
Holders of rec. Sept. 1
7% prefrred ((luar.)
4354c Dec.
Holders of rec. Doe. 1
Mesta Machine Co., corn.(quer.)
150. July
Holders of rec. June le
Holders of rec. June 16
8155 July
Preferred (quar.)
Meter Motor,corn. ext
50c June 1 Holders of rec. May 20
Metro-Goldwyn Picturee Corp.
475to June I Holders of reo. May 26
7% preferred (quar.)
Metropolitan Coal,7% pref. (guar.) 1St% June 30 Holders of rec. June 23
Mohawk Min. Co. cap. stk. (liquldat'g)
$5 July 20 Holders of rec. June 24
Monaghan (Victor) Co., pref. ((Mar.)
S151 July 1
Monsanto Chemical Works (guar.)
3151e. July 1 Holders of roe. June 10
Montreal Cottons, Ltd., pref.(quar.)._. SIR June 15 Holders of roe. May 31
Montreal Loan & Mtge. Co. (quar.)_...
75c June 15 Holders of rec. May 31
Moore DA m.) Dry Goods Co.(quar.)
$154 July 1
Quarterly
$134 Oct. 1
Quarterly
81 54 -1-'34
Morreli (John. & Co., Inc., corn.(OI.).500 June 15 Holders of rec. May 27
43Rc July 1 Holders of rec. June 20
Morris (Philip) Consol., Inc.(quar.)_.
On account of accumulations
43340 July 1 Holders of rec. June 20
Morris 50. & 100.10 $1 Sta.. 7% Pf.(au.) 1St % July 1
7% preferred (guar.)
1St % Oct. 1
7% preferred (quar.)
134% 1-2-34
Morris Finance Co.. com. A (guar.)
$155 June 30 Holders of rec. June 20
Common B (guar.)
275
-se June 30 Holders of roe. June 20
7% preferred (qual.)
1St % June 30 Holders of rec. June 20
250 June 15 Holders of rec June 5
Muskogee Co. common (quar.)
Mutual Chem. Co. of Am. 6% of.(qu.5_ 154% Julie 28 Holders of roe. June 15
Name of Company.
June 10 1933
Per
When
Share. Payable
Books closed
Days Inclusive.
Miscellaneous (Continued).
Myers (F. E.)& Bros. Co. pref. (quar.)_
$155 Juno 30 Holders of rec. June 15
National Biscuit Co. common (guar.)
70e July 15 Holders of rec. June Itia
National Bond & Share Corp.(quar.)
25c June 15 Holders of roe. May 31
National Breweries, Ltd.. corn.(qual.)
40e. July
Holders of rec. June 15
Preferred (guar.)
44c. July
Holders of rec. June 15
National Distillers Prod pref.(qu.). - 62550. July
Holders of rec. Juno 10
National Finance Corp. of Am.com.(gu)
150 July
Holders of rec. June 10
6% preferred (guar.)
15c July
Holders of rec. June 10
6% preferred (extra)
15e July
Holders of rec. June 10
National Gypsum Co. 7% pref. (guar.). 515-4 July
Holders of rec. June 17
National Lead Co., corn. (guar.)
$151, June 3 I Holders of reo. June Id
Preferred A (guar.)
8184 June 15 Holders of rec. June '2
Preferred B (guar.)
$134 Aug. 1 Holders et rec. Jrrly 21
National 011 Products. 57 pref.(quar.)
$14, July 1 Holders of rec. June 20
Semi-annual
$1
July 1 Holders of rec. June 20
Extra
$1
July 1 Holders of rec. June 20
National Sewer Pipe (quar.)
50e June 15 Holders of cc,. May 31
National Standard Co.(guar.)
300 July 1 Holders of rec. June 20
National Sugar Refining Co.of N.J__
50c
July 1 fielders of rem June 1
New England Grain Prod., A pref.(au). $134 July 15 Holders of rec. July 1
N. Y. Ship Bldg. Corp. part. sit. (qu.)..
100. July I Holders of rec. June 20
loc. July I Holders of rec. June 20
Founders shares (guar.)
Preferred (gear.)
81% July 1 Holders of rec. June 20
Newberry (J. J.)Co., corn. (quar.).... 150
July 1 Holders of rec June 1.13
Niagara Share Corp. of Md.Class A $6 preferred (guar.)
$135 July 1 Holders of roe June 18
Class A $6 preferred (guar.)
Oct. 1 Holders of roe. Sept. 18
$1 55
Class A $6 preferred (guar.)
$154 Jan 2'34 Holders of roe. Dec. 15
Nineteen Ilundred Corp., class A (quar.)
500. Aug. 15 Holders of roe Aug. 1
500. Noe. 15 Holders of roe Nov. 1
Class A (quar.)
Noranda Mines (interim)
u50c July 10 Holders of rec. June 13
North Amer. Co., corn.(quar.)
12% July 1 Holders of rec. June 5
750. July 1 Holders of rec June 5
Preferred (quar.)
North Central Texas 011 pref.(quar.)_. 14% July 1 Holders of roe. June 10
Northern Pipe Line Co. cap. stk. (s.
25c July 1 Holders of rec. June 9
-a.).
Norwalk Tire it Rubber Co., pref. (au.) 87550 July 1 Holders of rec. June 22
Oahu ity. & Land Co.(monthly). June 20 Holders of rec. June 10
- 200
Oahu Sugar Co., Ltd.(monthly)
Sc June 15 Holders of rec. June 8
Ohio Finance Co., common (quar.)
25c July I Holders of rec. June 10
8% preferred (guar.)
2% July 1 Holders of reo. June 10
Ohio Oil Co. pref. ('Blar.)
$1 34 June 15 Holders of rec. June 3
Omnibus Corp. Prof.(quan)
July I Holders of rec. June 15
$2
Owens Illinois Glass Co..6% pref.(qu.)
July 12 Holders of rec. June 15
1
$14 J
Peel(lc Tin Corp., special stock
Si
Page-Hersey Tubes, Ltd.. corn. (qu.)...
750, July I Holders of rec. June 20
Preferred (guar.)
51.4 July 1 Hoidens of rec. June 20
Parke, Davis & CO.(guar.)
250 June 30 Holders of rec. June 19
Pechiney
Amer. dep, rec. for A bearer shares.... 17.53( June 13 Holders of ree. June 6
June 15 Holders of rec. June 1
Penick & Ford, Ltd., Inc., corn. (guar.) 25e
Penney (J. C.) Co.,common (guar.).
300 June 30 Holders of rec. June 20
$155 June 30 Holders of rem June 20
Preferred (guar.)
July 1 Holders of rec. June 8
Peoples Drug Stores. Inc., corn. (guar.). 250
$184 June 15 Holders of rem June 1
Preferred (guar.)
300 June 30 Holders of rec. June 20
Perfection Stove Co.(guar.)
Pet Milk Co., pref. (guar.)
$134 July 1 Holders of rec. June Pt
Pioneer Gold Mines of Brit. Col., Ltd.
1,150, July 3 Holders of reo. June 10
Quarterly
150. July 1 Holders of reo. June 10
Pittsburgh Plate Glass Co.(guar.)
750 June 20 Holders of reo. Juno 10
Prentice-1iall, Inc., pref.(guar.)
Procter & Gamble Co.,6% pref. (guar.) 134% June 15 Holders of reo. May 25
July 15 Holders of roe. July I
Quaker Oats Co.. corn.(guar.)
El
July 15 Holders of rec. July 1
Quaker Oats(guar.)
Si
Preferred (guar.)
$155 Aug. 31 Holders of rec. Aug.
Quarterly Income Shares, Inc
30 Aug. I Holders of reo. July 15
June 15 Holders of reo. May 31
Raybestos-Manhattan, Inc.. corn.(qu.). 150
3754c. June 15 Holders of reo. May 31
Reeves (Daniell Ino., corn. (quer.)
6 % preferred (guar.)
155% June 15 Holders of roe. May 31
Reliance Grain Co.. Ltd.. pref. (guar.). 5184 June 15 Holders of reo. May 31
75e July 1 Holders of roe. June 17
Reynolds(R. J.)Tobacco Co.,com.(qur.)
75c July 1 Holders of rem Juno 17
Class B (guar.)
Rich's, Inc.. 61.4% preferred (guar.).
134% June 30 Holders of reo. June 15
250 July 1 Holders of roe. June 5
Royal Baking Powder Co., corn.(quar.)
6% preferred (guar.)
134% July 1 Holders of rec. June 15
Royal Dutch Petroleum Co. (final).6%
Ruberol ' Co., capital stock (guar.)
250. June 15 Holders of rec. June 1
Ruud Mtg. new common (guar.)
250 June 15 Holders of rec. June 5
250 Sept. 15 Holders of rec. Sept. 5
New common (quar.)
75e July I Holders of rec. June 19
Safeway Stores. Inc., common (quar.)...
184% July 1 Holders of roe. June 19.
7% preferred (qual.)
6% preferred (quar.)
15
5% July 1 Holden of reo. June 19
July 1 Holders of roe. June 15
33
St. Louis Bridge, 1st pref.(s-a)
2d preferred (s-a)
$134 July 1 Holders of rec. June 15
200. June 15 Holders of rec. June 7
Ban Carlos Milling (monthly)
35o. June 30 Holders of rec. June 16
Scot( l'aper Co.,corn.(qual.)
250 July 1 Holders of rec. June 16
Scovill Mfg. Co.(quar.)
I5c Juno 15 Holders of ree. June 1
Seaboard 011 Co. of Del. (guar.)
30c, June 10 Holders of roe. May 31
Senior Securities (guar.)
July 20 Holders of roe. June 30
Sheaffer(W. A.) Pen, pref.(quar.)
82
Oct. 20 Holders of rec. Sept. 80
$2
Preferred (qua,.)
Shell Transport & Trading, coin
755% July 6
250 June 15 Holders of roe. May 31
Schiff Co. common (guar.)
$14 June 15 Holders of rot. May 31
Preferred (quar.)
3750. Aug. 15 Holders of roe Aug. 15
Sioux City Stkyds.. $6 pt. (guar.)
374c. Nev. 15 Holders of rec. Nov. 15
S8 preferred (guar.)
30 June 30 Holders of rot. June 15
SIscoe Gold Mines, Ltd.(guar.)
20e June 30 Holders of rec. June 15
South Penn 011 Co.(guar.)
400 July 1 Holders of rec. June 12
South Porto Rico Sugar Co.corn.(qu.)..
2% July 1 Holders of roe. June 12
Preferred (guar.)
South West Penn Pipe Lines (guar.) ...- Si
July 1 Holders of rec. June 15
Southern Acid & Sulphur. prof.(qua,.).- $154 July 1 Holders of rec. June 10
June 30 Holders of rec. June 15
Spencer Kellogg & Sons, tilt., corn.(qu.) 150
250. July I Holders of roe June 5
Standard Brands. Inc ,com.(guar.)
SIR July 1 Holders of rec. June 5
$7 preferred. series A Bluer.)
Standard 011 Co. of Calif
25e June 15 Holders of roe. May 15
250 June 15 Holders of ree. May 15
Standard 011 Co. of Indiana (gust.)
Standard 011 Co. of Kentucky (guar.)._
25o June 15 Holders of rec. June 1
25e June 20 Holders of rec. May 27
Standard 01101 Nob (guar.)
600 June 15 Holders of reo. May 16
-a.).Stand. Oil Co. ot N.J.. cap.stk.(5.
Capital stock, $100 par (5.-a.)
$2 Juno 15 Holders of rec. may 16
Standard 011 of Ohio $5 pref.(quar,).... 815t July 15 Holders of roe. June 30
Stand. 011 Export Corp..5% of.(s.-a.)
$24 June 30 Holders of ree. June 9
$14 July I Holders of roe. June 15
Stein (A.) dr Co., pref.(quar,)
2510 fr.
Suez Canal
Sun 011 Co. common (guar.)
25e June 15 Holders of rec. May 25
2% June 30 Holders of rec. May 31
Mines,
Sylvanite Gold Min. Ltd. (s.-a.
nite
55of 1% June 30 Holders of roe. May 31
Tacony-Palmyra Bridge. el. A (qua,.)... 250
June 30 Holders of reo. June 10
250. July 1 Holders of roe. June 20
Texas Corp.(guar.)
Texas kfulf Sulphur Co.(guar.)
25e June 15 Holders of rec. June 1
Thrift Stores, Ltd.. corn.(Initial)(qu.)._
10e July 1
37550 June 30 Holders of roe. June 23
Time. Inc. (guar.)
12340 June 30 Holders of roe. June 23
Extra
Timken Roller Bearing Co. (quar.).... ISO
June 16 Holders of rec. May 19
Todd Shipyards Coro (guar.)
250. June 20 Holders of rec. June 5
Trice Products Corp.(guar.)
62550 July 1 Holders of roe. June 10
Tuckett Tobacco Co.. Ltd.. pref.(au.).- $1% July 15 Holders of ree. June 30
ood
I Isher Co.,corn.(qu.) 12540 June 30 Holders of reo. June III
Underwo El iot E
od(quar.)
Preferred
$134 June 30 Hoidens of rem June 120
Union Carbide dr Carbon Corp
250. July 1 Holders of rec. June 2
United Aircraft & Trans. Corp., pt.(qu.)
750 July I Holders of rem June 10
United Companies of N.J.(guar.)
$255 July 10 Holders of roe. June 20
United Elastic Corp.(guar.)
June 24 Holders of rec. June 9
10e
50. July 1 Holders of rec. June 15a
ollCo.,cl.A & B corn.(quar.)
U.S. Foil
Preferred (quar.)
8134 July 1 Holders of rec. June 156
11. S. it Foreign Sees. Corp.. lst Pt.(qu.) 81155 June 10 Holders of rec. June 1
United States Gypsum, corn. (misc.)... 250
July 1 Holders of reo. June 15
Preferred (quar
July 1 Holders of reo. June 15
$1 84
IT S. Playing Card Co.(quar.)
July 1 Holders of roe. June 20
250
81540 June 15 Holders of rec. May 26
United Stores Corp. pref.(quar.)
Uprfteelt Metal CAD,8% Pref. (quar.)- July 1 Holders of fee. June 15
2%
Financial Chronicle
Volume 136
Per
When
Share. Payable.
Name of compels,.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
U.S.Pipe & Foundry Co.,corn.(quer.). 1230. July 20 Holders of reo. June 30
Common (guar.)
12Ao. Oct. 20 Holders of rec. Sept.30
Common (quar.)
12)40. 1-20-34 Holders of rect. Dee. 30
let preferred (guar.)
300, July 20 Floiders of ree. June 30
1st preferred (quar.)
300. Oct. 20 Holders of rec. Sept. 30
Ist preferred (quar.)
30e. 1-20-34 Holders of rec. Dec. 30
Viking Pump Co.,$2.40 pref.(quer.).- 60c
June 15 Holders of rec. June I
Vulcan DetinnIng Co.. pref. (quar.)- $1A July 20 Holders of rec. July 70
Wagner Elec. Corp., pref.(quar.)
$1( July 1 Holders of rec. June 20
SValalua Agricultural Co
600. June 30 Holders of rec. June 20.
Ward Baking Corp. cum. pref. (guar.)...
25e July 1 Holders of rec. June 17
Waukesha Motor Co.(quar.)
300 July 1 Holders of rec. June 15
Wellington Oil Co., Ltd.(quar.)
20 June 15 Holders of rec. June 6
Wesson Oil & Snowdrift Co., Intl.
Common (quar.)
12)4c July 1 Holders of rec. June 15
Western Canada Flour Mills pref. (quo_ 1r750 June 15 Holders of rec. May 31
Western Maryland Dairy $6 pref. (q11.)- $11i July 1 Holders of rec. June 20
Western Tablet & Stat.. % pref.(qu.)-% July 1 Holders of rec. June 20
Westmoreland. Inc.(quar)
300 July 1 Holders of rec. June 15
Westvaco Chlorine Products Corp.
7% preferred (quar.)
1fi% July 1 Holders of rec. June 15
White Rock Mineral Springs Co.
Common (quar.)
July 1 Holders of rec. June 20
500
1st preferred (quar.)
314 July 1 Holders of rec. June 20
2nd preferred (quar.)
3214 July 1 Holders of rec. June 20
Wilcox Rich Corp., cl. A.(quar.)
6210 June 30 Holders of rec June 20
Winstead Hosiery Co.
51A
Aug. 1 Holders of tee. July 15
(quar.)
Quarterly
Nov. 1 Holders of rec. Oct. 15
$154
Wiser OS Co.(quar.)
25e July 1 Holders of rec. June 10
Quarterly
250 Oct. 2 Holders of rec. Sept. 12
Quarterly
25e Jan2*34 Holders of rec. Dec. 12
Woolworth (F. W.)& Co., Ltd.
Amer. dep. rec, for ord. shs (Interim) stels.6d. June 22 Holders of rec. May 26
Wrigley (Wm.) Jr. Co.(monthly)
25c July I Holders of rec. June 20
Monthly
250 Aug. 1 Holders of rec. July 20
Yale & Towne Mfg. Co.(quar.)
15o. July 1 Holders of rec. June 10
t The New York Stock Exchange has ruled that stock will nor be quoted a:
dividend on this date and not until further notice.
The New York Curb Exchange Association has ruled that stock will not be
Quoted ex dividend on this date and not until further noUce.
a Transfer books not closed for this dividend.
di Correction. •Payable In stook.
/Payable in common stock. g Payable I n scrip. S On account of accumulated
dividends. I Payable to preferred stook.
m Amer. Cities Power & Lt. Corp. pay 1-32 of 1 sta. 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. Mock per eh. of cony. pref ups, scrims of 1929, or in cash, at the option of the
bolder.
o Unilever, Ltd.: the amount of sliver will be fixed according to the rate of sterlingguilder exchange on April 28.
p Blue Ridge Corp. declared a div. at the rate of I-326 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 malt.
r In the ease of non-residents of Canada a deduction of a tax 01 5% of the
amount of such dividend will be made.
1 Payable in Canadian funds.
ts Payable in United States funds.
r A unit.
to Lees deduction for expenses of depoeltarY.
s Lees tax.
V A deduction has been made for expenses.
4045
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
AS.90CIATION FOR THE WEEK ENDED SATURDAY, JUNE 3 1933.
*Surplus and Net Demand
Undivided
Deposits,
Profits.
Average.
• Capital.
Clearing House
Members.
TM.
Deposits,
Average.
Totals
$
S
$
6.000,000
9,354,200
89,401,000
36.931,700
20,000,000
246,641,000
55.983,000 a834,872,000
124,000,000
46,119,500
262,920,000
20.000,000
90,000,000 3176,676.800 13924,833.000
20,297,500
194,172,000
32,935,000
64,023,700
535,346.000
21.000,000
22,493,500
175,075,000
15.000,000
402,713,000
10.000,000 172.579,800
326,566,000
50,000,000
62,764,900
5,756,300
23,270,000
4,000,000
148,000,000 h58,163,800 c1,178,256,000
40,921,000
500,000
3,639,900
25,000,000 e62,202,700 d557,320.000
10,000,000
20,481,100
22,898,000
41,657.000
10,000,000
5.549.000
7,935,000
3,000,000
2,145,400
22,104,000
193.193.000
12,500,000
8,669,400
44,607,000
7,000,000
8,250,000
4,439,300
39,255,000
$
9.046,000
31,862,000
154,898,000
25.263,000
35.892.000
95,876,000
45,187,000
20,769,000
8,459,000
49,002,000
1,647,000
79,060,000
2,906,000
48,201,000
248,000
5,123.000
1,561.000
13,444,000
'1,313,000
28,897,000
617.185.000
Bank of N. Y.& Tr. Co_
Bank of Manhattan Co__
National City Bank__
Chemical Bk.& Tr Co-Guaranty Trust Co
Manufacturers Trust Co.
Cent, Han. Bk.& Tr. Co
Corn Each. Bk. Ti. Co
First National Bank
Irving Trust Co
Continental Bk.& Ti Co
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
Title G uar. & Trust Co
Marine Midland Ti. Co_
Lawyers Trust Co
New York Trust Co_ _ _
.
Com'i Nat Bk. dr Ti,Co_
Public Nat. Bk.& Tr.Co.
658.654.000
760.375.500 6.141.851.000
* As per official reports: National. March 31 1933* State, March 31 1933: trust
companies. March 31 1933. e As of April 10 1933. (As of April 14 1933. g As of
May 3 1933. is As of May 25 1933.
Includes deposits in foreign branches as follows: (a) $184,950,000: (b) $49,482,000: (c) 568,377,000: (d) 525,844,000.
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 2:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, JUNE 2 1933.
-AVERAGE FIGURES.
NATIONAL AND STATE BANKS
Loans,
Disc. and
Inrestments.
3
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.
Cash.
17,945,300
2,581,482
ManhattanGrace National
Trade Bank
Brooklyn
Peoples National
3
92,700
103,834
83,000
3
$
1,299,300 16,161,700
164,070 , 2,698,874
$
1,361,600
487,992
5,410,000
Gross
Deposits.
330,000
53,000
4,886,000
-AVERAGE FIGURES.
TRUST COMPANIES
Weekly Return of New York City Clearing House.
Beginning with March 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, pages 3812-13. We give the
statement below in full:
Loans.
Cant,
Res. Dep., Dep. other
N. Y. and Banks and
Elsewhere. Trust COS.
Gross
Deposits.
ManhattanCounty
Empire
Federation
Fiduciary
Fulton
United States
$
$
$
16,740,900 *2,645,200 2,373.400
51,595,500 *2,838,600 14,578,300
397,284
51,992
5,677,968
510,647
*642,350
9,416,494
520,000
17,936,000 *2,153,100
70,477,824 5,360,000 20,867,785
BrooklynBrooklyn
Kings County
$
18,868,700
2,152,000 60.708,100
807,367 5,213,389
513,537 9,363,755
584,300 16,591,100
69,253,118
et- -.4
--
82,643,000
22.642.183
3,430,000 29,781,100
1.500.265 8.685,608
100,000 100,955,000
26,257,780
•Includes amount with Federal Reserve as follows: County,$2,311,600; Empire,
$2,021,600; Fiduciary, $215,057; Fulton, $2,012,600.
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 June 7 1933,in
comparison with the previous week and the corresponding date last year:
June 7 1933. May 311933. June 8 1932.
June 7 1933. May 311933. June 8 1932.
ReSOUTCESGold with Federal Reserve Agent
Gold redemption fund with U.S. Treas'y_
685,546,000
4,712,000
719,546,000
3,013.000
Gold held exclusively eget. P.R. notes.
690,258,000
722,559.000
Gold settlement fund with F. R. Board._
Gold and gold certificates held by bank__
128,802,000
153,483,000
147,596,000
151,693,000
Total gold reserves
972,543,000 1,021,848,000
Resources(Concluded)
465,860,000 Due from foreign banks (see
11,440,000 F. Ft. notes of other banks
Uncollected Items
477,300,000 Bank premises
All other resources
108,209,000
181,845.000
Total resources
note)
1,395,000
6,995,000
84,858,000
12,818,000
26,241,000
1.304,000
4,528.000
90,160.000
12,818,000
24.831,000
2,012,215,000 2,060.216,000 1,758,475,000
767,354,000
3,000,000
2,500,000
24,547,000
39,158,000
28,195,000
40,135,000
Liabilities
73,043,000 F. R. notes in actual circulation
671,817,000 684,951,000
47,595,000
F. R. bank notes In actual circulation.51,168,000
840,397,000 Deposits
-Member bank-reserve acc't.- 1,017,087,000 1,026,467.000
8,220,00041,115,000
Government
2,905.000
14,232,000
Foreign bank (tee note).
5,668.000
Special depostt.s-Member bank
6,311,000
63,291,000
1.433,000
Non-member bank
1,572,000
37,173,000
Other deposits
9,930,000
10,122,000
Total bills discounted
63,705,000
68,330,000
100,464,000
Bile bought in open market
U. S. Government securities.
Bonds
Tremary notes
Certificates and bills
3,577,000
7,186,000
185,410,000
264,124,000
294,557,000
180.240,000
258,746,000
295.200.000
744.091,000
4,347,000
740,186,000
Total bills and securities (see note).
- 815,720,000
819,843,000
Other cash.
88,645,000
Total gold reserves and other cash
Redemption fund-F.R.bank notes
Bills discounted:
Secured by U.S. Govt. obligations-Other bills discounted
Total U. B. Government securities
Other securities (see
note)
82,184,000
1,061,188.000 1,104,032.000
4,141,000
1.270,000
4,523,000
90,650,000
14,817,000
23,304,000
Total deposits
Deferred availability Items
11,323,000 Capital paid in
Surplus
181,584,000 All other liabilities
66,958,000
419,062,000
Tote Inabilities
667,604,000 Ratio of total gold reserves dr other cash*
4,123,000
to deposit and F. It. note liabilities
combined
Contingent liability on bills purchased
783,514,000
for foreign correspondents
1,057,544,000 1,087.518.000
88.294.000
79,661,000
58.527,000
58,530,000
85.058.000
85.058,000
8,273,000
8,437,000
561,130,000
920,675,000
21,747,000
13,388,000
8,098,000
963,908,000
88,085,000
59.130,000
75,077,000
11,145,000
2,012,215,000 2,060,216.000 1,758,475,000
61.4%
62.3%
55.1%
11,639,000
11,247,000
47,294,000
bank notes.
•"Other cash" does not include F R. notes or a bank's own F
NOTE.
-Beginning with the statement of Oct. 17 1925, two new items were added In order to show separately the amount of balances bold abroad and amounts
duo to foreign oorreepondents. In addition, the caption "All other earnings assets," previously made up of Federal Intermediate Credit Bank debentures, was °flanged
so -outer securities," and che caption, "Total earnings assets" to "Total bills arid securities.** The latter term was adopted as a more accurate description of the total
et the discount acceptances and securIties acquired under the provisions of ssation Li sad 11, of the Fedetal Reserve AOC. schlOb It was stated are the only items included
ktus raw
4046
Financial Chronicle
June 10 1933
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, June 8, 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 weeksand with those of the corresponding week last year. Tho
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 Agent9
and the Federal Reserve banks. The fourth table (Federal Reserve Bank Note Statement) shows the amount of these
bank notes issued and the amount held by the Federal Reserve banks along with the collateral pledged against outstanding
bank notes. The Reserve Board's comment upon the returns for the latest week appears on page 3987, being the first item in our
department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JUNE 7 VW.
June 7 1933. May 31 1933. Mly 24 1933. May 17 1933 May 10 1933. May 3 1933. Apr. 26 1933. Apt. 19 1933. June 8 1932.
RESOURCE.).
Gold with Federal Reserve agents
Gold redemption fund with U.S. Trees
$
$
$
5
1
2
S
3
$
2,787,074,000 2,813,639,000 2.832,714,000 2,731.939,000 2,708.759,000 2,665.104,000 2,671.746.000 2.627,454.000 1,943,700,000
45,524,000
44,353,000
46,338,000
63,871,000
62.500.000
64,775,000
54,824,000
46,918,000
57,633.000
Gold held exclusively agst. F. R. notes 2,832,598,000 2,857,992,000 2,879.052,000 2,786,763.000 2,764,392,000 2.727.604.000 2,735,617,000 2,692,229,000 1,990,628,000
Gold settlement fund with F. R. Board
436,613,000 409,834.000 359,464,000 346,260,000 341,268,000 321.318,000 307.419,000 321.495,000 310,724,000
Gold and gold certificates held by banks_ 252.774,000 252,072,000 260,718,000 334,485,000 336,474,000 346,648.000 353.302,000 351,871,000 325,609,000
Total gold reserves
Reserves other than gold
Other cash.
3,521,965,000 3,519,898.000 3399.234,000 3,467,508,000 3,442,134,000 3.435.570.000 3,396,338.000 3,365,595,000 2,626,961,000
a
a
a
218.764.000 222.713,000 215,597,000
a
290,192,000 286,770,000 308,706.000 303,983,000 315,910.000
275,736,000
—
Total gold reserves and other cash_ ___ 3,812,177,000 3.806,668,000 3.807.940,000 3,771,491,000 3,758,044,000 3,854.334.000 3.619.051,000 3.581.192.000 2,902,697.000
Non-reserve cash
a
a
a
93,551,000 106,105,000 106.957.000
a
Redemption fund—F. R. bank notes ___
7,242,000
6,242,000
6,242,000
3.618,000
4,992,000
4,518,000
3,293,000
1.601,000
Bills discounted:
Secured by U. S. Govt. obligations__
55,335.000 b 66,014,000
64,472.000
73,379,000
72,082,000
97,976,000
93,434,000 124.077.000 210,518,000
Other bills discounted
221,330,0005 235,960.000 247.693.000 258,846.000 266,159,000 302,126.000 291,567.000 290,193,000 291,393,000
Total bills discounted
Bills bought in open market
U.S. Government securities—Bonds
Treasury notes
Special Treasury certificates
Other certificates and bills
276,665,000
11,411,000
441,103,000
675,532,000
312,165,000
42.682,000
430.606,000
629,583,000
330.225,000
77.543,000
420.992.000
594,482,000
338.241.000
112,607.000
421,595,000
588,922.000
400.102.000
144.152.000
421,576.000
588,972,000
385,001,000 414.270,000
177.450.000 208.443,000
421.476.000 421.506,000
506.083,000 457,873.000
794.968,000
Total U. S. Government securities
Other securities
Foreign loans on gold
301,974.000
19.862.000
441,071,000
656,593,000
791,914,000 801,523,000
821,124.000
826.676.000
826.730.000
909.513,000
501,911,000
35,717,000
429,990,000
174,619,000
957.725,000 1,039,958,000
1.911,603,000 1.889,578.000 1,881,712.000 1,836.598.000 1,837.193.000 1,837,278,000 1.837,072,000 1,837.104.000 1,644,567,000
5,029,000
4,823.000
5.386.000
5,641,000
5,404,000
5,464,000
5.451,000
5,778,000
5.559,000
Total bills and securities
2,204,708,000 2,216,237,000 2,221.925,000 2,249,770,000 2.293,505,000 2.387,173.000 2,404,974.000 2.465,376.000 2,187,973,000
Gold held abroad
Due from foreign banks
3,810,000
3.593,000
3,815,000
3,656,000
3.656,000
3,662,000
3,662,000
3,642,000
3.d 60.000
Federal Reserve notes of other banks_.
19.282,000
16,143,000
17,921.000
19,471,000
19,095,000
17.637.000
20.355,000
13,623,000
24,829,000
Uncollected items
334,699,000 316.047.000 316.172,000 359.775.000 316,398,000 337.157.000 318.392,000 354 608.000 337,720.000
Bank premises
54,312,000
54,255,000
54.255,000 54,251,000
54.250.000
54,250,000
54.134.000
58,083.000
54.29.000
All other resources
49,300,000
48,020,000
47.146,000
44,673.000
44,949.000
44,490,000
46.242,000
42,908,000
44.j42.000
Total resources
6,485,530,000 6,466,427,000 6,475,194,000 6,507,985,000 6,492,504,000 6.597,883.000 6,576.202,000 6.6s7.394.000 5,546,646,000
LIABILITIES.
F. R. notes In actual circulation
3,163,689,000 3,203,102,000 3,221,429,000 3,299,995,000 3,349,753,000 3.395,369.000 3324,114,000 3.477.393,000 2,557,119,000
F. R.bank notes in actual circulation _ _ 104,884,000
96,280,000
84.211,000
56,059.000
36.798.000
74,218,000 a62,835.000
24.529,000
DePosits—Member banks - reserve mei_ 2,203.889,0002,186.721.000 2,194.390.000 2,114.283,000 2.089.115.000 2,033.939.000 2,135,808,000 2.158.636.000 2,111,673,000
32,173,000
Government
72,328,000
37,668.000
31,260,000
37,165,000
42.467,000 144.408,000
36,596,000
25.465,000
Foreign banks
42,208,000
7,848.000
15.867,000
27,272,000
26.810,000
41,696,000
22,943.000
23.021,000
11.088,000
Special deposits: Member bank
90,942,000
83,637,000
81.904,000
50.512.000
77.664,000
87,467.000
86,045.000
75.603.000
18,671,000
18,059,000
Non-member bank__
17,641,000
17,642,000
18,354,000
17,461.000
16.155,000
18,921,000
Other deposits
44,732,000
45,180,000
45,347,000
58.511.000
51,849,000
46.859,000
20,237,000
50.539.000
57,825,000
—
2,432,615,000 2,393,773,000 2,392,817,000 2,320.454,000 2.309,541.000 2,360,101,000 2,345,451.000 2.347,538,000 2,210,202,000
Total deposits
Deferred availability items
328,902,000 318,082.000 322,322,000 359.556,000 316,346.000 331,621.0%5 315.218.000 333,854.000 330,996,000
Capital paid in
150,052,000 150,271.000 150,287,000 150.217,000 150,229,000 150367.000 150,330,000 149.700,000 154.779,000
Surplus
278,599,000 278.599.000 278,599,000 278,599,000 278,599.000 278 .99,000 278.599.000 278.599.000 259.421,000
All other liabilities
26.789,000
26,320,000
25,529.000
25.047.000
24,944,000 a25.201,000
25,692,000
34,129,000
25,781,000
Total liabilities
6,485,530,000 6,466,427.000 6.475,194,000 6,507,985,000 6,492,504,000 6.897,883.000 6,576,202.000 6.637.394,000 5,546,646,000
Ratio of gold reserve to deposits and
F. R. note liabilities combined
62.8%
62.3%
62.9%
58.8%
61.6%
60.8%
59.6%
57.7%
55.1%
Ratio of total reserve to deposits and
F. R. note liabilities combined
63.5%
62.7%
64.6%
61.5%
Ratio of total gold reserves 22 other cash to
68.1%
deposit de F.R. note liabilities combined
67.8%
68.0%
67.1%
66.4%
60.9%
Contingent liability on bills purchased
for foreign correspondents
35,436,000
35.731,000
36.770.000
42.189,000
38,886,000
48.280.000
41,340.000
50.223.000 150,342,000
$
Maturity Distribution of Ms and
Short
-Term Securities
-1-15 days bills discounted
16-30 days bills discounted
*t-so days bills discounted
I1-90 days bills discounted
Over 90 days bills discounted
181,962,000
20,062,000
48,089,000
21.039,000
51,513,000
192,071,000
24,148,000
41,687,000
36,416,000
7.652,000
195.699,000
22.195,000
26,813,000
61.411,000
6.047.000
212,662,000
22,485,000
23.570,000
64,943,000
6,565.000
215,315,000
22.711.000
28,606.000
64,701.000
6.908,000
255.564,000
27,458,000
47,382.000
62.530,000
7,168.000
254,905,000 287,935,000
24,725.000
22,051,000
48,636,000
49.318.000
49.133,000
47.222.000
7.602,000
7.744,000
359,396,000
36,443,000
46,978,000
36,323,000
22,771,000
Total bills discounted
1-15 days bills bought in open market
16-30 days bills bought in open market
31-60 days bills bought in open market—
61-90 days bills bought In open marketOver 90 days bills bought In open market
276,665,000
3,960,000
3,504,000
724,000
3,222,000
1,000
301,974,000
12,479,000
5,239,000
842.000
1,302.000
312,165,000
33,563,000
3.677,000
3.870,030
1,552,000
330,225.000
65,036,000
4.533,000
2,634,000
5,340,000
338,241,000
75.017.000
28,705.000
3,819,000
5.016.000
50.000
400.102.000
73,716.000
60,400,000
4,252.000
5,734.000
50,000
385,001.000 414,270.000
71,214.000
68,531.000
74.240.000
73,052,000
26,022.000
59,024.000
5,923.000
7,715,000
51.000
121,000
501,911,000
3,091,000
4,000,000
2,212,000
16,414,000
Total bills bought in open market-1-15 days U. S. certificates and bills__
16-30 days U. S. certificates and bills-31-60 days U. S. certificates and bills__
61-90 days U.S. certificates and bills__
Over 90 days certificates and bills
11,411,000
107,725.000
28,988,000
76,550,000
158,896,000
422,809.000
19,862,000
127.625,000
37,500,000
81,288,000
111.646,000
433,855,000
4
2.662.000
71.450,000
97.775,000
62.638.000
141.796,000
427,864,000
—
77,543,000
86,600,000
127,875.000
73.238,000
127,956,000
405,455,000
112.607,000
95,500,000
70,750.000
120.975,000
72,100,000
467.351,000
144,152.000
52.400,000
86,600,000
164.360.000
56,000.000
467,370.000
177.450.000 208,443.000
91,438,000 127,997.000
85,300.000
52.400.000
210,875,000 246.975.000
54,550.000
67.450.000
467.350,000 462.903,000
35.717.000
39,590,000
36,550,000
316,104,000
330.749,000
516,965,000
Total U. S. certificates and bills
1-15 days Municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Over 90 days municipal warrants
794,968.000
4,906,000
25,000
10,000
38,000
50,000
791,914,000
4,738,000
25,000
10,000
826.730,000
5,401,000
51,000
152.000
10.000
27,000
6,029.000
4,823,000
6.386.000
821,124.000 826.678.000
5,192,000
5.201.000
127,000
61,000
25,000
152.000
10,000
10,000
50.000
50.000
— —
-5,404,000
5364.000
—
909,513,000
5,211,000
50.000
801,523,000
5.174.000
127,000
25.000
10.600
50.000
5,641.000
5351.000
Total municipal warrants
Federal Reserve Notes—
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
$
$
$
$
$
$
178.000
35 000
27.000
$
$
957,725,000 1.039,958,000
5,542,000
5,346,000
201,000
177,000
26,000
35,000
10,000
5,559.000
5,778,000
3.4i9,635.000.3.436.872.000 3.471.471,000 3,558,904.000 3.613.316,000 3,071,321,000 3.715,341.000 3.760,879,000 2,786,801,000
255,946,000 233,770,000 250.042,000 256.609.000 263.563.000 275.952.000 291.227,000 283,486,000 229,682,000
---- —
3.163,689,000 3.203,102.0003.221.429.000 3 299.995.000 3,349.753,111 3,395.369.000 3,424.114.000 3.477.393.000 2,557,119,000
,
Collateral Weld by Agent as Security
for Notes Issued to Bank—
By gold and gold certificates
Gold fund—Federal Reserve Board
By eligible paper
U. S. Government securities
1,468,639,000 1.466.704.000 1.457,279.000 1.381,104.000 1,379.924.000 1,323,289.000 1,317311,000 1.298,619.000 840,635,000
1,318,435,000 1,346,935,000 1,375,435,000 1.350,835.000 1.326,835.000 1,341,835,000 1,354.335.000 1.329.835,000 1,103,065,000
162,422,000 190,397.000 217,760,000 249,447,000 292.811.000 371,749.000 417,659.000 485,164.000 497,002,000
505,900,000 480,900,000 471.900.000 613.400,000 633,400,000 659.400,000 650.500,000 690.000.000 360,200,000
-Total
3,455,396.000 3.484,936,000 3.522,374.000 3.594.786.000 3.632.970.000 3.898.253.000 3.739.905.000 3.802.615.000 2,800,902,000
.
•"Other cash- does not IneludeFederal Reserve notes or a Bank's own Federal Reserve bank notes. b Revised. a Now included In "other cash."
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 11 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JUNE 7 1933
Two Ciphers (00) omitted.
Federal Reserve Bank 01—
Boston. New York. Phila. Cleveland, Richmond Atlanta. Chicago. St. Louis. MInneay. Kan.Ctry. Dallas. SanFras.
Total.
RESOURCES.
$
1
Gold with Fed. Res. Agents-- _ 2,787,074,0 226,929,0
Gold redm.fund with U.S.Trens.
45,524,0 5,019,0
i
Gold held excl.agst. F.R.notee 2,832,598,0 231,048,0
'
Gold settleml fund with F.R.Bd 436,613,0 30,189,0
Gold & gold etre. held by banks_ 252,774,0 21,936,0
'2 Kg1 ACM11011.1 A,/ A
S
$
$
$
1
685,546,0 172,000,0 210.770,0 132,835,0 95,550,0
4,712,0 4,420,0 6,886,0 1,229,0 2,917,0
1
1
1
s
$
1
788.487, 125,055,0 60.146,0 88,290,0 21,203,0 150,263,0
4,950,0 1,332,0 2,081,0 2,788.0 1,286.0 7,904,0
690,258,0 176,420,0 217,656,0 134,064,0 98,467,0
128,802,0 16,110,0 41,861,0 16,270,0 14,130,0
153,483,0 13,511,0 4,730,0 4,411,0 3.636.0
070 MAI n W1/1 AA1 n 9RA ,
,A, A 1MA TAm n lla 0.1.2 A
793,437,0 126,387,0 62,227,0 91,078,0 22,469,0 188,167,0
93,179,0 18,602,0 15,315,0 19,615,0 13,007,0 29,533,0
1,364,0 12,949,0 6,088.0 22.463,0
6.864,0 1,339,0
OA, Aon n 'IAA Q011
n
72 OAR A 1,1 41A9 n
Al f151A
A 9.111
MR A
Financial Chronicle
Volume 136
Two Ciphers (00) omitted.
RESOURCES (Concluded)Other cash.
eturn of the Federal Reserve Board Concluded).
Boston.
Total.
4047
$
$
290,192,0 20,950,0
New York.
Cleveland. Richmond Atlanta.
Phila.
Chicago.
S
$
$
$
$
88,645,0 25,968,0 24,216.0 15,536,0 14,826,0
Total goldreservesdrother cash 3,812,177,0 305,023,0 1,061.188,0 232,009,0 288,463,0 170,281,0 131,059,0
Redem.fund-F.R.bank notes_
250,0
3,000,0
292,0
7,242,0 1.000,0
150,0
Bills discounted:
See. by U.El. Govt.obligations
720,0
24,547,0 7,609,0 8,744,0 2,137,0
55,335,0 4,254,0
Other bills discounted
39,158,0 34,024,0 45,071,0 15,186,0 11,478,0
221,330,0 8,736,0
Total bills discounted
Bills bought in open marketU.8. Government securities:
Bonds
Treasury notes
Special Treasury certificates
Certificates and bills
St. Louts. Mlnneay. Email,. Dallas. San Nan.
$
$
39,258,0 13,033,0
$
$
4,256,0 10,853,0
$
5
9,768,0 22,883,0
932,738,0 159,361,0 83,162,0 134,495,0 51,352,0 263,046.0
200,0
100,0
50.0
100,0
100.0
2,000,0
3,374,0
12,356,0
63,705,0 41,633,0 53,815,0 17,323,0 12,198,0
691,0
393,0
3,577,0 1,027,0
351,0
441,103,0 20,420,0
675,532,0 38,056,0
135,410,0 30,375,0 35,482,0 10,334,0 10,243,0
264,124,0 52,169,0 68.508,0 19,953,0 19,700,0
258,0 1,452,0
6,235,0 10,640,0
582.0 1,013,0
4,128,0 32,380,0
15,730,0
1.303,0
276,665,0 12,990.0
11,411,0
809,0
645,0
1,938,0
2,583,0
334,0
6,493,0 12,092,0
317,0
267,0
4,710,0 33,393.0
372,0 1,970,0
62,762,0 14,119,0 17,076,0 12,152,0 17,175,0 25,555,0
82,564,0 26,289,0 18,425,0 22,552,0 13,855,0 49,337,0
794,968,0 42,340,0
294,557,0 58,034,0 76,215,0 22,197,0 21,915,0
134,585,0 29,244,0 20,501,0 25,086,0 15,410,0 54,884.0
Total U.8.Govt.securities_ 1,911,603,0 100,816,0
Other securities.
5,029,0
Bills discounted for, or with
(--). other F. R. banks
744,091,0140,578,0 180,205,0 52,484.0 51,858,0
4,347,0
525,0
279,911,0 69,652.0 56,002,0 59,790,0 46,440,0 129,776,0
107,0
50,0
Total Mils and securities
2,204,708,0 114,615,0
Due from foreign banks
3,810,0
292,0
Fed. Res. notes of ether banks_
317,0
19,282,0
Uncollected Items
334,699,0 36,762,0
Bank premises
54,312,0 3,280,0
All otlier resources
49,300,0
733,0
815,720,0 183,763,0 234,711.0 70,200,0 64,407,0
378,0
420,0
149,0
1,395,0
133,0
6,995,0
273,0 1,445,0 1,185,0 1,232,0
84,858,0 27,716,0 31,275,0 29,823,0 10,745,0
12,818,0 3,394,0 6,929,0 3,238,0 2,422,0
26,241,0 3,766,0 1,841,0 2,920,0 5,539,0
296,994,0 72,569,0 62,869.0 72,199,0 51,522,0 165,139,0
267,0
111,0
111,0
14,0
21,0
519,0
324,0 1,169.0
446,0 1,242,0
3,312,0 1,342,0
42,783,0 14,865,0 9,308,0 18,373,0 13,349,0 14,842,0
7,605,0 3,285,0 1,746,0 3,559,0 1,792,0 4,244,0
939,0 1,532,0 1,397.0
1,974,0
717,0 1,701,0
Total resources
6,485,530,0 462,022,0 2,012,215,0 451,633,0 565.292.0 277,796,0 215,187,0 1,287,925,0 252,260,0 159,346,0 230,968,0 120,082,0 450,304,0
LIABILITIES.
r. R.notes in actual circulation. 3,163,689,0 222,892,0 671,817,0 242,941,0 317,132,0 145,082,0 125,815,0
IL R. bank notes In act'l circa!: 104,884,0 12,214,0
51,168,0 5,572,0 3,241,0
2,281,0
Deposits:
Member bank-reserve account 2,203,889,0 144,125,0 1,017,087,0 115,467,0 138,460.0 67,895,0 51,340,0
Government
8,220,0 1,077,0 4,905,0 2,330,0 1,023.0
32,173,0 1,772,0
Foreign bank
14,232,0 4,411,0 4,159,0 1,638,0 1,470,0
42,208.0 3,066,0
8Pecial-Member bank
6,311,0 7,614,0 15,042,0 7,276,0 3,082,0
90,942,0 3,429,0
Non-member bank
1,572,0 1,769,0
862,0 1,971,0
18,671,0
231,0
Other deposits
10.122,0
267,0 4,353,0 4,512,0 2,402,0
44,732,0 5,665,0
Total deposits
Deferred availability items
Capital paid In
Surplus
MI other liabilities
Total liabilities
2,432,615,0 158,057,0 1,057,544,0 130,605,0 167,781,0 85,622,0 59,548,0
79,661,0 26,364,0 31,923,0 28,792,0 9,811,0
328,902,0 37,100,0
58,530,0 15,800,0 13,907,0 5.440,0 4,779,0
150,052,0 10,531,0
85,058,0 29,242,0 28,294,0 11,616,0 10,544,0
278,599,0 20,460,0
8.437,0 1.109,0 3,014,0 1,244,0 2,909,0
768,0
26,789,0
819,594,0 143,795,0 91,156,0 113,713,0 36,322,0 233,430,0
914,0 1,468,0
26,233,0
185,0
877,0
731,0
288,336,0 62,374,0 42,029,0 77,253,0 49,976,0 149,547,0
318,0
6,200,0 1,415,0
851,0 1,812,0 2,250,0
5,461,0 1,428,0
966,0 1,218.0 1,218,0 2,941,0
32,021,0 3,627,0 1,228,0 4.775,0
277,0 6,179,0
745,0
6,215,0 3,613,0 1,567,0
126,0
4,944,0 4.297,0 1,015,0
435,0 6,548,0
172,0
343,258,0 76,754,0 47,656,0 85,356,0 54,156,0 166,278,0
40,315,0 16,199,0 8,863,0 17,840,0 15.174,0 16,860,0
15,528,0 4,027.0 2,821,0 4,248,0 3,887,0 10,554,0
39,497,0 10,186,0 7,019.0 8,263,0 8,719,0 19,701,0
3,500,0 1.114,0 1,100,0
671,0
910,0 2.013,0
6 485,530,0 462,022,0 2,012,215,0 451.633,0 565,292,0 277,796,0 215,687,0 1,287,925,0 252,260,0 159,346,0 230,968,0 120,082.0 450.304,0
Memoranda.
Ratio of total gold reserves and
other cash' to deposit & F. It.
note liabilities combined
Contingent liability on bilk' ourchaeed for rnr'n Isnrmannnetant.
68.1
80.1
61.4
62.1
59.5
73.8
70.7
80.2
72.3
59.9
67.6
56.8
65.E
g m Aga n
9 ang 0
11 820 0
1 752 0
1 517 n
1 304 A
1 251 0
4 A45 n
1 215 n
8220
1 0311.0
1.036.0
2.501. i
•"Other cash" does not Include Federal Reserve notee or a Bank's own Federal Reserve bank notes.
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent at-
Total.
Boston. New York.
Two Ciphers (00) omitted.
$
$
Federal Reserve notes:
Issued to F.R.Bk.by F.R.Agt. 3,419,635,0 238,323,0
Held by Fed'I Reserve Bank_ 255,946,0 15,431,0
In actual circulation
3,163,689,0 222,892,0
Collateral held by Agent as security for notes issued to bks:
Gold and gold certificates
1,468,639,0 70,912,0
Gold fund-F.R. Board
1,318,435,0 156,017,0
Eligible paper
162,422,0 13,261,0
U 8. Government securities__ 505,900,0
Total collateisi
9 455 soon 940 100 A
Phila.
5
Cleveland. Richmond Atlanta,
$
5
$
Chicago, St, Louis. Mintusap. Kan.Cits. Dallas. San Fran.
i
$
$
S
$
$
$
755,270,0 258,863,0 330.937,0 152,316,0 146,316,0
83,453,0 15,922.0 13,805,0 7,234,0 20,501,0
849,961,0 155,338,0 94,022,0 122,824,0 38,696,0 276,769,0
30,367,0 11,543,0 2,866,0 9,111,0 2,374,0 43,339,0
671,817,0 242,941,0 317,132,0 145,082,0 125,815,0
8195940143.795,0 91,156,0113,713,0 36,322,0 233,430,0
473,446,0
212,100,0
41,812,0
29,000,0
436,487,0 42,355.0 29,146,0 21,490,0 18,703,0 99,500.0
352,000,0 82,700,0 31,000,0 66,800,0 2,500,0 80,763,0
10,219,0 1,562,0 4,357,0 5,902,0 4,666,0 10,715,0
56,000,0 29,000,0 30,900,0 32,000,0 13,000.0 92,000,0
97,450,0 107.270,0
74,550,0 103,500,0
19,294,0 32,456,0
68,000,0 100,000,0
49,330,0 22,550,0
83,505,0 73,000,0
10,476,0 7,702,0
12,000,0 44.000,0
7511 :45R II 259 204 0 342 22110 139 211 0 147 9S9 (1
554 71-141 n 15S I117 n 05 405 n 1211 102 0 38869.0 282.978.
FEDERAL RESERVE BANK NOTE STATEMENT.
Federal Reserve Agent at-
Total.
Two Ciphers (00) OmittEd.
rederal Reserve bank notes:
Issued to F. R. 13k. (outsttig.)
Held by Fall Reserve Bank.
$
In actual circulation
)ollat.pledged agst.outst. notes:
Discounted & purchased bWs.
U.S. Government securities__
Boston. New York. Phila.
$
$
133,894,0 14,280,0
29,010,0 2,066,0
64,274,0
13,106,0
6,280,0
708,0
104,884,0 12,214,0
51,168,0
5,572,0
22,970,0
149,474,0 20,000,0
172,444,0 20,000,0
Total collateral
Cleveland Richmond Atlanta.
$
8
$
Chicago. St. Louis. Mitineap. Kan.Citg. Dallas. SasFran.
$
$
$
5,520.0
2,279,0
2,920,0
639,0
32,920,0
6,687,0
$
320,0
135,0
820,0
89,0
1,000,0
123,0
2,160,0
1,246,0
3,400,0
1,932,0
731,0
877,0
914,0
1,468,0
5,000,0
5,000,0
5
$
$
3,241,0
2,281,0
26,233,0
185,0
21,201,0
64,274,0
8.000,0
1,325,0
2,000,0
40,000,0
346,0
5,000,0
2,000,0
1,000.0
98,0
2,200,0
64,274,0
8,000.0 21,201,0
3,325,0
40,000,0
5,346,0
2,000,0
1,000,0
2,298,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given
ment of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Resfrvein the stateBoard upon
the figures for the latest week appears in our department of "Current Events and Discussions" on
3988,
preceding which we also give the figures of New York and Chicago reporting member banks for a page later. immediately
week
Beginning with the statement of Jan. 9 1929, the loan figures exclude
"Acceptances of other banks and bills of exchange or drafts
all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with endorsementsold with endorsement" and Include
were included with loans, and some
of the banks Included mortgages In investments. Loans secured by U. 8. Government obligations are no longer shown
being given. Furthermore, borrowing at the Federal Reserve Is not any more subdivided to show the amount secured by U.separately, only the total of loans on securities
EL obligations and those secured by commercla
paper, only a lump total being given, The number of reporting banks formerly covered 101
leading cities, but was reduced to 90 cities after the declaration of bank holidays
or moratoria early In March 1933. Pub0catIon of the weekly returns for the reduced number of cities was
of them Is to be found In the Federal Reserve Bulletin The figures below are stated in round millions. omitted in the weeks from March 1 to May 10, but a summary
PRINCIPAL RESOURCES AND LIABILITIES OF WEEICIN REPORTING MEMBER BANKS IN
EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS MAY 31 1933 (In millions of dollar.).
Federal Reserve DistridLoans and Investments-total
Loans--total
On securities
Al I other
investments-total
U.S. Government securities
Other securities
Reserve with F. It. Bank
Cash In vault
Net demand deposits
Time deposits
Government deposits
Dug from banks
Due to banks
...von R R Ran*
Total.
Boston. New York
Phila.
s
Cleveland. Richmond Atlanta, Chicago. St. Louts. dlintseap. Ran.City. Dallas. &missal..
$
$
16,426
$
1,135
$
7,879
8,485
646
3,972
524
487
171
179
810
217
160
209
213
897
3,713
4,772
254
392
1,960
2,012
267
257
239
248
60
111
58
. 121
399
411
90
127
49
111
59
150
66
147
212
685
7,941
489
3,907
461
611
144
127
658
202
134
270
144
794
4,948
2,993
300
189
2,585
1,322
212
249
399
212
98
46
81
46
402
256
85
117
70
64
90
54
467
327
1,624
205
10,918
4,282
218
1,333
2,812
7e
106
16
730
381
8
150
152
1
912
55
6,181
1,075
113
123
1,411
15
68
10
598
261
12
93
153
5
71
16
590
368
9
70
159
7
24
9
176
127
2
71
56
1
17
5
137
127
5
54
51
0
209
47
1,040
479
10
282
311
__
27
7
210
125
5
78
71
1
87
14
537
886
51
140
148
211
985
1,098
5
315
$
306
$
1,468
$
419
$
294
37
20
9
5
235
162
153
140
2___ _
61
89
87
65
2
s
479
159
111 •
46
12
322
160
1
122
148
9
5
357
$
1,691
4048
Financial Chronicle
Ii
Sinanrial
STOCKS.
Week Ending June 9.
!
nt
vamtrittrie
CrIlinterf.
June 10 1933
PUBLISHED WEEKLY
Terms of Subscription-Payable in Advance
Including Postage12 mos.
6 mos
United States, U. S. Possessions and Territories
$10.00
In Dominion of Canada
11.50
South and Central'America, Spain, Mexico and Cuba
13.50
Great Britain, Continental Europe (except Spain), Asia,
Australia and Africa
15.00
$6.00
6.75
7.75
8.50
Terms of Advertising
Transient display matter per agate line
45 cents
On request
Contract and Card rates
-In charge of Fred. H. Gray, Western Representative.
ChicAoo Orrice
208 South La Salle Street, Telephone State 0613.
LONDON Omes-Edwards & Smith, 1 Drapers' Gardena, London E 0
WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce, New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor. Jacob Seibert; Business Manager, William D. Riggs;
Treas.. William Dana Seibert: Sec.. Herbert D.Seibert. Addresses of all. Office of Co.
Range for Week.
Sales
for
Week.
Lowest.
STOCKS.
Week Ending June 9.
Sales
for
Week.
Range Since Jan. 1.
Range for Week.
Lowest.
Highest.
I
Lowest.
Indus. & Miscell.Amer Coal Co of N J
Allegheny County_25
Art Metal Construes 1
Elmo Dry Gds let pf 100
2d preferred
100
Austin Nichols prior A *
Barker Bros pref. I
Bigelow-Sante' Carpet.'
Brown Shoe pref
100
Burns Bros class
Class A ctts
Class B
Preferred
100
•
Class B ctfs
Chile Copper
25
City Stores class A_ _ __•
Certificates
•
Coca-Cola Internat. _•
Colo Fuel dr Iron pf 100
Consol Cigar pref(7) 100
Prior pref
1001
Crown Willamte 1st pf
Cushm Sons p1(7%) 100
Preferred (8%)__ _ *
Devoe & Rayn let pf100
Dresser Mfg class A...
•
•
Class B
Elk Horn Coal pref.. _ 60
Eng Pub Serv pf (8) *
Fairbanks Co ctts__ _25
Preferred ctts___ _1
Fa& Park Assoc pfd 100
Fed Min & Smelting 100
Food Machinery
*
Franklin-Simon p1..100
Freeport Tex Co p1100
Guantanamo Sug p11
Hamilton Watch
•
Harb-WatkRefrac p11
Hat Mfg class A
1
Class A pref
100
Houdaille-Hershey clA•
Indian Motocycle pf 1
Keith-Alb-Orph pf 100
Kelsey-Hayes Wheel B1
Kresge Dept Stores_
Laclede Gas
10
000
Preferred
100
Mallinson & Co pref 100
Martin Parry Corp_
Mengel Co pref. _1
Mexican Petroleum-100
•
Outlet Co
Pae Tel dr Tel pref _ _10
Panhandle Producing &
100
Ref pref
Pierce-Arrow Co pf_ 1
Pitts Terminal Coal 100
100
Preferred
Prod & Refiners of ctfs_
21 June 3 23% June 6 21 Jun 23% June
840 5% June 8 7% June 7 3% Feb 714 June
Feb 53 May
500 51 June 8 52% June 3 18
Jan 46 June
500 45% June 3 48 June 5 15
24% June 7 25 June 3 13
Feb 25 June
880 15 June 3 1834 June 6 534 Apr 16% June
810 19 June 3 20 June 8 6% Apr 20 June
1,114K June 311434 June 3 108% Mar 114% June
% Apr 5 June
7
4 June 5 5 June 5
% Jan 3 June
100 3 June 3 3 June 3
May 3% June
4
3% June 6 3% June 8 I
4
8% June 3 13 June 8 134 Jan 13 June
% Feb 134 June
100 I% June 9 I% June 9
Apr 17 Jane
230 15 June 5 17 June 8 6
1,930 3% June 3 434 June 5 1% Jan 434 June
% Mar 134 June
13,600 ig June 7 1% June 3
20 180 June 7 180 June 7 180 June 180 June
Apr 50 June
1501 47 June 5 50 June 8 18
Apr 50 June
501 50 June 5 50 June 5 33
290 47% June 5 82 June 9 38% Apr 62 June
601 38 June 8 40% June 8 17 May 41% June
Mar 90 May
10186 June 5 88 June 5 74
301 79 June 8 82 June 5 60% Jan 82 June
Jan
304 88K June 7 90 June 7 7934 Jan 90
5001 17 June 8 17K June 3 6% Feb 18 June
700 9% June 9 10% June 6 2% Mar 10% June
% Apr 8 June
9,130 1% June 3 6 June 7
800 40 June 6 47% June 9 20% Apr 47% June
May 2% June
300 I% June 5 2% June 8 I
20 6% June 6 894 June 6 234 Apr 634 June
Feb 11 June
1,160 8 June 31 9,1‘ June 9 3
Mar 72 June
400 81 June 3 72 June 9 15
400 12% June 9 13 June 3 6% Apr 13 June
Jan 49 June
130 40 June 5, 49 June 9 12
Apr 127 June
2 118 June 51127 June 7 97
00
Feb 34 June
1601 30 June 3 34 June 6 5
350 5% June 9 8 June 5 234 Ap 6 May
M
89% June
501 78 June 8 89K June 8 48
% Ma
434 June
1,0301 3 June 5 434 June 9
Ap 19 June
601 15 June 6 19 June 9
2,8001 13% June 5 15 Jane 8 4% Apr 15 June
1601 13 June 3 20 June 5 434 May 20 June
Jan 25 May
200 24 June 6 24K June 8 8
M
5% May
800 4% June 5 5% June 8 2
Ma 8% May
220 5% June 5 6 June 3 1
85 June 6 50 May 85
Jan
70 60 June
Jan
50i 59% June 659K June 5 37% Ap 61
June 8 3
Feb 21
June
6201 15% June 3 21
% Jan 3 May
300 2% June 7 3 June 7
35 June 3 22
Jan 38% May
90 30% June
Ap 58% May
101 55% June 3 55% June 3 55
Ap 42
Jan
201 38 June 5 38 June 5 22
Jan
70107 June 7 1075i June 9 0134 May 110
2001
2001
3,8001
8001
30.
9
18
2
9
5
June
June
June
June
June
15%
3 18
3 4
3 15
7 5
June
June
June
June
June
8
3
8
8
7
5%
4
%
4
3
Jan 15% June
Apr 18 June
Feb 4 June
Jan 15 June
Feb 5 June
Range Since Jan. 1.
Lowest. I Highest.
• No par value.
Quotations for United States Treasury Certificates of
-Friday, June .
Indebtedness, &c.
Int.
Rate.
Bid.
Asked.
Dee. 16 1933...
Sept.15 1933...
June 15 1933...
Aug. 11934..
Feb. 1 1938._.
Dec, 151936..
A., is loss
14%
114%
14%
214%
214%
2Si %
25.
4th
1008,2
1001n
100
101032
100
101.32
lo113,
1001033
Henn
100
1012132
100.33
101•31
101"n
Maturity.
Int,
Rate.
Bid.
May 2 1934._ 3%
.
June 15 1935_ _ 8%
Apr. 15 1937- 3%
.
Aug. 1 19313_ 3Si%
Sept.15 11137_ 314%
Aug. 151933... 4%
Dec. 151933... 411,
g,
Asked.
10210n
102,,as
10111.1
102"as
10214,1
1003111
1021n
10211n
102"n
101,1,1
102"./
102,731
1002.31
1021ri
U. S. Treasury Bills-Friday, June 9.
Rates quoted are for discount at purchase.
Highest.
RailroadsPar. Shares. $ per share. $ per share. $ per share.S per share.
Feb 26
Feb
1 28 June 6 28 June 6 26
Beech Creek RR..
Ap 90 June
85 June 5 89% June 5 38
4
Central RR of N J.1
June 9 6 May 15 May
7
7% June 5 11
Chi Ind & Loulav Irf 100
4% June
Jun
220 2% June 5 494 June 9 1
Chi St P Minn & 0m100
Jan 834 June
20 892 June 3 8)i June 3 2
Preferred
100
300 30 June 3 30% June 3 12% Ap 31% June
Colo & Sou let pref_100
Ma 25 June
30 25 June 3 25 June 3 10
2d preferred
1
18 June 7 2% Jan 18 June
870 9 June
Cuba RR pref
100
60 5 June 6 5 June 6 3 May 5 June
Detroit & Mackinac 1
% Fe
1% June
Duluth S S dr A_ _ _ _100 2,400 1 June 3 1% June 8
% Fe
2% June
2,700 1% June 5 2% June 8
Preferred
1
2% June
% Jun
% June 3 2% June 8
Havana Electric Ry__• 4.50(
8% June
180 3% June 5 8% June 7 I% Fe
Preferred
1
June 6 27% Ap 41% May
500 40 June 3 41
Hudson & Manh p1.100
M
43 May
700 38 June 9 40% June 8 16
Ill Cent preferred_ 1
4% May
M
80 3% June 5 4% June 7
lot Rye of Cent Am__'
3% June 9 134 M
100 3 June
3% May
•
Certificates
190 14 June 3 14% June 8 4% Ap 14% June
Preferred
1
% Feb 2% June
154 June 6 2% June 7
Market St Ry
I00 1,51
A Feb 3% June
2% June 6 3% June 7
17
2d preferred
100
Jan 4% June
1
43( June 8 4% June 8 I
Preferred
100
Minn St P&EISM% Ap 4% June
4% June 8
4% June
7
Preferred
100
Ap 12% June
8% June 3 12% June 6 4
3
Leased line
100
42% June 9 45 June 3 13
Jan 48
2
May
Nash Chatt & St L.100
Nat Rye of Mexico
KM.
I% June 7 2% June 8
June
1st preferred_ ..100 2,0
Jan 125 , June
30 125 June 8 125 June 6 99
N Y & Harlem pret.50
80 80 June 7 80 June 7 75% Jan 80 June
NY Lack & West.
.100
150 65i June 3 6% June 3 I% Feb 6% June
Pacific Coast 1st p1.100
Feb 4 June
20 4 Jtme 3 4 June 3 1
2d preferred
100
20 48 June 8 48 June 8 48 June 49 May
Pitts McKeesp & You5
500105% June 8 108 June 8 97 May 108 June
Rensselaer & Sara_ _100
200 15 June 3 15 June 3 6
Jan 16% May
Rutland RR pref _ _ _100
36 May
J
100 35 June 9 35 June 9 8
South Ry M &0ctfs100
Highest.
.
Indus. & Misc. (Conc.) Shares. $ per share. $ per share.
per share 15 per share.
Feb 46 May
Revere Cop & Br pf 100
3001 45 June 3 46 June 3 7
Jan
1191 Marl 18
Shell Transp & Trad al
301 18 June 5 18 June
Jan 29 June
Sloss-Sheff St & Ir__100
900 26% June 6 29 June 7 7
Preferred
1001 1,050 33 June 6 38 June 8 834 Feb 38 June
Sou Dairies class A_ __
300 734 June 3 15 June 8 3)4 Jan 15 June
*1 95,100 4% June 3 8% June 8 214 May 614 June
Sperry Corp ctfs
1
3
Mar 834 May
United Amer Bosch ",
100 8% JIM 5 894 June
United Dyewood p1.100
20 43 June 9 50 June 9 27% Jan 50 June
U S Distributing p1_1001
100 17 June 8 17 June 8 734 Jan 17 June
US Gypsum pref
210 112 June 6115 June 8 101).4 Jan 115 June
Apr 112 June
Unly Leaf Tob pref_100,
60110 June 7 112 June 5 96
Apr 1434 June
Union Pipe & Rad p1101);
30 10 June 8 14% June 9 4
Va Iron Coal dr Coke100
80 1034 June 7 12 June 8, 234 Feb 15 May
40 30 June 8 30 June 81 30 June 30 June
Preferred
100
Al 88% Jan
Walgreen Co pref 100
80 go% June 8 81 June 6 75
394 June
34 Ap
Wells Fargo & Co____11 11,000 1 June 3 3% June 9
Feb 45 June
Wheeling Steel pref_100
100 45 June 6 45 June 6 15
Moffat:Y.
Wall Street, Friday Night, June 9 1933.
-The Review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 4033.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
I
Bid.
June
June
July
July
July
July
21 1933
28 1933
5 1933
12 1933
19 1933
20 1933
-.
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
Bid.
Asked.
0.35%
0.35%
0.35%
0.35%
0.35%
0.35%
0.15%
0.15%
0.151
0.15%
0.15%
0.15%
Asked.
0.35%
0.35%
0.35%
0.35%
0.35%
0.35%
Aug. 2 1933
Aug, 9 1933
Aug. 16 1933
Aug. 23 1933
Aug. 80 1933
Sept. 6 1933
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Daily Record of U. S. Bond Prices. June 3, June 5. June 6. June 7. June 8. June 9.
10221n 10221n 10210n
,
High 1023•32 103 ss 103
First Liberty Loan
n
334% bonds of 1932-47- Low_ 102"as 102"ss 102"ss 102,, 102"n 10211n
102"as 102"ss 102"ss 102111,
close 102"ss 103
(First 3%6)
384
48 180
40
61
44
Total sates in $1,000 units..
-- -----------Converted 4% bonds ofHis&
I
1932.47 (FIrst
Total sales in 31.000 units.Converted 414% bonds(Higli
of 1932-47 (First 4)4s)4 Low.
(Close
Total sales in $1.000 units__
Second convened 49i% High
bonds of 1932-47 (First Low_
Second 4N s)
Total sale, in $1,000 units.-{High
Fourth Liberty Loan
Low_
434% bonds of 1933-38
Close
(Fourth 4%s)
Total sales in $1,000 units111by
Treasury
4%6. 1947-52
Low.
Close
Total sales in 81.000 uniteIHigli
Low_
48, 1944-1954
Close
Total sates in 01,000 units.{High
Low_
8%., 1948-1958
Clfse
in $1.000 unui
To
Total sales
illig-li
Low_
3540. 1943-1947
CICIO0
Total sales in 01.000 units(High
Low_
Es, 1951-1955
Close
Total sales in $1.000 uniteilfigh
Low.
,
1150 1940-1943
Close
Toiled sales in $1.000 unite1High
3%.. 1941-43
Low_
C1086
Total sales is $1.000 units-.
1H1gh
Low.
348. 1946-1949
Close
2
- 31
1;ii 102 ,2 101 21 11)Y;
11.
2
10 -1;ri 10 -141 101
101
10211n 10211n 1021% 102":1 102"ss 102"st
102,112 102"st 102"ss 102"ss 102"ss 10211n
16
37
30
22
47
25
-------------------------...-- -103
103
103
30
109"ss
10911n
10910n
40
,
108 ss
105"ss
106 ss
,
40
104"ss
10411n
104nu
15
101"ss
101"ss
WInit
1
98"n
98"ss
98.52,
68
102
102
102
4
101lin
1011
%
101"n
2
99"ss
9957n
09 41
,
Al
-_--103.32
103
103.32
134
110 ss
,
10911n
1101n
219
108ist
108
108 as
,
185
104"st
104142
,
104 42
495
102
1011112
1011133
29
98"n
98",,
983.12
87
102in
101'°,,
102,
n
19
102,
11
101"st
102,
ss
136
995112
995,
12
99,5n
147
-_--103.32
103.33
103.32
65
110 ss
,
10921n
10911n
71
108"ss
108 1,
,
108 ss
,
96
104242
104"ss
104"ss
133
102%
102 1,
,
102.32
6
98",,
98"ss
981.32
247
102 as
,
102iss
102'ss
104
1021ir
102 ss
,
102oss
42
9910,3
99 1ss
5Sn
99
47
-_--103.33
103
103
35
110
10910i
10921n
26
108 ss
,
108 n
,
108'n
45
104"ss
104"ss
104",,
12
102'n
101",,
102
14
982
'n
98",,
98.
531
67
102%
102 ss
,
102 ss
,
19
1021n
102 ss
,
102 ss
,
5
991111
9955n
99 ist
,
1 VI
-_--10.3.31
103
103
37
110
1091112
1091in
4
1013732
108.32
108'n
25
10415as
104"ss
104"ss
55
102'ss
102
102
6
9824:1
98"as
98"n
191
102 ss
,
102'ss
102'n
22
1021n
102'n
102'n
17
993113
99 5n
51ss
99
6
10';
.
102"ar
103
88
109nn
1091•13
10914.
14
1061ii
1061n
106112
120
10411:1
1041182
104"as
30
102 n
,
102'n
102 12
,
45
98,5n
9811n
9821n
44
102"as
102',,
102 n
,
11
102"ss
102'n
102 as
,
11
100
99"st
100
50
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
list 4%e
8 4th 49(6
8, Trees 4s
1021432 to 102,4n 1 Treas. 39..
2 Treas. 354 1940
1021.32 to 103
10511n to 10641
981.32 to 981.12
101932 to 1011.32
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4.08% ®4.12%
for checks and 4.0904.12;i for cables. Commercial on banks, sight,
4.11; 60 days, 4.1034; 90 days, 4.10)4, and documents for payment 60
days, 4.11. Cotton for payment, 4.11.
To-day's (Friday's) actual rates for Paris bankers francs were 4.75@
4.7934 for short. Amsterdam bankers' guilders were 48.70®49.09.
Exchange for Paris on London, 85.81, week's range, 86.09 francs high
and 85.65 francs low.
The week's range for exchange rates follows:
Cables.
Checks
Sterling, Actual4.14
4.1334
High for the week
4.00%
4.0034
Low for the week
Paris Bankers' Francs
4.83g
4.83H
High for the week
4.66%
4.663.
Low for the week
Germany Bankers' Marks
28.42
28.40
High for the week
27.71
27.70
Low for the week
Amsterdam Bankers' Guilders
49.30
49.26
High for the week
47.65
47.64
Low for the week
A
4049:o
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
June 3.
Monday
June 5.
Tuesday
June 6.
i Wednesday
June 7.
Thursday
June 8.
Friday
June 9.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100-share ,ots
Lowest.
Highest.
Railroads
Par $ per share
$ Per share $ per share $ per share S per share S per share $ per share Shares.
8 6318 6512 108,800 Atch Topeka & Santa Fe- -100 343 Feb 25
6312 677
6718 7014 6712 71,
8
4
4 653 70'4 653 67
8
69
71
Preferred
100 50 Apr 3
793 7934 79
4
79
6712 6812 10.300
68
793
4 6612 70
45
4712 4512 473
46
443 463
4
8 44
457s 12,100 Atlantic Coast Line RR
100 1612 Feb 25
4 4512 4714 45
21
2138 23
2234 2118 2278 2118 2212 2012 223
100
213 110,700 Baltimore & Ohio
8
814 Feb 27
8 20
100
913 Apr 5
28
2914 2714 283
Preferred
4 2712 29 4 2712 283
4 263 283
4
4 26
2712 10,500
3
50 20 Jan 5
35
35
3414 343
3334 3412 3412 351s 34
3412 2,900 Bangor & Aroostook
4 34
34
08918 91
89
Preferred
100 6858 Jan 4
91
91
91
91
8918 8918 89
160
*8918 91
100
6 Apr 19
18
18
*15
18
*17
18
163 163
4
18
17
4
400 Boeton & Maine
18
17
63
8 63
8
63
8 63
312 Mar 29
8
65
8 7
313
8 5,800 Brooklyn & Queens Tr_No par
712 773
73
4 933
812 87
*45
543
8 50
5718 *5512 57
Preferred
No par 3534 Apr 19
54 .50
900
5218 5214 5214 55
4
36
3712 3612 3712 3614 37
36
373
4 3618 37
35,800 Bklyn Manh Transit-No par 213 Feb 25
36
38
77
80
81
82
81
81
81
82
000
56 preferred ser!es A _No par 64 Mar 2
77
.80
813 *80
4
212 27
234 3
Is Jan 11
2
23
8
212 18.900 Brunswick Ter dr fly SecNo par
218 3
214
278 318
8
712 Apr 3
1518 155 174,000 Canadian PacifIc
25
1514 1614
147 1618 15
8
8 1518 1614
8
1618 1514 157
*68
068
*70
73
70
71
.68
73
68 68
20 Caro Clinch & Ohio stpd_ _100 5014 Apr 4
*68
72
25 24513 Feb 28
3712 39
8 3812 4014 149,900 Chesapeake & Ohio
3712 39
3
39
40
39 8 413 x3818 417
,
2
212 212
2
2
214
214
1,100 ChM & East Ill Ry Co
100
12 Apr 18
2
23
8 23
8
212 2 4
,
23, 23
12 Apr 5
23
4 27
8
100
314 33
3 2,200
6% Preferred
4
3
a27
8 333 *314 312
3
514
512
518 512
412 514
43
8 43 15,800 Chicago Great Western___100
478 53
4
13 Apr 6
8
8
43
4 518
100
1314 1214 1314 113 1318 121a 127
8
212 Apr 5
12
8 103 123
4
Preferred
4 1012 117 22,800
4
1 Apr 6
512 51,600 Chic 5111w St P dtPao__No par
33
4 44
,
5
614
5
373 43,
418 512
4
412
100
112 Feb 28
6
85 135,700
8
61
, 64
,
63
4
714
Preferred
63
4 73
4 93
8
4
712 933
73
114 Apr 5
4
87
8 .
02
83
8 938
812 938
83
8 9,
8
312 87
8
512 73 111.200 Chicago & North Western_ 100
153 161 4 1518 16
8
1413 1012 12
11,100
100
2 Apr 5
Preferred
1514 1614 1414 1518 11
45
8 538 52,500 Chicago Rock Isl dr Paciflo_100
2 Apr 5
63
4 73
8
62 7
8
,
614
37
8 45
7
47
8 63
8
10
312 Apr 10
812 038
712
712 85
8 9.700
10
11
614
7% Preferred
9
11
818 912
3
100
27 April
8
818 87
8
78 8
5
63
6% preferred
712 512
65
8 8
4
53
4 63 13,800
4
100 1514 Feb 24
750 Colorado dr Southern
3014 3012 30
343
30
3012 2812 30
4 30
30
3212 30
912 10
938 978 25,600 Consol RR of Cuba pref10O
114 Feb 24
7
712
7
1014
912
914 1012
93,
100 37514 Feb 25
72
7512 72
76
753
4 715s 7514 7112 7312 32,900 Delaware & Hudson
73
767
8 74
3414 3514 323 3918 3213 343 88,700 Delaware Lack & WesternSO
1714 Feb 25
3414 363
8 34
8
363
8 333 36
4
4
12 9
6,800 Deny & Rio Or West pref 100
2 Feb 28
8
6
6
63
8 6'2
612 7
63
8 718
7
93 113
4
14
13
13
100
33 Apr 4
4
1418 1314 1418 1314 133
4
1212 1318 20,700 Erie
4 123 14
173 173
4
4 1718 185
1612 1738 6.600
First preferred
100
412 Apr 4
8 1712 1814 1718 18
1614 18
100
212 Apr 4
13
13
12 • 13
800
Second preferred
13
13
13
.10
127
8
13
13 .12
22
100
43 Apr 5
8
2312 2118 227
8
2314 2013 213 67,000 Great Northern pref
4
233, 21
8 213 2212 20
9
9
83
4 83
4
13 Mar 31
4
8
8
918
800 Gulf Mobile dr Northern.._100
83
4 83
4
914 914
9
18
18
100
*17
1,000
Preferred
18
212 Mar 31
1914 2012 1914 1914 •181.4 19
1914 1914
1534 1618 1512 153
4
4 1514 153
,
4 15 8 1512 1512 1578 153 173 16,700 Hudson & Manhattan__ 100 1112 Feb 27
31
3314 31
100
3112 2714 291 40,900 Illinois Central
812 Apr 5
323
8 3018 323
8 3014 3112 27
.15
18
210
18
16
17
RR Sec cite series A..1000
412 Apr 18
•
18
1912 .
16
1812 *1612 1812 18
73
8 77 13,400 Interboro Rapld Tran v t 0.100
8
714
714 73
8
4 18 Feb 27
4
718 73
714 73
4
718 712
1938 2078 195 2012 183 2012 19
8
1912 1814 20
1814 191 14,400 Kansas City Southern
100
612 Feb 27
4
2912 293 a287 30
4
8
273 28 .27
4
293
4 2,000
Preferred
100 z12 Mar 31
2934 3014 293 30
4
19
2114 1912 207
1938 26,600 LehWh Valley
18
8 19
838 Feb 24
2058 1912 2012 1714 2O's
50
5018 53
50
527g 51
8
5212 9,200 Louisville & Nashville__ __100 21 14 Jan 3
5278 5214 5258 517 531z 51
.20
2414 *20
80 Manhattan Ry 7% guar.,100 12 Mar 16
22
22
*2112 24
2112 2112
*21
22
*21
8 14
147
133 14
1414 147
1412 14
13
4
12.600 Manh Ry Co mod 5% guar.I00
6 Jan 3
1418 1312 14
*613 7
,2
1
118
3
3
1514 163
8
3014 3112
3 3 3,2
3
512 53
4
78
1
35
367
8
10
11
1514 157
8
140 14912
25
263
8
48
48
13
1412
17
8 2
13
4 13
4
146 147
.8012 82
24
255
8
.212 318
2712 2812
63
4 63
4
24
243
8
30 3018
29
30
25
25
54
547
8
.3012 3438
30
31
25
8 234
312 37
8
.10
14
*9
15
1 18
13
8
218 23
8
2558 27
2512
24
3312 35
.31
37
1218
11
3
3
12
12
11012 11412
70
70
318 314
414 412
11 18 1218
1614 17
458 47
8
812 812
6,2 6,
2
1 18
114
3
312
15
16
29 8 3112
,
33
8 33
8
6 2 53
,
4
3
4
1
345 3714
8
10
1014
143 153
4
4
14812 152
2412 2614
4412 47
1314 143
8
al5
8
13
4
2
218
145 14812
*8012 82
233 2512
4
318 318
2612 2814
612 612
24
26
30
3214
28
28
2312 2382
5118 54'2
3434
*30
*301 4 3112
23
4 3
312 314
.9
15
*9
15
118
114
2
2 18
24 s 263
,
4
2314 2512
3212 3412
.31
37
11
113
8
312 33
8
12
13
1093 1137
8
8
70
70
3'8 338
418 412
11
1214
173 18
8
43
8 41
8
8
83
8
8 per 35are $
7114June 5
793
4June 3
4812June 2
23 June 3
4June 6
293
3518June ft
9114Ju1,e 2
1814June 2
932June 8
5718June 8
38 June 3
82 June 9
318June 6
163
8June 1
70 June 2
z417
8June 8
23
4June 8
33
8June 7
512June 3
1314June 3
614June 8
95
8June s
103
8May 19
1614June 3
914May 5
1314Nlay 5
1138May 18
343
4June 5
10I2June 6
767
3June 6
367
8June 2
113
8June 9
1418June 5
183
8June 2
14 June 2
8June 1
237
912June 2
2012June 7
173
8June 9
3314June 3
193
4May 25
814May 24
21 May 31
3014June 6
2114June 3
54 May 31
243
4May 23
1612May 24
8
8
.6
8
200 Market St RY prior pref_lOO
17 Mar 3
8
8 June 9
*612 714 .612 77a
118
13
8June 7
115
114
1
18
3
13
8
114
114 12,600 Minneapolis & St Louis_.10018 Jan 23
312 1.600 Minn St Paul dr SS Marie_ 100
312 *314
12 Mar 20
314
312Slay 29
33
312
8 33, *314
1412 157
8 143 1514 133 153
4
8
8 1318 143 52,40 Mo-Kan-Texas I- R....No par
8
I
53 Jan 3 1612June 2
4
100 1112 Jan 3 32 June 6
30
31
29
3012 14,300
Preferred series A
4
303 32
3018 32
6
100
118 Apr 1
712June 8
414 614
712
338 412
612 718 37,200 Missouri Pacific
Cony preferred
100
13 Apr 1
8
914 1012 63,100
11 June 8
12
838 11
73
8 014
58 7
138
1
114 14,000 Nat Rya of Mexico 2d pref_ 100
1
114
118
13
8June 8
18 Jan 3
78
1
100 14 Feb 25 3714June 5
4
4 3314 3512 209,400 New York Central
345 3673 a3412 3612 323 363
8
100
218 Jan 25 123
8June 8
1014 101s 12311
11
1112 10.000 NY Chic & St Louis Co
93 1014 10
4
Preferred 8erlee A
100
183 22,400
4
25 April
8
1912June 8
1514 163
8 1512 1714 1714 1912 17
920 N Y & Ilarlern
50 100 Mar 31 155 June 6
150 152 .140 147 .140 147
148 155
100 11 18 Feb 27 2658June 3
2312 26
233 25
4
40,700 NY N li & Hartford
243 2618 2518 26
8
46
44
4512 45
Cony preferred
100 18 Apr 4 4812May 31
45
4512 3.600
4512 46
.100
1318 1412 1312 1373 1212 1312 1212 133 15,300 N Y Ontario & Western.
8
758 Jan 4 148
4June 1
2
2
178
178
13
4
2
134
1,300 NY Railways pret
No par
18 Mar 15
238May 29
2
212
214
212
218
212 3,900 Norfolk Southern
100
12 Apr 4
212June 7
2
2
2
144 14612 14414 145
3,100 Norfolk & Western
100 11112 star 2 152 May 27
145 146
145 150
Preferred
100 74 Slay 9 8311 Jan 5
*8012 82 .8012 82 .8012 82
.8012 82
8 227 243
8
4 2212 233 57,700 Northern Pacific
4
100
93 Apr 5 2538June 3
8
2318 245
8 2314 245
4
418
4
4
100
1 Jan 25
37
8 4
380 Pacific Coast
414May 19
318 318
277
8 263 283
283
8 27
4
3 2618 271.2 87,300 Pennsylvania
50 133 Jan 3 2812.1une 3
4
27
100
7 Feb 17
8
8 June 81
67
8 7
7 14 714
7,
4 8
73
4 73
4 3,800 Peoria & Eastern
100
37 Mar 3 2712June 7
3
2514 27
247 2712 24$2 2512 23
8
23
3,500 Pere Marquette
Prior preferred
100
8 Jan 3 32I4June 5
31
29
3114 3218 31
32 .25
293
4 1.500
2812 3018 2912 3014 .26
Preferred
100
412 Feb 28 3014June 7
28 .....- 28
1,000
2478 25
600 Pittsburgh & West Virginia 100
612 Apr 19 25 June 1
24714 247 .19
8
4
24 *---- 243
52
53
53
*5138 53
53
51
5118 2,600 Reading
50 2312 Apr 5 56 June 1
32
32
.32
181 preferred
343
4 33
33 .32
33
200
50 25 Apr 25 33 June 8
32
32
*30
2d preferred
3112 31
31
.30
31
700
60 2312 Mar 31 3212Nlay 31
3
27
8June 7
338
8 3'g
3
33
314
3
3 18 15,300 St Louis-San Francisco__ _100
78 Jan 30
4
43
8
334 414
378 414 9,400
43
8June 7
33
4 4'4
1st preferred
100
1 Apr 17
.135 15 .10
8
1458 •12
15 .12
15
St Louis South western____100
514 Star 15 13 May 31
.11
15
12
12
1214 1214 13
13
Preferred
100 12 June 7 13 June 9
80
118
138
114
13
8
114
112 84,100 Seaboard Alt Line
112
114
No par
112June 8
14 Jan 3
21
218 214
2
214 23
4June 8
4
23
100
3 Mar 25
8
, 23
4 8,500
Preferred
23
245 2618 25
8
26
24
26
233 2478 109,900 Southern Pactne Co
8
100 1118 Feb 25 273
8June 2
8
227 25
8
231 2413 223 247
4
8 213 233 90,800 Southern Rallwar
4
100
418 Mar 2 255
8June 2
4
3313 3214 3372 317 333
32
8
s 325 3238 15,600
8
Preferred
100
578 Jan 3 35 June 3
53213 36'2 *3112 3612 •3112 3612
*30
37
Texas & Pacific
100 15 Apr 24 33 May 31
103 11
8
93 10
4
103 113
4
4
1118 108 6,500 Third Avenue
100
418 Feb 25 1218June 3
4
412
312
312
43
4 43
4
418
4June S
412 2,800 Twin City Rapid Trans No par
1 12 Jan iO
43
1478 147
8 143 15
1214 1288
4
15
15
340
Preferred
100
57 Apr 111 15 June 8
8
4
10912 11234 10312 11012 105 1113 10612 1103 29,300 Union Pacific
8
100 6114 Apr .5 11412June 3
70
70
697 6978 70
8
70
70
70
1,400
Preferred
100 56 Apr 6 7112May 31
318 37
8
4
412
418
412
418
414 7,600 Wabash
100
112 Jan 4
412June 7
SIg
4
458
43
4 53
5
8
7,700
514 6
Preferred A
l00
118 Apr i
6 June 8
1118 117
8 1114 117
8 1014 1214 11
111 24,000 Western Maryland
100
4 Feb 27 123
0une 2
16
1612 17
18 .16
18
1612 1014
1,700
20 preferred
100
533 Jan 12 18 June 5
412
412
414 43
438 41
8
414 41
2,400 Western Pacific
1001
1 Apr 22
5 June 2
8
812
7
818
712 8
73
4 858
3,900
Preferred
100
17 Mar 2
8
9 June 1
3412 341
35
34 .30
36
35
333 337
s
34
.3018 35
8
500
4
4
.9112 10014 89212 100, .9112 10014 .9112 10014
*9112 100, *9112 95
912 10
93
8 03
912 44,300
9
4
97
8
87,4
918 97
07
8
9
56318 65
6412 64
65
6312 64
*6312 65
64
290
•6412 70
4
8 18
4 1814 1873 173 183
183 17,900
4
1718 1814
1812 1958 1818 193
9
83
4 878
J
85
8 9
01s 91
8,4 93,
918 9 4 6,600
,
614
7
63
8 9
6 14 63
4
6
7'2
15,200
53
4 6
67
8 7
05
8 03
4
618 93
4
9'l
914 93
4
8
0
83
4
912
872 105 26,700
8014 83 4 8013 83
3
8 7914 Si's 7814 80's 78 2 803 12,300
803 827
4
,
4
1,600
314 314
34 3'8
314 312
3
3'
3 3 314 *3
,
314
8 20
207
8 1914 201
211
18
213 247
8 2212 233 269,800
4
1812 20
4
33
8 312
312 312
41
5
5
412 5
3.200
312 35s
4
434
418 43 138,800
4
4 12
418 43
4
43
8
412 5
4
4
4 12
77
8
gi
9t2 113
712 818
8 10
11
14,100
73
4
7
72 8
,
918 1038 3,900
11
7
8
8
8 14
8
83
8 10
714 71 i
67
8 712
71 2.
77
3 8
7
97 1078 4,700
8
8
87
3
9's 1038
• 1180 and asked prices, no sales on this day. a Optional sale. a Sold 15 days.
Industrial & Miscellaneous
Abraham & Straus
No par 1318 Feb 23
Preferred
1001 80 Mar 3
Adams Express
No purl
3 Feb 28
Preferred
1001 39 Apr 11
Adams Mills
No purl
8 Apr 7
Address Multigr Corp No par
518 Apr 15
Advance Rumely
No par
13 Feb 21
4
Affiliated Products Inci_No par1
712Sly 26
Air Reduction Inc
No par 47' Feb 25
2
Air Way Elea Appliance No purl
12 Feb 28
Alaska Juneau Gold Min__ 10 11, Jan 14
8
A P W Paper Co
1 Jae 5
No purl
Allechany Corp
No purl
7 Apr 4
8
Pref A with $30 warr_ ._iool
I Apr 5
Pre( A with $40 warr___100
118 Apr 17
Pref A without warr_ ...1001
1 14 Mar 30
x Ex-dividend.
y Ex-rights.
35 June 7
90 May 26
10 May 31
65 May 18
193
4June 6
1018 Jan 3
0 June 9
113
4May 1
833
4June 3
4 May 23
247
8June 8
5 June 8
5 June 8
113
8June 8
11 June 8
107
8June 0
PER SHARE
Range tor Previous
Year 1932.
Lowest.
Highest.
,
per s %are $ per s5a e
Jan
177 June 94
8
Jan
35 July 86
934 May 44 Sept
33 June 213 Jan
4
8
8 June 4112 Jan
4
912 June 353 Aug
50 June 91 Sept
193 Sept
4
4 July
27 July
8
1014 Mar
2314 June 68 Mar
1118 June 50, Mar
4
3112 June 7838 Mar
218 Aug
12 Apr
7i4 May 2038 Mar
Feb
39 July 70
93 July 3112 Jan
4
12 July
33 Aug
4
6 Aug
12 May
53 Aug
8
114 June
1512 Jan
212May
412 Aug
84 June
11j May
8 Aug
1412 Aug
2 May
Jan
4 Dec 31
112May
1653 Jan
314 Dec 2712 Jan
2412 Jan
2 May
412June 2912 Sept
1 Dec 1112 Jan
32 July 9212 Sept
812 June 4578 Sept
9 Jan
112 May
4
2 May 113 Sept
258 May
157 Aug
8
2 May
1012 Aug
Jan
512May 25
10 Sept
2 May
212 Dec 1512 Sept
8 May 303 Jan
4
43 June 247 Sept
4
8
4 May 1412 Jan
214 June 143 Mar
2
214 June 1514 Sept
5 June 2514 Sept
5 June 2914 Sept
712 May 3414 Sept
9 Sept 463 Mat
2
4 June 2034 Mar
218 Dec
9
Jan
18 Jan
3, Aug
12 Dec
43 Sept
s
114 May 13 Sept
314 June 24 Sept
11
Jan
1'2 Slay
2I May 28
Jan
7 Sept
8
18 Feb
81 June 365 Jan
14
8
112 May
93 Sept
4
2 June
1553 Jan
8214 May 12712 Ault
8
8 May 315 Jan
783 Jan
4
117 July
8
35 July
8
153 Sent
4
18 Dec
1
Feb
14 Dec
33 Sept
4
57 June 135 Sept
65 July 81 12 Dec
253 Sept
8
512May
312 Sept
1 Mar
818 June 233 Jan
s
78 May
514 Sept
18 Aug
184 June
312 June 28 Aug
212 June 24 Aug
8 Dec 2112 Aug
912 June 6214 Sept
Jan
15 July 33
38 Sept
15 Slay
38May
65 Jan
8
1 May
934 Jan
1378 Sept
3 May
83 Dee 2012 Jan
8
18 Jan
1 Sept
I8 Jar,
13 Sept
8
8
812 June 373 Jan
213 Slay
1812 Sept
3 July 2384 Sept
35 Sept
13 Nov
37 Slay
8
14 Star
I 18 Dec
412 June
2412 Jan
7 Jun
9411 Feb
273 July
8
713 Aug
s
40 Stir
414 Aug
is June
1 June
It
an
113 Ben,
112 May
8
1114 Sept
2 May
12 June
43 Aug
4
34 Slay
87 Aug
8
10 June
88 July
152 May
22 June
12 June
812 Dec
1, June
4
414 May
3078 July
12 June
734 June
78 Dec
3 May
8
34 May
18 June
',June
245 Aug
8
98 Mar
912 sent
73 Sept
303 Mar
8
14 Sept
47 Aug
8
1612 Mar
8312 Sept
312 sent
8
183 Jan
4 NW
35 Sept
8
814 Sept
is Rep.
8 Sept
New York Stock Record-Continued-Page 2
4050
848-
June 10 1933
FGRT1SALESUDURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SECOND PAGE PRECEDING.
HIGH ANDYLOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
June 3.
Monday
June 5.
Tuesday
June 6.
Wednesday
June 7.
Thursday
June 8.
Friday
June 9.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Rifled Jaw 1.
On basis of 100-580,8 lots.
Lowest.
Highest.
gper share $ per share
per share $ Da share $ per share $ per share Shares. lads's. & Miscall. (Con.) Par $ per share $ per share
17 4 1818 17
3
14 184 177 1812 18
1812 18
1812
920 Allegheny Steel Co_ .__No par
5 Mar 30 1812June 1
183
2 18
10912 11312 11312 119 4 11512 119 4 113 4 1183 11314 1195* 11578 1208 102,800 Allied Chemical & Dye_No par 70 4 Feb 27 1207
3
8June 9
3
3
2
5
118 118
118 11912 120 120
119 119
119 119
8
119 120
1,200
Preferred
100 115 Apr 21 1217 Feb 1
1612 17 4 1612 1838 1712 19
3
1812 19
1712 187
s 1714 2012 60,500 Allis-Chalmers Mfg___.No par
8 Feb 27 2012June 9
1518 148 1512 1514 153
1514 1514 15
2 1514 1512 1512 153
4 3,300 Alplus Portland Cement No par
554 Jan 10 1612May 24
37
4
3 4 38
3
34 48
3
3
612 7
7 June 9
6
63
4
13,900 Amalgam Leather Co.
58 Feb 21
48 6
.Ni par
*2412 26
*2412 25
25
2712 2812 28% 30 30
3012 32
1,100
7% preferred
5 Feb 23 32 June 9
100
37
3812 3612 3718 363 37% 3614 3814 37
4
385 17,700 Amerada Corp
8
385
* 37
No par 1812 Mar 2 3985May 31
24 mar 1 2058May 31
1914 20
183 19
19
1834 1914 6,100 Amer Agile Chem (Del)No Par
2012 19% 2014 1914 20
2212 23
3
213 235
8
2212 2338 2212 23
223 23 4 22
23
10,400 American Bank Note
8 Mar 2 233
4June 8
4
10
3
4912 49 4 47 47
3
49
8June 2
49
483 48 8 47
3
47
*45
4812
270
Preferred..
50 34 Apr 7 497
514
512
512 614
6
618 612 23,500 American Beet Sugar-No par
67
8June
68
653 67
1 Jan 30
614 63
4
37
3712 3718 38
36
36
420
8May 16
3
37
38
23 Jan 6 423
4
4 35 4 38
7% preferred
100
3 41 343
43
27
2928 2914 304 30 303
2814 28
4 3012 32
30
313
4 8,800 Am Brake Shoe & Fdy_No per
918 Mar 3 32 June 8
*85 , 90
90
92
95 95
95
95
90
9014 •90
120
Preferred
100 60 Mar 28 95 June 6
9318 91
8912 9412 8914 94
9153 9418 91
;
25 4912 Feb 25 9412June 3
933
4 903 9i33 105,900 American Can
4
132 132 •132 135
130 132 *131 135
133 133 *130 134
400
Preferred
10J 112 Feb 27 133 June 8
615 Jan 23 2514May 27
23
25
2214 2312 221 23
2214 24
22
15,200 American Car it Fdy___No par
2312 2112 23
8may 31
42
4212 41
414 41
4112 411 42
41
4
8 2.500
4112 403 413
Preferred
100 15 Feb28 425
53
612May 31
158 Mar 31
5
5
*514 512
514 514
5
5
5
5 3
8 53
8 1,100 American Chafe
No par
34Mar 1 1514June 7
•15
17
15
15
15
15
15
15 14 •15
18
*103 1612
4
7% preferred
500
100
4612 47
4612 4814 47% 4814 47
4612 4712 4612 48
4812 5,800 American Chicle
No par 34 mar 2 4812June 9
618June 7
5
514
43
4 5
5
57
8
538 618
6
6
10
2 Feb 24
5% 5% 2,900 Amor Colortype Co
7
3
3114 327
8 3314 34
33
34 4 33
3
3414 323 34
4
313 3312 54,000 Am Comml Alcohol Con'. 20 13 Feb 27 35 4May 27
4
1 Jan 5 5 3
4June 1
5
5
44 5
3
43
412 47
4 5
43
4 53
6
5% 5% 6,600 Amer Encaustic Ttling_No Par
8June 6
1014 1014 *1038 107
8 1114 111g 1114 113 *1014 1128 *1014 11
1,100 Amer European Sees. No par
3 ti Apr 1 115
7
4June 8
137 15
8
3 8 Feb 27 183
7
1312 14 4 1412 1638 1614 1883 17
3
183
4 1614 1812 341,100 Amer & For'n Power_ __No par
27
714 Apr 4 3614June 8
283
4 267 27 4 2753 29 4 2978 34
3
343 3614 33
Preferred
No par
2
3
2
343 12,900
4
43 Apr 4 24 June 8
8
2112 2234 23 8 223 24
2d preferred
1812 1912 1812 1918 19
7
4
2112 23% 18,400
No par
22
2338 22
2414 24
64 Apr 4 3012June 8
257
8 28
30
283 3012 27
29
$6 preferred- 4
8,100
No par
418 Jan 5 1212June 7
12
1114 1114 1114 12
113 12
4
1212 1112 12
8
117 1172 3,300 Amer Hawaiian El El Co.......10
1412 15
1414 143
4 143 16
8
1412 153* 1412 1512 14% 15
14,300 Amer Hide & Leather_No par
252 Mar 2 16 June 6
42
4212 4112 4214 42 8 49
3
Preferred
45 4 48
3
465 48
*
453 48
4
7,100
100 1312 Feb 14 49 June 6
4012 41
40 4 40% 40 8 407
3
3
4 4014 40 8 3912 403
1
4 3914 40% 10,400 Amer Home Products-No Par 2912Mar 1 4212May 31
334 Feb 24 1314May 27
12
1212 11
113
4 108 1112 11
12% 26,500 American Ice
113
4 1112 1238 11
No par
*45
4712 4712 *45% 51
51
6% non-cum pref
53
*45
52
45
46
51
500
100 25 Feb 15 56 May 29
414 Feb 27 1314June 8
11
1253 107 113
8
8 1214 1314 117 12% 104,100 Amer Internat Corp.
8
4 1118 114 1112 127
-No Par
13
114 1% 11,500 Am L France & Foamite No par
8June 3
14 13
8
14 114
114 13
8
114 14
114
13
8
14 Apr 21
7 June 3
114 Jan 3
50
Preferred
6
7
*6
100
10
*6
912 *6
*6
73
4
7 4 *618 7
3
54 Jan 3 2112June 6
1912 2118 19 4 21
3
19 4 2112 2014 20 4 2014 213* 20
3
3
20% 11,200 American Locomotive_.No par
49
Preferred
4
5212 53
*46
2,000
49
50
47
51
100 173 Jan 3 53 June 3
5114 49
50'2 48
5
88g Feb 27 19 8June 2
183
188 1912 18
1812 18
1914 18
4 1818 187
2 184 1912 18,500 Amer Mach & Fdry Co.No par
6 June 2
8
514 512
5t4
514
518 518
5
5
53
8 52
1 Jan 27
44 5
1,800 Amer Mach dr Metals-No par
4 18 4 197 59,800 Amer Metal Co Ltd_ __No par
34 Feb 24 22 May 29
1834 2053 1812 20 4 183 2014 19
2134 1914 208
3
8
3
4
8Juise 7
512 Jan 4 657
8% cony preferred
780
100
*65
60
62 4 60
3
61
60 65
65 65 7 *65
8
75
2134 23
660 Amer News Co Inc__ _No par 17 Jan 20 30 Feb 6
22
23
2212 24
2218 227
224 2212
2 2212 23
4 Feb 27 143
4June 8
1418 34,600 Amer Power & Light._No par
1112 1212 1114 1214 12
13
141
1234 1434 13
13
66 preferred........_No par
9 3 Apr 5 37 June 8
7
29
30
36
7,500
29 4 3012 3018 3314 35
3
3412 36
358 37
$5 preferred
No par
25
9 Apr 1 3214June 7
32
3012 3112 8,400
25 4 233 26
3
4
2912 3018 30 8 3214 31
7
3
432 Feb 27 15 8June 8
123 1312 1253 1314 1234 1312 13
4
14
1312 153
* 1458 1514 291,000 Am Rad & Stand Ban'y No par
25
5 4 Mn? 2 2012June 6
3
4
183 197
4
8 185 1912 183 2012 19% 198 1918 205* 18% 19% 75,200 American Rolling Mill
8
32
327
34
34
3314 3353 333* 333 X33'8 333
4 2,700 American Safety Razor No par 2018 Apr 6 34 June 5
3312 34
4
78 Mar 20
512May 31
4
414
4
4
1,500 American Seating vs o_No par
414 414
412 412
*4
412
38 4
Ig Apr 8
4June 6
13
1% 1% 33,500 Amer Ship & Comm.
._No par
7
2 1
7
8 153
112 13
4
13
2 153
13
2 112
2012 21
2012 21
220 Amer Shipbuilding Co.No par 112222.2 3 21 June 8
20 20
20
20
20
1814 20
*1812
3412 372 35
3614 102,2(0 Amer Smelting A Etedst_No par 1034 Feb 25 3712June 8
37
35% 3314 3514 34
3312 35 4 33
3
79% 81
2,200
Preferred
100 31 Jan 10 81 June 9
3
793 80
4
7912 77
7712 *7714 79 4 7612 79
78
2d preferred 6% cum-.100 2012 Jan 2 6112June 2
59
60
1,100
62
59
5914 a59
5912 60 60
5912 5912 *59
4May 29
47
47
4,200 American Snuff
25 3212 Jan 10 473
45
47
45
4512 443 4514 4512 4512 4512 47
60
106 106
Preferred
100 10218 Jan 9 106 Feb 23
106 106 *105 ____ •106 ____ *106
*106
458 Feb28 2112June 8
8 185* 19 4 19
3
207
8 1914 2112 19
207 51,800 Amer fiteelFoundrles._No par
1714 1878 1712 188
8
68
100
Preferred
8
68
68
68 68
68
100 375 Mar 28 70 May 5
74
*68
74
*68
70
*68
sJune 8
3,900 American Stores
No par 30 Feb 27 473
46
4612 443 46
4
46 14 4612 46
464 4613 473
8 4612 47
6714 30,700 Amer Sugar Refining
100 214 Jan 19 70 June 7
62
654 67 4 6612 70
6618 69 4 66
6312 36212 69
3
,
100 go Jan 19 106 June 8
106 106
1,200
Preferred
105 105
105 10512 1053 106
4
*1043 105 x104 105
4June 2
6 Jan 13 163
8,800 Am Sumatra Tobacco. No par
1514 163* 1614 1612 1512 163
4 151 1614 1512 158 1514 16
4
8
10t 864 Apr 18 12314June 7
8
1187 1223 11814 1223 1195 12214 120% 12314 1203 1223 120 1224 109,800 Amer Telep & Teieg
8
*
8Jtme 9
4 87
893 11,700 American Tobacco
8
25 49 Feb 23 893
85
85
84% 84 4 84
3
85 4 847 8512 84
3
8
868
Common class B.
25 5014 Feb 25 9312June 9
3
85
8 89
8718 8912 8712 89 2 8812 903
4 9014 9312 72,100
86
88
4Mar 1 117 Jan 14
1.500
Preferred
100 1023
11212 11212 311212 113
11214 11214 11212 11212 11212 11412 112 112
173
8 2,000 Am Type Founders... NO par
43 Apr 10 1914May 13
8
167 18
8
16
173 173 *16
4
4
*14
1612 *12
158 17
970
Preferred
3312
100 10 Apr 6 3312June 9
4
8 3113 3314 31
284 283 287
8
8 293 317
8 28
2 3 287
84
4JUne 9
7
8
3012 35
4
313 347
4
2918 3012 28% 3014 2912 315
8 325 353 74.8,00 Am Water Wks & Mee-No par 10 8 Apr 7 353
Common vot In otts-No par
218 Apr 4 3118June 7
8
53,200
2614 2753 2514 274 2718 2812 2812 31% 2818 3012 285 31
let preferred
No par 35 Mar 24 78 June 7
*7612 7712 1.200
75
78
78
78
75
75
75
7212 7212 75
34Mar 2 123
8May 15
1118 113 22.700 American Woolen
No par
4
4 113* 117
8 1112 113
114 1218 1114 118 113* 117
7
Preferred
47
4418 45% 18.100
100 22 8 Feb 18 47 8June 2
5
3 47
5
8 4618 4714 45
45
4414 464 4512 473
218June 8
88 Feb 8
13
4 2
2
21s 2,800 Am Writing Paper oths-No par
2
17
8 2
218
*114 2
*13
4 2
Ig Feb 17
7 June 8
Preferred certificates No par
950
618 7
6
6% 6 4
,
6
4
514 53
514 514
3
3
• 54 54
7
9 8June 7
2 Feb28
14
8% 9
21,100 Amer Zino Lead & Smelt,....1
87
2 95*
85* 97
812 98
814 9
814 8 8
7
1,100
Preferred
52
26 20 Feb 21 5212June 8
5112 521 5212 *50
*47
52
5114 5114 5118 5114 51
5
16% 1712 252,600 Anaconda Copper Mining-50
6 Feb28 18 8June 2
165* 1814 1714 18
163 1814 167 17 4 16% 177
4
3
4% Jan 6 1512June 8
1512 1512 1512 1,000 Anaconda Wire & DableNo par
1312 13
1314 1314 13
13
*13
13'x 13
4May 27
11,400 Anchor Cap
No par
8 Jan 20 243
22
23
2278 2152 22 4 2118 22
3
215* 2212 2153 23 2 21
3
120
88
$6.50 cony preferred_No par 6212 Jan 11 8312June 3
*82
88
*84
88
*82
88
8312 8312 8312 8312 *82
300 Andes Copper Mining_ No par
2 8 Feb 7 1412June 3
5
14
8
8
1212 .8
*8
1212 *8
143 1422
8
8
14
9 4 Mar 3 27 June 3
3
2612 2614 2612 2512 264 5,000 Archer Daniels MIdid-No par
2538 27
2512 26 4 2614 263
4 25
3
50
7% preferred
100 95 Feb 23i 101 June 3
__-- *10014 ---- *10014 ---101 101 *100 10012 101 101 *101
4
4 3,400 Armour & Co (Del) pref_100 41 Jan 3 82 June 6
8014 8112 81
8112 2783 793
82
80
8112 78
80
80
5
7 4June 6
14 Feb28
73
63
4 714 69,500 Armour of Illinois class A-25
67
2 72
,
74
3
714
734
Vs
Ws 714
63
4
412June 6
25
Class B.
11 Feb 20
4
44 412
37
414 412
412
3% 414 09,600
4
3 4 4%
3
4
100
7 Feb 27 6512June 9
6512 70,700
Preferred
6314 6212 647
3 62
62 4 60
3
58
59 4 5212 62
3
54
5 8June 6
3
118 Jan 19
412 4% 7,100 Arnold Cannabis Corp-No par
438 5
414 5
414 438
44 5
52
3
5
63
4June 9
No par
2 Mar 27
63
4 63
4
360 Artioom Corp
53
53
6%
6
614 614
52
3
53*
54 52
Apr 17
514June 6
418 412 10,900 Associated Apparel Ind No par
52 5
14
5
43
4
4
353 3 8
4% 51
34 4
3
7
34 Feb 20 1412June 2
1
131 1414 1312 144 1338 143
13 4 1418 135* 144 13% 1378 12,800 Associated Dr) Goods..
3
6 4Mar 24 20 May 31
3
25
50
10 Associated 011
18 •18
18
50
*18
*18
____ *18
50
50
*18
4I2Mar 22 19 June 6
20
200 AU 0& W 165 Lines_No par
*15
20 •15
20
*15
19
*15
25
18
18
19
44 April 20 June 2
100
22
Preferred
20 •15
25
*15
*15
20
*16
25
*18
25
*15
25 123 Feb28 2712June 9
8
2614 2712 103,000 Atlantic Refining
2458 2638 2414 253* 247 25 4 2514 2612 2612 27
8
3
No par
9 Feb 14 3212June 8
3218 17,000 Atlas Powder
30 2 3012 32 2 31
3
,
23 4 2412 2414 263
3
* 27
4 2612 285
76% 1,200
100 60 Apr 6 7638June 9
Preferred
73
70
73
7514 76
72
70
70% 70
69
70
818May 31
No par
Ili Feb 27
6% 7% 8,700 Atlas Tack Corp
7% 753
712 8
4 7
4 7
63
7
*63
7
.No par 314 Feb28 7214Jw3e 6
4 65
693
69% 65% 68% 102,900 Auburn Automobile..
65
6712 7214 68
6814 67
70
4 June 8
No par
7 Feb 2
8
*3% 33
4 2,700 Austin Nichols
334 4
54
3
3 4 38
3
3% 314
3% 3
3% 3 4
512 Feb 27 13 8June 8
3
.5
1218 1314 1214 133* 11% 1212 239,100 Aviation Corp of Del (The).
1218 127
8 117 13
117 127
312 Apr 12 1212June 8
4
4
8
121z 103 113 283,400 Baldwin Loco Works-No Par
3
Fa 10 4 103 1ii2 10
3
9 4 1012
3
2 4 10 4
3
4112 3714 39
100
912 Apr 4 4112June 7
6,400
Preferred
4112 38
8
8 39%
35
377 397
36 4 35
3
37
20 Bamberger (L)& Co pref._ 100 6814 Feb 28 8618June 3
*88 111
•85 111
*85 111
*85 111
8613 *85 111
86
314June 8
No par
3 Jan 4
8
3% 318 1,190 Barker Brothers
34
214 34
27
3
*112 3'2
274 3
3
914June 2
73,400 Barnsdal Corp
3 Mar 2
8% 9
5
8% 9
83
8 9
8% 83
4
818 83
812 9
3714May 29
Bay uk Cigars Inc
No par
34 Jan
3512 6,600
35 4 35
3
36 4 33
,
3512 3512 3412 3512 35
374 34
let preferred
99
100 27 Jan lb 80 May 31
78
8312 *78
*78
83 2 78
,
80
*79
80
*79
8312 80
7 Mar 2 2218June 3
50
2
3
4 203 21% 9,400 Beatrice Creamer/.
213* 2214 21
2114 20 8 2078 2014 203
217
21
Preferred
100 45 Feb 24 85 May 25
7
8
90 8 •79 8 9018
,
*797 9012 *797 83 *79
*79
9018 *79
85
1 100 Beech-Nut Packing Co
20 45 Jan 5 64 May 12
64
63
63
63
63
63
613 613 *6114 6112 62
4
4
63
81:June 9
312 Feb 20
7% 812 28,700 Belding Hemlnway Co-No par
7
7 14
67
8 7
6% 7
67
7%
0 4 714
3
8June 7
6214 Apr 7 757
400 Belgian Net Rye part pref.
80
4
4
8
75
75
*75
76
753* 753* 7553 757 *773 793 •77
6% Feb 27 174June 8
5
1612 1718 87,000 Bend!: Aviation
1718 177
1712
8
1618 1714 16
167
8 163 17 8 17
3
4
No par
9 Mar 2 25 June 8
2378 25
23 4 2412 11,200 Best & Co
3
23
24
2212 23
2214 2312 2212 24
.No Par 1012 Mar 2 31 June 8
2914 30% 121,100 Bethlehem Steel Corp.
28
29 4 273 29% 29% 308 2914 2974 2914 31
3
100 2514 Feb28 7112June 6
7% Preferred
6912 7114 6912 7014 7,000
6812 7112 6914 71
683 69 4 68% 69
4
3
No par
34 Feb28 16 June 8
143 16
4
29,100 Fllaw-Knox Co
1312 133
3
127 14
1312 1414 13 4 1412 1414 16
120 Bloomingdale Brothers-No par
6% Feb28 1612May 27
*1512 1612 *1512 17
20
16
1612 1612 *16
1618 *1512 17
Preferred
100 53 Jan 25 65 Mail 16
*65
90
*65
90
90
*65
*65
90
*6212 ____ *6212 90
9% Mar 2 46 June 9
32.000 Bohn Aluminum & Br_No par
4012 46
41
3614 37
3514 387
8 371 3814 3712 3812 38
52 Feb 23 70 June 3
200
*64
70
*69
70
69
70
69
*64
69
*64
70
70
Booth Fisheries
No par
100
let preferred
215 18 Feb 27 35 264
;
Borden Co (The)
3 .
-3313 34 333 337 -i5T4 3438 33% 3514 42,500 Borg warner Corp.
-55T4 34-3 33's
;
10
54 Feb28 167
8May 31
4
2 153 16% 39,000
3
15 4 1514 1614 16 4 18 2 1618 167
3
,
1514 16 4 15
,
234June 7
5 Apr 17
8
1,500 Botany Cons Mills class A _ _60
214 212
2% 2 4
,
2% 2 4
2% 23
4
212 212
2% 212
3
4June 9
2 2 Feb 21 133
5
4
4
8
4 1114 1232 12
13 4 123 1312 123 133 155.600 BrIffirs Manufacturing_No par
,
1114 1214 1118 113
•Bid and asked prices, no bales on this day. a Optional sale.
r
right.
r Cash sale.
PER EHA RE
Range for Previous
Year 1932.
Lowest.
Highest.
$ per share per share
5 May 15 Sept
4212 June 884 Seat
9612 Apr 120 Dec
4 June 1538 Sept
412 July 10 Jan
218 Sept
14 Apr
4 Dec 10 Mar
12 Jan 22 4 Sept
3
312 June 1512 Sept
5 May 2212 Sept
28 June 47 Feb
27 Aug
4
54 Apr
1
Apr
9% Aug
612 June 177 Sept
8
40 July 90 Feb
295 June 73 8 Mar
8
7
9312June 129 Mar
34 June 17 Sept
15 Dec 50 Aug
17 Apr
8
714 Sept
7 June 26
Jan
18 June 38 Nov
2 July
814 Sept
11 May 27 Sept
3 Dec
4
5 Jan
24 Apr 155 Sept
4
2 May 15 Sept
5 May 3813 Jan
2 4 May 2114 Aug
3
4
33 June 33 Jan
3 May
612 Aug
1 May
67 Sept
8
4 8 May 27 Sept
7
25 June 514 Mar
3 8 Dec 215 Mar
3
8
35 Dec 68 Mar
21* June 12 Sept
5 Aug
4
14 Jan
1 July
4% Aug
3 2 July 1514 Aug
5
174 Dec 49 Sept
712June 2214 Jan
1 June
5
3 4 Mar
112.1une
%
9 Aug
613 June 32 Aug
14 July 33 Jan
3 June 1714 Sept
1514 June 58 Jan
10 July 49 4 Jan
1
318 June 1214 Sept
3 May 1818 Sept
133 Jane 529% Mar
8
%June
3% Sent
7 Sept
8
% Apr
10 June 2518 Jan
51 May 2714 Sept
8
22 June 85 Jan
15 July 55 Feb
213 June 3612 Aug
4
90 Jan 106 Belot
3 May 1518 Sept
34 July 80 Feb
20 May 365 Mar
4
13 June 394 Jan
45 May 90 Aug
254 Apr 1014 Aug
69% July 137% Feb
404 June 8614 Mar
44 June 89 4 Mar
3
9514 June 11818 Oct
4 June 25
Jan
1012 July 70 Jan
11 May 344 Mar
11 May 31 Mar
26 June 75 Jan
15 May 10 Sept
8
15% Jan 397 Sept
8
14 May
214 Aug
2 July
8 Aug
6 8 Sept
1
14 May
10 June 35 Aug
3 June 19% Sept
3 Apr 15 Sept
5I May 1718 Mar
40 May 75 Sept
9 Sept
15 May
8
7 Apr 1512 Sept
85 AP 10014 Oct
24 May 61 Aug
%June
2 4 Sept
5
2 Sept
3 June
s
312 May 157 Aug
8
1 May
3 8 Aug
5
5% Sept
15 Dec
8
58 June
3 Aug
3 May 11 Sept
612 July 164 Aug
43 Dec 1214 Aug
8
5 4 Dec 1512 Jan
3
8 8 Feb 217 Sept
5
8
7 Dec 254 Feb
45% June 7912 Jan
1 July
37 Aug
8
2884 May 15134 Jan
178 Sept
4 Feb
87 Dec
2
Ili June
2 May 12 Aug
8 May 374 Aug
62 July 99 Feb
312 Aug
If Apr
33 June
8
7 Sept
2 Dec 13 Feb
30 Dec 59 Jan
104 Nov 434 Jan
62 Dec 95 Jan
2914 May 453 13cc
4
2 8 Jan
5
83 Sept
4
57% June 6252 Dec
418 May 183 Jan
4
5 4 June 247 Feb
3
8
8
714 June 295 Sept
Jan
1614 July 74
3 8 June 10 Aug
5
Feb
64 June 14
Jan
49 Dee 61
47 June 2214 Jan
8
31 June 55 Nov
1 Aug
la May
114 Jan
14 Nov
20 July 4318 Mar
3 8 May 1414 Sepr
3
114 Sept
14 AD?
2 4 June 111 Mat
7
4
New York Stock Record-Continued-Page 3
4051
147 FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE THIRD PAGE PRECEDING
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
June 3.
Monday
June 5.
Tuesday
June 6.
S per share S per share $ per share
15
15
1518 154
15
/
1
15
85
7914 80
3
7812 80 4 81
4912 4914 49; 4912 50
*49
/
1
4
7
1014 1012 10
1012
9 8 1018
718 814
8
7 8 814
3
814
1138 12% 1012 113
4 1114 1214
*5512 56
*54
*54
58
60
314 3
/
1
4
33
8 312
338 358
20 20
17
19
1914 18
4 4 518
3
44 5
3
43
4 5
412 412
412 412
414 414
918 978
8; 914
9
9;
1712 1818 1714 1754 1714 18
418 44
414 512
5 8 04
5
1112
*8
20
*712 167
8 *8
19
165 18
21
8
157 16
8
3
2; 27
8
212 2 4
2 4 27
3
8
33
4 3
/
1
4
3i2 3;
314 312
414
414 43*
4
414 414
2418 257
8 23; 2638 26
27 4
3
61
61
64
6212 623
61
4
223 2412 22; 2412 23; 24;
4
178 214
2
214
17
8 2
814 8
/
1
4
8
83
4
81 8;
/
4
814 912
912
912 93*
9
2014 217
8 2018 21
2014 21
2834 2912 28
297
8 2912 297
8
*8 4 9
3
8
/ 87
1
4
g
8 8 914
7
*25
34
*25
34
*25
34
8
7214 76; 725 78
74; 76
/
1
4
7712 *72
73
4 74
733 733
4
19; 2014 19; 2012
1918 21
29; 313
4 3012 33; 3058 32
4
4
4
4
4
418
2
218
2
2
2
2 /
1
4
*612 67
8
612 812
6
7
28
2914 2814 29 4 287 2912
8
3
4; 412
412
412
45* 458
85
71
*71
71
*7018 85
2214 24
224 24
/
1
23
24;
4
/ 4
1
4
/
1
4
44 4
3
/
1
4
412 434
*12
•15 4 25
3
25
*13
25
1812 18
18
1912 19 4 2014
3
62
6114 63
62
65
66
*1512 1714 1612 1612 1714 1714
323 347
4
8 3212 34 8 34
3
/ 37;
1
4
7; 94
81
/
1
812 9 8
5
183 18; 1812 2214 223 2414
4
4
1712 1912 1618 1718 1518 17
1914 1912 20
1914
1978 2014
8
8/
1
4
814 87
s
712 818
2214 2412 22; 2312 2314 243
8
I; 112
1; 13
4
134
17
8
104 114 1158 1134 11; 11;
/
1
/
1
*2712 28
*27
28
28
28
*100____ *100 119
*97 103
88; 8912 88
88'I 8814 9114
*4634 4717 4714 4714 4512 47
20
213
8 19; 2014 1978 21;
*81
87
*81
8118 811 82
/
4
1214 1312 1214 13; 13
13;
*66
*66
75
75
*66
75
*618 103* *6% 10
8
8
12; 133
4 1212 1514 14
15;
57
/ 59; 56; 611 5812 6112
1
4
/
4
1618 18
163* 17
1712 1812
1938 20 g 1912 2
3
012 20% 2112
7712 7712 77
77
77
77
13
143
8 123 13; 124 1312
4
/
1
31
*2912 31
31
30 30
*2214 23
*2112 231
24
24
7912 80
*81
841 *81
841
334 3412 5321 33; 33
/
1
/
4
331
9312 931 *92
921 *92
921
1812 193
8 17; 184 1818 18
/
1
/
1
4
314 312
3; 4
a4
44
3
46
4634 47
5012 50
5812
*714 8
714 74
712 9
14
145 15
1412 14
8
1434
13
13
14
167
8 16
17
133 133
4
4 1412 1814 18
19
48
48
50
51
5712 5712
44 4
/
1
/
1
4
43
8 4
/
1
4
4; 43
4
12
13
12
123
4 115 12;
8
5512 5812 553 5712 563 587
4
4
8
897 897
8
3 89 4 897
3
8 90 9012
47
8 4
/
1
4
412 5
418 4
/
1
4
10 4 12
3
10 4 1158 1114 118
3
*99 102
9914 9914 *99 108
114
13
8
1; 112
1; 214
612 714
7
714
714 73*
318 314
3
/ 314
1
4
3
314
1512 1614 15
165
4 1618 17
2
/ 214
1
4
218 2;
24 23
8
5714 5714 5512 57
573 573
g
6
5614 5914 551 567
8 563 593
8
8
4
1018 103
9; 10
10
10;
2534 2614
2612 263
26
4 25
2
/ 3
1
4
27
8 3
27
8 314
127 145*
8
123 14
4
1318 14
/
4
7212 743
7218 73;
4 711 73
135 135
•134 135
135 135
678 718
Vs 7
63* 7
33
34
3314 34
323 3412
4
9
/ 10
1
4
9; 10
10
1114
49; 534 503 55;
4812 50
4
367 3714 3714 3712
8
*363 . 37
4
412 518
412 45*
412 47
2314 241 24
2214 24
/
4
25
/
1
4
5112 54
50
51
51
5214
23
4 3
234 3
314 3 4
3
/
1
4
9
10 4
/ 1012
1
4
5
912 10
9
65 6514 65
68
65
67
5612 59
7
54
573
4 53 8 57
1714 1612 17
15
1734
16
4712 47
471 *47
46
47
/
1
4
234 3
21
s 3
27
8 33*
512 27
3
5 8 85*
3
53* 5 8
16
163 •15
1512 16
16
.612 61g
612 61
63
4 63
_ _ _ _ ___
__ ____ ____ ____
*214 21
212 21
•314 - 1334 14; 1414 14 s
-3
1312 14
80
81
82
81
81
80
2212 2213 23 23
25
•23
2334 24
23
2414
23; 24
4275 28
8
28
28
284 2814
/
1
/
4
283
8 271 30kg 2912 31
27
Igas 1838 183 19
8
1914 207
8
17
16
15
1718
157
15
57
56
55
57
583
56
4
*8
81
8
8
8
8
Wednesday
June 7.
Thursday
June 8.
Friday
June 9
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
$ per share S per share $ per share Shares. Indus. & MIscell. (Con.) Par $ per share
4 1512 1512
4
8 153 153
15 s 157
7
600 Briggs & Stratton
No par
714Feb 28
4 82
84
/
1
3
11,300 Brooklyn Union Gas_No par 6312 Apr 5
3
83 4 84 4 834 843
8 49 49
5012 5078 5014 507
4,400 Brown Shoe Co
No par 2812Mak 3
914 10
912 10
912 912 4,500 Bruns-Balke-Collender_No par
134 Mar 3
814 9
3
814 8%
8 4 918
8,900 BucYrus-hrie Co
10
2 Feb 27
12
1312 1214 128 7,300
123 14
4
Preferred
5
5
2 4 Feb 23
56
*57
58
59
56
59
200
7% preferred
100 2012 Mar 31
4
416 45*
412 37.900 Budd(KG) Mfg
312 414
No par
5 Apr 15
4
25
25
21
23
24.
21
390
100
3 Mar 16
7% preferred
47
54
,
5 8 512
,
518 512 59.100 Budd Wheel
1 Feb 8
No par
900 Bulova Watch
3 8 372
7
3
/ 4
1
4
3 2 312
,
/Mar 2
1
4
No par
912 1018
914 1014 10,300 Bullard Co
9 4 10
3
2 Feb 17
/
1
4
No par
17 8 18
5
4
173 1813 173 1812 76.200 Burroughs Add Mach-No pa
4
61 Feb 14
/
4
63
4 7 4 7,900 Bush Term_
7% 8
3
63
No par
8 7
1 Apr 1
8
*978 1212 *97 1212 *818 1212
Debenture
100
1 Apr 3
22
19
2112 22
21
21
390 Bush Term Bldgs gu prof..100712 Apr 26
25
8 23
212 2;
4
2; 23
4 6,400 Butte & Superior Mining- _10
1 Feb 10
312 31
8
5
33
8 312 23,500 Butte Copper & Zinc
312 3 8
it Mar 31
5
43
4 5
412 48g
5
5
3,700 Butterick Co
14 Apr 10
/
1
No par
54,000 Byers Co (A Ml
28
2612 2712 264 2814 26
No par
812 Feb 25
63
623 63
63
4
Preferred
*6212 63
150
100 301 Mar 2
/
4
237 2414 9,200 California
8
2314 2412 2314 25
__No pa
7 4 Mar 2
3
134 2 65,000 Callahan Zino-Lead
2
2 18
11 218
/
4
Packing_4 Jan 19
10
8
78 9
8 12
7
8
814 32,500 Calumet & Hada Cons Cop..25
2 Feb 7
10
1012 4.900 Campbell W dr C Fdy_ _No par
11
8
/ 10
1
4
812 87
2 Feb 28
*
20
207
4 185 20
4
183 1912 30.800 Canada Dry Ginger Ale
5
712 Feb 25
30
2814 2812 4,000 Cannon Mils
2812 291
27
No par 14 Feb 2
93 1014
4
912 1018
2,200 Capital Adminis al A---No Pa
912 10
412 Feb 24
29
29
32
*29
•25
100
Preferred A
33
50 2518 Jan 18
783
4 75 4 785
3
75
8 7514 853 219,200 Case (.3 I) Co
4
100 3011 Feb 27
7678 77
*72
Preferred certificates.-_100 41 Feb 27
77
780
73
7712
8 20
19; 207
21
69,400 Caterpillar Tractor
19
22
-No par
512 Mar 2
2912 3112 3018 323
8 3018 327 130,100 Celanese Corp of Am--No par
8
418 Feb 27
318 4
3
4
37
8 4; 4,400 Celotez Corp
No par
12 Mar 15
214
2
218 212
214 23
4 6,400
Certificates
No par
a Feb 4
618 714 1,110
7
7
6
6
Preferred
100
11 Jan 5
/
4
29
2712 2814 28
28
29
9,100 Central Aguirre Asso_No par 14 Jan 3
47
8 5
47
8 513
5
5
3,400 Century Ribbon Mills_No par
2 Apr 19
*7018 85 '7018 85
*7018 85
50
Preferred
100 52 Feb 27
/ 273
1
4
23
28'z 25
7
8 2512 27;139,900 Cerro de Pasco Copper-No Pa
5 Jan 4
412 48
4; 43
412 45* 8,100 Certain-Teed Products_No par
1 Jan 9
*15
25
*1612 25
*15
25
100
4 Mar 27
7% Preferred
19 4 203* 20
203
3
4 20
20 4 13,300 City Ice & Fuel
3
No par
118 Mar 3
66
67
Preferred
67'2 66
810
6712 68
100 45 Apr 7
*1612 1714 1612 1612 *1612 1714
500 Checker Cab Mfg Corp
5
712 Mar 23
3512 3914 x35
3914 351s 36
/ 37.500 Chesapeake Corp
1
4
No par 1. Jan 3
/
1
4
8; 9
83
4 912
8
812 87 17,600 Chicago Pneumat Tool_No par
218 Mar 31
2313 213 213
23
4
4 213 213
4
4 6,200
Cony preferred
No par
512 Feb 28
1512 16
1512 163
4 14
1514 1,230 Chicago Yellow Cab...No par
618 Jan 4
193 21
4
197 20
8
22
23
5,000 Chickasha Cotton Oil
10
5 Mar 2
714 7
3
712 78
712 712 4.500 Childs Co
No par
2 Feb 28
243
4 241s 25
24
233 243 235,300 Chrysler Corp
,
4
5
7 4 Mar 3
3
13
4 17
3
11 13
/
4
4
No par
4
112 13 33,200 City Stores
14 Feb 28
/
1
1018 104 11
11
610 Clark Equipment
•7
/ 10
1
4
No par
5 Mar 24
28
2712
27
27
26
26
ft:, Cluett Peabody 82 Co-No par 10 Jan 27
*97 1057 .99 109 .99 1097
8
/
1
4
Preferred
8
.100 90 Jan 4
91
923
4 91
93
903 93
21,800 Coca-Cola Co (The) -No par 73 Jan 3
4
/
1
4
*4634 47
*463 47
8
467 47
8
400
Clam A
No par 44 Apr 19
20 4 2014 207
3
20
8 19 4 203 27.400 Colgate-Palmolive-Peet No par
3
8
7 Mar 30
85
*81
*81
8312 *7912 8214
200
6% preferred
100 49 Apr 3
4 1214 133
1314 133
4 1212 1318 22,000 Collins & Aikman
3 Apr 4
No pa,
75 .69
*66
75 .69
75
Non-voting preferred. 100 63 8May 17
7
*712 1014 *75* 1014 *8
100 Colonial Beacon Oil Co.No par
1014
514May 10
144 1514 1414 147 27,200 Colorado Fuel & Iron__No par
1414 15
312 Apr 4
59
/ 6212 5814 5Q3g 47,100 Columbian Carbon v to No par 234 Feb 27
1
4
62
60
/
1
1712 1814 1612 18
17
18
11,800 Columb Piet Corp v t ct_No par
6SgMar27
2114 2214 2012 221 293,600 Columbia Gas & Eleo-No par
a2012 22
9 Mar 31
*77; 80
80
80
400
*787 811
8
Preferred seriesA
100 59 Mar 2
12; 1312 13
137
2 123 133* 25,900 Commercial Credit
4
-No par
4 Feb 27
30
29; 293
30
8 30
Class A
800
30's
50 16 Feb 27
*22
24
*22
2314 •22
30
Preferred B
2314
25 1818 Mar 21
*81
85
*81
85
79; 79;
50
6IS% first preferred--100 70 Mar 24
3214 33
32; 331
3212 333 13,600 Comm invest Trust_No par 18 Mar 3
s
9212 921
9012 901 *9112 9214
500
Cony preferred
No par 84 Jan 4
100 10334 Jan 18
6)4% hat preferred
1814 1912 1838 1911 1814 19; 132,400 Commercial Solvents-No par
9 Feb 25
4; 47
8
4; 5
4
/ 5 916.200 Commonwith & Sou-._No pa
3
4
/
3
4
138 Apr 1
x54
59
4
5612 6012 563 59
12,100
86 preferred series_ __No par 21 Apr 4
*938 10
9
9
10
1,000 Conde Nast Publicens_No par
10
3 Apr 4
1418 1412 1414 1512 1514 1638 33,100 Congoleum-Nairn Ino._No par
7; Jan 31
163 18
8
1712 173
4 1712 1712 6,100 Congress cigar
No par
612 Feb 24
/
1
/
1
184 1712 184 62,800 Consolidated Cigar
19 4 17
3
18
No
312 Apr 6
- par
60 6012 6412 65
65 65
650
Prior preferred
100 31 Apr 5
412 45*
5,900 Consol Film Indus
43
4 5
1
412 5
/ Jan 4
1
1
4
115 12
8
25,500
117 1312 123 14
8
4
Preferred
No par
5 s Mar 21
7
59 152,100 Consolidated Gas Co
5714 5914 5714 59
57
-No par 40 Apr 3
90
9112 907 913
8
3,500
4
Preferred
4 903 91
No par a80 Apr 24
41s 4
/
1
4
218 Apr 17
414 412
414 412 5,800 Consol Laundries Corp_No pa
1114 1178 1112 123
No par
8 115* 127 266,600 Consol 011 Corp
5 Mar 3
100 9512 mar 1
*99 108 .99 108
150
*99 104
8% preferred
2; 2;
2
212
2
14 Mar 1
24 243,000 Consolidated Textile_ __No par
71
714 75
8
8,100 Container Corp class A
73
4 8
118 Jan 10
20
Class B
3
No par
314
314 312
14 Feb 15
3
/ 312 18,200
1
4
1514 16
1514 1612 15
15; 20,400 Continental Bak class A No par
3 Mar 1
Class li
214 212
12 Jan 5
No par
218 214 39,400
24 2
/
1
4
54
55
5612 5612 *5614 5612
800
Preferred
100 86 Jan 3
4 565* 5914 5612 5812 25.300 Continental Can Inc
565* 573
/
3
4
20 35 Feb 23
10
1018 1014 103
4 103 1012 4,700 Cont'l Diamond Fibre
312 Feb 25
5
,
2512 27
26
267
8 26
2712 12,500 Continental Insurance. -2.50 104 MY 28
/
1
3
/ 3
1
4
/
1
4
3; 4
33
4 3 282,500 Continental Motors_ ...No par
/
1
4
1 Mar 27
131* 14
1312 1414 1312 145 160300 Continental OS of Del_No par
8
4 Mar 3
/
1
4
71; 7312 71; 74
7134 75
33,600 Corn Products Refining____26 453* Feb 25
13514 13514 134 134
134 134
Preferred
170
/
4
100 1171 My 15
41614 63
4
6% 67
614 61 15,400 Coty Intl
No par a2 Mar 24
323 34
4
3312 3412 3312 34
8.800 Cream of wheat otts-No par 23 Feb 25
1114 1212 1212 143
4 1314 14
10,900 Croaley Radio Corp- _No par
214 Mar 28
8 5012 5314 5012 523 39.900 Crown Cork & Seal__ -.No par 144 Feb 27
5112 543
8
/
1
375* 3712 37
37
36
37; 2,300
82.70 preferred
No par 241 Feb 27
/
4
45, 518
438 518
43
8 57 30,600 Crown Zellerback•t o_No par
1 Apr 1'
243 2514 2412 2512 24
4
4
/ 25* 10,200 Crucible Steel of America._ 106
1
4
9 Mar 2
51
51
4914 52
46
46
860
Preferred
100 16 Feb 27
312 4
3; 4
312 4;
76,200 Cuba Co(The)
No par
/ Feb 21
1
4
9
/ 1012
1
4
8s 9
5
/
1
4
812 914 70,100 Cuban-American Sugar__ _10
11 Jan 16
/
4
5812 6014 58
647 66
8
Preferred
59
610
100 10 Jan 9
5612 5814 57
5912 57
583 47,000 Cudahy Packing
4
50 20 4 Feb 21
3
/ 16; 2018 19
1
4
155* 17
223 31,200 Curtis Pub Co (The)._ _No par
8
612 Mar 3
4712 55
4612 49
5312 56
7,200
Preferred
No par 30 Feb 23
35
38 3 4
3
3
37
g
33
8 34 321,600 Curtiss-Wright
1
11 Feb 23
/
4
8
8 8 83
,
6
63
4
53
4 61 44,400
Claw A
1
2 Mar 30
15 8 1714 1512 167
5
8 15
16
4,700 Cutler-Hammer Inc_ -_No par
414 Jan 6
612 612
614 64 *414 618
400 Davega Stores Corp
6
1; Feb 23
___
. ____ ___ __ ____ ___ ...... Davison Chemical
No par
12 Mar 27
/ 8
1
4
312 312 •3
•35s 8
140 Debenham Securities
112May 20
144 1412 1418 14'± 1312 15
/
1
9,600 Deere & Co pre:
20
6 Feb 24
/
1
4
824 8212 8212 83
/
1
8312 2,300 Detroit Edison
83
100 48 Apr 3
24
24
24
24
2312 241s 1,100 Devoe & Reynolds .4.-No par 10 Mar 1
2414 24; 2312 241 233 241
/
4
4
7,700 Diamond Match
/
1
4
No par 17 Feb 28
*2818 2812 *2818 281 •2818 28'2
400
Participating preferred._.25 261 Feb 27
/
4
338g 208,300 Dome Minot Ltd
30
31; 3212 341g 32
12 Feb 28
No par
nil 21
20
2034 20; 203
8 9,900 Dominion Stores Ltd. No par
1012 Feb 27
16; 1712 1658 18
15
/ 171 106,200 Douglas Aircraft Co Inc Ne par 1014 Feb 14
1
4
54
5712 5612 58
5612 5818 50,600 Drug Ina
No par 29 Mar 31
7
/ 8
1
4
73
4 8
1,500 Dunhill International-No par
*7; 81
is Apr 1 1
•Bid and asked prices, no sales on thls day. a Optional Sale. I Es-dividend. e Cash cal.. 5 Hs-rights.
PER SHARE
Range Since Jan. 1
On basis of 100-share lots.
Highest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
IIWhat.
S Per Share $ per share S per share
157
8June 7
4 May 1012 Jan
85 June 6
46 June 89 Mar
/
1
4
507
8June 6
23 July 36 Feb
113
4May 26
11 July
/
4
44 Sept
/
1
14June
/
1
912May 29
7 Sept
/
1
4
1412May 27
2 May 10 Sept
/
1
4
/
1
4
63 May 18
35 June 80 Sept
45sJune 8
12 Apr
318 Sept
25 June 8
3 July
18
14
Jan
512June 8
412 Jan
Is May
412.1une 1
118 Apr
312 Jan
2 May
103
/
1
4
4May 27
8 Sept
1812June 8
614 June 1314 Aug
8 June 8
3 Dec 213 Mar
4
7 Dec 65 Mar
912June 1
2312 Jan 5
1214 July 85
Jan
18 July
2 8June 2
7
14 Sept
/
1
12 Apr
414June 2
2 Sept
1;June
5 June 8
5 Sept
/
1
4
7 May 24;Sept
2814June 8
64 June 3
35 May 69 Sept
/
1
4
4 June 19 Sept
/
1
4
2518May 29
18 June
214June 5
118 Sept
11 May
/
4
9 8June 2
3
7 8 Sept
7
212 June
11 May 29
914 Aug
6 June 15 Sept
23 May 31
3112May 29
4
1018 June 238 Sept
2 Apr
1014June 8
/
1
4
9 Sept
/
1
4
19 June 32 Aug
29 June 8
85 4June 9
3
16 4 June 65 4 Sent
3
5
7712June 5
30 May 76 Jan
22 June 9
4 JUne 15 Jan
/
1
4
333
8.Iune 5
114 June 12; Sept
3; Jan
/ Aug
1
4
4
/
1
4May 17
3 Dec
8
214 Feb
314May 18
Ps Dec
7 Mar
/
1
4
7 8May 17
3
/
1
4
7 8 June 20 Sept
30
3
14May 5
2;June
814 Jan
512June 8
Jan
55 Dec 85
71 May 20
3':June 1512 Sept
273
8June 8
8June 2
Dec
3; Feb
;
47
4; Dec 185 Aug
j
16 May 25
11
20 4June 8
3
Oct 284 Feb
/
1
4338 Nov 68 Jan
68 June 9
20 8 Jan 18
7
16 Aug 3012 Sent
/
1
4
3914June 7
47 June 520 4 Sept
8
3
Panne 6
6; Jan
1 May
2414June 6
2'*June 1214 Sept
2238May 31
6 Dec 14 Mar
23 June 9
5 June 12 Sept
/
1
4
8June 3
87
8 Sept
lIzJune
5 Jun
25 June 8
21; Sept
14 July
8June 6
21s Jan
17
314 July
117
8June 3
8
/ Jan
1
4
10 Apr 22 Mar
29 4May 31
3
100 June 2
96 Feb
90 Jun
93 June 8
68 Dec 120 Mar
/
1
4
4138 July 60 Mar
4712June 1
1014 Dec 3112 Mar
22 June 2
65 June 95 Mar
82 June 6
133
4Jnne 7
7
2 4 May 10 s Mar
3
55 JIM 80 Mar
7018June 2
9 Jan 124 Oct
12 Jan 4
/
1
15;June 6
2 July 144 Sept
/
1
4
/
1
62I2June 8
/
4
131* May 411 Mar
1812June 6
414 May 14 Aug
/
1
4
414 June 21 Sept
2214June 8
40 Apr 797 Aug
80 June 8
8
1412June 2
3 June 11 Mar
/
1
4
31 June 3
11; July 28 Sept
1012June 21 Bent
24 June 6
40 June 75 Nov
80 June 3
3412May 31
8June 27 Mar
/
1
4
107
5512June 82 Nov
07% Jan 31
11112 Mar 1
88 June 102 Dec
8June 9
3 May 13; Sept
/
1
4
195
518 Atli
15
514June 9
sJune
2738 June 68 Mar
6012June 7
/
1
4
5 May 12 Sept
10 June 9
16;June 9
612June 1214 Sept
4 May 11 Sent
18 June 7
4June 7
/
4
3 8 Dec 241 Jan
193
5
17 June 60 Mar
65 June 8
4May 29
1 June
53
53* Jan
2 4 June 11; Mar
145
3
4May 29
811June 68; Mar
6314 Jan 11
/
4
7212June 99 Dec
99 Jan 3
/
1
4
5 Jan 10
/
1
4
7
4 Dec 10 2 Jan
9 Aug
4 June
127
8Juue 9
10014 Jan 11
79 Feb 101 Sept
2 8June 7
5
15 Aug
8
14 Mar
;June
212 Feb
8 May 13
312May 13
/ May
1
4
118 Jan
2 May
1712May 27
/
1
4
8 Sept
12 Apr
212June 7
I1 Aug
/
4
247s June 47; Mar
6212May 29
597
8May 27
l7ssJune 61 Mar
103
4May 31
812 Sept
* AD
63 May 2514 Aug
2712June 2
4
4 June 8
5 May
8
35* Sept
15 Mat. 31
3 8 Jun
5
9 3 Sept
3
243 July 5538 Sept
4
8May 29
757
146 4 Jan 21
8
99'tJune 140 Oct
112 May
718June
7;Sept
2612 Oct
13
3412June
12Jun
2 MaY
143
/
1
4
4June
74 Sept
r7 8 May 237 Dec
55;June
7
2
30% Nov
17;Jun
38 May 1
June
12
3 Aug
57
8June
6 May 2314 Jan
257
8June
14 Dec 49
55 JUIN)
/ Jan
1
4
12 Junei
4 8June 7
3
3 Sept
/
1
4
;
1112May 29
Ma
372 Aug
68 June 5
26 Aug
312 Ma
20 Mayl 35 Mar
5912June 8
/
1
4
7 Jun
8June 9
31
Jan
223
56 June 9
373 Dccl 88
4
Jan
37sJune 8
314 Sept
1 Ma
8
4June 8
4 4 Sept
5
11 Marl
/
4
63
31,MayI 12 Sept
1714June 7
4June 3
2 4 Oct
1
63
7 4 Sept
3
914 Sept
1 Ma
4 Jan 10
/
1
4
338 Dec
312June 7
1 Jun
15 June 9
6 June 1514 Jan
/
1
4
8312June 9
54 July 122 Jan
24
/
1
4June 9
7 Maya 16; Oct
12 Apr 1918 Sept
25 May 13
2814 Apr 29
2012 May 263 Dec
4
7 Jan!127 Dec
343
/
1
4
4June 8
21 June 7
1114 June 1812 Sept
18 June 8
5 June 18; Sept
5812June 9
23 May 57 Feb
/
1
4
3 Sept
105
5 Dec
8
8May 29
New York Stock Record-Continued-Page 4
4052
June 10 1933
.13r FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FOURTH ,-AGE PRECEDING.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Sales
for
Friday
June 9.
Week.
Saturday 1
June 3.
Monday
June 5.
Tuesday
June 6.
Wednesday
June 7.
Thursday
June 8.
STOCK
NEW YORK STOCK
EXCHANGE.
1'ER SEAR
Range Stn.e ....i. 1
-share lots.
on basis oJ 100
Lowest. , . ,h,,
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
0 s.ore lb per share $ per share
Indus. & Miscell. (Cori.) par $ per share 5 ,
IS Per share $ per share
512 June 15 Sept
9,2 Apr 22 18 June 3
DupIan Silk
No par
18
.14
17
. 18
87 May 10158 Nov
Duquesne Light lot pref_ 100 90 May 4 102 Jan 31.
973 98
8
*9714 98
77
8May 27
1 June
612 Sept
8
1, Mar 30
Eastern Rolling Mills_ _No par
658 67
8
67
8 714
3514 July 873 Jan
4
Eastman Kodak kN J),No par 46 Apr 4 8412June 6
8112 83
a81
8314
09
Jan 125 Oct
6% curs preferred
100 110 May 2 130 Mar 20
*118 119 *118 119
3 June
94 Sept
318 Mar 2 15 June 9
Eaton Mfg Co
No par
4
123 13
8
1218 123
22 July 593 Feb
4
El du Pont de Netnours___20 3218 Mar 2 8312June 2
785 83
8
773 813
4
4
803 June 10518 Aug
4
100 9712 Apr 20 111 June 7
6% non-voting deb
8
10918 10918 .1087 110
2,8 Sept
3 June 7
18 June
3 Feb 4
8
Eitingon Schild
No par
2
2
17
8 2
1212 Jan
214 May
4 Mar 29 1612June 7
655% cony 1st pref___-100
11
12
*113 113
8
4
8June 8
8 ,2 June 324 Mar
Elea Auto-Lite (The)
5 10 Apr 4 263
2214 233
4 21.8 23
61 June 10014 Feb
Preferred
100 7814 Mar 29 88 .tan 5
8418 8412 *84
8412
212 Jan
34June 6
12 June
I Jan 3
3
Electric Boat
2 4 27
3
8
27
8 314
4 Jan
312June 7
7 June
8
1 Feb 14
Elec & Mus Ind Am shares_ _ _
278 318
23
4 314
204 July
16 Sept
34 Feb 27 1214June 8
1018 1078
958 1058
Light No par
Electric Power &
103 July 64 Jan
4
712 Apr 4 3314.1une 8
Preferred
No par
2512 27
25
26
8 7 July 5512 Jan
8
614 Apr 5 274June 8
56 preferred
No par
2112 2212 2118 22
123 June 3314 Mar
8
4812
Eleo Storage Battery
par 21 Feb 16 50 June 6
No
4414
4414 46
4June 6
84 Aug
23
18 Jan
Is Jan 4
Elk Horn Coal Corp_ No par
3
4 214
3
4
3
8
16 July 3714 Sept
Endicott-Johnson Corp__50 26 Feb 27 5918June 9
5212 5312 523 53
4
98 May 115 Nov
Preferred
100 107 Feb 17 117 June 6
*115 125 *115 125
4 June 25 Feb
4 Feb 23 1212June 7
1034 1112 103 1114
4
Engineers Public Serv__No par
16 July 51 Feb
1512 Apr 7 44 June 9
55 cony preferred____No par
35
35
3712 3712
18 July 67 Mar
15 Apr 4 46 June 9
par
No
5514 preferred
*3614 365
8 363 373
4
4
1012 Dec 19 Jan
4May 31
6I2Mar 27 123
Equitable Office Bidg_No par
1112 12
113 113
4
4
2 June
714 Mar
3 Apr 4 11 12May 31
Eureka Vacuum Clean_No par
10
103
8
93 107
4
8
12 May
414May 31
212 Sept
78 Mar 1
5
Evans Products Co
4
4
4
4
113 Jan
4
934 Jan
10 Jan 4 1012June 7
Exchange Buffet Corp_No par
15
*10
15
*10
134 Sept
258June 8
1 Sept
25
7
8may 17
Fairbanks Co
2
2
2
214
712June 9
1 June
4 Aug
Feb 23
1
100
Preferred
*478 634
67
8 67
8
618 Aug
214 Dec
212 Mar 23 11 14June 2
Fairbanks Morse & Co_No par
103 10 4 1014 1014
4
3
10 Dec 473 Mar
4
Preferred
100 10 Feb 25 42 June 3
42 42
41
41
17 Sept
8
3 June 8
'2 JU ."
Fashion Park Assoc__ _No par
N Jan 26
2
2
2
2 18
814 Dec 22 Jan
4
43 Apr 6 12 Slay 16
Federal Light & 'frac
15
1134 113 *1012 11
4
30 June 64 Mar
Preferred
No par 38 Apr 20 54 Feb 18
*46
50
*48
50
4June 2
112 May
3513 Feb
83
3 Mar 16
4
Federal Motor Truck_No par
7 8 712
3
3
712 7 4
'4 May
23 Aug
8
412June 6
4
3 Feb 27
Federal Screw Works...No par
4
4 18
418 414
8
214 Dec 103 Mar
6 June 8
14 Feb 25
Federal Water Serv A....No par
478
514
458 5
4
612 June 153 Sept
8June 7
712 Feb 27 243
Federated Dept Stores_No par
2212 2212 2212 23
6 May 273 Jan
4
4June 2
1014 Mar 27 263
Fidel Phen Fire 1118 N Y_ _2.50
26
2612 2514 2534
812 Mar
53 June
4
9 June 1
Fifth Ave Bus Sec Corp.No par
5 Mar 22
*812 10
*812 10
7 Mar 1612 Sept
9 Apr 5 1612 Apr 25
No par
Filene's Sons
*1612 ____ *18
____
75 June 94 Jan
Apr Is 86 Jan 16
Preferred
100 81
83
83
*83
86
4June 8
1012 June 184 Aug
243
918 Apr 4
Firestone Tire & Rubber_10
2114 2214 2118 2218
45 July 68 Aug
Preferred series A
100 42 Mar 3 75 June 7
744 7412 74
74
35 July 5412 Dec
First National Stores__No par 43 Mar 3 67 June 9
6234
603 6138 60
4
Is Feb
3 Aug
4
Fisk Rubber
No par
23 Aug
8
14 Feb
-lot preferred
WO
4 Oct
2 Aug
_ ____ ______
1st pref convertible
100
10 Feb
414 Apr
200 Florsheim Shoe class A_No par
712 Feb 7 16 May 10
- •1214 1-8 *1214 18
16
16 .1214 17 .1214 1612 *124 is
63 July 99 Nov
10
IOU 80 Apr 19 97 Jan 10
*88
95
6% preferred
95
*88
95
90
90
*88
95
*86
95
*85
2 June
84 Sept
212 Feb 28 19 June 7
No par
1712 183
4 7,200 Follansbee Bros
1714 19
14
1612 1614 19
133 143
4
4 14
14
3 May 157 Sept
8
23,100 Foster-Wheeler
412 Feb 28 19 June 3
4 163 18
8
No par
4
18
19
1718 1812 175 1814 173 1812 1718 183
8
1 July
714 Aug
Feb 27 1314June 2
2
1212 6,400 Foundation Co
No par
4
4 12
113 124 113 123
4
1012 1212 113 113
8
4 1118 12
8June 2
1014 June 224 Sept
1358 Mar 1 253
1
237
8 6,000 Fourth Nat Invest w w
8
8 23
24
24 14 243
8 24
243
8 237 243
2312 25
23
8June 6
1 July
54 Aug
47
34 Mar 29
4
4 3 46,000 Fox Film class A
4
8
No par
412 44
418 44
418 43
4
412
4
414 43
8
10 May x285 Nov
10 16.8 Feb 28 4012June 2
8 3714 3814 19,600 Freeport Texas Co
4 3712 3818 374 383
3814 39
37
3812 3712 383
Oct
218 May 26
9 Jan 9 2878June 8
20 Fuller (G A) prior pret_No par
2438 275 273
8
8 287 284 *1718 344
8
*2412 287 *17
8
243 *17
4
3 June 32 Feb
Jan 19 15 June 9
4
15
100
$6 2d pref
14
1418 14
No par
*1114 147
8 1112 1112 *1112 12
12
12
312 Sept
14 June
3 8June 9
3
1 Feb 27
314
318
33
8 5,500 Gabriel Co (The) m A_ _No par
3
212 3
23
4 3
27
8 318
3
3 18
512 Dec 17 Jan
612 Jan 20 20 June 1
14
590 Gamewcal Co (The)
8
14
1512 147 15
. No par
8 15
1612 175
8 143 154 1412 157
4
512 Sept
12 June
914June 8
24 Feb 28
9
914
812 9
84 914 15,800 Gen Amer Investors...No par
818 838
812 878
814 85
8
26 June 71 Sept
80
76
76
300
Preferred
80
*76
No par 42 Feb 23 78 May 23
*76
*75
80
75
75
57518 80
94 June 353 Mar
4
Feb 28 3618June 2
4
353
4 3418 3512 21,500 Gen Amer Trans Corp
5 133
8 3414 353
3414 355
8 3312 355
8 343 3512 34
8
8Ju1ie 2
43 June 1512 Jan
4
45 Mar 3 173
8
4
13,600 General Asphalt
4 153 17
No par
1618 1718 153 164 155 163
4
8
4 157 163
8
8 154 163
10'2 June 194 Mar
1818 185 15,800 General Banking
8
5 13 Jan 3 2014May 29
183 1914
8
1858 1912 1818 187
8 183 1918 1818 19
8
90 June 106 Sept
14
No par 99' Mar 30 10514 Jan 26
4
$8 preferred
__ *10412 _
*104, _
2
*10412 _ _ *10412 10712 *1043 - - _ - _ --*104
4May 24
5 Aug
83
12 June
218 Feb 6
714 - -12 6,300 General Bronze
5
7
7
712 - -3714 - -12
714
74
714 - -374
74
8
712 - 14 May
5 Sept
1112June 9
1I4 Mar 31
1012 1112 40,800 General Cable
734 11
No par
614 7
612 714
612 714
3
Ps 7 4
112 May
1112 Sept
Feb 27 23 June 9
214
14
14
8
10,000
Class A
No par
15
*12
14
15
20
203 23
15
1558 *12
4
34 June 253 Sept
4
612 Mar 30 46 June 9
347
8 34
41
404 46
1,850
7% cum preferred
100
33
32
30
34
33
3012 31
20 June 383 Mar
8
374 3814 6,000 General Cigar Inc
No par 29 Jan 3 40 Apr 29
393
4 38
383
4 3814 39
38
37
3812 3814 39
75 June 106 Dec
15 112 Jan 25
100
7% preferred
100 100 Mar
*10518 110
110 110 *1054 110 0106 110 *10518 110 *10518 110
811 May 2618 Jan
4June 8
107 Apr 26 243
8
4 23
2414 359,300 Genera, Electric
No par
8 223 2414 2312 243
4
227
8 2214 233
2212 233
4 22
105 July
8
117 Sept
8
11 18 Apr 20 12 Jan 12
4
8 5,700
Special
10
8 113 117
4
8 113 114 113 117
4
4
4
113 117
4
8 113 114 113 117
1958 May 4012 Mar
8
No par 21 Feb 24 3712June 9
8 3458 3618 353 3634 3512 3712 58,200 (I ner-1 Foods
3414 353
8 3418 3512 3514 363
sJune 6
3 July
8
23 leb
4
27
4 Apr 1
8
214
212 71,600 4.ef, I Gag & Elec A _ __ _No par
258 24
258 27
8
24 23
4
238 258
214 23
4
3 June 2434 Jan
Ws Apr 2 1612June 6
15
*1212 15
1,200
15)2 15
Cony pref series A No par
153
8 16
1612 *14
13
1314 14
514 July 30 Aug
7 Al'r 20 1612June 8
1612 1612
250
27 prof class A
No par
1412 1412 1412 1412 1518 1518 1512 1512 1612 1612
8June 5
514 July 40 Feb
5 Apr 6 197
18
18
*1584 20
30
$8 prof class A
No par
4
*153 18
197 197 *1514 18
8
8
*1118 20
18.8 Apr 25 Mar
2414 Jun 9 3318May 29
*323 __ *325
4
Gen Ital Edison Elec Corp__
_ _ •333
4
__ *3314 335
8
__ *3212 _ _ *33
8
28 May 4812 Sept
55
No par 3512 Mar 3 5758May 29
5512 - 56
9,400 General M,1.
56
56
56
5512 -5
614 55 - 14 5514 - 5544 513
12
76 July 9612 Dec
100 9212 Mar 28 104 June 6
101 10112
800
Preferred
10112 10112 *10112 102
10038 100.4 104 104
*10014 102
7.8 June 243* Jan
10 10 Feb 27 2712June 9
8 2612 2712 707,700 General Motor* Corp
263 273
4
8
4 2618 27
2478 263
8 247 25 4 255 263
8
3
5614 July 8714 Mar
89
90
2,700
$5 preferred
No par 6512 Mar 3 90 June 8
8914 8912 90
8912 89
88
8818 89
89
89
4 June
9 Feb
9 1312June 8
518 Jan
No par
197
8
1212 1312 *14
800 Oen Outdoor Ady A
12
12
12
12
1112 1112 1112 12
4 Jan
25 Nov
8
7 June 9
53
4
212 Mar 1
518
578 7
434 5
2,700
Common
No par
54 518
3
*5
512
53
s 58
212 July 14 Jan
par
314 Jan 4 16 June 5
16
No
1,440 Genera' Printing Ink
1512 153
4 15
16
15
16
1412 1512 15
1318 14
2712 June 60 Feb
Mar 18 6514June 5
65
4.5712
*5712 65
No par 31
86 preferred
*5712 65
30
6514 *60
68
65
*5512 70
612June 7
1 May
718 Aug
2 Apr 6
638' 6
614 13,300 Gen Public Service.,.._No par
612
6
6
534 6
55
8 614
534 638
8
618 July 285 Jan
131 1 Jan 3 374May 27
343
4 5,300 Gen Railway SignalNo par
333 3514 532
4
3214 34
33
353
4 3512 36
3312 36
65 July 00 Jan
4
100 693 Jan Ii 80 May 2
*79
98
6% preferred
98
98 .79 10112 *79
98
*79
*79
*79
98
212May 24
214 Sept
14 May
3 Feb 16
8
1
218 23 30,700 (len Realty & Utilities
214
238
8
214 212
2
218
2
2 12
218 212
5 June 163 Sept
4
512 Jan 19 16122i1ay 24
No par
*1412 15
1434
1434 15
2,100
$6 preferred
•14
143
4 14
1512 143 1512 *14
4
139 June 153 Sept
8
212 Feb 27 1438June 3
8 1338 144 1334 134 11,700 (ieneral Refractories_ .,..No par
1312 1314 14
1312 137
13
1438 13
8 Mar 27 Aug
918 Feb 17 30I2June 8
29
30
3012 *3012 32
330 Gen Steel Castings pref No par
2878 29
29
2712 2712 .25
29
2414 Mar
1018 Jan
93 Anr 20 2014 Janll
4
1478 1512 94,700 Gillette Safety Razor No par
1514 16
4
8 15
155
8 154 16
15 8 1614 5143 157
5
45 June 7212 Aug
4
No par 473 Apr 19 75 Jan 9
5912 64
59
2,200
Cony preferred
8 59
583
4 5812 585
8
57
563 5712 573 58
4
33 Aug
4
4 June
614June 8
par
54 Feb 9
No
512 54 28,800 Gimble Brothers
539 618
5 4 614
,
3
5
54
514 5 4
51a 5 4
3
Jan
63 Dec 31
8
514 Mar 1 25 June 2
100
Preferred
400
*23
23
*23
2512 *2412 2512 2412 2412 2112 2112
25
23
8
3 8 June 103 Sept
334 Mar 2 1418May 29
No par
133 14
8
4 1234 14
28,400 Glidden Co (The)
124 133
1258 1312 1212 127
125
8
8 12
35 Apr 76 Sept
June 3
100 48 Apr 22 78
7412 7412 *70
75
75
75
250
Prior preferred
75
76
78
*75
76
75
8 Aug
239 May
No par
3 Feb 16 13 May 27
1114 30,200 Gobel (Adolf)
4 1158 124 104 114 11
11
113
4 11
1112 1112 123
8.4 May 20% Sept
12 Feb 27 2312June 3
8
2212 2312 22
2318 2252 2312 2212 2318 225 2318 2218 2314 34,500 Gold Dust Corp v t c.. No par
70 July 10112 Dec
500
100 103 *100 104
$6 cony preferred_ No par 100 Jan 18 103 Jan 4
103 103
101 101
*102 103 *101 103
123* Sept
214 May
8June 8
3 Mar 2 177
4 163 174 1618 1718 114,800 Coodrich Co (B F)___ _No par
4
8
8
1412 1558 145 1614 157 1714 1634 173
7 May 3314 Sept
9 Feb 2g 5338June 7
51
100
6,500
Preferred
534 503 517g 49
4
4612 47
51
53
52
4712 51
512 May 2934 Aug
914 Feb 27 3814June 7
3512 364 110,700 Goodyear Ttre & Rubb_No par
3518 37
3518 3614 3512 384 364 3814 3614 38
193 June 6912. Aug
4
7512 7612 5.900
No par 2734 Mar 2 77 June 7
754 76
1st preferred
77
7612 76
75
7518 7412 75
75
4
714 Jail 303 Sept
5
7 8 Apr 4 15I4May 31
1338 343 29,400 Gotham Silk Hose
8
No par
1414 1478 1334 1434
133 143
4
4 1314 137
8 133 15
4
5014 Jan 7012 Oct
100
100 41 Apr 3 60 June 8
73
Preferred
60
*60
*59
60
60
58
59
59
58
05212 58
458 Jan
1 Slay
4I4June 8
1 Apr 3
I
33
4 4 114.900 Graham -Paige Motors
33
33
4 414
34 4
3
312 4
35
8
3 8 34
3
8
2 3 June 115 Sept
8
37 Mar 2 1512June 2
8
8
135 1412 135 1418 13,300 Granby Cons M Sm & Pr_100
8
8
1358 1518 1358 1414 135 1414 1312 15
94 Mar
314 June
35 Mar 2 1018June 6
8
83
8 918 40,000 Grand Union Co tr ctfs_No par
914 94
738 83
8
94 94
7
78
3
83 104
4
22 June 3514 Mar
,ar 2212 Ayr 5 344 Jan 9
Cony pref series
No
8
33
3312 3214 323
4 6,100
30 4 30 4 2912 31
3
3
314 3212 323 33
4
63 June 17 Sept
Ills Mar 24 25 June 8
No par
2472 25
900 Granite City Steel
2278 2352 2412 25
*1712 24
*1712 2372 *2012 23
1412 May 3014 Mar
153 Feb 28 3518June 9
4
No par
3334 3412 3414 3412 3314 3518 5,900 Grunt (W 'I')
*33
3314 3318 3312 3318 34
5 June 1314 Jan
27 1418May 31
5,8 Fell
1314 1312 13
1312 13
133
4 13
,
1312 134 13 8 134 135s 23,800 (it Nor Iron ()re PropNo par
314 API' 12 Aug
678 Jan 19 2918June 6
52,600 Great Western Sugar No pa,
27
2814 2678 28
294 274 29
27
28
265 29
8
28
48 June 83 Aug
Preferred
100 7212 Jan 3 106 May 31
105 105
270
0102 105
106 106
105 105
10312 105 *104 106
4
23 Sept
12 Apr
338.1une 2
14 Mar 3
No par
83,000 Grigsby-Grunow
27
3'.
24 3
27
8
24 3
27
8 318
3
3 14
27
8 3
1 Sept
Is Mar
43
8MaY 29
312 22,300 Guantanamo Sugar- _No pa,
14 Jan 23
3
312 4
258 418
35
8 414
4
414
4
4 14
8June 8
2'2 June 2118 Sept
263
No par
614 Feb 27
2414 254 2414 26
8 2414 25
4,900 Gulf'States Steel.
2312 24
25
263
24
24
12 July 40 Oct
101) 1614 Jan 16 61 June 8
Preferred
60
61
6112 6112
230
56
58
58
583
8 56
5712 60
56
23 Jan
15 May
25 15 Mar la 22 May 25
400 Hackensack Water
21
*2014 2212 .20
21
2014 2014 *2018 21
2014 2014 21
28 Apr
12
19 May
8
50
7% preferred class A _ _ _ _25 25 Apr 8 287 Jan
2712 *27
2712 27
2712 *27
2712 *27
2712 *27
2712
*27
414 Aug
6 June 9
3 July
8
14 Feb 28
No par
64,300 Hahn Dept stores
5
6
514
5
5 14
43
4 5
47
8 54
8
43
2
439 47
718 July 28 Aug
3018June 6
9 Apr 1
100
2718 30
1,300
Preferred
29
*27
3012 30
30
3039 *2712 2912 27
30
1118 Jan
312 July
8 May 31
10
34 Feb 27
800 Hall Printing
4
734 73
4 *614 712
63
4 63
7 4 73
3
4 *612 7
s
73
4 77
20 Oct 30 Mar
10 Hamilton Watch pref._ _100 1 p Feb 11 30 June 8
_ _ *2712 ___ *28
30
30
30
*22
30
*27___ *27
33 May 70 Jan
*75
77
110 Fianna(M A) Co $7 pi_ No oar 4 12 Jan 4 77 June 8
77
75
575 - .
7
5
73 75
75
77
75
75 18 Sept
7 May
g18 Feb 25 2214Jurie 7
2012 1978 215
20
8 214 2214 21
Harbison-Walk Refrac_ No par
22,
400
213
4 203 21
4
194 204
2 Sept
4June 6
'a Dec
13
la Apr 3
114
13
4 al's
112
13
8
112 14
118
112 83,200 Hartman Corp class IJ_No par
1
14
7
8
4 Mar
%June
214June 6
14 Mar 18
No par
2
211
3.700
Class A
2
2
2
15
8 2
14 2
218
134
134
asked prices, no sales on this day. a Optional sale. z Ex-dlvidend. y Ex-rIghts.
• Bld and
$ per share $ per share 5 per share $ per share Shares.
300
*17
18
18
18
17
*17
18
17
9912
230
9912 *98
993 994 9912 9912 *98
8
65
8 7
612 7
63
4 7
64 718 7,900
8114 12,700
8312 80
83
8412 8214 833
4 81
120
119 119 *118 121
11814 11814 *118 119
15
44,700
1412 14
1238 1358 13
1318 13
79
815
8 7918 8034 7814 8114 774 8012 238,300
8
600
111 111
111 111 .1087 110
110 110
23 42,800
4
212 27
214
178 3
8
17
8 2
1418 1612 13,100
1112 113
4 113 1612 144 15
4
8
2258 25 4 2434 26
3
8 24
253 161,400
247 263
8
330
8412 8412 8412 8412 8412 8412 8412 85
314 34 25,600
314 312
34 37
314 358
8
3
312
314 61,200
34 33
8
3
27
s
314
8 1138 1214 105 113 153.000
8
104 1118 1118 117
4
2912 3238 30
3314 2912 3112 7,600
2614 29
8
2114 24
25
27
2618 277
8 263 2714 11,100
47
49
4712 50
546
48
48
50
18,500
112 17 13,690
214 212
15
8 214
218 23
4
8
5918 2,900
5812 58
53 533
8 55
59
57
120
115 117 *110 116 *110 116 *110 116
1118 1218 10,100
11
1214 1114 1212 1114 12
44
2,200
4018 42
37
37
38
38
40
3,700
4 4318 46
4012 38
3914 38
423
38
8 1112 114 4,300
1114 113
4
11
114 115 117
8
914 1018 2,400
9
*9
93
4
9
93
4
9
34 4
4
4
35
8 4
33
4 3713 4,500
110
10
10
15
1012 1012 10
10
*10
8 *212 3
21* 212
24 25
700
212
*2
30
; 714 *414 714
714 712
*414 714 *41
10
1,400
1014 1012 1014 1912 1014 1012 10
90
40
38
38
40
40
40
41
40
212 212 6,500
212 3
2
212
214 23
4
11
8
114 1112 1112 1112 1112 1,800
105 12
210
GO
*50
*50
60
*5018 60
50
50
712 73
4
712 73
4 5,600
7
712
712 73
4
4,200
418 412
37
8 4
418 412
414 412
4
5
538
55
8 53
4
55
8 6
54 53 20,500
2212 24
2,500
8 2312 24
2212 2212 2312 243
2612 7,700
263
4 25
247 253
8
4 254 2614 25
*812 10
*812 10
*812 93
4 *812 10
51612 ____ 020 ____ *1612 ____ *1612 ____
95
20
587
95
86
86
*87
95
*87
4
8
215 227
8
4 233 243 65,500
8 23
243
8 2314 243
2,000
8 7212 73
743
4 743 75
4
737 737
8
73
19,300
4
6212 6358 6314 6612 65
663
4 653 67
ar FOR
New York Stock Record-Continued-Page 5
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
June 3.
4053
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE PRECEDING.
Monday
June 5.
Tuesday
June 6.
Wednesday
June 7.
Thursday
June 8.
Friday
June 9.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100
-share lots.
Lowest.
Highest.
PER SHA RR
Range for Precious
Y.nr 1932.
Lowest.
Highest.
$ per share $ per share $ per share $ per share $ per share $ per share Shares. Indus. & Miceli. (Con.) Par $ per share $ per share 8 per share $ per share
____ ____ ________ ____ ____ ____ ____ ____ ______ HawallanPlaeappleCoLtd_20 --------------------112 Nov
10
Jan
212 234
212 234
25
8 318
27
234 318
234 3
314
27,100 Hayes Body Corp
No par
3 Feb 27
4
314May 31
N June
312 SeP1
092
*917 9318 918 917s *90
8
93
03
93
93 .87
25 6912 Jan 16 93 June 8
50 June 815 Sept
9318
200 Helme (G W)
8
814 81
43 June
*814 9
814 814
No par
3 Mar 20
4
8 4 812
,
900 Hercules Motors
812June 3
818 Jan
8% 83
8
812 812
36
371
3612 383
4 3858 40 4 40
3
418 4214 433
403 427 31,200 Hercules Powder
4
8
No par 15 Feb 27 433
8June 8
137 Aug 2912 Sept
103 103
103 103
10318 105
7012 June 95
103 104
105 105 *103
90
$7 cum preferred
100 85 Apr 5 105 June 7
Jan
55
56
55 - 8 4,000 Hershey Chocolate_ -_No par 3518 Mar 29 58 June 1
553
56
56
4312 July 83 Mar
5618 563
553 573
4
4 5612 58
57 June 83 Mar
823 83
4
83 83
8412 85
85 85
84
8518 843 843
4
4 1,000
Cony preferred
4
No par 643 Apr 5 r.518June 8
____ ____ ____ _-__ ____ ____ ____ ____ ____ ______ Hoe (II) & Co elan A No par --------------------14 Apr
13 Jan
4
812 9
7 8 812
5
7,300 Holland Furnace
314 Dec 1212 Aug
7
812
814 9
77
8 8
77
8 8
No par
312 Jan 4 10 June 2
912 1012
914 9% 18,700 Hollander & Sons (A) No par
2 3 Dec 103 Mar
4
8
214 M ar 2 1012June 7
8
818 87
83* 912
912 10
9 8 1012
7
245 250
*212 22518 230 236 .220 230
230 240
240 2443
4 3,100 Homestake Mining
100 145 Jan 16 250 June 8 110 Feb 163 Dec
514 6
612 53
512 6
614 63 52,000 Houdaille-Hershey el B No par
6
612
I May
4
1 Mar 2
63
4June 9
412 Sept
538 538
493 4912
*4912 50
4214 June 5718 Jan
04914 5012 4914 50
*493 50
8
400 Household Finance part p1.50 433
4May 6 5114 Jan 12
*49 4 50
3
3012 2912 32% 26,900 Houston 011 of Tex tern ctfs100
83
277 293
8 277 293
3012 29
4May 2814 Sept
8
4 2812 303
814 Mar 13 3238June 9
8 29
512 6
53* Sept
558 58
22,000
118 May
8
512 578
1% Feb 28
618June I
512 57
Voting trust ctfs new----25
512 58
538 6
22
2234 23
2212 23
2378 2314 25 4 2312 253
3
8 2312 2414 17,700 Howe Sound v t o
4June 7
47 Dec 1612 Jan
8
512 Jan 3 253
25
3 Feb 281 1314June 8
2s May 113g Jan
10
8
1218 13
1138 1314
108 1014 1214 115 13
1138 1212 72,500 Hodson Motor Car____No par
55
112 May
4
63
8 63 52,700 Hupp Motor Car Corp
638 7
10
15 Mar 3
8
714June 8
53* Jan
8
614 64
638 714
6
53
4 63
13
13 June
138
13
4
I% 2
2
238
2
214
2
218
23*June 6
21g Sept
18 17,700 Indian Motoeycle
No par
14 Mar 1
118 Apr Ii
4 June 8
I
Apr
312 312
3
3
272 3
3
3 72
4
4
37
8 4
3,300 Indian Refining
10
23* Nov
718 June 40 Sept
6312 644 637 674 65
8
6514 6714 653 68
4
No par 24 Apr 4 6812June 9
68
6414 6812 81,000 Industrial Rayon
143 Apr 44% Sent
4
56
5712 54
1914 Feb 27 6778June 9
5812 5712 6038 5812 6138 6118 6434 63
67% 31,200 Ingersoll Rand
No par
10 June 27% Sept
39
408 3814 3912 3812 4O7o 40
42
41
42
3912 42
9,700 Inland steel
No par 12 Feb 27 42 June 7
8
912
814 8%
912June 2
814 87
818 914
2 Feb 25
3 May
4
8
8% 9
8% 838 19.000 Inspiration Cons Copper___20
7% Seim
0214
37 Jan
314 *23
oJune 8
1 June
4 3N
3
3 14
314 3o
312 33
4 3,500 Insuranshares Ctfs Inc_No par
114 Mar 29
37
318 314
33
8 333
4
438
312 312
4
414 12,57' Insuranshares Corp of Del__ _I
314 July
812 Sept
I% Apr 6
412 Jan 10
312 4
34 4
3
3
33
8
314
31
358June 7
3
318
3
3
.33
14 Apr
318 Aug
314 314
8 312 6,400 Intercont'l Rubber
No pa
38 Mar 21
838 93
85
8 9
812 87
2
812 833
95
8May 31
138 July
714 Sent
838 9
812 83
2 6,500 Interlake Iron
No pa
2% Mar 1
233 25
8
23* 27
4June 6
33
14 Apr
3
No par
% Feb 17
311 Aug
33
4
312 3513
238 3% 16,500 Internal Agricul
312 352
13
1312 1312 1312 1512 18
1612 17
*1514 1812 .1514 1712 2,100
33 Apr 15 Aug
4
100
5 Jan 3 18 June 6
Prior preferred
123 12414 123 123
124 12618 1233 1263 12414 125
4
4
12214 124
3,800 lot Business Machines_No par 7534 Feb 28 1263
4June 6
5212 July 117 Mar
7
758June 1
114 May
712
512 Jan
714 7 8
3
63
8 7
67
73*
63
8 63
4 7,600 Internal Carriers Ltd
I28 Jan 16
7
638 7
27
2712 26
64 mar 2 293 ay 29
2712 2712 28
27
4
26
267
8 26
18M
338 June 183 Jan
2712 28
10,400 International Cement_No Par
3 Jan 10
4
17 Jan
18 Apr 13
lz May
---- ---- ---- --- ---- ---- ---- ---- ---- ---- ---- ______ Inter Comb Eng Corp-_No par
---412 Nov 21
6 Jan 5
Jan
---- ---- ---- ---_ ____ ____ ---- ---- ---- ---- _-_- __-- ______
Cony preferred
No par
13* Apr 12
36
393
10 8 July 341 Aug
3
8 363 387
8
8 3714 39
4114 102,100 Internal Harvester
No par 13 8 Feb 28 4114June 9
5
2 3918 3712 388 37
.109 112
1103* 1103 .no 11518 .110
683
4June 108
Jan
8
.110 . __ 11014 1104
100 80 Jan 5 1103nJune 5
200
Preferred
84 914 '812 0
82une 8
258 June 115 Mar
8
93 I072 10
4
212 Apr 4 107
103 49,500 Int Hydro-El Sys el A._No par
4
938 -11012
914 10
43
4 514
43
8
518
514 53
8
5
%June
4N Aug
514
5
5 18
114 Jan 4
5 8 June 6
3
6,700 lot Mercantile Marine_No par
438 5
313 May 1212 Sept
15.38 16
15
1512 15
15% 1518 173
4 17
63 Feb 27 1858June 8
4
1838 1733 18% 603,600 Int Nickel of Canada--No par
*98
____ •98 ____ .99 ____ •100 _ _ 10012 10012 *100 --__
50 June 86 Met
100 72 Jan 11 10012June 8
100
Preferred
, 11
11
212 Jan 4 17 June 8
10 4 15
3
100
llnJune 12 Sept
17
17
14
14
1514 161a 1512 16
740 Internet Paper 7% pref
312 37
33
4 412
5
45 Aug
53
8
5
533
% Apr 21
5%June 8
5
1tJune
53
4
4
53 16,200 Inter Pap & Pow el A...No par
4
2
2
2
3
233
27
8 338
14 Apr 1
3 8June 6
3
14 May
2 Aug
212 3
No par
333
Class B
19,300
23* 3%
11 Sept
112 IN
4 Apr
112 214
4June 6
214 234
14 Jan 6
23
212 23
4
212 234
214 23* 64,400
No par
Class C
1114 1012 1538 1518 1672 153 17
11
4
2 Apr 5 17 June 7
I% Dec 123 Sept
2
1512 1614 1312 1534 32,900
100
Preferred
1214June 8
3 Dec
1214 1214 .1218 1214
8 4 Mar
3
1138 1134 1 13* 113* II% 113
8 1114 12
312 Feb 2S
1,300 lot Printing Ink Corp_No par
.64
70
6414 6414
4
___ 63 63
63 63
*62
100 35 Apr 18 64142une 5 8243 Jan 45 Nov
Preferred
30
693
2612 2612 26
9 4 June 2312 Feb
3
26 .62No par 133 Mar 28 2712June 6
4
2512 2712 257 2 8 26
26% 26
26
15,200 International Salt
8 67
48
4813 4812 50
4June 7
488 48
2014 July 443* Jan
497 513
8
4 504 5114 50
50
3,100 International Shoe__ No par 2432 Jan 3 513
29
29
2712 2913 29
712 July 26 Sept
317
3112 367
8 3412 367
343 37
8
100
9% Feb 25 37 June 9
11,700 International Silver
*477 4812 48
26 May 65 Feb
48N 4712 503* 4912 55
5618 60
100 2412 Mar 2 (0 June 8
59
60
1.650
7% preferred
*
1610 174 1614 181
1714 1912 1933 2138 187 207
8
8 1818 19's 955,900 Inter Tele') & Teleg. __No par
518 Feb 28 2118June 7
2% May 151 Sept
614 6N
614 6'2
7 May 18
63
8 63
112 Mar 2
612 7
618 612
4
63
4 614 6,200 Interstate Dept 8tores_No par
1 2 May 11
,
Jan
30 30
30
18 June 5212 Jan
30
.2814 30 4 31
3
31
31
30 30
317
8
100
100 12 Apr 7 34 May 26
Preferred
6% 63
8
212 Dec
7 Apt
6
"614 61
7 June 2
6'S
612 814 *812 7
.614 7
600 Intertype Corp
No par
17 Jan 24
8
293 293
4
297 297
2938 295
8 2914 2912 29
8.1une 5
1014 Apr 2011 Aug
1
11 Feb 27 297
2938 28N 29
2,900 Island Creek Coal
417 417
8 4014 401
4112 4112 41
41
1518May 35 Feb
4112 4112 1,600 Jewel Tea Inc
4018 42
No par 23 Feb 27 43 May 29
• 3814 4058 373 3938 383* 4018 3812 4112 383 4212 393 4132 64,600 Johns-Manville
4
10 May 333* Sept
4
4
No par 1214 Mar 2 4212June 8
*7712 89
*7712 89
45 July 993 Jan
4
80 80
*79
80 .7712 80
*79 100
10
100 42 Apr 5 80 June 7
Preferred
07512 77
Jan
75
793
7718 7912 79
80
80 June 8
30 July 84
•79
80
420 Jones & Laugh Steel pref_100 35 Feb I
7938 78
0100 105 *100 105 *100 105 .100 105 .10014 105 .10014 105
9012 Apr 1131 Jan
K C P & L ist pref ser B No pa 10014May 3 110 Jan 17
6% 612
618 612
Mar 15
812 93 40,900 Kaufmann Dept Stores 812.50
8
93
8June 9
3 May
914 Mar
8
8 14 872
612 718
73
23*
41 July 143 Sept
1312 14
13N 133
8
4 133 147
8 1412 1514 1414 147
4June 9
4
133 153 46.900 Kayser (J) & Co
4
25
6% Feb 27 153
51
7 Mar 2
5
5
43
4 58
512June 7
5
512
5
47
8 514 A 514 513
48 514 30,500 Kelly-Springneld Tire
27 '30
28
28
31
6 Feb 28 31%June 2
28
30
30
2812 2914 2772 28
3,400
No par
6% pref
W8june 2.472 Sept
---- ---8% preferred
100
7 June 24 Sept
_
_..__ ....... _ ____ --- -8% pref aerate of
---- ---- ---- ---- ---- ---- ---- ---- --- ---- --__ ___. ______
20 Jan 53% Oct
deposit106
6% preferred
73
714 714
8 May 12
2 Feb 27
- 2
73
8
8
.
712 912 . 2 -3 12 .
800 KeiseyHayeaWheelconv.cLA 1
7
,
812
3
714 10
1114
3
103* 11% 1018 107
1018 11
23 May 10 8 Feb
4
3% Feb 28 1114June 3
1018 11
No par
10
103 137,700 KelvInator Corp
4
*47
48
17 July 38 Feb
48
48
48
4712 4712 48
4712 48
47
4712
160 Kendall Co pt pf ser A_No par 30 Jan 10 50 May 1
2012 217
73 Feb 28 22 June 2
8 201 21
47
0une 1914 Sept
20% 2114 20
2112 2014 2112 20
No par
203 176.200 Kennecott Copper
4
*16% 1912 1714 1714 17
611 Dec 1912 Jan
18
57 Apr 6 1812 Tune 8
8
18 .1612 18
1812 1812 1812 1,000 Kimberley-Clark
No par
18 Apr
5 Sept
614June 7
314 37
3 4 4%
3
I Apr 3
4
5%
514 614
4
No par
533
45* 514 34.000 Kinney Co
1512 18
3 June 19 Aug
153 163* 18
22
1912 213
4 195 2014 1812 1912 2,480
45 Feb 14 22 June 6
2
No par
Preferred
123* 13
652 July 19 Jan
4June 9
4
512Mar 2 143
1212 1314 127 13% 123 1314 13% 133
10
8
4 1312 1434 78,500 Kresge (55) Co
.94
88 May 110 Mar
96
96
96
07
*97 106 *100 106 .100 106
100 88 Apr 4 100 Jan h
97
7% preferred
40
18 June 37
3614 3614 36
Jan
3618 .33
36
37
37
40
8,300 Kress (S Ill & Co
No par 27 Jan 17 40 June 9
37
372 *34
In May
9% Jan
14 Jan 3
Kreuger & Toll(Am etfs)--- 1-32 Jan 26
2918 307
29
30% 20% 303
4 29% 3012 3018 304 3018 31
10 May 18% Mar
1412 Feb 24 3118June 2
No par
26,500 Kroger Oro() & Bak
8June 6
25 May 563 Jan
4
No par 224 Mar 2 395
3514 363
8 35
38
37
69,500 Lambert Co (Tbe)
38
3833 3958 383* 3918 357 381
7 Aug
52
4
2 May
418 *5
512June 8
3 Feb 8
6
.518 614 •5
400 Lane Bryant
No par
618
512 512 • 48
55
93 10
10
10 Apr
4
818 Sept
107
8
10
101
1012 11
8
5
3 4Mar 2 11 June 7
3
1018 1018 10
105 21,300 Lee Rubber A Tire
33* Apr 11 Aug
1814 1814 1738 18% 173 1814 18
5% Jan 5 19 June 8
18
18
19
18
181g
2,800 Lehigh Portland Cement_ --50
40 Dec 75 Jan
*69
75
"69
75 .69
75
100 34 Feb 9 75 June 7
75
75
*69
75 .69
75
10
7% preferred
41 Aug
.
314 313
34 4
I May
4 June 5
312 4
13
35
8 338
8
1 Jan
312 37 16,100 Lehigh Valley Coal---_No par
313 37
8
912June 8
IN July 1112 Aug
87
913 8,700
614 612
2% Apr 10
612 858
50
83
8 87
8
8
9
9
Preferred
912
8June 3
6438 667
3012 June 517 Sept
8 6512 06
6418 6618 6312 6512 6538 6612 6518 667 13,000 Lehman Corp (The)._ _No par 371 Feb 28 667
217 2212 213 2318 2212 2314 2214 2318 22
6 May 2414 Mar
4
5 14 Feb 27 2314June 6
23
213* 217
8,900 Lehn & Fink Prod Co
38 May
93 Sept
30
32
42une 2
297 31
414Mar 1 323
30
303 32
3212 2814 313
4 2812 301 208,100 Libby Owens Ford Glass No par
8912 9112 8812 92
3214 J,ine 6512 Oct
91
Liggett & Myers Tobacco 25 49 Feb 16 9312June 9
91
.89
91
*91
2,100
92
91
931
89
913
4 8834 937
4June 9
3418 May 674 Sept
2 91
25 4914 Feb 16 953
923
Series B
4 90
9134 91
9212 9214 953 25,700
*130 140 "130 140 *13011 140 .13012 140 *13012 140 •13012 140
Oct
100 121 Mar 22 132 Feb I 100 May 132
Preferred
193 2012 1914 2012 1912 19 4 193 2012 1912 2012 20
4
14 June 21 Mar
3
4
2,000 Lily Tulip Cup Corp_No par 13 Apr 6 2112May 16
20
2114 2214 2112 213
2
8 3 Apr 193 Aug
4 20 4 2112 21
3
223* 2212 2312 21
22
6,500 Lima Locomot Works- _No par 10 Jan 17 2312June 8
•15
174 .15
173
4 1518 1518 17% 1734 *1714 193
612 June 14 Mar
4
634 Apr 17 19 May 29
No par
1638 183
8
400 Link Belt Co
323 347
4
3312 35
3312 3414 323 3412 32
4May 25
9 May 22 Mar
4
No par 101 Fej25 363
3314 313 333 17,600 Liquid Carbonic
4
8
213 227
4
8 207 227
1314 May 371k Sept
2112 2238 2138 2278 21, 227
8% Mar 22 2278June 3
No par
3
8 2112 221 52,800 Loew's Incorporated
39 July 80 Sept
6814 6814 67
70
7012 7012 71
71
697 72
*69
71
No par 35 Apr 4 72 June 8
700
Preferred
5 Sept
312 35
17 June
2
8
312 354
35
412
372 414
414Jtuge 8
32,300 Loft Incorporated
No par
338 334
14 Feb 24
38 4
4
37
1* May
4
4
4
27 Aug
8
378 4
12 Feb 24
354 4
412May 29
314 4
37s
1.390 Long Bell Lumber A__No par
39
40
39
1618 July 3638 Feb
3912 39% 397
8 39
395
39
397
3812 3812 4,000 Loose-W Iles Biscuit
25 1914 Feb 27 4018May 25
1164 118 .114 1163 1164 1168 .11612 1163 1164 1163 *117 120
96 July 118
4
4
Oct
4
70
7% 1st preferred
100 11312May 9 120 Jan 14
20% 208 2018 21
2058 21
9 May 183 Sept
sJune 9
2038 21
2033 211
21
22% 82,200 Lorillard (P) Co
No par 10 2 Feb 16 227
3
*1003 110 .102 110 *102 110 *102 110 *102 110 *105 110
8
73% Jan 10818 Sept
100 8712 Feb 23 100 iJune 1
7% Preferred
3
33
8
27
23
4 3
21
3
214 July
3
273 3
12 Jan
27
27
8 4,600 Louisiana 011
3 8June 3
3
No pa
5* Jan 5
•12
1612 .14
8
187 *1214 13
2
*1414 167 *1414 167
8 163 163
100
3% Feb 24 19 May 26
3 Dec 18
Jan
10
Preferred
4
1922 2014 1912 2014 197 2014 1912 20
1914 2018 19
193
10,500 Louisville Gas & El A_No par 13-8 Apr 8 2014June 6
812June 233* Mar
s
15
1512 1414 163
8 1512 1712 163 17
8
15% 1714
1618 173 14,400 Ludlum Steel
2
112 Jan 1138 Sept
4 Feb 2a 1712June 6
1
.36
49
*40
*2118 213
4 21
*75
8312 .75
34
353
4 333
4
592 6012 5812
37
8 372 *33
4
1712 17% 1612
312 3 4
3
33
4
312 312
314
814 812
8
914 9%
812
14
143
135
212 212
212
914 92
4
914
19
2014 1812
14
,
114
118
163 183
4
8 1638
31
321s 293
4
.107_ •107
29529 - 8 28
512 512
572
•95 148 "93
8
4
4212 *21
*39
45
49
45
48 .42
45
5018 .55
21
21
21
.21
2112 21
21
18
8312 *75
8212 .7012 8312 *7012 8312 *7012
3
3512 35
4 3512 373
4 343
4
373* 35 4 363
5912 59
5912 59
60% 59% 608 59
4
(.314 4
378 412
378 37
8
3%
165 1714 1634 1714 15
1612 163 17
334 4%
4
4 14
4
4
3 4 414
3
332 4
312 4
37
2
37
2 4
3
9
8
712 9'8
73
4 8
738 8
812 .9
93
8
918 012 *9
938
9,
2
1312 133* 1314 1512 154 18
14
1738
233
212 0218
212 212
23
2 23
2
23
2
934
2
1112 103
938 1012 103 1114 11
4
1834 183
19
1818 1812 18
1912 19
15
2
15
8
I%
13
178 218
2
1718 1638 1714 a1618 17
16% 1714 15
3212 31
32 4 303 313
,
29
4
4 2912 318
_ •101
__ *105
__ •105
_ *10712
-2f;
29 - 8 283 -29
2974 28122914 2812
53
2
554 514
53
4 57
2 •
512 514 *512
4
12
12%
14
.93 1118 593 1018 12
4212 .401., 4212 4212 4212 *40
4212 *40
58
400
1812
800
8312
365s 28,800
604 9,800
4
3,800
1714 5,800
414 12,800
312 2,560
812 1,510
130
912
184 0.600
272 1,100
1112 71,500
188 2,500
138 117,500
163 23,300
4
30% 26,500
_ _ ___
--2912 4,900
53
500
1218
300
48
101
Cony preferred
No par 1458 Mar 28 5018June 8
MacAndrews & Forbes
10
9% Feb 18 21 12June 1
6% preferred
1(81 74 A pr 18 8112June 2
Mack Trucks Inc
No par
1318 Feb 27 377
8May 27
Macy (R 11( Co Ine
No par 394 Feb 25 613
8May 31
Madison (11,1 Gard •t o No par
I% Mar 30
414June 7
Magma Copper
No par
ass Mar 2 18 June 2
Mallinson (H RI & Co_No par
Is Feb16
4142une 6
Menet! Sugar
4 June 6
10C
14 Jan 4
Preferred
100
38 Jan 6 9 18June 6
Mandel Bros
No par
112 Jan 3
9122tine 2
Manhattan Shirt
25
5% Apr 1
1834June 9
Maracaibo 011 Expinr_No par
12 Jan 13
278June 9
Marine Midland Coro
10
514 Mar 31
1118 Jan 14
No par
6 Feb 27 2014June 3
Mariln-Rock well
Marmon Motor Car...No par
way 5
212June 6
Marshall Field & Co_ No par
4N Jan 30 1832June 3
Mathieson Alkali WorkeNo par 11 Feb 27 3212June 5
100 10018 Jan 2( 105 Apr 2u
Preferred
93 Feb 24 30 June 2
May Department Stores...25
4
Maytag co
1 18 Apr In
57 tune 7
4
No Par
No par
318 Apr 4 1218June 9
Preferred
Prior preferred.. . No par 15 Apr 5 4212June 8
•Bid and asked prices, no sales on 11113 day. a Optional sale. c Cash sale. s Sold 15 day.. 2 En-dividend
y En-rIghta
612 Jan 26 Sept
918 Aug 1514 Feb
57% May 8.0 Sent
10 June 2814 Sept
17 June 6012 Jun
412 Sept
218 Jan
4
418 Apr 133 Sept
4 Sept
12 Jan
18 Mar
214 Sept
314 Sept
14 Apr
4% Sept
Dec
1
9 Aug
312 June
112 Aug
3* June
612 June 143* Aug
544 May 13% Sept
18 Apr
3% Sept
3 July 1318 Jan
9 June 2078 Mar
89 4 Apr 105 Jan
3
912 June 20 Jan
6 Aug
1 July
3 Apr 1012 Sept
2218 Dee 3514 Jan
New York Stock Record-Continued-Page 6
4054
t-er
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday
June 3.
June 10 1933
FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SIXTH PAGE
PRECEDING.
Monday
June 5.
Tuesday
June 6.
Wednesday
June 7.
Thursday
June 8.
Friday
June 9.
Saks
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
-share tots.
On basis of 100
Highest.
Lowest.
S per share $ per share $ per share $ per share $ per share $ per share Shares Indus. & Miscell. (Con.) Par $ per share $ per share
24
2414 24
24
2312 24
2318 23 8 2312 2312 233 24
5
4
2,800 McCall Corp
No par 13 Mar 3 241 aune
24 2 4
3
3
43
23
4 3
2 4 31
3
3
434
478
412 47 20,500 McCrory Stores class A No par
38 Apr 15
47
8June
318 318
312 31
312 33
4
412 5
*434 48
6
3,000
Class B
6 Jan
114 Jan 13
5
No par
1012 1012 1012 11
1118 121
1212 1212 163 1812 1614 17
4
1,100
Cony preferred
212 Mar 17 21 Jan
100
*5
6
6
6
6
6
6
712
712 8
7
7 12 2,100 McGraw-Hill Pub Co_No par
8 June
3 Apr 4
28
2912 28
3014 2914 3012 29 4 3012 308 33
3
318, 327 123,300 McIntyre Procupine Mines-5 18 Mar 16 33 June
8
83 8412 82
8314 82
83% 8112 8212 82
6,900 McKeesport Tin Plate_No par 4418 Jan 4 8 sJulle
828 8012 82
45
4 8 518
7
47
8 5
478 514
518 618
512 618
512 58 71,000 McKeown & Robbins
618June
1% Mar 2
5
1212 123
4 1112 1212 127 1312 13
8
17 8 16
3
177
8 1512 1712 18,000
Cony pro!series A
358 Mar 3 1778June
50
158 13
4
17
8 28
3
214 2 4
3
2
238
2
214
17
8 214 71,300 McLellan Stores
4June
23
No par
14 Feb 24
14
1434 1414 1858 20
2012 17l2 2114 17
1812 1612 163
4 1,060
8% cony pro!sex A
100
218 Jan 16 2114June
22
22
2112 2212 2212 2212 22
2212 2212 2212 2138 2112 1,200 Melville Shoe
834 Feb 27 2212June
No par
84 93
83
4 9
814 85
8
83
8 88
5
818 83
8
8
818 8,700 Mengel Co (The)
912June
2 Mar 1
1
1712 1712 •17
1712 *16
1712 1712 1712 *1713 173 *1712 173
4
4
400 Mesta Machine Co
5
7 Feb 24 1812May 1
1812 19
*19
20
19 4 19 4 20
3
3
2014 *20 4 21
3
*17
21
500 Metro
-Goldwyn Plot pref-27 1312 Mar 1 2014June
814 9
78 88
7
5
8
83
4
8
914
814 813
8
8 5 25.200 Miami Copper
8
Patine
15, Mar 3
5
10 4 1178 1058 11
3
107 1114 105 1158 11
8
8
1178
11
113 35.100 Mid-Continent Petrol_No par
4
8June
3 4 Max 2 117
3
1334 143
4 1314 1413 14% 1514
1412 15
8
143 1514 145 1514 15,900 Midland Steel Prod---No par
4
3 Mar 2 1514June
*68
70 *68
70 .68
70
68
68
*50
70
400
68
70
8% cum Ist prat
100 26 Mar 3 70 June
*1912 2112 1912 1913 21
21
, 215, 217
•21
22
*21
500 Minx-Honeywell Regu-No par 13 Apr 4 22 May 29
8
215
33
8 312
314 3
53
313 312
318 33,
28 353 32,400 Minn Moline Pow Impl No par
358June 5
3
38
3
38 Feb 3
1912 1912 19
19
19
19
1838 1878 1834 18 4 18
3
21
2,000
6 Feb 7 21 June 9
Preferred
No par
16
1614 1514 1612 15 4 163
4 1638 1714 16
3
17
143 16
4
14,500 Mohawk Carnet Mills-No Par
7 Jan 23 1714June 7
50 503
4 4912 50
4812 49 8 477 4934 4818 493 x475 49
5
8
4
8
3,200 Monsanto Chem Wks_No par 25 Mar 3 50 4June 2
3
223 2458 2212 2358 223 23 4 23
4
4
3
2438 233 243
8
4 23
245 323.600 Mont Ward & Co 1n0
8
83, Feb 25 2434June 8
-No par
48
48
4712 48
485 49
8
48
4834 48 483
1.300 Morrel (J) & Co
4 48 48
No par 25 Jan 6 50 June 2
17
8 218
134 2
112 134
112 158
112 13
218June 2
4
112 153 60,800 Mother Lode Coalition_No par
Is Jan 9
17
8 2
17
8 2
178 2
178 2
134 2
13
4 17 15.600 Moto Meter Gauge&En No par
2 May 16
8
14 Jan 5
2112 2314 21
2214 2114 2312 23
24
23
2414 22
24
12,500 Motor Products Corp--No par
7 4 Mar 1 2414June 8
3
78 74
5
3
78 8
3
712 9
812 9 8
3
934June 8
914 9 4
3
914 912 34,400 Motor Wheel
No par
11 Mar 1
:
87
8 918
812 87
9
2
973
834 93
914 1014
914 9 4 13,700 Mullins Mfg Co
11:Mar 21 1014June 8
3
No par
2113 2112 2012 21
21
22
2114 23
23
24
1,010
2414 25
Cony preferred
5 Mar 21 25 June 9
No par
17
17
1714 1714 17
1712 *15
16
153 17
4
*15
163
4 1,300 Munalngwear Inc
5 Mar 30 18 June 2
No par
8 8 98
5
3
83
4 94
3
9 4 1018
3
10
11
912 103 117,100 Murray Corp of Amer
934 11
3
10
158 Feb 25 11 June 7
18
18
18
18
17 4 18
3
1814 19
*17
800 Myers F & E Bros
8
1812 183 183
8
8 Jan 25 20 May 5
No par
195 21
8
2014 213, 21% 2218 213, 2218 203 2212 208 2112 119,800 Nash Motors Co
4
Na par 11% Apr 12 2212June 8
61, 133
4
618 614
6 8 63
3
634June 2
4
618 63
4
6% 653 7,200 National Acme
10
618 65,
118 Feb 28
473 6
6
8
8
84
3
4,600 National Hellas Hew pret-100
8 4June 6
3
78 814
612 7
71z 73
114 Jan 27
4
53 8 55
5
522 54 8 5213 538 5214 535, 5358 5418 538 54% 27,400 National Biscuit
3
10 3113 Feb 25 5512May 27
*136 8 138 *13614 13713 13614 13614 137 4 137 4 *136 138
3
100 118 mar 3 1387 Jan 10
3
3
8
200
13512 13712
7% cum prof
185 19 4 HA 1914 183 191
8
3
4
185 19
8
19
1812 193
26,600 Nat Cash Register A---Na par
4 18
518 Mar 2 20381%.1ay 29
2012 2112 2014 21
2012 21
20 4 2114 21
3
2112 213 23 144,600 Nat Dairy Prod
4
No par 1012 Feb 27 23 June 9
138 15,
112 214
2
258
17
2
238June
13
112 2
4 2
10,900 Nat Department Stores No par
%Mar 15
6
658
,
54 8 2
3
714 10
714 812
Preferred
73
100
3
4 73
4
114 Feb 23 10 June
75, 7 8 1,170
64 4 6914 7014 738 70
3
3 7438 7114 7414 70% 7314 67
713 09,300 National Distil Prod-No par 167 Feb 15 7438June
8
71
75
77
80
79
8014 7912 8018 8014 8014 *72
79
4,700
$2.50 preferred
40 24 Feb 8 8014June
13
13
*1012 1412 *1012 1312 *1013 14
11
11
11
11
400 Nat Enam & Stamping_No par
6 Feb 2 1314May 3
*105 111
111 11114 *1113, 115 *110 115
111 112
11012 11012 1,000 National Lead
100 43 Feb 23 112 June
14
*113 117 *113 117
114 114 *113 120 .113 114
200
114 114
Preferred A
100 101 Mar 1 117%May 2
*90
96
96
*9312 96
96
96
Preferred B
9718 9718 •90 10814
200
100 76 Feb 23 9718June
15 4 167
3
8 15 8 163, 168 17% 17
5
18
17% 1814 163 177 91,800 National Pow & Lt____No par
4
8
6 8 Apr 1 1814June
7
45
468 45
4614 4618 4812 4713 4 3
4914 4712 5114 66,700 National Steel Corp- No par 16 Feb 27 5114June
8 3 48
215 2312 223, 23 4 23
8
2212 247
24
3
4
2512 263 19,700 National Supply of Del
8 2453 27
50
4 Apr 6 27 June
59
6014 5913 5912 58
58
59
5912 5812 60
1,470
59
Preferred
100 17 Feb 23 6014June
597
32
33
35
34
3
612 712
7% 30,400 National Surety
7
38 5
7
10
78
812 Jan
114May 3
20
207
8 193 2058 19 4 2058 1958 20
4
3
1913 20
1918 2014 14.500 National Tea Co
8May 2
No par
612 Jan 4 215
.814 83
4
8% 9%
914 912 *9
912
912June
4 2,200 Neianer Bros
9
91
83
No par
4 83
112 Jan 16
1012 1118 10
1038 1018 1012 101 10 4 10
3
3,700 Nevada Consol Copper-No par
103
4
98 10
4 Feb 28 118,June
512 58
51
58 54
3
3
538 558
5% 514
58
3
5
5
18 Mar 29
3,000 Newport Industries
6 June
1
1812 1812 1712 1838 18
18
17
18
173 173 *155 173
4
4
8
8 1,400 NY Air Brake
No par
618 Apr 4 19 May 1
*8
83
4
8 4 83
3
4
83
4 912
320 New York Dock
9
10
10
10
5 Apr 25 10 June
98 97
100
15
15
*11
15
15
16
17
18
18
19
*1614 18
430
Preferred
612 Mar 30 19 June
100
2
258
13, 2
2% 2 8
5
13
4 218
258June
13
4 2
13
4 17 39,100 NY Investors Ina
8
No par
12 Apr 3
65
3
75,
714 9
812 914
8June
814 87
4 814 22,400 N Y Egli pbldg Corp part stk._1
73
3
93
73
4 84
134 Jan 4
*65
6714 6712 6912 71
73
72
75
747 75
8
430
74
75
7% preferred
100 31 Jan 9 75 June
*8714 9512 *8714 9512 *8714 9512 *90
9512 *92
95
20 N Y Steam $6 pret
95
101 Jan 9
95
No par 80 Mar 24
*10014 11012 10014 10612 .103 10612 *103 10612 *10014 10612 10014 103
27 lot preferred
30
No par a9314 Apr 25 110 Jan 11
2914 3018 2812 29 4 29 8 30% 2913 313
3
3
92,100 Noranda Mines Ltd-No par 173 Jan 14 3212June 8
3213 3058 32
8 31
8
2914 31
x285 30
8
29
305
8 3018 31l2 3034 32
3014 313 225,800 North American Co
4
No par 15% Apr 4 32 June 8
441 4418 *4414 442 4314 4314 *44
45
44
4418 44
Preferred
4414
600
60 32 Feb 28 46 Jan 12
7
Ps
714 7'2
7
7 12
7
8 Apr 29
713 75 110.400 North Amer Aviation
784
6
738 77
4 Feb 27
*6918 80
*70
72
72
72
7013 72
600 No Amer Edison pref-_No par 48 Apr 19 7412 Jan 16
7018 7018
708 72
512 5 4
3
9
6
9 8 10
3
638
7
8
912 9 4
1.600 North German Lloyd
3
8
5 May 18 10 June 7
4212 427
8 42
43
42
42
42 42
40
42
160 Northwestern Telegraph_ _50 263 Apr 27 43 June 5
*3813 41
4
35
35,
37
3
358 31 11,600 Norwalk Tire & Rubber No par
358 3%
3% 312
358 33
8June 7
37
118 Feb 23
124 1312 1212 133
42 Feb 27 1412June 9
1318 137
8 13
13
1412 117,000 Ohlo 011 Co
13% 14
137
No par
53,
514 5 4
3
513
514 512
47
8 58
3
5
5
612 43,400 Oliver Farm Equlp
No par
612June 9
48
118 Feb 27
29
29
28
Preferred A
2918 2714 2834 25
4 3,400
No par
3
3% Feb 28 30 4June 9
2838 2512 2712 2512 303
6 8 74
5
614 67
8
612 63
612
6
4
63
64
8 67 14.500 Omnibus Corp(The)vto No par
3
8
6
712June 2
1% Mar 2
8 1318 1418 1234 1318 1218 1318 1318 1318 2,000 Oppenheim Coll & Co-No par
1358 1458 1318 142
2% Feb 28 15 June 2
.514 5 8
3
160 Orpheum Circuit Inc prei_100
514 5 8 *6
3
68 7
7 June 9
812 *57
8 7
8 84 •57
13 Jan 30
8
1934 2114 19
20% 2114 40,900 Otis Elevator
21
19 8 21
2014 19
5
2018 19
No par 1018 Feb 27 2138June 2
*9814 100
*99 100
*9814 100
60
99 99
Preferred
101 101 *101 110
100 9311 Apr 5 102 Jan 27
614
712 778 65,200 Otis Steel
718 712
6
68 7
5
64
618 612
7 8June 9
7
114 Mar 1
No par
1613 17
3,000
17
8May 11
1712 18
*1513 17
Prior preferred
19 8 1918 1953 1812 19
3
100
214 Feb 28 197
72
7514 7112 7514 73
7412 7713 73% 758 30,100 Owens-Illinois Glass Co--__25 illis Mar 3 78 June 7
78
74 4 73
3
26
28 2638 2734 2713 2858 28
287
8
27% 2918 2714 2814 38,700 Pacific Gas & Electric
26 20 Apr 7 3114 Jan 11
34% 35 8 3314 345
3
3
3312 35
8 34
3312 3458 32,800 Padre Ltg Corp
35
3558 34
No par 2514 Mar 31 43 8 Jan 11
2034 20 8 20 4 23
7
6 Feb 21 28 June 8
28
3
2612 2712 5,500 Pacific Mills
23 4 2518 25 4 267
8 27
100
3
3
88
85
8812 84
87
88
380 Pacific Telep & Teieg
89 •88
3 89 June 5
87
89
8612 88
100 66 Mar
4June 8
63
18 Mar 24
4
68 6% a6
3
5'8 58,
54 6 8
3
612 533,200 Packard Motor Car-No par
3
58 5 4
3
63
4
6
8
8
818 8% 10
12
*10
12 .10
400 Pan-Amer Petr & Trans new_6
*10
12
10
8 June 2 10 June 6
.._ _ _ _
Class B
5 1112 Mar 2 1212 Feb 18
23
24
23
5 243- 2318 25
1
4
No par
23 13 8 2253 2313 5:300 Park-Tilford Inc
6 Jan 20 2912May 27
23% i4
212 23,
8 2,400 Parmelee Transporta'n_No par
238
218 214
212
214 23
212
23
2 4May 31
3
2% 212
%Mar 21
31 24,100 Panhandle Prod & Ret_No par
113 134
112 15
8
38 Apr 18
2
8
112
312June 9
13 213
18
28 314
17
134 2
42,400 Paramount Publix ctbs. ___10
15
8 2
2
212
218
2
214
17
8 213
212June 6
% Apr .
3
38 3 4
5
3
312 3 4
1
4
35
8 34
3
34 Jan 9
3
312 3 4
358 3 4
3% 33 20,500 Park Utah C M
3
3 8June 2
7
114
112 17 53,500 Pathe Exchange
112
8
No par
2 June 6
13
4 2
13
14 Jan 4
8 17
13
4 2
8
13
4 2
4
438
418 478
4
Preferred class A_ _ No par
44 5
538June 7
43
8 514
412 538
114 Jan 25
43, 43 22,200
16
1912 188 2014 97.000 Patine Mines & Enterpr No par
167
8 15% 16
a15 4 1638 1618 1718 17
1
54 Jan 16 2014June 9
2
238
25
8 234
27
8 314 9,700 Peerless Motor Car
23
4 3
3
314
2 4 318
314June 7
3
3
1 Feb 16
4
447
44
4414 44 4 43
4458 44% 45 4 45% 4813 8,900 Penick & Ford
3
3
No par 4512 Feb 27 4812June 9
4418 44
38
39 8 3718 383
4018 35,800 Penney (J C)
3
3818 3912 3814 4012 38
39
4 38
No par 1914 Ma: 2 4012June 8
*1025
__ __ _ _
*103 _
Preferred
*103 _ _ *103 8 . __ *1033 . .*1033
8
3
8
100 90 Jan 4 310412 Feb 11
638June 1
8-12
512 6
512 12,100 Penn-Dixie Cement___No par
5 8 18
ss Jan 25
3
1
514 _58 - 1
3
58
-1z
5
5
5s 5
3
2014 2014 20
700
*17
20
20
20
20
2012 *18
Preferred aeries A
20 *15
100
418 Mar 2 2114May 31
*25
3218 *2334 ____
Peoples Drug Stores_No par 10 4 Jan o5 28 May 29
283 *24
283 *24
283 *24
4
283 *24
4
3
___ __ _
*843
*86
634% cony preferred--_100 65 Apr 11 78 May 31
8 _
_ _ *86
___ *86 100
__ *86
_
14,900 People's G L & C (Chle).._100 413 Apt 18 78 Jan 9
69 - -34 *80-71 . 673 70
69
4 66 2
69 4 3 7214 693 713
70 72
113 12
4
12
13
13
1314 1313 1418 14% 1514 138 1412 3,700 Pet Milk
No par
612 Feb 2 1514June 8
1018 11
4June 2
1018 1034 1012 10 8 1014 107
4
432 Jan 3 111
8
7
8 105 1118 1012 113 30,200 Petroleum Corp of Am_No par
143 153
8
-Dodge Corp
8 14
1412 1314 1412 135 143
4
25
8
138 145* 133 143, 78,700 Phelps
412 Jan 4 1512June 1
33
33
*31
500 Philadelphia Co 6% prat_ 50 25 Apr 11 35 June 8
34
32
32
34
3312 3312
34
3212 35
800
*60
55
$6 preferred
57
66
593 593
62
4
No par 47 May 12 62 June 8
62
5912 60
*58% 62
6
63
4June 7
8
618 658
57
8 6% 43,600 Phila & Read C &I-- _No par
6
63
54 613
6%
212 Fab 27
614 6 4
3
13 8 1458 1418 144 1418 143
5
8June 9
8 6,200 Phillip Morris & Co Lid-___10
4 14
8 Feb 33 147
14
14% 1418 147
% 14
100 Phillips Jones Corp-No par
7 June 9
912 *538 912 *612 97
*612 9 8 *612 7
*5
7
7
7
3 Feb 8
100 ____ _ __ _ ____ _ _
*2512 60
*30
60
Preferred
*30
60
*32
*32
60 •32
60
60
4June 2
1212 137
8 1253 1312 1358 137
No par
43 Jan 4 143
4
8 13
133 14,13 114.700 Phillips Petroleum
13 8 13 2 14
7
,
878June 6
*812 84
812 85
380 Phoenix HosterY
8
8
8
818
812 812
8
812 8
8 13
6
7
15 Mar 15
97
1,200 Pierce-Arrow class A-No par
112 Apr 18 10 June 6
*6
74 77
8
8 *7
10
8
*8
8
10
8
158June 9
lig
114
118 114
112
112 15 52,000 Pierce 011 Corp
114
26
4 Jan 3
158
15,
15, 112
Preferred
1014 1114 *8
107
8 1014 1014 1012 10% 10% 1012 1018 103
100
4 1,600
3s Feb 27 1114June 2
7
28,800 Pierce Petroleum
13
4 2
13
2 June 2
4 2
13
4 2
134 2
17
No par
8 2
17
8 2
Is Jan 23
8May 12
21
8 2112 2214 22
2214 2153 2214 21 4 213
215
8 2118 217
tus Feb 24 233
,
4 7.700 Pillsbury Flour Mills-No par
3 50 .4518 50
*4612 481g *4718 50
4512 4612
__ *45
100 Pirelli Coot Italy Amer shares 3338 Apr 4 47 May 29
100
4 Feb 25 1912June 2
1,600 Pittsburgh Coal of Pa
1858 1912 1812 1812 18
16
8
1858 1858 *137 177
187
3 18
46
*44
46
*43
200
*4413 4513 *445 46
46
Preferred
45
100 17 Jan 25 46 June 9
46
45
8
8 June 8
618
6
6
6
63
4 6,800 Pittsburgh Screw & BoltNo par
11 Feb 15
2
712 73
8 6%
7% 8
714 7 4
3
Pitts Steel 7% cum pref-100 104 Jan 6 3834May 26
*35
37
39
39
*35
37 .35
*35
39
38
*35
*35
64
57
8 6
6
87
6
8 57
6
87g Ss
1,600 Pittsburgh United-8June 3
63
4 Feb 6
26
6
633
Preferred
560
4
100 153 Feb 27 5812June 8
,
8 5418 544 55 8 5812 5414 56
.
533 567
4
5412 56
551 57
•
Bld and asked prices. no sales on this day. a Optional gale. a Rs-dividend and ex-rig/Ma. s Sold 16 days. s Es-dividend
.- Cash 3318
PER SHARK
Range for Previous
Year 1932.
Lowest.
Highest.
$ per Char $ per share
10 May 21
Jan
612 Dec 16 Apr
5 Dec 19 Jan
20 Dec 62 Feb
21: May
712 Jan
13 May 215 Dec
8
28 June 6214 Feb
118 June
612 Sept
318 May 23 Feb
3 July
8
4 Mar
7 Dec 36 Mar
7 8 Dec 18 Jan
7
1 July
6 Aug
514 May 1912 Jan
14 June 2214 Jan
11 June
:
614 Sept
3 4 Ap
3
8 8 Bent
7
2 June 123 Sept
8
25 June 65 Sept
11 June 2312 Jan
31 Aug
%June
4 Dec 145 Aug
8
512June 14 Sept
4
138, May 303 Mar
312 May 1612 Sept
20 May 3514 Mar
3 Aug
4
% May
14 Apr
114 Sept
7 8 June 293 Sept
3
8
2 June
65 Sept
8
2 June 133 Jan
8
5 June 2712 Sept
7 Aug 1518 Sept
218 July
9 2 Mar
7
718 June 19 Feb
8 May 193 Sept
4
114 May
5% Sept
18May
6 Sept
2014 July 467 Mar
8
101 May 14214 Oct
z614 Dec 183 Sept
4
143 Jtine 313 Mar
8
8
'June
218 Aug
114 Dec 10 Aug
13 June 2714 Aug
2018 May 3212 Feb
33 July
8
8% Sept
45 July 92 Jan
87 July 125 Mar
61 July 105 Jan
68,June208 Sept
3
7
1312 July 33 k Sept
3 June 13 Sept
12
1312 May 39% Aug
412 July 194 Aug
312May 10% Aug
Ds Apr
512 Jan
213 May 1014 Sept
112June
3 4Sept
3
414 June 1412 Sept
318 Dec 10 Sent
20 Apr 30 Aug
12 June
3 4 Aug
3
Da Dec
614 Feb
20 June 67 Mar
70 May 100 Oct
90 June 109% Mar
1014 May 213 Sept
8
1334 June 4314 Sept
2512 July 248 Sept
1% May
63 Dec
2
49 July 88 Sept
2 8June
3
8 Jan
16 June 33 Aug
34 Feb
212 Aug
6 Jan 11 Aug
4 Apr
4 Aug
2I: May 104 Aug
434 Mar
112 Jan
3 June
9 8 Jan
7
3 June 115 Sept
14
9 May 2212 Jan
90 May 106 Nov
94 Sept
114 May
31s May 20 8 Sept
3
12 June 4214 Nov
164 June 37 Feb
5
204 June 4712 Aug
314 May 14 Aug
68 June 1043 Mar
4
112 Ally
54 Jan
71- July
4
2 Apr
4 June
14 Dec
14; Sept
10 Sept
2 Jan
1% Jan
58 Apr
2 Sept
14 May
114 Aug
114 June
54 Feb
3% July
912 Sent
34 June
43 Apr
4
16 June 325 Mar
13 May 3412 Mar
60 June 91 Mar
2% Aug
: Apr
1
3 Nov
8 Sept
12 Oct 16% May
50% July 96 Feb
39 July 121
Jan
5 Dec 1212 Jan
75, Sept
23
4May
31 June 1158 Sept
8
18 June 41 Mar
48 June 76 Sept
2 June
ra Sept
7 June 13 Aug
312 Apr 12$4 Sent
10 Apr 32 Feb
2 June
818 Sept
2 Nov
918 Aug
114 June
9 Jan
14 Jan
34 Sept
9 Aug
812 Jan
12May
15 Sept
8
9% Dec 221 Jan
:
21 June al% Mar
3 May 115 Sept
8
Jan
17 Dec 40
2 Apr
41 Aug
8
91 June 243 'lent
:
4
5 Dec
8
33 dent
4
14 May 44 Sept
v Ex rights.
New York Stock Record-Continued-Page 7
4055
NirFOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS •-iST, SEE SEVENTH PAGE PRECEDINC,
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
June 3.
Monday
June 5.
Tuesday
June 6.
Wednesday
June 7.
Thursday
June 8.
Friday
June 9.
Seaes
for
the
Week.
$ per share g per share g per share 3 per share 3 per share $C per share Shares.
212
212
238 212
23
8 212
212 23
4
25
8 23
4
212 23
4 4.990
153 16
8
153 16
8
15
153
143 158* 52,900
147 1614 1512 16
8
818 83*
4
814 9
812
814 812 5,800
818 83
7 4 812
3
8
57
8
7
714
67
8 714
7
7
7% 13,900
67
8
512 67*
334 33
4
3 3 33
5
4
312 312 5,600
3
33
4
334 37
31s
314
1912 213
2614 3034 132,800
4 20
4 3212 38
3512 403
27
2812 36
*1034
_ •107
8
_ *113 1214 *1112 1214 *1134 123* *1134 125
4
1712 *17
*17 _-- *153 1177
1712
17
17
8 713 1712 1712 *17
600
45
518
418 412
414
513
3% 418
412 47g 32,600
312 4
18
*16
15
163
4 1612 163
1612 *9
15
15
4 2,300
15
15
4114 4214 41
413 423
4238 403 42
8 40
4
4112 414 425
23,000
8
8
101 101 *100 1007 1007 1007 *99 1007 1007 1007 101 101
8
8
220
8
134 2
17
17
8 2
13
4 2
8,800
13
4 17
8
17
8
13
4
17
9
0
918 918
*9
*84 10
10
9
912 10
9%
200
4
5238 5413 28.300
5112 5312 503* 5213 513 533* 5218 5312 523 54
4
85
85
85
79 4 80
3
80 80
1,000
8014 8014 8312 8312 *82
*913* 93 .9212 93
93
*9418 97
95
93
95
200
*923 93
4
•101 10518 10118 10118 *10114 10318 *10114 103 *10212 104
104 104
200
*116 125 *116 125 *116 125 *116 125
118 118
300
1143* 116
*92 100
*951 100
*9518 100
*93 100
*923 100
*923* 100
43
447
8 4214 44
43
463
8 43% 407
a43
45
8 437 45
32,500
83
8
8
8
83
8
812
818
8
812 53,500
4 812
712 812
73
5012 5012 5018 52
52
53
5014 533* 5012 52
52
410
52
213* 2238 2112 223* 2114 217
21
8 20
8
203* 21% 197 223* 28,200
84 912
834 914
1012 10
834 932
9
10%
4
98 103 745,700
32
.3213 35
32
3114 33% 3214 3512 3412 3514 33
347
4,600
2014 217
8 20
21
24
2214 2014 22
2212 243* 2214 253* 65,900
414 4%
414 512
4
412
5
418 43
53
4
4
432 614 33,400
1612 1718 1534 163* 16
167
8 1614 163
4 16
163
4 1518 1614 15,100
147 1512 147 153* 15% 163*
8
8
151 16
1514 153 15.100
4
153* 16
50 50
.47 60
*50
55
50
*47
50
60
5212 5212
70
17
17
17
214
2
8 214
2
2% 214
2
2
2
2,100
*414 7
7
7
718 914
8
814 9
8
83*
8
2.760
812
8
714 8
81
7% 8
8
7
7% 83
4
814 8% 65,100
293 30
4
31
3412 32
33
3112 3112 34
34
3314 3314 2,400
28
2818 28
4
4
30
32
4
3212 313 313 *263 30
29
29
360
57
43
4 47
57
55
5
638
512
618 125,700
8
514
53
4 63
143 1512 145 1512 157 173* 1658 1714 163 17% 1612 173 172,300
4
8
8
8
38
3714 363 4014 4134 443* 4212 4412 43
8
4412 42
433* 18,200
1012 11
10 4 103
3
4
4 1012 1112 1112 1112 103 1112 1.700
4 1012 103
*20
25
*2012 243* 21
*21
23
*2012 22
21
2112 2112
200
1712 1818 17
18
1734 183
8 173 1812 173 19
4
4
18
193* 35.300
*97* 10
8 10
95
8 05
10
*9'2 10
1014 *018 07
10
8 1,000
4234 4334 423* 4312 4278 43 4 427 44
3
43
44
43
% 4512 137.000
6012 607
6012 61
6012 61
6012 61
61
61
230
2 6012 6178
112
13*
112
2% 23
4
212 27 73,500
23
4 3
17
2 214
8
Ps
•14
16
*1414 1612 *1414 1612 *14
15
15
15
14
14
200
77 10
95 107
77
67
8 714
612 67
8
8
7
93* 1014 28,900
273* 275
8 27
27
2614 263
2818 2712 2818 9,500
4 2612 26% 27
2012 2278 203 227
4
2114 2314 2134 23% 22
2318 2212 2314 39,000
5014 517
8 4914 53 4 55
5678 541 5614 5314 56
5712 55
3
57,300
.80
8612 *8112 8612 8612 8612 8614 8614 8612 8812 *8612 88
150
967 97
8
967 97
95 4 96% 957 97
3
520
97
07
9714 90
914 97* *814 83
8
8
8
814
4
814 814
8 1,100
88* 83
6
7
73
4 9
7
8
712 87
8
73
4 83 29,900
8
73* 814
2814 2814 283* 2
27
2912 2612 27 .23
27
27
220
83* *22
397 397
8
8 39
39
39
39
387 39
8
*373 39
4
38% 39
100
3014 311 1
30
3114 3014 317
8 3014 313
8 303* 315
8 303* 32
31.100
.4
412 *4
4
418
4
418 418
33*
33* •314 4
30 4 32% 305 32
3
3212 3218 337
3218 31
31
3218 343 176,000
418 5
414
434
414 414 6,800
312 4
312 312
33* 4
447 *4412 445 •44
44
44
.4112 4312 4312 4412 .42
8
46
600
318 312
3
314
25* 318
212 23 49,100
212 3
23* 3
4
47
47
8
518
5
48 518
5 12
518
5
434 55
5 3 96,200
8
105 1118 1014 107
8
8 1012 11% 1012 1118 30,000
8 1012 113
8 1014 107
9
914
8
9
1014
95 10
93*
914
93
4
9
95* 6.900
612 631
713 23,200
63
614 67
8
612
6% 73
7
63* 612
*33
40
38
*3314 393 *35
40 .3512 3712 36
3738 3738
4
200
712 8'2 a712 8
73
2 814
74 812
92,100
73* re
73* 8
497 497
8
8 48
48 .45
4712 4414 4712 4614 4712 45
45
1,000
---- ---- ---- -__ ___. - -- --- - -- ---- - -- ---- _ __ _ __ __
147* 1514 14
- 4 153 165
- 8 1618 163
1512 15 8 163
8 - 8 143 1614 61.500
3
4 1012 1118 1013 1118 105s 1114 103 115
4
8 1012 113* 11
1114 11.900
914 93
4
83
4 878
85
8 914
83
2 83
4
83
4 9
87
3 014 4,600
3612 3612 36
3714 *37
3612 *3612 3712 37
40
*3712 39
900
43
414 4'2
4
414 414
418 414
414 413
414
43* 3,800
113 12
11
8
1112 al05 11% 1118 113* 1118 1134 218,600
113* 11
84
P4
84
84
85
85
85
37
86
86
86
86
2.700
3214 353
8 32
2
3414 323 3372 323 3412 323 34
32
3314 26,900
8
4
124___ 124 130 *124 130
127 127 *127 130 *127 134
10
78
8
238 21- 233 24i2 2414 2512 247 2512 245 2512 2412 25
8
8
37,700
*214 3
.27
.214 27
3
*214 3
3
3
3 3
4 5
400
*812 10
*9
*9
12
10
11
9
11
9
*10
12
200
*25
40
40
•35
*25
40 .35
40
40
40
.36
50
20
15
15
15
15
15
15
.12
22
*15
18
*14
19
160
40
40
45
45
45
40
45
*4512 55
45
*50
55
100
71
73
73
63*
63* 71 1
85
8 718
13%
64
77.700
63* 7
118
118
13
13
4
4
27
13
4
27
2 27
13
2
24 4
610
1812 18
18
183
1912 18
8 18
1812 *18
18
3,600
1814 18
*11
1212 *1012 12
11
11
12
1314
135 14
8
14
15
1,000
*30
34
29
291 *29
34
313 313
4
4 30
100
32
30
*29
105 11
8
1012 1012
914 1014
93 1012
4
84 10
8
83 1,900
197 21
8
z197 203* 197 201_
8
195* 203* 197 2018 197 203 85,800
8
8
8
.1227 125 *1215 125 *1213* 125 *12214 125 *12214 125 *12214 125
8
314
311
314 314
314 314
31 4 314
33
4 45* 1,900
33
8 31
14
147
14
143
143* 1538 15 4 1714 163 177
3
4
153 173 105,100
4
4
1714 1818 167 173
8
1714 19
185* 20 4 2013 22
3
2014 2112 24,700
*37
38
3734 38
37
37
38% 43
4712 471 *4813 47
1,100
41
4114 4114 4114 4114 43
43
4518 4712 55
55
55
1,900
213 23*
213 23
4
23
212 27
8
28*
28* 212
2
2 111
3.500
101 1013 10134 1013 102 102 *100 10012
8
8
*10012 100% 1007 101
4
800
4 33
313* 3312 32
337
33
3414 61,600
327
3212 335* 3213 333
*23
243
4 243 243 .23
4
4
243 *23
4
24
23
23
2314 24
900
4
357 3718 353 3612 3514 363
8
3512 3135
8 36
3718 3614 373 148,700
4
*8
9
*7
9
*7
9
9
9
9
8
600
95* 093 10
214 212
23
8 258
212 23
s 314
28* 23
4
27
23
4 3
14,300
57
57
8
0
6
67
57
8
611
534 57
53
4 6
8 614 5,600
3318 3318 *3318 3418 3418 3418 *333 35
*3313 35
4
3334 333
4
800
83
4 93
812 914
8
73* 8%
77
8
8
912
83
73
4 812 51,100
1518 16
1412 1614 1414 15% 143 157
15
4
10
1413 154 75,400
0
8
7
8
612 714 a714 83
8%
6
818
612 714 126,900
3412 337 347
35
31
33
36
3512 3818 34
373* 35
1,280
43
*42
4114 4312 *42
433
42% 4218 .42
42's 413 43
4
600
100 100
*98
993 100
4
100 100
.9714 98
98 100
220
18% 1914
183 183
8
4
800
1812 1812 18% 19
4 183
4
*19
1914 183 _- - 23
27
234 3
27
2 3
3
3
37*
24
3
12,800
25* 3
4 91 1
8
9
83
4 9'8
812 83
4
8
14 913
83
914
93
s 7,600
57
4
5
3
41 1
6
4
61
55* 614
6
53* 5 4
5,700
15*
8
14
2
3
15
8
2
I% 27
27
13
4
23
4 24 3,800
33
314
314 4
355 4
3
27
8 27
214 2%
33
4
6,600
143
8 133 1413 133 14
14
143
7,900
4
137 1414 14
1414 15
s
534 63
8
53
4 6
614 65
8
4
512 53
512 53
4 9,300
53
4 65s
4
8 203 2218 21
203 217
4
222
8
2114 227
8 207 217
4
s 2118 223 102,500
2812 29% 27
29
2714 2812 41,700
2918 301* 288* 2914 275 29
5% 5'2
4
51 4 51
53
8 55
8
53* 53*
53 17.600
8
5
52 53
7
012
83
4 018
83
4 014
9
914
87
83
4 918
914 30,600
3
1812 163 173 11,900
187
8 177 1812 17
4
8
18
2
1818 19
18
1914
417
8
500
3
433 433* 414 423 *40 4 4314 04112 4112 *4112 421s 039
4
4
12
2
*1112 12
2 11 18 117 *103 1112 12
600
1112 1112 117s 117
*55
75
55
*55
55
75
75
*55
75 .55
30
75
.55
7
518 6
8
63
4 712 65,100
57
8 718
414 5%
4% 414
191
8 1812 1812 19
1918 1914
600
2
1812 187 187
•175 1912 *17
8
*2
•BM and asked prices no sales on this day
. Optional sale. s Ex-dIvIdend.
STOCK
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
-share tots.
On lasts of 100
Lowest.
Indus. & Miscell. (Con.) Par
No par
Pittston Co (The)
Plymouth 011 Co
5
Poor SC Co class 13
No par
Porto Ric
-Am Tob el A_No par
Class B
No par
Postal Tel A Cable 7% Prof 100
25
Prairie 011 & Gas
Prairie Pipe Line
25
No par
Pressed Steel Car
100
Preferred
Pio:ter - Gamble
No par
4
5% pret (ser of Feb 129)100
Producers A Refiner.orp-50
50
Preferred
Pub Ser Corp ot N J. __No par
55 preferred
No par
100
6% preferred
100
7% preferred
__100
8%,,preferred
Pub Ser El & Gas of 85. No par
No par
Pullman Inc
No par
Pure 011 (The)
100
8% cony preferred
No par
Purity Bakeries
Radio Corp of Amer_ No par
50
Preferred
No par
Preferred B
No par
Radio-Keith-Orph
Raybestos Manhattan_No par
10
Real Silk Hosiery
100
Preferred
No par
Reis (Robt)& Co
100
1st preferred
1
Remington-Rand
100
let preferred
100
2d preferred
5
Reo Motor Car
Republic Steel Corp_ __No par
100
8% cony preferred
Revere Copper & Brass_No par
No par
Class A
No par
Reynolds Metal Co
No par
Reynolds Spring
Reynolds(R J) Tob class B.10
10
Class A
Richfield 011 of Calif_ __No par
Ritter Dental Mfg
No par
5
Rossia Insurance Co
Royal Dutch Co (N Y shares)
10
St Joseph Lead
Safeway Stores
No par
100
6% preferred
WO
7% preferred
Savage Arms Corp____No par
Schulte Retail Stores..... o par
_100
Preferred
No par
Scott Paper Co
Seaboard 011 Co of Del_No par
No par
Seagrave Corp
Sears, Roebuck & CoNo par
1
Second Nat Investors
1
Preferred
Seneca Copper
No par
1
Servel Inc
No par
Shattuck (F CO
No par
Sharon Steel Hoop
No par
Sharpe & Dohme
Cony preferred ser A_No par
Shell Union 011
No par
100
Cony preferred
Shubert Theatre Corp_No par
No par
Simmons Co
10
Simms Petroleum
Skelly 01- Co
25
100
Preferred
Snider Packing Corp__No par
Socony Vacuum Corp
25
Solvay Am Invt Tr pref___100
So Porto Rico Su r___No par
100
Preferred
25
Soutt n Calif Edison
Dairies ,1 B No par
South
Spaldli. (A G) & Bros_No par
100
1st preferred
Spang Chalfant&Co IneNo par
100
Preferred
Sparks Withington____No par
No par
Spear A Co
$ per share
3 Apr 1
8
634 Feb 24
13 Apr 3
4
158 Mar 23
3 Feb 27
8
4 Feb 27
55 Mar 21
8
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
8
917 Apr 17
107 Apr 25
891251ay 3
812 Jan 4
212 Mar 2
30 Mar 3
57 Feb 24
3 Feb 23
1314 Feb 28
612 Feb 28
I Mar 31
5 Feb 23
5% Feb 27
25 Jan 4
14 Jan 3
11s Jan 3
213 Feb 23
7i2 Feb 27
8 Feb 27
13* Feb 28
4 Feb 27
9 Feb 28
114 Jan 10
214 Mar 2
6 Feb 27
11 Feb 28
2612 Jan 3
60 Jan 5
14 Feb 21
613 Feb 25
2 Apr 8
175 Mar 2
618 Feb 27
28 Mar 3
72 Apr 5
S014 Feb 15
214 Apr 3
3 Mar 3
2
318 Apr 25
28 Jan 21
16 Feb 13
118 Feb 25
1212 Feb 25
1 Feb 28
14
24 Feb 24
1g Mar 28
112 Feb 4
53 Apr 8
113 Feb 23
213 Feb 27
2114 Mar 2
312 Feb 17
2812Mar 28
____ ____ __
43 Feb 28
8
47 Feb 28
3 Feb 20
22 Feb 28
3 Mar 31
8
6 Mar 23
58 Feb 25
8
157 Jan 12
112 Jan 4
1713 Apr 7
114 Feb 28
4 Jan 18
2518 Mar 28
412 Feb 18
1712 Feb 9
% Feb 28
12 Jan 10
713 Apr 10
Spencer Kellogg St Sons No pan
5 Jan 3
No par
Spicer Mfg Co
1 l 3 Mar 21
4
Cony preferred A_ No pa
1 Feb 28
Spiegel-May-Stern Co_No par
Standard Brands
No par 1334 Mar 2
No par 121 Feb 18
Preferred
1 Jan 3
Stand Comm Tobacco_No par
51 Mar 31
Standard Gas & El Co_ No par
8% Apr 3
No nar
Preferred
17 Apr 4
No pa
$6 cum prior pref
$7 cum prior pref_ _No 'ar 20 Apr 4
12 Mar 31
.._
Stand Investing Corp _No par
Standard 011 Export pref__100 9212 Mar 3
1912 Mar 3
Standard 011 of Cant_ No par
Standard Oil of Kansas_ __ _10 1234 Apr 4
Standard 01101 New Jersey_25 2234 Mar 3
4 Feb 18
Starrett Co (The) L SNo par
Be Jan 11
Sterling Securities at A_No pa
Preferred
112 Feb 10
No par
Convertible preferred____5
20 Mar 2
Stewart-Warner Corp
213 Feb 24
10
Stone & Webster
5% Feb 27
No par
Studebaker Corp (The) No par,
113 Mar 20
100
Preferred
Sun 011
No par
Preferred
100
Superheater Co (The)__No par
Superior 011
No pa
Superior Steel
100
Sweets Coot Amer (The)___50
Symington Co
No pa
Class A
No pa
Telautogmph Corp
No pa
Tennessee Corp
No par
Texas Corp (The)
25
Texas Gulf
_ __No par
Texas Pacific Coal &Otl
Sulphur10
Texas Pacific Land Trust _ I
Vo par
Thatcher Mfg
$3.60 cony prof
No par
No par
The Fair
7% preferred
100
Nro par
Thermold Co
Third Nat Investors
1
y Ex-rights. e Cash sale.
9 Apr 3
35 Feb 25
89 Mar 16
712 Feb 17
3 Jan 4
4
2 Feb 28
1 Mar 22
15 Apr 6
14 Apr 11
81s Feb 17
13* Feb 28
105 Feb 28
1514 Feb 20
13g Mar 3
312 Mar 31
5 Feb 15
273* Feb 1.1
23a Mar 31
33 Feb 28
1 Feb 28
10 Mar 1
Highest.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ Per share $ per share 3 per share
33
4Slay 19
12 Dec
3 Sept
17 May 31
83 Nov
8
1213 Sept
9 Slay 27
113 Slay
65 Sept
8
8 June 0
114 May
65 Sept
8
4 May 17
23 Aug
4
53 May
40 4June 7
3
134 July
1712 Sept
912May 23
312 June
913 Sept
18 June 2
512 June 1214 Sept
512June 8
14 June
4 Aug
18 June 7
23 June 17 Sept
8
50 Apr 20
1978 June 42% Jan
10412 Jan 12
81 July 10313 Dec
2 May 19
% May
15 Mar
8
1 May
10 June 5
93 Mar ,
4
28 July 60 Mar 1
5514 Jan 11
62 June 907 Sept
8812 Jan 31
8
1013 Jan 24
8
7113 June 10218 Aug
11212 Ian 12
9213 May 114 Mar
125 Jan 9 100 July 13014 Mar
10312 Jan 11
83 June 10313 Dee
467
8June 8
1012 June 28 Sept
83
4June 2
27 June
8
613 Aug
62 Jan 12
50 Jan 80 Aug
2.378May 27
43 May 157 Mar
8
8
8June 8
212 May 1313 Sept
107
40 May 31
10 June 327 Jan
8June 9
253
38* Slay 233* Sept
73 Sept
4June 8
53
113 June
4May 26
I73
43* July z123 Aug
4
163
8June 6
218 July
813 Sept
60 May 16
7 June 30 Sept
212May 17
Is Apr
112 Sept
912May 16
Cl I)ec
7% Sept
1 May
8June 8
87
713 Aug
3412June 7
4 June 29 Aug
3212June 6
5 June 3112 Aug
37 Sept
8June 7
113 Apr
63
8June 8
17 June 137 Sept
8
177
8
445
8June 6
5 June 287 Sept
8
12 June 2
1 July
614 Sept
25 June 2
2 Dec 1212 Aug
195
8June 9
53* July 117s Sept
3 Feb 12% Sept
1012June 1
4.51,June 9
2612 June 4014 Jan
4
823 Jan 24
64 May
7118 June
3 June 8
14 June
13 July
8
15 June 8
4 July
12
Oct
8June 8
112 May
107
913 Aug
2818June 8
1218 Apr 233 Sept
4
24 June 1
173 Sept
4
43* July
3018 July 5914 Mar
5712June 6
60 Slay 90
90 May 11
Oct
69 June 99 Oct
98 June 1
73 Feb
114 July
912Slay 29
13 Dec
4
93
4May 26
Jan
Oct 30 Jan
5
30 Slay 26
40 Slay 29
18 May 42 Feb
85 Apr 203 Dec
8
3312May 29
8
43
8May 29
1
Apr
23 Jan
343
8Jui3e 9
972 June 373 Jan
8
12 July
3 Aug
5 June 7
4412June 6
2114 June 3618 Aug
8June 2
1 Aug
35
% May
8June 7
112 June
55
53* Jan
115
8June 8
5 May 123 Ma
1014June 0
112 July
73 Sept
4
712June 9
1% June
7 Sept
38 May 27
1112 July 3014 Jan
8June 2
213 Apr
8% Sept
85
4978June 3
18 May 6514 Sept
Is June
11 Aug
-_-- ---- 4June 7
234 Jun
133 Sept
163
8
713 Aug
8June 2
314 Apr
I23
978June 2
212 Feb
554 Sept
12 Jan 3313 Sept
3714June 7
4May 31
17 Dec
713 Sept
43
514 May 1214 Sept
12 June 2
35 June 67 Sept
87 June 7
412 Apr 183 Sept
8June 3
353
4
8612May 11213 Dec
127 June 7
153 June 323 Feb
4
28 Jan 11
114 Slay
3 Feb
5 June 9
413 July
12 Jan
11 June 8
25 Dec 95 Jan
40 June 8
93 Mar
84 Mar
15 June 3
15 Nov
4812 Jan
45 June 5
8June 7
I Slay
5 Sept
73
12 Jul
1% Apr
4 June 9
8 May 11 Sept
1912June 3
3 Dec
87 Sept
15 June 9
8
4June 7
313
912 June 18 Sept
1138June 2
5 May
8
5 Aug
838 June 177 Aug
2112May 27
8
124 May 4 110 June 123 Dec
8June 9
78 July
2 Jan
45
1778June 8
73* June 3414 Mar
25 Jan 11
914 June 4114 Jan
21 July 6213 Aug
4712June 8
28 June 75
55 June 8
Jan
14 June
41June 2
214 Aug
27
102 June 8 z81 June 10012 Dec
341284(0 31
1518 June 317s Sept
7 Apr 1613 Aug
261438ay 31
4June 9
197 Apr 373 Sept
8
373
3 July
03*June 8
8% Sept
18 May
214 Sept
314June 8
5 July
8
8June 7
4 Sept
67
1312 June 26 Aug
36 Ma} 24
812 Sept
1% May
sJune 7
93
41 July
73 Sept
8
1613 lay 17
212 May 133 Sept
4
8June 6
83
30 Nov 1047 Mar
38%June 5
8
4 Apr 397k Oct
243
4412 .4. y 31
68 July 92 Dec
100 June 6
7 June
We Sept
197sMay 17
2 Sept
I.4 Jan
3 8June 2
3
914 Sept
214 May
10 June 1
11
Jan
1% July
614June 7
1 Sept
3 June 7
14 Mar
23 Aug
12 May
4 June 7
133 Mar
6 July
15 June 3
438 Sept
1 May
63
4June 2
2314June 2
94 June 1814 Sept
12 July 2634 Feb
30 8June 3
3
612May 29
112 Apr
4 Aug
812 Sept
9 4June 2
3
212 June
10 Nov
2 Apr
1934June 1
431:June 2
2218 Apr 32 Dec
1212 lune 1
814 Sept
213 Dec
Jan
38 July 85
55 June 9
4 Sept
% June
8 June 8
1712 Dec
10 May
1912June 8
New York Stock Record-Concluded-Page 8
4056
Lr
FOR SALES DURING THE WEEK OF STOCKS r4... T
,
HIGH AND LOW SALE PRICES
-PER SHARE, N07' PER CENT.
sales
Saturday
June 3.
for
the
Week.
Monday
June 5.
Tuesday
June 6.
Wednesday
June 7.
Thursday
June 8.
Friday
June 9.
$ per share 3 per share 9 per share $ per share 3 per share 3 per share
15
1512 1413 15
1414 1414 14
14
14
1414 1312 14
1418 143* 133i 1414 133 1414 13
4
1414
8 14
4
1418 133 145
43
418 47
8
434
414 43*
33
4 48
33
4 4
4
4 12
*21
35
.21
38
*2112 35
*2112 35
2112 2113 *21
35
75
714 73
4
7
714 712
7
712
714 73
4
4
714 73
*40
42
4112 42
4014 4212 3912 40
40
4018 42
41
*14
25
16
16
*14
25
*14
25
*14
25
*14
25
65
65
*6214 647 *62
65 .62
65
65 65
65
*62
614 67
8
618 7
612 7
612 67
8
63
8 67
8
618 65s
2518 2612 2412 2534 255 263
8
4 255 26N 2618 27
8
253 2.67
4
8
__ ____ ____ ...... ____ ____ .._ _ _ ____ ____ ____
June 10 1933
`.ECORDED IN THIS LIST, SEE EIGHTH PAGE PRECEDING.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100 share lots.
Lowest.
Shares.
3,800
11,100
42,600
100
65,300
1,500
100
400
63,600
66,100
______
Flights:.
Indus. &MIscell.(Corgi.) Par $ per share $ per share
Thompson (J R1
1512June 2
26
634 Mar 18
Thompson Products IneNo par
8June 3
538 Jan 6 145
Tboropson-Starrett Co_No par
5 June 2
t2 Mar 3
53.50 corn pref
No par 12 Jan 10 2112June 8
Tidewater Assoc 011- _No par
318 Jan 13
8 June I
Preferred
100 2312 Apr 6 444 Jan 12
Tide Water 011
914 Apr 20 16 June 5
No par
Preferred
100 45 Feb 2 65 June 1
Timken Detroit Axle
718June 2
112 Mar 22
10
Timken Roller BearIng_No par
135 Feb 23 2718May 29
Tobacco Products Corp No par ____ ____ __ __ ____ __
Class A
No par ____ ____ __ .._... ---- -.
718
68 7-75 - .
83
4 - .18
7
6'3 -4
8
7i2 - -7- 282,100 Transamerica Corp
78 8 June 7
2N Mar 2
No par
9
9
.8
914
9
9
93 1012 1012 1218 5.800 Transue & Williams 811 No par
9
4
92
,
12,
8June 9
8
27 Mar 21
63
8 7
65
614 67
8 7
8
6s 718
64 7N 49,100 Tri-Continental Corp_ _No par
68 714
25 Feb 27
714June 8
6914 70
*68
72
*6812 72 .6914 72 .6914 72
*6914 72
300
6% preferred
No par 41 Apr 8 73 Slay 0
33 4 343
3
8 331 1 34
34
343
4 34
3412 3312 34
z3312 3312 3.700 Tile° Products Corp....,No par 2018 Feb 25 35 May 31
.278 3
278 3
3
3
3
3
3
3
3,000 Truax Traer Coal
318June 2
3
3
12 Apr 4
No par
718 73
s
73*
71s
718 83*
8
10
0s 1212 11
123 74,600 Truscon Steel
8
2 Mar 3 1212June 8
10
23* 318
23* 278
23* 27
234 27
8
27
8
3
214 3
12,400 men Sr Co
318June 3
14 Jan 16
No par
2834 30
2814 30
2914 3012 2914 31
31 12 3112 3012 3112 7,300 Under Elliott Fisher Co No par
93* Feb 24 3112June 8
8 137 1418 14
1412 147
8
143
4 143 143
8
8 1412 153* 15
1812 9,700 Union Bag & Pap Corp_No par
512 Jan 13 1812JUne 9
385 403
8
40
4 38
3878 4014 3918 403
8 3818 4018 39
4014 82,900 Union Carbide & Carb_No par
3
193 Feb 24 40 4June 3
4
1634 1734 163 1714 1618 1714
4
163 167
8 163 1714 163 173 33,800 Union Oil California
4
4June 3
4
4
812 Mar 2 173
25
2238 2234 2112 2I3* 21
2112 2058 21
203 213
4
8 20N 213* 3,500 Union Tank Car
No par 1012 Feb 21 2234June 2
3138 333
8 3112 333* 3234 3434 33
3514 3312 357
33
sJune 8
343* 425,400 United Aircraft & Tran_No par
1612 Mar 2 357
62 4 623
3
62
4 61
64
64
633 65
4
*64
65
*6312 643
4 1,400
6% pref series A
50 5112 Mar 1 65 June 7
24
2512 233* 243
8 2312 243* 2312 24
228 2412 223 23s 22,200 United Biscuit
4
851
100 1312 Feb 24 257 ay 24
*101 110 *101 110
10112 10112 *101 110 *101 110
40
101 10114
Preferred
100 92 May 2 10112June 6
2278 243
8 23
2618 2412 2614 25
2614 253* 273
8 25
8June 8
258 41,700 United Carbon
273
No par
1014 Feb 2__ ____ ____ ____ ____ _-- ____ ____ ______ ______ United Cigar Stores
18 Jan 3
14 Jan 4
1
37 Jan 13
_ ___
Preferred
612 Feb 2
100
1018 -102e 1014 TON
10 4 fit; 1112 12
3
47 Mar 31
111 - 3
/ 128 1114 12 523,400 United Corp
4
14
12NJune 8
No par
36
37
3618 367
8 37
38
a373 39
8
11,900
3912June 8
38
39
3912 38
Preferred_
No par 247 Apr I
3
3
212 3
3 14 312
314 3&
4N 5
57
sJune 9
412 57
8 2,320 United Dyewood Corp_ _100
84 Feb 17
47
43* 5
412 5
5
512
514
5
512
512 5s 17,100 United Electric Coal_No par
57sJune 9
I Afar 31
52 5212 5112 5412 5318 5412 5312 54N 537 543
5334 21,300 United Fruit
8 53
No par 2314 Jan 3 547sJune 7
20N 2058 19 8 203
14 2114 21
7
8 203* 207
4
4June 8
20
213
4 2012 213 103.100 United Gas Improve
213
No par 14 Mar 31
*93
*93
4
943* .933 9414 9312 9312 92
95
*92
9412
94
300
Preferred
No par 85 Slay 1 100 Jan 9
*2
314 .2
314
3
27
3
*2
21
300 United Paperboard
312 312
2s
312June 9
12 Jan 23
100
14
1318 14
127 13
8
103 12
12
4
13
1078 1112 113* 13
5,300 United Piece Dye Wks_No par
3t2 Star 3 1412June 2
80 80
*75 ____ 81
81
.75 ___ •75 ____ .84 ---60
100 50 Apr 19 81 June 6
63.3% preferred
27
3
212 27
8
3
4 3N
33
8
23
312 37
37sJune 8
312 3N 13,300 United Stores class A_ _No par
84 Feb 28
*50
5212 *50
5212 5212 5212 .5212 75
Preferred class A _ ......No par 45 Mar 21
5212June 6
100
*5212 75 .5212 70
42
427
4214 45
4212 4512 43
25,900 Universal Leaf Tobacco No par 2112 Apr 1 4512June 6
44 8 4212 4312 42
1
43
*20
24
24
26
2538 2518 24
243
4 25
180 Universal Pictures 1st pfd. 100 10 Apr 24 26 June 5
*2012 28
26
212 25
212 23*
258 2 4
3
2 8 234
5
314 14,200 Universal Pipe & Rad__No par
3
212 27
8
314June 0
14 Apr 4
163* 1712 1618 1718 1612 173
8 163 1718 1512 1812 1712 185 43,700 U S Pipe & Foundry
8
8June 9
8
185
818 Mar 1
20
7 177
1814 1814 18
18
17
8 173 173
4
1st preferred
4 1712 18
18
1812 2,000
No par
1234 Apr 10 19 May 26
412 412
412 412
438 438 .312 414
*3 4 412
3
*312 414
300 US Distrib Corp
5 May 18
No par
2 Feb 23
1
1
14
118
112
15
13
4 2
17
8
21,300 U 8 Express
17
8 218
2
1714
213June 8
100
38 Jan30
1614 173* 1512 16
15 4 161 .1514 16
3
1.500 U S Freight
1512 16 .15
16
7 Feb 16 17N may 25
No par
812 87
812 9
8
83
4 9
9
9 14 7,100 US ex Foreign Secur__ _No par
912
914
9
914
4May 29
93
318 Feb 23
7334 71
7
70
71
70
.71
*70
71
737 73
8
7314 7314
500
Preferred
sJune 8
No par 3612 Mar 28 737
4014 4214 40 4012 403 42
393 41
4
4
393 405
4012 41
4
8 9,300 US Gypsum
20 18 Feb 25 4214June 3
97 117
85
8 83*
83
8 83
4
812 87
9N 10
s
104 1134 0,700 U S Hoff Mach Corp. No par
sJune 8
13* Apr 3 117
4614 4812 483 5012 4818 51
8
4818 490 4718 493
4 4618 483 73,100 U S Industrial Alcohol_No par 1312 Feb 28 54 May 27
8
14
1418 1514
15
1378 l4s 14
1433 15
14
1412 27,300 US Leather v t o
16
16 June 8
No par
28 Star 1
2314 233* 247 .223 24
23
2414 2214 23
2112 2312 22
17,600
4
Class A v 16
sJune 8
No par
414 Feb 25 247
.65
.... .65 _ __ .65 . _ •65
70
*70
100
70
72
70
Prior preferred v t o
11:113 30 Feb 23 70 May 26
9 _- 3
9 8
83
9
4 -912
- 8
93
9
93
8
83
83
4 9
4 914
7,500 U S Realty & ImPt- --.No Par
212 Feb 28 10 May 29
1312 1412 1418 1514
1314 15
1414 151
4 14
1412 153
15
77,100 U 8 Rubber
4June 8
No par
2s Feb 27 153
2812 2934 29
29
30
3114 2912 307
29
307
8 2814 2914 19,800
1st preferred
100
512 Feb 23 3114June 6
40 4 4318 404 4412 4338 45
3
443 497
4
504 548 52
555 82,500 US Smelting Ref & Min _50 1312 Jan 3 555
8
8Jnue 9
50 5012 5018 50,8 5014 5012 51
51
56
56
513 55
4
1,900
Preferred
50 3012 Jan 4 56 June 8
52
5412 514 533
8 53
543
4 5314 5414 5414 5612 537 553 282,700 U S Steel Corp
4
8
100 2338 Nf ar 2 5612June 8
93
93
95
94
943 9512 943* 9518 95
4
97
9412 9538 9,700
Preferred
100 53 Mar 2 9712May 29
4 79
783* 793
8012 80
81
8012 81
8012 803
4 797 8018 3,500 U S Tobacco
No par 59 Jan 9 85 Apr 20
57
73 95,500 Utilities Pow & Lt A
5N 614
618
6
718
7
73
8
614
7
73
4
17, Apr 18
No par
73tJune 8
114
13
8
114
112
112
13
4
15
8 23
8
8
17
218 23
8 214 63,100 Vadsco Sales
218June 7
No par
se Jan 6
.8
2118 .10
211
•6
2118 17
2112 .6
100
17
.1212 2112
Preferred
2414 Mar 20
100 1518 Jan 11
2212 2378 22
2312 227 2612 2512 2612 25
4
8
273* 243 2612 101,300 Vanadium Corp of Am_No par
8June 8
75* Mar 2 275
358 35
8
4
4
4
4
418 4N
4
418
670 Van Raalte Co Inc
418 414
414June 8
INMay 5
No par
2112 2112 *20
2212 .25
2212 •20
373
4 22
2212 223* 23
100
7% 1st pref stamped---100 147
8May 11 23 June 9
3
27
8 318
3N
33*
314 35*
4
314 312 19,500 Virginia-Carolina Chem No par
338 33
33*
37
5 Feb 23
8
sNIaY 16
1214 1212 1214 1214 13
143
1412 147
1414 1514 14
1412 6,400
6% preferred
100
33 Mar 2 1514June 8
8
*50
52 52
54
54
55 .56
55
55
60
55
55
600
7% preferred
100 35 8 Mar 31 55 June 1
3
81
81
.80 83
81
81
81
.81
8112
81
86
8112
40 Virginia El & Pow $6 pi No par 6514 Apr 17 853 Jan 25
8
58
613
4 5818 627
63 8 6714 6328 67N 62
7
a 633 66
6514 3,650 Vulcan Detinning
8
100 1254 Feb 25 6775June 8
8
8 18
74 8
3
8 18 10
93
8 912
8 9,900 Waldorf System
918 93
914 97
No par
53* Mar 29 10 June 6
6
6 14
6
714
6'4
6N
614 63
63* 7
4
612 6713 20,300 Walworth Co
714June 6
7, Apr 5
No par
1218 1234 1234 1478 14N 15
104 10 4 1038 12
1418 1412 2,800 Ward Baking class A...No par
3
218 Mar 15 15 June 8
3
318
3
34
3
314 37 15.900
35
33
8 4
4 4
8
35* 4
Class 1i
4 June 6
5 Apr 13
8
No par
33 8 3614 363 3814 3612 3712 3614 38
3312 34
7
8
3612 3712 7,400
Preferred
100 1112 Apr 17 3814June 6
55
8 614
512 618
6
614
6 12
5
43
6
4 614
5 5 211,800 Warner Bros Pictures
8
612June 6
1 Feb 25
5
153 153
4
4 1512 16
157 157
*1012 16
8
8 16
4
165
4 1,100
8 163 163
8June 8
$3.85 cony pref
No par
414 Feb 7 165
33
27
3N
378 414 16,000 Warner Quinland
3
34
3
3 14
318 314
33* 41
412June 8
3 Mar 21
8
No par
1414 1512 1412 1514 1518 1618 15 8 16
3
8 14
1412 157
143 30,400 Warren Brea
No par
212 Feb 25 161sJune 6
2914 3I7
2814 29
2812 30
27
29
2712 2812 28
1,190
28
Convertible pret____No par
712 Feb 14 3178June 3
17
1731 1614 17
1612 1718 1618 1718 16
1612 17N
167 18,300 Warren Fdy & Pipe___ _No par
8
4June 3
5 Feb 20 173
412 5
478 5
5
6
534 6
512 53
7,200 Webster Eisenlohr
4
54 0
,
6 June 6
1 Jan 16
No par
1918 20
19 8 1912 19N 193
3
8
4 1914 2014 195* 2014 195 20
6,400 Wesson 011.5 Snowdrift No par
7 Mar 3 22 May 29
.52
53
*53
*5212 53
5312 54
53
5312
53
53
53
500
Cony preferred
No par 40 Mar 3 54 Juno 8
4818 50 4 485 5812 5612 623* 61
3
8
6414 5812 627
8 55
59 184,000 Western Union Telesrraph_100 1714 Feb 25 6414June 7
2814 2912 2712 287
26
8 26
8 2612 283
7.800 WestIngh'se Air Brake_No par
8 2812 283
4 2712 283
4
113 Jan 3 2912June 3
4338 4534 43
4618 4514 473
4518 473 147.200 Westinghouse El ‘14 Mfg_ _ _50 1938 Feb 25 4878June 8
8
4 4618 4838 4611 487
*8514 86
85 .823 895 .823 895
85
84
.84
4
4
4
8 824 823
8
60
1st preferred
50 6012 Feb 2 85 June 2
*834 9
914 912
812 938
9N 105
8 10
103
8
4,400 Weston Elea Instrum -t_No par
912 10
3l2 Feb 27 1058June 7
•14
1812
18
1812 .15
1678 167 .16
1812 .13
1812 .13
8
100
Class A
10 Mar 31 167
_No par
5June 7
84
6412
6412 62
64
380 West Penn Elec class A_No par 30 Apr 22 6412June 8
64
*6012 62
64
63
63
63
70
697s 70
70
6314 63 8 64
69
647
8 6414 65
7
69
430
Preferred
100 37 Apr 4 70 June 8
5312 54
61
6112 63
58
56
5312 533
56
4 5412 55
520
6% preferred
100 3312 Apr 6 63 June 9
*101 103 .101 103
105 106 *106 110
105 105
103 103
60 West Penn Power pref._ 100 92 Apr 13 110 Jan 12
92
92
.92
92
95
95
95 .92
92
95
*92
95
30
6% preferred
100 81 Apr 3 101 Jan 11
914 912
83
9
4 9
9
.83
.4 9
83
834 84
4 84 1.300 West Dairy Prod cl A_No par
212 Apr 5
912June 3
234 27
8
3
27
314 6,300
8 3
3
3141 314
3
314
33*
Class BY to
314June 7
No par
7 Star 31
8
3
16
1618 1512 16
1714 1714 5,700 Westvaco Chlorine ProdNo par
8 1714 18
173 183
163 17
3
5 Mar 3 185sJutte 7
*1714 18
1712 1712 173 18
2018 2018 1.100 Wheeling Steel Corp
18
20
1914 20
712 Jan 4 20•8June 9
No par
.18
20 .18
213 •____ 213
4
20
20 2014 *2014 213 *19
4
4
300 White Motor
50 14 Jan 25 20 4June 6
3
Certificates of deposit
-fiTs - - -iiil - - l 241; - ii,, - - -3-. -2312 24 - 2312 24
if
2 8
4
233* 24 2 3.500 White Rock Min Stn. ct(No par -- 1-8-A- r -1 -- - i2l4t -, 6
,
p1- 3
25
0
2
218
2
214
2
218 214
2 10 4,400 White Sewing Machine_No par
218 214
2
214
214NIay 18
12 Jan 20
*6
Cony preferred
8
7
7
900
6N
63
4 64
7
712
7 .
.
6N
61 2 7
712June 9
No par
1 18 Jan 14
434 512
434 514
518
412 47
412 518
5
43
4 518
8 0,100 Wilcox 011.5 08.8
512June 2
5
2 Mar 2
.26
2712*23
*25
100 Wilcox-Rich cl A conv_No par
26
25
25
4
4
2618May 31
___ ...... 2712 .243 2712 .243 26
15 Mar 1
..._
W Wye
-Overland (The)
238 Jan 4
5
118 Mar 30
. _
_ __ _ _
__
__ ___ _ __ _
Cony preferred
100 12 Feb 14 1712 Jan 24
-67s 739 - 8 91,700 Wilson & Co Inc
4
103
63 -.
4 6
- 8 ioT8 If
!2
83 1018
4
61 To5
4
No par
7, Jan 3 11 June 7
1812 1912 50,500
18
213
197
8 1978 22
8 18
20
207g
Class A
213
8 10
No par
4 Jan 3 22 June 6
10,600
613 64
.4
Preferred
68
673
8 65
6312 66
6112 667
63
673
4 65
100 19 Mar 2 6912Ju0e 2
8
403 4212 93,900 Woolworth (F W) Co
4
3812 393* 385 4034 395s 4012 40
403
4 4018 41
10 2518 Apr 8 4212June 9
315 3314 34,700 Worthington p & m
8
3414 3118 34
4 3014 341 1 3214 35
32
3018 333
100
a Mar 2 35 June 6
4212 45
.4512 50
.46
48
50
Preferred A
51
50
45
50
900
.37
100 14 Mar 15 51 June 7
.42
37
4334 1,800
44
Preferred B
4212 4312 47
44
44
46
37
37
100 14 Feb 24 47 June 6
18
19
20
1912 19 4 193 .19 4 20
*15
4
70 Wright Aeronautical.. No par
3
3
1812 1812 *18
6 Apr 5 24 May 27
4814 4878 483 4912 49
8
4912 49
494 49
49 49
49
3,200 Wrigley(Wm)Jr (Del)
.No par 3411 Feb 28 5014 May 25
23
a20
*20
20 .2018 21
20 2018 .19N 25 . 4 213
4
193
700 Yale & Towne Mfg Co
25
7 Jan 20 22 June 2
fps 612
618 67
8
612 7
4
614 63 66,200 Yellow Truck & Coach el B.10
614 7
63
8 7
7 June 0
214 Star 2
37
37
39
20
Preferred
,
100 18 Mar 2 40 8June 6
.3818 4812 *3812 39 2 401s 4018 *3918 401s *37
,
1514 16
8
1512 15 .8 1512 15N
5
1612 155 18
1512 15713 3.300 Young Spring dr Wire_ _No par
8May 31
312 Mar 30 167
16
298 3114 2912 3034 3018 313
8
3034 2912 313
8 30
4
8 29% 313 44.400 Youngstown Sheet & T _No par
7i8 Fob 28 313
4June 9
212 212
4
218 25
8
212 212
23
8 23
21
8 2 2 4,500 Zenith Radio Corp._ .No par
,
4
234MaY 31
212 23
12 Feb 27
612 63 27,600 Zotilte Products Corp
Ws 684
4
.8
Ps 65
63
s 634
7387.tay 31
4
63
658 67
I
8 63
35 Feb 2s
8
8
•Rid and ',sited prices no sales , n this day
a optional sale.
1/499.
3 Sold seven(
r En-131V111”11(1
8 F.,
,,ig,
,ts. 8 Ey wsrrar ts.
PER SHARE
Range or Previous
Year 1932.
Lowest.
Highest.
$ per share $ per share
712 Nov
1634 Mar
25 June 10 Feb
38 June
214 Aug
12 June 1712 Sept
2 Apr
53* Sept
20 Feb 60 Sept
5 June 16 Aug
30 Feb 82 Sept
2 July
884 Sept
73 July 23 Jan
4
27 Jan
8
63 Mar
8
65 Jan
8
9 Mar
218 Jan
718 Sept
214 July
812 Sept
112 May
512 Sept
42 Jan 72 Sept
I93
8May 3112 Mar
14 May
318 Jan
2 Apr
714 Aug
12May
318 Aug
738 July 243 Sept
512 June 115 Aug
8
1512 May 3638 Mar
8 July
153 Sept
8
113
4June 1914 Jan
612 May 345 Sept
8
3014 May 58 Dee
11 July 2812 Mar
75 July 103 Mar
6N June 18 Sept
18 Nov
134 Jan
218 May 20 Jan
312 June 14 Sept
20 June 393 Sept
8
7 Apr
8
318 Sept
67 Aug
23 July
8
1014 June 325 Aug
8
914 June 22 Sept
70 June 99 Dec
34 Aug
12 Dee
33 June 117 Sept
8
8
6412 June 9312 Jan
3 Jan
3 May
4
27 Jan 4814 Mar
11 May 31 Sept
ION Dec 50 Jan
12 Apr
215 Aug
714 June 1818 Sept
1113 June 163 Aug
8
2 June
5N Dee
14 Jan
114 Sept
312 May 153 Sept
4
13 June
8
614 Sept
26 June 64 Sept
1012 June 27 Sept
84 Apr
6 Sept
1314 June 3614 Sept
114 May
714 Sept
314 June 16 Sept
4414 June 7018 Sept
2 June 1134 Sept
IN June 1014 Allg
318 June 203 Aug
4
10 June 223 Aug
4
31 July 457 Aug
2114 June 525 Feb
5112June 113 Feb
55 June 66 Apr
112 Slay ION Jan
14 Mar
Ds Sept
12 June 20 Jan
514 May 233 Sept
2 Dec
7 Feb
12 Star
238 Aug
318 Feb 1114 Aug
20 Apr 6934 Nov
60 June .90 Sept
714 July 347 Aug
8
718 Slay
19 Jan
43 Aug
3 June
4
214 Slay 101.4 Jan
3 May
4
25 Jan
8
12 May 4012 Mar
12 June
412 Sept
4 June 20 Feb
12 May
214 Aug
114 May
838 Sept
2 June 1712 Jan
714 Slay
1414 Sept
N May
2 Jan
818 July 20 Sept
423 July 5812 Sept
4
123 June 50 Feb
8
914 Apr 1818 Sept
153* June 4312 Sept
5212 June 82 Sept
2 11 Apr
914 Feb
1314 Apr
19 Jan
25 Slay 80 Sent
22 June 76
Jan
20 June 70 Jan
80 June III
Get
664June 1013 Mar
4
1612 Star
3 12 Nov
1 June
43 Star
8
3 June 1258 Mar
5 June 15 Sept
67 June 2714 Sept
8
193 Nov 24
4
Oct
11 July 2812 Mar
14 Apr
214 Aug
2N Sept
Si Apr
814 Aug
25 May
1312 June 2012 Mar
37 Sept
8
3 May
1
6 June 25 Jan
%June
13 Mar
4
IN May
44 Sept
11 June 31 Mar
22 June 453 Star
8
5 May 24 Sept
Jan
1412June 41
12 Slay 31 Sept
378 Apr 1812 Sent
2514June 57
Jan
15 Sept
612 July
13 June
8
73 Sept
4
12 May 404 Sept
117 Sept
8
3 June
4 May 2712 Sent
Jan
2
12 May
97 Star
4 Dee
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
4057
for income and defaulted bonds.
On Jan. 1 1909 the Exchange meihod of eisoting bonds was changed and prices are now "and interest"—ezeept
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 9.
a
-. k.
4 CZ
Price
Friday
June 9.
Range
Since
Jan. I.
—
High
High No. Low
Week's
Range or
Lasf Sale.
43
EL*.
Fa
BONDSPrice
t2
Friday
N. Y. STOCK EXCHANGE ...; 2..
June 9.
..4 07.
Week Ended June 9.
WOW!
Rance er
Last .4114.
•Z;
°in Z.
Range
Since
Jan. 1.
Moe No Low
450 Low
High
Bid
5
55
4212 55
Dominican Rep Cust Ad 514s 42 M El 5334 Sale 53
1
42
3513 42
4..
8
1940 A 0 40, 50
tat ser 5145 of 1920
,
99 42103,8o
6 a344 424
4212
8
3d series sink fund 534s._ _1940 A 0 40, 42.3 42.2
101 102242
16
41
3758 854
38 Sale 3738
Dresden (City) external 713_1945 MN
991.,, 103
70
93 10814
1011122102
Dutch East Indies exti 6s_ _1917 -1 .1 10814 Sale 10814 11.)
50
112
9314 112
1982 M S 11012 Sale 11014
40
-year external 63
6
10958
913 16E08
4
100142103,8n
30-year ext 541a____7.lar 1953 M 5 10918 Sale 10918
21
109
9212 109
30
1031..111422
-year exti 54s____Nov 1953 M N 109 Sale 108
2
40
26
43
36
9931421071,o El Salvador (Republic) 8s A_1948 .1 .1 4012 64
9
40
323 35,
38
55
4
35
8
J .1
Certificates of deposit
981.421051in
4212 55
5712 55 June'33 --_,
,
9742102 42 Estonia (Republic of) 7s_ _1987 .1 1 50
5812 87
2
654
4
---- 653
93142 9942 Finland (Repubilo ext 81_1945 51 5 66
7012 44
5913 72
External sinking fund 78_ _1950 M S 7013 Sale 68
,
98 102 42
6612
57
6612 41
4
External sink fund 610_1956 NI 5 6612 Sale 633
,
05 24102,1,o
,
64,
54
35
64
8
627
6214 64
External tank fund 542s_ _1958 F A
42
951.2 100,
2
554 65
65
8418
67
A 0 64
Finnish Mun Loan 64s A__1954
1
6418
6418
55
6418
65
External 614s aeries li. _ _ _1954 A 0 64
State & City—See note below.
224 51
53
26
25 Sale 2218
3
0734 9734 Frankfort (City of) 516 4s_ _1953 M N
May 1957 M ---------973 Feb'33 ____
N Y City 444a
12414 90 120 1334
French Republic eat! 741s_ _1911 .1 0 124 Sale 121
67 011212 131
128
1949.1 D 12412 Sale 122
External 75 of 1924
Foreign Govt. & Municipals.
1718 3412
18
34
34 Sale 32
1947 F A
Agric Mtge liank 8 t 68
1718 r3513 German Government Interne3312 18
Sinking fund 68 A __Apr 151948 A 0 33 Sale 32
354 6414
4
403 Sale 3812 4313 1583
7212
Clonal 35-yr b145 of 1930._1965 1 D
63
12
72
Akerahus (Dept) ext Ss..... 1963 M N 72 Sale 72
4
623 425
5318 8684
7
11
1418 German Republic exti 78_1949 A 0 58 Sale a5818
1418
1418 Sale 1214
Antioquia (Dept) coil 7s A _1945 J 1
1312 13
1214
818 1312 German Prey & Communal BM
1318 15
1945.1 J
External s 1 78 ser 13
3012 91
4
263 551,
4
64 13
1
(Cons Agile Loan)6345 A _1958 .11 0 284 Sale 263
1212
.1212
External,f 75 ser C
1318 15
1915.1 .1
5
46
50
64
50 Sale 50
1954 51 N
1312 Gras (Municipality) 85
6
1312 75
13.8 1312 1212
Externals f 78 ser D
1945 J J
8
1053 662 10184 107
8
Gt Brit St Ire (15 K of) 548
13
6
13
1112
-1937 F A 1047 Sale 10312 Jan'33
Sale l,9
Externa
f 75 1st ser
1957 A 0 1112
___ 10514 1054
F A --------10514
1314
5
13
Registered
1314
1114
External sec 51 7s 2d ser_ _1957 A 0 12.2 15
247 072 a91
t 4% fund loan £ opt 1960.1990 M N a9012 Sale a8734 a91
1212 19
453 13
External Pee ,f is 3.1 ser_ _1957 A 0 1212 Sale 12
Greater Prague—See "Prague"
83
71
7812 34
8
Antwerp (City) external bs_ _1958 .1 D 783 Sale 75
2813
23 May'33 ___ ale
2238 32
6318 Greek Government,1 eer 75.1964 NI N
41
8 15
Argentine Govt Pub Wks 85_1960 A 0 61 Sale 604
615
8
21
1454 21
21 Sale 2012
1968 F A
Sinking fund sec 6s
Argentine Nation (Govt of)—
784
7 (al
5
747
A_'52 A 0 a7312 Sale anis
8234 Haiti (Republic)8 f 68 series
41
6112 71
Sink funds fis of June 1925-1959 J D a607g Sale 5912
8 27
305
28
59
1940 A 0 28 Sale 28
4
6114 43
4012 623 Hamburg (State) 85
Esti e 1 6s of Oct 1925._ 1959 A 0 a6012 Sale 5818
2614 BO
8
247 28 May'33 --__
20
8
6134 52 a404 627 Heidelberg (German) extl 74850 J .1
External s I 65 series A _ _ _1957 NI 5 61 Sale 5912
.
62
7
62
47
62 Sale 62
68 0403 6258 Helsingtors (City) eat 63.45.. _1966 A 0
62
4
External 68 series II_ _Dec 1958 J D 613 Sale 6018
4
2514
18
15 4 2514
3
4
6134 35
3ti 6318 Hungarian Munic Loan 734s 1945.1 .1 253 Sale 25
40
Ext1 8 t 6,01 May 1928_ _ _1960 M N
4
613 Sale 6012
25
25
19
6
External s t 7s (coup)------.146 J .1 2412 Sale 2312
6112 75 a4018 6314
External a 1 Os (State Ity)_1900 M 5 61 Sale 58
1612 1612
_ --- 1612 May'33 ____
4014 6217
30
62
Uninatured coupons attached J J
Esti Os Sanitary Worke. _1961 F A
62 Sale 5838
3213
24
293
41
6312 Hungarian Land NI hist 73.4 '81 M N __- x..... 2812 May'33 ____
Sale 5814 a61.34 28
,
Esti (is pub wks May 1927 1961 M N
6112
2311 31
1
8
293
2
293
8 35
293 Sinking fund 7442 ser B_ _ _1961 M N
54
38
97
Public Works exti 545_1962 F A
5678 Sale 5418 a57
18
4
353
314 45
3312
8
323 37
8
497 76
87
Hungary (Kingd of) ,f 734s.1944 F A
76
Argentine Treasury bs £..._1945 NI 5 76 Sale 72
7618 87
88 ....... 8612 May'33 _-__
,3
7114 8312 Bleb Free State eat' s 1 58- - - 1960 SIN
8214 130
8
Australia 30-yr bs._ _July1- 1955.1 1 805 Sale 805
8
5
.6
178
93 101
724 33
Italy (Kingdom of) ext.! 78_ _1951 J D 9514 Sale 33
8234 170
8
External 5s of 1927_ _Sept 1957 NI 5 805 Sale 805
8
9414 101
1
4
953
3
9834 953
Italian Cred Consortium 78 A.37 M S 94
6813 79
7714 74
7538 Sale 7538
M N
l9543
External g 434 of 1928
,
2
9212
8738 97
External see s 1 is ser it...1947 M S 9212 Sale 9212
9014 78
8512 05
Austrian (Govt) s f 7s
1943 J D 87 Sale 86
8912
7
844 954
89 Sale a8838
2
047 Italian Public Utility exti 76_1952 J 1
24 a49
62
Internal sinking fund 7s 1957 J 1 5812 Sale 5812
38
38
71)
69
36
37
Bavaria (Free State)6 148
38
1945 F A
8
3
83 4 316
4..14 .R3
...,- 4
8111 Sale 754
s
36 a9212 10212 Japanese Govt 30-yr,1 648_1954 F A
96
Belgium 25-yr esti 6148
1949 NS S 96 Sale 9518
3
73 4 246
3512 733
4
7114 Sale 065.8
Esti sinking fund 5 lis_ .....1965 M N
93
4
8
72 a883 98
External,1 Os
1955 .1 J 93 Sale 0905
40
8
947 10812 Jugoslavia (State Mtge Bank)—
External 30
-year a t 7s
1955 .1 11 9712 Sale 97.2 100
8
227
7
12 r25
8
1957 A 0 227 Sale 20
Secured 8 f g 75
20
4 100
96 10712
9912 a983
Stabilization loan 7s
1956 M N 98
64
36
4
3714
36
Leipzig (Germany) s 1 7s.__1947 F A __ 40
Bergen (Norway)—
4914 6012
,
80
Lower Austria (Prov) 714,_ _1950 J 0 5712 58 2 55 May'33 ____
65
.4
80
Estl sink futals bs_ _Oct 15 1949 A 0 75
_-- 80
11418 107 al01 120
Lyons (City of) 15
-year 68_1934 M N 11418 Sale 11118
80
63
22
80
External slaking fund 58_1960 NI 5 80 Sale 78
1'414 99 010114 120
Marseilles (City of) 15-yr 68_1934 NI N 11414 Sale 11118
2612 Si)
Berlin (Germany) a f 648-1950 A 0 27 Sale 2
3118 34
611
1413 38
8
73 1412
13
1418 15
Medellin (Colombia)6 45_ _ .1954 J D
2714 106
244 57
External, f (is__ _June 15 1958 J D 2518 Sale 244
5
213 ...
12
658 412
4
Mexican Irrig Asstng 411s_ _1943 NI N
26
2512
15
(City) exti s t 85._ _1945 A 0 2512 ___. 2512
2
Bogota
____ _. .
Apr'30 ____
--------26
)3
4
114
Mexico (US) exti 5, of 1899£ '45 Q J
13
Bolivia (Republic of) esti 83_1947 M N
13 Sale 11
29
9
9
313
612 ---- 6
Assenting 58 of 1899
938
1945 _ _ _.
160
External secured 78 (flal)_1958 .1 J
11
312 11
11 Sale
3 573
57
MaY'33 -314 1118
938
Assenting 55 large
1118 176
External s t 78(flat)
1969 M 5 11 Sale
52
8
214 8
8
65a - -12 4
____
Assenting 4s of 1904
11414 45 a10114 120
Bordeaux (City of) 15-yr 65.1934 M N 11414 Sale 1114
5
5
5
5
____ ---- 5
Assenting 4s of 1910_ __
8
347 103
184 3478
Brazil (U S of) external Rs_1941 J I) 3312 Sale 3018
4 7.8
63
8
8 8
25
38
511
_ __,
Assenting 48 of 1910 large
147
33
1534 33
External a 1 634s of 1028.._1957 A 0 3014 Sale 2814
7
,
24
376
••
4127
612 Sale
3234 247
1434 324
External a t(14s of 1927_1957 A 0 3018 Sale 2814
Assenting 411 Of 1910 small__ _ _ ____
•
Trees 6s of'13 assent (large)'33 J ./
142
32
8
1212 32
78 (Central Ity)
1952 J D 31 Sale 257
•
•
*
Small
49
51
46
Bremen (State of) exti 78_1935 M 5 46 Sale 46
7212
8512 86
90
80
644 72
40
72
Milan (City. Italy) eat! 63.4e 1952 A 0 81 Sale 08312
71)58
75
Brisbane (City) 8 1 68
1957 M El 70
6378 7214 Minas Gemes (State) Brazil
Sinking fund gold be
7214 25
7112 Sale 7012
1954 F A
33
33
12
3118
19
33
1958 M 5 32
7
External 8 I 61413
774
8
7018 784
763
78
-year 8 f Be
20
1950 J D 76
1112 33
24
33
1959 NI 5 33 Sale 3118
Ext sec 63.4* series A
2918
2
2412 3014
18
Budapest (City) esti (2 f (18_1982 J 1) 2918 Sale 287
4
1253 273
4 19
273
2718 Sale 27
37
617, Montevideo (City of) 7e__. 1952 J D
8 49
617
Buenas Aires (City)6462 B 1955.1 .1 6012 Sale 5412
11
27
25
25
25 Sale 2112
External a f 6s series A _ _ .1959 NI N
3714 544
External s f (112 ser C-2
1960 A 0 5418 Sale 53
544 16
7112 SI
8
80
4
77 Bale 783
New So Wales (State) exti 58 1057 F A
344 53
53
2
External 516,ser 0-3___ _1960 A 0 5312 ____ 53
14
79
71
8012
77 Sale a77I4
External s t 5s
4
3414
6
Apr 1958 A
____ 3338
Buenos Aires (Prov) eat! 63.1961 M 11 54
353
16
8112 9312
9214 18
8
1943 F A 924 Sale a893
8
2013 347 Norway 20-year ext Os
Stpd (Sep 133 coup on)1981 M S 347 Sale 32
2 62
347
8
80, 9314
51
93
8
20
1944 F A 927 Sale a90
-year external Cs
3912 3318
35
171.2 35
7
External a t 6 421
33
I
1961 , A
33 a8012 91
01
3512 42
1952 A 0 91 Sale aS9
-year external 68
30
21
__ 32
Stpd (Aug 1 '33 coup 001961 F A
32
3512
2
8814 45 07412 883
3
1965 J D 88 4 Sale a8518
-year s 153.4,
40
14
5
8
Bulgaria (Kingdom) s 1 78_1967 1 J
175
2318
8 _175 Sale 1718
25 67212 874
86
Stablen a t 7Sie__Nov 15 1968 SIN
6
8
233 Sale 233
234
6 02111 2712
8
External s f 5 .—Mar 15 1963 M S 86 Sale 844
83
744 83
5
Municipal Bank extl s I 56_1967 J D 83 Sale 83
83
83 May'33 ____ 675
19
11 r20
23
Municipal Bank exti ,f 58_1970 J D 8012 85
(Aldan Dept ot(Colombia)7 48'46 1 .1
18 Sale 18
4
5212
27
28
79
88
8618 275
2714 Sale 2714
Nuremburg (City) mai 68_1952 F A
Canada (Dom'n of) 30-yr 4s i96ii A 0 8518 Sale 8412
35
704
7014 56
5 7014 Sale 6712
1953 M
994 152
9018 10112 Oriental Bevel guar Os
Os
1952 M N a9818 Sale a9812
4
311s 663
664 51
1958 M N 6412 Sale 8312
Esti deb 5148
9314 10014
9712 Sale 9114
4148
,
98 8 10/
1936 F A
68
80
69
9414 85 May'33 ____
86
85
0810 (City) 30
/4 May'33 __
80
-year a 1 8s...1955 M N
Carlsbad (City) 8 t 8s
1054 J J 60
1812 16
84 1812
Cauea Vol (Dept) Colom 744e '46 A 0 1712 Sale 17
85 10284
98
9512
9
1953 J D 9512 96
Panama (Rep) exti
Central Agile Bank (Germany)—
184 46
2815 34
2714 Sale 2512
Esti a f bs ser A_ ..May 15 1963 M N
8
5140_505 165
3914 75
Farm Loan *1 78__Sept 15 1950 M S 4814 Sale a46
018 131s
1518 15
1414 sale 1418
Pernambuco (State of) exti 78 '47 M S
3212 67
4
373 153
Farm Loan a f 68...July 15 1919 J 1 35 Sale 3412
34 1314
1314 22
8
3212 6818 Peru (Rep of) external 712_1959 NI 5 1138 sale 103
8
383 167
a 1 es_Oct 15 1966 A 0 36 Sale 3412
Farm Loan
3,2 113
1134 191
4
912
11 Sale
Nat Loan exti a f 68 1st ser 1961 J D
Farm LOAD Os ser A Apr 151938 A 0 3832 Sale 3814
86 a38
46
7512
1134 108
34 113
912
4
54 158
8 60
8
153
Nat loan exti a f 6e 2d ser.1961 A 0 111. Sale
8
Chile (Itep)—Exti e f 7,_,_,l942 SIN
15 Sale 127
5213 69
5712 15
1518 Poland (Rep o() gold 6s_ .....1941) A 0 55 Sale 55
External sinking fund 6s._1960 A 0 1512 Sale 11
5
1518 129
514 5812
39
58
StabIllgat100 loan 51 74_ _1947 A 0 5712 sale 574
1412 112
2
472 141.
14 Sale 107
Ext sinking fund 63._ Feb 1961 F A
69
33 059
8
8
Ity ref ext a t its
472 147
External !Mk fund g 88_1950 .1 .1 663 Sale 8618 a68
Jan 19111 J J
8
5
147 Sale 11
147 218
912 24
25
24
24 Sale 22
Porto Alegre (City of) 88_19111 .1 D
Ext sinking fund 89...fiept 1061 M 5 147 Sale 11
15
62
15
5
8
4
83 24
17
24
23 Sale 22
1512
Extl guar sink fund 7145. _1966 J 1
External sinking fund 65..1902 M ,14
5
,
1512 Sale 1184 . 15 2 45
904 93
8
147 Prague (Greater City) 748..1952 M N ____ 84 8 91 Mar'33 ____
,
5
External sinking fund Be_ _1063 M N
8
147 143
144 Sale 11
6313
28
3312 93
4
714 153 Prustila (Free State) exti 84e '51 NI 5 30 Sale 29
3
Chile Mtge Ilk 63.4, June 30 1957 J I) 153 Sale 1112
15 4 49
8
2712 614
3212 59
0
El f 11, of 19213__June 30 1981 J D
1512 Sale 1378
1952 A 0 2812 sale 2818
External 8 t Os
1512 15
94 1512
97
88
6
1514 105
612 5512 Queensland (State) exti 81 7s 1941 A 0 924 934 9612
4
933
8
A 0 1514 sale 127
fle
Apr 30 1981
Guar a f
87
78
3
8
843
8
8
857 843
Guar.16*
80
1534 Sale 12
1534 57
1962 M N
25-year external lle
4
612 153
1947 F A
41
714
4712 17
1212 52
1960 NI 5 12 Sale 10
Chilean Cons atonic 7s
413 1212 Rhine-Maln-Danube 78 A
1950 NI 5 4412 Sale 4412
27
12
27
27
24
Rio Grande do Sul exti 1 88.1946 A 0 2513 27
12 r25
12
Chinette (Liukuanit Ry) 53_1951 J D 21 Sale 1834
21
.
813 2614
2614 70
3
81
Christiania (Oslo) 20-yr I t fie 54 111 S 85 Sale 85
86
56
External sinking fund 68_1968 1 D 2614 Sale 2412
26
9
60
26
3
573
31
5
3414
MN
26 Sale 2514
Cologne(City)GermanY6 491950 M B --_- 315 3414
8
External if 78 of 1928_ .._ _1986
8
814 255
5 35
255
2514 2434
1814 374
Colombia (Rep) Be
3714 207
4
External 81 Te munic loan.1961 1 D 25
Jan 1961 J J 374 Sale 0323
24
9
4
227s
184 3714 Rio de Janeiro 25
3714 157
-year a 1 8(5_1946 A 0 24 Sale 221+2
Ext 8 1 (is of 1028_ _Oct 19(11 A 0 37 Sale 3338
,
64 23 4
2314 124
2314 Sale 2138
3213 15
1v 18 3213
External 8 t 844e
Colombia Mtge Bank648ot 1947 A 0 32 Sale 32
-1953 F A
8512 54
82
924
33
II
194 33
Rome (City) exti 6146
33 Sale 32
1952 A 0 8414 Sale 84
Sinking fund 71 of 1926_ _ _1946 NI N
9012 10458
14
99
34
4
9814 Sale 9814
183 016
31
35
Sinking fund is of 1927_ _1947 F A
Rotterdam (City) exti fis_ _ _19114 M N
30
4
45
32
8 11
445
41 Sale 404
Copenhagen (City) 5s
1952 J I) 7112 Sale 6812
7312 Roumania (Monopolies) 7.....1959 F A
7312 15
59
724
50
10
5314
4
677 Saarbrueeken (City) 68
58
66
14
68
67
1953 1 J
1953 M N 67
25-year g 4145
5212 5512 50
1018 213
8
8
2138 Sale 2114
8
213
4
203 Sale 1814
,
2112 36
1044 211, Sao Paulo(City) a f 88_ _Mar 1952 MN
_1957 F A
Cordoba (Cltv) extl s f
714 2313 .
2212 25
2424 3434
5
External a f 8 49 of 1927_ _1957 M N
External 8 1 7s. _ _ _Nov 15 1937 NI N
21 sale 1978
31
7e_3012 _ — 30
4
242 40
3
3913
144 284
4 21
San Paulo (State) exti s t Se_1938 J J
283
3912 Sale 3912
25
2518 31
Cordoba (Prov) Argentina 7i 1942 J .1
1313 22
2312 35
External sec a f Ss
1950 J J 23 Sale a20
Costa Rica (Republic)—
27
8
275 274
External a t le Water L'n_1950 Nt 5 2138 Sale 2012
8
2134 29 13114 214
275
8
2311 30
7s Nov 1 1932 coupon on_1951 NI N
94 214
8
215 Sale 1918
1982
14
External a 1 88
2134 62
17 May'33 --__
1968.2 1
1712 20
7s May 1 1934 coupon 02_1951 _ _
8 54
8
635
5014 635
12
Secured a 1 78
90
7)114 90
1940 A 0 627s Sale 60
Cuba (Republle) be of 1904. _1944 M 8 90 Sale 88
4
4
123 28,
2614 29
85
85
8 a7914 9314 Santa Fe (Prov Mg Rep) 78_1942 M 5 25 Sale 23
8412 86
External bsot 1914 ger A _ _1949 F A
3912 774
31
50
Saxon Pub Wks(Germany) 78 '45 F A
40 Sale 3958
75
62 1375
15
External loan 43.4g
75....., 73
1949 F A
33
3512 30
8911
Gen ref guar 634*
4
75
8
1951 MN 33 Sale 33
7 a6312 753
7413 733
73
Sinking fund 544e Jan 15 1953 J .1
5212 7412
34
62
Saxon State Mtge inst 7e...1945 J 12 5212 Sale 5212
4612 48
48
32
publ(e wks 5(4, June 30 1045.2 1) 4614 Sale 4514
5413 68
8 11
577
Sinking fund a 8 4s_ _Dec 19411.1 D 53
Cundinamarea (Dept) Colombia
2
57, 56
22
14
43
22 Sale 191s
22
1814 30
1758 Sale 1718
1013 1913 Serbs Croats & Slovenes 88_19,52 M N
1959 M N
External a t 0140
,
1212 211
20 Sale aI7l2
1902 M N
84
External sec 7s aer 11
20
94
9914
88
8
7
937 92
Clechoolovakla (Rep of) 88_1951 A 0 90
4533
40
5
4178
4134
4
1958 .1 D 413 45
6
9414
92
92
8512 9812 Simsla (Prov of) exti 714
1952 A 0 90
Sinking fund 8s ser 11
3018 50',
31 Sale 31
3512 44
,
8 50
913
9234 Silesian Landowners Assn 68.19 7 F A
75
Denmark 20-year exti Os._ _1912 1 .1 9014 Sale a8912
8714 Soissona (City of) exti 88_1936 NI N 118 Sale 11553 118
69
97 100 rns
8313 22
1955 F A 82 Sale 82
External gold 634*
571s
45
3
__ 48
47
stvria (Prov) external 74_1946 F A
50
5814 77
7314 73
8
External g 434*. _Apr 15 1962 A 0 737 Sale 7214
,
9 172
83
28
Sweden external loan 53.4s...1954 MN
93 Sale 9112
93
Deutsche ilk Am part rtf 61_1932
91 4310212 114
114
704
4
703 85 .1wita,land Onyx eat! 5 4._ .1946 A 0 114 Sale 103
7
4
703 Sale 7034
stamped ext.(' to Sept 1 1915 __ ._._
,
AeCtlIt,11 interns; payanle at exctialute rate of 34.86115 • hook under est .3 Matured Bonds on page 4062
r csah sale a Deferred delivery
NOM—State and City SiscurItles.—Salmot State and City securittesoccur very rarely on the New York Stock Exehange and usually only at long Intervals. dealing, In
much es/m(1We beinc almost entirely at private wale over the counter. Bid and Asked quotations, however, by active dealers In these ()amities will be found oo a sub-e011511 Page under the general head of "Quotations for Unlisted Securitlos."
Ask Low
Bid
U. S. Government.
First Liberty Loan—
J D 102,342 Sale 102134210342 717
344% of 1932-17
Apr'33 __ _
J D 1011122 ____ 101
Cony 4% of 1032-47
148
Sale 102141103
J D 103
Cony 44% of 1932-47
_--- 102 May'33 ____
.1 I) 102
2d cony 434% of 1932-47
Fourth Liberty Loan—
,
,
A 0 102 42 Sale 102 42 i03322 429
434% of 1933-38
,
,
1947-1952 A 0 109 42 Sale 109 42110322 374
Treasury 434,
1944-1954 .1 D 10542 Sale 105,3221051122 562
Treasury 40
1946-1956 M S 1041,22 Sale 1041122101,122 730
Treasury 334
,
,
,
,
1943-1947 .1 D 102 22 Sale 104 42102 42 13n
"Treasury 314e
,
Treasury 312._ _Sept 15 1951-1955 M S 981122 Sale 94,,22 98 42 697
42102,022 ISO
Treasury 348 June 15 1940-1943.1 D 102322 Sale 101,
'
,
,
Treasury 341, Mar 15 1941-1943 M S 102 42 Sale 100 221021 122 216
471
Sale 99,322100
Treasury 314e June 15 1946-1949 .1 D 100
New York Bond Record-Continued-Page 2
4058
_
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 9.
u
Pries
Fridau
June 9.
Foreign Govt. & Municipal..
Ask
BM
Sydney (City) a f 5358
1955 FA a7714 Sale
Taiwan Elee Pow a f 5345_1971• J 6314 Sale
Tokyo City 55 loan of 1912_1952 MS 5312 Sale
External 5 f 5345 guar
1961 AO 67 Sale
Tolima (Dept of) °YU 713._ 1947
N
15 4 Sale
3
Trondhjem (City) 1st 5%5_1957 MN 65
72
Upper Austria (Prov) 7s_ _1945 J D 53
55
External.! 63413..June 15 1957 ID 46
60
Uruguay (Republic) esti 88 1946 FA 42
50
External 5 f 68
1960 MN a35 Sale
External
es__ _ May 1 1964 MN 35
3614
Venetian Prov Mtge Bank 75 '52 AO 9812 99%
Vienna (City of) exti a f 68_1952 MN
5912 Sale
Unmatured coupons attached- MN
Warsaw (City) external 75_1958 F A 3612 Sale
Yokohama (City) ext1 65-1981 J O 73% Sale
Railroad
Ala Gt Sou 1st cons A 5s--_1943 J D
1st cons 4s ser B
1943 J 0
Alb &Siam let guar 3345_1946 A 0
Alleg & West 1st go 45
1998 A 0
Allen Val gen guar g 45
1942 M 5
Ann Arbor 1st g 45_
July 1995 Q J
Atch Top & S Fe
-Gen g 45_1995 A 0
A 0
Registered
Adjustment gold 4e .July 1995 Nov
Stamped
July 1995 MN
MN
Registered
Cony gold 45 of 1909_._19552 D
Cony 45 of 1905
1955 i D
Cony g 4s Issue of 1910_1960 J D
Cony deb 4345
1948 1 D
Rocky Mtn Div 1st 45._ _1965 1 1
Trans
-Con Short L 1st 45_1958 J 1
Cal-Arts 1st & ref 434s A.1963 M 8
All Knox, & Nor 1st g 55_ _1948 1 0
All & Chart AL lat 4 Ha A 1944 J J
1st 30-year 55 series B
1944 J 2
Atlantic City 1st cons 4s__ _1951 1 1
All Coast Line 1st cons 45July'52 M El
General unified 454, A._ _1964 J D
L dr N coil gold 45____Oct 1952 MN
All & Dan 1st e 45
1948 2 J
2d 45
1948 J J
1949 A 0
All & Yad 1st guar 4a
Austin & N W.1st gu g 54-1941 1 1
80
68
82
70
9 4
33
30
93
Week's
Range or
Last Said.
Rang.
Sines
Jan. 1.
75 May'33
60 May'33
8212
8212
6522 June'33
94%
9514
23
30
9212
9314
91 May'33
8812 83%
85
86
85
8712
8712 8512
____ ____ 80 Aug'32
84
82 May'33
8414 Bale 8414
8414
82 80 Mar'33
Eli; Sale 9312
9512
78
82
82
8312
95
95
96
97
9514 9714 9514
9512
10312 Feb'31
75
71
Oct'32
8814 Sale 8814
8814
75
65 May'33
iii2 Bale 83%
8512
7712 Sale 7412
773
4
697 Sale 68
714
4212 Sale 38
43
3612 Sale 35
361
.
40
65 43 June'33
75
81
14
4
20
184
15
50
Canada Sou-cons gu 5a A___1962 A 0 84
91
84 May'33
Canadian Nat guar 4345--- _1954 M S 9014 Sale 88%
9112
J 9014 Sale 8812
30
-year gold guar 4 Sa___1957
9012
Guaranteed gold 430._ _1968 I D 893 Sale 883
4
90 5
3
J 95 Sale 94
Guaranteed g 5s
July 1969
9514
Guaranteed e 5a
Oct 1969 A 0 a945 Sale 933
5
9512
197 F A
0
9514
Guaranteed g 5a
9515 Sale 954
Guar gold 445___June 15 19562 D9315 Sale 91
93
Guar g 43411
1956 F A
904 Sale 89
903
5
Guar g 430
Sept 1951 M S 9012 Sale 89
908
Canadian North deb a f 78_1940 I 11 10214 Sale 10114
1027
5
25
-years f deb 634s
1946
" 4 1(
11911 9
103
144 11 :2
1
10-yr gold 434s_Feb 15 1935 J J
98
Canadian Pao Ry 4% deb stock
6713 Sale a65%
68
Coll tz 434s
1946 M S r79 Sale 763
4
r79
5s equip tr ctfs
1944 J J 901 Sale 88
91
Coll tr g 55
Dec 1 1954 J ° 80 Sale 7812
8012
Collateral trust 430
1960 J J a735e Sale a735
s
743
4
Car Cent let coos g 4s
1949 J J
12%
15 Mar'33
Caro Clinch &0 1st 30-yr 58_193R 2 D93 Sale 93
93
1st & cons g 6a ser A.Deo lb '52 J D 90
97
8915
90%
Cart A Ad 15t gu g4562 66
60 Feb'33
Cent Branch U P let g 45_1S ' D 45
45
194 J
4712 431
%1
Central of Ga let gl3a....Nov 1945 F A
50
59
Consol gold 55
1945 M N
24 Sale 23
25
Ref & gen 534s series 13_1959 A 0 10
13
127 13
Ref & gen 58 aeries C
1959 A. 0 1112 Sale 10
...
12
Chatt Div pur monei g 44-1951
May'33
i,
.
'
'''' 2014 22 IL _It1
Mac & Nor Div 1st g 58_1946 j j
Mae
Oa &lAtl Dirpur m 55'47 J 2 231
___ 10212 Nov'31
Mobile Div 1st g be
1948
" 224% 35
24 May'33
75
60
78
65
89
2212
823
4
75
60
87
65H
98%
30
97
71)2 897111:
a7514 8812
-p-
59
5
2
19
8
55
81
45
76
44
4
II: Chic R IA P Ry gen 4s
84 5
1988 J J
J J
Registered
80%
Refunding gold 45
1934 A 0
9512
Secured 4345 series A
1952 M 5
Cony g 448
85
1960 MN
Ch St LAN 0 55__June 15 1951 J D
97
1 D
99
....
Go 11a
R 3
1r
i
June 15 :231 1 D
Memphis Div 1st g 45____1951 J 0
-itii2 18
- Chic T 11 & So East let 5a...1960 J 0
4
65 65
too gu 58
Dec 1 1960 M F
66
8511 Chic Un Sta'n 1st gu 4345 A.1963 J 1
let 5s series B
51
77 4
3
45
717
8
Guaranteed g 55
let guar 6%5 series C
19 3 j 41
29643 J
1
1 33 Chic & West Ind con 4s
14 4 12
6
1952 J J
20
44
1st ref 5345 series A
Choc Okla & Gulf cons 55
75
81
26 M S
1952 M N
Cht H dr D 2d gold 4 Ha
1937 J J
74
86
C St L & C 1st g 4a__Aug 2 1936 Q F
Registered
72
80
August 2 1938 Q P
•
Clu Lob & Nor 1st con gu 45_1942 MN
334 88
CM Union Term let 4345......2020 J J
a79% 9034
11 mtze Ss series tt c....1, 7 J J
8
tge
nries
2 50
0
2
374 77
MN
81% 82 Clearfield & Mah 1st gu 56...1943 1 1
55
82
Cleve Cln CM & St L gen 45_1993
4512 705*
General to series B
1993 1 D
D
34s 67%
4
Ref & impt 65 ser C
19 J J
,
9
41
2512 58
J J
Ref &'mot 55 ser D
88
Ref &'mut 4345 ser E
96
1977 J J
Cairo Div 1st gold 45
85
77
1939 i J
Cln WA M Div 1st g 45 1991 J J
-io liSt L Div 1st coll tr g 4s
"
1990 MN
Sir & Col Div let g 48
1940 MS
if- w W Val Div Mt g 45_ - _1940 J J
-ii- 73
079
78
89
874
--__
Cent New Eng! 1st gu 45_1961 2
684
68 6814
4
63
Cent RR & Bkg of Ga coll 56.1937 MN 48 Sale 4512
48
20
Central of N J gen g fo__1987 J J 95 Sale 9412
96
30
Registered
1987 Q J --- 9212 90 May'33 ---General 48
1
1987
7712 77 Mar'33 ____
72
Cent Pat 1st ref gu g 45_1949 F A 83 Sale 082
.
83 5 109
3
"
F A
Registered
783 Jan'33 _
4
Through Stiort L lat gu 4/1_1954 A
-ii- 16 80
80
4
Guaranteed g In
1960 F A 69 Sale 69
7212 88
Charleston dr Say% 1st 7a_1938
"
Ill June'31 ---Chas & Ohio lat con g 56_1939 114 N 106 Sale 106
10714 27
Registered
1989 M N 103
_ 104
104
5
General gold 43111
1992 M
10012 Sale al00
1004 84
M S
Registered
92 May'33
1993 A 0 91 Sale 905t
Ref & impt 4345
93 5 65
3
Ref & kept 4%5 ser B...1995 2
9212 72
91 Sale 90%
Craig Valley 1st 2*.
.May 1940 J J 88
90 May'33
95
Potts Creek Branch 1st 45_1946 J
81
81
2
R & A Div 1st con g 4s 1989 J J 90
91
___ 9012
23
3
2d conaol gold 4s
8514 Mar'33 ___
87
80 4Warm Spring V let 59_119941 M S
"___ 99
89
93 May'33 ___
Chic & Alton RR ref g 35_1949 A 0 -48
4913 98
4912 48
Chic Burl & Q-III Div 330_1949 J J 8512 85 4 85
8614 30
3
J
Registered
84 Dec'32....
Illinois Division 4s
r4 J
1949 J N 95H Sale 9314
9512 64
General 45
904 44
8912
8914 90
1957 F A
974
let & ref 434s aer
8815 91
8615 Sale 8412
1971F A 95 Sale 93
lst & ref Ss ser A
9512 99
Chicago & East III 1st 65_1934 A 0 52
573
4
1
573
4
74
C & E Ill Ry (new col gen 56.1951 M N 10 Sale
1012 204
9
Chicago & Erie lot gold As _1982 hi N
90 May'33
?Cash sales. a Deferred del very •Look under list of Matured
Ask
Bid
4212 Sale
40
55
40
58
40
44
36 Sale
40 Sale
70
75
60 Sale
5612 ____
61314 Sa1e11
6 2 637
1
5812 68
3614 Sale
15 4 Sale
3
45 Sale
5414 Sale
55Sale
56
62 •Sale
•
26 5 Sal
59734 73e
28 Sale
27 Sale
18 Sale
-ii- Id
55
25
82
83
77
1334
78 4
1
a84
45
68%
48
98
90
771g
884
78%
60
7222
alais 1171.
4
10112 104
87% 10312
904 92
80
933
4
79
9312
90
98
81
81
84% 96
84
R612
93 93
30
50
80
91
Cleve Sho Line 1st gu 430_19994 1 A O
6
11197538 FM ANF
Cleve Union Term let 5345._1972 A 0
let a f 55 aeries 13
1973 A 0
181 8 f guar 4 344 series C 1977 A 0
Coal River Ry let gu 45...._1945 J D
Colo dr South ref & ext 4341-1935 M N
General mtge 43'4s ser A 1980 MN
Col & H V 1st ext g 411
Col & Tol tat ext 45
1915 F °
8A A
Conn & Paasum Itiv 1st 45_1943 A 0
Consol Ry non-cony deb 4s_. 9555. .
. 199m 1 1
11 5
1
Non-conv deb 45
Non-cony deb 4s
A 0
Non-cony deb 4e
1958 1 J
Cubs Nor Ry 1s1 51422
1942 J D
Cuba RR let 50
J
-years.6_1952
15t ref 7345 series A
1936
0
let lien te ref(User II
0
1936
Del & Hudson let & ref 4s 1943 M N
fre
1935" 0
Gold 5345
D RR & Bridge lit gu g 421_19 F N
13 M A
37
36
Den & Rp let cons g 4s____1936
J
Consol gold 4344
J
1936
Den AR 0 West gen 5/2 Aug 1955 F A
Ref & !rapt lia ser B-Apr 1978 A 0
Des 11 & Ft D 1st nu 45____1935
Certificates of deposit
J
Des Plaines Val 1st gen 414E1947 M 8
Det & Mao 1st lieu g 45
1955 J D
Second gold 4s
1995 J D
Detroit River Tunnel 410.-19131 M N
Dui Miasabe & Nor gen 56._1941 J J
Dul & Iron Range 1st 513.- 1937•0
Dul Sou Shore & Ati g 5s
1937 J J
East Ry Minn Nor Div 1st 4s '48 A 0
East T Va & Ga Div 1st 55.1956 MN
Elgin Joliet & East 1st g 55.1941 M N
El Paao & S W 1st 5a
1965 A 0
Erle & Pitts g gu 330 Ger B 1940J I
Series C 3345
19491 1
Erie RR 1st cony g 45 prior_ 1936 1 .
1
Registered
1996 1 J
1st consol gen lien g 414 19941 J J
Registered
1996 J J
Penn coil trust gold 45
1951 F A
50-year cony 45 series A-1953 A 0
1953 A 0
Series B
Gen cony 45 series D
1953 A 0
Ref & Impt 5s of 1927.-1967 M N
TUC& Inuit 5s of 1930._1975 A 0
Erie &Jersey 151 s f 68......1955 J J
Genessee River 1st a f 64_1957 1 1
Fla Cent A Pen let cons g 5s 1943 1 1
Florida East Corot 1st 4146_1959 J 0
let & ref 55 series A
1974 M S
Certificates of deposit
Fonda Johns & Gloy 1st 434e 1952 ---MN
(Amended) 1st(4)05430_1982 MN
Fort St U D Co 1st 6 4348_1941 J I
Ft W & Den C 1st g 5%5-1961 J D
-iii 138
: -1i
.
9312
78
68
8615
764 9512
32
58
3% 12%
a%614 94%
Bond, on nag* 4062
Range
Since
Jan, 1.
Low
High No. Low
High
42
20
49
4
614 299
497
4
52
2
28
52
44 May'33
44
44
38 May'33
33
38
311
36
109
9
36
3414
40
39
12
40
95
7575
5
6112 75
May'33
9412 9914
591
63
121
38
63
5514
5514
1
35
56
64
40
64
10
662
1%
64
40
64
26
63
6422
6412 49
38
3412
11
41
590
41
125*
3% 18
18 3501
4314
52
52
66
34
4 5 Aug'32
7
5414
30
59 4 146
60
3
38
1
5814
6113
55
47
55
6315
631s 88
55
6812 42
40
6812
•
•
•
•
743s 46
434 744
272
7
387 129
40
5
15
25
33
250
15
36
7
23
33
238
15
35
11
412 26
2312 871
585* Sale
123
5112 SepV 32
64
6
0
2832
2 12 l
2 Sa e 32
8 l
6
2314
28
1312 Sale 1212
17
75
90
75
75
6412 May'32
8512 May'31
55
65
50 May'33
62 Sale 54
62
3922 Sale 36
413
4
9612 Sale 9612 r100
1033 Sale 1027
4
1037
5
100 Sale 994
100
113 Sale 11234 114
76
8
7
4
2
874 8722
73
'
87%
505* ____ 50 May'33
88
88
60
958
271
975
4
36
19
1813 33
20
78
72
114
126
41
24
36
36
27
18
1
6612
60
46
62
36
1434 4134
91 1014
95 106
924 10214
1034 114
594 78
884 90
50
50
884
85
95%
95
.1 1_695 65 Feb 33
999 ? 01_ 97
.
_ 7:
34 Oct 2
'3
83 Jan'33
if 83
93 1004
963
4 17
1023 103 10114
9612 105%
4
113
59
103 Sale 1097262
.227
. 964 10311
May'
72
72
71- 77
68
78
78
4
86 Apr'33
85
884
77
80
71 May'33
71
49
75 Sale 70
75
47
75
31
66 Sale 65
37
6812 223
684
88 Sale 88
88
88
85
7
68
71
71
60
71
72
1
745k Sale 745*
74%
88
80
3
76 Dec'32
564 Aug'32
8714 974 C C C& I gen cons g 65_1934 J J 96
98
53
77
Clev Lor & W con 1st g 513-1933 A 0 96
98
Cleveland & Mahon Val g fia 1938 J J 55_
44
58
4 7761
Clev & Mar 1st gull 430
MN 96 1/24
1935
64
Clev & P gen gu 4345 ser B-1942 A 0 965 9914
50
5
Series 13 3Hs
84 4 84%
3
A 0 ---- -85
894
Series A 4345
1942 J J 9612 101
33 4 623
3
4
Series C 3345
8614 90
Series H 334
Gen 4 135 8,
80
65
r5A
78% 8512
71
79
4 9112
79as 9012
99
79 4 9032
1
63
75 a 4 95%
84
84
95'
2
81
17 a8485 9514
80% 93
31
80
903
8
20
793 907
113
4
5
965 104%
214
9412 107
34
90
99
37
49
6812
130
5 0.55 r79
73
804 91
174
58% 8534
79
53% 77
5
15
80
3
93
35
68
9015
68
60
24
22
45
32
42
9% 25
58
1
2
3
% 1133
57
15
..... ____
Week's
Rang* or
Last Sale,
Artrig
Pr
June 9,
Chicago Great West 1st 45_1959 M 5
Chic Ind & Loulay ref 66.___1947 J J
Refunding gold 55
Refundlng 45 series C
47 1 1
194 .1 2
lat.& gen Sc series A
1966 M N
1st & gen 65 aeries B _May 19862 J
Chic Ind & Sou 50
-year 45 1956 1 J
Chic L 13 & East 1st 4 Hs
1969 J D
Chl M & St P gen 48 aer A _ _1989 J J
Gen g 314e ser B___May 1989 J J
Gen 4345 ser C
May 1989.5 J
Gen 4345 ser E
May 1989 J J
Gen 4365 ser F
May 1989 J J
Chic Milw St P dr Pas for A__1975 F A
MO
A N
Cony ad) 5a
Chic & No West gen 9 3 n 6 23
1 1 87
.1asi . °0
Q F
Registered
General 48
19 17 MN
,
Stpd 45 non-p Fed Inc tax '87 M N
Can 4548 stpd Fed Inc tax_1987 MN
Gen 5a stpd Fed Inc tax___1987 M N
1933 M N
Sinking fund deb 55
M N
Registered
I5
-year secured g 6345_1936 M 8
1st ref g 55
May 2037 J D
1st & ref 434s stpd-May 2037 J D
1st & ref 430 ser C May 2037 J D
1949 M N
Cony 410 series A
2
2
Ball & Ohio 1st g U....July 1948 A 0 8412 Sale a5314
85
87
Registered
July 1948 Q J
75 May'33
20
-year cony
*
Refund &gen1.5a series A_1 3 M O 6512 Sale 654
434593
68
1995
154
8
let gold 5a
July 1948 A 0 903 Sale 8912
4
90% 46
) 7414 Bale 74
I
Ref & gen (is series C_ ___1995
77
83
P L E & W Va Sys ref 411_ 1941 M N 794 Sale 7812
24
81
Southw Div 1st 5a
7
1950 J 2 8114 Sale 77
82
64
Tol & CM Div letref4nA.19592
703 Sale 88
5
70% 29
Ref & gen 56 series D
2000 M 8 65
69 65
6712 98
Cony 4j45
19 1 F A 52 Sale 51
61
5712 576
Bangor & Aroostook 1st 56..1943 J J 92 10012 90 May'33
Con ref 4s
1951 J .
1/ 77
77
78
10
77
Battle Crk rir Stur 1st gu 33_1989 J D 75__ 61 Feb'3I
Beech Creek let gu e 48._ 1936 J J 87 18
88 June'33
2d guar g Is
19362 J
100
Jan'30
Beech Crk ext let g 345__1951 A 0 -_-_ 71 May'33
75
Belvidere Del eons go 3544.19432 J ii
Big Sandy 1st 45
7512 90 90
Feb'33
Boston & Maine let to A C.1 47 JI D
3
guar2 4 M S 70
196
74
75
77
35
1st M 58 seriesIIM N
1955
75 Sale 75
76
23
1st g 445 sec JJ
1961 A 0 69 Sale 68
28
687
Boston dr NY Air Line 1st 4s1955 F A 61.
65 62
.
6412 15
J
Bruns & West 1st gu g 45_1938
84% Mar'33
Buff Roch & Pitts gen g 5a 1937 M S -$36- lig 88 May'33
Consol 4345
1957 MN 6112 Sale 603
4
62 4 121
3
Burl C R as Nor 1st & coil 56_1934 A 0 53 Sale 50
57
57
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 9,
Low
High No. Low
High
74
a7714 24
66 a7714
33% 64
64
15
61%
52
535
7
53%
26
63
18
67
33% 67
15 4
3
1812
9
1612
8
67
67
1
61
75%
5515
56
4
45% 624
49 May'33
44 r56
394
42
12
2112 42
3115
1512 35%
35% 58
32%
1634 35 4
35 4 15
3
3
9812 June'33
94 100
594
63
28
6815
56
50% May'33
50% 5035
3612
3812 45
35
41%
74
67
26
357 74
4
88
77
843
4
80
9514
Sale
Sale
June 10 1933
95 May'33
963
5
97
8014
8014
99 Feb'33
9614 May'33
86
Jan'33
96 Mar'33
84 Apr'33
83
Oct'32
81
Oct'32
16- 80
80
gaii sale 80
817
5
75 Sale 74
7712
742-2 Sale 73%
743
4
8612 Sale 8612
90
8414 Sale 83
8412
6812 Sale 67
6912
90
93
91
93
887 9014 9012
2
9012
90 Dec'30
511g -_ 4812 May'33
46 49
54
51
20
____ 4612 Sept'32
49% Sale 49%
497
5
39% Sale 2914
41
38 Sale 32
41%
36 Sale 25
367
5
33 Sale 20
33
7912 Sale
9414 96
9114 Sale
92_
47 Sale
52 Sale
24 Sale
30% Sale
44
7
_3
35
97
102
26
109
64
5
2
95
MI
8014
99
9614
86
96
84
10l54
97
8014
99
9614
86
98
86
70 16,
601 85
64
774
49% 748
4
8612 90
6712 85
48
6913
R5I4 93
90
92
38
40
1
222
189
120
89
79
98
80
1
95
95
9114
92
76
9214 Dec'32
467
5
5012 179
49%
53
84
1912
24% 763
2812
343 207
4
312 Sale
3
33
4
7
42
55
55 May'33
20
35
34
Oct'32
15
30
25
25
1
86 May 33
80
85
4
10212
- 1013 May 33
1013 112 100%
5
10112 63
25 Sale 23
25
10
843 87
4
87
87
2
86
9114 84
89%
6
84 May'33
61
Feb'33
iiig 92
88 Aug'32
5
823
4
- 883 Feb'33
a83 Sale 083
8415 36
_
5713 June'32
80
_6112 Sale 60
63
229
41
Jan'33
(
A 101- 99
99
33
56 Sale 5412
563
5 36
5412
543 57
4
5612 43
40 Mar'33
51 Sale 50%
5
6% 439
51% Sale 5012
56
662
92 Sale 92
92
1
87
_- 89 June'33
_25
21
18 Apr'33
55
_
55 June'33
1012 Sale 1012
137
5 55
4
12% 67
04
3
93 Sale
514 9% 9 4 May'33
7
415 Sale
4
515 20
87 Nov'32
90
9
90 May'33
49
51
497
10
15
15
11
497
41
413
4
367
5
'25
8734 804
91
97
79
934
jiii;
53
27
814 24%
4
343
11
1
43
34
3
55
25
75
1014
99
12
84
65
784
81
W8
6
10314
1024
25
87
3
89 4
394
72
ems 8414
-16;
41
99
8012
30%
40
'204
204
81
75
15
34%
3
2
312
214
-TA
83
41
994
5%
6
504
404
564
56
92
903
4
18
55
14
1312
978
5's
92
New York Bond Record-Continued-Page 3
I in
BONDS
53
N. Y STOCK EXCHANGE
t
Week Ended June 9.
Price
Fridatl
June 9.
Week's
Range or
last Sale.
.11 a
Range
Since
Jan. 1,
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 9.
t
n
4059
Price
Pridatt
June 9.
Week's
Range or
Last Sale.
Range
&race
Jan. 1.
Bid
Ask Low
High No Low
High
Ask Low
High
Bid
High No. Low
Minn & St Louts lot cons 55_1934
14
5414 81
81
723 8014 75
4
*
*
55
8
3
4
55
8
Ctrs of deposit
12 4
5'8
5
3
11,
4 Sale
4
112 31
54 15
lot & refunding gold 4o...1949 M N
934 M S
15 May'33
14 118
4
8
118 Feb'33
;
118
1 14
Ref de ext 50-yr 55 ser A 1962 Q F
62 F
Certificates of deposit
22 May'33
2212 25
4534 - 1
46
39
2 12 40
18
3
41
24
M St P &SS M con g 4e Int gu '38
11,
42
7134
____ 45 r45 May'33
le
42
274 Sale 1718
2712
5
0
let cons be
1938 J J
Jan'31
--------100
53
2812 50
1st cons 5s gu as to int
1938 J J 47
94
84 June'33
84
24
11
24 Sale 20
912 24
1946 J J
965 1043
4
let & ref 65 series A
10218 110
102 Sale 10118
25
-year 534e
155
93% 101%
10012 Sale 9812 101
62
41
21
1
14
11
gli2 61S71 .1 I 812 Sale IP
64
let ref 531e ser B
. i2
48 __-- 96 Nov'30 ____ -514 - .50
82
958 Dec'
1st Chicago Term a f 4e 1941 MN
453
4
81
77 Sale 77
7
5
5 -55- If
66% 80
6
Mississippi Central 1st 5&._1949 J 1 7014 8014 75
754
7514 Sale 7514
66
78
38
78
7512 Sale 7512
5
15
25
2612
2812
27
J 22
74
Mo-Ill RIO, 1st 5s ser A
39
74
123
7134 Sale 6914
k
6812 847
8412 Sale 84
848 29
9
901
4012 7312 Mo Kan & Tex 1St gold 48_ 1658 3 D
7312 51
6712 Sale 6712
7812 66
59
79
78 Sale 77
6614 Mo-K-T RR pr lien baser A..1982 1 J
37
6614 70
6512 Sale 64
72
29
614 72
7112 Sale 71
40-year 4s series 13
67
1962 1 J
34
189
67
6558 Sale 64
74
1 77 14
1
4 sa1ee 7 2
55
1 17 3 ; 7;1122 Sale 1;14
: 717
7 2
1
30
Prior lien 434s ser D
30
24
30 May'33 ____
a3212 59
314 9
Cum adjust be ser A_Jan 1967 A 0 55 Sale 55
18
9
14
8
4
S712 ii
1812 3712
3612 Sale 35
Mo Pat let & ref 55 ser A..1965 F A
_2
90 Aug'32 _4 _
7
18
-52i2 -g07-8
General 48
497
8
56 Sale 5412
371 519
18
3712
53
1st & ref 58 series F
23
80
53
5212 sale 51
373 189
4
1812 373
3518 Sale 3412
4212
7
4212 4212
4
ce,efld 5 8G
lete r e 5s w
dx g
4212
3918 ---3
15
1976 M NN
99
4
1712 7
21
9
5
3S
38
12 3 34
99
let ref g be !slim H
84
9512
9
Hocking Val let cons g 43413_1999 J J 92
9412 93
71
1,: 3 12
1
,
:7 5814 % 22
:
3
J01, 35 Sale g4512
80
3:
79
let dx ref 53 ser I
7
1 948
1S8:
Housatonic Ry cons g 5s____1937 M N
71
-- 79 Mar'33 ____
May'33
&H T C lot g be int gliar__nn .1
.1 86 - 89
8512 Mar'33- 8512 8
9
Mo Pat 3d 7s ext at 4% July 3 r :
5
95 Aug'31
;1.
0
8
78
90
Mob & Mr prior Ilen g tyi
19
90
Houston Belt & Term let 58_1937 J J 90 Sale 90
90
40 May'33 ______ -55i8 116J J
57
72
Small
884
Ilud & Manhat 1st be ser A_1957 F A 83 Sale 828
8412 36
597 53 A
8
1945 J J 42
394 593
4
1st M gold 4s
Adjustment income be Feb 1957 A 0 593 Sale 557
593 343
4
8
4
-66- 9 6
50
Small
I31ar '31 --_-_
:
.3
28 r72
784 82
Mobile & Ohio gen gold 45__1938 ' I 173
,13I1
Illinois Central 1st gold 4e__1951 J J 85
75
T4 1 14':2 -_ - 8114 May'33 ---718 15
May'33 ____
25
1
.
14
Mongomery Div lot g 58_1947 F A
7812 79%
f;
1st gold 3345
79 Feb 33 -1951 1 3 _ __ 611 : 4:2
1 1 2
Sale
72
Ref & Impt 4 He
72
Extended lot gold 3)0_1951 A 0 45 ____ 72 May'33 ____
127
8 r5
10
"77 i i IL
l
Sec 5% notes
1938 i
lot gold Se sterling
7374 62 Mar 30
73
1951 19I S 74
50
Mob & Mal lot gu gold 45.._ 1 937 j j _52__
24
991.
70
Collateral trust old 4s
1952 A 0 -69rn 3i _- _ _
e
93 4 93 4
903
IS% S3 4 t ; - _ - -_
2
3
3
47
721
45
7212 Mont C let gu Os
Refunding 4s
8
7118 723 7112
1955 M N
' --3
92
9
1st guar gold be
- - -- _ _
Purchased lines 3345
5412 Dec'32
65
1952 J J 55
69
37
40
6212 Morris & Essex 1st gu 3349_2000 j D 79 Sale
1937 J j
621
Collateral trust gold 4a
1953 M N 61 sale 81
23
77134
4 May'33 ___
7 34
1955 M N
2
524 8018
Constr M be ser A
Refunding be
. .1955 M N 8018 Sale 77%
8018
7112
i
8°77188 62:2
670
7 3
789
1955 M N 72
7312 7112
6018 90
Constr M 434e ser B
35
15
-year secured 634e g___1936 J 1 883 Sale 8634
89
30
40
621 374
62 2
,
-year 431/3
Aug 1 1966 F A 5712 sale 57
7512
1
60
7512
7512 Sale 7512
Nash Chatt & St L 40 ser A_-1978 F A
5012 65
Cairo Bridge gold 4s
1910.1 D 68- 65 May'33 ____
1937 F A
8518 90
6834 Mar 3 -1
3 3 2,
8
6
851, .
1
8
.3
%
68
6014 N Fla de El 1st gu g be
Litchfield Div let gold 3E1_1951 J J 5818 --- 58 Feb'33 ____
62
18 July'28 ____ ____
63 8 Nat Ry of Mex pr lien 431e 1957 J J
3
68
Loulay Div & Term g 3328 1953 J .1 5818 - 58 Apr'33 ____
80 4
,
Assent cash war rct No. 4 on
58
Omaha Div let gold 30_1951 F A _ - - - 58
8
614
68
----11
_
e 12 4
3
12
4
_6 ---.
1
6912
Guar 45 Apr '14 coupon 1977- --_--_--_--_ 6.;- -_- , July'31 __2
53
A 6
St Louts Div & Term g 35_1951 .1 .1 55
_-- a58 May'33 ___
63_
Assent cash war rct No. Son ---sprieid 3 d e
Gogfle134 rn, let a 3 is_195 ., .1 ____ 96 _ 63 Feb'33 __
4
19 1 J 1
5
63
. Nat RR Mex pr lien 434e Oct '26
:2:
_ _7
9
75485878
i
._
A
5
40
1
5
-55 "5
7Assent cash war rct No. 4 on
Western Lines lot g 4s___1951 F
May'33
22 Apr'28 ____ ---214
2
1st consold 40
III Cent and Chic St L & N 01951 ,-4.--45
3 82 Bab
33. 2
1
1 312
312 73
387 66
8
115
Assent cash war rct No. 4 on
lot ref Se aeries A___1963 J 13 64 Sale 63
Joint
66
7112 Nov'52 ____
14 _-__ 83
37
6212 Naugatuck RR let g 4s_
1954 NIlet & ref 434s series C. _1963 J D 59 Sale 59
607
8 38
88
68
Ind Bloom & West 1st ext 45 1940 A 0
80 Dee'31 ____ -___ ____ New England RR cons 58_1945 J 1 6612 --- 68 Mar'33 ____
Nov'
-_- -- __
19'5 .1 J 66% ---Consol guar 45
Ind III & Iowa let g 40
75 Nov'32
1950 J J 67
92 J evve ii
79 No
1
n
_ _ __ ,918 ,: _-_ -__ -:-_
_
7
hid & Louisville 1st gu 413_1956 J J 34
3712 11 -ii- 17 2 NJ Junction RR guar let 48.1988 F A _ _ _ _
45
37
r -50
1- -4
912
9212
3
85
923 NO & NE let ref & Impt 430A '52 1 J 47
4
Ry gen be ser A 1965 J J 9212 9914 9212
Ind Union
-49
7012
65
7012
8
90
85
New Orleans Term let 414._ _1953 J 1 67 99
Gen & ref be series B
1965 J J 88 ___ 85 May'33 ____
20
21630
24
1
20
1814 4014 N 0 Tex de Mex n-c inc 5s_1935 A 0 21
Tht & Grt Nor 181 60 tier A 1952 1 J 3858 Sale 3712
4O4 101
1
12 40
11
1612 2812
8 35
1412
275 SaIe 2614
3
1st 5s series B
1412 293
Adjustment Os ser A_July 1952 A 0 1378 Sale 115
8
4 227012
3512
16
1st 5e series C
1st be series B •
3412 3312
3512 23
INA t '',
1956 J 1 32
27% 27
LI
18% 2712
11;
2512
1958 F A
18
3518
let 434o series D
let g be aeries C
3518 22
34
34 Sale
1956 .1 J
31
8921e L7148 Ae91 __6_4
0
1
17
3 32
let 531s aeries A
10
334 49
lot Rye Cent Amer 1st ts B 1972 M N 49 Sale 42
49
50
N Oe C Edge gen guar 434e_1:45. . N14
lot coil trust 6% g notes.1941 MN 494 --- 50
50
1
37
54 1 C)1
1%
pm
____ loo
5 -115 166%
" 4
25
45
1st :ten dr ref 6346
4314
0 loo
NYB&MBletcong6e__1935 A
F A
41
Iowa Central let gold 15e_
1937
948
8212
46
82
12 156
3
2
r6
8
N Y Cent RR cony deb 613_1935 M N 815 Sale 7912
6
Certificates of deposit
.1 D
5
107
8 8
574 74
4
108
1
1998 F A
7478 ar 62
1
e 7134
74
56
4
Consol 48 series A
27
8
let& ref g 4a
3 Sale
1951 M 8
,
: 1
. 4 :: L44 L43
70343
4
s
Ref & impt 434s Renee A..2013 A 0 617 Sale
9
60
68
Ref de impt be aeries C___ _2013 A 0 68 Sale 66
James Frank de Clear lst 4a 19593 D 68 sale 66
68
8012
7528
7712 80
Kal A & G R 1st gu g be
NY Cent dr bud Illy M 334e 1997 J 1
--- 103 Mar'31 ____
1938 J J 65
65
7 12 7412
3
0
4
___
77
Kan de M lot gu g 4e
92 72 May'33
19973 1 ____ Sale_ 70 Apr'33 ____
1990 A 0
8558
80
74
7
64
K C Ft 0 & M By ref g 4s....1936 A 0 56 Sale 543
31% 5612
Debenture gold412
5612 39
:
84 8
53
1
54
32
17
Certificates of deposit
54
30
-year debenture 4s 30:1 S2
1 8
A 0 54 Sale 5212
157
78
65
Say
Kan City Sou lot gold 38- _1960 A 0 6558 Sale 6552
6712
67% 27 648
Ref &!met 43113 ser A__.2013
e
60
733
s
74
__96
ii
47
_76f St 7(i18
6 14
02
Ref & impt 55
Lake Shore coil gold 3
42
74
19
Apr 1950 J J 74 Sale 71%
NoE3324
9412
83
Kansas City Term 1st 411_1960 J J 907 sale 90
91% 168
Registered
8
71
- - - -66
82
330_11: F 1
744
Kentucky Central gold 46_1987 J 1 80
804
2
Mich Cent coil gold
911 80
57
57
57 Apr'33 ____
Plain____
Kentucky & Ind Term 4348_1961 J
Registered
84 Aug'31
_ _ 80
SO
8
66
80
80
Stamped
ii
___
75 June'33 ____ "Li "fi" N Y Chic & St L let g 4s____IM F tI
A
1961 1
4312 109
g6- : 38
111
N12
Refunding 6340 series A.1974 A 0 -4112 St1
--------89 Apr'30 ____ ____ ____
1961 J
39
1
532
1978 M 5 3634 Sale 334
Ref 4 He series C
64 3712
3712 497
Lake Erie & West 1st g 6a__1937 1
58
7014
N Sale 2912
7014 23
3-yr6% gold notes
70 Sale to
9415 38
87
97
I
9338
5812 N Y Connect lot gu 434e A_193 ) 0
2d gold be
55
1
5812
3
5812
1 9 5 1.• A
5
____ 60
1941 J
98
9812
993
A
95
4
7
89 100
4
Lake Sh & Mich So g 3318__1997 J D 77
713 82
7814 12
let guar Ss series B
78
77
883 89
4
7212 77
69: 84 Apr'33 ____
N Y Erie let ext gold 4s 1947
N 85
74 May'33 ____
Registered
1997 1 D __ 74
1
46
85
N Y Greenw L gu g 58_1946 M N 60
Lehigh & N Y let gu g 411_1945 M 5 85 Sale 65
65
1
6
84112
,3
113
.
8
8478 -_ : Mar'33
Leh Val Ilarbor Term gu be 1964 F A - -. - 793 83 Nov'32 ____ _55 ____ N Y & Harlem gold 334s...2000 M N
4
7114 NY Lack de W ref 4345 B..1973 M N
____ 90 Nov'32
Leh Val N Y let gu g 434o 1940 J J
85
3612 79
71 May'33 ---76
76
76
5
25
52
NY & Long Branch gen 4e__1941 M 5 65
___ _ 76
Lehigh Val (Pa) cons g 4a 2003 51 N 48 Sale 48
5012 85
9
3
28
44
N 'Y & N E Bost Term 4s___1939 m O --------9511 mey:3 ________
__ 56 July 23
44
A s
Registered
NI N ____ ____ 44
3514 54
75
54
NYNH&Hn-cdeb4s___A947M S
General cons 4316
29
2003 51 N
5112 Sale 5112
-i.3- -3644
50
62
24
33
General cons be
Non-cony debenture 3348_1947
62
2003 M N 60 4 Sale 59%
3
44
5712
5412
5 313
.
Leh V Term By lot gu g bs 1941 A 0 86
90
94
Non-cony debenture 330-1954 A 0 55 Safe 59 MeF7 1 --ii
89
90 May'33 ____
46
6478
Lax de East let 60-yr 58 gu_1966 A 0 _8_2_912
6312
65
64% 29
1
79
8912
Non-cony debenture 4e .1955 J 1 60
8912
.
;
._ 21 may 3
6312
45
Little Miami gen 4s series A_196: MN
6312 19
_
Non-cony debenture 4a___1956 MN 6012 Sale 6012
43
55
Long Dock consol g 113
55
55
18
Cony debenture 3348
9218 May'33 -- - - -55i, WI
19511 1
1936 A 0 93 100
Long Island
8158
85
88
Cony debenture 6e
8212
1948 1
20
General gold 45
977 963
80 May'33
67
8
0
80
85
95
18 ON
1938 1 D 97
977
59
83
Unified gold 413
e- 8212
---L
8
871 91
1:44 m 1 1
1
1949 NI S 90
Collateral
n ,
0
::
9012 88.8
6a
9072 50
5812 40
Debenture gold be
97 10110
34% 58 2
,
54 Sale 5318
1934 J D 10112 Sale 100
Debenture 4e
10112 17
20
-year p m deb be
75
92
45
75
90 100
40
1st & ref 4 Ha ser of 1927__1967 .1 D
1937 MN
96 Sale 9312
97
73 Sale 72
Guar ref gold 4s
5 90
88
88
1
82
1949 M 13 90 Sale 883
794 9118 Harlem R & Pt Chea let 45 1954 NI N43 88
4
907s 85
Louisiana & Ark lot baser A_1989 J 1 5212 Sale 50
20
56
6018 62
Louie & Jeff Bdge Co gd g 481945 NI El 753 80
62
49
70
755 NY 0& W ref g 4s June----1992 M S 61 Sale 607
6
71 May'33 153
Louisville & Nashville 6a_ __1937 M N 101 --- 101
56
75
43
56
9634r103
101
53
General 45
. 7 .
Unified gold 40
8112 9418 NY Providence & Boston 4s INS j 0 P112 87
19403 J 94 Sale 92
94
67
A 1
e 85 Notg2 ____:_i.. _iii2 _ z84
Registered
.1 1 --------82 Apr'33
_
77
86
N Y & Putnam 1st con gu 48_1993 A 0 75 Sale 68
lot refund 630 series A2003 A 0 93 Sale 91
6515 934 NY Suso & West let ref 60.1937 1 J
9318 36
5118 544 4934 June'33
lot AC ref be series B
33
33
2003 A 0 83
8414 847
8
8712 31
1937 F A
38
4712 33 June'33 ____
63
11 8712
2d gold 434e
let & ref 4340 series C____2003 A 0 793 Sale 793
4614
8
1612 46,
4
4
597 80
8
4
80
27
4614 Sale 42
General gold be
Gold ts
1941 A 0
__ 98
87
Apr'33
__
54
87
88
2 Jan'33
84
Terminal lot gold be
Paducah & Mem Div 4s1946 F A
Apr'33 ____
55 ---- 56
55
101
31
55
66
70
NY W Chea de B lot ser I 4 321 11 .I , 615 gile; M NA
F
5 , 3
8
a 48
6
43
St Louts Div 2d gold 38_1980 M El 56
- 55
55
55
89
Mob & Montg lot g 430_1945 M 5 8012 - - - 82 May'33 __
10612 239
958 1107
4
8
82
85
Nord Ry ext sink fund 830 1960 A 0 106 Sale 105
4
4
South By joint Monon 40_1952 J 1 65
67
66
6712 21
40
6712 Norfolk South let & ref A 5s_1961 F A
Atl Knoxv & CM Div 4s....1956 MN
8318
8112 ---- 8318
1
76
6
19%
8318 Norfolk & South lot gold 541_1941 M N
19
20
10112 10412
Norf de West RR 1mpt&ext Os '34 F A 10212 ___ 10712 jun g 4
19 4
2
i 313
2
Mahon Coal RR 1st 8a
1934 J .1 100% Sale 100%
101%3
2
9514 10114
N & W By let cons g 48___1996 A 0 9814 Sale 9
4
Manila RR (South Linea) 48 1939 M N
50
5514 493 Jan'33 ____ a49% 532
4
_
1966 A 0 --------941 Jan'33 __61.
8112 18tii
$ 1 22 99
9
66
51
514 Jan'33 ____
1959 M N 45
60
5112
lot eat 40
Div'l lot lien& gen g 49_1944 .1 1 0812 Sale 95
llegie
34 '
4
,,,00
0
70 May'33 ____
70
84
Manitoba SW Coloniaa'n 58 1934 J D 74
7612
Pocah C & C joint 48
1941 J 13 9612 98 :? A4, ___"_
7
32
Feb'33 ____
47
47
Man 0 B & N W lot 330._1941 1 3 45 _ __ 47
North Cent gen & ref Es A 1974 M S
---- -312 2 Sept'32 ____ --__ ____
Mel Internet 101 40 asatd_1977 M 5 ____
Gen & ref 430 ser A
1974 M S ____ ____ 85 Aufg2 ..
Michigan Central Detroit & Bay
-2
-L 17- -.
31i_... .___ North Ohio let guar g 66_1945 A 0 29 Sale 22
1940 J J --------98 Aug'51 ____
City Air Line 4e
North Pacific prior lien 45_1997 Q J 85 Sale a8412
8512 201
73
874
Q .1 ____ 805 80 May2 --io
1951 M 5 --------79 May 26 ------------Registered
Jack Lane & Sag 3Ha
8
6 33
'
ass t
t ir
82 Sale 80
8218 14
1952 M N
lot gold 334s
Gen lien ry & Id g 3a_Jan 2047 Q F 6014 Sale 60
Bet & impt 41.40 ser C__1979 J J 60
7412 6812 May'33 ____
61
6812
Registered
Jan'33 ---Jan 2047 Q F --------55
654 5511
59
62
6
40
62
1940 A 0 60
92
Ref 82 impt 434s aeries A_ _204772
74
72
Mid of N J 1st ext be
7512 53
50
75 2
,
65
50 May'33 -..50
50
Ref & Rapt Os series B.....2047 3 1 84 Sale 84
85
216
60
8512
Mil & Nor 1st ext 434o(1880)1934 J D 62
1934 .1 D
47
60
70 Nov'30
6918 81
&Rapt Ss series C____2047 J 1 80 Sale 7812
Cone ext 4345 (1884)
81
16
20
Ref de'mot be aeries D___2047 J J
8
50 ------------Ref2 5
8014 Sale 7838
6814 80 4
Mil Spar & N W let gu 40_1947 M S 4712 503 48
sok 25
3
Jan'33 ____
40
40
Nor By of Calif guar g 5&_A938 A 0 --------9514 Oct'31 ____ ---- ---13111w & State Line let 3340_1941 J J ___ 598 40
Frem Elk & Mo Val let 63_1933 A 0
Galy bus & Ilend lot 5s___1933 A 0
Ga & Ala Ry let cons 55 Oct 1945 J .1
Ga care & Nor let gu g be 1929Extended at 6% to July 1 1934 J 1
Georgia Midland let 3s_ _1946 A 0
Grunt & Oswegatchie 1st bs__1942 J D
Gr R & I ext let gu g 4 He_ A941 J J
Grand Trunk of Can deb 78_1940 A 0
15
-year s f 68
1936 M 5
Grays Point Term let be____1947 J D
Great Northern gen 78 ser A_1930 J 1
1st & ref 43is series A____19111 J J
Stpd (without Jly l' Coup) ...-_ _
33
General 534s series B____1952 2 J
1973 1 J
General be aeries C
General 4316 series D__-.1976 J .1
General 4348 series E____1977 J J
Green Bay de West deb etre A__. Feb
Feb
Debentures We B
Greenbrier By let go 4s____1940 M N
Gulf Mob & Nor let 534e B 1950 A 0
lot mtge be series C
1950 A 0
Gulf & S I 1st ref & ter baFeb 1952 1 J
4312
11,12
-g:4- -66-1-2
-- --
604
7'
2
i_N, 6/112
Il A. ,7
gr.
, _11i4
r Ca8h Niles. a Deferred delivery. •Look under Iles Of Motored Bonds on one 4032.
8 ..
_.
5
New York Bond Record Continued—Page 4
4060
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 9.
H
Price
Friday
June O.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
N
BONDS
Y STOCK EXCHANGE
Week Ended June 9.
g
June 10 1933
Price
Friday
June 9.
Week's
Range or
Last Sale-
.127
3
o?) 5
Runge
Since
Jan. 1.
Nigh No, Lott
Low
High No. Low
Rid
Ask Low
High
High
55
55
1
3812 55
55
86
Southern Ry let cons g 5e_ _1994 ii 83 Sale 83
86
66
5812 Apr'33 ..-83
97 Mar'32
.• 11
5812 59
Registered _
5914 306
80
89
86 May'33
591s
Devel & gen 4s series A__ _1956 A0 5212 Sale 5112
17
70
85
85 May'33
7212 228
20
Devel & gen 68
1956 AO 68 Sale 6712
7212
6
8418 9611
913
4
93
78
264
-_
407 58 8
Devel & gen 6346
20 g 78,
1958 AO 72 Sale 7114
12
99 105
58
74
102
584 May'33
Mem 1)ty 1st g 58
103
1996 J
11 100 107
St Louts Div let g 4s
10314
6212
3
36
6212
10518
1951 J 3 6212 Sale 60
75
80 80 May'33 ____
89
8418
East Tenn reorg lien g 58_1938 MS 75
8514 169
60
80
534 19
50 Sale 50
Mobile & Ohio coil tr 43...1938 NI
20
5318
Pac RR of Nlo let ext g 4s_1938 FA
3 3,
7712 837 76
734 8614 Spokane Internal let g 58_1955 J
... 24
Apr'33
_3_0_ S_a_1! 60 may 0 _ _ _6_
_ _18_ _3_0_ _
8
24 extended gold 58
75
85
85 May'33
Staten Island ity 1st 4348_1943 J 1)
85
1938 J J 80
Paducah dr tile let s 1 g 4145_1955 J J 69
__ _ _ 87 Sept'32
97 Nov'31 ---- ---- ---Sunbury & Lewiston ler 45_1936 j
Parts-Orleans RR ext 5345_1968 MS 10412 Sale 10312 1043
4 13 a9612 10612
25
54
Paulista Ity let ref s 1 7s_. _1942 MS 4118 ___ 45 May 33
48
12
36
Tenn Cent 1st 68 A or B__ _1947 AO 4518 Sale 45
46
Pa Ohio & Det let dr ref 434e A '77 AO 82
96 101 14
Term Assn of St Clot g 434s 1939 A 0 997 ____ 9912 May'33 ____
8
71
873 86 May 33
4
88
Pennsylvania RR cone g 48_1943 MN
9612 9812 9612
2
9534 100
914 10014
let cone gold 58
100
98 Sale 98
1944 FA
9712 44
8414
Consol gold 45
98 Sale 9714
24
91 100%
68
82
44
Gen refund s f g 4s
1948 MN
98
1953 .1 J 82 Sale 8014
45 incl.i stild dollar May I 1948 MN
6
96
90 10012 Texarkana dr Ft S let 53is A 19511 F A
7818 Sale 76
973 97
4
973
4
Congol sinking fund 4348_1960 FA 103 Sale 102
9412 10412 Tex dr N 0 con gold 5s
0 65
79
36
1
69
6
10312 51
61
79
1943 .1 .1 61 Sale 61
General 4 Sis series A
873 Sale 85
4
734 9114 Texas & Pac let gold Sc. _ _2000• D _9_8_ S_a_l. 9512 m629,19 28
857 100
.
8
c 9
6
9 2
161
1985 J
88
General be series 13
8
78
977
97
1968 J D 9512 Sale 94
2dlIncSs(NIar'28cpon)Dec2000 Mar
-_ _
96
15-year secured 6 Sis
95 1044
.
70'
70
Gen dt ref 5s series II
71
1936 FA 10312 Sale a1027 10312 172
8
70
2 -42i2 - - 1977 A 0 70
40-year secured gold Se. .1964 SI N
8938 Sale 88
434 7018
4
Gen & ref Ss series C
70
59
66
73
9212
4
90
1979 A0 683 Sale 683
Deb g 4 Ms
56
70
Gen & ref 58 series D
157
43
79
4
30
79
70
1971. AO 78 Sale 7714
1980 J O 6912 Sale 68
General 414e ser D
61
61 May'33 _ _.
68
50
8212 142
8512 Tex Pac-Nlo Pac Ter 534s A 1964 ht S 6212 81
190I A (I 8012 Sale 8012
Peoria ,8, Eastern let cone 49.1940 AO 60 Sale 57
6214 Tol dr Ohio Cent 1st gu 53..1935 J J 8612 93
30
90
90 May'33 ___
86
62 4 24
,
Income 43
85 May'33 ____
9 Sale
85
134 9
89
85
Western Div 1st g be_ _ _1935 A0 85
77
April 19914 Apr
74
9
Peoria & Pekin Un let 5545_1974 F A
General gold 55
23 (SA 79
7612 8312 77
73
8
8212
79
1935 J D ____ 843 75 Feb'33 ____
Pere Marquette let ser A 58.1956 J i 60
61
2834 6412 TM St L& W 50-year e 43
61
63
62
617 44
6412 34
1950 AC' _6_0_ 1_4 _9_0
let 45 series 13
25
28
5418 Tol W V de 0 gu 4 Sis ser 13...1933 J J
0 , Fe1):33 ________ 100 4 10014
9 18 A0 3 4
04
6
535 _ _ _ _ 4912
8
,
1956
5314
let g 4345 series C
1st guar 4s series C
28
73
.
57
1980 MS 55 Sale 5.5
57
1942 NI
Phila Balt & Wash let g 413_1943 SIN
94 101
Toronto Ham & Buff let g 45 1946 3D 56- 84
80 Feb'33 ____ -1;1-- - 346
99 Sale 99
3
86 4
100
General 55 serifs II
Union Par 1st RR & Id gr 43 1947 J J 9859 Sale 983
2
204
873 95
91 100
903 10074
4
1974 FA
99
4
94
8
94
General g 434s series C
94 May'33 ___
J J
88
J 8612 _ _ _ _ 8514
2
81
Registered
934 99,
5
1977
8514
Philippine fly let 30-yr a 1 45 '37 J J
let lien at ref 48
19
4
8758 88 a78
25 Sale 2414
4
2512
93,2
2512 57
June 2008 NI /3 863 Sale 863
Gold 4 Sis
5
95
56. 07
69
0
8512 _ _41 . ., 85,,
9
1967 33 8812 Sale 88
P C C& St L gu 434a A
1st Hen de ref 58
4
7 a933 102
95 10534
1013
10014 102 100
8
1940 AO 100 1007 9912
4 54
June 2008 94
993
4
Series B 4 Sis guar
94 101 12
40
-year gold 48
3
8
1942 AO 99 1007 a9912
993
4
1968 3D 8412 Sale 84
NJ17
Series C 434e guar
RR dr Can gen 48
99
____ 993 Feb'33
98 1004
4
1942 Si N
993 99%
4
1944 MS
_r_ .9 10812 July 8 1
Series D 4s guar
.
9 ]! 9
95
95
0
Utah & Nor let ext 45
1945 94 N
94
97
95 Feb'33
9'
'2
3
1933 J
Series E 4 Sis guar gold__ _1949• A
Vandalla cons g Is series A 1955 FA
85 Apr'33 __I!.
85
8512 Oct'32
Series F 4e guar gold
Cons e 148 series 13
85-:
D
91
A
917 Dec'32
8
3 *A - -85
1953
85
85
1957 MN
Series 0 49 guar
92
13
8 4
4 Sale
25
8
4
91
22
9212 Vera Cruz & 1' mist 434s
92 May'33
1957 • N
1933 J
Series H cone guar 48_ _ _ _1960 FA
Virginia Midland gen be_ __ _1936 MN 85
85 May'33 -___
95
80 Apr'32
80
92
Series I cons guar 4 Sis_ 11163 FA 9212
T8 - - -1- Va & Southwest 1st gu be_ _2003 ..I
9 2
8
71318 Sale 76
96 May'33
Series J cone guar 43413_ _ _1964 MN
0412 98i2
let cons 58
1
6
5
9718 99
76
6
6
9212 ____ 95
27
1
, 89
9618 S
66
3 111 967,2
95
6764
1958 AO 66 sale 92
General M 58 series A_1970
92
Virginian Ry let bs (miles A_1962 MN
D 92
6
76
95
90
91
Gen mtge guar 5 ser 13_1975 AG 92 Sale 90
let mtge 434s series B....1962 MN
7612 92
26
78
8512 ____ 85 May'33 ____
89,1
92
Gen 434s series C
69
884
1977 J J 8712 Sale 8612
8812 50
i3
77
Wabash RR let gold be
73
46 _4iiz ..i3_is
1939 MN 69 Sale 684
Pitts McK dr Y 2d gu (Ie.__ _1934 3 3 9814 10014 993 Mar'33
24 gold be
9958 993
4
3911,82
4
;2 :
5 32
: 33
Si Sale_ 587 NA472139 ____30
53
1939 FA
l'Itte Sh & L E let g be
100 102
Deb Os series 11 registered 1930 J J
100 May'33
1940 AO
let consol gold 5s
1st lien 50-year g term 48_1954 J J -_-_-_-_ 100 10012
100 Mar'33
1943 J J
ii
PIES Va & Char let 4s
J 6214 984 6514 ': 3 _____
net & Chic Ext 151 55_ _1941
6't
35
6254
35
1943 SIN
90 Nov'32
32 j l) 3
1.
,a 3
e
Piths & W Va let 414e ser A_195g 3D 59
30
60
Dee Moines Div let g 45..1939 33
45
61
60
60
let NI 434s series 13
Omaha Div 1st g 3148._ 1941 A0 32
12
8
30
60
1958 A (1 583 Sale 58
2712 37
39
35 May'33 ____
60
let M 4 Sis series C
55
1960 AO 5912 Sale 59
Toledo & Chic Div g 43-.1941 MS
30
41
60,
55 May'33 ____
8
6018 44
Pitts Y dr Ash let 45 ser A 1948 1 I) 9014 _ _ 8512 Oct 32
Wabash Ry ref & gen 5 1. Is A 1975 MS 55. le 1412
53 I7'2
4
1712 60
17 2 S1i -,
let gen 55 series 13
Ref&gen 5e(Feb'32 coup)13 '76 F A
90 July'32
1962 FA
503
: 173
l
1
%
15 sale 14
6 sa
8
Ira 110
Providence Secur deb 48.._ _1957 MN
4
17
Ref & gen 4148 series C._.1978 AO
713 July'31
8
Providence Term let Is._ 1956
Ref & gen be series 13
•S
3 -ST 80
14
80
80
1980 AO _ 11_7_ _ El_a_1!_ 5,
Warren 1st ref gu g 3315._ _ _200() FA
10
50% 57'2
4
88
____ 9_ 1
__
_
Reading Co Jersey ('en coil 4s '51 AO 80 Sale 79
66804 Washington Cent let gold 48 1948 QM
4
_ 953212
8018 47
_______. 0513 52
Gen & ref 434e series A___I997 J J 873 Sale 863
Wash Term 1st gu 3 Sis_ __ _1945 FA 87
753 91
4
87
91
4
4
May'33
8814 34
Gen & ref 4 Sis series 13_1997 .1
let 40-year guar 48
2
78
88
88
924 95
9112
8912 88
May'33
1945 FA _ _ _ _ 1312
Rensselaer dr Saratoga 60_1941 MN
Western Maryland let 4s
113
Oct'30
53
70'2
152
70
1952 AO 68 Sale 6712
Rich & Merch let g 4s
1948 SIN
let & ref 5SO series A_._.1977• .1 76 Sale 76
40 Sept'32
32
38
78
52
45
77
Mehra Term Ry 1st gu 55...1952
9711 9713 West N Y dr Pa let g 5s
9712 May'33
102
5
9914 10212
____ 102
1937 33 102
Rio Grande June 1st gu 55_1939
General gold 48
2
63
69
-65T4 _ _ __ 89
7938 8514
9
9
85 May'33 ____
69
1943 A 0 8212 85
Rio Grande Sou let gold 48_1949
Western Pac let Sc Her A
1
20:2 42
1
Dec'32
123
42
1946 MS 39 Sale 3712
Guar 41 (Jan 1922 coupon) '40
West Shore let 4s guar
783
712 Apr'28
4
78
23
67
8
2361 33 7758 Sale 773
Rio Grande West let gold 48.1939
71
Registered
6612 7014 71 June'33
-55
644 74_
72 May'33 _ _ _
73
2361 33 69
let con & coil trust 45 A_ _1949 A 0 50
Wheel & L E ref 4 Sis ser A.1980 Si
2512 52
52
5114
Si)
51% 20
78
85
7612
80
8
65
R I Ark & Louis let 4 Sis_ _1934
Refunding Sc series 13.... 1966 NI
21 Sale 203
1818 3212
8
157
624 80
28
6212 Apr'33 _
Rut-Canada let gu g 45
RR let consol 4s
19/9
44
3558 5112
5612 50 May'33
70
8312
1949 M 5 8212 Sale 8212
8312 30
Rutland let con 434s
Wilk & East let gu g be
.1 55
1941
2
39
561* 55
183 45
4
55
55
35
45
3514
1942 J I) 38
42
Will & S F let gold 55
913 Oct'31 -___
8
85
1938 J O 84
St Joe & Grand Tel let 48_ _1947
Winston-Salem S 13 1st 48..1960 J J 813 Sale 813
91*. 90
70
90
84 June'33
4
813
4
2
4
St Lawr & Adr let g 58
4
6434 643 Wis Cent 50-yr let gen 4e_.1949 .1
1996 .1
643
4
6712 72
643
4
Sale 17
1834 53
13% 19'2
2d gold 6s
Sup & Dul dtv dr term 1st 4s'36 MN
68
68
1996 A 0
6
68
147
8
68
137 Sale
8
16
St Louis Iron Mt & Southern
Wor & Conn East let 4345..1943
854 Sept4 -----------13
'
1 31
*
161w de 0 Div let g 4s_ _1933
N
•
St L Pear & N W 1st gu 58-1948 .1 3 51 100
6
2812 55
55
55
INDUSTRIALS.
St L-San Fran pr lien 4s A 1950 J
Abitibi Power & Paper 1st 59 1953 3D
8
21
210
19 Sale 1812
21
811 2012 Abraham & Straus deb 53.ds_1943
Certincates of deposit......
2012 90
1914 Sale 19
Prior lien bs series 13
With warrants
10
80
21
92
1950 JJ 20 Sale 19
A0 a91 Sale 90
69
6
21
92
Certificates of deposit......
93 2012 Adams Express coll tr g 45_1948 MS 6912 Sale 68
4
5312 6912
1812 1978 173
4
2012 53
6912 18
Con NI 4 As merles A
197/3 MS 187 Sale 17
tie% 207 Adriatic Elec Co extl 744___1952 A0 a102 Sale 102
92 103
8
207 403
8
8
8
103
Certifs or ileposlt *tamped_ _
Albany Parlor Wrap Pap 68.1948 AO 42 Sale 40
412 4
2511 641,
20
187
18 Sale 17
20
449
6
5414
6112
St L S W let g 4s bond ctfe_1989 M -r- 64 Sale 63
Allegany Corp coil tr bs_ _1944 FA
49
5
4
65
65
36
5812 Sale
2s g 4s Inc bond etfs Nov. 1989 J J 4212 Sale 4114
Coll & cony be
333 44
s
4212 11
1949 3D 55 Sale 49
5712 416 .
3194 57,2
let terminal dr unifying 58_1952 J J
Coll & cony bs
19
29
45 Sale 44
5
4512
1950 A0 2612 Sale 2312
4512 20
29
697
Gen & ref g 5s ser A
12
85
1990 J J
343 Sale 345
4
3612 Allis-Chalmers Mfg deb 58_1937 MN 854 Sale 8414
854
8
3612 38
854 31
Alpine-Nlontan Steel 1st 7E1_1955 MS 5318 Sale 53
5212 62
2
53 18
St Paul & K C Sh C 1st 4345.1941 FA ____ 46
4912
463
8
4912 31 a28
St P & Duluth let con g 48..1968 J I) 70
70
1
8012 Amer Beet Sug cony deb 63_1935 FA
70
75
70
7014 73
70
26 45 7012
,
7012
3
St Paul E Or Trk let 430_1947 J J 45
*
American Chain deb s f 65._1933 A (1
1
50
50
50
50
50
St Paul Minn & Man con 421_1933 J J 9912 Sale 98
89
9012 Amer Cyanamid deb be_ _ _ _1942 AO 8712 943 9212
9912 43
93
5
7012 93
4
let c005oig8e
5812 787
89
235 5812
8
1933 .1 3 9912 Sale 97%
9912 Am dr Foreign Pow deb 58..2030 MS 5314 Sale 50
9912 63
6s reduced to gold 4 Sia
8818 993 American Ice 8 f deb 55....i953 J I) 6514 Sale 6514
1933 J J
52
72
4
993 177
4
993 Sale 97%
4
6914 11
Registered
J I) 983 Sale 983
92
1
4
983 Amer 1 0 Chem cony 534s. _1949 MN
8312
983
4
82 Sale 80
4
4
82
-1.
2
Mont ext 1st gold 4s
75
83
1937 • I) 79
Am Internet Corp cony 5343 1949 33 7714 Sale 76
8
82
86
79
81
Pacific ext go 415(sterling)..19411
J ____ 74
5
70
74,4 Amer Mach & Fdy a f Os... _1939 AO 10314 105 105
7412
7412
4 1
17)712 1'. 166 2 1054
5
St Paul Un Del) let & ref 58_1972 J J 99 Sale 98
Amer Metal 514% notes....1934 AO 873 Sale 86
99
17
89 101
4
Am Sm & R let 30-yr &seer A '47 A0 9612 Sale 95 8
3
99
9814 18
10
6
A & Ar Peas let au g 48
54
6912 Amer dug Ref 5-year es__ _ _1937 J J 1043 Sale 10412 105
6912 128
4
76° 8 998
2
13'4
23 1083 105 1
4
1913 J J 863 Sale 66
Santa Fe Pres & Filen let 58_1942 Si
82
_
90
Am Tel%)& Teleg cony 48_ _1936 MS 10218 10214 a10112 1021s 28 a961 1034
8512 943 90 May'33
:
4
Say Fla & West 1st g 6s
1934 A 0 9812 100 100
2
30
-year roll tr 55
94 100
100
1946 3D 105 Sale 104
1053 121 100 1074
4
let gold 55
1931 8 0 95 100 101
Oct'31
35
-year s f deb Ss
J J 10214 Sale al0114 103
93 1074
169
Scioto V & N E let gri 4s _M11 M N
92
20
-year s 115 Sis
Si N 1057 Sale 105
3
90
9915 110812
, 0,
9
98
92
94
8
9612 91
106
107
•
Seaboard Air Line let g 48...19511 A 0
•
Cony deb 4 Ids
19933° J
119469
4
1073 Sale 01063 10812 74
4
•
Gold 4s stamped
1950 A 0
9212 10714
Debenture 55
1965 FA 1013 Sale 101
10238 350
4
Certife of deposit stamped__ A 0 1612 19
1612 Am Type Found deb 43s_ _ _1940 A0 57
4
•
3
1612
1612
597 5712
8
60
9
Ia 4,2 Am Wet Wks & El coil tr 58_1934 A 0 93 Sale 92
Adjustment bs
Oct 1949 F A
412 Sale
4 2 19
,
3%
Refunding 45
•
9662
1959 A 0
Deb g 438 series A
446'8 8 1%
739
1976 SIN
21
84
91% 60
80 Sale 76%
Certificates of depoeit ______
2
612
83
8 76
8 Sale
83
8
let & cons 68 series A._ _ _1945 NI5
234 1014 Am Writing Paper let g 65_1947 33 .
97 Sale
8
9
. 395
8
1014 273
1
.
45 „ 9 a21 14 45
a4_4 71_ e_
Certificates of deposit---------13
912 Anglo-Chilean Nitrate 78... _1945 MN
4
8
9
8 8 Sale
7
24 13
9 4 66
,
28
11
104 Sale
All & Birm 30-yr 1st g 481933
_
Ark & Stem Bridge & Ter 58.1964 MS
•
55
60
Apr'33
•
Seaboard All Fla 1st au Os A 1935
Armour & Co (111) lit 4 Sis....1939 • 1) 88 Sale 86
89
207
77
89
Certificates of deposit
A 0
1
71 18 8738
6, Armour dr Co of Del 5348_1943 33 8658 Sale 85
518
4
614 27
6 Sale
873
8 98
Series It..
1935
Armstrong Cork cony deb 55_1940 .1 0 827 Sale 794
65
824
8
824 22
612 6
Certificates of deposit
F A
1
6
Assoelated Oil 6% g notes 1935 Ni
2
103 Sale 103
103
2 10011 10335
Atlanta Gas L 1st be
983 9854
4
1947 J I) 964 _ _ 9814 Feb'33 ____
9612
So & No Ala cons gu g 55___1936 F A
All Gulf & W I SS coil tr fie 1959
35
8914 Oct'32
57
57
17
- - 5212
60
54
Gen Cone guar 50
75
-year 5s_1963 A 0 83
88
97,8 103,
79
8511 Atlantic Refining deb fie_ _1937 J J 10212 Sale 1017
8314
05 4
8
8314
1023
4 34
So Pac colt 4s(Cent Pac coll) ;49 J
40
6012 Baldwin Loco Works 1st 55..1940 MN
593 Sale 5812
8
92 may99,52313, _1_23_
6012 78
93
95
1st 4348 (Oregon Lines) A 1977 M S 6712 Sale 6712
53
7012 125
9014 9518
704 liatavlan Petr guar deb 4 Sia_1942 J J 86
,
458
94%12 9112Sa e9
20-year cone be
1934 J D 86 Sale 86
83 090
Belding-Ileminway Os
6714 88
88
3
69
1936 33
Gold 4 Sis
1968 M 8 567 Sale 56
3812 593 Bell Telco of l'a fis series 13._1948 J J 105 1053 104
4
8
5912 150
8
105
32 101 111
Gold 4 ,ait with warrants...1969 M N
let & ref 55 !wire C
3714 59
198(1 AO 1061s Sale 105
59
248
4
56 Sale 5512
10618 49 10012 1113
Gold 434s
1981 M N
Beneficial Indus Loan deb 85 1946 MS 84% Sale a83
3614 59
59
89
290
5612 Sale 56
75
843
4 24
San Fran Term let 43__1954 A 0 8112 Sale 76
Berlin City Flee Co deb 614. 1051 JO r443 Sale 42
3512 704
4
811
43 a703 85
4
48
197
So Pac of Cal let con gu g 58 1937 M N
9714 Apr'33
1)eb sinking fund 614e_ 11159 FA
97's 102
89,2
3914 Sale 35
35
44
63
So Pac Coast let gu g 4s
Debenture 55
_
1955 A 0 36 Sale 36
Jan'30
96
,
1937 3 J
413 100 a3414 64 2
1955 J J
So Pac RR 1st ref 4s
Berlin Klee El & Underg 848 1958 A0 33 Sale 33
60 a79
634
78
79
7714 Sale 75
374 65 a28
93
Stamped (Federal tax)__ _1955 1 J
!Seth Steel let & ref 59 guar A '42 MN 05 Sale 9118
71
9212 may.30
89
93
30-year p m Az impt Cf 58_1936 3 3 9512 Sale 947
79
9514
8
9512 150
Ask
Bid
Og dz L Cham let gu g 48-1948 .1
48
55
Ohio Conreeting Ely 1st 4s_ A943 94 S 85 2
Ohio River RR let g 58____1936 J O
100
General gold be
1937 A 0
Oregon RR & Nay corn g 46_1946 • D 93 Sale
Ore Short Line let cone g 56_19/6 J J 102 1023
4
Guar mod eons be
1946 J J 105
ore-Wash RR dr Nay 4s___ _1961 J J
85 Sale
17
r Cash sales, a Deferred dell,o'ry
• Look under list of Matured Bonds on 0.1, 4912.
.
---iaii -90
New York Bond Record-Continued-Page 5
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 9.
EV
tt
-,a.
Price
F'riday
June 9.
Week's..."
g1
Range or
re ,:,
Lass Sale.
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 9.
7:
$
I..!.
11-,
.2..,.:
4061
Price
Friday
June 9.
trans'
:,inc.
Jan. I.
-Hiols No. Low
lisOA
9238 9812
6
96
29
3312 74
61
Week's
Range Or
Last Sale.
4'
g 1:
..t.i
483 Low
Bid
NW
Nish No. Low
Ask Low
Bid
9714 96
Hackensack Water 156 4s_ _ _1952 J J 96
21
8
_ _ 20 June'33 ____
1950 M S 20
Bing & Bing deb 61.4s
Lines 68 with warr_1939 A 0 32 Sale 30
1812 Hausa SS
5
1714 51
Botany Cons Mills 614s... 1934 A 0 17 Sale 1614
Harpen Mining 68 with elk porch
44 15
10
15
1412
A 0 1314 18
Certificates of deposit
39
7
7212
46
4
453
49
44
war for corn stock of Am she '49 .1 J
Bowman-1111t Hotels 1st 7s_ _1034
18 024',
2914 3713 24 May'33____
412 Havana Elec consol g 58_ ___1952 F A
4
Stuip as to pay of $435 pt red.. M 9 --------412 May'33 ____
5
314 111,
1112
2012 912
Deb 51421 series of 19261951 M 5 10
9
2
2
9
812
812 Sae
J D
B'way & 7th Ave lat cons 58_1945
8
127 2214
2214
6
2514 20
1
812 Hoe(R)&Co 1st 614s ser A_1934 A 0 24
812 34
734
9 Sale
J D
Certificates of deposit
4
177 2312
2312
4
8
233
29
23
6512 7512 Holland-Amer Line 6s (flat)_1947 M N
7214 May'33 __
74
Brooklyn City RR 1st Ss_ __1941 J J 71
38
66
70
51
Houston Oil sink fund 5145.._1940 M N 64 Sale 6312
3
10512 42 100 4 108
Bklyn Edison Inc gen bs A__1949 2 J 10513 Sale 1014
95
2712 45
45
4
Hudson Coal 1s1 8 158 ser A_1962 J D 4314 Sale 423
105% 32 100 108
1952 1 J 105 Sale 10418
Gen mtge Is series E
1 10138 108 4
4
1033
4
,
1949 M N 10314 104 1033
Hudson Co Gas 1st g 5s
8414 96
276
91
Illtlyn-Nlanh R. T sec 6s.._1968 J .191 Sale 9014
10312 10 10034 104
1937 A 0 10318 ____ 103
Humble Oil & Refining 5s
60
56
____
7012 60 May'33
56
Bklyn Qu Co & Sub con gtcl Is '41 51 N
_ _
____
1941 J J --------50 Nov'32 ____
1st 58 stamped
3
3 47 1003 107 4
,
87
75 - - Illinois Bell Telephone 58_1956 2 D 10514 Sale 10434 1057
13
81
Bklyn Union El 1St g 5s..._.1950 F A 81 Sale 8038
95 1031
,
29
1940 A 0 103 Sale 10212 103
Illinois Steel deb 4148
4
10734 38 1013 112
Bklyn Un Gas let cons g 58.1945 M N 107 108 107
4
263 5812
34
31
Sale 3014
3014
108 11718 liseder Steel Corp mtge 6s_ _1948 F A
Oen & ref 6s series A_ _1947 hi N 11218 ____ 1124 May'33 __ _ _
lst
3
95 8 9
64
9612 Feb.33 _ _
Ind Nat Gas & Oil ref 58_ _ _1936 M N _ _ 98
_ _ 158 158
.33
1936 J J --------158 Feb
Cony deb g 55,8
8
873
66
873
3 56
1978 A 0 8612 Sale 8518
Inland Steel 1st 4148
93 105
10112 21e
1950 J D 101 Sale 101
Debenture gold ba
87
65
87
21
86
88
85
1981 F A
1st Ms I 414s ser B
4
8 1073
977,
70
104
1957 M N 10314 Sale 10314
lot lien & ref series B
264
4765
65
5814 Sale 5712
Interboro Rap Tran 1st 53_1966 .1 J
9712 105'2
10114 15
8
4
Buff Gen El 450 series B-1981 F A 1003 10112 1005
•
•
1932 A 0
-year 6s
10
6712
42
4912 12
2412
1952 A 0 4912 Sale 4758
14
Bush Terminal 1st 4s
22 May'33 -.....
2118 23
--__
Certificates of deposit
3314
5
151
30
19552 J 25 Sale 1712
Consol Ss
•
•
_ _1932 M 5
-year cony 7% notes_
10
6412
19
62
42
38
44
Bush Term Bldgs 55 gu tax ex '30 A 0 40
70
52
6412 27
4
Sale 623
_-.. 64
Certificates of deposit __
37
3
747
8 26
747
6618
72
By-Prod Coke 1st 514, A
1945 M N 70
6
68
32
68
1951 M N 68 Sale 6418
Interlake Iron 1st 5a B
3 100 10634 Int Agile Corp 1st & coll tr 53
8 104
Cal GI & E Corp lint & re 158_1937 M N 10334 104 1037
1
3812 59
59
5414 5934 59
Stamped extended to 1942_ ___ M N
3
62 4 86
46
86
8413
Cal Pack cony deb 58
1940 J J 8512 88
79
79
68 050
79 Sale 77
1948 M N
9412 Int Cement cony deb 6s
33 4381
91
86
93
88
Cal Petroleum cony deb 8 f bs '39 F A
8
2414 523
,
523 419
0 4912 Sale 48
1944 A
Internet Hydro El deb 6s
96
8 083
0212
1938 91 N 09212 Sale 91
Cone deb 8 f g 514s
5212 27 a2913 5212
Inter Mere Marines f 6s_ _1941 A 0 50 Sale 49
Camaguey Sugar ctfs of deposit
39
6314 62
6314
6212 Sale 56
14 127 Internal Paper 5s ser A &-B_1947 J J
8
8
8
127
1278 Sale 1234
for 1st 78
1942 10
4312 244
43,2
8
8
1955 M S 397 Sale 323
Ref at es series A
DA 2412
3
2212
2212
25
Canada SS L 1st & gen 6s_ _1941 A 0 20
8
1713 537
537 598
8
Int Telep & Teleg deb g 43.4s 1952 J J 4518 Sale 4518
Cent Dist Tel let 30-yr 5s.1943 J D 1054 106 10512 10538 15 102 108
8
4
2014 647
643 1178
J J a5313 Sale 51
1939
Cony deb 434s
24 100 107
106
Cent Hudson G & E 5s_Jan 1957 NI S 105 106 103
lb
5514 1293
5514
4712 Sale 47
1955 F A
Bobs 58
75
50
4 88
643
8 6212
67,
Cent III Elec dr Gas let 53_1951 F A 65
7
86
75
86
86
86
Equity deb 5a A..1947 J I) 82
Investors
7012 96
6
06
Central Steel 1st g8 f 8s
1941 M N 95 100
95
85
9
80
86
Deb 54 ser B with warr_1948 A 0 8313 _ _ 84
54
26
116
54
1948 M S 54 Sale 4938
Certain-teed Prod 51.4s A
75
6
86
8512
1948 A 0 8412 Sale 8412
Without warrants_
6313 943
4
4
943 1437
Chesap Corp cony ba May 15 '47 M N 92 Sale 86
97 1057
8
10314 15
Ch 0 L & coke let gu g 58_ _1937 J .3 10214 Sale 102
25
9612 104,
2
K C Pow & Lt 181 4 Hs ser B_1957 -1 J 102 Sale 10112 102
Chicago Railways lot 58 stpd
1024 31
96 1053
4
1961 F A 10112 Sale 10112
let M 414a
•
5
•
F A
Sept 1 1932 20% part. pd
11
95
72
83
D 87 Sale 86
4312 1{£01.48.4 Gas & Electric 4345_1980 J
25
4812 76
4812 Sale 47
Ch1104 CO deb Se ---------1943 A 0
3
137 4114
17
8
4
173 17
16
Karstadt (Rudolph) 1st 6a 1943 91 N
69
27
292
69
Chile Copper Co deb be
1947 J J 64 Sale 63
2914 4512
4512 18
Keith (B,F,) Corp. 1st 65_ _1946 M S 45 Sale 44
90 100
9614 91
1965 A 0 9538 Sale 9538
On 0 & E 1st M 4s A
62
36
62
32
8
1942 A 0 60 Sale 597
Kelly-Springfield Tire 6e
38
38
__-- 38 Apr'33 ____
36
Clearfield Bit Coal 1st 48...1940 J J
75
12
55
75
Kendall Co 514e with warr_ _1948 51 5 75 Sale 74
_ _ __ _ _ _
___ ____
Small series 11
lo40 2 J
4
647 7012
33
8
677 65 May' ---J 60
461
43 a32 - 4 Keystone Telep Co 1st 5s_ _ _1935 J
46
44
43 2 46
1938 2 J 26Colon 011 cone deb 6s
8
Kings County El L & P 518_1937 A 0 104 10514 104 May'33 _-__ 1013 108
63
38
34
62
60
62 Sale
Colo Fuel dr IF Co gen 8? 58_1943 F A
1997 A 0 12014 126 126 May'33'__ __ 11534 135
Purchase money 6s
1912 45
4378 65
41 Sale 40
Col Indus 1st & coil S,gu.._1934 F A
6812 7712
7212 17
8
7112 743 70
8
893 Kings County Elev 1st g 48_1949 F A
66
154
86
Columbia 0& E deb 53 May 1952 M N 86 Sale 8238
99 10512
4
Kings Co Lighting 1st 54......1954 J J 1013 106 102 June'33 ---_
6812 89
40
85
8
Debenture 5s
Apr 15 1952 A 0 85 Sale 833
J J 110 114 11412 Mar'33 --__ 11414 11412
1954
First and ref 614e
6611 8773
8412 80
8414 Sale 8113
Debenture 5s
Jan 15 1961 2 J
9 042
75
75
70
87
76
84 0100 Kinney(GR)&Co 714% notes'36 J D
15
9112 al00
2 .1 9112 92
Columbus Ry P & L 1st 41.48 1957
314 07312
07312 31
,
Kre ge Found'n Coll tr 63_1936 2 D 7318 Sale 70
15
9712 106
100
2
Secured cony g 51411-.... _1942 A 0 10014 10312 99,
Kreuger & Toll class A ctfs of deo
10
1314 37
1312
1059 M 9 1314 Sale 1238
for sec s I g 58
97 10314
12
101
4
Commercial Credit s f 6s A__1934 NI N 1003 Sale 10034
96 100
4 12
973
9712
4
Coll tr a f 514% notes__ __1935 J J 973 99
11
75
95
95
8
4
953 1047 Lackawanna Steel 1st 58 A 1950 M S 94 Sale 90
10114 6.5
Comm. Invest Tr deb 5143_1949 F A 100 Sale 100
'
7914 96
8 22
903
8
1934 A 0 903 Sale 89
8
Computing-Tab-Bee 5 f 6s_ _1941 J J 10618 1077 107 May'33 ____ 104 10818 Laclede G-L ref & ext 58
30
48
66
4
671
64 Sale 64
1953 F A
Coll & ref 534s series C
97 10112
97 Mar'33 ____
99
Conn RV & L 1st.!, rota 4 ;is 1951 J J 95
17
3
487 6611
65
8
623
6012 65
1960 F A
Coll & ref 5148 aeries D
95 10112
95 Mar'33 __
Stamped guar 4148
1951 2 J 07 100
4
212 13
113 131
4
93
4
113 Sale
.1 J
Lautaro Nitrate Co Ltd 63_1954
Consolidated Hydro-Elee Works
7
7712 90
8712
8712 8614
Lehigh C & Nay a f 4 Hs A._1954 2 J 85
3012 66
9
38
3012 Sale 3013
of Upper Wuertemberg 75_1956 J J
88
88
78
3
4
883 87
Cons sink fund 43.4s ser C..1954 J J 85
614 23,8
2318 80
Cons Coal of NIA 1st & ref 58_1950 .1 D 22 Sale 16
9934... 994 May'33 ---3 974
997 9
9812 10714 Lehigh Valley Coal 1st 53.-1934 F A
102
4
Consol Gas(NY)deb 51.4s.1945 F A 1043 Sale 10438 105
2
55
45
6012
55
5618 64
1944 F A
1st & ref s f 58
8
8712 1017
96.3 132
D 964 Sale a95
1951 J
Debenture 4148
43
20
20
43
43 Sale 32
1954 F A
1st dr ref 8 f Ss
93 10513
Debenture Ss
1957 2 J 102 Sale 10114 r10234 116
1618 4212
4212 23
41 Sale 30
1964 F A
1st & ref s f 5s
97 10534
4
Consumers Gas of Chic gu Ss 1936 J D 1003 10212 101 June'33 _ __
41
19
22
41
40 Sale 31
1974 F A
1st & ref s f 5s
60
97 107
8
10334
Consumers Power 1st bs C_ _1952 SIN 1025 10314 10014
73
57
2
7234
75
Secured 6% gold notes_ _1938 J J 7214 Sale 70
35
30
75
8
Container ('orp 1st 68
1946 J D 6918 747 74
4 72 11774 126 2
1253
8
,
Liggett & Myers Tobacco 76_1944 A 0 12423 Sale 1243
4
163 54
52
48
15
-year deb 53 with Warr.1943 J D 52 Sale 4978
11012 24 102 11012
4
1951 F A 110 Sale 1093
55
7312
72
4 065
7018
73
Copenhagen Telep 53-Feb 15)954 F A 70
83
72
48
8412
1941 A 0 80 Sale 77
8 101 10412 Loon's Inc deb 81 65
8
Corn Prod Refg 1st 25-yr a t 5s'M M N 10213 1033 12212 10212
19
8614
4
7812 90,4
4
1952 2 D 0843 Sale 843
9914 Lombard Elec 7s ser A
79
9914 96
Crown Cork & Seal 51 6&..1947 J D 9914 Sale 98
114
25 010212 114
4
1944 A 0 9912 101 1103
80
56
Lorillard (P) Co deb 7s
53
80
Crown Williamette l'aper 68_1951 1 .1 7812 Sale 7758
90 100,
10012 59
2
1951 F A 100 Sale 9912
58
36
67
32
67
6412 Sale 06112
Crown Zellerbach Bob bs w w 1910 111 S
50
9414 10612
102
Louisville Gas & El (Ky) 53_1952 M N 10112 Sale 10018
Cuban Cane Prod deb 63_ _ _ _1950 2 J
•
•
1O42
Lower Austria Hydro El Pow
10434 58 100 107
4
Cumb T dr T 1st dr gen Ss__ _1937 2 J 10414 1043 104.
53
42
474 48 June'33 ---.
47
1944 F A
1st a f 6 Hs
94 10212
11
99
Del Power & Light let 434s_1971 J J 99 Bale 9712
46
75
8
213 62
4
McCrory Stores Corp deb 5146'41 .1 D 46 Sale 38
893 99
90
1
4
933 90
1969 2 J 90
1st & ref 454m
601
55
2311 55
8
543 Sale 4812
2
9512 10114 McKesson ,1 Robbins deb 550'50 MN
0912Nlay'33 ___
let mortgage 4148
1969 .3 J -,_. 100
•*
88 100
Nlanati Sugar 1st s f 7148_._1942 A 0
4 10
913
8
Den Gan & El L let & rots f 58'51 M N 903 915 9118
4
29
11
312 29
25
38
30
Certificates of deposit
88 r963
4
1
91
Stamped as to Penne tax_195I M N 914 9912 91
*
*
4
Stamped Oct 1931 coupon 1942 A 0
8514 1033
44
Detroit Edison 58 ser A
1949 A 0 101 Sale 9934 r103
2712
3
2712
6
. 25 Sale '25
Certificates of
4
863 103
10
100
4
(len & ref Ss series 13
1955 1 I) 983 Sale 98
4 62
29
383
41
deposit-8418 10312 Manhat Ry(NY)cons g 44_1990 A0 36 Sale 36
6
10014
Gen &ref 5, series C
1962 le A 101 Sale 9938
2238 35
35 May'33 ---36
30
Certificates of deposit
75 100
38
93
8
93 Sale 917
Gen & ref 414s series D._1961 F A
31 May'33 ---174 31 14
2514 31
2013 1 D
2d 4e
84 103
8 94
993
8
Gen & ref Se series E
1952 A 0 993 Sale 98
4
893 894
33
Manila Elec RR & Lt 8 f 58_1953 M 9 7314 874 894 Mar' ---4
703 91
9014 237
Dodge Bros cony deb 6s___.1940 M N 90 Sale 894
7312 Mfrs Tr Co etre of panic In
65
8
7312
Bold (Jacob) Pack let 6s._1942 91 N 73 Sale 73
1
40
62
62
Ws 62
A I Names & Son 1st 6e....1943 .1 D 63
75
57
75 May'33 ____
90
Donner Steel 1st ref 78
1942 J J 82
91
54
2514 57,3
7312 Marlon Steam Shovels f 05 1947 A 0 50 Sale 4912
43
72,8 65
Duke-Price Pow 1st(Neer A.1966 M N
7118 Sale 7018
57
7112 18
8
753
70
73
3
974 1053 Market St Ry User A_April 1940 Q J 70
r104
Sale 102
163
Duquesne Light 1st 454s A 1967 A 0 10214
30
58
31
58
Niead Corp 1st Co with warr_1945 M N 5712 Sale 53
96 107
45
103
lst 91 g 4148 series IL__ _ 1957 M 5 103 Sale 102
39
87 105
4
Meridionale Elec 1st 7s A...1957 A 0 10118 1044 01013 103
6
84
82
99
Metr Ed 1st & ref Ss ser C..1953 1 J 84 Sale 82
•
•
East Cuba Sug 15-yr a f g 714s'37 91 S
*
21
7112 90
82
1968 M 9 78 Sale 78
1st g 4148 series I)
95 10412
10114 31
Ed El III Ilklyn let cons 43 1939 2 J 10114 Bale 101
6512 77
11
77
Metrop Wat Sew & Dr 5148.1950 A 0 75 Sale 75
Ed Mee(NY) 1st cons g 53.1995 J J 11013 120 110 May'33 ____ 106 120
1812 May'33 ---11
1812
1114 40
4
683 Met West Side El(Chic)48..1938 F A
35
92
40
El Pow Corp (Germany) 6543 '50 M S 36 Sale 36
s
347 344
29
1st sinking fund 6348_ ..11l53 A 0 353 sale 3552
3912 92 33 88 Mlag Mill Mach 151 8 f 7s 1956 J D 95 Sale8 9314 May'33 --__ 03312 67,
8
70
80
95
95
Midvale St & 0 coll tr a f 5s 1936 M S
Ernesto Breda Co 1st Si 7e_ _1954
784 61
63
84
Milw El By & Lt 1st 5s B
1961 .3 D 7734 Sale 77
80
72
4
733 79
77 May'33 .._ _ _
With stock purchase warrants. F A
83
62
7
8
767
8
763 Sale 75
1971 2 J
let mtge Ss
39
60
a83
86
1943 J .1 82 Sale 81
71
83
Montana Power let 63.A
70
3
70
75
Federal Light & Tr 1st 5s
1942 M S 68
6412
45
6412 32
1962 2 D 6413 Sale 6112
Deb 53 series A
1
65
70
75
72
70
Int lien a f 5s stamped
1942 M S 68
66
6
7712 Montecatint Min dr Agile
7512
8
763
let Ilen (is stamped
M 9 7218 78
1942
9814 11 a8714 984
1937 J J 09712 Sale 9712
8
8 22
Deb g 78
48
625
30-year deb (is series 13_ _1954 J D 625 Sale 59
'
6223
8712 10
,
78 3 871,
8514
81
8
93
Montreal Tram 1st & ref 34..1941 J J 8613 88
Federated Nletals 8 f ls _ ... _1939 J D 953 9812 0213 May'33 __ _
4
2
5914 06936912 0693
4
73
93 1003
9912 65
8
8
Gen & ref s IS, aeries A..1955 A 0 69
9912 Sale 983
1948 J J
Flat deb a f g 7ii
6.4 683
3
Feb.33 ---•
•
Gen & ref at 5s ser B
•
1955 A 0 --------6834
Fisk Rubber let s I 8s
lli• 1 M S
4
4
573 573
4
_- 573 May'33 ---Gen & rote f 4148 ser C..1955 A 0
94 102
9912 21
.
Frarnerican lud Dev '20-yr7349 42 J 2 97 Sale 97
663 664
4
4
663 May'33
60-1955 A 0 - . 100
Gen &ref s I 5s eer I)
104 50(8
5018 35
53
49
1942 M N 47
Francisco Sus 1st s f 7 14s
100
78
87 -- 87
8
Morris & Co 1st e f 454s___ _1939 J J 863 Sale 85
a
8
403 Dee'32 ___ .6 __ _ _ _
40
66
140
6913 14
Mortgage-Bond Co 48 ser 2_ _1966 A 0 25
Gannett Co deb (le ser A .1943 F A 6812 Sale 66
85
8
5
1 103 103
1934 J D 83 Sale 83
Murray Body let 6148
103
4
0
_Gas & El of Berg Co eons g 541944 J li 103 1043 03
2
4
4
45
9 s 1073
993
4
993
75
50
Mutual Fuel Gas let gu g 58_1917 Si N -___ 100
47
53
_1934 M S 52 Sale 5012
Gelsenktrehen Mining
75
85
85 May'33 --...
90
77
76
14
85
Un Tel 041 (is eat at 5% 1941 M N
Slut
85
83
85
83
65.-Gen Amer Investors deb So A1952 F A
97 10112
8 70
8
1007
Gen linking deb s f 5%s...1940 A 0 100 1007 0018
7212 Names(A I) & Son_ _Bee Mfrs Ti
36
7212 54
4
Gen Cable let s f 514s A....1947 J J 7112 Sale 673
8 28
51
587
591 2
96 10214 Naasau Eleu gu g 4s stpd_1951 J .1 58 Sale 58
4
Gen Electric deb g 3 Hs_ _ _ _1942 F A 10078 1013 99 May'33 ____
53
0114
6114 May'33 --__
80
294 6212 Nat Acme lst s f ea
35
39
19423 D 62
34 Sale 34
Gen Elee (Germany) 76 Jan 15'45 1 J
8912 259
7714 91
2812 5712 Nat Dairy Prod deb 5120_1945 F A
3214 45
8912 Sale 8613
Salo 3138
3214
1941)2 D
At deb 6458
69
8938 246
4
893
25
8
557 Nat Steel 1st coil Sa
1956 A 0 8914 Sale 8812
4 69
303
1943 M N 02918 Sale 02918
20-years f deb (91
104
1 10211 107
Newark Consul Gas cons 58.19482 13 103 10412 104
8
1940 F A 1025 sale 10252 1035s 58 101 105
Gen Petrol 1st a f Ss
82
079
65
7
8
713 8612 Newberry (JJ) Co 51.4% notes '40 A 0 a79 Sale a78
84 May'33 ____
85
J 81
1939
Gen Pub Serv deb 510
37 100 1114
New Eng Tel & Tel 58 A...1952 .1 D 106 Sale 10512 106
74
47 075
7612 119
76
Oen Steel Cast 510 with warr '491 J 70
•
9612 1074
let g 454s series II
1961 M N r10314 Sale 10112 r10314 98
•
Gen Theatres Equip deb 64_1940 A 0
36
95
76
82
4
1
6
NJ Pow & Light let 4148
6
24
412
1960 A 0 82 Sale 793
6 Sale
Certificates of deposit-_
4312 644
62
39
18 63912 6518 New On Pub Serv lot 55 A I952 A 0 61 Sale 59
45
8
Hope Steel & Ir sec 704945 A0 -7,.. 417s 0417
Good
444 6412
6212 32
First & ref 5s series 13
91
1955 J D 61 Sale 59
62
9012 159
Goodrich (11 F) Co lst 610..1947 .1 / 9014 Bale 58
13
61
45
61
N Y Dock 1st gold 43
1951 F A 61 Sale 5812
4
703 203 03312 71
1045 .1 D 6912 Sale 6812
Cony deb fie
4 42
26
433
4
1934 A 0 4312 Sale 383
Serial 5% notes
4
433
4
88
88
873 273
Goodyear Tire & Rubb 1st 581957 MN 8738 Sale 8614
4 46 1063 115
1113
4
NY Edison let & ref 614s A.1941 A 0 1105 Sale 11012
7412 87
21
85
Gotham Silk Hosiery deb 68_1938 J D 85 Sale 82
26 10114 108$4
4
1944 A 0 1053 Sale 10512 106
•
1st lien & ref 55 series B
•
Coupler 1st et 65.....1940 F A
Gould
min,
10612 58 101
4
1st lien & ref 51 series C. .1951 A 0 1053 Sale 105
8
375 67
62
67
lit Cone El Pow (Japan) 7s.,1944 F A 66 Sale 66
148 1017 11238
8
108
5934 N Y Gas El Lt 11 & Pow g 58 19483 D 010712 Sale 107
31
4 22
593
4
593 Sale 54
1950 J 1
1st dr gen at 5%s
4 23 09314 103
1003
4
Purchase money gold 43..1940 F A 1003 Sale 100
73
42
47
75
D 75 Sale 74
Gulf States Steel deb 5144.
1
.„1942j
r cash sates. a DeferTed delivery 5 Look under list 01 Matured Bonds On Dag.' 4062. a Ilolland-Amer. Line 6s 1947 Sold on May 3 at 29 1100.h'
-,.
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 9.
63
t
.,a,
NY L E & W Coal & RR 5348 42 MN
N Y L E & W Dock & Imp 5++ 43 1 J
N Y Rye Corp Inc 68- -Jan 1965 Apr
Prior lien as series A
1965 1 .1
NY & Richm Gas 1st 65 A._1951 M N
NY State Rys let cons 430 A '62
Certificates of deposit
MN
50-yr 1st cons 63488er B__1962
Certificates of deposit_
N Y Steam 65 ser A
1947 NIN
let mortgage 5
1951 M N
11
1st M 59
1956 M N
N Y Telep let & gen 5 f 434 1939M N
N Y Trap Rock 1st 65
1946 J D
Nlag Lock &0Pow 1st 58 A-1955 A 0
Niagara Share deb
-1950 M N
Norddeutsche Lloyd 20-yr8168 47 MN
.
5345_Nor Amer Cem deb 6345 A-1940 M S
North Amer Co deb 59
1961 F A
No Am Edison debts ser A_1957 M 8
Deb 5348 set B__ _Aug 15 1963 F A
Deb 58 series C_Nov 15 1969 M N
Nor Ohio Trac & Light 69..1947 M 8
Nor States Pow 25-yr 56 A...1941 A 0
1st & ref 5-yr 6e ser 13._ _1941 A 0
North W T 1st fd g 434s gtd-1934 J J
Norweg Hydro-El Nit 5349_1957 MN
Price
Friday
June 9.
1
Week's
Range or
Lass Rate.
13
k.
88 Joseph Lead deb 549_ _1941 MN
St Jos ity Lt Flt & Pr 1st 58.1937 M N
St L Rocky Mt & PS.stpd_1955 J J
St Paul City Cable cone 5s_ _1937 J J
Guaranteed 59
1937.7 J
San Antonio Pub Sets' let 69 1952 J J
Schulco Co guar 13348
1946 3 J
Stamped (July 1933 coup on)
Guar 8 f 8349 series 13_ __ _1946 ..A0
Stamped
Sharon Steel Hoops f 5348_11148 F A
Shedl Pipe Line 51 deb 59_1952 M N
Shell Union Oils f deb 58 __ _1947 M N
Deb 58 with warrants_ _1949 A 0
.
Shinyetau El Pow let 6%8..1952 J D
Siemens & Halske 9 f 79_1935 1 J
Debenture 8 f 634e-------1951 M S
Sierra & San Fran Power 59.1949 F A
Riled& Elec Corp a f 674e._.1946 F A
Silenan-Am Corp eon tr 75_1941 F A
Sinclair Cons Oil 15-yr 79-__1937 M 8
let Hen 6345 series B
1938 J D
Sinclair Pipe Line 81 58
1942 A 0
Skelly 011 deb 549
1939 M S
Solvay Am Invest 59 ser A_ _1942 M S
South Bell Tel & Tel 1st s 15.'41 1 1
Erwest Bell Tel let & ref 353-1954 F A
r Cash sake. a Deferred do !very
Range
Yews
Jan. 1.
Bid
Ask Low
High No. Low
High
____ 95
75 May'33 ___75
75
____ 95 100 June'31 ____ ____
__
43 Sale
8
34
3
44 148
4 _5
54
59
58 May'33 ____
32
60
100 101 100 May'33 ---983 10514
4
28
3
412
212 June'33 __--
3
__
112 Apr'33 ____
1063 16712 105 4 10628
8 3
3
1003 Sale 1003
4
31
101
100 Sale 9834 100
21
10318 Sale 1034 104
93
6112 Sale 54
63
91
100 1003 9978
8
1003
8 13
6212 Sale 5912
64
79
397 Bale 37
42
239
a23 Sale a21
a2314 12
83 Sale 797
8
83
70
7214 77 a74
7
a74
54
79
79 Sale 78
74 Sale 73 4
3
743
4 30
9818 995 98
8
9812 19
993 Sale 98% 100
4
53
104 Sale 10312 104
25
8912 100 4 93 May'33 ____
3
80 Sale 783
8
81
49
Ohio Public Service 7345 A 1948 A 0 96 Sale 96
6
9618
1st & ref 7* series B
94 Sale 93
1947 F A
94
10
Old Ben Coal let 6s
1944 F A 31 Sale 20
31
19
Ontario Power N F let Ea_ _1943 F A
95
96
94
96
6
Ontario Transmission 1st 59_1945 M N
93 Sale 93
1
93
Oslo Gas & El Wks extl 58_ _1963 M S 79 Sale 79
79
4
Otis Steel 1st M 69 set A.._1941 M 9 4012 Sale 3312
41
190
Owens-Ill Glass 9 f g 58
.1 10118 10112 Mpg
1939
10112 15
Pacific Coast Co 1st g
D 3312 -__ 3212 June'33
1946
Pacific Gas & Eisen & 5s_- A '42
1 10418 Sale 10314 10414 124
ref 58
Par Pub Sem 5% notes_ _ _ _1936 M S 7412 75
,
63
70
17
Pacific Tel & Tel 1st 59
J 10412 10518 10414 10518 43
1937
Ref mtge 59 series A
1952 M N 104 Sale 10314 104
26
Pan-Am t crCo(of Cal)conv 69'40
s
•
D
*
CertifIcaus of deposit
•
35
3778 3634
37
8
Paramount-Wway 1st 5348-1951 1 J 35 Sale 35
25
37
Certificates of
depositParamount-Fam's-LaskY o.19473 D 15 Sale 14
163
17
Certificates of deposit
1012
14
15
Paramount Publix Corp 5349 1950 F A
15 8 Sale 14
3
17
204
Certificates of deposit
1478 Sale 147
2
15
Park-Len 1st leasehold 6345 1953
Certificates of deposit
1112 12
10
2
10
Parmelee Trans deb 68
1944 A 0 2412 Sale 2313
2412
8
Pat & Passaic G & El cons 59 1949 M 8 103 10412 104 May'33 __ _
Pathe Exch deb 7s with warr 1937.M N
75
77
75%
213
77
Pa Co gu 3349 roll tr A reg_ _1937 M S 8814 913 87 Nov'31__
4
-Guar 3348 coil trust set B_1941 F A
75
____ 7514 May'33 ____
Guar 3348 trust aus c___ _1942 i D
73 ____ 73 May'33 __ _
Guar 334s trust ctfs D__ _1944 J D
795
8_ 78
79's 18
Guar 45 sec E trust ctfs
1952 M N 8012 84
83
83
1
Secured gold 434s
1963 M N 8712 Sale 87
88 g 37
8
Penn-Dixie Cement 1st Os A 1941 M S 6212 Sale 62
65
18
Pennsylvania PA List 4345 1981 A 0 88 Sale 6712
88'2 140
Peon Gas LA C 1st cons 65_1943 A 0 10714 110 10812 May'33 ____
Refunding gold 59
1947 M S 973 Sale 97
4
98
40
Registered
M S --------96
Oct'32 ____
Phil,, Co sec Is series A. -1967 J D 84 Sale 82
84
62
Phil!), Elec Co 1st & ref 43;8_1967 MN 10212 Sale 1017
8 10212 35
1st & ref 48
1971 F A 94 Sale 935
94
8
52
Phlia & Reading C & I rafts 1973 / J 62 Sale 58
6211 35
Cony deb 69
1949 M 8 497 Sale 48%
360
51
Phillips Petrol deb
_.1939 J D 84 Sale 84
90
86
Pillsbury FIT Mills 5349,20-yr613_1943 A 0 103 104 10112 104
25
Pirelli Co (Italy) cony 7s-.-1952 M N 1003 101 1003 June'33 ____
8
8
Pocah Con Colllerles let s f 5a '57 J J 60
75
67 May'33 ____
Port Arthur Can & Dk 613 A-1953 F A
6512 Sale 6512
6
71
1st m 60 genes B
1953 F A
68
71
71 May'33 ____
Port Gen Elec let 4348ser C 196083 S 604 Sale 59
81'2 172
Portland Gen Elea let 59-1935 J 1 9812 Sale 9812
99
6
Porto Rican Am Tob contras 1942 1 1 a47 Sale 36
52
169
Postal Teleg & Cable coil 55_1953 J J 42 Sale 42
54 2930
Pressed Steel Car cony g 58-1933 J 1
•
•
•
Pub Serv El & G lit & ref 4345'67 J D 1003 Sale 1003
4
4 10118 83
let & ref 4349
101
75
8
1970 F A 1007 Sale 100
let & ref 4s
1971 A 0 9518 Sale 95
9512 47
Pure 011* f 534% cotes-,1937 F A 83
84
11
84
83
13 f 534% notes
1940 111 8 81 Sale 7912
45
82
Purity Bakeries 9 I deb 55_ .19483 J 83
8712 8212
83
19
Radlo-Kelth-Orpheum part paid
etts for deb (39 & corn stk 1937 MN --------60 Dec'32 ____
Debenture gold Os
1941 J D 17
25
2312
2112
9
Remington Arms 1st 8 t 69_ _1937 MN 93 Sale 9212
95
30
Rem Rand deb 534s with war '47 MN 66 Sale 66
6712 104
Repub I az S 10-30-yr 58s f_ _1940 A 0 87
897 87
8
90
38
Ref & gen 5349 series A_ .1953.7 J
75 Sale 72
75
15
Revere Cop & Brass Os set A 1948 31 8 763 80
4
4
78
763
4
Rheinelbe Unions f is
19403 1 29 Sale 2812
3714 53
Rhine-Ruhr Water series 0 1953J J
267 Sale 24
293
4 44
Rhine-Westphalia El Pr 7s__1950 MN 48 Sale 42
5
43
Direct mtge as
1952 M N
32 Sale 31
3818 84
Cons M as 01 1928
1953 F A 31 Sale 303
3914 100
4
con m ga of 1930 with warr .55 A 0 33 Sale 33
39
66
•
•
5
Richfield 011 of Calif Os
1944 M N
Certificates of deposit
MN a3012 Sale 285
8
20
30
films Steel let e I 78
1955 F A 45
51
46
46
1
Roth G & El gen M 534s set C'48 M S 99 103 1035
8 104
15
Gen Mtge 434s aeries D___1977 M S ____ 897 9914 Apr'33 _ _
Gen mtge Is series E
1962 M S 100 Sale 9812 1003
4 56
Roch & Pitts C & 1 p m 59.1946 M N 68
___ (15712 May'33 _ __
Royal Dutch 45 with warr 1945 A 0 a9014 Sale 0904
61
92
Ruhr Chemical 51 68
1948 A 0 4112 45
4214
423
4
6
4
New York Bond Record-Concluded-Page 6 •
4062
10012 Sale 987
10012
8
70
84
8014
8012
40
4012
42
60
Apr'33
___ 48
69
50 May'33
8318 Sale 8318
8312
36
41
36
36
43
36
33
35
__ 50
40
40
50
40
40
40
45
41
47
84 Sale 83
84
79
7814 Sale 77
7912 Sale 78
80
62 Sale 57
65
7714
a76 Sale 76
52 Sale 52
56
56
5612 55 8
55 8
5
5
3012 Sale 304
32
4012 Sale 39 4
3
4318
993 Sale 99
4
100
9814 Sale 97
9812
4 10212
1024 Sale 1013
7912 Sale 7914
8012
96
97
96
9711
10414 Sale 10328 10414
10514 Sale 1044 1057
8
1
212
14 112
98 109
90 10412
90 104
9812 106
387 63
8
947 105
8
53
72
2818 60
1018 261%
60
89
64
87
6134 89 8
3
k
847
57
88 10714
9018 1044
98 10613
86
93
6314 81
90 105
86 104
14
31
9318 1013
4
897 10014
8
84
79
912 41
99 103
23
34
9914 1064
60% 8812
101 1073
4
10014 1083
4
•
25
38%
25
373
4
---- ---412 17
1012 15
5 4 17
3
713 15
93
18
63 25
4
101 10614
474 78
-,-- ,.
..
75 73
73
74
78
823
8
8
0 8313
743 90
4
3
413- 6512
78
9613
103 114
90 10712
-,,.- _-_-68
97 10512
90 100
48
67
3212 51
674 8614
95 104
9994 101
60
69
60
71
71
71
4312 70 4
3
94 10118
18
52
164 54
•
97 105 4
3
9714 105%
9014 10012
683 8512
4
6312 83
66
84
June
10 1933
;#3
Price
Week's
4
Range
Range or
Friday
it
E3
Since
June 9.
Last Sale, 44i
...a.
Jan. 1.
Ask Low
Bid
High No Low
High
Southern Colo Power 130 A__I947 J J
7714 74
73
75
3
59
81
Stand Oil of NJ deb 58 Dee 15'46 F A 10412 Sale 10312 10412 199 100
105
Stand Oil of N Y deb 43413_ _1951 .1 D 994 Sale 97 4
3
993 162
8
8814 100
s
Stevens Hotel 1st 69 series A _1945
Studebaker Corp 6% g notes 1942 .1 D 38 Sale 3712
4314 321
2014 4418
Syracuse Ltg Co let g 5+3_1951 1 D 106 110 106
106
11 103 110
Tenn Coal Iron & RR gen 55_1951 J 1 1002 ___ 100 May'33 ---8
97 104 4
,
Tenn Copp dr Chem deb 6s B 1944 M S 76 Sale 75
76
2
50
76
Tenn Elec Pow let Os
1947 J D 80 Sale 79
803
4 76
72 100 4
,
Texas Corp cony deb 5s._ 1944 A 0 9112 Sale a9114
9212 383
774 93
Third Ave Ry 1st ref 49
8
52
1960 J J 515 Sale 49
123
86
52
Arli Inc 58 tax-ex N Y_Jan 1960 A 0 29 Sale 29
303 289
4
205 3112
8
Third Ave RR 1st g 59
883
8
4
89
1937.7 J 873 89
11
83
90
Tobacco Prods (NJ) 6345-2022 MN 9814 Sale 9614
9812 274
89 102
Toho Mee Power 1st 75_1955 M S 6618 ---- 63 June'33 __
41
63
Tokyo Elec Light Co Ltdlet 69 dollar series
613 118
4
1953J D 60 Sale 5612
618
4
30
Trenton 0 & El 1st g 59
Sale 103
103
1949 M 19 103
5 10212 10
814
Truax-Traer Coal cony 6348_1943 MN 38 Sale a29
38
19
15% 38
Trumbull Steel 1st 51 69_ _1940 MN
79
7912 7512
7912 12
.
8912 7913
Twenty-third St Ry ref 39_1962 J J 20
15 May'33 -__
15 15
Tyrol Hydro-Elec Pow 734s.1955 MN -_-- 60 60
634
66
4
60
Guar sec if 7s
8
F A 583 Sale 57
1952
584
4
50 6214
UjIgawa Elect Powers f 78_1945 M S 6614 Sale a64
6614 22
8713 66,
4
Union Elec Lt & Pr(Mo)
Gen mtge gold 59
1957 A 0 103 Sale 10012 103
77
94 10412
Un E L & P (III) let g 5348 A 1954.7 .1 102 10328 102
103
16 100 106
Union Elev Ry(Chic)58_ __ _1945 A 0 25
29
20 May'33
1458 20
Union Oil 30-3T 65 A__May 1942 F A 104 Sale 10312 10414 36
99 4 105 4
3
3
181 lien a f 59 set C__ _Feb 1935 A 0 10018 Sale 0018 1004
2
9813 1004
Deb 60 with
D 99118 Sale 8912
. __Apr 1945
9212 55
75
923
4
United Biscuit of Am deb 69_1942 MN 10012 10112 10014 101
warn17
954 101
United Drug Co (Del) 58._1953 M 13 7014 Sale 6912
7012 238
43
7112
United Rye St List g 4a
1412 20
15 May'33 __
J
1934
14
2214
U S Rubber let & ref 55 set A 1947 J 3 643 Sale 64
4
6812 203
2014 8812
United SS Co 15
8812 81 May'33 ___-year 69_
1937 MN 83
75
88
U0 Steel Works Corp OM3334 20
A.1951 J D 29 Sale 512612
2612 60 4
,
Sec 8 f 8345 series C
3212 10
1951 J 13 2718 Sale a29
2
513 60
Oink fund deb 634e set A 1947
J 28 Sale 26
2912 56
25
694
United Steel Wks of BurbachEach-Dudelange s f 78_ _1951 A 0 973 100
973
8
4
973
4
1
9314 9958
Universal Pipe at Rad deb Os1936
D 29 Sale 1514
29
29
10
29
Unterelbe Power & Light 69_1953 A 0 30 Sale 30
3612 18
30
6612
Utah Lt & Tree 1st & ref 55_1944 A 0 71 Sale 66
71
30
5212 7214
Utah Power & Light let 59_1944 F A
75 Sale 73
77
48
5712 77
4_ 100 May'33 ___ 100 105
Utica Elec L & P lets f g 59_1950 J J 1023
Utica Gas& Elec ref & ext be 1957.7 J 10412 105 10012 May'33 ___.
99% 10814
Util Power & Light 5348_ _1947 J D 40 Sale 3214
41
202
13% 41
7
Deb 59 with warranta
35 k Sale 29
1959 F A
37 889
12
37
Deb 59 without warr
____ 18
18
1959 F A 26
2 1458
18
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 9.
Vanadium Corp of Am cony 68'41 A 0
Vertlentes Sugar let ref 79-1942
Certificates of deposit
Victor Fuel let 9 f 55
1953.7 1
Va Elec dr Pow cony 5348..1942 M 13
Va Iron Coal & Coke let g58 1949 M 9
Va Ry & Pow 1st az ref 5s....19341 1
Walworth deb 6348 with warr '35 A 0
Without warrants
A 0
let tanking fund 68 tier A__1945 A 0
Warner Bros Pict deb 8s__.1939 M S
Warner Co 1st as with warr_1944 A 0
Without warrants
A 0
Warner-Quinlan Co deb 65...1939 M S
Warner Sugar Rain 1st 75_ _1941 J D
Warren Bros Co deb 65
1941 M 13
Wash Water Powers r 59_ _ _1939 J 1
Westchester Ltg 5s stpd gtd.1950 J D
West Penn Power set A 59_1946 M 5
let 58 series E
1963 M S
1st sec 59 series G.
1956 J D
Western Electric deb 5s_ _1914 A 0
Western Union coil trust - 9_19311 1 J
5
Funding & real est g 449_1950 M N
15
-year 6349
1936 F A
25
-year gold 55
1951 1 D
30
-year 54
1960 M 8
Westphalia Un El Power 69_1953 J J
Wheeling Steel Corp Ist 530 1948 J 1
let & ref 4348 Belles B
1953 A 0
White Sew Mach 69 with warr '36 .1 J
Without warrants
J J
Panic 81 deb 6sSt., let 78_193 MN
0
1945
Wickwire Spencer
Ctf dep Chase Nat Bank_ __ _ .....
75(Nov 1927 coupon) Jan 1935
Ctf dep Chase Nat Bank.,. MN
Wifiri-Overland 8 f 6348____1933 M 5
Wilson & Co 1st 9 f 68 A
_1941 A 0
Youngstown Sheet & Tube
-5s '78 .1 3
let mtge a f 58 ser B
1970 A 0
6914 Sale
6718
97112
68
343 7112
4
1512 Sale 11
1512 32
112 1512
1418 1012 Mar'33 ____
11
101* 14
102 Sale 100
102
17
95 10528
57 Sale 57
57
1
473 67
8
4 10114 34
101 Sale 1003
974 103
21 May'33 ____
26
17
10
21
1118 40
18 May'33 ___
1614 18
3012 Sale 2918
324 156
81* 328
35 Sale 3418
38
356
12
38
23
1918 24
2512
8
10
2512
1918 2312 2312 June'33 ___
123 2418
3
3512 Sale 3312
3814 56
1312 3814
___ 10512 106
8
1055
20 10212 106
65% Sale 647
8
6614 75
30
6614
1031s 105 1034 May'33 ____ 100% 106
10418 106 105 May'33 __
102 1104
8
104 1047 10412
8 26 1004 108
10412 106 104
1043
8 45 10014 10911
104 Sale 104
104
1
9912 107
9712 Sale 96
9712 88
81 102
85 Sale 84
86
44
86
52
6912 Sale 694
734 111
3713 7314
91 Sale 88
94
133
55
94
7212 Sale 714
79
161
3612 79
74 Sale 72
783 198
4
363 784
4
264 Sale 2518
3014 119
2312 68
a80 Sale +17912
805
8 11
52
80 8
5
72
71 Sale 70
49
413 737
8
s
8_ a27 May'33 _-__ a27
361
37
38
85
40 40
8
2212 413
35
48
33
40
7
2214 40
54 8
3
54
8
22
118 8
-..- _...
5
5 Sale
8
17
7
8 5
813 -3312
Sale 4712
4712
4712
35
3
7958
58 100 5
,
4
943 Sale 94
9514 47
84
9514
4112 6712
7914 Sale 78
803 134
4
52
803
4
55 9
0
79 4 Sale 78
3
8014 131
5214 80 4
,
30
75
493 78
4
294 66,4
5712
24
a42
77
(Negotiability Impaired by Maturity)
31
7012
30 4 70 4
3
,
32
MATURED BONDS.
70
Price
Week's.Range
•
N. Y. STOCK EXCHANGE i t
Friday
Range or
1
Mud
Week Ended June 9.
19% 32
June 9,
...18.,
Last Bale,
141
Jan. 1.
37% 47
Foreign Govt. & Municipals.
9612 107
ask Low
Bid
High No Low
High
994 9934 Mexico Tress 68 assent large '33 J .1
6 3 10
,
67
8
8 8 20
7
38
4 87
8
96 10514
Small
8
314 8
2
515712 05712
.
83
93
Railroad.
Balt & Oblo cony 449
82
38
1933 M 13 91 Sale 90
91
8
67
94
Chic & No West deb 58_1933 M N 85
85 May'33 ____
90
58
88
81 10012
313
Registered
MN --------80 May'33 ____
59
80
Galv Buns & Hend 1st 59_1933 A 0 75
93
79
5
8414 80 , 80
5
55
8%
4
3078 42
Norfolk South 1st & ref 58 A_1961 F A
6
912 Sale
814
24 9
9
30
St Louis Iron Mt & Southern
61
42
_
Riv & G Div 1st g 49
65
60
_
1933 MN 52 Sale 4812
54
202
3528 54
744 92 Seaboard Alr Line let g 48_1950 A 0 16
5
19
17
17
17 17
8
1
25
Gold 4.stamped
1
60
1950 A 0 1812 Bale 17 4
3
1812
8
1318 1812
Refunding 49
204 50
9
1959 A 0
814 Bale
0
12
9
100
13* 0
28
3
AU& Blrm 30-yr 1st g 48 1933 M S 14
50
19
16
6
1611 11
1612
40
1
585
,
Industrials
47
16
14
Abitibi Pow & Paper 1st 58.1953 1 D 2234 Bale 21
85
69
34
53
24
10 4 24
3
58
65
83
American Chain deb 51 Is, 1933 \ 0 61
673 697
4
70
38
73
7014
4
634 833 Chic Rye 58 stpd 20% part paid.. F A
45
6114 64
60
2
6014
49
604
Cuban Cane Prod deb 68._1950 1 J
53 Sale
65
.
28
20
5
34 614
61 584
5
75
95
East Cuba Pug 15-yr 8 f g734937 M S 1718 Sale 12
- '
23 1738
8
1728 374
8212 Fisk Rubber lets f 89
51
1941 M S 7534 Sale 134
21
75
75 4
3 379
3
45
Gen Theatres Equip deb 69 1940 A 0
915 102
8
2
514 Sale
514
I
300
7
7
5912 Gould Coupler lets f 68
80
1940 F A
20
15 Sale 103
47 15
4
15
61
4318 Interboro Rap Tran 65
1932 A 0 2214 Sale 22
82
19
18
24
43
12
2412
10
-year 7% notes
9014 10012
133
1932 M S 6413 Sale 64
6112 71
75
65
88% 9813 Manati Sugar 1st 51 749._1942 A 0 18
133
2712 32
34
5
3
34
Stmpd 0.4 1931 coupon_1942 A 0 18
3
9912 103 4
19
2712 25 June'33 ____
25
2
lin 8013 Pan-Am Pet Co (Cal) cony as '40 J D 3812 Sale 35
68
39
36
254 397
8
9713 Pressed Steel Car CODy g 5s .1933.7 J
117
23
51313 Sale 50
5612 73
354 574
Richfield 01101 Calif as
99 107
56
1944 M N 32 Sale 2912
3254 145
21
323
4
1946.7 J 233 Sale 22
49 100 1074 Stevens Hotels series A
4
25
10
32
25
•Look undor list of Matured Bonds on this page.
Matured Bonds
i3
Financial Chronicle
Volume 136
4063
Outside Stock Exchanges
Boston Stock Exchange.
-Record of transactions at
the Boston Stock Exchange, June 3 to June 9, both inclusive, compiled from official sales lists:
Sates
Friday
Last Week's Range for
Week.
of Prices.
Sate
Stocks (Continued) Par. Price. Low, High. Shares.
.
X X
0,4comv,o0
0 004
th22t22t225g5
1.042,‹,n4,;..,-.-.
WNV
=MX
00.0004.00
M0MM
00000.
COMN
,
tifth225etighiihEtiq 2.T.222,5.5gt1221
224'42'42125 ra e.c.gm40,2,22.4
22-4 .42.6.4
M
MI* MIX=
MM
.M
0 MIM0
-XXX X
.29.9.209
0
00V000000.000.. .n
....moco§
WCo.00.
22 22=i2ti22t 2222h22t22
X
pm
.00=0
NNer.
1512
113
,
WA2
.n.C1
0.0
rt
Brach & Sons (13 .1) com_ •
Friday
Bright Star Electric el B__•
Last
Brown Fence & Wire
Sale
Class A
•
StocksPar. Price.
Class B
•
Bruce Co (ELI corn
• 1034
Railroad
5%
10
Butler Brothers
Boston & Albany
100 110
140
106 112
Canal Const Co cony pf-•
Boston Elevated
671
100 62
62
65
Central III PS prat
• 25
Boston & Maine
I
Cent-ill Secur corn
13,4
CI A 1st pfd stpd-100 1834
104
1834 2234
8
Convertible preferred_ .•
20
1st pref class A
100 15
15
15
Central Ind Power pref.100
24
49
Class B let pref atpd.100
23
Central Pub Sery Corp A.1
let pref class B
40
35
22
40
Central Pub ULUClass c lot pref stpd..100
25
25
50
%
•
Class D let pro!stpd-100
35
62
27
1
V t c common
441
Prior pref stpd
100 42
40
45
Cent S W Util7
Boston & Prov
138 138
138
•
Common
Chicago Jet Ry & Union
Prior lien preferred' 2434
2
Stockyards pref
100 87
8434 87
•
Preferred
2
East Mass St Ky.com-100
134 1%
Chic City & Con Ry com_•
let preferred
7
8
8
Chicago corp16
Preferred B
100
434 5
434
•
Common
Maine Central
2
9
9
• 28
Preferred__
2
Preferred
25
100
22
'
Chicago Electric Mfg A
N Y N Haven & Hartford_
55
23% 2634
100
- Common
Northern RR
78
78
7
Chi & N WRY 00M.-.100
4
Old Colony RR
89
91
100 89
Chicago Towel Co cony tit•
Pennsylvania RR
2,03
50 2734 26
2834
•
Chicago Yellow Cab cap..
•
5%
Mies Service Co corn-Mining
ii
'
Our, Aluminum Uten CO
Calumet & Heels
65
sy, 7% 9
Commonwealth Edison 100 6534
Copper Range
25
2,300
534 6
534
Consumers Co
Hancock Congo' Mining-25
1,120
234
2
2
134
5
Common
Isle Royal Copper
SOC
100
500
Continental Steel com- •
Mohawk Mining
509
1134 12
25 12
6 1134
Cord Corp
NiptmaIng Mines
145
3
234 3
Crane Co
North Butte
1% 15,777
1
1
9
25
Common
Old Dominion Co
1,020
25
134 1%
100 45
PreferredPond Creek Pocohontas Co 17
16
1734
1,860
Curtis Lighting Inc coin_ •
3%
Quincy Mining
334 434
4,440
5
Curtis Mfg Co corn
Union Ld & Cop Min Co 25 20c
20e
40c 1,900
•
De Meta inc pref •
Utah Apex Mining
805
134
134
134
Dexter Co (The) com____5
Utah Metal & Tunnel-.1 730
65c
75c 5,720
Eddy Paper Corp (The). •
Elec Household Util CorP 5 12
Miscellaneous
Fitz Sim & Co(D&D)com•
American Conti Corp cons _
205
5% 6%
Gardner Denver Co com--•
Amer Pneu Service
575
25
95c
134
3
General Candy Corp A_._5
Preferred
218
3% 3%
83.4
Godchaux Sugar cl B.---•
1st preferred
50
180
2034 25
Goldbiatt Bros Inc com._• 27
Amer Tel & Tel
100 121% 118% 12234 5,679
13,4
Great Lakes Aircraft Cl A..•
Amoskeag Mfg Co
4,230
734 834
834
Great Lakes D & 1)....' 17
Andes Petroleum
25c 20,675
5 240
130
134
Greyhound Corp com____*
Bhgelow Sanford Carpet • 19
19
319
1834
3
Grigsby Grunow Co corn.'
Preferred
55
29
55
55
Hall printing common_10
Boston Personal Prop Trust
10
12
49
1034
834
Hart-Carter Co cony pith*
Brown Co preferred
200
8
534 8
Hormel & Co common.,.' 20
Continental Securities Co
6%
Houdaille-Hershey Cl B_.'
Preferred
8
9
100
8
• 143,4
Class A
East Boston Land
10
1
1
134
320
Illinois Brick Co cap___25
East Gas & Fuel Assn
ILdep Pneum Tool v t c__• 1434
Common
1,314
•
12
9
Iron Fireman Mfg v t c__ •
8% cum pref
459
52
60
100 60
Jefferson Electric corn....' 10
434% prior preferred__ - 64
64
395
61
Kalamazoo Stove corn...'2574
Eastern Steamship Lines.' 1234
3,636
11
13
Katz Drug Co common_l 2634
Preferred
40
10
40
Ken-Rad Tube & L com A•
Economy Grocery Stores__
195
16
1534 1634
50
Ky UtIl Jr cum pref_
Edison Elect Ilium
649
100 159
156% 162
Keystone St Jr Wire corn.' 1234
Employers Group
445
8
935
93,4
%
La Salle Ext 'Maly com---5
General Capital Corp
1,465
22
2034 22
Libby McNeill & Libby
Gilchrist Corp
5
7
411
7
6
10
Common
Gillette Safety Razor- __.•
14% 1634
2,127
134
Lincoln Printing Co COTO.•
Hygrade Sylvania Lamp Co
20
2334 2434
Lindsay Light Co com__10
International Hydro Elea834 1034
1,197
3%
Lindsay Nunn Pub $2 pref.
Libby McNeil & Libby....
18
5
5%
Lion Oil Ref common- •
Mass Utilities Assoc v t e.•
2% 3
3 615
,
234
Loudon Packing COTo- •
Merganthaler Linotype 100 21
2034 2334
868
6 3034
Lynch Corp corn
N E Public Service
334 4
334
669
•
McGraw Elec com
New Eng Tel dr Tel--.100 9134 67
93
1,140
•
McQuay-Norris Mfg
McWilliams Dredg com. •
Pacific Mills
100 2734
2034 2834 6,361
Manhattan-Dearb'n com.•
Reece Buttonhole Mach Co
93,4
24
8
Marshall Field common_• 16%
Shawmut Assn tr etts----•
934 10
3.301
934
1%
Meadows Mfg Co com___*
Stone & Webster
•
1434 16% 3,357
2
Mer & Mfrs See A corn___.
Swift & Co
•
2034 23
6,155
Mickelbeirry's Food Prod
Torrington Co
• 3834 35
154
40
534
1
Common
Union Twist Drill
180
5
12
1234
34
Middle West Util new •
United Founders oom____•
134
2,672
134
134
•
23,4
$6 cony pref A
U Shoe Mach Corp
25 4
3,919
934 4634 4934
Midland United
Preferred
340
25 3134
31
3134
234
•
Common
Venezula Mex 011 Corp 100
101
1
1
5
Convertible preferred...*
Waldorf System Inc
9%
254
734 934
Warren Bros Co
Midland Utilities Co
• 1434
3,744
1334 1634
100
6% prior lien
Westfield Mfg Co ctf of dep
3
3
15
100
7% prior lien
BondsMiller&Hart Inc cony pfd • 20
• 1234
Amoskeag Mfg Co 64_1948
Modine Mfg Co com
59% 60
$8,001
Brown Co 534s
Moir Hotel Co pref
1946 36
30
36
12,000
1
Chic Jet By Ar Ull Stk 5540
Morgan Lithograph corns
9534 97
4,001
Masser Leather Corp com •
East Mass St RySeries A 434s
Muskegon Motor Spec A_•
1948
29
35
5,00(
Nachman Springf'd com__•
Series B 58
1948
35
35
2,001
Me Cent By 4%s
National Battery Co pref.*
_1935
49
49
2,001
Natl Elec Power A com__-•
Pond Cr'k Pocoh'tas 75 '35
34
104 10734 12,001
234
Natl Leather corn
10
• No par value.
Nat'l Sec Invest Co com__1
National-Standard corn....
• 21
Chicago Stock Exchange.
-Record of transactions at Natl Union Radio com___1 134
Chicago Stock Exchange, June 3 to June 9, both inclu- Noblitt-Sparks Ind com...• 25%
North Amer Car corn....'
7
sive, compiled from official sales lists:
No Amer Lt & Pwr com__•
434
Northwest Bancorp com_• 12
Friday
Sales
Northwest Eng com_ _ •
8%
Last Week's Range for
Range Since Jan. 1.
No West TItil 7% pref_ _100
Sale
of Prices.
Week.
Parker Pen Co corn
10
StocksPar. Price, Low. High Shares.
Low.
High,
Penn Gas & Elec A com_ •
Perfect Circle(1 he) Co_ _• 23
Abbott Laboratories cum.
• 3434 34
35
150 2134 Jan 35
June Pines Winterfront cora_ _.5
234
Acme Steel Co cap stk-.25 35
35
29
1,000 10
Feb 35
June Potter Co (The)corn
•
2
Adams (J D) Mfg corn__•
6
6
6%
170
5
Apr
6% June Prima Co common
• 2534
Adams Royalty coin
•
3
33,4
334
550
1
Feb
3% June Process Corp corn
•
43,4
All-Amer Mohawk cl A _ _ _5
50
34
34
% May
35
34 June Public Service of Nor III
Allied Products Corp el A_•
12
1334
700
4
May
1334 June
Common
• 3534
Altorfer Bros cony pfd.
9
-•
15
280
8
May 15
June
Common
100
American Pub Serv prat 100
10
13
210
2% Apr 13
6% preferred
June
100
Amer-Yvette Co Inc corn_ 1
34
34
850
34 Mar
%
34 June
7% preferred
100
Asbestos Mfg Co corn..-.1
4% 7
5
14,100
2
Ayr
734 June Quaker Oats Co
Associates Invest Co corn •
4134
41
150 31
Mar 4134 June
Common
•
A0500 Tel UtilPreferred100
Common
•
15,4 20,450
1
134
% Apr
1% June Railroad Shares corn
•
1.34
2
2
•
$6 cony pref A
50
34' May
434 Jan Rath Packing Co com_10 25
20
Balaban & Katz Corp pf100
20
100 15
Feb 20
Jan Raytheon Mfg Co corn._•
034
1134 14
Bastian-Blessing Co corn.' 1234
18,250
3
Feb 14
June Reliance Internal Corp A_•
Bondi: Aviation corn..._• 17
16
1734 15,000
034 Feb 1734 June Reliance Mfg Co
Bergho't Brewing Co...._1
1434 18% 71,700 12
1834
May 1834 June
Preferred
100
Berg-Warner Corp corn. 10 1634
1534 1634 30,850
534 Feb 103.4 June Ryerson & Sons Inc corn •
Yet nreferred
55
55
'Inn 70
Tan 85
Ittn. Sangamo Flee corn
MO
•
cor•s
Week's Range for
Week,
of Prices.
Low. High. Shares.
10
10
% 1
500
230
6% 834
400
300
3%
3
2,150
11
10
14,900
5% 6
20
234
234
190
25
29
1% 2,550
13,4
1,000
6% 8
130
10
1534
2,010
34
1
Range Since Jan. 1.
Low.
43.4
1
454
13.4
134
1434
%
5
7
34
Feb
Jan
Jan
Feb
Apr
May
mar
Feb
May
Mar
34 Feb
h June
1
%
2,440
10
2% 3%
2434
22
17
18
34
34
3,850
340
160
150
1
834
5
34
5
2934
534
.%
9%
60
1734
5%
131
76
54,550
8,100
110
50
16,300
40
1,300
38,000
5,520
10,850
1
1234
3%
M
134
5934
0
2
34
50
3.4
31
4%
2734
434
h
4
60
1534
434
%
6334
134 4,600
1
500
9
8
11% 12% 166,100
High.
434 Jan
% June
10
1
June
June
834
43,4
11
6
234
3334
2
8
1534
1
May
May
June
June
May
JIM
June
June
June
June
1
June
% June
5
26
21
34
May
May
May
May
Feb5
Apr 2234
Feb
53.4
1
June
1034
Apr
Jan 61
Apr 22
Feb634
134
Feb
82
Ma
June
June
June
Apr
May
Apr
May
May
May
Jan
Feb
Feb
Mar
Jan
11 Apr
6
Apr
43.4 Jan
134 May
May
12
1234 June
83,4
45
4
63,4
13
334
6
934
12
1034
3
53,4
19%
1%
16%
134
2%
7
834
1934
534
1334
6%
1134
734
934
2134
2334
3%
223.4
10
34
3,850
93,4
330
4934
10
4
120
634
110
1334
60
334
100
6
1234 5,100
100
12
10
10%
50
3
834; 9,200
8,050
27
15-4 4,350
7,400
19
1% 27,050
3% 38,258
1.800
7%
150
8%
150
20
6% 29,500
1,800
14%
150
634
630
1434
100
734
700
10
2,700
25%
1,700
2634
400
4%
40
23
2,600
1334
1,350
1%
3
15
234
4
434
2
1%
3
4%
734
234
34
10
5
13,4
3
334
33,4
1534
3034
5
3834
15%
34
15%
%
2
634 15,300
550
2
1,140
334
800
4%
700
4%
170
18
3334 6,550
450
534
50
3834
550
1534
550
5
15,750
18
1% 1,000
750
234
13.4
1
134
2
134
10
8
134
233,4
7
114
434
34
34
5%
34
15,4
3,000
634
34 32,050
800
23-4
23( Feb
li Jan
34 Feb
May
7
34 May
334 May
134
37-4
23,4
5%
9,100
''I
34 May
h Apr
2% June
53,4 June
May
Feb10
Feb 53
May
4
Jan
Jan
e.% June
Mar
Jan
1334 May
334 June
Jan
6
June
Feb
Feb 12% June
12
Muy
Feb
May
1034 June
May
3
Jan
8% June
Mar
June
Mar 27
134 may
Feb
May
634 Feb 20
23,4 May
34 May
h Apr
334 June
May
3% Mar
8
8% June
334 Jan
June
12
Feb 21
634 June
1
Feb
1434 June
33.4 Mar
334 Jan
8
May
034 Apr 1434 June
7% June
3
Feb
334 Mar 1014 May
4
Feb 2534 June
17% Mar 2634 June
1% Feb
43,4 June
May
6% May 25
4
Mar 1334 June
1% June
% Feb
334
534
14
1234
1
1
8
634
734
19%
3da"
234
1%
2034
34'
2334
7
434
8%
8
534
6
734
21
2%
2
22
4
130
4%
120
8
600
2134
950
14
20
1
1% 2,100
20
8
140
7
400
2%
240
2034
50
h
2% 10,350
1,050
2%
900
2134
1,500
1%
2,300
2534
350
734
750
734
3,600
14
200
834
10
534
650
7%
100
73,4
850
23
1,050
33,4
50
2
28,150
28
1.900
5%
134
3
5
634
1
34
13,4
131
334
14
34
34
34
10
%
934
2%
1%
8
234
2
3
5
c6
1
34
10
1
3334
33
60
7031
40
3634
64%
73
3,000
150
150
30
16
10
3734
40
112 127
115 115
134
1%
2334 26
5% 634
336 334
90
90
19
19%
5% 6%
Feb614
Jan
2%
Feb454
634
Jan
434
Feb
Mar 18
Feb 36
6
Apr
Feb 3834
Jan 1634
5
Mar
Feb 18
Jan
13,4
May
234
434
May
8
Feb
2134
Jan
1434
Apr
1
June
I%
Feb
8
Jan
7%
Apr
Mar
83,4
Apr 203-4
%
Feb
3
mar
2%
Mar
Feb 22
1%
May
Mar 253,4
Apr
8
7%
Apr
14
Feb
2%
Jan
534
Mar
Apr
8%
May
734
Jan 23
Feb
334
2
May
Feb28
634
Apr
Apr
Apr
Apr
Apr
48
47
85
95
1,100 63
Feb 127
Apr 117
20 100
2
1,850
34 Jan
27
550 1534 Jan
8
134 Jan
1,550
3%
134 May
250
10
350
200
833-4 Jan
754 Mar
5
Jan
June
May
May
Apr
May
June
MAY
June
June
May
June
June
June
June
June
June
June
Jnue
June
May
May
May
June
June
June
May
June
May
May
June
May
June
June
June
June
May
June
June
June
June
June
May
Jan
Jan
Jan
Jan
June
Jan
June
May
May
June
May
90
20
May
654 May
Financial Chronicle
4064
study
0(1402
Last Week's Range for
Week.
Sale
of Prices.
Stocks(Concluded) Par. Price. Low. High. Shares.
134
34%
4
734
%
" 334
32
23
4
1334
4014
34
19
2
2
514
7%
1%
18%
7514
3034
2
1234
756
214
R Ate
ISISA
May
June
June
May
May
May
May
June
June
June
June
June
Apr
4
4
80
1
634 Mar 15%
3,800
1534
300 20
Feb 4034
4034
43.4
650
2
Jan
4%
Mar 42
42
850 18
115
40 101% Apr 115
65.4 lob 22
2034 16,300
% Jan
2
3,800
2
3,100
% Feb
254
23-4
134 Mar
511
5% 3,850
June
June
June
June
June
June
May
June
June
June
6%
93-1
2434
1%
20
79
7934
32
150
3,800
450
300
6,550
10
714
340
3
Mar
434 1- en
Mar
17
1.1 Jan
1134 Feb
7534 May
4711 I. eh
Feb
12
6%
1014
i4%
134
20
82
7934
32
June
June
Slay
May
Slay
Mar
June
June
134 2%
415 6
814 1234
3
4%
1,550
250
1,750
900
11 Mar
1
Mar
4
Apt
May
2
234
6
1234
4%
June
June
June
June
436
234
214
4,450
10
2,350
3
Jan
10
251 May
2% May
5
7
2315
134
18%
79
75
28
17
73-4
2%
214
17
6114 6134
TA
31 Mar
Feb
133.4 June
234
54 Jan
54 Mar
% Mar
334 Jan
34 May
14 May
si Apr
1234 Feb
Feb
7
2544
27
1,000
15.000
Jan
1834 May
4834 Mar
613-4 June
1S*l
2834 Ant
11
Feb
y Ex rights
-Record of transactions at
Toronto Stock Exchange.
the Toronto Stock Exchange, June 3 to June 9, both inclusive, compiled from official sales lists:
2%
47
5
16.95
10
2%
3
42
13
1254
6
15
6
25
10%
88
95
2
6
134
58
1314
13
14%
1.10
5
33
6
411
27%
3034
6%
4%
295
5
7
55
140
5
20.50 98,048
102
1034
550
3
45
4
65
44
1,689
13%
470
13
250
7
25
15
6% 3,166
1
25
1,170
1115
33
88
5
95
37
2
18
6
140
2
35
520
60
128
14
30
14
60
15
15
1.10
57
6%
90
37
65
8%
40
4%
1,599
28%
345
31%
8
15
4%
1.665
1%
46
2
8.15
514
1%
51
36
10%
1014
3
5
2%
20
5
65
70
g
5
14
51,
40
8
8
7
1.10
5
6
4
1
14%
25
I
2%
May
May
Mar
Mar
Apr
May
Mar
June
Apr
Mar
May
Apr
Mar
Apr
Mar
Apr
Apr
Feb
May
May
Apr
Apr
Apr
Apr
Mar
June
June
Mar
Apr
Jan
Feb
Mar
Mar
May
High.
1.75 June
5.14 June
102 June
5 June
20 June
2134 June
15% June
2.05 June
6
June
20 June
2434 May
6% June
16
June
32% June
7 June
25 June
754 May
34 June
714 June
9% June
75
May
7% June
1714 June
18% May
123 June
58 June
6 June
5% June
12% May
Jan
96
18% June
11
June
10 June
234 May
135
June
18114 June
6
Jun
20
Feb
23
June
12% June
14% June
43.4 June
10114 June
115 Juno
8
June
511 June
5 June
55 June
7
May
20.50 June
10% June
3 June
4 June
44
June
14
June
13% May
7 June
May
16
6% June
May
30
11% June
June
88
June
95
2 June
6% June
2 June
2 June
60 June
May
15
1414 June
15 June
1.10 June
634 June
June
37
8% June
5 June
29 June
31% June
8 June
5
May
Low.
High.
4
9%
4
45
16%
67
1%
Mar
Mar
Feb
May
Mar
May
May
19
15%
8%
55
38%
80
4
May
May
May
June
June
June
June
148
159
168
196
263
153
148
155
165
191
261
152
179
154
159
168
196
263
155
185
91
34
25
100
95
205
35
120
124
123
151
228
12334
152
Apr
Apr
Apr
Apr
Apr
Apr
Apr
154
159
168
196
263
155
185
June
June
June
June
June
June
June
Loan & Trust
Canada Perrnanent____100 155
Huron & Erie Mortgage100
20% paid
National Trust
100 174
Toronto General Trusts100 150
• No par value.
153
90
15
174
148
165
90
15
174
150
44 120
10 77
115 1234
9 165
15 138
May
May
May
May
Mar
165
102
18
212
167
June
Jan
Jan
Jan
Jan
100
100
100
100
100
100
100
Toronto Curb.
-Record of transactions at the Toronto
Curb, June 3 to June 9, both inclusive, compiled from
official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week,
of Prices.
Sale
Par. Price. how. High. Shares.
Brewing Corp corn
•
Preferred
•
Can Bud Breweries corn.'
•
Canada Malting Co
•
Canada Vinegar corn_ __ _*
Canadian Wineries
*
Can Wire Bound Boxes A•
Cosgrave Export Brew_10
Distillers Corp Seagrams_*
Domonion Bridge
•
Dom Motors of Canada.10
Dom Tar dr Chem pref_100
English Elec of Can A___*
Goodyear T & It corn.'.'.' _*
Hamilton Bridge com__ __•
Preferred
100
Honey Dew corn
*
Preferred
•
Humberstouc Shoe com •
Imperial Tobacco ord
5
Montreal L H & P cons •
National Breweries com_ •
National Steel Car Corp.•
OglIvey Flour
*
Power Corp of Can corn..
•
Robert Simpson prof.'.100
Service Stations corn A._•
Preferred
100
Shawinigan Wat & Pow...
Stand Pay & Matls corn_•
•
Stop & Shop corn
roronto Elevators com_ 0
United Fuel Invest pref 100
•
Waterloo Mfg A
1.75
1.30
1.60
9
11%
10%
8% 934
9
263.4 2834
26%
24
24
21
4
33.4 4
735
714
7
211 2%
8%
851 0
23% 2314 25
2
234
2
24
25
1314 133-4
93 105
104
714 834
8
35
38
38
2.00
1.75
1.75
15
13
14
19
21
21
9%
93-4 10
37
3
3734
8
24
243,4
1414 1454
175 175
175
13
14
1451
76
76
7
614 7
40
45
1534 16
23-4
23-4
234
8
8
2311 2334
15
15
3
3
3
0113rItish American 011_ _ _ _ • 123-4
1211
Jrown Dominion 011 Co_•
33j
3
mperial 011 Ltd
1211
• 12%
nternational Petroleum_• 164
15%
acColl Frontenac Oil com• 1134
113,4
Preferred
77
100
corth Star Oil corn
2.25
.5 2.50
Preferred
3.00
5
*
3
2
'rairie Cities 011 A
lupertest Petroleum ord.'
• 1834
1714
Cnmmnn
*
17/4
1744
13
314
13
17
1234
78
3.00
3.50
3
1834
17S4
c; t:o6
,...
Ham Un Theatres corn. _25
23.4
100 55
Preferred
unite & Dauche Paper._ •
International Nickel corn _• 19.80
•
Intl Utilities A
*
23-4
Kelvinator of Can corn_ *
Laura Secord Candy corn • 44
Loblaw Groceterias A____• 1334
• 13
Maple Leaf Mill'g corn._ _•
634
Preferred
100
Massey-Harris corn
•
6
Monarch Knitting pref_100
• 1134
Moore Corp corn
100 88
A
100 95
Mulrheads Cafeterias corn*
Ont Equit Life 10% Pd.100
*
2
Orange Crush corn
•
2
22 preferred
Page-Hershey Tubes corn * 60
Photo Engravers & Elec_ *
•
Pressed Metals corn
•
Riverside Silk -Mills A_
•
St Lawrence Corp
•
Simpson's Ltd B
100 33
Preferred
Standard Chemical corn.'•
•
Stand Steel Cons corn_
Steel Coot Canada corn..• 2734
25
Preferred
•
Tip Top Tailors corn
•
454
Union Natural Gas
Low.
.15 Mar
.50 1.75 3,845
1.25
1
Jan
1,200
334 5%
5
Apr
593 80
102
10115 101
1
Apr
175
5
414 5
Feb
35 10
19% 20
Jan
55 18
21
2134
2114
714 Mar
14% 15% 57,563
1534
.55 Jan
1.65 1.95 22,745
1.65
1
Apr
1,275
4%
4% 6
6
Jan
127
15
17
325 14% Apr
23
2434
24
3% Feb
120
6
611
75 10% Apr
154 16
Feb
675 20
30% 32%
32
1% Mar
4,325
5%
7
634
7
May
125
22
25
25
6
2% Feb
3,366
6
7
Apr
357 13
33
30
30
211 Mar
510
6% 7%
734
ay, 934 1,105 3 Apr
8.15
Apr
13 46
73
73
Apr
3
245
734
614
634
9% Apr
85
1734 1715
Mar
55 10
1711 17%
1734
Feb
15 100
116 120
Mar
35 51
56
58
114 Mar
890
5%
5
5
5
A Mar
225
5
5%
6% Apr
185
10% 12
1134
May
35 79
93
92
93
Apr
9
9,957
16% 18
17
314 Feb
4,120
9% 11
1034
Jan
2
1,110
8% 9%
8%
yi Apr
255
2%
2
Mar
4,513 54
125 134
130
Jan
12 170
18134 180% 18114
2
Apr
60
6
5
6
8 June
75
10
8
8
1,386 12% Feb
23
21
2254
Feb
7
50
1211
12
6
Apr
1134 1411 14,861
1334
51 Mar
1,255
454
4
4
Apr
156 80
100 101
% Jun
95
1%
134
114
May
5
15
7
8
1% Feb
434. 3,219
4
431
Range Since Jan. 1.
18% 32,745
14% 4,570
25
7X
35
55
280
3834
20
80
280
4
00M0.:0Mu'ONPN
NN00,0M...t.mm.,
C.2,-,PNci,..M.0.0,0
AbitibiPr & Paper corn_ "
100
6% preferred
100
Bell Telephone
Blue Ribbon Corp corn.'_ _ •
50
614% preferred
Brantford Cordage 1st pf25
Brazilian T L & Pr com___*
"
Brewers & Distillers
Brit Col Packers corn_ __ _•
100
Preferred
•
Brit Col Power A
•
Building Products A
25
Burt F N Co com
Canada Bread corn
*
B preferred
100
•
Canada Cement corn
•
Prof rred
Canadian Canners com_ _ *
Cony preferred
*
100
1st preferred
Canadian Car & Fdry. __•
25
Prof rred
Can Dredging & Dock corns
Can General Electric com50
so
Preferred
Can Industrial Alcohol A_•
•
Canadltn Oil corn
•
100
Preferred
Canadian Pacific Ry____25
*
Ccokshutt Plow corn
*
Consolidated Bakeries
Consolidated Industries •
.25
Consol Mining & Smelt.'
100
Consumers Gas
Cosmos Imp'l Mills corn_ _•
Crow's Nest Pass Coal _100
Dominion Stores corn_ __ _•
Economic Investment. _ _50
Ford Coot Canada A_ _..•
General Steel Wares corn_•
Goodyear T dr Rub pre( 100
Great West Saddlery corn *
100
Preferred
Gypsum Lime & Alabast.*
Range Since Jan. 1.
55
36
16%
14
754
47
25
80
3%
...
Stocks-
Sales
Friday
Last Week's Range for
Week..
of Prices.
Sale
Par. Price. Low. High. Shares
Bank
Commerce
Dominion
Imperial
Montreal
Nova Scotia
Royal
Toronto
18
1414
CO
• No par value. r Cash sale. s Ex-dividend
$3,000
Apr
X Jan
1. Mar
4
Walkers Hiram corn
•
Preferred
•
Western Can Flour Mills."
Preferred
100
Weston Ltd Geo
•
Preferred
100
Winnipeg ElectIrc corn__ •
CO
Bonds
Nate City & Con Rya 5s '27
.1h1cago Railways
let mtge 55 ctfs of dep '27
08 So La Salle St Bldg
-
High.
134
5434
214
134
5%
4
A
1
%
4%
32
23
1% 7,150
134
31
343.4 20,000
23.4
211
40
134
300
1
1,400
314 5
600
214 334
2,050
614 734
160
51
1
% 2,410
%
2
4% 18,250
28
32
22,200
2054 23
85,100
4
13
40
334
40
113
1734
1%
174
4
Low.
Soles
Pricier,
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
,..1.0.0m.0.0y0,-.10M,OMOO.M..”*.M,O.,NOM,00.0
opooDopomueM.....r...1.M.d.M,OWN1,...., .0M0]..OMN,-,4
MMMOOCON
....OMM
,
1.0 CO
....-..... n
et
, CO
Seaboard Util Shares-_°
Sears. Roebuck & Co corn •
25
So Colo Pow A corn
Southern Union Gas cora_•
'standard Dredge cone pf-•
Common
Storkline Fur cony pfd__25
Si udebaker M Ord el A. •
Common
•
Super Maid Corp com„.•
Swift International
15
Swift & Co
25
Tel BA & Sh•
Class A
Thompson (J R) com.....25
Un Carbide & Carbon cap •
1
United Gas Corp com
21)
US Oy peum
100
Preferred
•
US had & Tel coin
•
Utah Radio Prod com
•
nil & Ind Corp
•
Convertible preferred..
Viking Pump Co•
Common
Vortex Cup Co corn
•
a
Class A
•
Wahl Co corn
I1 alirreen Co com mon_
•
100
634% preferred
Ward (Monts) dr Co cl A..•
Waukesba Motor Co com.•
,Vayne Pump Co
•
Common
Convertible preferred..'°
A WWI& Stores Inc eons.. _•
dillliains 00-0-Matic com•
Arisconsin Bank Shares
Common (new)
•
(ales
-Amer Mach pt pi_ •
ienith Radio Corp com__•
Range Since Jan. 1.
June 10 1933
Range Since Jan. I.
Low,
High.
150
Jan
X May
514 Apr
133.4 Mar
1334 Jan
111 Jan
314 Mar
1% Jan
4
Feb
1414 Feb
1
Apr
10
Apr
5
Feb
40
Mar
234 Apr
35 June
350
Jan
5
Mar
1451 Jan
7
Feb
2
634 Apr
1611 Mar
53-5 mar
175
June
6
Jan
3634 Mar
23,4 Apr
16
Apr
9% Feb
54 Apr
8 June
1214 Feb
434 May
134 Feb
2.50 May
1534 May
10
May
3134 May
25
May
4 June
9
May
33-4 May
9% May
26
May
3
May
25
June
1334 June
105
June
83 Juno
38
June
2.00 June
15
June
21
June
10
June
3834 June
2411 June
14% June
175
June
14% June
78
May
8
May
45 June
16
June
3 June
8
June
27
May
15
June
334 June
754
134
7%
1034
7%
5434
75c
1.75
X
113-4
1214
Jan
13
Apr
3%
Apr
1311
Mar
17
Mar
12%
Apr 80
Apr 2.50
Apr 3.50
Apr
3
Mar 20
Feh
1714
June
May
May
June
May
June
June
June
June
June
.1kIns
• No par value.
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange, June 3 to June 0, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
350
50c
Appalachian Corp
Arundel Corp
• 22% 2234
5
551
•
Black & Decker corn
Ches & Pot Tel of 13 pref100 11534 115
2114
Comm Cr Corp pref B.._ _25 23
61
Consol Gas E L & Pow • 63
107
6% prof series D.'..100
101
prof wiser E_ _100
534%
100
99
5% preferred
22
Emerson Bromo Seitz A w I
914
Fid & Guar Fire Corp._ _10
93-4
Fidelity & Deposit
50 3734
373.4
Finance Co of Amer el A_
3%
214
Finance Service corn el A__
Houston 011 preferred
63-5
611
60c
Mfrs Finance corn v t_ _ _25
7
1st preferred
25
2
22 preferred
414
351
Maryland Cas Co
2814
Merch & Miners Transp__• 33
15
Monon W PennPS7%pfd25
3
Mt Vern Woodby Mills corn
29
Prof
15
16%
New Amsterdam Cas Ins
7234
Northern Central
Penns Water dr Power____ ...... 55%
100
United Rys & Electric__50
4%
6%
US Flit & Guar new_ ___10
Bonds
Baltimore City
4s Sewerage Impt _ _1961
1958
43 conduit
1958
4s water loan
4s School House...._1957
4s second school loan1948
4cl 3d water series..1953
Commercial Credit 63.1934
Ga Sou & Fla fly Co
1945
1st 5%
Maryland Elec fly 6145 '57
United fly & El fit 55 flat'36
1st 65 flat
1949
Income 4s (flat)
icon
94
95
95
95
95
98
100%
Low.
High.
50c
23
63-6
11534
23
65
109
103
100
22
10
3
0
334
214
7
60e
8
2
43-4
33
15
3
3214
1754
73
56
12c
6%
400
6c
Feb 50c June
1,128
9% Apr 2434 May
4,851
1
Feb
7
May
25 112
Apr 116% Feb
50 1835 Mar 23 June
193
43
Apr 65
Jan
84 103% Apr 110% Feb
8 97
Apr 107
Jan
28 91% Apr 102
Jan
117 1534 Apr 2434 Jan
312
414 Mar
1135 May
147 15
Mar 39
Junl
14
3% June
5
Jan
82
4% Apr
234 June
355
211 Mar
7 Juno
8 400 Mar
1
Jan
29
6
May
9% Feb
46
Apr
2
Mar
3
6,373
134 Mar
43-6 June
282 1934 Jan 33
June
15 10
Mar 15 June
2
3 June
3 June
117
914 Mar 3235 June
1,779
7
Apr
1734 Jan
226 63
May 73 June
40 40
Jan
Mar 60
140 Feb
400 10c June
7.995
1% Mar
GA June
95
95
95
95
95
98
100%
3300 87
300 9114
200 87
300 95
300 91
2,000 98
1,000 100
2,000
45
45
2,000
12
12
2,800
3
2
1411 13,000
12
2,000
A
A
'Jou
Range Since Jan. 1.
195A
7000
May
Apr
May
June
Apr
June
May
45
8
2
814
14
June
Apr
Jan
Apr
Apr
814
Ann
10114
100
102
100
10034
98
101
Feb
Jan
Feb
Jan
Jan
June
Feb
45 June
123-4 Jan
Jan
3
1411 June
114 Feb
1344
Jon
• No par value.
•
Financial Chronicle
Volume 136
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, June 3 to June 9, both
inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Range Since Jan. 1.
High.
Low.
American Stores
Feb 46% June
•
150 30
46%
46
Bell Tel Coot Pa pret__100 112% 112% 113
225 106% Mar 11414 Jan
Budd (E G) Mfg Co
434 June
34 Mar
•
4% 6,800
4A
June
Preferred
3% Mar 21
65
1614 21
100
Budd Wheel Co
5% June
A Mar
414 534 2,000
*
5%
Camden Fire Insurance-5 1334
Apr 14 June
9
600
12% 1334
Central Airport
% Apr
200
234 May
•
234 2%
May
Mar 20
Con Tract of NJ
6 17
100
20
20
Electric Storage Battery100
1,529 21% Feb 4934 June
45% 4934
Mar 30% June
Fire Association
525 18
10 30
30%
28
Horn & Hardart(Phila)cm•
10 82
Jan
May 99
88% 88%
Apr
Horn& Hardart N Y)com•
(
400 17% Jan 24
2314
22
10 80% Feb 9334 Jan
Preferred
100
92
92
Mar 43 June
Insurance Co of N A
500 25
41% 43
_10
June
5% Mar 11
Lehigh Coal & Navigation • 1034
5,000
934 11
June
Lehigh Valley
ao
834 Feb 21
17% 20% 1,477
1% June
14 Feb
Mitten Bank See Corp_ _25
300
% 114
134
May
2
Preferred
500
14 Feb
1%
1
25
134
134 Mar
Pennroad Corp v t c
334 June
•
3%
3% 3% 13,900
Pennsylvania RR
60
26% 28% 10,025 13% Jan 28% June
Penns Salt Mfg
375 2534 Mar 46
50 44% 44
May
453.4
Phila Eton of Pa $5 pref._ _• 110% 9934 1003.4
Apr 103% Jam
405 93
Phila. Elee Power pref _ _ _25 31% 31% 32%
Jail
1,200 28% Apr 33
Philo, Rapid Transit
1% mar 234 Jon(
1,200
50
2%
234
234
Jar
7% preferred
Feb6
3
650
6
5
50
6
Phila & Read Coal & Iron_•
436
6%
6
234 Feb634 June
Philadelphia Traction_ _ _50 23% 21% 23%
Mar 23% June
700 15
Railroad Shares Corp_ _•
Reading RR
50
Reliance Insurance
10
Seaboard Utilities Corp_ _•
Shreve El Dorado Pipe L 25
Tacony-Palmyra Bridge_*
Tonopah-Belmont Devel_ 1
Tonopah Mining
1
Union Traction
50
United Gas Imp'com____•
Preferred
•
U S Dairy Prod corn cI A_
Victory Insurance Co
10
Warner Co
•
Westmoreland Inc
•
Westmoreland Coal
•
West Jersey & Swish RR 50
1
8%
21%
214
53.4
BondsEiec dr Peoples Lr ctfs 48'45
Lehigh Navig ser A 414s '54
Philp Mee (Pal lot ss 1588
50
1%
50
5334
300
574
30
114
300
4
20%
113
,11r, 3,700
9,300
1
1,800
9
21% 33,000
190
94
20
11
300
534
214 4,500
25
634
200
5%
50
50
1%
5334
53.4
1%
334
183.4
14
34
814
20
92
10
4%
1
6%
514
50
21
86
Inv
14
25%
334
%
1
19
fir
Jan
Jan
Apr
Jan
Jan
May
Jan
g Jan
334 Mar
14
Mar
May
86
10 June
334 Feb
Mar
1
5
Feb
Mar
4
May
40
1% June
54
May
534 Jun(
174 May
5
Ma)
30% Jar
is Jun(
134 Am
12% Jar
21% Jun(
99% Jar
Jun(
11
534 June
114 June
6% June
5% June
Jar
55
Apr 21% May
23% $30,600 15
June
5,000 86 June 86
86
107
1.000 102% Mar 110% Fel
4065
bales
Friday
Lass Week's Range fur
Week.
of Prices
Sole
Stocks (Concluded) Par. Price. Low. High Shares.
Cleve Elea 111 6% pref _100 10654 10534 10634
36
36
_100
Cleve Railway coma
3335 38
100 38
Ctfs of deposit
9
9
Cleve Union Stkyds corn.•
Cleve Worsted Mills com_•
634 6%
Corr McKin Steel
1 1214
12
Voting corn
1294
10
10
1
10
Non-voting corn
11
11
Cliffs Corp v t c
•
• 5534 5534 5634
Dow Chemical corn
98
98
100
Preferred
33
33
Federal Knit Mills corn__• 33
5
5
Ferry Cap & Set Screw-•
22% 22%
Firestone T dr R corn _10
7
7
Foote-Burt, corn
•
714 714
Fostoria Pressed Steel__ •
3
3
Gabriel Co
•
71
71
General T dr R Coln
25
75
65
6% pref series A_ _ _100 75
1
Geometric Stamping
234
2
•
Goodyear T (t R corn_ _ _• 3614 3534 3734
18
Greif Bros Cooperage el A* 15
15
4% 434
Harbauer corn
•
134
India Tire & Rub com___•
194 2%
Interlake Steamship com_•
2094 25
3
3
•
Jaeger Machine cony
Kelley NI L & Tr com
10
•
1134
534
Lamson Sessions
594 6%
•
314
334
Metropol Pay Brick cm'''.
Mohawk Rubber nom---•
614
334 7
13
5
Preferred
100 13
National Acme com_ _10
634 634
130 132
National Carbon pret_ _100
4% 534
National Refining com_ _25
3
•
3
3
National Tile corn
Nestle-LeMur ci A
2
2%
•
234
1235 14
Ohio Brass B
• 1234
5
5
•
Packer Corp corn
20
19
Patterson Sargent
•
2% 334
3
Peerless Motor corn
4334
42
Richman Bros corn
• 42
134
154
River Raisin Paper corn_ _*
7
6
Selberling Rubber coin
•
634
25
25
100
Preferred
• 2034
1994 2034
Selby Shoe corn
35
31
Sherwin-williams com__25 33
91
91
AA preferred
100 91
1
2
Stand Textile z.rod com•
Trumbull-Cliffs Furnace
60
60
100 60
Preferred
3
3
Union Metal Mfg corn_ _ _ •
3
2% 3
Van Dorn Iron Works com•
7% 7%
Weinberger Drug
•
v,,,...y..,.... a .....r nmo inn 48
455 46
X
196
21
737
100
10
Range Sims Jas. 1.
Low.
95%
32
29
8
4
High.
Jan
Mar 110
Feb
Apr 43
Apr 4334 Feb
May 1034 Jan
May
Jan
8
118
334 Jan 12%
214 Feb
55
103.4
1134
334 Feb
77
Jan 5634
118 30
3,5 96
Apr 98
Mar 33
75 26
I% Jan
10
5
15 2234 June 2234
Apr
315
9
6
20
5% Mar
734
3
3 June
200
100 25 ' Apr 71
Feb 75
70 29
1
June
1,035
234
433 1034 Feb 3734
Mar 18
8
60
4%
214 Jan
100
294
% Apr
5,564
Feb
198 14
25
26
3
2% Apr
143
t44 Apr 1234
134 Feb
573
634
Apr
2
100
414
2,448
1
Mar
7
5
May
468
13
634
Apr
20
2
Mar 132
64 110
3
Apr
285
634
425
3
1
Jan
35 Apr
805
3
415
1434
53.4 Jan
Feb
7
2
176
50
934 Jan 20
134 June
334
650
709 2234 Apr 44
134 June
25
134
4,228
Mar
7
1
Apr 25
107 10
Jan 2034
1,010 10
1,806
1334 1eb 3834
25 70
Mar 91
160
2
X June
10
100
955
57
40
60
3
34
7
1774
May
May
June
June
Apr
Jan
June
June
Jan
June
June
June
June
June
June
June
June
jam
June
June
May
June
May
June
June
Jun(
Jun(
Jun(
June
June
May
AN
May
June
June
JUIN
Jun.
Jun(
Mai
May
May
Jun,
Jan 60
Jai
June
3 Jun,
Apr
335 Ma;
Feb814 Jar
Feb50 Ma]
•No par value.
•No par value.
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange, June 3 to June 9, both
inclusive, compiled from official sales lists:
Stocks
-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Allegheny Steel
•
Arkansas Nat Gas Corp_ •
Preferred
10
Armstrong Cork Co
•
Blaw-Knox Co
•
Clark (DL)Candy Co_ *
Columbia Gas & Elec•
Devonian 011
10
Duquesne Brewing com_5
Electric Products
Fort Pittsburgh Brewing_l
HarbLson Walker Refract_•
Preferred
100
Independent Brewing _ _ _50
Preferred
50
Koppers Gas & Coke
Preferred
100
•
Lone Star Gas
Mesta Machine
5
Natl Fireproofing Corp_ •
Preferred
50
Phoenix 011
25
Pittsburgh Brewing ___50
Preferred
50
Pittsburgh Forging
•
Pittsburgh Plate Glass. 25
Pittsburgh Screw di Bolt.*
Pgh Steel Foundry _ _100
Plymouth Oil Co
5
Renner Co
1
Ruud Manufacturing_ _ _.•
Toy moons
San
1
Standard Steel Spring__ __•
United Engine & Foundry.
U S Glass Co
25
•
Victor Brewing Co
Westinghouse Air Brake.*
Westingh FIlec & Mfg_ _ _50
Western Public Serv v t c-•
UnlistedCopperweld Steel Co--..•
General Motors Corp._10
Gulf 011 Corp
25
Leonard 011 Develop_..25
Lone Star Gas 6% prof 100
614% preferred
100
Pennroad Corp
•
Pennsylvania RR
50
Radio Corp of America_.•
United States Steel.- _ _100
• No par value.
1334
15%
734
20%
634
434
2%
2
97.4
1734
834
3634
4%
32
7%
7
1534
234
19%
1%
25%
4734
7%
934
1)4
1814
4
434
12
13%
654
19%
8%
6%
4%
23.5
20
80
2
2%
60
18%
270
43.4
400
454
13% 5,288
15% 0,732
380
7%
2,646
22%
125
9
7,410
6%
470
5
2% 11,110
2,585
22
10
80
1,620
235
450
3%
150
67
65
19,174
10
9
643
18
17
155
2
4
75
614 8%
Range Since Jan. 1.
Low.
High.
5%
1
234
414
4
3
914
7
614
134
134
634
6014
134
2
Apr
Feb
Apr
Feb
Feb
May
Mar
Apr
June
May
Jan
Feb
May
Mar
Mar
18%
5
5
15
1534
734
22%
9
6%
5
534
22
80
45
5
7
2
2
Mar
Mar
Fe
Jun
Ap
67
10
18
4
814
June
June
May
June
June
50
5
10
10o
10
40
4%
33%
8
7
16%
2%
12
3o
10
20
3
1%
29
4834
8
June
Mar
May
June
June
June
June
May
June
May
Apr
June
MAY
June
June
May
June
May
10
2714
56
1%
82
80
4
28%
10%
56
June
June
June
June
June
Jan
June
May
June
June
6e
7%
36
314
29%
5%
634
1434
1%
1114
30
10
18%
2%
134
25%
42%
7%
10c
8%
37
414
32
8
7
1534
2%
12
3c
10
20
3
I%
28%
48%
734
2,600
1,085
1,020
1,105
1,318
11,210
1,250
500
25,31
70
11,000
160
710
300
26,782
694
1,660
5,251
13
134
6
6%
1%
6
lc
3
10
1
13.4
1234
1914
474
May
Jan
Mar
Jan
Mar
Feb
May
Feb
May
Mar
Feb
Mar
Feb
Mar
June
Jan
Feb
Mar
7%
2434
55%
75e
80
80
4
2634
8%
52
10
3,180
2,035
27%
300
56
134 13,234
60
82
45
80
so
4
951
28%
2,717
10%
1.314
56
5
14
2674
75e
55
80
1
1334
754
23%
Ap
Feb
Jan
Ja
Ap
Ja
Ap
Feb
May
Feb
1%
June
June
June
May
June
May
June
June
June
June
Mar
June
June
3% Mar
4% Mar
-Record of transactions at
Cleveland Stock Exchange.
Cleveland Stock Exchange, June 3 to June 9, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Allen Industries cony
•
Preferred
•
Apex Electrical Mfg
& W)
Brown
Cony preferred cl A_ _ .•
•
City Ice & Fuel
100
Preferred
Cleve Builders Supply _ •
15
6
834
4
15
6
4
15
6
8% 8%
18
20
65%
63
3
3
Range Since Jan. 1.
Low.
45
10
200
1
6
4
Jan
Jan
Feb
so
8%
914
46
3
May
Apr
Apr
June
286
200
33
High.
6
15
6
June
June
May
8%
20
65%
3
May
June
June
June
-See page 4040.
Cincinnati Stock Exchange.
-See page 9040.
St. Louis Stock Exchange.
-Record of transacSan Francisco Stock Exchange.
tions at San Francisco Stock Exchange, June 3 to June 9,
both inclusive, compiled from official sales lists:
Stocks-
awes
Friday
Last Week's Range for
Week.
of Pricks
Sale
Par. Price. Low. High. Shares.
Alaska Juneau Gold Min__
193.4 2334
2334
Anglo-Calif Natl Bk of 8 F 1034
93.4 12
Assoc Ins Fund
3
134
294
5%
Atlas Imp Diesel Eng A
5
5
Bank of Calif N A
13834 131% 13834
Bond & Share Co Ltd
434 434
434
Byron Jackson Co
334 5
5
2114
Calamba Sugar coin
19
20
7% preferred
1714
1734 18
34
Calif Copper
34
34
Calif Cotton Mils corn---------4
5
Cain Packing Corp
25
2234 25
Calif Water Service pref._
6554
64
Calif West States Life Ins
Capital
1814 20
1854
Voting plan
19
17
17
Caterpillar Tractor
19
2214
2234
Clorox Chemical Co
18
18
Coast Cos G & E 6% lst pf
68
68
Cons Chem Indus A
21
2034 21%
Crocker First Nail Bank_
206 206
Crown Zelierbach v t c---5%
434 535
Preferred A
31
2334 33
33
Preferred B
25
31
Emporium Capwell Corp._
6
634
63.4
14
Flremans Fund Indemnity
14
Firemans Fund Insurance_
4514
4534 46
lot Natl Corp of Portland.
1134 1134
Food Machine Corp corn_
1334
1234 1434
Foster & KlelSer Cain
114
1%
Galland Mere Laundry _- ______
31% 3134
Gen Paint Corp A corn_ _ _ ______
4% 4%
15 corn
1
134
Golden State Co Ltd
9
734 9
Haiku Pine Co Ltd com
234
234 33.4
Preferred
634 834
Hawaiian C dr S Ltd
4235
423.4 40
Home F & M Ins Co
2234 2274 23
Honolulu(MCorp Ltd_ _ _ _ ______
13% 1434
Honolulu Plantation
40
4134
Hunt Bros (A) coin
914 103.4
1034
Langendorf United Bak A. 123.4
1134 1234
B
334 3%
334
Leslie Calif Salt Co
1734 20
Los Aug Gas(1: E'en Corp pf 9114 8814 9114
Lyons Magnus Inc B
1
1
1
Magnavox Co Ltd
1
14
34
Magnin & Co (I) corn_
5% 614
Marchant Cal Mach corn_
251
234
174
Martel St Ry corn
2
2
Mere Amer Rlty 6% pref_
65
6654
Natomas Co
38
3534 33
No Amer Inv corn
4
434
6% preferred
24
2235 24
5 yi% preferred
21
20
21
No Amer 011 cons
634
634 7
Occidental Ins Co
1314 15
15
Oliver United Filters A
834
634 834
B
3%
354
234
Paauhau Sugar
5
534
Pacific Gas & Elec com___
28
263.4 2834
6% 1st preferred
2334
2234 2334
5 A % preferred
2114 2014 213.4
Pacific Lighting Corp nom
34
3.5
6% preferred
80
7834 80
Pan Pub Serv non-vol corn
134 2
134
Nnn-vntlnir, nrefprrpeL
43i
4
434
Range Since Jan. 1.
Low.
High.
7,858 II% Jan 2334 June
9,269
814 May 2
Jan
0
3 June
14 Apr
5,828
Feb
2
514 MaY
610
Feb 15234 Jan
80 101
114 Feb
534 June
904
5 June
Mar
1
11,819
Mar 2234 June
8
5,145
Mar 1854 June
460 11
A Jan
17,483
% June
June
5
% Jan
100
834 Mar 25 June
5,594
Apr 6514 June
20 63
Apr 3134 Jam
57 13
Jan
June 31
25 17
29,511
554 Feb 2214 June
June
18
May
172 13
Jar
May 79
10 57
Mar 2134 June
1,120 11
Fet
Apr 215
10 185
Feb
39,244
534 June
1
1.666
734 Mar 33 Jun(
Mar 33 Jun(
7
500
6% JUIN
1.437
234 Feb
Fel
14 1214 Apr 16
JUIN
455 3434 Mar 46
20 1034 Apr
1234 Ma
1434 JUIN
7,177
534 Jan
Jan
220
174 May
1
15 2634 Mar 35
May
434 June
614
3% May
131 June
34 May
359
9 Jun
334 Apr
5,121
3% Jun
% Mar
1,810
614 Jun,
50
134 Ap
Ap
750 27% Jan 45
Apr 24 Jun
125 18
814 Feb1414 Jun
701
Ap
Mar 42
165 30
Feb
440
1034 Ma
2
1,645
43.4 Feb 1214 Jun
600
334 Jun
334 June
637 1134 Feb 20 Jun
150 8 34 May 9834 Ja
3
1 Jun
June
1
120
21,620
Jun
1
34 Mar
3% Feb
540
6% Jun
2% Jun
1.110
35 Feb
2 Jun
8
2 June
Jan 6614 Jun
100 60
4,433 15
Feb 36 Jun
Feb
190
5
2
Ma
Mar 24 Jun
30 11
Jun
70
735 Apr 21
2,690
7 Jun
394 Apr
91
15 Jun
834 May
900
334 Jan
834 Jun
570
3% Jut
14 Feb
314 Apr
300
6
Ma
11.257 2034 Apr 31
Ja
5.091 2154 Mar 25% Ja
1,226
1934 Mar 2314 Ja
2.228 2514 Mar 43
Ja
May 9334 Ja
1.037 77
34 Mar
10.453
2 Jut
9.169
2
AD
4% Joe
Financial Chronicle
4066
Saws
Friday
Range Since Jan. 1.
Last iVeek's Range for
---Week. of Prices.
Sale
Stocks (Concluded) Par. Price. Low, High. Shares.
High.
Law.
Pacific Tel & Tel corn_ _ _ 87
197 67
8634 8834
6% preferred
170 9934
10734 10535 10735
Paraffine Cos corn
835
7,700
2335 2034 24
Phillips Petroleum
935
1354 1355
100
Png'n Whistle pref
h
1
100
1
Ry Equip & Rlty lot pref.
335
23
6
6
Series 1
3
20
3
234
Richfield Oil corn
55
6,246
135 3
234
7% preferred
X
154
1
254 6.885
Roos Bros preferred
50
50
50
373.4
San Joaq L dc P7% pr pref
10 75
79
79
Schlesinger & Sons (B F)
Common
35
670
55
%
55
Shell Union 011 com
4
3,199
7% 8
8
Socony-Vacuum Corp
635
266
1134 1134 1135
Southern Pacific Co
2634 4,787 1134
2434 24
So Par Golden Gate A_
1,061
431
8
754 8
230
434
255
434 451
Spring Valley Water Co.._
Standard Oil of Calif
3335 32
3434 8,634 20
Telephone Inv Corp
325 22%
2434 26
26
1,506
Tide Water Associated Oil_
335
755 735
734
6% preferred
191 24
41
39
40
Transamerica Corp
435
654 734 96,887
735
Union 011 of Calif
1634 1735 6.056 955
1734
Union Sugar Co com
355 434 2,805
434
134
7% preferred
10 1155
17
17
United Air
4,850 17
34% 3135 35
Wells Fargo Bk & U T.
165 165
194 200
195
West Amer Fin Co 8% pt.
100
%
%
Western Pipe & Steel Co__
1134
634
1035 1235 4,556
Apr 89
Apr 110
Feb 24
May 1436
Feb
1
Apr
6
3
June
Jan
3
235
Feb
Feb 50
May 97
May
Jan
June
June
Jan
Jan
June
June
June
June
Jan
35 June
Jan
Feb
855 June
Feb 12% June
Feb 27 June
Jan
8 June
Apr
534 Jan
Feb 3435 June
Feb
Apr 31
735 June
Feb
Apr 4454 Jan
Mar
73.4 June
1735 June
Feb
Mar
434 June
Apr 17 June
Feb 35 June
Apr 21035 Jan
Mar
May
5i
Feb 12% June
Los Angeles Stock Exchange.
-Record of transactions
at the Los Angeles Stock Exchange, June 3 to June 9,
both inclusive, compiled from official sales lists:
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Stocks-
Assoc Gas & Elec, A
•
Alaska Juneau
Boise Chica Oil, A
10
Bway Dept Store pref_ _100
Byron Jackson
*
California Packing Corp_*
Chrysler Corp
*
Citizens National Bank_20
Claude Neon Elec Prod__.
Cons 011 Corp
Douglas Aircraft Co Inc_ *
Emsco Derrick & Equip-4
'
Farm & Merch Nat Bk_11111
Globe Grain & M111 com_25
Goodyr Textile Mills pf 100
•
Hancock 011 corn A
Los Ang Gas & Elec pref100
Los Angeles Investment_10
Pacific Finance Corp com10
Preferrcd A
10
Preferred C
10
Pacific Gas & Elec com_25
6% let preferred
25
535% 1st preferred_ _25
Pacific Lighting corn
•
Pacific Mutual Life Ins.10
Pacific Pub Serv N V corn *
Pacific Tel & Tel pref _ _100
Pacific Western 011 Corp..
Republic Petroleum Ltd_10
Richfield 0.1 Co com
•
Preferred
25
San Joaq L&P 7% pr pf100
6% prior pref
100
Sec First Nat Bk of L A.25
Shell Union 011 Corp corn.*
So Calif Edison Ltd com_25
Original preferred_ _ 25
7% preferred A
25
6% preferred B
25
534% preferred C _ _ _ _ 25
2334
434
434
28
11
1234
11
7
92
5
73-4
23
155
6
334
235
131
39%
735
205
3155
2535
2131
19'
,
234
234
183.4 2334
5
4
3834 39
4
435
2434 2436
2435 2434
27
28
11
1134
1135 1235
1534 1654
3
5
310 310
10
11
90
90
735
7
92
88
334 535
655 8
955 955
815 83.4
28
2854
233.6 2335
21
21
3355 3335
23
20
134 2
10534 10554
534 8
335
235
155
235
2
1
79
79
60
60
3854 39%
735 835
23% 25%
3135 3135
2434 2554
2034 2135
1.1 , 1935
Range Since Jan. 1,
Low.
High.
255 June
Apr
100
1
Apr 2334 June
600 14
135 Jan
9,300
534 May
Feb
30 3235 Apr 45
Feb
455 June
1
600
120 1331 Apr 2435 June
93( Mar 2434 June
200
Mar 38
Jan
900 26
Jan
6
700
1134 May
1235 June
700
554 Jan
400 113.4 Jan 1634 June
5 June
800
234 Apr
Feb 310 June
29 265
June
Mar 11
6
500
50 6036 Feb 90 June
700
755 May
331 Feb
Jan
267 8235 Apr 98
535 June
1
6,400
Jan
8 June
4
6,900
Mar
200
934 Jan
931 Jan
100
834 Apr
874 Apr
Apr 3034 Jan
200 20
100 2134 Apr 2534 Jan
200 2035 May 2234 Feb
Jan
100 2531 Mar 43
Mar 2934 Jan
1,100 19
2 June
154 June
1,200
Mar
5 10534 June 107
655 June
255 Mar
1,700
1% Feb
8,100
3% June
55 Feb
235 June
3,700
4.700
2 June
35 Jan
Jan
Apr 98
100 78
I 60 June 6035 June
2,300 35
Mar 45% Jan
435 Mar
1.800
835 June
5,000 1735 Apr 2735 Jan
Mar 4031 Jan
458 30
800 2234 Apr 273.4 Feb
2,800 1935 Apr 2454 Jan
800 173-4 Apr 2234 Jan
June 10 1933
bales
Maria
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
So Cos Gas6% pref.. _100
Southern Pacific Co___100
Standard 011 of Calif
•
Taylor Milling Corp
•
Title Ins & Trust Co__ __25
Transamerica Corp
•
Union Oil of Calif
25
• No par value.
24
3334
25
734
1735
8234
24
3234
10
25
634
1630
50
8235
800
2634
3434 3,100
100
10
32
25
734 38,200
1735
7.200
Range Since Jan. 1.
Low.
8335
1135
20
4
20
454
934
Apr
Feb
Feb
Jan
Apr
Apr
Feb
High.
90
2635
3435
10
25
734
1734
Feb
June
June
June
June
June
June
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market, June 3 to June 9,
both inclusive, compiled from sales lists:
DOth
stocks_
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Admiralty Alaska Gold__ 1
14c
Altar Cons Mines
1.50
1
Am Com'l Ale° Rts w I____ -- ___ Andes Petroleum
1 250
Bancamerica Blair
1
Barry Hollinger
1 3800
1
u.- Misso i
Big Missouri mining
ur
Columbia Bak 2d Pref.- •
Shares
• 400
*
Davison Chemical
13-4
Eldorado Gold
1
Elizabeth Brewing
3
1
150 11,500
8c
1.25 1.50 1,700
234 334 17,700
14c 250 14,500
335 394
400
2,500
3 0 31421:
1 c
0
500
2
100
2
7,400
100 45c
135 245 8,300
1.60 1.95
300
234 335 7,300
Fada Radio
234
1
Falstaff Brewing
1 1734
Fidello Brewing w w
1
With warrants
1
X-warrants
1
8
Flock Brewing
475
2
Fuel 011 Motors
10 180
General Electronics
1
4
Granada Gold
1.35
1
Helena Rubenstein pre_ •
Hanlon & Hubbell
•
}Woven Auto
23-4
1
Huron Holding C
1
-D
Independent Brew
50
Internatl Combos Eng*
Preferred
•
-I)
Preferred C
Internatl Rustiess Iron ; 310
Internatl Vitamin
•
1
Kildun Mining
3.70
1
Krueger Brewing
1 21
Lock Nut
155
1
mars
.
mines
1 800
214
15
534
535
435
434
11c
335
1.20
635
6
2
34
3 80
55
h
300
34
2.10
1834
135
48c
215
18
534
6
6
5
20c
4
1.35
635
6
235
55
3
200
134
h
320
1
3.70
2134
134
600
8,200
12,900
2,800
4,200
18,100
1,600
14,400
8,400
400
100
100
1,000
900
50
32,600
2,200
2,000
8,900
900
39,600
6,900
500
19,500
335 May
Jan
May 2034 May
Apr
535 May
Cash Sales
6 June
435 June
534 June
435 June
10c
Jan 280 Feb
4
May
251 Jan
1.75 Feb
1.00 Mar
634 June
255 Mar
535 Jan
635 May
135 Mar
33.4 May
Apr
13c
54 June
Mar
3
135 May
80 May 380 May
235 May
35 May
55 June
134 May
10c Feb 350 Mar
June
I
34 May
3.70 June
1.00 Mar
1354 Apr 2134 June
155 May
13.4 May
19c
Jan 600 June
334
2
1.13
134
55
Sc
100
7
38
235
254
1
255
45c
250
5
455
1.00
20
X
54
' 25o
I 55
45c
1
5%
7
355
2
1.13
234
X
15e
7
39
235
1
235
450
5%
1.15
20
35
300
155
1
7
500
100
200
42,500
800
1,000
25
100
5,200
100
500
1,300
1,900
1.900
10
92,700
500
100
16,200
20,200
2
135
1.13
12c
38c
5c
7
2034
2
35
1
15.3
334
1.04
20
6c
12o
155
35
2
334 435
28c 440
150
7,000
Newton Steel
•
NY Title & Mtge
1
North Butte Mining_ _2.5(1
Paramount Publix
10
Petroleum Conversion_ _ _5
Phoenix 011
25c
Pittsburgh Brewing•
Pittsburgh Brew pref...S0
Polymet Mfg
1
Railways new
1
R
Rhodesian Slec Tr_ _ _ _5 sh
Shortwave & Tele
1
•
Standard Brewing
Sylvanite Gold
1
Tobacco Prod ot Del__ __10
United Cigar
1
Van Sweringen
•
Victor Brewing
1
Western Television
•
A
1
5
Willys-Overland
Wisconln Holding A_-__10
Zenda Goida
1
• No par value.
1.13
155
g ase
440
% mow
5c Mar
1.25 June
214 June
Jan
Sc
135 Mar
70 Apr
30c June
134 Apr
100 Feb
15c May
1.30 Feb
255 May
190 Feb
1.50 May
3.35 June
25c June
354 June
170 Feb
300 June
2 June
35 May
234 June
1.95 June
334 May
2
7
2
May
Feb
June
Mar
Apr
June
Apr
May
May
Apr
Jan
Apr
May
May
June
Feb
Jan
June
Apr
Jan
6c Mar
235 June
Jan
90
334 June
235 Jan
1.13 June
234 June
135 Feb
15c June
855 June
June
39
234 June
3% Jan
334 May
450 June
5% May
1.15 June
20 June
35 June
34c June
1% June
June
1
7 Juno
34 June
934 Jan
44c June
New York Curb Exchange -Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (June 3 1933) and ending the present Friday,(June 9, 1933). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Week Ended June 9.
Stocks-
Indus. & Miscellaneous.
Acme Wire v t c
25
Adams Mills Corp7% 1st preferred_
_100
Aero Supply Mfg cl A_
•
Class B
•
Agfa Ansco corn
1
Ainsworth Mfg corn
10
Air Investors coin vs 0...•
Convertible preferred...
Warrants
Alabama Gt Southern_50
Alles & Fisher corn
•
Allied Mills !no
•
Aluminum Co common_ _ _•
6% preference
100
Aluminum LtdCommon
•
Serial C warrants
Series D warrants
Amer Beverage Corp.
-8
American Book Co_ __ _100
Amer British dc Cont'l_
•
Amer Capital Corp cl A •
Common ci B
•
•
D $3 preferred
American Corp com
•
Amer CyanamidClass 13 non-vol
•
Amer Equities com
1
Amer Dept Stores Corp..*
Amer Founders Corp- •
50
7. preferred ci 13
,
64. 1st pref series D 14)
1
American Investors
Warrants
Amer Laundry Machine-20
American Maize Products•
Amer Pneumatic Serv_ __•
5
Amer Thread pref
.
Amoskeag Mfg Co
•
Anchor Post Fence
9
June
Apr
June
Feb
June
Feb
jail
Mar
Jan
Jan
June
Apr
Feb
Mar
80
10
334
5
9
33-4
14
1
3634
4
7
86
7234
June
June
June
Mar
June
June
May
June
May
June
May
June
June
700
586
84
2,500
100
h
500
lig
235 355
600
1.800
135
55
400
1335
12
% 10.700
Yi
13
2
2
134
34
34
1
he
435
34
Mar
Apr
Apr
Mar
Mar
Jan
Feb
Jan
Jan
June
4334
1635
16
554
83
X
334
135
1335
55
June
June
June
Mar
May
June
June
June
June
June
1534 137,500
600
3
135 10,600
135 32,600
150
1835
100
18
535 5,000
6,700
13-4
700
16
100
29
100
1
400
355
100
8
234 8.900
334
255
h
34
8
U
2
'is
694
1535
1
235
8
%
Feb
Jan
Jan
Apr
Apr
May
Apr
Mar
Feb
Feb
June
Apr
June
Feb
1534
3
135
155
1845
18
536
134
16
29
1
334
8
234
June
Jan
June
June
June
June
June
June
June
June
June
May
June
June
43
1535
16
234
4435
4236
1335
16
234
45
13.4
.14
14
3
135
13.4
18y,
18
5
13.4
1
351
234
234 Mar
High.
60
73-6
34
355
134
34
535
35
8
4
3
3734
37
92
72
354
14
X
33
4
Low.
50
80
200
10
2,400
336
200
4
700
9
355 4,300
600
14
700
1
325
3435
200
4
300
6
19,000
96
7235 1,100
734
80
734
155
334
83-4
234
14
%
32
4
535
84
69
355
Range Since Jan. 1.
1035
a235
34
135
1536
1655
435
134
1534
29
1
3
8
131
9
300
4335
1634
16
3
46
Sates
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Continued) Par. Price. Low, High. Shares.
Arcturus Radio Tube. _1
Armstrong Cork cum __ __•
Art Metal Works
5
Assoc Elec IndustriesAmer dep rcts
Li
•
Assoc Rayon com
Atlantic Coast Fisheries_ •
•
Atlas Plywood Corp
Atlas Utilities Corp corn •
•
$3 preference A
Warrants
A utotnatic-Vot Marsh ____•
Axton Fisher Tob el A-10
Babcock & Wilcox
100
Bauman 7% lot Pref--100
Bellanca Aircraft v t .3_ ___ I
Beneficial Indus Loan___•
Bickfords Inc corn
•
•
B1188 (E IN) Co
Blue Ridge Corp
Common
1
•
6% Opt oonv pref
Boston dc Maine flit
Prefered stamped_ _100
Botany Cons& M lila
•
Bridgeport Machine
•
Brill Corp class A
•
Class 13
•
Brain ManufaCturing-- •
British Amer Tobacco Ltd
Amer deposit rcta bearer_
Am dep rcts registered El
British Delaneee Ltd
Am dap rcta reg sits
Brown Co 6% prof
100
•
Burco Inc com
Warrants
Burma Corporation
Am dep rcts for reg she__
Butler Brothers
_10
Cable Radio Tube v t c_.
new..
Calamba Sugar Estate__20
134
13
3
4
334
531
175i
4134
655
3
50
23(
123.4
334
35
13.4
1155 1334
235 354
335
334
234
534
15
41
635
3
50
50
11
2
234
554
3
2,600
7,700
3,100
4
4.500
355 3,000
100
214
900
634
1735 102,100
4,600
43
634 12,800
335
1,225
100
54
225
55
11
70
900
255
1235 2,900
700
7
334 4,300
Range Since Jan. 1.
Low.
34 Feb
414 Mar
55 Mar
244
3-4
I
135
555
33
23.4
155
2535
25
11
134
KS%
4
1
Apt
Apr
Jan
Apr
Apr
Mar
Feb
Jan
Feb
Jan
June
May
Apr
May
Feb
High.
13.4 June
1554 May
434 May
4
335
235
654
1735
4335
69-4
335
55
55
11
234
1235
7
334
June
June
May
June
June
May
June
June
Jan
June
June
May
Jan
June
June
134
235
55
934
834
34
234
555
%
I% Mar
2134 Mar
434 June
36 June
20
19
19
55
155 1,200
"154100
234
234
400
1,300
134
55
8
994 1,400
15
55
4
34
h
655
19
135
134
335
154
1154
2135 2131
2054 2034
4
35
200
100
Mar
16
1655 Jan
235
834
234
35
700
150
100
1,100
Apr
1
3 May
234 May
h May
254
835
235
A
May
June
May
May
23-4 234
535 535
34
35
22
22
2.500
2,600
2,300
100
13.4 Feb
134 Feb
54 Jan
June
22
234
534
34
22
June
May
June
June
334 435
3334 36
234
534
254
54
7,600
6,100
May
June
Mar
May
Jan
Feb
June
June
June
MaY
May
Ala"
2134 June
2034 June
,......1
4067
Financial Chronicle
Volume 136
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Cont(nued) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Sales
Friday
Last Week s Range for
Week.
of Prices.
Sale
Stocks (Croutnued) Par. Pries Low. High. Shares.
Range Since Jas. I.
Low.
High.
Lerner Str Corp
•
Carnation Co
735 June
Jan
4
100
735 734
•
Common
•
Carrier Corp
Feb 38 May
300 17
38
35
103 35
634% Pref w w
Celanese Corp of America
Feb 3274 June
200 21
• 3234 3234 3234
Apr 96 June Mapes Consol Mfg
27
1,025
7% 1st panic pref._ _ 100 95
9334 96
535 June
35 Feb
2% 535 2.200
435
Apr 8635 May Marion Steam Shovel__ --*
275 51
8434
7% prior preferred _ -100 8434 82
434 June
I% Apr
4
500
479
2
474
Apr 1334 June Maryland Casualty
2
Celluloid Corp corn
• 1215 1135 1334 2,400
134 June
31 Jan
139 16,500
1
1%
1
June Mavis Bottling el A
Jan 50
200 20
47
46
•
lst preferred
Mar 38 June
100 27
38
38
•
434 June Mayflower Assoc
231 Jan
439 4,600
4
Centrifugal Pipe Corp----•
434
June McCord Radiator & Mfg
Apr 11
7
1,300
• 11
Charts Corp Corn
634 11
454 June
Feb
1
300
235 4%
431
•
Class B
June
400
634 Mar 21
21
19
100 21
Childs Co Pref
May
900 3851 Feb 69
59
56
• 59
Feb
634 May Mead Johnson & Co com434 5% 233,900 z2
Cities Service common-.
May
534
Apr 25
75 20
2234 2234
May Mergenthaler LtnotYPe •
Mar 30
2,200 1034
• 2334 2134 27
Preferred
231 June
35 Jan
2,900
135
•
134 234
331 June Merritt Chapman & Scott
Apr
1
•
Prefered B
334 335 1,200
!lie May
31 May
% 2,500
35
•
Apr 25 May Mesabi Iron Co
5
110
• 1934 1934 20
Preferred BB
35 May
13.4 June
500
134 131
10
5 May 18 June Michigan Sugar
1,500
Ctty Auto Stamping Co •
1534 18
131 Apr 1135 June
1.700
719 1135
• 1134
6 June Midland Steel Prod
6 June
25
6
6
City & Suburban Homes 10
235 June
35 May
200
*
134 235
2 June Midland United Co
% Apr
14,600
134 2
134
1
Claude Neon Lights
335 June
*
335 June
334
100
33
Preferred A
431 June
135 Mar
3% 434 1,400
Cleveland Tractor
•
Apr 70 June
20 59
6934 70
% May
600
1% June Minn-Honey Reg Pref-100
1
1
1
Club Aluminum Utensil__'
415 June
435 June
100
435 434
300
834 Feb 1835 May Mohawk Rubber
1834
* 1834 15
Columbia Pictures
731 June Montgomery Ward & CoMar
1
231 731 18,100
734
Consolidated Aircraft_..'
May
110 4654 Feb 80
7734
75
• 75
Class A
Consol Automatic Merch39 June Moody's Investors Service
3rs Jan
35 15,400
35
%
*
Common v t c
Feb 22 June
100 14
22
22
Participating preferred-•
35 June
39 May
79 3,600
$3.50 preferred
34
ii
"
635 May 13% June
450
1374
• 1331 10
139 June Moore Drop Forging
las Jan
300
1%
•
1
Consol Retail Store
531 June Mtge Bank of Columbia
135 Jan
100
531 531
•
Jan
Continental Securities
3
135 Feb
100
234 235
American shares
735 June
Mar
1
2,600
Cooper-Bessemer
631
•
634 734
731 June
7% June
100
731 734
•
500
434 Mar 1835 June Muskogee Co
$3 pro? class A w w..._' 1631 1535 1611
40 June 40 June
25
40
40
100
6% preferred
434 Feb 1239 June
1234 52,400
5 1131 11
Cord Corp
8 June
7 Jute
100
8
8
131 June Nachman Springfilled_ •
35 Aor
400
135 135
1%
1
Corroon & Reynolds
1% June
55 Jan
31 111 2,800
if
Mar 1534 June Nat American Co
6
300
•
•
Cony prof A
1334 1531
934 May
Abt
9
•
474
.
835 934 2 400
National Aviation
Courtlauds LW335 June
% Jan
339 24,400
3
3
1
Belles Hess com
7 May Natl
1,300
434 Mar
834 7
7
Amer dep rcts ord....El
Feb 35 June
800 20
3235 35
300
434 Mar 10 May National Bond & Sbare___• 35
9% 974
25
Crane Co corn
100 1031 Feb 18 June
18
18
734 June National Container $2 pt.*
234 Fsti
631 731 5,600
Crocker Wheeler Elate__•
734
75 763-4 Feb 8934 June
8934
A_100 89
8835
234 June Nati Dairy Prod prof
100
23-4 June
•
Crowley Milner & Co_
234 215
June
4
Feb
I
3% 7.600
3
331
Nat Investors OOMMOD__.1
734 Mrs'
234 Jan
Crown Cork Internal A--•
631
631 675 2,400
35 Apr
23.4 June
I% 23-4 6,700
135
Warrants
50 16 May 32 June
32
•
Preferred series B
32
336 May
h Feb
15,000
231 274
231
National Leather corn---•
Crown Zelierbach Corp-5 May
400
Ike Mar
•
434
4
Apr 1135 June Nat Rubber Macb
6
300
1134
Daxenport. Hosiery Mills_* 1135 11
h Mar
ni May
135 135 4.500
135
1
631 Mar 21 June Nat Service common
13.600
Dieere& Company
• 21
1634 21
.
• 1334 1334 1634 2 550 1331 June 164 June
6% June Natl Steel Car Ltd
5 June
400
a%
Diesel Wemmer Gilbert_ •
534
Feb 1431 June
835 1434 7.900
13%
l!is June Nat Steel warrants
35 Jan
ii,. 23,100
%
39
Detroit Aircraft Corp,..._'
Feb 3935 June
3934 5,100
6 June Nations,Sugar ReftnIng__• 3834 38
6 June
100
6
Diamond Shoe Corp
6
6
•
115 June
35 Jan
% 135 1.600
13.4
9 June Nat Union Radio com ___ _I
5 May
700
•
9
Dictaphone corn
9
150
Feb 42 June
9
3634 42
100 42
pref
100 35 May 4331 June Neisner 13ros
43% 4331
Dixon (Jos) Crucible__100
May
Apr 19
400 10
1435 1535
5 June Newberry (J Jr Co
131 Feb
800
•
5
43
Die-Casting
Doebler
50 65 May 78 June
100
78
78
7% preferred
Mar 58 June
5735 1,800 30
• 5634 56
Dow Chemical
14 June
35 Jrsn
900
131 135
135
334 Feb 174 June New Mexico & Ariz Land_l
1735 2,400
Driver-Harris Co
10 1774 10
915 June
100
935 June
939 935
•
60 50 June 60 June New Process Co
60
50
100 60
7% preferred
1
Mar
100
155 Apr
•
134 134
135 June New York Auction
hii Feb
114 3,800
1
135
Dublier Condenser com __I
New York Shipbuilding
Durham Hosiery Mills735 June
174 Jan
7
1
54 734 5.200
Founders shares
3 May
2 May
100
2
2
•
Class B common
Apr8 JULIO
3
8,500
731
63.4 8
% Feb234 May Niagara Share of Md el B-5
1,600
Duval Texas Sulphur_ _ _.•
151 2
2
435 Apr 1715 June
-Pond
• 1631 1331 1734 12.700
231 June Niles-Bement
35 Apr
300
23.4
2
231
.
.
Eastern Utll Invest A _ _ •
Chile
434 June Nitrate Corp of
1% Jan
431
Easy Wash Mach ci B____•
274 431 1,400
lo Jan
June
% 13,300
%
39
174 June
Ctrs for ord B shares-35 APr
•
Eisler Electric Corp
134 134 3.300
Jan
2
35 Mar
600
135 174
935 June Noma Electric Corp
•
239 Apr
831 974 5,600
Elea Power Assoccow-_ I
931
500 2834 Jar. 4031 June
11,700
234 Apr 10 June Northam Warren pref_.--* 4034 3774 4054
939
I
Class A
734 10
Jar
2
854 May
200
834 8%
Northwest Engineering- •
Electrie SbareholdingJai 147 June
40 105
141 147
235 Mar
774 June Northwestern Yeast„..100
s
•
Common
634 735 2,800
June
Apr 57 June Novadel-Agene Corp.....• 4831 4635 4935 5,200 3431 Feb4954 June
900 35
57
48
36 cum pref with wan_ •
Jan 1431
6
300
•
1234 14
735 June Ohio Brass class B
535 May
150
Elgin National Watch_15
734 734
615 June
Fel
3
200
631 674
635
-5
5 June 011stocks Ltd
134 Feb
900
5
4
Ex Ce11-13 Air & Tool__ •
35 June
31 Jar
800
%
%
34
31 Apr
254 June Outboard Motors cl B ___•
254 2.900
2
2%
•
Fairchild Aviation
•
139 Feb234 June
200
135 235
Class A cony pref
Mar 65 June
300 22
6234 65
Fajardo Sugar
100
434 June
34 Apr
600
339 435
435
3 May Overseas Securities Co...•
135 Apr
200
•
Fansteel Prod Co
231 3
435 June
134 Apr
3% 434 6.800
4
I
534 June Pacific East Corp
200
234 Jan
5% 534
•
Fedders Mfg class A
Feb4134 May
4134 3,800 20
Mar 1434 May Pan-American Airways-10 4034 40
9
100
1331 1351
Flat Amer deP rte
•
235 Feb
834 May
900
631 735
1% June Paramount Motors
35 June
35 1% 1,400
Film Inspection Mach___•
134
May
Parke, Davis & Co
• 2035 2074 2134 4,900 1274 Mar 2251 June
First National Stores-5,350 2034 Mar 54
.54
• 5034 48
70 10835 Mar 113 May Parker Rust Proof
7% 1st preferred_ __100
111 11174
100 104 Apr 20 June
20
20
• 20
735 June Patterson Sargent
19 Apr
61,200
Flak Rubber Co
434 774
735
334 June
174 Mar
3% 374 40,300
334
Jan 45 June Pennroad Corp new v t c.1
4,500 18
45
Preferred
100 4435 33
200 2635 Feb 7714 May
100 6534 63
7 June Pepperell Mfg
135 Feb
2,000
88
434 7
•
Flintokote Co cl A
435 June
134 Feb
2% 455 14,700
334
Morris Inc
10
Phillip
Ford Motor Co LW5 June Phoenix Securities
235 Feb
28,600
5
4
435
Amer dep rote ord rest.11
I,. Mar
134 June
1
139
1
134 17,500
Common
43.4 Feb 13 June
17,200
Ford Motor of Can Cl A...* 11% 1035 13
934 Feb 23 June
1.700
33 cony pref ser A____10 21% 2134 23
935 Feb 26 June
150
18 26
•
Class B
651 June
200
1% Jan
5
5
135 May Pie Bakeries com v t re-- •
31 May
35 135 4,200
Foremost Dairy Prods...*
134
635 June
135 Apr
00
3
•
534 634
235 June Pierce Governor
May
1
700
135 234
•
Cony preferred
2 May
% May
31 135 44,000
135
Pilot Radio & Tube cl A..'
Foundation Company331 Jan Pitney-Bowes Postage
231 Mar
1,100
334 335
335
•
Foreign shares
514 June
Feb
2
335 5% 18,200
53
•
Meter
35 Jan
154 June
134 I% 1,800
135
•
Franklin (H H) Mfg
Mar 65 June
400 28
65
.50
64
831 June Pittsburgh Jr lake Erie.
Mar
4
100
835 834
•
Garlock Packing
Feb 3351 June
Flare Glass-25 :3235 2935 :3235 1.900 13
235 June Pittsburgh
35 Mar
1% 215 13,700
235
•
General Alloys Co
34 Mar
234 June
800
151 235
235
5
239 Jan 10 June Potrero Sugar new
16,900
10
8
General Aviation Corp
955
1
Feb 2535 June
8
100
25% 2535
9 June Powdrell & Alexander-- •
6 *: Jar
1,000
835 9
Gen Elec Ltd Am der rcts•
9
Jan 20 June
100 10
20
20
634 June Pratt & Lambert
100
635 635
234 Feb
•
General Fireproofing
Apr 15 May
100 10
15
15
435 June Prentice Hall
35 May
900
34 435
435
*
Gen Rayon A stock
100 10 June 10 June
10
10
Pressed Metals of Amer_ •
Gen Theatres Equipment
Feb
3
84 June
835 4,800
731
8
•
% Feb
35 35 10.400
34 June Prudential Investors
35
•
$3 cony preferred
Mar 78 June
200 57
• 7435 7434 78
56 preferred
Apr 87 June
37,105 23
6634 87
General Tire & Rubber...25 81
125 51 May 80 June Public Util Secutitles76
72
26
6% preferred A
Feb
2
Apr
1
100
2
2
2
•
$7 per& pre/
251 June
131 Feb
300
2%
2
Gilbert (A C) common_ •
• 16
15
1739 38,900
8% Apr 1735 June Pub Util Holding comGlen Alden Coal
June
1
1r• Feb
1 214,200
35
1
•
May
Without warrants
6
Feb
4
500
Globe Underwriters
535
2
534 531
19 Jan
,
to Apr
3.g
39 21,700
%
Welrants
June
1
51 Jan
28,500
31 1
1
1
Gold Seal Electrical
135 Mar
754 June
900
5% 734
734
•
53 cum preferred
8 June
235 Apr
800
8
8
6
Godchaux Sugars cl B_ ___•
554 June
May
1,700
2
10
4% 53
531 June Pyrene .mur co
5% June
100
531
531
Gorham Inc common A_ •
Mar 125 June
310 64
117 125
•
Jan 1534 Apr Quaker Oats corn
6
500
14
15
Gorham Mfg corny to...' 15
I% June
35 Mar
1% 1x 1% 1.800
Railroad Shares Corp....'
01 Alt & Pao Tea3 June
June
100
1
3
1
1
Feb181% May Railway & ULU Invest clA*
340 128
170 17735
Non-vot Corn stock ._.• 170
Jan Rainbow Lumin Prod
Mar 124
100 118
120 121
7% 1st preferred...ASO 120
1% June
51 Apr
% 139 1,500
1%
•
Apr 23 May
21
100 11
Class A
Great Northern Paper_25 ...... 21
35 June
% Feb
,
35 % 3 300
35
434 June
•
135 Apr
400
Class B corn
4%
3
•
Greenfield Tap & Die_
Feb
May
8
2
500
535 6
6
•
235 May Raytheon Mfg v t e
,
135 115 5,100
134 May
1%
Greyhound Corp min....*
500 15% Jan 2435 May
2334 2415
• 24
39 Jan
200
135 134
2 May ReeveS (Daniel) coin
Grocery Stores Prod etc 25c
June
5
35 Apr
1,400
5
•
4
Reliable stores corp
5 June
1.300
5
134 Mar
4
•
434
Hall Lamp Co
4 June
3,800
134 Feb
4
3
4
39 June Reliance International...'
35 Mar
35 1,400
35
Happiness Candy Stores. •
3 June
1,400
3
31 May
2
May 6731 June Reliance Management- •
Hazel Arias Glaart Co....25 6431 6035 6731 13,800 44
% June
35 Feb
31 15,200
31
%
131 June Republic Gas common...*
131 2,500
31 Mar
1
•
134
Helena Rubenstein
235 June
35 Apr
235 3.400
2
2
10
Apr 1335 June Reybarn Co
8
300
io 1339 1335 1335
Hoyden Chemical
h Mar
34 Arne
7,000
Apr 1934 Feb Reynolds Investing
160 17
h
34
h
•
• 1931 17% 1934
Hires (CE) class A
835 June
6 May
200
100 12
Apr 15 June Rice Sax Dry Goods
•
15
7% 854
15
Horn (A C)Co 1st pref..50
Mar 43 June
200 25
4235 43
2274 2431 1,505 1731 Jan 2431 June Richman Bros Co
Horn & Ilardart corn__ _.• 2454
Flat 10% May
•
200 r4
1031
10
Rike-Kumber Co
Huyier's of Delaware1,4 May
% Jan
135 135 1,200
5
154
2031 1.200 20 June 27 June Roosevelt Field Inc
20
7% prof stamped...AO° 20
1% June
31 Mar
31 14 4,400
135
331 Mar
600
7•5 Jan Ross% international
•
731
7
735
Hydro Electric Securities.•
•
531 Mar 1034 June
500
935 1034
731 May Royal Typewriter
234 Mar
634 615 6.300
634
Hygrade Food Prod new...6
100 1534 Feb 30 June
•
30
30
150 13
Feb 27
June R uricrrold Co
27
24
Hygrade Sylvania
12
1635 Feb 4731 May
46
45
35 Apr
235 June Safety Car Hest&Light 100
135 234 1,700
235
10
Indus Finance v t c
134 Mar 634 June
455 651124.200
10
Mar 44 June St Regis Papes com
2.138 25
674
Insurance Co of No Am.10 4334 04131 44
1,72
1235 Mar 52 June
100 5131 3935 52
7% preferred
Mar 28 June
100 15
28
28
•
Internatl Cigar Mach_
900
6% Feb 13 June
*
1134 13
35 Feb
354 May Schiff Co corn
254 335 2,600
335
International Products_ __•
235 May
35 May
*
134 135 1,200
300
234 June Schulte Real Estate
134 Mar
2
2%
Internet! Safety Razor B.•
200 18 Jun
18!i June
1835
18
10
35 Jan
134 June Scotten Dillon Co
135 10,300
1
131
Interstate Equities Corp.]
May
50
24
935 Fe
24
24
25
Aler 24 June Scoville NI tg Co
9
2.500
1734 24
50 24
$3 cum pref eer A
2.000
Ap
9
2
9 JUDO
7
•
1,800
435 APT
834 May Securities Corp Gen
731 8
731
Irving Air Chute new__ I
1 31 June
131 7,300
1
131
34 Arir
31 Feb231 June Seaboard URI Shares new 1
135 231 27,600
235
Jonas & Naumburg corn_•
June
1.100 26
38
34
• 34
Jan 38
90 19
Jan 52 May Seeman Bros Inc
48
48
Jones & Laughlin Steel-100
135 June
135 10,400
1
134
Apr
35 Jan
2
935 June Segal Lock & Hardware..'
931
754 9% 1,100
Kleinert Rubber corn....'
1,100
7 June
631 7
131 Apr
•
Selberling Rubber
Kolster-Brandes Ltd931 Apr 2035 June
2031 2034
200
•
135 June Selby Shoe corn
31 Mar
500
154
1
1
El
Amer shares
Mar 65 June Selected Industries Inc
100 45
65
65
Kopper G & C 6% pret 100
431 June
19 Feb
335
I
23.4 411 51,800
Common
Mar
200 1034 May 11
1034 1034
(S H)special Prof 100
Kress
Mar 6035 June
54
1,550 33
25 57
59
8535 prior stock
2 May
% May
500
135
1
134 134
Lercourt Realty new
5551 6054 1,150 2835 Mar 62 June
Allotment certificatesApr
3
200
71.4 May
531 6
•
Preferred
554 Apt 1174 June Selfridge Provincial Store,
935 1135 10,000
Lehigh Coal & Nees/ration• 1031
1% May
31 Mar
1% 1%
100
11
Amer dep roe
636 June
134 Feb
634 9,800
5
635
Libby-McNeil & Libby.10
34 Om
54 June
,
51.
34 7.100
11
, 24 May &Tore cost. Comml . •
lit AP
134 175 2.900
Louisiana land & Explor •
174
1534 1635
831 935
600
1,100
534 Mar
Feb
4
18 May
934 May
224
4068
Financial Chronicle
Friday
Last
Sale
Stocks (Concluded) Par Price.
Seton Leather Co
•
9%
Shenandoah Corp
Common
1
4H
$3 cony pref
25 22
Sherwin Williams com_25 33
6% preferred AA__ _ _100
Singer Mfg
100 150
Smith (L C) & Corona
Typewriter v t C
•
Smith(A 0)Corp
•
Southern Corp common._• 52
2H
Spanish & Gen Am dep..11
Speigel May&Stern pfd 100
Stahl-Meyer corn
• 10
Standard Cap & Seal....5 2834
Standard Dredging
Starrett Corporation new 1
6% pref new
10
2%
.Stein Cosmetics corn
•
1
•
Stetson (John B)
Stinnes(Hugo)
Btuts Motor Car
I3H
Sun Investing Co
4H
$3 cony preferred
Swift & Co
25 23H
Swift Internacional
15 32
Taggart Corp common...*
43.4
Tastyeast Inc class A----•
14
Technicolor Inc coin
•
9
Thermold Co 7% pref__100 30
Tobacco Products Export.'
1%
Todd Shipyards
Transcont Air Trans
•
Trans Lux Pict Screen
Common
1
3%
Tr -Continental warrants..
3
Triplex Safety Glass
Am dep rcts ord reg-EI
Tunize Chatillon Corp_ _-I 14
Class A
I
Tung-Sol Lamp Wks_ • 26A
8%
$3 cony preferred
•
Union Amer Investing...*
Union Tobacco Co
United Aircraft & Tmnspf
Warrants
United Can Fastener com •
United Chemicals 100
Common
•
$3 cum & part met
United Dry Docks
United Founders
United Milk Products_
*
United Profit Sharing- •
United Shoe Mach com.25
Preferred
25
United Stores Corp v t e...•
U S Dairy Prod B corn,...'
US Finishing con]
•
US Foil class B
1
US & Internet! Secur- -•
1st pref with warr
•
US Lines Inc pref
•
U 8Playing Card cora. .10
U Radiator Corp
7% preferred
100
U S Radio & Television_ _•
U 8 Rubber Reclaiming..'
United Wall Paper Fact_ _•
Utah Radio Prod
•
Utility Equities common_•
Pr•ority stock
•
Utility & Indus Corp....'
Cony preferred
•
Van Camp Packing
•
7% preferred
25
•
Veeder Root Inc
•
Waco Aircraft Co
Wagner Elec Corp
15
Wairt. At Bond class A
•
Class B stock
•
•
Walgreen common
Warrants
Hiram Walker-Gooderham
& Worts Ltd corn
•
Cumulative pref
•
Watson (John Warren)...'
Wayne Pump Co
•
Convertible preferred- •
West Auto Supply A
•
Western Air Express _10
Western Maryland Railway
7% 1st preferred _ _100
West Va Coal dt Coke_ __ _•
V. II-low Cafeterias new .1
Convertible preferred_ •
Williams(R C)& Co
•
Wilson Jones Co com____•
Woolworth (F W) Ltd
Amer dep rots for ord she
Youngstown Sheet & Tube
514% preferred
100
Public Utilities
Alabama Power $7 pref..*
$6 preferred
•
Am Cities Pow & Lt
Cony claim A
25
New class B
1
Amer Common'Itli Power
Class A common
•
Class A rts w I
Common Maas B
•
$7 1st pref ser A
•
Amer Dist Tel N J pref.100
Amer & Foreign Pow warr_
Amer Gas & Elee com--•
Preferred
•
Amer L & Tr corn
25
Amer Sts Pub Serv el A_ •
Am Superpower Corp corn'
let preferred
•
Preferred
•
Assoc Oa,& Else
New common
1
("lass A
•
$5 preferred
•
\Warrants
Assoc Telep URI com____•
Bell Telep of Can
100
Brazilian Tr L & P ord..
Buff Nlag & East Pow-25
$5 1st preferred
•
Cables & Wireless Ltd
Am dep rets A ord Os.
f
Am dep rots B ord shs_El
Am dep rcts prof shs-E1
Cent lIud G & E vtc____•
Cent & So•west Utli•
Common
534
1H
134
4914
234
6
834
1%
47%
134
2
334
48
2%
5
3(
1%
5
13
1834
16%
12,4
234
2
12H
62
3334
574
2K
11%
43H
88
2314
7%
45
2H
214
634
1H
93
13%
20H
80
1H
13
Sales
Weds Range for
of Prices.
Wed.
Low. High Shares
8
91E
4,600
Range Since Jon. 1.
Low.
High.
114 Ayr
June 10 1933
Friday
Sams
last IVeek's 12449f for
Public Utilities
Sale
Week.
ofPrices.
(Concluded)
Par. Price. Low. High. Shares.
934 June
easy, mace Jan. 1.
Low.
High.
Cent States Eleo new oomt
4
314 434 39,800
1% Feb
4H June
6% preferred x-warr_100
15
15
100
6
Apr 15 June
4
5
134 Feb 5 June
6,300
Cony pref opt ser '29_100
15
1534
125
1534 June
7
Jan
19
22
1,200 12% May 22 June Cleve Eleo Ilium cora- •
30% 32
600 2034 Mar 32H Jan
30
34g 4.100 12% Mar 39H May
6r, preferred
100
10534 106
30 99H May 110
Jan
90
91H
eo 80 May 91H June Columbia Gas & Elec144 150
40 90
Mar 149 June
Cony 5% pref
100 113
103 114
6,195 68
Apr 114 June
Commonwealth Edison_ 100 65
75
3,200 50
64
Apr 82% Jan
1
Feb
6 May Common & Southern Corp.
100
43H 523' 5,250 114 Feb 52H June
Warrants
TI
, ISIS 208,800
Ilis
"le June
rid Apr
54 Jan
214 2M
400
2% May Community Wat Serv newl
1K 214 1,800
234 June
M May
2,000
Iis Jan
% June Consol GE LAP Balt com • 63
60H 6434 7.500 4314 Apr 65
Jan
40
40
Apr 40 June Duke Power Co
150 15
375 384 Apr 64 June
64
10
60
10
14
214 Apr 14 June East Gas & Fuel Assoc...' 10H
3.700
915 12A 4,500
4
Mar 1214 June
28
293'
500 1714 Apr 29H June
434% prior preferred.100
63
60
100 5534 Apr 68
Jan
3
3 June
3
3 June
100
6% preferred A
100
60
50 39
55
May 60 June
H 134 6,100
34 Apr
134 June East States Pow coin
12.100
314
334 4
4 June
1% Mar
Ti. Apr
215 3A 2,000
June
3%
Preferred B
22
22
50 15
May 22 June
1
1
K Feb
June East Utll Assoc corn
1
200
21
1,750 13H Apr 22% Jan
• 1914 17
914 93i
83E Feb
9% June
25
Cony stock
•
3
5
4,700
414
5 June
1% Apr
% Apr
1
1%
14 June Edison El Ilium Bost__100
200
160 160
20
13
14% 3,900
814 Feb 17% Jan Elea Bond & Share com 5 34% 28H 36 574,000 132H May 17434 Jan
10
Feb 36 June
4
4%
4% June
500
194 Feb
35 cumul preferred....' 56
46
563( 3,000 2294 Apr 5614 June
32H 32H
Feb 32H June
100 21
$6 preferred
8,400 25
• 62H 5514 64
Apr 64 June
Feb 23H June Electric Pwr & Lt 26 pf A •
203' 23H 161,200
7
300
1814 25
454 Feb 25 June
28
32
16,600 124 Feb 32 June
Option warrants
5% 514 2,700
5H
5A June
154 Feb
34 Apr
23' 4% 3,900
414 June Empire Dist El 6% Prof 100 17% 17H 1814
200
18% June
6
Ma
14 Apr
34 June Empire Gas & Fuel
%
g 4,900
8
9
24 Feb 10H May
8,400
6% preferred
100
15
181(
50
May
6
Apr 21
20
30
5
Feb 30 June
300
6)4% preferred
100
225
18% 18%
1814 June
6% Ma
1K 1% 2.200
34 Jan
1% June
7% preferred
18
25
100 20
250
74 Apr 25 June
21
21
100 log Feb 21
June
8% preferred
100
22% 25
250 10
25 June
Ma
53' 6A 3,800
2% Jan
6% May Empire Pub Serv A
•
H 1,600
54 June
ill Jun
European Electric Corp
3H 314 7.000
14 Mar
31 June
,
1
Clans A
1,200
4
10
5
5
5 June
254 Mar
2% 314 3,000
14 Apr
33.4 June
Option warrants
%
54 June
N 3,300
54 Apr
Florida P & L $7 pref_
375 12
27%
•
26
Mar 33% Jan
10
10
514 Feb 10g May General Gas & Etec Corp
200
2
1311 14% 5,100
Apr 16
May
36 cony pref series B. •
300
1234 141•5
3
Apr 14% June
21
27H 1.100
8% Mar 27K June Gen Pub Serv $6 prof....' 44
45
340 1854 Mar 45 June
40
1% Jan
6N 814 7,700
8% June Georgia Pow $6 pref
175 4354 Apr 7034 Jan
• 6634 64H 6611
18
20
714 Jan 20 June Gulf Sts Utll $O pref
600
50
25 474 Jun
50
• 50
50 June
Hamilton Gas coin v t e.-1
1,400
34 June
34 Jan
19
20
Mar 20 June Illinois PA I. $6 prof ' 21 34 21% 2og
300 11
900 1814 Apr 3434 Jan
Ire May
100
hi June
6% cum preferred...100 27
26
250 26 Jun
27
27 June
Indianapolis P & L9
9 June
9
9 June
300
6%% preferred
73
25 53
73
100
May
Mar 75
5
1,100
6
1K Feb
6
May Internal Hydro-Elec33.50 cony preferred...' 26
2115 2611 5,725 11
Apr 26K June
3
3 June
6
6 June Internatl Utility
900
19
20
7
Jan 20H June
500
Clam A
614 11
200
• 11
June
5
Apr 11
1H 1H 3.610
% Mar
1% June
Class B
214
2H 2H 24,100
254 June
% Fe
54 Apr
1% 13' 58,500
$7 prior preferred
134 May
55
50 55 Jun
•
55
55 June
11‘ 214
14 June
700
3K May
Warrants
34
H 4,300
34
34 June
14 Fe
1% 135
g Mar
-600
1% June Interstate Pow $7 pref...' 20
1034 20
170
5% Mar 20 June
46H 3934 1,400 3014 Mar 4934 June Italian Superpower
8,300
214 3
214
3 June
14 Fe
31% 31%
30 30H Mar 31% June
Warrants
6,000
A
I
1 June
g Ma
14 Jan
H June Jersey Central P & L5.1 1,640
2
23i 1,500
Feb
1
2% June
5)4% preferred
25 60 June 7154 Jan
60
60
100
400
434 6
% Feb
6
June Long Island Ltg214 Apr
734 83( 4,000
• 13H 11
8% June
Common
14% 25,000 10 May 14% June
1% 1% 3.100
1% June
he Jan
7% preferred
90 59
78
100
75
Apr 82H Feb
42H 4715 2,600 17% Ma
47H June
6% pref class B
325 48% Apr 74
70
65
100
Jan
1H 114 1,200
114 June Marconi Wire! T of Can..
Jan
2%
1K 2`14 97,500
214 June
si Apr 214 June
19
550
2034
8
Mar 20H JIM
Util Assoc v t c
214
2
214 2,400
•
1% May
2
800
3%
14 May
334 June Memphis Nat Gas new 5
5H
434 5.34 4,600
654 may
2% Feb
10
25 10 Jun
10
10 June Met Edison $6 pref
65
50 5414 May 73
65
Jan
18H 20%
300 18H Jun
20K June Middle West Util oom-•
3-4
14 11.000
%
14 Jan
54 May
300
1H June
•
K May
$6 cony pref A
3
500
135 3
3 May
Apr
13' 2
500
2H May Miss River Power pref_100 88
3 Jan
,
4
86
4
88
75
Apr 88 June
2
100
2
2 June Mohawk & Bud Pwr 15t •
2 Jun
2
79
79
Feb
68 May 85
2% 4% 9.000
4H June Montreal Lt. Ht & Pr. Pf
1% Ay
10
3434 3414
•
2134 Apr 34H June
46H 48
250 25
Apr 48 June National P & 1,86 pest •
6134 6834 1,85
Jan
34
Apr 69
134 214 2,500
21‘ June Nev Calif Elec com
Feb
1
2
15
_100
15
9 May 15 June
41‘ 5
2,700
$ June New England Pow Assn
154 AP
318 1% 95.400
114 June
36 preferred
14 Jan
67
• 5734 47% 5734
26% Apr s57% June
H 2
14.500
2 . June New England Pub Serv14 Jan
5
100
5
5 June
5 Jun
$7 prior lien
2
• 30H 28H 30%
22H Feb 3014 June
11% 1334 7.200 10 May 13% June NYP&L 7% pref____100 87
5
8.315 87
,
Jan
77
Apr 99
11
11
100
714 Apr 11% June N Y Steam Corp com
43
400 35
39
• 43
Jan
Feb 45
8
100
8
8 June N Y
734 Jan
17 1094 Apr 11634
6.14% Pref- 0 115% 115 116
Jan
600
2% 3
3 June Niagara Mid Pow - 10
% Mar
2,400 114 Feb 20 June
18
20
Common
15 1214 1114 1336 75,500
814 Mar 1654 Jan
300
214
2% June
14 May
Class A opt warrant....
11i
H 114 11.000
114 June
'111 Apr
Class13 opt warr
3% 434 2,000
411
4% June
114 Ma
42,300
14H 16A
334 Feb 17 May
Class C opt warrants-- 14
14 June
14 1,700
14 Feb
12% 1314 3,000
74 Feb 14
May Nor Amer Lt & Power_ __50
400
5% 8
5%
8 June
2
Apr
K 1,400
114 Apr
34
54 Jan
$6 preferred
125
• 13H 12% 13K
1314 Feb
77.4 Ma
2% 1,900
2
214 May Nor Am Util Sec corn_
94 Mar
400
I
1% June
IN
•
3-4 Ma
200
514 6
6
June Nor States Pow coin A_I00 4034 39
1
Mar
41H 5.500 23% Apr 413' June
300
19H 20
914 Jan 20 June Oklahoma Nat Gas prof 100
600
614
614 6%
6% June
414 Jan
200 llg Feb leg Apr Pacific G & E 6% 1st Df 25 2314 23
14% 15
23% 2.600 214 Apr 25% Jan
534 % 1st pref
300 19K Ma
25
2014 20%
2354 Jan
1
47
47
40 May 49 June Pacific l'ub Serv corn
1% 2
400
•
2 June
134 Jun
300
14 June
1st preferred
%
H June
5
5
•
100
511 Apr
5 June
134 2H 2,000
234 June Pa Power & Lt $7 prof....'
May
84 • 84
50 76% may 95H Jan
75
9
9
7K Feb 1234 Jan Pa Water & Power Co...' 551•4 53H 56ti
700 39
Mar
Apr 60
1,700
11H 13
4
Mar 13 June Philadelphia Co corn
• 13A 1054 13H
700 z5
Mar 13H June
100
8H June Power Corp of Canada...'
814
6
Jan
11H 11%
100 1114 June 11% June
Puget Sound P &
15H 1654 2,400 11% Jan 16% May
35 preferred
27H 28
1,060 12
Apr 28 June
$6 preferred
log 18H 1914
200
8
Mar 1934 May
20 25
45
45
Apr 45 June Ry & I.t Secur coin
11
•
11%
775
1554 Apr 11H June
Shawinigan Wat & Pow' 14
14
400
1514
Feb 1534 June
8
Sou Calif Edison
170 37
56K 62
Apr 6514 Jan
7% preferred series A 25 25H 24K 25H
400 224 Ayr 27
Jan
110 36H Apr 56H Jan
48g 53)4
6% pref ser B
25 21% 20H 21%
800 1834 May 24% Feb
514% preferred C
900 174 Mar 224 Jan
18H 19H
400 254 Feb 34% June Southern Colo Power A_25
32H 34g
400
514
3H 5K
5g June
2 June
9,700
614 June Southern Nat Gm corn...'
5%
Feb
3
9,400
34 June
Mar
Southern Union Gas
1g 1g
200
•
1K
1% May
54 May
14,700
Mar
14
14 June Standard Pr & Lt
12
5H 12
4,300
394 May 12 June
2% 2H 7,900
2% June
24 June
Common class II
1,600
9
7
9
9 June
2% May
49,300
34 June
Preferred
11. Mar
28
25
39
• 39
16
Apr 39 June
200
114 June Swiss Amer Elm pref
114
1H June
100 1854 Mar 33
2834 2814
Jan
50 84K May 98 June Tampa Electric Co
98
98
1.100 194 Apr 32 June
32
• 30)4 28
9
12H 10,000
254 Apr 1214 June Tenn Elec Power 7% pf 100
6114 61H
100 47 May 75
Jan
38
44g 53,800 17% Mar 44H June Union Gas of Canada...--•
4
500
4%
4K
454 May
14( Apr
84g 88
500 694 Apr 9134 Jan United Corp warrants
314 SK 1,3.900
4)4
434 June
154 Mar
19H 25H 22.700 12
Apr 25%, June United El Serv Am Ms
214 234
100
.
2y, June
154 Apr
1H 2% 1,000
2H June United Gas Corp coin newl
1
Apr
334 4% 118.300
41•4
494 June
1% Feb
5% 7% 378,200
7K June
214 Mar
Pref non-voting
10,700 13
• 34
30
37
Feb 37 June
300 52
6714 69
Apr 69
Jan
Option warrants
1%
14 1N 20,900
114 June
94 Feb
3,500 15
38
45
Apr 45 June United 14 & Pow corn A--•
OK 734 51,200
714 June
2
Ma
Common clas 13
•
10
10
100
June
24 Feb 10
1% 314 5,500
334 June
1% May
96 cony 1st pref
• 29% 24,4 29K 10,450
2914 June
8% AP
27.600
2
2% June US Elee Pow with warr--•
1
Apr
54 Apr
1%
134 67,100
114 June
Jan
611 7% 1,880
3 May 10
Warrants
500
34 June
Si
Si
%
Apr
16,500
H
in Apr
.11 June Utah Pr & Lt $7 pret
36H 42
• 42
250 20
Mar .42 June
1H 114 10,200
1K June URI Pow & Li corn
Mar
234 334 53,000
2%
3H June
54 Apr
93
93
75 70
Feb 93 June
Class Byte
614 eg 1.800
814 June
754
2
Mar
13
13,500
14
7% preferred
Feb 14 June
6
17g 24
100 24
1,600
2534 Jan
514 Al)
19H 20K 1,500 1554 June 22,4 Jan
Former Standard 011
80
100 73
80
Apr 92% Jan
Subsidiaries
Borne Scrymser Co
500
83( 13
6
Jan 13 June
1
700
1K
14 June Buckeye Pipe Line
iris Apr
50
37
100 25
37
May
Jan s39
45,300
June Chesebrough Mfg
he Feb
25
200 71
107 115
Apr 115 June
3
200
3%
3% May Eureka Pipe Line
214 Feb
29
29
100
200 20
Ma
29 June
11% 13% 1.000 10% Apr 1314 June Humble Oil & Ref
25 75% 7014 7714 11,400 40
Mar 7714 June
Imperial Oil(Can)eouri.-• 11H
1114 1134 12,400
May
04 Mar 12
100
314 3)4
Mar
1
3% June
Registered
•
11
fiN Apr 1114 June
11% 1.800
•
4069
Financial Chronicle
Volume 136
Saks
Friday
Last !Peek's Range for
Former Standard Oil
Week.
of Prices.
Sale
Subsidiaries
Par Price. Low, High. Shares.
(Concluded)
Range Since Jan. 1.
Low.
High.
Bonds (Coratinued)-
Way
Sales
Last Week's Range for
Week.
Sale
of Prices.
Price. Low. High.
Range Since Jan. 1.
Low.
High.
Apr 71
June
76.00(3 33
70
Am Roll Mill deb 55.1948 6654 65
Apr 8254 May
435% notes _Nov 1933 7935 783-4 82 153,000 45
May
June
Apr 44
6,000 22
44
June Amer Seating cony 68.1936 42% 4254
455
May Amer Thread 545.---1938 100% 100 10054 21,000 9634 Jan 10051 June
x6
8511 87% 72,000 7134 Apr 9734 Jan
June Appalachian El Pr 58.1953 87
Feb
4,000 94
Apr 105
June A ppalachian Power 58 1941 10034 100 101
Apr 8534 Feb
Deb 63
2024 7455 7434 7455 1,000 63
June
17%
Apr 9054 Jan
47,000 82
80
76
May Arkansas Pr & Lt 58 1956 79
Associated Elec 4 353 1953 37% 353 3955 151,000 2534 Apr 4734 Jan
May
29%
Associated Gas & El Co
17% June
16%
Jan
Mar 26
79,000 13
21
17
1938 19
Cony deb 5345
17% June
Jan
Cony deb 4556
19414 17% 1711 10% 21,000 1234 Mar 27
26% June
25%
1134 Mar 2634 Jan
1949 17% 16
1854 414 000
.
Cony deb 4
8535 June
85)5
May 2434 Jan
1554 1534 1,000 15
Registered
234 May
Jan
Cony deb 58
1950 17% a1634 1955 334,000 1334 Mar 28
Jan
Mar 27
1935 587,000 13
19104 18
1755
Deb 5s
Other Oil Stocks
Mar 3514 Jan
19% 2135 41,000 16
Cony deb 5558
1977
151 May
135 26,100
i
•ts Mar
1
Amer Maracaibo Co
Jan
Apr 52
1950 3855 3855 40 143,000 33
555 June Assoc Rayon 53
Feb
4,200
154
355 5
3%
Arkansas Nat Gas corn....•
June
Feb 41
3534 41 110.000 15
4
June Amon T & T deb 530 A '55 39
31,400 al
Ma
331 4
•
Common claw A
334
Mar 2434 Jan
5
19 281,000
17
4% June Assoc Telep Util 5558_1944 17
1,100
2
Feb
100
Preferred
431
27,000 11
Apr 5334 Jan
29
22
6% notes
1933 25
300
6% Fe
11% May
11% 11%
•
Brit Amer0 Coupon_
16,000 27
Mar 50 June
4955 50
234 June Atlas Plywood 5556. _1943
35 Feb
255 53,500
25c
1
Carib Syndicate
234
Apr 94 June
2% June Baldwin Loco Wks 5556'33 8935 8631 94 243,000 50
55 Feb
*
1% 231 19,800
Colon OH Corp corn
2
92 282,000 4834 Apr 92 June
Ctrs 0 fdeposit
8931 88
2 June
% Apr
11,700
1% 2
Columbia Oil & Gas vte...•
2
5
8
6
63
Feb 66 June
200
2% May Bait & Ohio 5s ser F..1993 6355 10 4 105.i. 274,000 32
1
Jan
2%
Congo' Royalty Oil
10
Beg Telep of Canada
Coeden Oil Co
Feb 100% Jan
9731 108,000 87
•
1st M 56 series A _..1956 96
96
300
54 Feb
534 June
Common
451 5%
Jan
9755 62.000 8534 Apr 100
1st M 53 series B___1957 96% 96
455 June
1% Jan
3% 4% 7,900
CUB of deposit
435
Mar 10054 Jan
9631 9735 14,000 87
1st M 5s ser C
1960
100
2% Jan 10 June
10
10
Pref ctfs of deposit_ _100
1,000 99 May 10531 June
631 June Bethlehem Steel 6s_ 1998
455 May
Creole Petroleum new. ..5
5% 6% 42,800
6%
Jan
Apr 102
8534 8534 2,000 85
11 Feb
Crown Cent Petro loom..'
34 June Binghamton L H & P 56'46
31 2,300
A
000 5834 May 80
Jan
6% June Birmingham Elec 43-48 1968 71% 6854 7134 23,
254 Feb
Darby Petroleum corn. •
5% 6% 1,600
Feb 5734 Jan
22.000 40
800
235 June Birmingham Gas58-1959 4955 4834 51
35 Mar
2% 2%
Derby 011 & Ref com____•
Mar 57% June Blackstone Valley 0& EGulf 011 Corp of Penna__25 5655 5255 5751 24,700 24
9,000 9634 May 10434 Feb
10035 101
1952
58 series B
Indian Ter Ilium Oil
Jai
44u 2,000 99% Apr 105
41
105 105
200
134 Apr
5% 5%
•
531 May Boston Consol Gas 53.1947
Non-voting class A_
28,000 2734 Apr 4854 Jsr
600
511 June Broad River Pwr 56 A.1954
Class 13
Jan
5
5
Feb 10734 Jan
3
,000 101
International Petroleum • 15% 14% 15% 21,800 88% Feb 15 June Buffalo Gen Elec5a--1939 10474 1043,4 106
105% 10554 4,000 9955 Mar 10654 Jan
2,500
Gen & ref 5s
1958
2 June
Jan
Kirby Petroluem
•
1% 2
151
Jan
23,000 98
Apr 102
155 June Canadian Nat Ry 7a-1936 10051 10034 101
53 1% 57.600
Leonard Oil Develop-25
34 Apr
155
7635 2,000 59
Mar 76% June
76
300
431 Yllne Canada Northern Pr 56'53
4
135 Apr
4
Lion 011 Relining
•
4
9% June Canadian Pars Ry 66...1942 9234 915£ 9331 126,000 7054 Mar 9334 June
4)4 Apr
935 974 5,300
Lone Star Gas Corp
•
400
5
Apr Capita Adminis 55-1953
Feb
3
Mexico Ohio Oil Co
•
2
3
3
Apr 7734 Feb
7634 7655 4,000 67
With warrants
431 June
431 1,600
4
Feb
1
Mich Gas & Oil Corp.....
4
7634 7655 11,000 6734 Apr 7751 Feb
Without warrants
Middle States Petrol
7455 129,000 64
Apr 74% June
4.000
3 June Carolina Pr & Lt 58.__1956 7355 69
•
Jan
Class A v to
1% 3
3
26,000 88
Mar 98 June
98
97
155 June Caterplilar Tractor 5s_1935 98
% 135 4,500 .34 Jan
•
Class 13 v t c
Jan
45 Apr Cedar Rapids M & P 59 53
Mountain & Gulf 011____1
54 1,900
34
A Jan 6% June Central Ariz Lt & P 56 '60 92% 9254 93 20,000 8654 Mar 9834 Apr
31
0 7754 Apr 933-4
7,900
8454 8534 4,00
234 Jan
Mountain Producers-Al) 5%
5% 6%
Jae
• 18
Feb 20 May Central Illinois Light 66'43 10255 10235 10335 9.000 9814 Apr 105
17% 1934 5,900 10
National Fuel GM
2,200
1% June Central Ill Pub Service
115
New Bradford Oil Co___25
54 Jan
135
00 52
Apr 7951 Jan
67% 15,0
1956 6634 65
300
56 series E
255 May
2%
Nor Cent Texas Oil
5
2
35 Apr
Jan
61 : Apr
5805 4 88 000 4 %
3151
8
8
pr
an
1st & ref 4548 ser F 1967 60% 57
Jan
55 Feb
34 7,400
Nor European Oil com•-•
34
55
Apr 78
Jan
700
6335 65% 20,000 52
1968
635 June
5s series G
Mar
Pacific Western Oil
•
3
534 835
6
73
1981 59%
4553 series 11
1% June
Pantepec Oil of Venez....•
34 Mar
31 1% 6,200
8854 88% 2,000 85 May 101
Jan
Cent Maine Pow 5a D1955
Petroleum Corp of Amer
8134 may 933-4 Jan
55 Mv•
1957 8535 8435
434s series E
Stock purchase warr____
31 16,600
sis
In Jan
Jan
64
19,000 15334 Apr 76
1% June Cent Ohio L & P 58-1950 6255 62
Mal
55 151 18,100
Prod ueers Royalty
1
Jan
Apr 75
19.000 49
390 21
64
May Cent Power es ser D 1957 6334 61
Apr 45
Pure 011 Co 6% Pref.-100 3435 34% 3631
Jan
Apr 87
6035 19,000 42
23,5 June Cent Pow & Lt 1st 58.1956 6055 59
2% 1,000
1
Red Bank 011 Co
.%' Jan
2%
% June Cent Pub Serv 5545-1949
Air
Reiter Foster Oil
•
51 3,100
55
54
%
82,000
54 Jan
5 June
S
4
4.500
334
With warrants
235 June
1
251
Richfield Oil pref
25
Jen
2
434 Mar
135 Jan
334 3% 1 000
.
Without warrants___
Root Refining Co
600
000 27)( Apr 5235 June
5 [June Cent States Elec 5s...1948 5034 4631 5234 148,
4% 5
New cony prior pref__10
334
5
5,500
4
Deb 534s Sept 15 1964
June
15 Feb
2% 4
Ryan C0111301 Petrol
•
4
Apr 53 June
53 257,000 28
51% 47
With warrants
• eb
34 1,100
Salt Creek Consol 011_10
54 June
)5
51
Apr 4834 June
Without warrants...- ...... 4855 4835 2,000 29
95,5 June
755 8% 6,200
8
Salt Creek Prod Assn...10
Feb
7%
45x J na
54
2
0
55H A
6735 45 140000 23% A p
3% 7
5
700
134 June Cent States P & L 555e '53 42
Savoy Oil Co
34 I%
34 June
1%
Jan
535 June Chic Dist Elec Gen 434s '70 75
5% 6% 10,800
Southland Royalty Co...5
315 Feb
Jan
4Aay
2,000 73 7,4 p e94
0
79% 793
155 June
Deb 555s
1935
Sunray Oil
31 Jan
51 151 12,83
1
5
6% Apr 13% may Chic Junction Ry dr Union
831 1151 3,800
Taxon Oil& Land Co.....'
855
98
Jan
1,000
10,700
96
9
6
134 June
Stock Yards Ss
1940
54 Jan
ills 155
Venezuela Petrol
6 135
48% 885.5 31,000 243754 Jan 53:34 JuneJ u e
486551
800
2% May Chic Pneu Tool 554s__'42 52
2
251
135 Mar
Woodley Pirroluem
1
2.31
Mar
59
6134 39,000
1927
Chic Rya 58 etre
June
15,000 41% May
65
62
Mining
Cincinnati St Ry 5345 1952
pr
475 14% Jan 43
24%
6334 6434 5,000 484 sr 4644%
Bunker Hill &
1955
68 series B
May
35% 35% 41
449:.000000
May
8
3
175 15
4
1966 41
40%% 451 9072 000
50
40
40
May Cities Service 50
40
Apr
36
Vot trust Ws
10 36
May
2411 Mar
1950 42
Cony deb 58
BWana M
UDR% Copper
un
15H Junee
Jp4
3,000
54
42
Feb 673 June
14‘, June Cities Service Gas 5346 '42 59%
54 Jan
American shares
200
5,5 June Cities Sera Gas Pipe L '43 75% 75% 77% 18,000
% Ma
Chief Consol Mining_ _ _ _1
Ap
:7 0291711.4AA ppr .1400537; MayJunejaD
9,800
0
:6061 23275 000 1102
:3
00440 1143u4 3260 ov 28
4
155 May Cities Serv P & L 5558 1952 4231 1451
35 Mar
Comstock Tun& Drain Col
June
4,600
1949 4231
251 June
55511
• Apr
Consol Copper M
_5
115
200
635 June Cleve Elec III bat 55-.1939 105
,
I% Feb
Copper Range Co
29,500
35 June
5s series A
1954
Cresson Congo'(i M
1
511 Jan
Jan
58,200
Apr 110
5,00 102
0
106 106
1
Apr
)5 Jan
56 series B
1961
Cusi Mexican Mining..50e
134
200
755 June Commerz und Privet
435 Apr
Eagle licher Lead Co_ .20
82,000 4734 Apr 6654 Jan
9,900
155 June
1937 52% 5215 55
Bank 5346
55 Feb
Evans Wallower Lead cam'
74 1 4
4
'is June Commonwealth Edison
555
.14 148.800
'is Apr
Falcon Lead Mines
1
32:
30 000 59134 Apr 10835 Jan
66,500
0035 01
100 101
1st M 5s aeries A....1953 101
IN May
Goldfield Consol Mines_10
'is Jan
Apr 10554 Jan
92
1st M 53 series 13-1954 100%
8% June
6% 7% 7,400
2% Feb
Heela Mining Co
26
734
Jan
15,000 0334 Apr 102
92
91
9% May
1st 4556 series C....1956
554 Jan
9
931 9,300
Hollinger Consol 0 M...5
9%
Jan
9254 17,000 83% Apr Ha
90
mat M 4548 series D.1957 92
9% June
855 9% 32,800
Jan
2)4
Bud Bay Min & Smelt...'
931
Jan
913.4 9234 21,000 82. Apr 101
70
2% June
4558 series E
1960
155 251
31 Jan
Iron Cap Copper Co....10
2
0
5
2 00
5
5
100
571
1st M 48 series F.....1981 8254 804 %, 753482% 14258 00 7434 Apr 9334 Jan
2% June
2% 255
Isle Royal Copper
231 June
25
95
Apr 106% Jan
June
1,300
1%
1962 10155 10155 102% 73 °°0
5558 series CI
Kerr Lake Mince
3 Jan
,
4
55 1%
134
4
'
Apr 8651 Jan
57
34 Feb Com'wealth SubaId 5%5'48 74
Kirkland Lake G M Ltd_l
34 Jan
'ii
34 10,100
*Is
1161( Apr 5534 June
Lake Shore Mine* Ltd
1 40% 3554 41% 46.800 25% Mar 4135 June Community Pr & Lt 581957 5535
300
2% June Connecticut Light & Power
2
251
1% Apr
Mining Corp of Can
•
7
29
0 0
1956 101% 10211 101% 5.000 97;i May 105% Feb
9
43.58 series C
N Y Honduras Rosario.10 1735 15
1855 1,600
755 Feb 1835 June
Jan
32 000 89 May 100
24:,000
4,700 2634 Mar 5154 June Conn River Pow iSs A 1952 9734 934
New Jersey zinc_.....26 48% 4855 51
9914 Mar 10434 Feb
4131 4655 16,600 11% Mar 4635 June C00801 G, E L & P 4%s'35 1023-4
Newmont Mining Corp-10 44
353 June Comm'Gas El Lt & P (Bait)
251 351 34,200
Nipissing
Jan
......5
1
Jan
15,000 98
Apr 106
10154 102
15 June
434a series G
% 170,040
Ohio Copper Co
1
1969
55
ifs Jan
500
10 June
9
10
0 9534 May 10734 Jan
10
Jan
Pacific Tin spec stk
4%s series H
3
1970 10054 1003-4 10034 25,00
98% 954 42,000 89 May 9938 Jan
15 June
1st ret is 46
14% 12% 15 236,700
3% Jan
1981 95%
Pioneer Gold Mince Ltd_.1
151 May Consol Gas (Bait City)
• Apr
1% 1% 138,900
15(
Premier Gold Mining....
4,000 102% May 10855 Jan
10434 106
Ss
1939
Roan Antelope Copper_
1951 1854 21% 12,300
7% Mar 22% May
100
10234 10274 8,000 97% Apr 107% Jan
55 June
Gen mtge 455s
35 Jun
1954
3434
Rights WI
34
54 130,700
is Jan
31
.% June Consol Gas Util CoSt Anthony Gold Mines__1
81,000 21
Jan 4434 May
43
351 455 4,100
455 June
lst & coil 66 eer A 1943 41% 39
34 Feb
Shattuck Denn Mining.
..6
10,200
5 3 0:0
4
Apr 1154 May
251 June
1%
15 Mar
104112491% 32 000
Deb 654s with war? 1943 1155 109537755 15514 3 724 5:7
2
So Amer Gold & Plat....5
55 Apr ConsumersPow 455s 1958 9755
9034 Apr 10434 Jan
'is Feb
)5 36,600
Standard Sliver Lead __I
Jan
655 June
Mar 106
100
1st & ref 58
534 6% 134,700
1936 103%
ag Fe
Teck-Hughes Minos
655
1
2,300
45 June Cont'l Gas & El fe....1958 6355
Apr 65% June
37
61.
• May
Tonopah Belmont Devel..
155 3,100
155 June Continental Oil 5%6_1937 98% 98
98% 125,000 92 Mar 9834 Jan
1
)1 Mar
Tonopah Mining Co
1
Apr 8455 Jun(
6 June Crane Co 55....Aug 1 1940 8435
435 5% 16,200
851 8434 62.000 65
1,4 Mar
4%
United Verde Extension 60e
47,000 25
69
154 151 1,400
68
)1 Jan
Apr 7254 May
1% June Crucible Steel deb 55.1940 68
Utah Apex Mining
14
99% 73:0 % 5535 Apr 7934 June
77
151 114 2,100
9768
1% June Cuban Telephone 734s 1941
Walter Mining
% Jan
1
51,200
Mar 97 June
'is June Cudahy Pack deb 53581937 9634
87
34
'is Jan
)1
Wenden Copper Mining 1
Sinking fund 58.-1946 103
8% Jan
535 634 179,700
1023-4 10351 30.000 99% Mar 103% May
654 June
Wright-Hargreaves Ltd_ • x6%
III
11,4
14,700
83% 14,000 ng At" 91% Feb
1
June Cumber'6 Co P&L 4358'56 8334 82
Iii Feb
Yukon Gold Co
6
17,000 100
103% 105
Dallas Pow & Lt 63 A.1949 105
Apr 108% Jan
Bonds
4851::000000 98% May 10355 Feb
2310.00
7 0000 0
00
82
003
8034051m% 10
5s series C
1952 11134 19
Alabama Power Co
Apr 106)4 Jan
10334 104% 28,000 99
Apr 10034 Jan Dayton Pow & Lt 56._1941
8334 84% 18,000 75
1946 84
1st & ref 5s
74% 16,000 66% Apr 97
60
Jan Del Elec Power 5556_1959
Apr 85 June
1951 74% 74
1st & ref fa
6,000 61
Jan Denver Gas & Elec 58_1949
Apr 95
9654 Apr 1021( Jan
75% 78
1856
1st & ref 58
1,000 60 May 7434 Jan
74
74
21.000 6831 Apr 89)1 Jan Derby Gas & Elea Se..1946
67)4 70
1968 70
1st & ref fis
Apr 81% Jan Del City Gas 68 ser A 1947 93
Mar 983,4 Jan
75
1967 6355 60% 63% 105,000 54
lst & ref 450
Jan
96% 82,000 80
80 9334
9 % 82%
0
1960 82
Jan
Apr 99
bs 1st series B
68
May 91
Aluminum Coal deb 58'62 9531 95
38,000 47% Mar 80 June Detroit & Intl Bridge
Aluminum Ltd deb 56_1948 7434 7351 80
355
351 June
155 354 11,000
1952
34 Mar
78
Amer & Com'wealths Pow
21,000
8
8 June
8
54 Apr 453 June
6
8
Mar
Aug 1 1952
2
455 117,000
6545
4
Cony deb 66
1940
4
4
2,000
4
May
8
135 June
Jan
2
Jan
6315 Ms of dep. _1952
1% 5% 68,000
1953
5
5558
8
7,000
Jan Dixie Gulf Gas 6555 1937
3 May
8
5
5
Am Common Pow 5558 '53
Jan
5,000 70
Apr 87
84
85
With warrants
May
Apr 85
84% 84% 10,000 64
Cont Corp 58 1943
Amer &
Jan
3,000 88 Jun 102
88
90
68,000 *12% Apr 34 June Duke Poz er 4 ,is
'
1967
34
Am El Pow Corp deb 1311 '67 3055 21
Jan East Utilities' Invest
Apr 92
84% 88 281,000 69
Amer & El deb 66-.2028 86
Jan
16
.1964 1555 15
38,000
58 with Warrants..
36 June
ny
934 Feb 23
74,000 13
26% 36
Am Gas& Pow deb 68.1939 36
Apr 3354 June Edison Elm Iii (Boston)
1953 32% 23% 33% 126,000 11
Secured deb 5s
101% 102
66.000 9934 Apr 103% Jan
1934 102
2-year 58
Pow & Lt deb 66-2016 6551 6335 6755 293,000 82% Apr 6735 June
Am
95% Apr 103% Jan
101% 102% 128,000
1935 102
6% note;
Apr 98% June
Am Radial deb 4.45.1947 9631 96% 98% 52,000 83
10
Indiana Pipe Line
National Transit _ --_12.60
5
N Y Transi•
10
Northern Pipe Line
Ohio 011 Co 6% pref...10
0
1
Penn Mex Fuel Co
25
South Penn Oil
10
Southern Pipe Line
Standard 011 (Indiana)...26
10
Standard Oil (Ky)
25
Standard Oil (Neb)
Standard Oil(Ohio) corn 25
100
Preferred
25
Swan Finch Oil cote
735
7%
835
3%
534
79%
33.5
16%
5
28
1551
15%
23
85%
2%
700
8
600
931
300
435
1,100
an
300
7934
200
4
2,100
18
600
5%
50.000
30
17% 10.000
200
16
26% 1,550
20
85%
200
2%
3%
5%
3
4%
7034
151
11
2%
17
8%
11
1535
60
1
Feb
Apr
Feb
Apr
Apr
Feb
Fen
Apr
Mar
Ma
Apr
Ma
Apr
Jan
8
10
435
6
7955
4
18
6
30%
June
4070
Bonds (Continued)
-
Financial Chronicle
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High.
Range Since Jan, 1.
Low.
Elec Power & Light 58-2030 51
45% 51% 709,000
Elmira Wat Lt & RR 5s '56
75
72
6.000
Empire Dist El 55. _ 1952 57
5951 19,000
56
Empire 011 & Ref 5558 1942 50% 50
5155 133,000
Ercole NI areill Elec Mfg
655e with warr____1953 70% 66
72
24,000
European Elec6565___1965
Without warrants
67% 69% 17,000
European Mtge Inc 75 C'67 3135 3155 3251 41.000
Fairbanks Morse deb 58.'42
66% 6755 8,000
Farmers Nat Mtge 78_1963 30% 3055 3055 10,000
Federal Sugar Ref 68_1933
9
9
2,000
Federal Water Serv 5565'54 36
31
3654 115,000
Finland Residential Mtge
Banks Oe
1961
5155 52
8,000
Firestone Cot Mills 55.'48
86% 8755 33,000
Firestone Tire & Rub 58 42 91% 90
0255 24.000
FLsk Rubber 550_ _ _ _1931 60% 52
6056 337,000
Certificates of deposit... 60% 5334 60% 188,000
1911
85 Ws of deo
74
64
7551 114.000
Fla Power Corp 5555_1979 61% 59
62% 40,000
Florida Power & Lt 58 1954 66
61% 67 197.000
Gary El & Gas 5sser A 1934 54
51% 5555 39,000
Gatineau Power 1st 55 1956 74% 71% 76
81,000
Deb gold 6s June 15 1941 6655 66
69
64,000
Deb 68 series l4__.. 1041 65% 65% 68
31.000
General Bronze 6s_ ..1940 60% 6055 6154 13,000
Oen Motors Accept Corp
1939
5% serial notes_
102 10355 17,000
.1934
5% serial notes
10231 103
19.000
1936
5% serial notes_
10334 10355 6,000
General Pub Serv 55..1953 71% 7134 7155 2,000
lien Pub UV' 656s A.1956 34
2855 3454 67.000
1933
2-yr cony 6555
45
41
13,000
General Rayon 65 A. _1948 51
52
39
42,000
lien %5 at 1% ks & El 55 1943 5355 53
55
54.000
1944
68 series 11
9% 10
5,000
Certificates or deposit
1455 1534 6,000
Georgia Power ref 5s__1967 77
74% 77 206,000
Georgia Pow & Lt 58__1978 5951 .57
5931 11,000
Gesture! deb Os
1953
Without warrants
35
31% 40
34,000
Gillette Safety Razor be '40 93% 9351 9455 6.000
Glen Alden Coal 4s.__1965 56% 56% 5751 255,000
Glidden Co 555s
1935
90
15,000
90
Cobol (Adolf) 6%5_1935
With warrants
83
79
32,000
79
Grand (F W) Prot) Os.1948
955
9
955 8,000
Grand Trunk Ry 6 SO 1936 97% 97% 97% 48,000
Grand Trunk West 4s.1950 65
62% 65 25,0000
Great Nor Pow 55. _ _1035 99
99
99
4,000
Great Western Power 58'46 1014 100% 101% 19,000
Guardian Investors 53 1948 4455 41% 4455 8,000
Guantanamo & West 68 '54
22
22
25,00
Gulf Oil of l'a 5s
1937 100
9956 10054 77,000
55
1947 99
98% 9951 67,000
Gulf States 11t11 58.--1956 79
21,000
79
76
1961
4 55s series B
71
68
2,000
Haercensark ater 56_1938
100 10055 31,000
5s series A
1977
06
96
2,000
Hall Printing 555a._.1947 69% 69
71
30,000
Hamburg Electric 78_1935 69
400
68% 69
Hamburg El & Bud 50%s'38 56
56
5855 58,000
Hanna (NI A) Os
1934
98
96
3,000
Hood Rubber 10-yr 548'36 5656
57
51
27.000
78
1936 163
63
55
17,000
Houston Gulf Gas
1943
655s with warr
3535 3655 5,000
1943 5134 46
1st Os
51% 56,000
bus I. & P 1st 4555 E 1981 9134 88% 91% 2,000
1st & ref 4555 set 9.1978
89% 90% 5,000
58 series A
1953
98% 99
28,000
Hudson Bay M dr S 58_1935 10631 103 1085.1 77,000
Hydraulic l'ow (Niag Falls)
1st & ref 58
103% 103%
1950
1,000
10051 10054 6,000
Ref & Impt 58
1951
['Made Food Products
65
62
Os series A
1949
4,000
Idaho Power Ss
1947
Illinois Central RR 4%5'31
Northern Utll 55._ _1957
III Pow & L let Os ser A '53
1st di ref 555e ser 13.1954
1st & ref bs ser C._1956
I deb 54s__May 1957
Independent 011&Gas 69'39
Indiana Electric Coro
68 series A
1947
6555 series B
1953
5s series C
1951
Indiana General Serv 55 48
Indiana Hydro-Elec 5s '58
Indiana & Mich Klee1st & ref be
1955
58
1957
Indiana Service 6s....1963
1st & ret 58
1950
Indianapolis Gas 5s A..1952
!tarpons P & L 58 ear A '57
Intercontinents l'ow 651948
With warrants
International Power Sec
Secured 655eser C__1955
7sserlesF
1957
78 series F
1952
International Salt 58...1951
International Sec 55__1947
Interstate Irk Steel 5%546
Interstate Nat Gas 65 1936
Without warrants
Interstate Power 5s_ __1957
Debenture 68
1952
Interstate Public Service
58 series 1)
1956
4555 series F
1958
Interstate Telep So...1961
lows-Neb L & P 58_ _1957
53 erle. B
19o1
Iowa Pow dr Lt 455e A 1958
Iowa Pub Serv 55_ __ _1957
Isarco-Hydro-Elect 78 1952
Issotta Franshini 78_ __1942
Without warrants
Italian Superpower of Del
Deb5 6s without war '63
Jacksonville Gas Se_ _1942
Jamaica Water Sup 5558'55
Jersey C P & L 5811___1947
4555 eerie.; C
1961
Jones Laughlin Steel 58 '39
Kansas Gas dr Elec 6s_2022
Kansas Power 58
1947
Kansas Power 'Sc Light
1955
Os aerie.. A
1957
Se series 11
Kentucky Utilities Co
-1961
1st M bs
1948
615s series D
1955
5%8 series F
1989
Is series 1
High.
Apr
May
Apr
Apr
51% June
OS
Jan
60
May
52% May
Apr
76% Feb
Mar
60
Apr
23
Apr
46
Mar
24
255 Jan
.
Apr
18
7054 Jan
Jan
36
6734 June
Jan
30
9 June
36% June
21
67
37
28%
66
38
68
71
37
36
40
44
48
35%
59%
39
39
z4356
Jan
Mar
Apr
Mar
Feb
Feb
Apr
Mar
Mar
Apr
Mar
Mar
Apr
100%
100%
100
65
12
17%
20
34%
10
10%
60
40
Mar 103% June
Mar 103
Feb
Mar 104
Feb
Apr 75
Jan
Mar 34)5 June
Mar 45 June
Mar 52
June
Mar 60
May
Apr
18
Feb
Apr 15% June
Apr 90% Jan
Apr 59% June
31%
89
45
75
June 694 Jan
Apr 102
Feb
Apr 58% May
Apr 91
May
55
7
94
50
89
93
20)4
1255
92
92
50
53
96
90%
49
6251
43
92
31%
44
Apr
Apr
Apr
Apr
Apr
May
A pr
Jan
Apr
Mar
Apr
Apr
Mar
Apr
Mar
Apr
Apr
Jan
Mar
Feb
21%
31%
79%
7855
88
77
Mar 3751 Jan
Mar 51% June
Apr 9651 Jan
Apr 9555 Jan
May' 104
Jan
Mar 109
June
53
84%
92%
60%
60%
75%
6455
70
72
76
69
08
62
84%
12
100%
65
101
106%
4455
27
10114
1004
82
74
1020%
99
71
8631
724
99
57
63
Slay
Slay
June
June
June
June
May
Jan
Jan
June
June
June
Slay
May
Jan
Jan
June
Jan
Jan
June
May
Feb
Jan
Jan
Jan
Feb
Feb
June
Jan
Jan
Apr
June
June
9934 Apr 107%
May 106
98
Jan
Jan
Apr
June
41
65
98
63%
90
6551
6056
58
48%
as
99
6955
92
71
654
6251
54
98
14,000
91,000
4,000
122,000
64,000
168,000
28,000
11,000
8555
33
85
52
60
4551
38
8454
May 1025
8 Jan
Apr 69% June
Slay 100% Feb
Apr 77
Jan
Apr 72% Jan
Apr 71
Jan
Apr 604 Jan
Mar 98
May
63
71
74%
64
9955
62
20,000
75
13,000
76
66
4,000
1,000
9955
63
4,000
57
62
48%
98
49
Apr 91
Feb
Apr 91
Jan
Apr .78)5 Jan
Mar 105
Jan
May 76
Jan
9751
3135
3055
74
8655
89
955.1
30
3051
74
8555
90
9751
31%
3251
74
87%
20,00
9,000
49,00
29.000
4,00
52,000
80
04
1254
14
65
7355
Apr 99
Jan
May 105
Jan
Apr 31 % June
Apr 32% Jan
Apr 83% Jan
Apr 9555 Jan
9856
64%
6951
64
6151
54
76
954 10
81
8451
60
66
5555
40%
63%
5955
77
84
7855
7951
79
81%
82
84
5755
64
104
52
39
6155
57
5835
75
77
84
77%
79%
81
8555
n84
84%
60
67%
6355
5955
60
78%
79
8436
7855
79%
78% 7855
48
48
464
101
95
90
90
102%
80
76% 70%
89%
7155
71%
2,000
1%
Jan
17,000
17,000
11,000
23,000
30,00
13,000
78
81%
70
7451
40
21
June
June
May
Slur
Mar
Apr
104
1,00
5555 194.00
70,00
41
35,00
43,00
5,000
38,00
7,00
4,000
13,000
5,00
3,00
Bonds (Continued)
-
10
June
91
96
90
85
60
6755
Feb
Jan
Jan
May
Juno
June
Fel 105!) mar
103
38% Apr 81
Jan
20)5 Apr 4351 Jan
46%
45
53
63
63%
74
60%
71
o3
Apr
Apr
Slay
Apr
May
May
Apr
Apr
Jar
7855
72
84%
8455
02%
834
80%
80
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
May
49% 43,00
4951 June
37% AP
48
8,000 30% Ay
51
Jau
101
4,000 98
May 102
Jan
96
6.00
Apr 1014 Jan
86
9155 63,000 8034 Sift
96% Jan
Apr 104
104
11,000 101
June
Apr 8534
80
2,000 69
Jan
13,000 65
77
Feb
May 80
94
88
95
90
3.000
22,000
83
71
Apr
May
05
GO
68
86
75
6455
7155 26.000
88% 6.000
76
2,000
72
71,000
55
67
56
52
Ma
Apr
Apr
AD
Feb
75
93
Feb
80% Feb
74% Jan
Feb
June
Koppers G & C deb 5e 1947
Sink fund deb 5545- 1950
Kresge(SS) Co 55____1945
Certificates of deposit _ _
Laclede Gas 5568
1935
Larutan Gas 655s_
_1935
Lehigh Pow &cur 65_2026
Leonard Teitz 755s. __1946
Lexington Utilities 5.3_1952
Libby MeN & Libby 58'42
Lone Star Gas 58
1)142
Long Island Ltg Os...1945
Los Angeles Gas & Elea5558 series E
1947
5%5 series 1
1949
5s
1939
1st & gen 58
1961
Louisiana Pow & Lt 58 1987
Louisville G & E 68 A.1937
455s series C
1961
ManItoba Power 0549_1951
Mansfield Mln & Smelt
is with warrants
7s without warrants 1941
Mass Gas CoSink fund deb 58-1955
5%8
1946
McCord Rad dr Mfg
6s with warrants_..1943
Melbourne El Supply
754s
1946
Memphis Power & Lt 58 '48
Metropolitan Edison
4s series E
1971
58 series F
1962
Middle States Pet 6558 45
Middle West utilities
55 Ws of deposit_ 1932
58 etts of deposit_ _1933
55 ctis of deposit_ __1934
58 ctfs of deposit_ __1935
Milwaukee Gas Lt 450'67
MInneap Gas IA 4%5_1950
Minn Gen Elec 58____1934
Minn P dz L 4558
1978
5s
1055
N1185153190 Pow 5s
111165
Miss Pow & Lt 55__ _1957
MIss River Fuel es 194456I1 h warrants
Sties River Pow 1st 55_1951
Missouri Pow & I.t 535s '55
Missouri Public Serv 58'47
Monon West Penn Pub Ser
lot lien Sc ref 5555 II 1953
Montreal I, II & P Con
1st & ref 58 set A___1951
be series Is
1970
Munson 89 Line 6545_1937
With warrants
June 10 1933
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Price. Low. High.
7555
79
94
85
70
80
6836
7336
7434
79
91
82%
70
9355
76%
29
6855
7051
89
8755
9951
9955
103%
9655 95%
84
100%
95
44% 3951
Range Since Jan. 1,
Low.
77
44,000
80% 54,000
94
7.000
85
30,000
7355 18,000
,
9355
1,000
8055 117,000
29
3,000
6855 3,000
77
38,000
90
8,000
8734
1,000
995%
9951
103%
9656
8754
1004
95
45%
70
72
77
6)334
47
58%
66
29
56%
4655
84
80
49% 49%
2,000
49
49
19,000
47
47%
82
87%
8054 82% 54,000
8751 89% 24,000
714 Apr
Apr
75
33
33
95%
96.%
9554 955)
96% 97
72
85
53
72
85
46
12% 14
1255 13%
1235 14
13
13%
q 14
96
96
94
7955 8151
7956
10254 102% 102%
75
73% 75
83
83
82
64%
04% 62
71
7351
88
10135 10155
,
85
5456
3.000
7,000
6,000
7351 18.000
8655 26.000
53
19,000
134
Jan
Slay
Jan
Jan
June
June
Jan
Jan
Jan
June
Mar
Jan
3,000 99
Mar 101% Feb
11.000 9855 Slay 10651 Jan
5.000 100% Mar 108%
Jan
14,000 9154 May 103% Jan
32,000 73% May 94/4 Jan
5,000 99
Mar 10251 Jan
1,000 89% May 102
Feb
72,000 20
Apr 46 N Jan
49%
33
High.
Apr 794
Mar 83
Apr 90
Mar 90
Mar 7355
Jan 9455
Apr 88%
May 6855
Apr 7255
Mar 77
May 97
Apr 100
84 Apr
92
81
Feb
54
5335 Feb
9454
99
33
Jan
Jan
June
Jan 9555 May
Slay 103
Jan
68
Apr
79
Apr
27% Mar
905.000
3%
64.000
sq
92,000
34
122.000
455
19.000 91
11,000 7254
15.000 100
13.000 67
7.000 66
23,000 44
51,000 50
8834 10,000
103% 33,100
85
3,000
5655 6,000
Apr
Apr
79
98
79
3754
Jan
86
9755 Feb
June
53
Mar 1456
Mar 14
Mar
1455
Mar
14
Apr 10251
Apr 90
Mar 10355
Apr 81
Apr 87
7335
Al)
Apr 83
May
May
May
May
Jan
Jan
Feb
Jan
Jan
Jan
Jan
May
Mar 90
May 10554 Jan
Apr 9254 Feb
Apr 05
Jan
6956
6754 6954 26,000
48
Apr
76
Jan
9455
92
92
9455 73,000
9055 9234 37,001)
84
82
Feb
Feb
964
954
Jan
Jan
13
13
8
Feb
16
15
99.000
Narragansett Elec 55 A '57 9951 99
9951 65.000
58 series B
1957 99
9855 9955 16.000
Nat Pow & Lt (15 A..'2028 79
7456 7955 32,000
Deb be series II... _2030 6954 65
69% 191,000
Nat Public Service 55 1978
23 298,000
Certificates of deposit_ _ _ 23
18
National Tea 50
1935 9755 9555 97% 35,000
Nebraska Power 6s A_2022
19,000
88
90
1st NI 455s
asq 955: 2,000
1941
Nelener Bros Realty 65 '48 4956 42% 4955 28,000
Nevada-Callf Elea 55_1956 5951 59
6151 44,000
New Amsterdam Gas 55'48
9455 9555 14,000
N E Gas & El Assn 55_1947 5634 4954 5654 161,000
Cony deb 55
50% 56
18,000
1948 56
Cony deb 58
5555 157,000
1950 5654 50
New Eng Pow Assn 55_1948 624 5754 6351 274,000
Debenture 5555- - -1954 67
62)4 6856 124,000
New Orl Pub Serv 4555 '35 5434 51
54,000
55
68 series A
3551 65.000
1949 3451 32
NY Penna & Ohio 434s '35
9455 9435 4.000
NY P&L Corp 1st 455s '67 9055 89% 90% 212,000
N Y State
75
7855 11,000
E 450.1980 76
96
96
1,000
5153
1962
N Y dr Westch'r Ltg 2004
89
8951 4,000
104) 100
1,000
Debenture 5s
1951 100
Niagara Falls Pow (4_1950 10651 105% 107
12.000
101
ba series A
10155 10,000
1959
Nippon Elea Pow 6555 1953 6051 54
61 161,000
No American Lt & Pow
13,000
5% serial notes
130 8334 8431 86
1,
42 196.000
554s series A
1956 3555 35
Nor Cont Utll 5556.-1948 3255 3255 3551 7 000
Nor Indiana G & I: 68_1952 8751 8751 88
25,000
Northern Indiana P 87555 7655 7,000
& ref 5s ser C_ _1966
5s series I)
75
13,000
I969 75
77
6854 70
1970 70
450 series E
5,000
Nor Ohio Pow & Lt 5%5'51 9331 90% 94
31,000
89
Nor Ohio Tr & Lt 55._1956
89
1,000
No States Pr 53-4% notes'40 90
8755 9055 43.000
87
Refunding 43-4s....1961 89
89% 89,000
93
Nor Texas Militia 78 1935 94
94
4.000
'
,
N'western Power 65 A 1960
16
1755 4,000
N'western Pub Serv 58 1957 66 311 6554 67
29.000
Ogden Gas 5s
90
9055 3,000
1945
Ohio Edison let 53._-_1960 87% 86
97,000
88
Ohio Power let 55 B__1952 10034 98 10031 52.000
let & ref 455s ger D 1956 9155 9055 9254 74,000
68
1,000
2024 83% 8351 8351
Ohio Public Service Co
6s series C
84% 11,000
1953 8451 81
1st dr ref bs ser D. _1954
81
81.51 6.000
5554 series E
8056 8231 8,000
1961
Okla Gas dr Elea 5s.
8551 04.000
..1950 8235 82
Os series A
23,000
73
71
1940 73
Okla l'ow & Water 55_1948
6255 6,000
51
Oswego Falls fls
14,000
50
1941
52
Pacific Coast Pow 55_1941) 82
82
8,000
80
Pacific Gas & El Co
1st 6e series B
21.000
10655 107
1941
let & ref Ss ser C...1952 1044 103% 10451 33.000
ba series I)
1955 10131 10055 10155 33.000
let & ref 455s E._ _1957 944 9355 9455 32.000
1st & ref 4 55s F... _ 1960 94
93% 9455 52,000
Pee Inc 5s without war .'48
17,000
75
75
Pac Ltg & Pow .5s_ _1942
1,000
10554 10534
Pao Pow & Light 5s_ _ _1955 6176 61
6255 86,000
Pacific Western 011650'43
With warrants
714 69% 714 50,000
Palmer Corp of La 6s.1934
8751 8955 18,00
Penn Cent L & P 455s 1977 7655
7451 7751 29,000
Penn Dock & Warehouse
68 cite of dep
1,000
34% 3454
1949
Penn Electr.c 45
7,000
71
1971
7255
Penn Ohio Ed60 ser A wIthou warr 50 74
65% 76 102,000
Deb 555s series 11_ _1959 6551 61
6655 77.000
Penn-Ohio P & L 555s 1954 96
23,000
93% 96
Penn Power bs
15,000
1956 9835 98
99
Penn Pub Serv Ss C _1947
54456 85
5.000
9155 May 1034
96
Apr 0103
50
Ma
86
41
Ma
74
Slay
Jan
Jan
Jan
Jan
11%
8351
80
88
17
4751
89
37
38%
3755
35%
40
40
253.4
88
82
6855
80
82
100
2355 Jan
9755 June
9814 Jan
101% Jan
49% May
aaq Jan
102)4 Jan
59% Jan
Jan
60
5941 Jan
6351 June
0855 June
Jan
65
4955 Jan
95
Jan
Jan
99
9115 Jan
105
Jan
9755 Jon
105
Feb
10854 Jan
106
Jan
61
June
68
21%
22
7855
May 91
Jan
Apr 46
Jan
May 36% Jan
Slay 10235 Feb
5955
59
54
80
77
70
75
8351
10
55
85
73
9055
81
78
Apr
Apr
Apr
Apr
May
Mar
Apr
Jan
Apr
AM
Apr
Apr
May
Apr
May
90%
91
8554
103%
100%
92
974
91
18
76
10155
98
10411
9955
116
Feb
Feb
Jan
Jan
Jan
Jan
Jan
June
June
Jan
Feb
Jan
Jan
Jan
Jan
75
64
70
70%
63
35
36
7991
Apr
Mar
Apr
Apr
Mar
Mar
Apr
May
9555
89%
90
914
7811
5934
33
93
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Apr
Jut
Apr
May
Apr
Ap
Apr
Apr
Apr
Apr
Ma
Ma
Apr
Ay
Apr
Apr
Apr
Apr
Apr
Apr
10155 Ma
9655 Slay
35% Feb
101
Mar 11254 Jan
9855 Apr 106% Jan
944 May 1054 Jan
8655 Apr 10111 Jan
Mar 10155 Jan
86
04
Am 764 Jan
103
May 10831 Fel)
98
Apr 7134 Jan
Apr
Apr
Apr
71% June
s955 June
80,1 Feb
29
Mar
5134 Apr
3454 Mar
74% Jan
5751
7934
60
53
45
85
96
Cl
Jan
Apr 82
Apr 7555 Jan
May 103% Feb
Feb
ala 104
Jan
Apr 100
Bonds (Continued)
-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. High.
Range Since Jan. 1.
Low.
High.
Jan
Penn %Nat & Pow 58.__1940 10334 10331 1044 18.000 9935 Apr 108
Jan
435s seriesB95 9535 14,000 9454 May 101
1968
Peoples Gas Lt & Coke
Apr 9334 Jan
77
7911 7,000 66
1981
4s series 13
Miseries C
1957 9835 9734 994 123,000 874 Apr 1064 Jan
84 May
z% Apr
235 835 192,000
Peoples Lt & Pwr 58..1979
8
107 10735 3,000 1024 Mar 1104 Jan
Phila Electric Co 55..1966
Feb
Phil& Elec Pow 5358_1972 10535 10435 10531 57,000 10134 Mar 108
3,000 4334 May 604 Jan
56
57
Plana Rap Transit 6s 1962
PhIla Suburban Counties
12,000 9,”..5 May 1044 Jan
10035 101
Gas & Electric 4 34s..1957
Piedmont Hydro El Co
Jan 764 Jan
24,000 65
72
ref 63.58 Cl A-1960 7035 70
let di
June
4,000 60% Apr 82
80
80
Piedmont & Nor Ry 5s '54
June
Apr 91
1,000 82
91
91
1949
Pittsburgh Coal Gs
May
3,000 6335 Feb 79
79
Pittsburgh Steel 66_ _1948
79
May 5935 Jan
34
3,000 28
31
Pomerania Elec Os
1953 31
75 June
7,000 41
75
Poor & Co 6s1939
o6834
Apr 8935 Jan
42,000 74
Potomac Edison 5e E.1956 8531 8234 86
19,000 65
May 8634 Jan
80
435s series F
1961 794 79
Apr 1064 Feb
10435 1044 10,000 102
Potomac Elee Power Is '36
Apr 594 June
5935 5,000 28
Power Corp of Can 435s '59
57
Power Corp of N Y6.000 8035 May 994 Feb
85
6355 series A
83
1942 85
Jan
60
Alt
13,000 52
60
1947
58
53413
Power Securities 68...1949
Apr 6635 Jan
16,000 44
5935 65
American series
64
Procter & Gamble 435e '4; 10135 1034 1044 48.000 9835 May 1054 Feb
Jan
31,000 4315 Apr 70
Prussian Elec deb 138._1954 4535 4435 50
Apr 9535 Jan
91
2,000 85
89
Pub Serv (N II) 4358131957 91
Jan
7,000 10334 Apr 119
109 all6
Pub Serv of NJ pet ctfri
114
Pub Serv of Nor Illinois
Apr 100% Jan
44,000 66
86
82
let & ref 58
1956 85
Jan
Apr 98
15,000 61
804 85
5- series C
1966
Apr 9035 Jan
76
36.000 60
415e series D
72
1978 76
Apr 914 Jan
10,000 61
1st & ref 4 Sis ser E_1980 75
734 75
Jan
6035 Apr 93
lot & ref 4355 ser F.1981
7615 118,00
,
7535 72
804 Apr 10735 Jan
973 139,00
.
4
0355 series (I
1937 9735 96
7535 Apr 100
Feb
25,00
9135 93
64sseries II
1952 93
Pub Serv of Oklahoma
5235 Apr 7615 Feb
684 7,00
So series C
68
W.3:
54
Apr 774 Jan
22,00
5s series I)
1957 674 6735 70
Apr 804 Jan
42
19,00
Pub Sep/ Sub 535s A_1949 65
0335 65
47
Apr 6735 Jan
Puget Sound P de L 535s '49 6034 5_ _ 61 102,00
9
Jan
1st & ref Se ser C_ _ _ 1950 5835 . it 5835 34,000 454 Apr 66
57
Jan
63
Ma
53 167,000 40
1st & ref 435sser D.1950 524 50
Jan
Apr 85
81
15,000 71
80
Quebec Power 55
19613
Jan
5,000 883i May 100
(3uenn
5 ,5
s13oro G & E 435s _'58 8935 8935 8935
,
Jan
May 87
1,000 72
75
75
1962
Republic Gas Co
June
24
18
13,000 14
Apr 24
June 15 1945
es
Apr 23 June
18 a234 48,000 13
2235
Certificates of deposit_ __
Mar 48
Jan
Rochester Cent Pow 58 '53 3835 3634 3935 32.000 25
Mar 10835 Feb
1024 103.35 64.000 100
Rochester Ity & Lt 58_1954 103
Jan
Ruhr Gas Corp 6 30_1953 36
30
4031 23,000 3535 May 07
2831 16,000 2334 May 60% Jan
Ruhr Housing 6 4s_ _1958 2834 25
Jan
Apr 102
42,000 90
Safe Harbor 1Vat Pr 4558'79 9634 9634 ,8
9
90,000
7
Apr 164 Jan
St Louis Gas de Coke 6547 1231 11
'''
May 8335 Jan
San Antonio l'ub Serv 5558
7735 7735 4,000 z65
San Diego Consol G & E
Jan
Mar 106
534s series I)
l960 1024 10234 10235 5,000 99
er_
San Joaquin Lt & Pow
Jan
97
1,000 924 May 107
97
68 series B
1952
Jan
8631 10,000 77% May 98
86
& series Li
1957
Jan
2,000 974 Mar 105
102 102
Sande Falls 5s A
1955
4,000 47
50
May 6734 Jan
50
Saxon Pub Works 68._1937
Schulte Real Estate 6s 1935
Apr 11
11
June
2,000
7
11
Without warrants
7014 14,000 5535 Apr 7235 Feb
67
Scripps (E U) deb 54s '43 67
Apr 504 Jan
39,000 30
Seattle Lighting 5s__ _1949 45
44
45
5935 66
19,000 494 Jan 69
June
Servel 5s
1948
69 102,000 49
Apr 67
June
62
Shawinigan W & P 434s '67 69
Apr 6635 June
1968 6635 624 6635 43,000 50
4 43;series 13
74
34,000 57
Mar 74
June
69
let &series C
1970 74
67
46,000 484 Mar 67
June
62
let 435e series D...1970 67
2,000 65
Apr 82
June
Sheffield Steel 535s...1948 79
79
82
3935 2,000 23
Feb 40
39
May
Sheridan Wyo Coal 68.1947
6135 0135 5,000 48
Apr 66
Jan
South Carolina Pwr Is 1957
Southeast P & L (is_ _.2026
6531 714 280,000 4735 Mar 8235 Jan
70
Without warrants
48,000 94
May 1054 Jan
Sou Calif Edison 55_1951 10031 1004 101
Refunding 58
1952 1014 10031 10135 14,000 Dag Apr 10535 Jan
May 1054 Jan
Refunding 58June 1 1954 1014 10034 10135 35,000 94
11.000 101
Jan
Feb 108
105 106
Gen de ref 5s
106
May 994 Jan
884 9035 11,000 80
So Calif Gas Co Is _19397
Soil
195
8234 10,000 72
May 8935 Feb
Sou Calif Gas Corp 58_1937 82
81
Southern Gas Co 634s1935
96
Jan
913i Jar
934 934 5,00
Without warrants
Apr 1054 Jan
98
19.00
1024 103
Sou Indiana 0 & E 5358'57 103
Apr 524 June
34
5235 10,00
:
47
57
Sou BMW's Ity 45_ .1951
Southern Natural Gas(3544
Apr 6235 June
553i 0235 58,000 39
62
Unatamped
4,00
393
,4 Apr 62 June
62
Stamped
Jan
Ma
56
2,000 35
52
61
S'w est Assoc Telep 58 1961
Apr 824 Jan
31,00
60
784 80
Southwest0 & E 58 A_I957 80
Apr 82
Jan
52
17,00
80
Is series 11
78
1957 SO
June
19,000 504 May 71
Sou'weet Lt & Pow 58_1967
664 71
43 May
Ma
4134 9,000 26
Bou'west Nat Gas 68_1945 41
38
Apr 664 June
6135 6635 57,000 32
S'west Pow & I t Os...2022 65
June
86
86
7,000 69 4 Ma
85
_ 1942 85
Staley Mfg Co 0s
Ma
73
June
Stand Gas & Elea 631_ _1935 69
6735 73 166.000 35
Apr 73
83,000 35
674 73
June
Cony as
1935 71
613/ 174,000 2835 Apr 61% June
Debenture Os
1951 574 49
60 137,000 284 Apr 60
Debenture 6a_Dee 11990 554 49
June
Apr
72
724 5,000 63
7235 June
Stand Investing 548_1939
72
Apr 72
72
3.000 61
June
1937 72
55 ex warrants
Stand Pow & I.t Os_ ___1957 5535 493 59 126.000 264 Apr 59
June
1
Apr 324 Jan
4
Stand Telep 535e____1943 214 2135 22, 48,000 10
Stinnes (Hugo) Corp
Apr 65
3534 38
50,000 32
Jan
7s without warr Oct 1 '36 36
7e without warr____1946 3531 3535 3835 42,000 2935 May 594 Jan
10135 15,000 994 Apr 1024 Jan
101
1939
Sun Oil deb 534a
May 10835 Feb
534s
1951 1044 104 10434 9,000 101
9531 974 8.000 9534 June 100
Feb
Sun Pipe Lthe Is
1940
18.000 59
6835 70
Slay 84
Jan
Super Power of pi 448.'68 69
Apr 83% Jan
1970 6935 684 6935 10,000 60
1st 430
86
83
6,000 7635 May 9335 Jan
1961
1st Os
SwIft dr Co 1st me f 58_1944 1014 10331 1044 40.000 9634 Apr 1044 June
Mar 9835 June
1940 9835 974 9835 109,000 87
6% notes
1014 10131 8,000 96
Star 10635 Jan
Syracuse I.t 56 ser 11 1937
1004 101
6,000 99
Feb 1014 Jan
1934 101
Is
7335 11,000 63 Slay 054 Jan
73
Tennessee Ilec Pow Is 1956
774 80
Apr 94
9,00
70
Jan
Teonessee l'ub Sent Is 1970 78
76
Jan 8134 Feb
7735 17,000 69
Terni Hydro Eiec 6358 1953
5635 33,00
54
46
Feb 57
Jan
Texas Cities Gas 58..1948
80 175,00
77
Apr 90
66
Jan
Texas Elec Service 56.1960 80
2234 26
26,000 1134 Feb 20
June
Texas Gas Utll N....1945 26
8434 36,000 70
Apr 92
Jan
TeXaa Power & Lt 5s._1956
844 81
Apr 104
1937 9835 9831 9931 42,000 90
Jan
.55
1934
Thertnold Co 69
50
48
7,000 2634 Apr 50 June
48
With warrants
624 23.000 444 Apr 69
Jan
Tide Water l'ower 58.1979 6235 57
1962 924 914 a934 161,000 80% Apr 994 Jan
Toledo Edison &
Apr 3435 May
29
334 113.000 20
Twin City Rao Tr 634e '52 29
Jan 3435 June
334 344 37,000 15
1944
Ulm] Co Orb 65
Union Amer Invest Is.1948
784 7835 5.000 724 Mar 784 May
With warrants
Apr 10034 June
Union Atlantic 4358_1937 10031 98 10031 51,000 92
Union Elm Lt & Power
96
23.000 874 Apr 0935 Jan
94
1957 95
11.000 924 Apr 106
Jan
1967
5 series1198 .18
4071
Financial Chronicle
Volume 136
Bonds (Concluded)
-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
$
Price. Low. High.
Un Gulf Corp Egi_July 1'50
United Elec (N J) 46_1949
United Elec Serv7s.. 1956
United Industrial 635s 1941
1945
1st Os
United Lt de Pow 6s_ 1975
1st 535s- _April 1 1959
1974
Deb g 64e
1952
Un Lt & Ry 5358
1952
8s series A
6s serlir A
1973
U S Rubber
1933
3
-year 6% notes
6% serial notes_ .1936
64% serial notes __1934
64% serial notes .1935
635% serial notes..1930
64% serial notes..1037
635% aerial notes__1938
635% serial notes_ _1939
635% serial notes. _1940
Utah Pow & Lt 6s A.. 2022
1944
435s
,
Utica Gas & Elec 58_ _1952
5s D
1956
Vamma \Vat Pow 53-4s 1957
Van Camp Packing 6s.1948
Va Elm dr Power 5s__.1955
Va Public Serv 5345 A 1946
1st ref 55 ser B
1950
6s
1946
Waldorf-Astoria Corp
is with warrants
1954
Certificates of deposit...
Ward Baking Co 6s__.1937
Wash Gas Light 58_1958
Washington Ry& Es 4s '51
Wash Water Power 58.1960
West Pena Elec 55
_2030
West Penn Traction Is 1960
West Texas Utll .5s A.1957
Western Newspaper Union
Cony deb Os
1944
Western United Gas & Elec
1st 535e ser A
1955
Wheeling Electric 58_.1931
Wisconsin Elec Pow 551954
Wise-Minn Lt & Pow 55 '44
Wise Pow & Lt 55E___1956
IssertesF
1958
Yadkin River Pow 58_1941
York Railways 55
1937
Foreign Government
And MunicipalitiesAcne Mtge Ilk (Colombia)
is
1946
1974
is
Baden °sterna 7s____1951
Buenos Aires(Prov) 7356'47
735s stamped__ __1947
78
April 1952
7s stamped
1952
Cauca Valley 78
1948
Cent Bk of German State &
Prov Banks 66 B-1951
1952
6s series A
1955
Danish 5358
.58
1053
German Cons Slunk)78.'47
1947
Secured Os
lIanover (City) 7s_ 1939
Hanover(Prov)64s_ _1949
Indus Mtge Bk (Finland)
1st mtge coil e f 78._1944
lima 6 3
5s
1958
Ctfs of deposit
Nlaranhao 7s
1958
Medellin 78 ser E
1951
Slendoza 734s
1951
Mtge Bk of Bogota 76_1947
(Issue of May 1927)____
Issue of October 1927_
Mtge Ilk of Chile 68..1931
Mtge 13k of Denmark &'72
Parana (State) Brazil
78
1958
Rio de Janeiro 6 358
1959
Russian Govt-64s
1919
61.5s certificates
1919
1921
5358
5
certlficates......1921
Saarbruecken 7s
1935
Santa Fe 7s
1945
1961
Santlago 78
7s
1949
100
4135
4135
5335
52
5735
75
5235
100
94
9435
154
65
6135
88
6834
5734
High.
Low.
Feb
Jan
Feb
10036 45,000
12,000
100
7735 8,000
45.35 46,000
4535 32,000
88,000
55
714 19,000
55% 34,000
5835 105,000
75
29,000
5235 24,000
96
93
7035
35
2534
274
544
2914
314
64
254
Apr 103
Mar 103
may 834
May 66
May 68
Apr 55
Mar 74
Apr 5534
Apr 584
Apr 80
Apr 5235
Jan
June
May
June
June
Jan
June
994 100 224,000
2,000
9335 94
6,000
95
93
52,000
86
85
44,000
80
65
3.000
78
75
5,000
78
75
27,000
76
75
12,000
76
73
8,000
6031 63
1,000
67
67
9431 944 10.000
1,000
9435 9434
804 804 1,000
1235 1635 50,000
,
26,000
9431 96
684 6935 11,000
25,000
65
62
62
20,000
59
es
9335
504
2935
27
25
27
27
25
45
53
92
9435
,
08
104
89
57
54
43
Apr zI10
,
June 9435
Apr 9535
Feb 86
Feb 80
Apr 78
78
Feb
Feb
76
76
Feb
Apr 63
May 69
Apr 103
June 10335
Jan 8235
2454
Feb
may 101
77
May
Apr 7135
Apr 624
May
June
June
June
June
June
June
June
June
June
Feb
Feb
Jan
May
May
Jan
Jan
Jan
J..13
20,000
6.000
18,000
45,00
1,00
19,00
43,00
1,00
138,00
5
24
904
78
824
87
4435
60
3535
134 May
Niar
May
Feb
10
Jan
Apr 97
Mar 9435 Feb
Jan
91
May
Apr 10235 Jan
June
May 68
May 7435 Feb
June
Apr 58
100
99
73
41
41
484
70
52
5335
7435
454
1135
735
9235
88
86
9254
64
084
5235
13
8
93
89
86
94
68
0814
58
31
1135
735
Range Since Jan. 1.
35
16,00
z21
Feb
J"
35
June
8035 8231
10135 10135
99% 1004
8435 86
7635 77
75
75
8535 854 864
85
8635
17,00
4,00
6,00
4,000
4,000
4,000
10,000
8,000
64
99
97
70
624
59
75
78
Apr 894
May 10
431
Slar 103
Apr 91
May 89
May 894
May 89
Apr 92
Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
32
34
28
3635
38
34
32
12
3334
34
41
3635
40
34
35
15
13,000
8,000
144,000
1,000
7,000
1,000
29,000
18,000
1735
16
28
2534
34
19
2934
7
Apr
Mar
June
Feb
Slay
Mar
May
Mar
35
35
5735
38
40
35
35
15
Mar
Mar
Jan
June
Slay
June
June
45
3335
71
65
264
27
544
2935
484
364
74
65
32
3335
5635
31
17,000
4,000
14,000
2,000
66,000
66,000
34,000
30,000
3634
30
58
57
2634
25
5335
28
May
Slay
Mar
Jan
June
May
May
May
66
55
75
68
6235
614
01
5434
Jan
Jan
Jan
May
Jan
Jan
Mar
Jan
7131
831
5
1635
18
28
72
934
635
20
21
33
15,000
12,000
9.000
36.000
18,000
16,000
59
4
3
635
1034
17
Mar
Feb
May
Jan
Mar
Mar
73
934
64
20
21
33
Feb
June
June
June
June
June
31
32%
114
66
10,000
31
3315 9,000
144 19,00
1,00
66
1834 Feb
Mar
20
Apr
8
5734 Apr
3235
3334
144
06
June
June
June
Jan
814
100
86
36
40
35
15
45
27
27
5434
2935
72
9
18
29
31
144
15
184
1335 1635 36,000
1635 1831 24,00
5
7
Jan
Jan
May
163,4 June
1835 June
5
June
Apr
2
334 5 138,000
June
5
14 mar
334 5 302,000
535 June
,
2
Mar
335 535 243,000
4% June
135 Apr
335 41% 141,000
5,000 10335 Jan 10335 Slay
10335 10335
May
Apr 26
4,000 13
2315 234 25
1015 May
435 Jan
935 12,000
,
9
935
,
94 June
Ma
4
935 3,000
9
5
435
5
435
• No par value. a Deferred del very. co d Certificates of deposit. cons Consolidated. cum Cumulative. cony Convertible. e Bee note below. m Mortgage. n Sold under the rule. n-v Non-voting stock. t Sold for cash. etc Voting
x Ex-dividend.
w w With warrants.
. ie ho u
trust trtlfica
un
w 1 When issued.
Without warrants.
"Deferred delivery" sales affecting the range
eealDImbetical list below for
year:
for the
aS
American Manufacturing. pref., Feb. 7.30 at 434.
Arkansas Natural Gas, corn., class A. March 15. 400 at 4.
Associated Gm & Elea. 535s. 1938, registered Jan. 24. S5.000 at 2334.
Associated Gas & Elec. 56 1968. registered. Mar. 29. $1,000 at 13.
Associated Telephone, $1.50 preferred. Feb. 9, 100 at 1934.
Beneficial Industrial Loan corn, April 19. 200 at 8.
Central States E.ectric Is 1948, April 7, $16,000 at 2734
Cities Service, corn.. April 13, 100 at 14.
Commonwealth Edison Is, series A, 1953, April 24, $5,000 at 91.
Commonwealth Edison 435s, series C 1956. April 24. 52,000 at 83.
General Bronze Corp. es. 1940. April 10. $7,000 at 43.
Illinois Power Ea 1933, Jan. 9, $13,000 at 1004.
Indiana Electric 55, series C. 1951, Feb. 1, $7,000 at 80.
International Petroleum, Feb. 2. 200 at 814.
Jersey Central l'ow & Light 54% pref., Slay 29, 25 at IS.
Letcourt Realty Corp., pref. Apri 4. 100 at 234
Niagara-lludson Power cies B option warrants Mar,- 21, 10
l'eoples Light & Power Is. 1979, April 18, 52.000 at 3
4.
Republic Gas 6s, etts. of dep. 1945, June 9. 62,000 at 23.4.
San Antonio Public Service 58, 1958, May 3. $1,000 at 64.
Syracuse Lighting 515e, 1954. Feb. 1, $1.000 at 10954
Union American Investment 513 w. w. 1948, April 12. 51.000 at 72
United States Rubber 68. 1933. 55.000 at 10054.
Western Newspaper Union 68. 1944, March 16, 51,000 at 21.
See alphabetical list below for "Under the rule" sales affecting the range Mr
the year:
Chicago District Electric 534e, 1953. Feb. 2. $7,000 at 9515
Cleveland Electric Illuminating Is 1939, June 1, 51,000 at 10735.
Crown Central Petroleum corn., April 24, 67 at I.
Hygrade Food Products, new corn.. March 15. 52 at 34.
Narragansett Electric 5e, series 11, 1957. Jan. 17. $1.000 at 104.
New York & Westchester Ltg 5s 1954, Mar. 27, $5,000 at 10854.
Niagara Hudson Power class A option warrants. Jan. 12. 100 at 1.
Southwestern Public Service tia, A, 1945. Feb. 14. $1,000 at 70.
Tennessee Public Service Se. 1970. Jan 13 91.000 at 1154
4072
Financial Chronicle
June 10 1933
Quotations tor Unlisted Securities-Friday June 9
Port of New York Authority Bonds.
Public Utility Bonds.
Bid
Bid
Ask
Arthur Kill Bridges 4345
Bayonne Bridge 48 series C
series A 1933-46
M&S 57.50 6.50
J&J 3 80
1938-53
Inland Terminal 4348 ser D
Geo. Washington Bridge
M&S 70
1936-60
48 series 13 1936-50_ _ _J&D 05.50 5.25 Holland Tunnel 43(2:series E
4 Ha ser B i939-53M &N 05.50 5.25
M&S 54.75
1933-60
Ask
90
80
4.50
U S. Insular Bonds.
Philippine Government.4s 1934
48 1946
434s Oct 1959
43-6e July 1952
58 April 1955
5s Feb 1952
5348 Aug 1941
Hawaii 43413 Oct 19511
Bid
97 100
88
92
92
88
92
88
94 100
94 100
100 103
94 100
Honolulu 55
US Panama 38 June 1 1961_
28 Aug 1 1936
2s Nov 1 1938
Govt of Puerto Rico
434s July 1958
55 July 1948
Bid
95
102
9912
99 2
,
Ask
100
103
10012
10012
97
102
91
99
Federal Land Bank Bonds.
Bid
48 1957 optional 1937..3.1&N 83
48 1958 optional 1938_M&N 83
434s 1956 opt 1936._ _J&J 84
434s 1957 opt 1937____J&J 84
434s 1958 opt 1938___M&N 84
58 1941 optional 1931_74,4N 9311
434e 1933 opt 1932___J&D 1003
4
Ask
84
84
8512
8512
8512
94 4
,
101
1942 opt 1932__M&N
1943 opt 1933____J&J
1953 opt 1933____J&J
1955 opt 1935.___J&I
1956 opt 1936.___J&I
1953 opt 1933____Jd3.1
1954 opt 1934____JAJ
Bid
88
88
86
86
86
88
88
Ask
8912
8912
87
87
87
8912
8912
Bid
4345
434s
434s
43421
434s
434s
43.4s
Ask
New York State Bonds.
Bid
Ask
Canal dr Highway5s Jan & Mar 1933 to 1935 03.20
58 Jan & Mar 1936 to 1945 03.50
58 Jan & Mar 1946 to 1971 53.70
Highway Imp 4348 Sept '63
Canal Imp 434s Jan 1964__ _
Can & Imp High J & M 1965
Barge CT 434s Jan 1945___
53.50
53.50
53.50
03.50
World War BMUS434s April 1933 to 1939_
Oka April 1940 to 1940..
Institution Building
4s Sept 1933 to 1940
4s Sept 1941 to 1976
Highway Improvement
4s Mar & Sept 1958 to '57
Canal Imp 482 de J '60 to '67
Barge CT 48 Jan 1942 to'46
03.20
53.40
93.40
03.50
03.50
03.50
03.50
Ask
87
87
87
87
87
91
91
91
91
98
98
98
New York Bank Stocks.
Par Bid
Ask
Bank of Manhattan Co__20 337 357
8
8
Bank of Yorktown
35
100
13ensonhurat Natl
..100 25
34
Chase
20 33
35
Citizens Bank of 13klyn_100
95
City (National)
20 3918 41 18
Comm'l Nat Bank d3Tr_100 150 160
Par Bid Ask
I.afayette National
26
6
9
Nat Bronx Bank
30
50 25
1:)
National Exchange
25 16
Nat Safety Bank & Tr__ _25
512 712
Penn Exchange
25
Peoples National
100
Public Nat Bank & Tr___25
Fifth Avenue
100 1220 1270
First National of N Y __ _100 1475 1525 Sterling Nat Bank & Tr25
Flatbush National
Textile Bank
100 35
Fort Greene
100
25 Trade Bank
100
Grace National Bank __ _100
200 Washington Nat Bank_ _100
Kingsboro Nat Bank_ _ _ _ 100 _- - 54
44
Yorkville(Nat Bank 00.100
5
33
9
80
35
1514
34
13
12
30
1814
37
18
4
40
Trust Companies.
Par
Banes Comm Itallana Tr100
Bank of Sicily Trust
20
Bank of New York & Tr_100
Bankers
10
lironx County
20
Brooklyn
100
Bid Ask
142
12
10
380 395
703 7234
4
16
13
151 161
Central Hanover
20 13912 14312
Chemical Bank & Trust..10 41
43
Clinton Trust
50 30
37
Colonial Trust
16
100 12
Cent Bk dr Trust
10 181 1 1934
Corn Each Bk dr Trust
20 6612 6812
CountyEmpire
Fulton
Guaranty
Irving Trust
Kings County
Par
25
20
100
100
10
100
Bid Ask
3014 321:
2414 2614
250 280
331 336
233 253
8
8
1900 2000
Manufacturers
20 22
24
New York
25 10412 10712
Title Guarantee & Trust_20 2514 2714
10(1
Trust Cool N A
20 30 40
Underwriters Trust
100 1575 1625
United States
Guaranteed Railroad Stocks.
(Guarantor In Parenthesis.)
Dividend
Par in DoUars.
Alabama & Vicksburg (Ill Cent)
Albany & Susquehanna (Delaware & Hudson).100
Allegheny & Western (Buff Roc!)& Pitts)
Beech Creek (New York Central)
50
Breton & Albany (New York Central)
100
Boston .5 Providence (New Haven)
100
Canada Southern (New York Central)
100
Caro Clinchfleld & Ohio(L N A C L)4%---- 100
Common 5% stamped
100
Chic Cleve One & St Louis pref(N Y Cent)...100
Cleveland & Pittsburgh (Pennsylvania)
ao
Betterman stock
50
Delaware (Pennsylvania)
Georgia RR & Banking (I.& N. A C L)
100
Lackawanna RR of N J (Del Lack & Western).100
Michigan Central (New York Ceatral)
100
Morris & Essex (Del Lack & Western)
50
New York Lackawanna & Western(D L & W)_100
Northern Central (Pennsylvania)
50
Old Colony (N Y N H & Hartford)
100
Oswego & Syracuse (Del Lack & Western)
60
Pittsburgh Bees & Lake Erie(US Steel)
Preferred
Pittsburgh Fort Wayne & Chicago (Penn)
100
Preferred
100
Rensselaer .5 Saratoga (Delaware & Hudson)._100
St Louis Bridge 1st prat (Terminal RR)
100
2nd preferred
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR & Canal(Penna)
100
Valley (Delaware Lackawanna & Western)._.100
Vicksburg Shreveport & Pacific (III Cent)
Preferred
50
Warren RR of NJ (Del Lack & Western)
Sea Shore (Penn)
West Jersey
Last reported market.
1
• No par value.
6.00
11.00
6.00
2.00
8.75
8.50
3.00
4.00
5.00
5.00
3.50
2.00
2.00
10.00
4.00
50.00
3.875
5.00
4.00
7.00
4.50
1.50
3.00
7.00
7.00
6.90
6.00
3.00
3.00
10.00
5.00
5.00
5.00
3.50
3.00
Bid.
85
160
73
25
108
131
4:3
63
70
60
61
34
32
128
82
GOO
61
80
73
83
55
26
50
110
140
108
105
54
105
203
78
53
53
Bid
Ask
Ask
493 Newp N& Ham 55 '44..J&..1 7912 82
4
N Y Wat Ser 58 1951_M&N 7212 75
Oklahoma Gas 6s 1940_ _ _ _ _
21
7012 7412
Old Dom Pow 5s _ May 15'51 68
51
52 2 Parr Shoals P 5s 1952. _A&O 43
,
42
2314 Peoples I.& P6145 1941 J&J 39
4912 Roanoke W W 55 1950_2A.1 56
58
75 4 United Wat Gas & K 581941 79
,
54
51
543 Western P 5348 1960 F&A
4
--- Wheeling Electric 58 1941... 101 102
Public Utility Stocks.
Par
Arizona Power pref._..100
Assoc Gas .5 El °rig pref..•
$6.50 preferred
•
47 preferred
•
Atlantic City Elec 46 pret•
Bangor Hydro-El 7% pf..100
Broad River Pow pf_...100
Cent Ark Pub Serv pref _100
Cent Maine Pow 6% pf_100
Cent Pub Serv Corp pref_•
.
Consumers Pow 5% pref •
6% preferred
100
8.60% preferred
100
Dallas Pow & Lt 7% pref 100
Derby Gas .5 Elec 47 pref.
Essex-Hudson Gas
100
Foreign I.t & Pow units__ _
Gas & Elec of Bergen...100
Hudson County Gas_
100
•
Idaho Power 8% pref
7% preferred
100
Inland Pow & Lt pref..100
Jamaica Water Supply Pr-50
Ask
30
2
5
3
6
3
6
87
84
953 100
4
22
44
_
552 61
14
3
4
Bid
7212
7412
84
88
_
44
94- 4812
143
423 46
4
91
95
143
84
72
-78
74
2
18 4 5014
-181
85
Par Bid
Kansas City Pub Serv pref •
Metro Edison $7 pref B..
6512
6% preferred ser C
• 8012
Nlississippl P L $6 pref • 43
Miss River Power pref..100 84
Mo Public Serv Prof...100
612
Nassau & Suffolk Ltg p1100
Newark Consol Gas__ -_11)0
New Jersey Pow & Lt $6 pf•
NY & Queens EL & P pf100
Ask
3
0
64
46
87
11
801 65
92
58
9912 105
Pacific Northwest P 8
•
6% preferred
100
Prior preferred
100
712
Philadelphia Co 45 pref__ 50 50
Somerset Un Md Lt....100 68
South Jersey Gas.5 Elec.100 146
Tenn Elec Pow 6% pref _100 56
United 0.5K (NJ) prof 100 46
Wash Ry & Elec Corn...100 265
5% preferred
100 81
Western Power 7% pref_100 7212
10
9
9
72
58
5012
85
Investment Trusts.
New York City Bonds.
Ask
Bid
Bid
038 May 1935
91 a4 Ha June 1974
88
85
d3348 May 1954
78 a4 Hs Feb 15 1978
76
85
a33.413 Nov 1954
76
85
78 a4 Hs Jan 1977
ate Nov 1955 dr 1956
81 a4345 Nov 15 1978
79
85
a4s M & N 1957 to 1959- - - 79
81 a4 He March 1981
85
ate May 1977
79
81 a434s M & N 1957
88
a48 Oct 1980
79
81 a4 Hs July 1967
88
c4 Hs Feb 15 1933 to 1940- 56.59 6.25 a4 Ha Dec 15 1974
88
a434s March 1960
84
86 a4 Hs Dec 1 1979
88
04345 Sept 1980
85
88
a4 Hs March 1962.5 1964_ _
85
88 aes Jan 25 1935
96
04348 April 1966
85 88 068 Jan 25 1936
96
04348 April 15 1972
85
88 a6s Jan 25 1937
96
a Interchangeable. to Basis. e Registered coupon (serial). dCoupon.
Bid
Amer S PS 5 Hs 1948_M&N 463
4
Atlanta 0 L 58 1947 __J&D 9512
Cen 0.5 ES • 1933_ F&A
1512
1st lien coil tr 5 Hs'46JA
47
1st lien con tr (3s '46_M&S 4812
Fed P S 1st 68 1947___J&D
193
4
Federated CBI 53.45 '57 M&S 441
Ill Wat Ser 1st 5a 1952.2&J 72
Iowa So CBI 5345 1950_J&J
513
4
Louis Light 1st 5e 1953.A&O 10114
Ask.
78
30
112
48
74
66
64
35
135
65
64
85
78
88
60
ao
60
120
145
112
"io;
ss
Ask
Par
Par Bid
Administered Fund__.....1 16.55 17.70 Major Shares Corp
Amer Bankstocks Corp___• 1.35 1.56 Mass Investors Trust
•
Amer Brit & Coot 46 pref ..• 12
Mohawk Investment Corp
14
Amer Business Shares
1.57 1.75 Mutual Invest Trust "new"
Amer Composite Tr Shares_
37
8 412 National Shawrnut Bank___
Amer .5 Continental Corp..
National Trust Shares
5
6
AmFounders Corp 8% pf 50 1512 19 National Wide Securities Co
Voting trust certificates..
7% preferred
6 219
50 15;2 1 1,2
Amer .5 General Sec CIA..'
N Y Bank & Trust Shares_ _
Class B com
•
14
1, No Amer Bond trust arc
4
43 preferred
2
32 43 No Amer Trust Shares
2
Amer Insumnstocks
Series 1955
Assoc Standard 011 Shares__
Series 1956
5
5 12
Bancemerica-Blair Corp_
100
35
8 3 Northern Securities
14
Bankers Nat Invest'g Corp •
011 Shares Inc units
Bancsicilla Corp
•
Basic Industry Shame
Old Colony Inv Tr corn...'
British Type Invest A...1 11..15 : Old Colony Trust Assoc Si,i •
3 0 5 1 24
2
1 ;0
Bullock
1414 1514 Pacific Southern Invest pf
Class A
Central Nat Corp claw A_
Class B
22 2 241,
,
4:112 212 Petrol & Trad'it Corp CIA.'
Class B
Century Trust Shares
173 1578 Quarterly Inc Shares
8
a4 _
Representative Trust Shares
Chain & Gen Equities
•
3
Chartered Investors com •
6 Royalties Management _ _
Preferred
_
• 60
d14
1 Second Internet Sec cl A__•
Chelsea Exchange Corp A._
Class B common
Class B
III
III
6% preferred
218 2,2
Consolidated Equities Inc. _
60
2.42 ___ Securities Corp Gen 46 pf •
Corporate Trust Shares._
Selected American Shares__
Series AA
2.35
Selected Cumulative Shs.
2.35
Accumulative series
Serial AA mod
2.43 2.50 Selected Income Shares___
Series ACC mod
2.43 2.50 Selected Man Trustees Shs.
Shawmut Association tom.*
Crum & Foster Ins Shares
Common B..10 13
16 Spencer Trask Fund
•
Standard All Amer Corp__
7% preferred
100 70
17 Standard Amer Trust Shares
Crum & Foster Ins corn__• 14
8% preferred
•
80
-- - State Street Inc Corp
Super Corp of Am Tr Sha A
Cumulative Trust Shares__ _ 4.20
.
Deposited Bank She ser A.. 2.70 3 00
AA
2.97 3.30
Deposited Insur She A
8
Diversified Tristee Shs B
BB
3.28 36
30 -i4,
, .
Dividend Shares
Equity Trust Shame A
Fidelity Fund Inc
First Commonstock Corp.-•
Five-year Fixed Tr Shares-.
•
Fixed Trust Shares A
•
Fundamental Tr Shares A..
•
Shares 13
Fundamental Investors Inc.
General investors Trust •
Guardian Invest pref w war
Gude-Winmill Trad Corp_ •
Huron Holding Corp
Incorporated Investors____•
Independence Tr Shares __•
Indus & Power Security„
.•
V t o units
Internet Security Corp(Am)
614% preferred
100
6% preferred
100
Investment Co of America_•
7% preferred
100
Investment Fund of N J___
Investment Trust of N
Investors Trustee Shares_ _
Low Priced Shares
Bid Ask
2
3
1812 21)
.8-3714 3814
1.07 1.18
3214 3414
63
4 75
8
3.55 3.65
105 1118
8
312 4
79
82,1
1.97
2.54 2.80
2.54 2.80
30
35
512 --114
712
1212 --212
38
1
10
13
1.47 1.57
9.32 9.81
18
12
184
14
1712
d29
2.71
7.11
3.80
618
1,6
934
4.50
3.15
6014
302
2.17
3.17
2.17
6.07
5.97
1.50
4
1
2012
2.77
7.83
4.25
634
1 634
10
4.80
3.35
6518
2:40
2.40
6.57
6.47
1.60
Supervised Shares
3..00 3 3
1 3° 1.30
.9
53
35
8 418
5718 Trust Fund Shares
4 16 1240 Trust Shares of A merica__ _
1.23 .
3
312
Trustee Stand Investment C 2.3(1 2.60
9.13
2.24 2.55
7.45
. Trustee Standard 011 Shs A
5
438 - 7
48
IS
412 5
418 45 Trustee Amer Bank She A
8
2.50
2.13 2.33
Series B
1.16 1.23
43
8 47 Trusteed N Y Bank Shares_
8
1.55 1.75
9
12 20th Century °rig series
1.9a
2.75 iio
Series B
35
1 7i 73 Two-year Trust Shared
63
ic
8
147 1638
184
4
5
2.25 2.50 United Bank Trust
2
3
1314 14 s United Fixed Shares ser Y
,
1.33 1.4e United Insurance Trust_ __ _
2, --_
4
U 8 & British International
Preferred
16
• 12
18
23
1534 1614
18
23 U S Elec Lt & Pow Shares A
3.0s 3.15
1
2
Voting trust ctfa
1.16 1.23
812 10
41,
j 434
2
3 Un N Y Bank Trust C 3
2
212
6 Un Ina Tr Shs ser F
4i2 5
4.80
U S Shares ser 11
Universal Trust Shares.... 3.13 3.19
57
8
Telephone and Telegraph Stocks.
Par Bid Ask
Cuban Telephone
10040
7% Preferred
100 13 35
Empire .4 Bay State Tel_100 3712
Franklin Teleg 42 50_100 2312
Int Ocean Teleg 13%
101! V
:,
Lincoln Tel & Tel 7%
New York Mutual Tet_100 1212 ---
Ask
Par Bid
Northw Bell Tel pf 654%100 1043 106
8
,
912 16
Teieg U 1%.25
Par &
100
Porto Rico Telephone__ _100
97
Hoch Telep $8.50 let p1_100 94
So & All Teleg $1.25 _...21 1212
Tri States Tel & Tel 48___• 75
_
Wisconsin Telep 7% prof100 103 106 -
Sugar Stocks.
60
60
Pari Bid I Ask
Pori Bid I Ask
42
46
Fajardo Sugar
1
65 1Sugar Estates Oriente pf 100 ____
100 62
48
Haitian Corp Amer
55
lse
•
Defaulted.
z Es-stock dB:Mande.
s
a Ex-dividend
Financial Chronicle
Volume 136
4073
Quotations for Unlisted Securities-Friday June 9-Concluded
Chain Store Stocks.
Par Bid
Butler(James) corn
34
100
l'referred
31.
100
Diamond Shoe pref
100 45
Edison Bros Stores pret_100 41
Fan Farmer Candy Sh pt__• 21
Fishman(MU)Stores____•
4
Preferred
100 40
Kobacker Stores pret__ _100 16
Lord & Taylor
100 100
let preferred 6%
100 751
Sec preferred 8%
100 751
Ask
214
7
92
45
26
9
60
___
___
___
Aeronautical Stocks.
Par Bid
Ask
85
Melville Shoe prof
100 82
912 123
Miller (I) ,k Sons pref__ _100
4
MockJuds&Voehringerpf 100 34
- -Murphy(Sc)8% pret 100 8012 88
3
1
Nat Shirt Shops (Del)
25
Preferred
100 17
NY Merchandise let 01_100 733
4
414
•
Piggly-Wiggly Corp
Reeves(Daniel) pref____100 109
50
Rogers Peet Co corn__ __100
73
68
100 - Schiff Co pref
Industrial Stocks.
Par Bid I Act
Ask
Par Bid
8
_
Macfadden Public'ns pi_ _ _ • 1138 137
Alpha Portl Cement PL-100 70
100 97 102
American Book $4
100 4412 4712 Merck Corp $8 pref
_ National Licorice com
I00 101. 211.
Bliss(E W)1st pref
50 10
19
2d pref B
National Paper & Type_100
2
10
Bohn Refrigerator pf___100 15
15
New Haven Clock pref _100 10
30
Bon Ami Co B corn
New Jersey Worsted pf._100 3 2 --• 30
9,
• 25
Brunsw-Balke-Col pref .100 51Ohio Leather
lg. Okonite Co $7 pref
100 11
Burden Iron pref
100 20 Publication Corp corn
• 10
Canadian Celanese corn__ _• 16
$7 let preferred
100 73
78
1812
881,
l'referred
100 84
,
Riverside Silk Mills
• 141.
Carnation Co coin
• 1512 17
I'referred $7
- Rockwood de Co
• 10
100 8212
Preferred
2
Chestnut de Smith com___ _• ____
100 40
Preferred
412 10 Rolls-Royce of America_ •
1
100
3
4 Roxy Theatres unit
Color Pictures Inc
38 134
12...._
Columbia Baking com__•
Common
5
8
•
PreferreC A
let preferred
•
158
1* I
2d preferred
Ituberold Co
•
.
100 281 32
ki
Congoleum-Nairn $7 pf 100 100 103
1
12 Splitdorf Beth Eiec
Crosse & Blackwell corn_ • ____
•
2
Crowell Pub Co $1 corn_• 1912 23 Standard Textile Pro_ 100
Class A
$7 preferred
5
100
100 80
2
Class B
100
De Forest Phonotilm Corp_ _
12 114 Stetson (213) Co pret____25 12
15
Doehler Die Cast pref
5
10
•
___ Taylor Milling Corp
• 17
Preferred $50 par
12 15s
- Taylor Wharton Ir&St com•
884
Dry-Ice Holding Corp____•
4
Preferred
7
100
012
3
4 Tenn Products Corp pref _50
Eiseman Magneto corn____• ____
112 414
6
15 TublzeChatillon cupf
Preferred
13
100 38
100
Den Fireproofing $7 01_100 2512 3512
•
Graton & Knight com
114 23
8
Pi 3 Unexcelled Mfg. Co
Walker Dishwasher com__ _•
Preferred
2
3
20
100 17
White Rock Min Spring
15
Herring-Hall-klarv Safe_100 10
Howe Scale
8
4 2
$7 lot preferred .
100 78
100
$10 2d pre(
100 75
Preferred
912
5
100
Woodward Iron
Industrial Accept corn____•
.
4
100
112 4
Preferred
4
.
4
100 413 4712
100 123- 251 Worcester Salt
Young (J S) Co corn... 100 51.
Locomotive Firebox Co___•
338
--Macfarlden Public'ne comb
3
7% preferred
100 81
112 - ----
Bear Mountain-Hudson
River Bridge 7s 1953 A&O
Chicago Stock Yds 58_1961
Consul Coal 434s 1934 M&N
Consul Mach Tool 78_1942
Conseil Tobacco 4s 1951___ _
Equit Office Bldg be 1912......
Ilaytian Corp 80 1938
Hoboken Ferry 53 1946
Journal of Comm 6 X 3_1937
Kane City Pub Serv 68 1951
Loew's New Brd Prop
65 1945
J&D
Bid I
64
795
8
9611
4812
42
45
Ask
66121
- 9812
55
50
54
Merchants Refrig 68 1937_ _ _
N 0 Or No RR 5s '55_F&A
N Y & Hob Ferr be '46 J&D
N Y ShIpbdg Is 1940_131&N
Pierce Butler & P 634e 1942
Prudence Co Guar Coll
554s. 1961
Bid
Ask
85
02411 :);
00_
63
___
03
7
43
45
71
Realty Assoc Sec 6i3'37_Jdel 28
62
181. 61 Broadway 6345 'BO_AEs0 5212
14
501
063
8 978 So Indiana Ry 4s 1951_ F&A
Stand Text Pr 634e '42 M&S 1612
9312
Struthers Wells Titusville
31
6345 1943
58
6112
01112 14
Tol Term RR 4345'57..M&N 75
65
114
U 8 Steel Is 1951
72
65
Witherbee Sherman Cs 1944
25
23
041
Certificates of deposit____
63 Woodward Iron Is 1952_J&J 027
64
32
5612
53
24
First National
Harris Trust & Savings
Northern Trust Co
112 United Aircraft Transport
Preferred x warr
•
43
2
46
Kinner Airplane & Mot__ _1
112
Warner Aircraft Engine.._ ..•
Insurance Companies.
Par 51,4 Ask
Par Bid
Ask I
918 1110
Aetna Casualty & Surety. 10 483 50341 Importers & Sap of N Y__25
4
Aetna Fire
10 3334 3534(
Aetna Life
10 163 183 Knickerbocker
5 4 714
,
4
4'
Agricultural
25 4414 4914
3
4
American Alliance
10 145 163 Lincoln Fire
8
8
15
8 33
8
American Colony
10
37s 57g Lloyds Ins of Amer
American Equitable
5 10
13
8
American Home
5
13
8 23
20
47
8 67 Majestic Fire
8
418 618
302 912 Maryland Casualty
American of Newark_ _234
2
25 153 183
4
4
American Re-Insurance--10 30 4 333 Mess Bonding & Ins
4
3
4
American Reserve
10
8
83 103 Merchants Fire Amur corn10 2434 283
11
4
4 63
48
American Surety
25 2018 2218 Merch & Mfrs Fire Newark 5
338 5
/
1
4
10
Automobile
10 1978 217 Missouri States Life
8
10
518 718
234
8
27
8 37 National Casualty
10 4314 4714
25 2414 343 National Fire
4
5
6
2
National Liberty
419 444
100
20 4034 4434
National Union Fire
4
Carolina
10 1414 1614 New Amsterdam Cas____10 103 1834
16
10 14
City of New York
100 113 123 New Brunswick Fire
77 127
8
10
Colonial States Fire
778 107 New England Fire
8
10
10 33, 3614
4
Connecticut General Life_10 29
31
New Hampshire Fire_
8
20 107 1278
Consolidated Indemnity ___ 5
158 234 New Jersey
10
772 98
97 117 New York Flre
8
8
Continental Casmalty___10
4
Northern
12.50 4434 493
15
Cosmopolitan
10 12
8
8
North River
2 50 147 167
Eagle
218 318 Northwestern National_ _25 6812 7312
924 10,4
5
Excess
25 28h 383
4
Pacific Fire
10 505 6258
56 Phoenix
10 52
Federal
5 934 1134
Fidelity & Deposit of Md_20 343 3714 Preferred Accident
4
6
9 Providence-Washington __10 2418 2618
Firemen's
8
4
5
8
Franklin Fire
5 157 173 Public Fire
8
80
25
ols 7 5 Rochester American
General Alliance
•
,
5 2434 263
Glens Falls Fire
4
Globe & Republic
11 St Paul Fire & Marine...25 10012 11112
5
8
-_10 2412 26 2
,
Globe & Rutgers Fire__ _ _25 6012 701 Security New Haven.
.
83 10 8
8
25
3
8
Great American
10 165 1818 Southern Fire
45
8 65 Springfield Fire & Marine 25 7012 7512
8
Great Amer Indemnity__- _5
47
8 67
8
25
Halifax Fire
10 143 163 Stuyvesant
4
4
100 420 470
Hamilton Fire
8
50 143 39 4 Sun Life Assurance
4
Hanover Fire
10 265 285
8
8
100 364 379
8
Harmonla
10 133 153 Travelers
8
Hartford Fire
10 4314 4514
618 718
Boiler. _ 10 453 483 U S Fidelity & Guar Co___2
Hartford Steam
__
4
4
4 2618 2818
8
U Fire
Home
5 197 2
Home Fire Security
4
10
13
4 2338
2.60 197 2 7
8
8
Westchester Fire
Homestead Fire
10 11 18
378 712
Hudson Insurance
10
Baltimore Amer
Bankers & Shippers
Boston_
Par
100
100
100
Realty, Surety and Mortgage Companies.
Ask
Par Bid
312 5
Bond & Mortgage Guar_ _20
30
Empire Title & Guar....100
50 80
Guaranty Title & Mortgage_
23
4 -184
Home Title Insurance-25
20
International Germania Ltd 15
Ask
Par Bid
4
3
Lawyers Title & Guar....100 10 4 128
20
35s 518
Lawyers Mortgage
4
2
National Title Guaranty 100
3
134 2 4
10
N Y Title & Mtge
New York Real Estate Securities Exchange
Bonds and Stocks.
40
Bid
Actin, Issues.
712
31
Chicago Bank Stocks.
Par Bid letsk
Amer Nat Bank &Trust_100 70
80
Central Republic
100
Continental III Ilk & Tr_100 89
91
Central Airport
Ask
12581
Industrial and Railroad Bonds.
Adams Express 48
American Meter 65 1946_ _
Amer Tobacco 48 1951 F&A
Am Type Fdrs 65 1937 M&N
Debenture 6s 1939__M&N
Am Wire Fab 7s '42__NI&S
Par Bid
For Bid Ask
2
Alexander Indus 8% pf_100 ____ 10 Southern Air Transport___•
•
Aviation See Corp(N
1
3 Swallow Airplane
Bid
Ask
138 142
255 I ___
360
BondsAlbany Metropolitan Corp.
1938
634s._
Colonial Hall Apts ctfs.___
Crossways Apse Bldg ctfs_
1939
Drake, The 68
10 East 40th St Bldg 681940
18-20 East 41st St Bldg 6s'40
Harding Court Apts ctts___
79 Madison Ave Bld5.135 '40
Merchants' Nat. Prop. 6s
958 w. w
Montague Court Office Bldg
6348 1945
11
____
10
19
21
15
15
2014
14
13
Active Issues.
Ask
___
___
23
24
22
___
-
Bands (Concluded)
Mortgage Bond Co. of N. Y.
534s
New Weston Hot Ann (Ss '40
New Weston Hot Ann °Hs_
Postum Bldg. Ors 1943._
Rosy Theatre 634's '40_ _ _
Savoy Plaza Corp 60 ctfs___
301 East 38th St. Bldg. ctfsVarick St. Sta. P.O. 8s '41..
134 Waverly Place Apts. ctts
Bid
Ask
27
14
16
12
___
83
11, - - 2
1214
15
73
80 1712 __.
17
Blocks
___ Beaux Arts Apts.,Inc., units
,Ito .4 .1"1-mrhan liftman en
8
It
11
Other Over-the-Counter Securities-Friday June 9
Railroad Equipments.
Short Term Securities.
Bid
Aille-Chal Mfg 55 May 1937 8512
Amer Metal 53.4e 1934_A&O
87
Amer Wat Wks 68 1034 A&O 9314
Ask I
Bid
Ask
8534' Slag Pet 434s Feb 15 '34-'35 101
89
Union 011 5e 1935_ __ F&A 100,
81100 z
,
94
Water Bonds.
Alton Water be 1956__A&O
Ark Wat let 68 A 1956_A&0
Ashtabula W
be '58_A&O
Atlantic Co Walls'58 M&S
Iiirm WW 1st 5%e A'54A&O
ist m M 1958 eer H.
.J&D
let be 1957 series C.
Butler Water be 1957_A&O
City of Newcastle Wat be'41
City W (Chat) be B '54 J&I3
let Is 1957 series C _M&N
Commonwealth Water
F&A
1st be 1950 B
Ist m 15s 1957 ser C F&A
Davenport W Is 1981 J&J
J&J
ES L& Int W 5e'42
let m Os 1942 ear B._J&J
F&A
let 55 1960 ser D
Bid
81
80
72
75
Ask
84
82
75
77
Hunt'ton W let 68'54__M&S
let m be 1954 ger 13_ _M&S
Is 1962
Joplin W WIs'57 ser AM&S
Kokomo W W 55 1958.J&D
99 Mourn Con W lot 5E1'58 J&D
94
85
86
Monon Vol W 534e '50_1,3,1
05
86 Richm W W 1st Is'57_M&N
76 St Joseph Wat Is 1941_A&O
73
8712 8912 South Pitts Water Co
let Is 1955
F&A
90 94
1st & ref M '60 ser
90
94
1st ,k ref 55 '60 ser B.J&J
90 Terre IFte WW 68'49A J&D
85
90
1st m Se 1956 ser B__J&D
85
82 85 Texarkana W 1st Is'58 F&A
77
80 Wichita Wat let 65 '49 M&S
1st m 53 '58 ser B..F&A
82 86
1st m 55 1960 ser C_M&N
7412 7812
Bid
9214
80
78
75
73
77
82
81
90
9412
90
90
99
80
75
93
80
80
Ask
9412
83
80
80
76
79
85
84
92
96
93
93
95
77
88
85
Atlantic Corot Line 65
Equipment 61.45
Baltimore & Ohio 65
Equipment 434e ,k bs-- - Buff Roch & Pitts equip es_
Canadian Pacific 434s & 65
Central RR of N J 65
Chesapeake ,k Ohio 65
Equipment 634s
Equipment Is
Chicago & North West 65_ -Equipment 634s
Chic RI & Pao 434s & Se....
Equipment Cs
Colorado & Southern Cs.....
Delaware& Hudson es
Erie 43.4s 55
Equipment Cs
Great Northern 65
Equipment 58
Hocking Valley Sc
Equipment fle
Illinois Central 434s dr 55....
Equipment 65
Equipment 75 &
/XI
6.25
6.00
7.50
7.50
7.50
6.25
5.50
4.75
4.75
4.75
10.00
10.00
12.00
12.00
8.00
5.00
9.00
9.00
5.75
5.75
5.25
5.50
7.00
7.00
7.00
Ask
6.25
5.00
8.50
6.50
6.00
5.50
4.50
4.25
4.25
4.25
8.00
8.00
8.50
8.50
5.00
4.2.5
7.50
7.50
5.00
5.00
4.75
4.75
6.00
6.00
6.00
Kanawha & Michigan (Ie.__
Kansas City Southern 5345_
Louisville dt Nashville alt.__
Equipment 6348
Minn St P & SS M 4348 & 55
Equipment 634s & 75-Missouri Pacific 634s
Equipment Ile
Mobile & Ohio 5s
New York Central 4345 & be
Equipment 65
Equipment is
Norfolk & Western 4 Hs_ -.Northern Pacific 75
Pacific Fruit Express 75......
Pennsylvania RR equip 55...
PittsburghEs Lake Erie 8344
Reading Co 434s ,k be
St Louis & San Fran 55
Southern Pacific Co 4 SO.-Equipment 75
Southern fly 4345 & Is
Equipment 65
Toledo Es Ohio Central 6s.-Union Pacific is
• No par value. 4 Last reported market.
Bid
6.00
8.50
6.50
6.50
12.00
12.00
12.00
12.00
12.00
7.00
7.00
7.00
4.50
5.00
4.50
5.25
6.50
4.75
13.00
5.75
5.75
12.00
12.00
8.50
4.50
Ask
5.50
7.00
5.50
5.50
8.60
8.50
8.50
8.50
8.55
6.00
6.00
6.00
3.00
4.50
3.50
4.60
5.75
4.25
8.50
6.25
8.25
8.00
8.00
5.50
3.60
e Defaulted. s Ex-dividend.
4074
Financial Chronicle
June 10 1933
Current Earnings—Monthly, Quarterly, Half Yearly
•
CUMULATIVE INDEX COVERING RETURNS IN PRESENT AND PREVIOUS ISSUES.
Below will be found all returns of earnings, income and profits for current periods, whether monthly, qua'terly or half
-yearly,that have appeared the present week. It covers all classes of corporate entities, whether railroads, 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 June 3 and some of those given in our issue of May 27. 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, May 26, 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 Mey number of the "Monthly
Earnings Record" was issued.
We mean to continue giving this current index in the "Chronicle" each week,furnishing a reference to every
return that has appeared since the last preceding number of the "Monthly Earnings Record." The latter is
complete in and by itself, and for most persons will answer all purposes. But to those persons who are desirous
of seeing the record brought down to date every week, this further and supplementary index in the "Chronicle"
will furnish an invaluable addition. The "Chronicle"index in conjunction with the "Monthly Earnings Record"
will enable any one at a glance to find the very latest figures of current earnings and income,furnishing a cumulative record brought down to date each and every week—an absolutely unique service. A further valuable feature
Is that at the end of every return, both in the "Chronicle" and the "Monthly Earnings Record," there is a reference
line showing by date and page number the issue of the "Chronicle" where the latest complete annual report
Of the company was published.
Issue of Chronicle
Name of Company—
When Published. Page.
Advance Bag ec. Paper Co., Inc
June 3..3909
Agfa Ansco Corp
June 10__4089
Akron Canton & Youngstown
June 3__3888
Alabama Great Southern_
May 27_3706
Alabama Power Co
May 27__3708
Alabama Water Service Co
June 3._3893
Alaska Juneau Gold Mining Co
June 10__4076
Alton & Southern
May 27..3704
Alles & Fisher, Inc
June 3_3910
Alton RR
June 3_3888
Amalgamated Sugar Co
June 10..4090
June 10__4090
American Beet Sugar Co
American Bemberg Corp
June 10__4090
American Business Shares, Inc
June 10_4090
Amer. Car & Fdy. Motors Corp
June 3..3910
American Gas & Electric Co
June 10_ _4083
American Gas & Power Co
June 10__4080
American Glanutoff Corp
June 10_ _4091
Amer. I. G. Chemical Corp._.May 27..3724
Amer. La France & Foamite Co
June 3__3894
American Public Service Co
May 27_3708
American Seating Co
June 10__4076
American Service Co
June 3__3910
American Tel & Tel. Co
June 10__4076
American Thread Co
June 3_3910
Amer. Water Wks. ac Elec. Co., Inc_June 10_ _4076
Ann Arbor RR. Co
May 27_.3714
Arkansas Natural Gas Corp
May
Arrow-Hart & Hegeman El. Co
June 3_3911
Art Metal Works
June 3__3911
Arundel Corp
June 3__3893
June 3_3905
Associated Gas & Electric Corp
Associated Oil Co
May 27...3708
Associated Rayon Corp
June 10__4091
Atchison Topeka & Santa Fe Sys—June 3_3891
Atchison Topeka & Santa Fe
June 3...3888
Atlanta Birmingham & Coast
June 3..3888
Atlanta Gas Light Co
May 27..3708
Atlanta & West Point
June 3_3888
Atlantic City
June 3__3888
Atlantic Coast Line
June 3_3888
Atl. Gulf & West Indies SS. Lines—June 3_3894
Autocar Co
June 10__4091
Babcock & Wilcox Co
June 3_3912
Baltimore & Ohio
June 3__3888
Baltimore & Ohio Chic. Term
June 3_3888
Bangor & Aroostook RR. Co
June 3_-3893
Barcelona Tree. Lt.& Pr. Co.. Ltd_June 3__3894
Baton Rouge Electric Co
June 3...3894
Beaumont Sour Lake & Western_June 3-_3891
Belt Ry. of Chicago
June 3__3889
Bessemer & Lake Erie
June 3_3889
Bickford's, Inc
June 3..3912
Bing & Bing, Inc
May 27_3708
Boston & Maine
May 27__3706
Boston Revere Beach & Lynn RR—.June 3_3892
Brill Corp
June 3_3912
Brillo mtg. Co
May 27._3708
British Columbia Telephone Co_ _ June 3__3905
Broad River Power Co
June 3_3905
Brooklyn Eastern District Terminal.May 27..3704
Brown Shoe Co., Inc
June 3__3894
Brunswick Term & Ry. Sec'ties Co—June 3_3894
Buffalo General Electric Co
June 10__4076
Bulova Watch Co., Inc
June 10_4092
Bunker Hill & Sullivan Mining &
Concentrating Co
May 27._3708
Burlington-Rock Island
June 3_3889
Bush Terminal Co
May 27_3708
Butterick Co
June 10..4076
California Water Service Co
June 3..3894
Cambria & Indiana
June 3..3889
Canada Northern Power Corp
June 3_3894
Canadian Locomotive Co.,Ltd
June 10__4092
Canadian National Rys
June 3_3893
Canadian Nat'l Lines in New Eng
June 3..3889
Canadian Pacific Ry. Co
June 3_3893
Canadian Pac. Lines in Maine
June 3_3889
Canadian Pac.Lines in Vermont
June 3..3889
Carnation Co
June 10._4092
Central of Georgia
June 3__3889
Central Indiana Gas Co
May 27..3708
Central & South West Utilities Co .May 27-37
09
Central RR. of New Jersey
June 3..3889
Central West Public Service Co
June 10_4084
Charleston & Western Carolina.
...June 3__3889
May 27_3709
Checker Cab MIg. Corp
Chesapeake & Ohio Ry
May 27_3704
June 3__3894
Chester Water Service Co
June 3..3889
Chicago Burlington & Quincy
May 27_3705
Chicago & Erie
June 3..3889
Chicago & Eastern Illinois
June 3_3889
Chicago Great Western
Issue of Chrontde
Name of Company—
When Published. Page
Chicago & Illinois Midland
June 3..3889
Chicago Indianapolis 8c Louisville_ _Juno 3__3889
Chicago Junction Rys. & Union
Stockyards Co
May 27__3726
Chic. Milw. St. Paul & Pacific
June 3._3889
Chicago & North Western
June 3_3889
Chicago River 8c Indiana
June 3__3889
Chicago Rock Island & Gulf
June 3__3889
Chicago Rock Island & Pacific
June 3__3889
Chicago St. Paul Minn.& Omaha
June 3_3889
Cinc. New Orleans & Texas Pacific_ _May 27..3706
City Stores Co
May 27._3709
Cleveland Terminals Bldg. Co
June 10__4093
Clinchfield Coal Corp
June 3..3913
ClInchfield
June 3_3889
Coca-Cola Co
June 3__3894
Colorado & Southern
June 3 3889
Columbia Pictures Corp
June 3__3894
Columbus & Greenville
June 3..3889
Commonwealth & Southern Corp
June 3..3902
Connecticut Power Co
June 3..3894
Consolidated Gas Utilities Co
June 10_ _4085
Consolidated Publishers, Inc
June 10__4093
Consolidated RRs. of Cuba
June 3_3892
Consumers Power Co
May 27 3709
Continental Diamond Fibre Co
May 27__3709
Continental Gas & Elec. Corp
June 10__4076
Cosgrove-Meehan Coal Corp
June 10__4094
Crosiey Radio Corp
May 27..3727
Cuba Co
June 3._3894
Cuba Northern Rye
June 3.._3893
Cuba RR
June 3_3893
Cuban Tobacco Co., Inc
June 10__4094
De Beers Consol. Mines, Ltd
June 3..3914
Delaware & Hudson
May 27...3705
Delaware Lackawanna & Western.
..June 3..3889
Denver & Rio Grande Western REt_June 3__3893
Denver & Salt Lake
June 3__3889
Detroit & Mackinac
June 3..3889
Detroit Terminal
June 3..3889
Detroit Toledo & Ironton
June 3._3890
Detroit & Toledo Shore Line
May 27_3705
Diamond Match Co
June 3..3894
Dominion Textile Co., Ltd
June 10_ _4094
Duluth Missabe & Northern
June 3__3890
Duluth South Shore & Atlantic
June 3..3890
Duluth Winnipeg & Pacific
June 3__3890
Duquesne Light Co
June 10__4076
Eastern Gas & Fuel Associates
May 27._3709
Eastern Massachusetts St. Ry. Co..
.May 27_.3709
Eastern Steamship Lines, Inc
June 10..4076
Eastern Utilities Associates
June 10__4077
East Kootenay Power Co
June 10__4076
Electric Power Associates
June 10..4094
El Paso Electric Co
June 3_3894
Elgin Joliet & Eastern
June 3_3890
Empire Gas & Electric Co
May 27 .3709
Empire Gas & Fuel Co
June 10_4085
Empire 011 & Refining Co
May 27..3727
Emporium Capwell Corp
June 3__3895
Engineers Public Service Co
June 3_3895
Equitable Office Bldg. Corp
June 3_3915
Erie Lighting Co
June 3..3895
Erie RR.Co
June 3..3893
Evans Products Co
May 37..3709
Fall River Gas Works Co
June 10..4077
Famous Players Canadian Corp..
Ltd
June 3_3915
Farr Alpaca Co
May 27..3709
Fiat, Turin, Italy
June 10_ _4096
First Chrold Corp
June 10_4077
First National Stores, Inc
June 10__4080
Florida East Coast
June 3__3890
Florida Power Corp
June 3...3906
Fonda Johnstown & Gloversville RR May 27_3706
Ft. Smith & Western
June 3__3890
Ft. Worth & Denver City
June 3..3889
Ft. Worth 8c Rio Grande
June 3..3891
Ford Motor Co
June 3..3915
Ford Motor Co. of Canada
June 10__4080
Foster &Kleiser Co
June 3__3916
Foundation Co
June 3..3894
Galveston Wharf
May 27__3705
General Motors Corp
June 3_3895
General Outdoor Advertising Co__ _June 10..4077
Georgia
June 3..3890
Georgia & Florida RR
June 3__3893
Georgia Power Co
May 27-3710
Georgia Southern & Florida
May 27..3706
Grand Trunk Western
June 3..3890
Great Northern
June 3..3890
Great Western Sugar Co
June 10_409
lassie of Chronicle
When Published. aPag
Name of Company—
June 3_3890
Green Bay & Western
June 10_ _4097
Greyhound Corp
Greif Bros. Cooperage Corp
June 10__4077
June 10_4077
Grigsby-Grunow Co
June 10__4098
Group No. 1 Oil Corp
June 10..4098
Group No.2 Oil Corp
June 3..3893
Gulf Coast Lines
June 3_3888
Gulf Colorado & Santa Fe
June 3_.3890
Gulf Mobile & Northern
June 10..4077
Gulf Power Co
Gulf & Ship Island
May 27_3705
June 3..3895
Gulf States Utilities Co
Gypsum Lime & Alabastine, Ltd.—June 3..3916
Hagerstown Light & Heat Co. of
May 27...3710
Washington County
June 10__4098
Hathaway Bakeries, Inc
June 10_ _4077
Haverhill Gas Light Co
June 10..4098
Heyden Chemical Corp
June 10_4098
Holland Furnace Co
Hollinger Consol. Gold Mines, Ltd June 10_ _4099
May 27..3710
Hudson & Manhattan RR
June 10..4099
Humble Oil & Refining Co
June 10..4077
Illinois Bell Telephone Co
May 27_3705
Illinois Central System
May 27..3705
Illinois Central RR
June 3...3890
Illinois Terminal
June 10_ _4077
Illinois Water Service Co
June 3_3900
Indiana Harbor Belt RR
June 10__4099
Indian Territory Ilium. Oil Co
June 3_3895
Insuranshares Ctfs.. Inc
Interborough Rapid Transit Co.._ _June 10..4077
June 3..3890
International Great Northern
International Rys. of Central Amer—June 3..3893
May 27__3715
International Tel. & Tel. Corp
May 27._3720
Iowa Public Service Co
June 10__4078
Jamaica Public Service, Ltd
June 3__3890
Kansas City Southern
June 3__3890
Kansas Oklahoma & Gulf
(Rudolph)Karstadt, Inc
May 27..3729
Keith.Albee.Orpheum Corp
May 27..3730
May 27..3731
(B. F.) Keith Corp
June 10..4077
Kelsey Haves Wheel Co
June 3..3895
Kentucky Securities Corp
May 27__3710
Kentucky Utilities Co
June 10__4086
Keystone Public Service Co
May 27_3720
Keystone Telephone Co. of Phila
June 3_3895
Key West Electric Co
June 10__4077
Kidder Participations, Inc
Kidder Participations, Inc., No. 2 _June 10..4078
Kidder Participations, Inc., No. 3 June 10__4078
Kresge Department Stores. Inc
May 27_3731
Lake Superior & Ishpeming
June 3_3890
Lake Terminal
May 27_3705
Lee Rubber 8c Tire Corp
June 3..3895
Lehigh & Hudson River
June 3_3890
Lehigh & New England
June 3..3890
Lehigh Valley Coal Co
May 27_3731
Lehigh Valley Coal Sales Co
May 27_3732
June 3..3899
Lehigh Valley RR
May 27..3720
Lehigh Valley Transit Co
June 3_3/195
Lexington Utilities Co
June 3..3907
Lexington Water Power Co
June 10..4101
Liggett Bldg., Inc
May 27_3710
Loblaw Groceterlas, Ltd
June 3__3907
London Street Ry. Co
June 3_3891
Long Island
June 3_3892
Los Angeles & Salt Lake
June 3..3890
Louisiana & Arkansas
June 3._3890
Louisiana Arkansas & Texas
May 27_3716
Louisiana & North West RR
June 10_4078
Louisiana Oil Refining Corp
June 10__4079
Louisville & Nashville RR
June 10__4085
Lowell Gas Light Co
June 10_ _4101
McIntyre Porcupine Mines, Ltd
June 3..3893
Mahoning Coal RR
May 27_3706
Maine Central
June 3_3895
Manila Electric Co
June 10_4078
Manitoba Power Co
May 27_3733
Maracaibo 011 Exploration Co
Massachusetts Utilities Associates—June 3._3907
May 27_3733
Massey Harris Co.. Ltd
May 27..3733
Mead Corp
May 27_3733
Mesta Machine Co
June 3_3895
Mexican Light & Power Co
June 3_3895
Mexico Tramways Co
May 27_3733
Middle States Petroleum Corp
June 10__4076
Midland Valley
June 10...4081
Minneapolis 3c St. Louis RR
June 3_3890
Mississippi Central
June 10._4078
Mississippi Power Co
May 27_3721
Missouri Edison Co
June 3._3890
Missouri Illinois
June 3._3890
Missouri•Kan sa a-Texas Lines
•
Issue of Chronicle
When Published. Page
reams of CompanyJune 3..3890
Missouri & North Arkansas
June 3..3891
Missouri Pacific
_June 3_3891
Mobile & Ohio
June 3_3891
Monongahela
May 27._3708
Monongahela Connecting
MaY 27...3734
Mother Lode Coalition Mines Co
June 3..3917
(Philip) Morris & Co.. Ltd
June 10...4101
Mountain Producers Corp
June 10..4078
Murray Corp.of America
June 3..3917
(G. C.) Murphy Co
May 27_3710
(F. E.) Myers & Bro. Co
June 3..3891
Nashville Chet.& St. Louis
May 27_3734
National Fireproofing Corp
May 27__3707
National Railways of Mexico
June 3..3918
Neptune Meter Co
Nevada California Electric Corp.___May 27 3710
June 3_3891
Nevada Northern
New Bedford Gas & Edison Lt. Co_June 10_4086
May 27_3705
Newburgh & South Shore
May 27_3705
New Jersey & New York
June 3..3891
New Orleans Great Northern
May 27..3706
New Orleans & Northeastern
June 3..3891
New Orleans Texas & Mexico
June 3_3918
New River Co
June 3_31198
New York Central RR
May 27_3721
N. Y. Central Electric Corp
May 27..3705
New York Chicago & St. Louis
June 3_3891
New York Connecting
New York New Haven & Hartford-May 27..3706
May 27..3706
New York Ontario & Western
June 10.4078
New York Railways Corp
June 3..3895
N. Y.& Richmond Gas Co
May 27..3710
N. Y. State Elec. 8t Gas Corp
June 10_ _4078
N. Y. State Railways
May 27..3705
N. Y. Susquehanna & Western
May 27_3710
New York Telephone Co
June 3_3895
N. Y. Water Service Corp
N. Y. Westchester & Boston RI--- _May 27__3710
.i734
May 27.
Niles-Bement-Pond Co
June 3..3891
Norfolk Southern
May 27_3707
Norfolk & Western
May 27_3711
North American Cement Corp
May 27_37111
North American Edison Co
May 27..3722
North American Gas& Elec. Co
May 27..3706
Northern Alabama
June 3_3891
Northern Pacific
Northern Pennsylvania Power Co___June 3_3908
Northern States Power Co.(Del.) June 10...4078
Northern States Power Co.(Minn.)_June 10_4078
June 3.3908
North Penn Gas Co
June 3_3891
Northwestern Pacific
June 10..4086
Northwestern Public Service Co
June 3_3908
North West Utilities Co
May 27..3711
Ohio Edison Co
June 10..4078
Ohio Water Service Co
May 27_3711
Old Dominion Power Co
June 3_3891
Oklahoma City Ada-Atoka
(The) Orange & Rockland Elec. Co-May 27_3711
June 3..3892
Oregon Short Line
June 3..3892
Ore.
-Washington Ry. & Nay. Co
Ore.
-Washington Water Service Co-June 3._3895
Ottawa Light Ht.& Pr. Co.,Ltd....June 10..4086
June 10..4086
Otter Tall Power Co. of Del
June 3...3919
Pacific Fruit Express Co
June 3_3919
Pan American Foreign Corp
June 3_3919
Pan American Petroleum Co
June 3_3888
Panhandle & Santa Fe
May 27_3711
Park & Tilford, Inc
June 3..3895
Parmelee Transportation Co
Patino Mines & Enterprises Consol'dJune 19...4078
June 3_3895
Peerless Motor Car Co
May 27_3711
Penn Central Lt.& Pr. Co
June 3_389(
Pennsylvania RR
Pennsylvania RR. Regional System_May 27_37LO
June 3...3919
Pennsylvania Rubber Co
Issue of Chronicie
Issue of Chronicle
When Published. PaM
Name of ComparWWhen Published. Page.
Name of CompanyJune 10..4105
May 27_3717 (E. R.) Squibb & Sons
Peoria & Eastern Ry. Co
May 27..3711
June 3..3891 Standard Cap.& Seat Corp
Peoria & Pekin Union
...June 3-3922
May 27_3705 Standard Commercial Alcohol Co.
Pere Marquette By
June 10...411115
June 10..4078 Standard Screw Co
Philadelphia Co
June 3..3397
Phila.& West Chester Traction Co _May 27_3711 Staten Island Edison Corp
June 3_3892
June 10._4076 Staten Island Rapid Transit
Philippine Railway
June 10_ _4106
May 27..3735 Starrett Corp
Phoenix Hosiery Co
June 10_4106
June 3..3891 (A.) Stein & Co
Pittsburgh & Lake Erie
3_3891 Stutz Motor Car Co. of America _ _ June 10._4107
June
Pittsburgh & Shawmut
June 3..3922
Pittsburgh Shawmut & Northern_ _June 3..3891 Swedish Ball Bearing Co
.June 3..3922
Pittsburgh Sub'ban Water Serv. Co.June 3...3895 Stromberg-Carlson Tele. Mfg. Co.
June 3__3897
May 27__3736 Sweets Co. of America
Pittsburgh United Corp
June 10.4079
June 3..3891 Tampa Electric Co
Pittsburgh & West Virginia
June 3..3892
June 3..3895 Tennessee Central
Ponce Electric Co
June 10_4087 (The)Tennessee Electric Power Co_May 27..3712
Public Service Co. of Colorado
June 3_3892
Public Service Co.of New HampshireMay 27..3723 Term RR. Assoc. of St. Louis
June 3_.38911
Puget Sound Power & Light Co_ _June 3..3895 Texarkana and Ft. Smith
June 3_3892
June 3_3919 Texas Mexican
Pyrene mfg. Co
June 3__3892
Texas & New Orleans
Storage & WareQuincy Market Cold
June 10..4107
June 3_3920 Texas Pacific Lard Trust
house Co
June 3...3897
June 3..3897 Thatcher Mfg. Co
Railway Express Agency, Inc
June 3..3897
27...3705 Third Avenue Railway System
May
Reading Co
June 10..4103 Tishman Realty & Constr.Co..Inc....June 104107
Reiter-Foster Oil Corp
June 10..4107
May 27..3711 Tobacco Products Export Corp
Remington Arms Co
June 10...4087
June 10...4078 Toho Electric Power Co., Ltd
Reynolds Spring Co
June 3_3892
May 27..3736 Toledo Peoria & Western
Richfield Oil Co
June 3..3892
June 3_3891 Toledo Terminal
Richmond Fred'ksburg & Potomac
June 3..3901
May 27__3711 Transamerica Corp
Ritter Dental Co
June 3...3922
May 27..3711 Tung.Sol Lamp Wks.. Inc
Roanoke Gas Light Co
May 27..3737
Paper Corp
Roch.& L.Ontario Water Serv. Co June 3_ _3897 Union Beg &
June 3_3892
Rossville Alcohol & Chemical Corp_May 27._3736 Union RR.of Penns
June 3..3892
June 3_3900 Union Pacific Co
Royal Dutch Co
June 3..3923
June 10_4104 Union Twist Drill Co
Russeks Fifth Avenue, Inc
May 27..3723
June 3_3891 Union Water Service Co
Rutland RR
May 27_3737
3..3892 United Dyewood Corp
June
St. Joseph & Grand Island
June 10_4079
June 3..3891 United Light & Power Co
St. Louis Brownsville & Mexico
June 10..4079
June 3..3891 United Light & Railways Co
St. Louis San Francisco
June 3_3923
United Piece Dye Works
St. Louis San Francisco & Texas...June 3..3891
June 3._3923
Sc. Louis Southwestern By. Lines_ _May 27_3707 United Profit Sharing Corp
June 10__4087
United Securities, Ltd
June 3..3891
San Antonio Uvalde & Gulf
May 27._3713
June 3..3891 United Shoe Machinery Corp
San Diego & Arizona
May 27_3738
.June 10..4078 United States Corp.
San Diego Consol'd Gas & Elec. Co.
June 3_3923
June 3_3897 U. S. Finishing Co
Savannah Electric & Power Co
June 10_4108
June 10_4104 United States Foil Co
Schulte Real Estate Co
June 10..4108
June 3_3920 United States Glass Co
Scovill Mfg. Co
June 3..3924
Scranton Spg.Brook Water Serv. Co..rune 3..3896 Unive sal Pictures Co..Inc
June 3_3892
June 3_3921 Utah
(E. W.) SCripps Co
June 10_4108
Sugar Co
May 27...3705 Utah Idaho
Seaboard Air Line
May 27._3734
May 27...3711 Utic Gas & Electric Co
Seattle Gas Co
June 10..4109
June 3..3897 Van Sweringen Corp
Serval. Inc
June 3..3897
May 27__3711 Virg is Electric & Power Co
Shell Union Oil Co
June 3_3892
June 10_4079 Virr lan
Sierra Pacific Electric Co
May 27._3706
Wal ,h By
June 10..4104
Signal 011 & Gas Co
June 3..3897
May 27..3723 Wa. Aircraft Co
Sioux City Gas & Electric Co
June 111....4079
June 3..3921 Warner Bros. Pictures, Inc
Snia Viscose
May 27..3712
May 27...3737 Was .9f Quinlan Co
Snider Packing Corp
June 3_39119
Service Cos., Inc
Solvay American Investment Corp June 10_4105 Wa :
June 3..3924
27_3707 We..tern Air Express Corp
May
Soo Line System
June 3_3893
South Bay Consolidated Water Co June 3..3897 Western Maryland Ry. Co
June 3..3897
June 10..4078 West nn N. Y. Water Co
South Carolina Power Co
June 3_3892
May 27__3711 We;tern Pacific
Southern Bell Tel.& Tel. Co.,Inc
June 3..3897
June 10..4079 Western Public Service Co
Southern Colorado Power Co
June 3..3893
3_3921 We tern Ry. of Alabama
June
Southern Ice Co
Southern Indiana Gas & Elec. Co June 10..4079 Western Pr. Lt. & Telephone Co....May 27_3724
June 3_3892 Weston Electrical Instrument Corp_June 3_3898
Southern Pacific
.June 10..4079
Southern Pacific Lines
May 27_3707 West Virginia Water Service Co...
June 3..3892
Southern Pipe Line Co
May 27..3737 Wheeling & Lake Erie
June 10..4109
3_3892 (S. S.) White Dental Mfg. Co
June
Southern Pacific SS. Lines
June 3__3892
Wicnita Falls & Southern
June 10..4087
Southern Public Utilities Co
May 27..3714
Willys-Overland Co
May 27_3706
Southern Ry
June 10_4079
May 27..3737 Winnipeg Electric Co
Southwest Pipe Lines
Southwestern Light & Power Co__ _June 3..3909 Winston-Salem Southbound By.Co_May 27..3718
May 27..3705
June 3_3892 Yazoo & Mississippi Valley
Spokane International
May 27_3712
June 3..3892 York Railways Co
Spokane Portland Seattle
June 3_3924
June I0_4105 Yukon Gold Co
Square D Co
-We give below the
Latest Gross Earnings by Weeks.
latest weekly returns of earnings for all roads making such
reports:
Current
Year.
5
4,090,793
2,813.000
22,400
181,870
2,844,043
398.800
301,431
Period
Covered.
Name4th wk of May
Canadian National
4th wk of May
Canadian Pacific
4th wk of May
Georgia & Florida
4th wk of May
Minneapolis & St Louis
4th wk of May
Southern
St Louis So'western System 4th wk of May
4th wk of May
Western Maryland
Previous Inc. (4-) or
Dec.(-).
Year.
i
s
4,088,247
+2.546
2,932,000 -119.000
17,661
+4.738
141,089
+40,781
2,213,240 +630,803
371,010
+27.790
314,278 -12.846
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class I roads in the country.
Length of Road.
Oross Evenings.
Moans.
Mc. (+1 or
Dec.(-).
1932.
January
February
March
1931.
274.976.249
268.892.520
289.833,741
287.473.938
254.382.711
245.860.815
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
January
February
March
April
May
June
July
August
September
October
November
December
$
365.522.091
336,182,295
375.617.147
389,123.100
368.417,190
369,133,884
376,314.814
363.778,572
364,385,728
362.551.904
304.829.968
288.205.766
1932.
274.890.197
231,978,621
288,880,547
$
-90.645,842
-69,289,776
--85,983.406
-101.649.162
-114.034.479
--123.273.289
--138.851,526
--112.017.1534
--79.661,148
-64.475.794
-51.606.559
--42.454.535
--46.000,776
-46.080,759
--69.022,941
Nei Earnings.
1932.
1931.
244,243
242.312
241.996
241,876
241,995
242,179
242.228
242.208
242,292
242.031
241,971
241.806
1933
241,881
241,189
240.911
fifths*.
242,365
240,943
241.974
241,992
242,163
242,527
242.221
242.217
242,143
242,024
242.027
241.960
1932.
241.9111
241.467
241.489
Inc.(4-) or Doe.(-),
Month.
1932.
January
February
March
April
May
June
July
August
September
October
November
December
.
January
k twas wey
mareh
4075
Financial Chronicle
Volume 136
8
45,940,685
57,375,537
87.870,702
56,263,320
47,429,240
47.008.035
48,125,933
62.640.800
83,092,939
98.336,295
63,966,101
57.854.695
1933.
46,803.287
41,460,593
431110.029
1931.
Amount.
8
72,023.230
66,078,525
84,706.410
79,185,676
81,052.518
89,688.856
95,983.455
95.070,808
92.153,547
101,914.716
68,854,815
53.482.600
1932.
45.964.987
56,187,604
68.356.042
$
-26,082,545
-8.702,988
-17,035,708
-22,922,358
-33,623,278
--42,680,821
-50.867,523
-32.530,008
-9,060,608
-3,578,421
-2,888,514
+4.372,095
-36.24
-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
-0.76
-26.21
-36.95
Per Cent.
New York City Street Railways.
(As filed with Transit Commission)
Deductions 7Net Corp.
Gross
Operating
Income. from Income. Income.
Income.
$
8
$
$
Companies176,918
159,414
336,332
Feb '33 1,371,184
Brooklyn & Queens
161,365
171,778
333,143
Feb 32 1,670.123
1.591.830
1,315,574
2,907,403
8 months ended Feb '33 11,886,937
1.328,411 1.572.701
2,901,112
Feb '33 13.585.581
13,234
22.874
36,108
246,631
Feb '33
Brooklyn Bus Corp
7,867
16,754
24,621
266,764
Feb '32
121,585
116,394
237,979
8 months ended Feb '33 2,118,405
94.869
135.829
230,698
Feb '32 1,683.888
-16,740
7,880
-8.860
56,288
Eighth & Ninth Ayes...Feb '33
-8.288
6,713
-1,575
73,950
Feb '32
(Receiver)
-53,023
87,187 -140,209
519,296
8 months ended Feb '33
-64,926
83,785
18,859
644,133
Feb '32
-8,150
-7,625
525
267,344
Feb '33
klfth Avenue Coach.
44,952
613
358,724
45,565
Feb '32
287,233
4,936
292,169
8 months ended Feb '33 2,706,674
573,479
5,554
579,033
Feb '32 3,511,975
Interboro Rapid Transit
346.926
1.213,251
1,560.177
Feb '33 3,651,210
Subway Division
303,167
1,43.5,915
1,739,082
Feb '32 4,128.032
1,572.015
8 months ended Feb '33 30,109,919 11,085,705 9,513,690
2,371,024
Feb '32 33,202.409 12,889.828 10,518,804
32,153
574,003 -541,850
Elevated Division_.._Feb '33 1,014,732
461,244 -441,953
19,291
1,236,263
Feb '32
4,392,112 -4,219,958
172.154
8 months ended Feb '33 9,195,909
3,716.745 -2,825,271
891.474
Feb '32 10,941,429
12,853
314.153
327,006
482,262
Feb '33
Hudson Manhattan
83,058
313,755
396,813
575,774
Feb '32
446,277
2,511,747
2,958.025
8 months ended Feb '33 4,177.723
882,642
2,647,080
3,529,722
Feb '32 4.927,814
-4,696
5,311
10,008
31,656
Manhattan & Queens-Feb'
33
-7,867
10,163
2,296
35.103
Feb '32
-18,664
62,974
81.639
282,440
8 months ended Feb '33
-38,793
83,300
44,507
320,464
Feb '32
1,955
2,734
4,690
47,224
NY & Queens County_ _Feb '33
-16,483
7.209
23.692
61,096
(Receiver)
Feb '32
-12,707
59.112
46,406
396,469
ended Feb '33
8 months
191,882 -119,851
72,030
525,204
Feb '32
172,020 -110,739
61.281
Feb '33
374,598
New York Railways_
175,811 -134,710
41,100
383,267
Feb '32
1,386,911 -839,728
547,183
8 months ended Feb '33 3,182,250
1,405,767 -854,999
550,768
Feb '32 3,539,851
286,594
585,527
N Y Rapid Transit
872,121
Feb '33 2,426,574
365.653
586,590
952,242
Feb '32 2,678,452
3,252,210
4,703,402
8 months ended Feb '33 21.227,612
7,955,612
3,394,130
4.652,731
Feb '32 22,840,025 8,046,861
10,356
South Brooklyn By CoFeb '33
10.886
63,798
21,243
8,387
Feb '32
11,185
67,949
19,572
119,741
8 months ended Feb '33
8.5,093
603,716
204,835
135.085
Feb '32
94,025
682,789
229,110
Steinways Railways...-Feb '33
369
5,302
42,656
5,671
Feb '32
-936
5,645
52,661
4,709
(Receiver)
8 months ended Feb '33
-5,969
47,844
370,650
41,875
Feb '32
-22.109
46,915
454,951
23,706
Surface Transportation_ _Feb '33
150,173
5,859
23,408
29,267
Feb '32
166,653
7,740
27,318
35,058
8 months ended Feb '33 1,339,449
-1,186
215,117
216,304
Feb '32
223,356
1,448,842
76,714
300.070
Third Ave Ry System...Feb '33
213.541
829,601
-4,000
209,541
Feb '32
220,271
-616
219,655
975,831
8 months ended Feb '33 7,345,839
1,718,228
1.784,837
66.609
Feb '32 8,684,554
283,133
1.764,998
2,048,130
4076
Financial Chronicle
Net Earnings Monthly to Latest Dates.
Midland ValleyApril
Gross from railway__ _
Net from railway_ _ _ _
Net after rents
From Jan. 1
Gross from railway_ _ _
Net from railway_ _ _ _
Net after rents
June 10 1933
American Water Works & Electric Co., Inc.
1933.
$115,053
47,565
30.971
1932.
$139,038
57,673
40.042
1931.
8174,580
41.555
19.052
1930.
$270,959
112,478
82,143
417,152
172.040
104.537
541,560
213,120
134.568
688,231
213,469
114.589
985,554
396,771
275.515
Other Monthly Steam Railroad Reports.
-In the following we show the monthly reports of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are required in the reports to the Inter-State Commerce Commission, such as fixed charges, dm., or where they differ in
some other respect from the reports to the Commission.
(The) Philippine Ry.
Month of MarchGross operating revenue
Operating expenses and taxes
1933.
$67,346
36,932
1932.
$55,599
38,006
1931.
$65,636
39.099
Net revenue
Deduct from IncomeInterest on funded debt
$30,414
$17,592
826,537
28,497
28,496
28,496
Net income
Income approp. for investment in
physical property
$1,917 def$10,904
Balance
12 Mos. End. March 31
Gross operating revenue
Operating expenses and taxes
$1.917 def$10,904 def$1,959
def$1,959
$569,639
422,274
$618,224
431,926
$842,412
486,319
Net revenue
Deductions from Income
Interest on funded debt
$147,365
$186,298
$156,092
341,960
341,960
341,980
Netincome
-Dr
Inc. approp.for inv.in physical prop_
$194,595
2,524
$155,861
41,855
$185,867
76,293
Balance
-Dr
$197,119
$262,106
$197,517
liarLast complete annual report in Financial Chronicle May 13 '33, p. 3335
(And Subsidiary Companies)
-Month of April- -4 Mos.End.Apr.301932.
1933.
1933.
1932.
Gross earnings
$3,386,028 13,783.215 842,092,109 148.092.829
Oper. expenses, maintenance and taxes
1.625,623 $1,879,874 820,737,623 $23.740.391
•
Gross income
81.760,404 11,903,340 $21,354.485 824,352.438
Less:
Interest and amortization of discount ofsubs.-- $8,723,877 8,683,627
Preferred dividends of subsidiaries
5,669,330 5.637.997
Interest amd amortization of discount of American
Water Works & Electric Co., Inc
1,308,574
1,314,100
•
Balance
Reserved for renewals, retirements and depletion_
$5,652,703
2,761.700
Net income
Preferred dividends
82.891,002 $5.865,188
1,200,000 1,200.000
$8,716,713
2.851,524
Available for common stock
$1.691,002 $4,665,188
Shares of common stock
1,732.760 1,750,888
Earnings per share
$2.66
$0.98
iG9=1,ast complete annual report in Financial Chronicle Mar. 11 '33, p. 1718
Buffalo General Electric Co.
(And Subsidiaries)
Earnings for 3 Months Ended March 31 1933.
Operating revenues
Net after taxes & depreciation
Net income after interest & other charges
Preferred dividends
Balance
$3,542,408
1.352,202
797,865
147,487
$650,378
Butterick Co.
(And Subsidiaries)
Quar. End. Mar 311931.
.
1933.
1930.
Sales
,362
3 ;275 $2,919.876 $3,041,309
$1.737,003 $219 0
Cost and expense
1.711,407 2.299.710 2.674.164 2.874,169
880,565 , $245,712
Operating profit
825.596
8167,140
33,155
Other income
34,860
31,607
32,058
$93,720
Total income
$277,319
$60.456
$199,198
87.595
Interest, deprec., &c
95.572
117,159
130,266
INDUSTRIAL AND MISCELLANEOUS.
Net profit
$6.125
loss 335.116
$160,160
$68,932
Shs. com. outst. (no par)
183.969
184,208
183.969
182,239
Earnings per share
$0.03
Nil
$0.87
$0.38
rarLast complete annual report in Financial Chronicle May 20'33, p. 3540.
Alaska Juneau Gold Mining Co.
Continental Gas & Electric Corp.
Period End. May 31- 1933-Month-1932.
1933-5 Mos.-1932.
Gross profit
$290,500 $1,328,500 11,323.000
$256,500
Profit after operating expenses,& development
charges, but before deprec.,depl.& Fed.taxes
101,000
130.900
473.900
425.100
IOPLast complete annual report in Financial Chronicle Mar. 18 '33, p. 1888
American Gas & Electric Co.
(And Subsidiary Companies).
Sub. Cos. ConsolidatedIInter-co. items elim
Month of April- 12 Mos. Ended April 30
mated.)
1933.
1932.
1933.
1932.
Operating revenue
$4,408.777 $4,861.019 856,002,250 $63,067,116
Operating expenses__ _
2,086,245 2,252,046 25,985,109 28,903,179
Operating income
$2,322,532 $2,608,972 $30,017,140 $34,163,936
Other income
64,843
68,675
842,461
857,580
Total income
$2,387,376 $2,677,648 $30.859,602 $35,021,516
Res. for renewals and replacements (deprec'n)
624,711
583,055 7,113,834 6.935,468
Balance
$1,762,664 82,094,592 823,745,968 $28,086,048
Int. & other deduction& $932.344
973,295 11,351,062 12,140,265
Pref. stock dividends
377,201
415,195
4,975,669 4.540,272
Total deductions
$1,347,540 81,350,497 116,326,731 $16,680,537
Balance
744,095 7,419,236 11,405,510
415,124
Portion applicable to
*53
minority interests.....
*38
41
Balance
$415,124
$744,148 $7,419.275 $11,405,469
Amer. Gas &Elec. Co.Bal. of sub. cos. earns.
applic. to Amer. Gas &
Elec. Co
$415,124
$744,148 $7,419.275 $11,405,469
Inc. & pref. divs, from
subsidiary companies_
433,096 5,287,392 5.266,329
427.447
Other income
100,375
30,876
1,157,431
462.569
Total income
Expense
$873,448 $ 1,277,621 813,169.237 118.189,230
63,276
428,549
38,157
795,246
Balance
Int. & other deductions_
Pref.stock divs, to public
1835,290 11,214,344 $12,740,687 817,393,983
213,566
214,507 2,595,437 2,591,946
2,138,738 2,133,738
177,811
177,811
Total deductions
$392,319 $4,729,175 $4,725,684
$391,378
Balance
443,912
822,025 8,011,512 12.668,298
•Credit.
ItarLast complete annual report in Financial Chronicle June 10'33, p. 4083
American Seating Co.
(And Subsidiaries)
Quar. End. Mar. 31
1931.
1932.
1933.
1930.
Gross revenue
$853,017 81,139.773
$738,265
$351,723
Costs, expenses & deprec
451,897
1,195,618
911.774
863.544
Operating loss
$125,279
$100,174
$58,757
$55,845
Other income
33.082
28.462
21.753
21,348
N-t loss
$25,675
198.817
178,421
134,497
Other expenses
10,550
14,832
19,238
13,963
Interest
60.000
47,370
44,937
60,000
Total loss for period.._ $142,598
$159,019
$96,225
$108,460
tarLast complete annual report in Financial Chronicle Feb. 18 '33, p. 1202
American Telephone & Telegraph Co.
Operating revenues
Uncollectible oper. rev
-Month of April-- -4 Mos.End. Apr.30-1932.
1933.
1933.
1932.
$6,640,399 17.693.157 $26,552,474 $32,054.245
99,602
420.021
109.992
415.001
Operating revenues
Operating expenses
$6,740,001 $7,803.149$26,972,495 $32,469,2,46
5,725,647 8.577.985 22,962.292 26,206,102
Net oper. revenues--- 81,014.354 $1.225,164 $4,010,203 $6,263,144
465.260
Operating taxes
507,910
1,863,791
2.136,641
$717.254 $2,146,412 $4,126,503
Net operating income_ $549,094
O'Last complete annual report in Financial Ghronicle Feb. 11 '33, p. 1007
(And Subsidiary Companies)
12 Mos. Ended April 30-1933.
1932.
Gross oper. earns, of sub. cos. (after eliminating
Inter-co. transfers)
$30.318,474 $29,939,542
Operating expenses
11,203,138 11,242.177
Maintenance, charged to operation
1,434.988 1,754,393
Taxes-general and income
3,099,477 2,332,830
Depreciation
4,130.187 3,849,161
Net earnings from operations of sub. cos
Non-operating income of sub. cos
$10.450,683 810.760,979
931,096
618,060
Total income of sub. cos
$11,066,744 $11,692,076
Int., amortiz. & pref. dive, of sub. cos.
Interest on bonds, notes, &c
3,960,060 2,961,675
Amortization of bond & stock discount & expense
323,721
347,173
Dividends on preferred stocks
1,070,367
1,056.921
Balance
$5,689,142 $7,349,758
Less proportion of earnings attrib. to min.coin.stk
12.177
14,794
Equity of Continental Gas & Electric Corp. In
earnings of sub. cos
$5,676,964 $7,334,963
Earnings of Continental Gas & Electric Corp
34,164
48,914
Balance
$5,711,129 87,383,878
Less exps. of Continental Gas & Electric Corp_ _ 132,823
150,530
Gross income of Continental Gas & Elec. Corp_ - $5,578.305 $7,233,348
Holding company deductions
-Interest on debs
2.600,000 2.600,000
Other interest
1,625
53,735
Amortization of deb. discount & expense
164,172
164,210
Balance available for dividends
Dividends on prior preference stock
$2,812,507 $4,415,402
1.320,053 1,320,053
Balance available for common stock dividends- $1,492,454 $3,095,349
Earnings per share
$8.96
$14.43
la"Last complete annual report in Financial Chronicle April 15'33, p.3804
Duquesne Light Co.
12 Months Ended March 31Gross earnings
Operating expenses, maintenance and taxes
1933.
1932.
$24,354,754 $27,188,071
8,768,649 9,247,142
Net earnings
Other income-net
815,586,105 $17,940,929
997.329 1,003,030
Net earnings,including other income
Rent of leased properties
Interest charges
-net
Amortization of debt discount and expense
Other charges
Appropriation for retirement reserve
$16,583.434 818,943,960
178,614
179,864
3,158,034 2,903,500 ,
144,447
167,288
721
721
1.948,380 2,175.045
Net income
Earned surplus, beginning of Period
Sundry adjustments
-net
$11,130,396 $13,540.380
24.827,550 22,256,868
110,383
Total surplus
Preferred stock dividends
Common stock dividends
136,068.309 835,797,248
1.375,000 1,375,000
9.687,726 9,594,698
Total
111,062,726 $10,969,698
Earned surplus, end of period
25,005,583 24,827.550
ra#"Last complete annual report in Financial Chronicle May 13'33, p. 3831
Eastern Steamship Lines, Inc.
Operating revenue
Operating expense ____
Operating deficitOther income
Other expense
-4 Mos. End. April 30-Month of April1932.
1933.
1933.
1932.
1630,693 $2,191,136 $2,505,181
$642.154
689,518 2,402,596 2,661,131
679,837
58,825
211,460
37,683
155.950
7.872
26,423
3,616
27,849
61,831
73,688
315,987
241,288
Net deficit
8112,784
$501,024
1107.755
$269,389
tarLast complete annual report in Financial Chronicle June 10 '38 p. 4096
East Kootenay Power Co.
Month of AprilGross earnings
Operating expenses
1933.
$32,683
10,715
1932.
$33,855
11.238
Net earnings
$21,968
$22,617
rarLast complete annual report in Financial Chronicle June 18'32, p.4491
Eastern Utilities Associates.
(And Constituent Companies)
-Month of April- -12 Mos. End Apr.301932.
1932.
1933.
1933.
Gross earns.,constit.cos. $636.259
$681,520 $7,941,124 $8,744.657
E.U.A. income from in232.423
233,444
vest'ts & other sources
12,909
12,909
Balance
Operation
Maintenance
Taxes
$649,168
293,342
19,669
71,752
1694.430 $8,174,569 $8,977,081
313,752 3,634.187 3.990,063
346,947
264,786
24,358
894.015
892.686
74.154
Net revenue
Interest & amortization_
8264,403
73,443
8282,164 $3,382,908 $3.746,054
808,416
896,634
75,927
Balance
$190,959
Appropriation to retirement reserve*
Gulf Power Co.
(A Subsidiary of the Commonwealth ,3c Southern Corp.)
-Month of April- 12 Mos. End. Apr. 301932.
1933.
1932.
1933.
$835.533 11.003.736
$74,175
$67,348
Gross earnings
incl. taxes &
Oper. exps.,
588,675
509,579
44,166
42,321
maintenance
Balance
Divs. on pref. stock of constituent companies..... _
11,761.274 82,212,638
127,152
127,152
$1,634,122 $2,085,486
Balance
Amount applicable to common stock of constit85,454
59,746
uent companies in hands of public
$1,574,375 $2,000,031
1,370,889
1,199,644
Balance
Dividends on E.U.A. common
$629,142
$374.730
Balance
* Amount set aside by the directors of constituent companies during the
12 months' period.
-The 1932 figures have been rearranged to conform with the new
Note.
presentation of results of operation adopted Dec. 31 1932.
KR Last complete annual report in Financial Chronicle Mar. 25 '33, p. 2067
Fall River Gas Works Co.
--12Mos. End. Apr.30-Month of April
1932.
1932.
1933.
1933.
$977,346
$914,690
$85,671
$77,558
453,250
413.962
35.714
33.973
67,750
60,373
5,777
3,882
162,476
180,450
15,195
15,594
Net operating revenue
Interest charges
$24,108
2,088
828,983
2,047
$259,903
26,320
1293.868
21,430
1272,437
$233,583
Balance
126.936
122.020
During the last 30 years the company has expended for maintenance
a total of 7.88% 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 7.84% of these gross earnings.
First Chrold
Corp.
Month of May Jan.to May
1933.
1933.
81,275
$28,150
90,321
17,710
PeriodRealized profit
Unrealized profit
Gross profit
Expenses
Management fee reserve
Tax reserve
$45,860
907
4,586
5.551
$91,596
1,053
9,160
11.115
Net profit after reserves
$70.268
$34,817
lerLasl complete annual report in Financial Chronicle Mar. 11 '33,p.1724
First National Stores, Inc.
-3 Mos. Ended- -12 Moe. EndedPeriodApr. 1 '33. Apr. 2 '32. Apr. 1 '33. Apr. 2 '32.
Net inc. after charges_ _ _
$971,905 81396,112 $4,220,099 $4,825.611
Earns, per sh.on 827.634
shs. com. stk.(no par)
5.52
$1.39
$4.78
$1.09
tarLast complete annual report in Financial Chronicle June 10 '33, p. 4080
General Outdoor Advertising Co.
(And Subsidiaries)
Quar.End. Afar.311931.
1932.
1933.
1930.
$2,010,370 $2,85a,646 84.424.498 85.021.529
Operating revenues
Oper. exp., incl. deprec_ 2,412,203 3.256,957 4.546,318 x4,968,774
Loss from oper
Miscellaneous income__ _
$401.833
37.612
8401,311
89.922
$121,820 prof$52,755
38,912
31.234
Gross loss
Amortization
Interest
$384.221
422,409
11,189
$311,389
500.541
4,159
$82.908 prof$83.989
560,883
y575.969
6.426
7,024
$816,089
Net loss
$650,217
$797.819
8499.004
x Excludes depreciation. y Includes depreciation.
larLast complete annual report in Financial Chronicle Feb. 25 '33, p. 1382
Bros. Cooperage Corp.
Greif
6 Mos.End. Apr.30
Mfg. profit after deduct.
for materials used,
labor, mfg.exp.& depl
Depreciation
Sell., gen.& admin.exp_
Other deductions (net) Prov. for eat. Fed. taxes
(And Subsidiaries)
1932.
1933.
Total surplus
Divs. paid on class A
common stock
1930.
$272,347
103.499
183,411
8.403
$390,468
101,374
195,671
44,684
5,000
$486.222
98.227
248,397
20.680
12.000
loss$42,137 loss$22,967
519,420
353.746
Net profit
Previous surplus
1931.
143,737
695,228
$106,916
801,507
$496.453
$738,965
$908,423
51.200
51.200
102,400
$268,685
91,711
148,632
70,478
$311,609
$445,254
Balance, April 30__.$311.609
$687,765
$806,023
larLast complete annual report in Financial Chronicle Jan. 21'33, p. 500
Grigsby-Grunow Co.
(And Subsidiaries)
Earnings for 12 Weeks Ended March 25 1933.
sales
Net
Royalties
Cost ofsales
Advertising,sales promotion.sell., engln'g & adminis.exps
Depreciation and amortization
Other income charges
Net loss
Amountapplicable to minority interest
Net loss, majority interest
Deficit at Dec.311932
$1.573.824
62,957
1,356,093
521,142
267.422
69,610
$703.399
3,221
$700,178
5,541,651
Deficit at March 251933
86.241,829
*Mast complete annual report in Financial Chronicle Mar. 4 '33, p. 1559
$25.027
Net income
Provision for retirement reserve
Dividends on 1st pref. stock
$415,060
166,633
1149.011
30.000
67,264
$30.009
$325,953
176.942
$248.426
30.144
67.764
$51,747
Gross income
Fixed charges
$206,236 $2,486,274 $2,937,638
725,000
725,000
Gross earnings
t
i
? eration
aintenance
Taxes
4077
Financial Chronicle
Volume 136
$150,518
Balance
Haverhill Gas Light Co.
Gross earnings
iyeration
(
aintenance
Taxes
-Month of April- -12 Mos.End. Apr. 301932.
1933.
1932.
1933.
$681,439
$609.74,2
$54,362
$45,482
400.587
358.302
29,962
28.792
24.700
19,589
1,375
1,476
89,081
85.939
8.166
6,887
Net operating revenue
Interest charges
88,326
750
814,857
808
$145.910
3,899
$167,070
4.817
$162,252
$142,011
$14,049
87,575
Balance
During the last 23 years the company has expended for maintenance a
4.25% of the entire gross earnings over this period, and in addi .on
total of
during this period has set aside for reserves or retained as surplus a total of
10.73% of these gross earnings.
Illinois Bell Telephone Co.
-Month of April- -4 Mos.End. Apr.301932.
1933.
1932.
1933.
$5,804.018 $6,804,241 823,302,039 $27,752.401
Operating revenues
279,067
314,455
69.062
73.177
Uncollect. oper. rev-Operating revenues_ - _ $5,877,195 16,873,303 123.616.494 828.031,468
4.146,667 4,907,186 17,230.327 20.342.818
Operating expenses
Net oper. revenues_ _ _ $1,730,528 81,966,117 86.386.167 87,688.650
823,125 3,073.014 3,453.813
758.324
Operating taxes
Net operating income_ $972,204 $1.142,992 $3.313.153 $4,234.837
10'.1-ast complete annual report in Financial Chronicle Feb. 11 '33, p. 1014
Illinois Water Service Co.
1933.
12 Months Ended April 30$605,740
Operating revenues
214,542
Operation
35,155
Maintenance
47.769
General taxes
1932.
$657,109
235.587
40,276
37.401
Net earnings from operations
Other income
$308,272
1.739
$343,843
1.867
Gross corporate income
Interest on long-term debt
Miscell. int. (incl. int. charged to construction)
Amortization of debt discount and expense
Provision for Federal income tax
Provision for retirements & replacements
Miscellaneous deductions
$310,012
158,867
788
854
10,095
20,000
2.136
$345.711
157.355
1,111
562
9,243
19.000
2.476
8155.963
8117,269
Net income
53.400,
53,400
Dividends on preferred stock
-Interest on former loan from affiliated company subordinated
Note.
stock dividends.
to the payment of preferred
tArLast complete annual report in Financial Chronicle April 22'33, p.2797
Interborough Rapid Transit Co.
-Month of April- -10 Mos. End. April 301932.
1932.
1933.
1933.
Gross operating revenue- $4.972,062 $5,634,462 $49,488,836 855,637.792
2,855,552 3,558.947 32,753.667 35,770,868
Operating expenses
Net operating revenue $2,116.509 $2,075,515 $16.735,169 119.866.923
1.830,666 1,978,394
200,454
166,414
Taxes
Incomefrom operation $1,950.094 $1,875,061 $14,904,503 817,888,529
418,470 4.162,193 4,186,118
414.281
Current rent deductions_
$1,535,813 81,456,591 $10,742,309 $13,702.410
Balance
Used for purchase of
252.481
def43.448 def230,107
assets of the enterprise def51,747
Balance-City & co-_ $1,587.561 11.500,039 $10,972,417
Payable to city under
613,820
430,351
438,106
contract No.3
Gross inc. from oper-- $1,149,454 $1,069.687 110,358.597
1.154,329 11,443,898
1.128,245
Fixed charges
$21,209 def$84,641de1$1085,301
Net inc.from oper _ _
34.027
4,417
5.195
Non-operating income_ _
Balance before deducting 5% Manhattan
dividend rental_ _ _
Amount required for full
div. rental at 5% on
Manhattan _Ry. Co.
modified guar. stock,
payable if earned
$13,449,928
2.542,533
810.907.395
11.641,717
def$734,322
62.151
$26,404 def$80,224def$1051.274 da$672.170
231,870
231,870
2.318,708
2,318.708
Amount by which the full
5% Manhattan div.
$312.095 $3,369,983 $2,990,878
rental was earned clef 8205,466
-The "subway" and "system" balances as shown herein for the
Note.
current month and for the 10 months ended April 30 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 59' bonds pledged as collateral to 7% notes.
in lieu of interest on the note obligation.
"Last complete annual report in Financial Chronicle Aug. 27 '33, p. 1489
Kelsey Hayes Wheel Co.
3 Months Ended March 311932.
1933.
$656,532
Net loss after charges
8373,620
Company wrote down the value of closed plants at the end of 1932 and
depreciation charges for the 1933 period amounted to $163,789 as against
$349.708 for the 1932 period.
Operations of the company's English subsidiary, which are not included
in the foregoing figures, resulted in a net profit of 810,258 in the first
quarter of this year. against suet loss of $46,788 in first quarter of 1932.
Kidder Participations, Inc.
1932.
3 Months Ended March 311933.
Net profit before lose on securities sold
823.339
$17.974
Net loss after loss on securities sold
172.447
4.761
arLast complete annual report in Financial Chronicle May 20 '33, p. 3545
Financial Chronicle
4078
Jamaica Public Service, Ltd.
Gross earnings
Oper. exps. & taxes
June 10 1933
Northern States Power Co. (Delaware).
(And Subsidiary Companies.)
-Month of April-12 Mos. End. April 301932.
1933.
1932.
1933.
$807.748
$62,666
$789.562
$67,665
486.694
462,558
39.530
39,787
Net operating revenue
Inc.from other sources-5
$28,134
9,294
$22.878
9.326
$327,004
$321.054
3,911
Balance
Interest and amortization
$18,840
$13,551
$327,004
111,631
$324.965
112,493
Balance
$212,472
$215,373
* Interest on funds for construction PurPoses.
During the 9% years under Stone & Webster supervision, the company
has expended for maintenance, which is included in operating expenses, a
total of 10.35% of the entire gross earnings over this period.
10 Last complete annual report in Financial Chronicte May 6 '33, p. 3160
-
Kidder Participations, Inc., No. 2.
1932.
1933.
3 Months Ended March 31Net profit after all deduction, except loss on secur.
$13,198
sold
$11,426
182,943
Net loss after loss on sale of securities
11,639
"Last complete annual report in Financial Chronicle May 20 '33, p. 3648
(And Subsidiaries)
12 Months Ended March 31Gross earnings
Operating expenses, maintenance and taxes
1932.
1933.
$31,631,813 $33,934,827
16,166,377 16,300.787
Net earnings
Other income
$15,465.436 $17,634,039
126,717
92.815
Net earnings, including other income
Interest charges (net)
Amortization of debt discount and expense
Minority interest in net income of sub. co
Balance
Appropriation for retirement reserve
$9,588,567 111,857.461
2,900,000
2.900,000
Net income
Earned surplus, beginning of period
$6,688,567 $8,957,461
7,663,019
7,139,384
Earned surplus, end of period
$6,761,470 $7,663,019
110-Last complete annual report in Financial Chronicle May 13'33, p. 3332
.
Ohio Water Service Co.
(And Subsidiary)
Louisiana Oil Refining Corp.
1930
1931.
3 Mos.End. Mar.311933.
1932.
Gross sales
$2,060,924 $2.533,287 $2,762,086 $6.542,353
272,946
41,793
Profit before interest, &c loss330,656 1oss468,076
21,378
54,894
30,137
Interest paid
79,159
315,366
Deprec'n,depletion, &c_
181,090
305,026
456,027
$63,798
Net loss
$827,996
$444,371
$890,905
r.35P'Last complete annual report in Financial Chronicle May 27,'33, p. 3732
Manitoba Power Co., Ltd.
-4 Mos. End. April 30-Month of April1932.
1932.
1933.
1933.
$501,944
1107,059
1120,968
$430.531
23,843
91,641
109.679
23.370
$338,890
$392,265
$97,125
Net earnings
183,689
It:"Last complete annual report in Financial Chronicle May 20 '33, p. 3533
(A Subsidiary of The Commonwealth & Southern Corp.)
-Month of April-12 Mos. End. Apri1301932.
1933.
1932.
1933.
$245.209 $2,868,144 $3,256,687
$208,883
Gross earnings
Operating expenses, incl.
159,962
170,490
1,924.505
2,113,536
ih.taxes & maintenance
Fixed charges
$943,638 $1,143,150
716,677
743,856
Net income
Provision for retirement reserve
Dividends on let preferred stock
$226.960
73,200
270,254
$399,293
73,200
267,651
det$116,493
$58,442
$74,719
Balance
1933.
$461,477
156,007
22,335
73.589
1932.
$520,929
159,630
21,197
76,534
$209,545
17,947
$263.567
20.351
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
$227.492
191,000
1,309
Cr58
10,648
1,615
19.500
1,847
$283,918
191.152
3,131
Cr28,917
10,629
3,649
26.000
2,543
Net income
$75,730
11.631
*Dividends on preferred stock
$41,673
* Preferred dividends for the year ended April 30 1933, in the amount of
$77,278 have not been declared, nor accrued on books, but are cumulative.
Preferred dividends for the year ended April 30 1932, do not include
$35.419.08, which- have not been declared, nor accrued on books, but which
are cumulative.
VrEast complete annual report in Financial Chronicle April 22 '33, p. 2798
Patino Mines & Enterprises Consolidated
Mississippi Power Co.
$48,920
12 Mos.Ended
Operating revenues
Operation
Maintenance
General taxes
Net earningsfrom operation
Other income
1932.
3 Months Ended March 311933.
Net profit after all charges but before loss on
$12,086
$17.526
securities sold
184,108
Loss after loss on securities sold
5.539
20 '33, p. 2548
11:0'1,ast complete annual report in Financial Chronicle May
F Gross income
$14,351,586 $16,096,846
5,103,437
5,113.732
2,486,678 3,315,624
4.469
Total
Dividends-preferred stock
Common stock
Sundry adjustments (net)
Kidder Participations, Inc., No. 3.
Gross earnings
Operating expenses
$15.558,252 $17,760,757
5,764,447
5,698,058
180,000
180,000
•
25,237
25,237
Murray Corp. of America.
3 Months Ended March 311933.
1932.
Net loss after deprec., depict., etc
£22,795
£102,433
fa"Last complete annual report in Financial Chronicle April 22'33, p. 2809
and May 6, '33, p. 3176.
Philadelphia Co.
(And Subsidiaries)
12 Mos. Ended March 31Gross earnings
Operating expenses, maintenance and taxes
1933.
1932.
$45,521,000 $53,611,829
23,998,443 27,301,048
Net earnings
Other income-net
$21.522,557 $26,310,781
1.460,338
1,414,267
Net earnings including other income
$22.982,896 $27,725,048
Rent of leased properties
Interest charges
-net
Contractural guarantee
Amortization of debt discount and expense
Other charges
$1.718,369 $1,755.077
6,666.196
6,472.859
69,363
70,444
386,954
363.266
125.708
61,110
1933.
$72,923
208,675
21,678
1932.
$179.370
263,998
26,956
Loss
Other income
$303,276
53,498
$470,324
49,035
814.016,303 $19,002,290
Balance
Appropriation for retirement and depletion reserve 6,282,346
6,488.507
Loss
Depreciation
Interest
$249.778
153,346
42,564
$421,289
329,145
48.037
Net income
Earned surplus, beginning of period
Net loss
J. W. Murray preferred dividends
$445,688
$798,471
3,958
Total
Dividends: Preferred stock
Common stock
Sindry adjustments
-net
3 Months Ended March 31
Loss after deduct. cost of goods sold
Selling & general expenses
Expense of idle property, &c
$802,429
Deficit
Wlast complete annual report in Financial Chronicle April 22'33, p.2808
and April 29, '33, p. 2986.
$8,966,593 $8,722,758
$7,733.956 $12.513,782
43,912,491 42,892,757
151,646.448 $5a.406.539
3,718,536
3,723,511
6.240.224
7,680,245
156.677
90.291
$41,531,010 $43,912,491
Earned surplus, end of period
PgrLast complete annual report in Financial Chronicle May 20 '33, p. 3527
Reynolds Spring Co.
New York Railways Corp.
$11,110
$9,353
$84,922
x$3,669
*Net loss after charges
* Figures include 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
has not been declared. x Net income.
WLast complete annual report in Financial Chronicle Mar. 18 '33, p. 1886
1931.
1932.
.
1930.
Quar,Ended March 31- 1933.
$398,389
$648,850 $1,249,527
$491,543
Sales
395.446
411.608
566.871
Cost of sales
1.072.636
$2,943
$81,979
$79,935
$176,891
Gross profit
2.772
7.651
13,288
Other income
28,935
Total income
$82.707
$10,594
$95,267
$205,826
58,121
Sell., admin.& gen. exps
60,662
75.742
146,987
23,555
23,821
21,669
74,856
Depreciation
7,308i
6.285
Interest
4.555
$11,604
Notices
$77,368
$16,017
$4,180
WLast complete annual report in Financial Chronicle April 22 '33, p. 2809
New York State Rys.
San Diego Consolidated Gas & Electric Co.
Gross earnings
Balance after taxes
-4 Mos. End. April 30-Month of April1932.
1933.
1932.
1933.
$407,443 $1,621,501 $1,624,192
$414,656
229,471
49,712
161,106
62,584
(Receivers' Report)
Three Months Ended March 31earnings
Gross
x Operating expenses and taxes
Deductions
Net income
x Included for depreciation
1932.
1933.
11.131.848 $1,501.362
1.451,009
1,083.693
11.545
13,504
$36,610
$109,766
$36,849
$147,297
Northern States Power Co. (Minnesota).
(And Subsidiaries)
1933.
1932.
12 Mos. Ended March 31$27.735,914 $29.754,425
earnings
Gross
14,664.447 14,859.299
Operating expenses, maintenance and taxes
Net earnings
Other income
$13,071,467 114,895.126
1.583.720
1.591,520
Net earnings including other income
Interest charges-net
Amortization of debt discount and expense
114.655,188 116,486,647
4,890,448 4,811,663
180.000
180.000
Balance
Appropriation for retirement reserve
Net income
$9,584,739 111,494.983
2.775.585 2.610.000
16,809.153 $8,884,983
-Month of March- -12 Mos.End.Mar.311933.
1932.
1932.
1933.
Gross earnings
$673.550 87,212.945 57,655.286
$606,603
Net earnings
340,950
3.335,652
3.928.399
265,980
721
8,028
Other income
5,563
249
Net earns.,incl. oth.inc. $266,229
$341.672 $3,343,680 $3.933,962
Balance after interest
2,516,171
3,146,338
rarLast complete annual report in Financial Chronicle May 13 '33, p. 3344
South Carolina Power Co.
(A Subsidiary of the Commonwealth & Southern Corp.)
Month of April--12 Mos. End. Apr.301933.
1932.
1932.
1933.
Gross earnings
$170,129 $2,115,715 $2,375,056
$174.373
Oper. exps., incl. taxes dr
1,271.494
85,788
1,111,876
maintenance
88,271
Gross income
Fixed charges
$86,101
Net income
Provision for retirement reserve
Dividends on 1st pref. stock
$84,341
$1,003,839 $1,103,561
661,638
716,967
$342,200
120,000
171,436
$386,594
120,000
142,187
$124,406
Balance
$50,764
Last complete annual report in Financial Chronicle May 13 '33, p. 3345
KR-
Financial Chronicle
Volume 136
Sierra Pacific Electric Co.
(And Subsidiary Companies)
--12Mos.End. Apr.30-Month of April
1932.
1932.
1933.
1933.
$109,745
8123,868 $1,408,645 11,581,198
574,630
40,810
747,608
34,958
61,198
7,205
3,305
68,968
181.004
16.993
174,069
14,242
Gross earnings
Operation
Maintenance
Taxes
Net operating revenue
Interest & amortization_
$57,238
10,346
$58.857
7.614
$591,811
111,760
4079
United Light & Railways Co.
$590,551
89,523
(And Subsidiary Companies)
12 Months Ended April 301932.
1933.
Gross oper. earns, of subsid. & controlled cos.
(after eliminating inter-co. transfers)
865.388.337 $70,971.167
Operating expenses
27,753.077 29.746.786
Maintenance,charged to operation
3,515,068 3,943,586
Taxes, general and income
7.443.266 7.247.802
Depreciation
6.222.091 a7,538,628
Net earns,from oper. of subs. & controlled cos
Non-oper. inc. of subsid. & controlled cos
19,954,833 22.494.363
1.814.973 2.854.563
Balance
$51,243
$480,051
$501,027
$46,892
During the last 23 years the company has expended for maintenance a
total of 7.54%, 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 12.15% of these gross earnings.
rarLast complete annual report in Financial Chronicle Feb. 4 '33, p. 843.
Total income of subsidiary & controlled cog..---821.769,806 825,348,927
-$21,769,806
Int., arnortiz. & pref. divs, of subs. & contr. cos.:
Interest on bonds, notes. &c
10,256,619 9,550,185
Amortization of bond & stock discount & expense
683.914
667,173
Dividends on preferred stocks
3,037,413 3.203,181
Southern Colorado Power Co.
Balance
$7.791,859 $11,928.387
Less: propor. of earns, attributle to min. corn. stk_ 2,385,735 3,491,018
12 Months Ended March 31Gross earnings
Operating expenses, maintenance and taxes
1933.
1932.
$1,742,428 $2,052,021
936,419 1,081,513
Net earnings
Other income
$806.008
324
$970,507
1,356
Net earnings including other income
Interest charges-net
$806.333
434,356
$971.863
434,043
Balance
Appropriation for retirement reserve
$371,977
93,396
$537,820
30,207
Netincome
Earned surplus, beginning of period
$278,580
148,311
$507,613
140,138
Total
Dividends: Preferred stock
Common stock (class A)
$426,891
269.413
9,166
$647,751
297,773
201,666
Earned surplus, end of period
$148,311
$148,311
la'Last complete annual report in Financial Chronicle May 13'33, p. 3345
Tampa Electric Co.
-12 Mos.End. Apr.30-Month of April
1932.
1933.
1933.
1932.
Gross earnings
$320,773 83,700,987 $4.039.638
$292,627
Operation
114,931
104.797
1,330.936 1,447.931
Maintenance
19,803
18.070
238,334
267,060
Retirement accruals *
37,143
35,915
466,951
472,923
Taxes
32.027
30.378
360,157
362,900
Net oper.revenue__ _ _
8116.867 81,304.607 81.488.822
$103,464
Interest
3.277
2.155
32.873
45.936
Balance
$113,589 $1,271,734 $1,442,885
$101,308
• Pursuant to order of Florida Railroad Commission, retirement accruals
for a large part of hte property must be included in monthly operating
expenses and such an accrual is included for the entire property.
During the last 33 years the company has expended for maintenance a
total of 8.45% 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
14.02% of those gross earnings.
farLast complete annual report in Financial Chronicle Feb. 11 '33, p. 1016
United Light & Power Co.
(And Subsidiary Companies)
12 Months Ended April 30-1933.
1932.
Gross operating earnings of subsidiary and controlled companies (after eliminating inter-company transfers)
873,263,267 881,162,739
Operating expenses
31.472,635 34,442,111
Maintenance,charged to operation
3,989,289 4,539,257
Taxes, general and income
8,083,076 7,591,994
Depreciation
7,037,756 a8,441,557
Net earnings from operations of subsidiary and
controlled companies
$22,680,510 626,147,818
Non-operating income of subsidiary and controlled
companies
1,861,257 3.670,332
Total income ofsubsidiary and controlled cos--324,541.767 $29,818,150
Interest, amortization & preferred dividends of
subsidiary and controlled companies: Interest on
bonds,notes,&c
11,596,648 10,828,432
Amortization of bond & stock discount & exp
744,342
779,528
Dividends on preferred stocks
4.267.575 4,453,645
Balance
$7,933,201 $13,756,544
Less: Proportion of earnings, attributable to minority common stock
2.379,124 3,487,157
Equity of United Light & Power Co.in earnings
of subsidiary and controlled companies
$5,554,076 $10,269,386
Earnings of United Light & Power Co
36,032
59,930
Balance
$5,590,109 $10,329,317
Less: Expenses of United Light & Power Co
165,484
120,496
Gross income of United Light & Powr Co
35.424,624 810.208,820
Holding company deductions: Interest on funded
debt
2.347,924 2,875,419
Other interest
156,459
7,572
Amortization of bond discount and expense_ _ _ _
257,018
336,105
$2,663,221 $6,989,724
63,600,000 3,600,000
Balance available for common stock dividends_ def3936.778 $3,389,724
Earnings per share
def$0.27
$0.98
a Adjusted. b Accrued but not declared.
ta"Last complete annual report in Financial Chronicle Apr. 15 '33, p. 9599
Winnipeg Electric Co.
Gross earnings
Operating expenses
Net earnings
-Month of April- -4 Mos. End. Apr.301932.
1933.
1933.
1932.
$489,307 $1,870,865 $2,034,457
$422,338
333.039
304,628
1,276,417
1,376,09a
$137,710
$156,268
$594,448
$658,385
rm"Lasi complete annual report in Financial Chronicle May 27 :33, p. 3724
Balance
Less: Expenses of United Light & Railways
85,423,652 $8,881,102
71.504
35,377
Gross income of United Light & Railways
85,352.148 $8.845,725
Holding co. deduct.-int. on 5;i% debs., due 1952 1,375,000 1,375,000
Other interest
52.212
52.785
Amortization of debenture discount and expense
73.927
126,026
Balance available for dividends
83.851.007 37,291,912
Prior pref. stock divs.-7% prior pref.-1st series_
276,298
302,148
6.36% prior pref.-series of 1925
348.102
377.662
6% prior pref.-series of 1928
625,711
576.000
Balance available for common stock dividends-- $2,600,895 86,036.101
a Adjusted.
OrLast complete annual report in Financial Chronicle April 15'33. p.2610
Warner Bros. Pictures, Inc.
Southern Indiana Gas & Electric Co.
(A Subsidiary of the Commonwealth & Southern Corp.)
-Month of April--12 Mos.End. Apr
.301932.
1933.
1933.
1932.
Gross earnings
$254.014 $2,805,177 $3,183,288
$214,344
Oper. exps., incl. taxes &
maintenance
138,919 1,506,050
1,685,324
122,386
Gross income
$115,094 $1,299,126 $1,497,964
$91,957
Fixed charges
326,820
323.634
Net income
8972.305 81,174,329
Provision for retirement reserve
277,700
277.700
Dividends on pref.stock
535.465
506,563
Balance
$159,140
$390,065
VirLast complete annual report in Financial Chronicle May 13 '33, p. 3345
Balance available for dividends
Preferred stock dividends:$6 cum.cony. 1st pref
Equity of United Light & Railways in earns, of
subsidiary & controlled companies
85.406.124 88.437.368
Earnings of United Light & Railways
17.528
443.733
(And Subsidiaries)
26 Weeks EndedFeb. 25 '33. Feb. 26 '32.
Profit before charges
811.652.823 813.763,263
Amortization offilm costs
7,995,528 11.093,473
Amortization and deprec.of property
4,305.910 4,697.569
Interest, &c
2,868,737 3,161,974
Prov.for invest,in affiliated companies
145.344
21.456
Prov.for loss in cos.in equity receivership
127,652
17,193
Miscellaneous charges
44,000
Loss
$3,600.001 $5,462,722
Other income
159.069
208,892
Loss
$3,440,932 $5,253,830
Minority interest
1,394
13,869
Net loss
$3.442.326 $5,267,699
Preferred dividends
198.481
Deficit
$3,442.326 $5.466.180
Note -The above figures exclude those of Skouras Bros. Enterprises,
Inc. and St. Louis Amusement Co. and their subsidiaries.
For the 13 weeks ended Feb. 25 1933. net loss was $1,695,564 after all
charges, including interest, amortization and depreciation, comparing with
net loss of$1,746,762 in 13 weeks ended Nov.301932.and net loss of$3,418,830 for 13 weeks ended Feb. 27 1932.
ltZ Last complete annual report in Financial Chronicle Nov. 1932, p. 3516
,
West Virginia Water Service Co.
(And Bluefield Valley Water Works)
12 Months Ended April 301933.
1932.
Operating revenues
81.024.434 $1.108.709
Operation
376.747
417.132
Maintenance
49,858
51,231
General taxes
137.778
134,051
Net earnings from operation
$460,050
$506,294
Other income
3.810
2.449
Gross corporate income
$463.860 $608.743
Less earnings on new properties for period prior
to acquisition
18,682 •
Balance
$490,060
$463.860
Interest on long term debt
258,000
247,835
Miscell.int. charges(incl. int,charged to construct)
6.576
4.953
Amortization of debt discount and expense
26,288
25,461
Provision for Federal income tax
10.665
9,102
Provision for retirements and replacements
50,850
54,100
Miscellaneous deductions
3,297
3.547
Net income
$108.183
$145,061
Dividends on preferred stock
68,985
Dividends on 2d preference stock
7,500
Preferred dividends for the year ended April 30 1933. in the 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 April 30
1932, do not include $17,500, which have not been declared, nor accrued
on books, but which are cumulative.
arLast complete annual report in Financial Chronicle April 29'33, p. 2975
FINANCIAL REPORTS.
Louisville & Nashville RR.
(Annual Report
-Year Ended Dec. 311932.)
Lyman Delano, Chairman, and W. R. Cole, President,
state in past:
Cincinnati Passenger Terminals -At the end of the year. work on these
• terminals was nearing completion and the facilities were placed in operation
on April 2 1933.
The plans for the union passenger terminals were perfected and
cinnati Union Terminal Co. organized in 1927. The acquisition ofCinthe
necessary real estate, the making of surveys, and preparation of plans,
were immediately undertaken. Grading was commenced and some masonry
work done during 1929. By its order dated Oct. 10 1928. the I.-8. C. Commission authorized the Terminal company to issue and sell all of its common
stock, $3.500,000, in equal amounts to Baltimore & Ohio, Chesapeake &
Ohio, Cincinnati New Orleans & Texas Pacific, Cleveland Cincinnati
Chicago & St. Louis, Louisville & Nashville. Norfolk & Western and
Pennsylvania RR. In January 1929, common stock amounting to $35,000
was issued, this company taking one-seventh and paying therefor $5.000
in cash. The railroads have also advanced to the Terminal
company
$3,465,000, this company's proportion being $495.000, on which interest
accrues at the rate of 6% per annum.
On Aug. 10 1929, the 1.-13. C. Commission authorized the Terminal
company to issue and sell at not leas than par $3,000,000 of 5% cumulative
preferred stock. During October and November 1929, the total issue was
sold at par.
On authority of the I.-8. C. Commission, the Terminal company issued
the following 1st mtge. gold bonds, the payment of principal and interest
being guranteed, jointly and severally, by the proprietary companies:
Financial Chronicle
4080
$12,000,000 series A 47 bonds, sold at par and interest.
$12,000,000 series B 5% bonds, sold at 95 and interest.
$12,000,000 series C 5% bonds.
Of the series C bonds, $9.354,000 were pledged with the Reconstruction
Finance Corporation to secure loans aggregating $8,300,000. On Feb. 8
1933, the Commission authorized the sale of the total of the series C bonds,
the proceeds to be used to reimburse the Reconstruction Finnace Corporation, and complete construction of the terminals. The bonds were sold in
that month at 9735 and interest.
The capitalization of the Terminal company authorized by the Commission at this time is:
Common stock
$3,500,000
Preferred stock
3,000,000
First mortgage gold bonds
36.000.000
Federal Valuation.
-In March 1932, the I.
-S. C. Commission decided
that the final value for rate making purposes of the property of this company, owned and used for common-carrier purposes, as of June 30 1917,
was $300,275,000, value of property owned but not used, $7,827.269,
and value of that used but not owned, $25,004,103. The value found by
the Commission for owned property, $308,102,269, is in excess of the
amount carried on the company s books as investment in road and equipment at June 30 1917.
The final values are somewhat greater than the tentative values shown
by the report of the Commission issued in March 1925, due mainly to the
favorable disposition of matters of fact dealt with in the company's protest
to the tentative valuation, but there still remain important differences
between the company and the Commission in the matter of the proper
principles to be applied in the making of a valuation of the company's
property.
-S. C. Commission issued certain supplemental
On Sept. 7 1928, the I.
orders, &c., on the subject of bringing valuations to date. Effective Jan. 1
1933, the Commission, after review, modified certain of these orders and
withdrew others, in an effort to facilitate bringing railroad valuations to
date, reducing somewhat the volume of information heretofore required.
Financial.
-During the year there has been a decrease in the funded debt
outstanding of $2,281,930. There have been no sales of securities during
the year.
Freight Rates.
-The increase in freight rates and charges applied for in
-S. C. Commission effective Jan. 4
the year 1931, and authorized by the I.
1932, to continue until March 31 1933, credited to operating revenues
during the year, amounted to $1,274.632. This revenue, less 1.% to
cover adjustments of overcharge claims, &c., was remitted monthly to the
Railroad Credit Corporation. Application for a continuation of this increase
was made to the Commission on Dec. 10 1932, by all class I railroads in the
United States, and on March 7 1933, the Commission authorized the
carriers to continue in effect the present surcharges, with certain exceptions,
until Sept. 30 1933.
Wages, etc.
-In addition to the reduction of 10% on Jan. 1 1932, referred
to in last year's report, the salaries paid officers, officials, and subordinate
officials occupying supervisory positions were reduced 10%, effective
July 1 1932, provided that the salary of anyone affected by this decrease
should not be reduced below $175 per month. The reduction of 10% made
in the pay of all employees for a period of one year, effective Feb. 1 1932,
without any change in the basic rates of pay, was continued by agreement
with representatives of the various organizations until Oct. 31 1933.
Effective July 15 1932, after conference with representatives of the clerical
and station employees a lay-off of two days per month without pay, to
continue until Oct. 15 1932, was mutually agreed upon, in lieu of reduction
of forces, this being in addition to the 10% reduction in rates of pay. By
subsequent agreements this lay-off was extended until April 30 1233, and
will continue thereafter until terminated by 15 days' notice given by either
party to the agreement.
The board of directors authorized a reduction of 10% in the amount of
pensions, accruing after April 30 1932, granted officers and employees,
with provision that no pension should be reduced below the minimum of
$15 per month.
Our usual table of comparative income account and
traffic statistics was given in V. 136, p. 3339.
NASHVILLE RR. GENERAL BALANCE SHEET
DECEMBER 31.
1932.
1931.
1932.
1931.
Assets$
Stock
Investment
Capital stock _117,000.000 117,000,000
Road
306,912,810 304,588,305
Prem.on capiEquipment .._152.610,118 152,966,068
tal stock
12,117
Improv.on leased
12,117
railway prop_ 2,388,944 2.375,412 Grants in aid of
construction _
37,899
37,899
Sinking funds
391,345
542,678
Funded debtDeposits in lieu
Unmatured __230,484,240 232,766.170
of mtge. prop.
Liab.of South10,221
9,027
sold
ern Ry. Co.
Mlscell. physical
for bonds is2,512,020 2,854,644
property
sued Jointly
Invest, in affiliwith thLs co. 5,913,500 5,913,500
ated cos.
19,617,051 19,616,551 Non-negotiable
Stocks
debt to Will.
1,168,135
1,076,135
Bonds
cos.
-open ac901,965
Notes
901,965
counts
134,935
78,126
Advances_
5,052,240 3,624,272
Traffic and carOther investmserv. balances
2,011.058
Stocks
2,011,058
payable
347,942
492,180
4,360,429 3.553,829
Bonds
680,959 Audited accts. &
Notes
753,383
wages payable 3,607,379 4,889,262
1,000
Advances
1,000
Cash
12,988,710 15,787,976 Miscell. accounts
payable
784,910
570,686
Time drafts and
1,582,944 5,059,720 Int. matured undeposits
paid
1,708,541
1,714,066
107,974
Special deposits_
106,059
Divs, matured
Loans and bills
unpaid
249,595
245,540
1,499,571
receivable._ _ _
638,431
Funded debt maTraffic and car26,000
tured unpaid_
49,000
serv. bal. rec. 2,056,599
1,978,087
Unmatured diva.
Net bal. receiv.
declared
2,340,000
from agents &
conductors_ _ _
429,537
557,322 Unmatured int.
accrued
1,847,120
1,890,644
Miseell. accounts
1,568,187 Unmatured rents
receivable_ _ _ _ 1,532,997
15,794
accrued
15,654
Material & supp. 9,342.132 9,244,933
97,653 Other current liaInt. & diva. rec.
157,782
118,455
bilities
145,325
92,064
Rents receivable
92,064
2,523,926
Deferred liabil
917,566
Other current
1,884,302
1,986,792
19,003 Tax liability
assets
17,952
Work,fund advs.
59,643 Accrued deprec.
53,126
17,929,236 17,929,236
-Road
Other def. assets 6,861,463 6,857,959
Accrued deprec.
Rents and insur-Equipment. 58,129,762 54,151,935
ance premiums
paid in advance
5,241 Accrued deprec.
5,713
-Miscell phyOther unadjusted
sical property
102,137
207,068
debits
1,036,678
1,667,772
Other unadjust.
L. & N. Term,
4,758,870 5,193,438
credits
Co. 50-yr. 4%
gold bonds.
2,500,000 2,500,000 Additions to property through
Memphis Union
2,982,909
income & surp. 3,052,081
Station Co. 1st
39,005
53,005
Sink, fund reser.
mtge.5% gold
bonds
2,500,000 2,500,000 Approp. surplus
not specifically
Cincinnati Union
316,331
292,759
invested
Term. Co. 1st
mtge. gold bds 32,854,000 24,000,000 Profit and loss__ 84,476,812 57,622,131
L. & N. Term.
Co. 50-yr 4%
gold bonds__ _ 2,500,000 2,500,000
Memphis Union
Station Co. 1st
mtge.5% gold
2,500,000 2,500,000
gonds
Cincinnati Union
Term, Co. 1st
mtge.gold bds 32.854,000 24,000,000
LOUISVILLE ee
573,354,886 568,497.006
Total
-V.136, p.3530.
Total
573,354,886 568,497,006
June 10 1933
Ford Motor Co of Canada, Ltd.
(Annual Report-Year Ended Dec. 31 1932.)
.
Cars
Tractors
PRODUCTION FOR CALENDAR YEARS.
1931.
1932.
1930.
30,890{
}
25,218
70,259
2,186
1929.
87,791
2,001
•
INCOME ACCOUNT FOR CALENDAR YEARS.
1929.
y Total sales & other inc.$17,168,i76 $21,880 $45,947,903 $60,009,013
i24
Exps., deprec. maint.,
operation and taxes-- 22,375,513 23,265,481 42,790,026 54,776,194
Net profits
Other adjustments
Previous surplus
Total surplus
Dividends paid
Trans. to reserves
def$5,206,737d1$1 384.757 $3,157,877 $5,232,819
-------15r42.570
75,400
24,764.262 28,436.965 29,762,905 24,454,685
$19,557,526 $27,009,638 $32,920,781 $29,762,905
995,376
3,483,816
1,000,000
1,250,000
1,000,000
Profit & loss surplus -$18,557,526 $24,764,262 $28,436,965 $29,762,905
Shs. cap. stk. outstand.
(no par)
x658,960 x1,658,960 x1,658,960 y1,658 956
Earnings per share
Nil
Nil
$1.90
$A.15
x Represented by 1.588,960 shares class A stock and 70,000 shares class
B stock. y Represented by 1,588,956 class A shares and 70,000 class B
shares.
COMPARATIVE BALANCE SHEET DEC. 31.
1931.
1932,
1932.
1931.
Liabilities-Assets
$
$
Plant account_ _25,531,070 24,886,944 x Capital stock _ _ _13,379,100 13,379,100
Patents
Accounts payable_ 566,758
397,882
Cash
2,302,534 4,757,775 Accr. payroll, &c_
94,346
Can. Govt. bonds_11,414,593 14,362,646 Deprec. reserve_ _18,256,683 16,598,578
Accts. receivable
481.194 Contingency res.. 4,250,000 3,250,000
743,940
Deferred charges
217,412 Surplus
164,815
18,557,526 24,764,262
Inventories
1,521,435 2,437,679
Investments
6,205,502 6,205,502
Customs drawback
dr refund claims_ 547,102
Adv. to affil. cos 6,457,065 4,970,163
Interest accrued.. 122,008
164,852
Total
Total
55.010,067 58,484,170
55,010,067 58,484,170
x Represented by 1,588,960 shares class A stock and 70,000 shares class
B stock, both of no par value.
-V.134, p. 4502.
First National Stores, Inc.
(Annual Report-Year Ended April 1 1933.)
COMPARATIVE INCOME ACCOUNT,
Year EndedApr. 1 '33. Apr.2'32. Mar. 28'31. Mar, 29'30.
2,546
Stores
2,705
2,548
2,549
Sales
$100892,947 $107,634,383 $108,196,686 $107,635,216
Costs & expenses
94,720,565 101,059,366 102,235,605 101,742,211
906,383
Depreciation
1,014,511
807,405
603,363
Federal taxes
710,088
753,266
607.738
553,586
Balance
$4,447,782 $4,915,366 $4.545,939 $4,736,057
89.755
Loss on sale of cap assets
168,383
66,830
Cr.37,389
Prem. & unamortized
disc, on 1st mtge. 5%
bonds red
59,300
Net income
$4.220,099 $4,825,611 $4,479,108 $4,773,446
34o.779
346,812
Preferred dividends
349,880
336,160
2,035,714
Common dividends_ _ _ _ 2,029,777
2.051,188
1,609,186
Balance, surplus
$1,854,162 $2,446,118 $2,078,040 $2,817,448
7.207,210
5.456,132
3,237,133
Previous surplus
9,411,328
Dr242,000 Dr224,000 Dr239,000
211,000
Prov. 7% pref. sink. fdTotal
$11,054,489 $9,411,327
Good-will charged off_
Unamort. bal. of leaseholds charged off
Adjustment of cost to
market quotations..
$7,310,172 $5,815,581
288,463
70,986
102,963
Profit & loss surplus_ _$11,054,489 $9,411,327 $7,207,209 $5,456,132
827.634
827,634
* Shs.com.outst.(no par)
827,634
827,634
$5.52
Earnings per share
$5.03
$5.39
$4.78
* Including shares held in treasury.
COMPARATIVE CONSOLIDATED BALANCE SHEET.
Apr. 133. Apr. 2'32.
Apr. 133. Apr. 232.
Liabilities$
Assets$
S
$
7% pref. stock _ _. 5,000,000 5,000,000
_
Fixed assets, less
depreciation_ ... _ 12,332,552 12,238.607 x Common stock._ 6,977,422 6,977,422
2,655,029 2,630,056 Funded debt
928,000
Cash
123,470
152,953
U. S. securities_ _ _ 2,739,683 2,147,512 Accept. payable._
489,885 Note payable
50,000
Accts. receivable__ 573,681
8,637,741 6,526,797 Accts. payable_ 2,834,633 2,508,871
Inventories
862,805
1,458,335 1,523,635 Empl. Inv. cUs... _ 500,875
Investments
441,271 Prov.for Fed.taxes 702,435
751,391
458,485
Deferred charges
1 Reserve
1
1,612,182 1,404,994
Good-will
Surplus
11,054,489 9,411,328
Total
28,855,508 27,997,763
28,855,508 27,997,763
Total
-V. 136 p. 3916.
x Represented by 827.634 no par shares.
American Gas & Power Co.
(Annual Report-Year Ended Dec. 311932.)
F. W. Seymour, President, states in substance:
Company has completed its first year under the management of A. E.
Fitkin and associates. In the last annual report announcement was
made that the control of the company had been purchased from the receivers of American Commonwealths Power Corp. on Jan. 18 1932, subject
to an option to repurchase within one year from that date. The receivers
did not exercise this option, and therefore control and management have
been since Jan. 17 1933 unconditionally vested in the Fitkin interests.
Due to the existence of this repurchase option, the final adjustment of
the many claims and inter-company accounts between company and Its
former owner has been materially retarded. Since the expiration of the
option, the officers of company have proceeded diligently in the settlement of these various matters, and at the date of this report(May 20 1933)
an early consummation satisfactory to company seems assured.
-The exchange of American Commonwealths
Minneapolis Gas tight Co.
Power Corp. preferred stock for participation units of the Minneapolis
Gas Light Co., the arrangement for which was discussed in the last annual
report, has proceeded actively during the year, 24,263 21-100ths shares
out of a total of 24,333 53-100ths shares having been exchanged and this
exchange now being 99.7% complete. This is considerably in excess of
the original expectation, and almost entirely eliminates any liability which
previously might have existed against the Minneapolis Gas Light Co.
by virtue of the sales of American Commonwealths Power Co. preferred
stock.
No liability has been set up on the company's balance sheet for participation unit certificates, as the holders of such certificates have none
of the rights of stockholders, but only those of beneficiaries of the provisions of the trust indenture. Under provisions of indenture, the equity
available for common stock of Minneapolis Gas Light Co. at present is
subject to prior payment in event of liquidation of $100 per unit on
24,263 21-100 participation units outstanding. Earnings of Minneapolis
Gas Light Co. available for dividends on common stock are subject to
cumulative prior payment of income payments of $5 per unit per year
and beginning Jan. 1 1935 to sinking fund payments of $4 per unit per year.
•
Financial Chronicle
Volume 136
Lowell Gas Light Cu.-On June 15 1932 11,500,000 of one-year 3,- notes
c
of the Lowell Gas Light Co. came due for payment. Nearly all of the
common stock. of the Lowell Gas Light Co. is owned by the American
Commonwealths Power Associates. a Massachusetts voluntary association,
and this voluntary association was indebted to your company on Dec. 31
,
1932 in the amount of $6,610,538, which includes interest for the year
1932 not accrued on the books of the company. Common shares of the
Lowell Gas Light Co. in the amount of 58,199 are pledged with Bankers
Trust Co.. as trustee, as collateral for a note of 14,950.000 for the benefit
of American Gas & Power Co. debentures. On account of this substantial
investment in American Commonwealths Power Associates, it was a matter
of great importance to company that the Lowell notes be met at their maturity. After protracted negotiations with the holders of these notes and
others, a plan to recapitalize the Lowell Gas Light Co. was consummated
and refinancing was completed on Feb. 3 1933. The payment of the
% 1st mtge. bonds to
$1,500,000 notes was met by the sale of $950,000
bankers at par, and by the issuance of $550,000 6% notes maturing in
installments on July 1 1933, July 1 1934 and Jan. 1 1935. which were
exchanged for substantially all of the then outstanding notes. There
seems to be no reasonable doubt as to the ability of the Lowell Gas Light
Co. to meet the maturities created by this financing. The amount due
as of July 1 1933 is $150,000. Notes totaling over 60% of this amount
have already been called or purchased and we feel confident that funds
will be on hand for the balance well in advance of the maturity date.
Birmingham Gas Co.
-Mention was made in last 'ear's report of contingent liabilities of the Birmingham Gas Co. and Industrial Gas Corp.
of 159.000 and 157.500 respectively for deficiencies under gas supply
contracts, and of obligations aggregating $400.000 to local banks. In
addition to these liabilities the Birmingham Gas Co. was also confronted
with the payment of its 11.250.000 45.5% gold notes which matured on
Oct. 1 1932. As a result of these substantial liabilities it became necessary
to negotiate with the creditors for the funding of these obligations. This
was undertaken and carried to a successful completion.
The entire short-term indebtedness of the Birmingham Gas Co.. with
the exception of $150,000 of bank loans which were paid in cash during the
year was, in substance, converted into new three-year obligations maturing
Oct. 1 1935. and arrangements were made for the liquidation of these
debts from the surplus earnings of the Birimngham Gas Co. on a pro rata
basis without distinction as to classes of creditors. As a part of the plan.
agreements were entered into between B'rmingham Gas Co. and American
Gas & Power Co. covering various inter-company accounts and a lump sum
settlement agreed upon which was approved by the Alabama Public Service
Commission. American Gas & Power Co. agreed to pay its obligation to
Birmingham Gas Co. out of the moneys that may become available from
surplus earnings after the date of the agreement.
Under this plan, approximately 97% of the 11.250,000 Birmingham
Gas Co. 4%% notes were exchanged for the new three-year 6% notes.
and all creditors, including the banks and coke oven companies, became
parties to the agreement. As a part of this transaction American Gas
dr Power Co. sold its directly-owned subsidiary. Industrial Gas Corp.,
to Birmingham Gas Co., the two corporations were merged and the Industrial Gas Corp. dissolved. As a result of this merger, funds held by
the trustee for the bonds of Birmingham Gas Co. were released and used
for payments on the liabilities of the company and the expenses necessarily
involved in consummating the plan of adjustment. This merger resulted
in a substantial improvement in the current position of the new consolidated
Birmingham Gas Co.
Claims Against American Gas it Power Co.
-The following claims were
pending against American Gas & Power Co. and its subsidiaries on Dec.
311932:
(1) The Government has claimed a deficiency in Federal income taxes
for the years 1929 and 1930 against American Commonwealths Power
Corp. and its subsidiaries, in the sum of 11.108.784. During these years
American Gas & Power Co. and its subsidiaries were members a the
American Commonwealths Power Corp. group, for which consolidated
returns were filed. This claim is being vigorously contested by all parties.
and the management anticipates a very substantial reduction. The
amount that will finally be assessed is conjectural, as is the portion of
that amount that may be allocable to American Gas & Power Co. and its
subsidiaries. It is possible that American Gas & Power Co. and its subsidiaries will not be called upon to pay any part of the deficiency as finally
determined if their counsel are successful in their contention that collection
In full must be made from American Commonwealths Power Corp. in
receivership and from those corporations still members of that group.
(2) Possible liability for alleged misrepresentation by employees under
former management by purchasers of preferred stock of American Commonwealths l'ower Corp.:
Lowell Gas Light Co.
-Estimated maximum
1330.000
Birmingham Gas Co.
-Estimated maximum
229,336
Minneapolis Gas Light Co
70 32-100 part. units
The company does not admit liability regarding the above charges and
,
In no case is the maximum liability greater than the amount shown.
(3) Notes and accounts receivable discounted:
Jacksonville Gas Co
$590
Minneapolis Gas Light Co
35,642
The Minneapol s Gas Light Co. tem of $35,642 has been paid since the
first of the year.
(4) Unadjudicated law suits and damage claims:
Birmingham Gas Co
$9,835
Minneapolis Gas Light Co
15,000
Savannah Gas Co
55.012
The Birmingham Gas Co. and Minneapolis Gas Light Co. items represent
property and personal damage claims arising out of the normal conduct
of the business and are in the process of adjustment.
The Savannah Gas Co. item was a claim for $50,000 which resulted
in litigation that resulted favorably to the company, the claim being denied
in the trial court.
(5) Possible liability for additional "money and credits tax":
Minneapolis Gas Light Co.
-Maximum
$24,000
This claim has been compromised since the first of the year and settled
by the payment of $2,112.
(6) Unbilled fees and expenses in re. participation units, Minneapolis
Gas Light Co.:
This item involves a possible liability estimated by the Minneapolis
Gas Light Co. management to be not in excess of $3,000 for unbilled
attorneys' fees and miscellaneous items.
Short
-Term Bank Obligations.
-At the beginning of the year 1932 the shortterm bank obligations of company's system aggregated $1,424,869, including the 1400.000 of notes discounted by Birmingham Gas Co. and
$216,071 obligations of Lowell Gas Light Co. Throughout the year,
officers have exercised unusual efforts to conserve system cash in every
way possible and retire this indebtedness. As of Dec. 31 1932 short-term
bank obligations had been reduced to $273.700, not including $250,000 of
Birmingham bank loans which were converted into what are substantially
three-year loans under the refinancing plan above outlined. Further
progress in the reduction of bank loans has been made since the first of
this year and they now aggregate only $141,562. It is the belief of officers
that a continuance of this program will result in the early elimination of
all current bank loans of the system. During 1932 and 1933 to date,system
interest bearing securities and preferred stocks in the amount of $355.600
par or stated values, have been acquired through the operation of sinking
funds or investment of surplus funds of the properties involved. All
banks in which system operating companies maintain balances were opened
without restrictions immediately after the recent bank holiday and that
no funds are impounded in closed banks.
4081
System cash balances are substantially in excess of the corresponding
periods of the preceding year and the current position of all subsidiaries
has been materially improved. Except for the Lowell installment note
of $150,000, which comes due on July 1 1933, and to which reference has
heretofore been made, there are no other system securities maturing this
year. With the exception of the participation units at Minneapolis,
no exchanges have so far been made for the preferred stocks of American
Commonwealths Power Corp. which'have been sold to customers of your
company's subsidiary or affiliated companies.
Change in Stock.
-On Dec. 31 1932 the stated value of the common
stock of the company was reduced to $10 per share, resulting in an increase
in surplus of 16.825,000. A portion of this new surplus was appropriated
to write off, by elimination, the items "organization and preferred stock
expense"
-$1,009,255 and "Excess of investment in stocks of subsidiaries
over par or stated values thereof, less surplus from appraisals of certain
-$4,735,854, which items appeared in previous years under
properties"
"Fixed assets." The item "Reserve for contingencies" has also been
removed from the balance sheet and doubtful accounts against which this
reserve was originally created have likewise been eliminated.
Dividends -Due to the unprecedented conditions existing and to conserve cash, no dividends on company's first preferred stock have been
paid since Nov. 15 1931. All interest and dividend requirements of the
.
c exc63p on
ot theirs
he f syTtemfhave b rn promr B
f
ly
: ock o t e met, with thlas 0tion
i
o
rltidenron
a i
which no payments have teen made since Jan. 31 1932, and the interest
on the small number of overdue notes of the Birmingham Gas Co. which
have not yet been exchanged.
EARNINGS FOR THE YEAR ENDED DEC. 31 1932(CONSOLIDATED).
3,688.957
Gross operating revenues
$7,922,370
Operating expenses
Maintenance
290.674
Taxes
Tax -other than Federal income tax
752,585
Net operating income
Non-operating income
$3.190,154
def67.308
Gross corporate income
Interest deductions
-subsidiary cos_
Other deductions
-subsidiary cos
$3,122,847
1,257,245
664.678
Balance
Disc, on reacquired securities
-subsidiary cos
$1,200.924
43,346
Total income
$1,244,270
Dividends on preferred stock-subsidiary cos
238.218
Income payments on participation units
-subsidiary cos
90,652
Interest on funded debt
654,400
Interest on unfunded debt
8,752
Amortiz. of debt disc. & exp.-American Gas & Power Co_ ___
97,841
Balance before Fed.income tax & arrears of diva. on pref. stks
$154,406
CONSOLIDATED BALANCE SHEET DEC. 31 1932.
Assets
Property, plant, equip., 3:c_$.51,532,694 Funded debt
$35,908,000
Notes pay.
Inv. in American Common-due Oct. 1 1935
366,208
wealths Power Associates_ 6,220.658 Current & accrued liabilities_ 1,485,790
Sink. fds. & 0th. spec. depos_
89,758 Consumers' meter & extenCash
593,043
sion deposits
667,487
Miscellaneous investments
Unadjusted credits
9,718
(mkt. val., 884,052)
124,488 Reserves
3,107,709
Accounts receivable
864,088 Subsidiaries' preferred stock_ 6,391,400
Other accounts receivable...
49,249 18t cum. pref. stock
x4,000,000
Notes receivable
1,639 Cumulative preference stock_ y8.500,000
Unmetered services (eat.)....
84,130 Common stock
z1,050.000
Accrued int. receivable
3,262 Cap. surp. of subs, since acq
138,067
Merchandise
484,380 Earned surp. of subs, since
Insurance deposits
8,580
actin's. & cap. & earned
Prepaid & deferred charges_ 2,918,010
surp. of holding co
1,349,603
$62,973,981
Total
$62,973,981
Total
it 40,000 shares $,6 preferred (no par). y 85,000 shares $6 preferred
-V. 136, P• 3905
(no par). z 105,000 shares at stated value.
.
Minneapolis & St. Louis RR.
(Annual Report-Year Ended Dec. 31 1932.)
1932
1931
1930
1929
1928
1927
1926
1925
1924
1923
1922
CLASSIFICATION
Agriculture.
1 281,925
1,565,486
1.867,433
2 183,166
2,275,740
2,177,612
2354,705
2,259.192
2,136.243
2,073.916
2073.477
-PRODUCTS OF (TONS).
OF FREIGHT
Forests. Mfg. & Misc.
Animals.
Mines.
115,054
876.619
1,060,348
261.904
1,211,388
177,215
1,599,376
321,529
1.564,870
265.585
334,197 • 2,023,518
1.699,151
451.202
2,012,762
363,662
1,655.032
486,852
2,110,304
355,061
1,772,660
1.506,726
445,630
359,692
1,530,795
438.951
1,678,431
367,494
1,432,640
436,051
1,826.191
342,426
1,711,086
389.804
2,070,263
325,533
1.860,901
416.600
2,611,478
350,294
1.663.232
357,265
1.941,355
330,671
-Our usual comparative income account and traffic
Note.
statistics appeared in the "Chronicle" of May 13, p. 3339.
BALANCE SHEET DEC.31 (RECEIVER AND CORPORATE COMBINED)
1932.
1931.
1931.
1932.
Liabilities-$
$
Assets$
$
Capital stock
a Invest. In road,
25,792,600 25,792,600
equipment, &c.61,699,510 62,125,774 Grants in aid of
construction
4,898
4,185
improv. on leased
45,247,314 45,615,138
29,749 Funded debt
31,495
property
308,905 Receivers' certifs. 1,135,000 1,200,000
Misc. phys. prop_
327,567
294,029
300,191
Inv. In Mill. cos._
276,600 Traf. & car sere_
268,415
643,228
577,752
Cash
565,476 Audited vouchers_
281,462
Loans, depos., &c.,
335,697
411,899
i Unpaid wages_ _ _
3,373 Agents' drafts_ _ _ _
8,775
16,316
receivable
4.880
, misc. sects. pay__
12,519
Traffic & car serv.,
15,040
56,117 Mat'd int. unpaid_23,016,693 20,201,833
31,319
debit
Agts.& conductors 215,090
275,410, Unmat. Int. aces__
330,860
339,694
544
31,481
U.S.PixaOff.Dept.
28,269 Unmat. rents aces.
544
302,283
Audited bills
318,114 Deferred liabilities
2,922
3,483
, Unadjust. credits_ 5,757,090 5,560,447
Freight, claim bills
32,311'Other def. Habil.. 2,451,962 2,443,383
24,991
& draft author_
808,990 1,014,876 Addition to prop.
Mat'l & supplies__
Int. & diva. rec
691
through income
691
Deterred assets_ _
10,835
16,390
and surplus_ _ _
.
96,990
96,683
Unadjust. debits_ 15,267,591 15,226,453
Profit and loss... _25,824,522 22,300,681
Total
105,131,121 102579,188
Total
186.131.121102579,188
x After deducting $5,233,426 in 1932 ($4,898,164 in 1931) reserve fur
accrued depreciation.-V. 136, p. 3339.
General, Corporate and Investment News
STEAM RAILROADS.
Matters Corered in the "Chronicle" of June 3.-(a) Monthly report of
Railroad Credit Corp.; loans made up to May 31 1933 totaled $73,691.368;
$1.312,340 repaid, p. 3833. (b) Railroad relief bill passed by Senate; sixhour day amendment dropped because of Roosevelt opposition; dismissal
of employees to effect retrenchment is prohibited; new t)asis of rate-fixing
c Railway unions plan plea to Pres dent Roosevelt
specified. p. 3834.
on behalf of six-hour day; A. F. Whitney sees little hope of inclusion of an
in legislation by Congress, p. 3834. (d) Railroad executives testify before
I.
-S. C. Commission on proposal to reduce freight rates; R. H. Aishten
asks restrictions on competitive transportation: Daniel Willard declares
general rate cut would mean disaster to majority of carriers. p. 3834.
(e) Reconstruction Finance Corp. ruling requiring reduction in "excessive"
salaries of executives before loans will be made to corporations; scale of
4082
Financial Chronicle
June 10 1933
cuts runs from 60% on highest salaries to 10% between $4,800 and $10,000:
rule, already applied to southern Pacific, expected to affect railroads
chiefly, p. 3835.
$40,302,465, and in addition by an assignment of the company's distributive
share of the assets of the Railroad Credit Corporation, to which the company has contributed $1,431,000.-V. 136, 3153,2784,2235, 1543. 1537.
Atchison Topeka & Santa Fe Ry.-Preferred Dividend
Reduced.
-The directors on June 6 declared a dividend of
$1.50 per share on the 5% D:011-C111/1. pref. stock, par $100,
payable Aug. 1 to holders of record June 30. Semi-annual
distributions of $2.50 per share had been made on this
issue from 1901 to and incl. Feb. 1 1933. The company
issued the following statement:
The I.
-S. C. Commission on May 27 authorized the company to pledge
and repledge not exceeding 82,000,900 of 5% 1st & ref. mtge. gold bonds.
series A., as collateral security for short-term notes.
The commission also authorized the company to pledge and repledge
-year 5% gold
from time to time not exceeding 8100.000 of 1st mtge. 50
bonds as collateral security for any note or notes to be issued under the
-V, 135,
provisions of section 20a(9) of the Inter-State Commerce Act.
P. 4381.
The directors declared a dividend of $1.50 per share on the pref. stock
out of the undivided net profits for the year ending June 30 1933. payable
Aug. 1 to holders of such preferred at the close of business June 30.
The general auditor furnished to the directors an estimate of the undivided
net profit for the year ending June 30 of $3,986,391. an amount very
slightly in excess of the sum required to pay a $3 dividend on the company's
outstanding shares of preferred stock.
President Samuel T. Bledsoe, said that he thought it
was fair to assume the company would pay $3 on the pref.
stock this year, the remaining $1.50 to be paid in December.
The charter provision of the preferred stock reads as
follows:
Tao holders of the preferred stock shall be entitled to non-cumulative
dividends in each and every fiscal year beginning after the 30th day of June
1896, at such rate, not exceening 5% annually, as shall be declared by the
board of directors of such corporation, in preference and priority to any
payment in or for such fiscal year of any dividend on the common stock or
on any other stock of said company, but only from undivided net profits
-V.136. p. 3152.
when and as determined by the said board.
-Value.
Belt RR. & Stock Yards Co. of Indianapolis.
-S. C. Commission has placed a tentative valuation of $4,476,329
The I.
on the properties of this company, as of Dec. 31 1927.-V. 135. p. 2488.
Boston & Maine RR.-Bonde Authorized.
The I.-El. C. Commission on May 27 authorized the company (1) to esue
a note or notes for the aggregate amount of 81,000,000 to evidence a loan
from the Railroad Credit Corporation and (2) to pledge as collateral security
therefor $2.175.000 1st mtge. 6% gold bonds, series LL.
The report of the Commission says in part:
The applicant states that interest, rentals and edit).* fixed charges aggregating $2,406,696 will be due on or before Sept, 1 1933. It has applied for,
and expects to obtain, a loan of $1,000,000 from the Railroad Credit
Corporation to be used to pay the interest obligat oils. It is represented
by the appllcant that its cash balance on May 1 1933 was $1,979.952,
and that it is unable to borrow elsewhere the money necessary to avoid
default in payment of these charges.
The loan is to be evidenced by a note or notes payable within two years
from the date thereof, and bearing interest at the rate or rates determined
as provided in the "marshalling and distributing plan, 1931." of the Credit
Corporation, and is to be secured by the pledge of $2,173,000 of the appli-V. 136, p. 3716.
cant's 1st mtge. 6% gold bonds, series LL.
Central Argentine Ry.-Proposes to Extend Notes.
-year notes
By order of the Court a meeting of the holders of the 5% 10
is to be held this month to consider a scheme of arrangement which provides
(inter alio) that:
(1) The date of repayment of the notes shall be extended from July 1
1933, to July 1 1936;
(2) The rate of interest on the notes as from July 1 1933 shall be increased to 6%, payable on Jan. 1 and July 1, the first payment at such
Increased rate to be made on Jan. 1 1934;
(3) The company shall have power to repay the notes at any time before
July 11936, on giving three months' previous notice; and
(4) Every noteholder shall forthwith, on being so required, produce his
notes to the company in order that a memorandum of this scheme may be
placed thereon, and that there may be annexed thereto, additional coupons
for interest for the six half-yearly installments of interest ending on July 1
1936. (London "Stock Exchange Weekly Official Intelligence.')-V. 136
p. 2969.
Chicago Rock Island & Pacific Ry.-Files Bankruptcy
Plea Under New Law After Denial of Further Reconstruction
-ReFinance Corporation Loan to Meet $2,259,710 Due
.-The company filed a voluntary
organization Planned
petition in bankruptcy in the Federal District Court at
Chicago June 7. The action was taken by order of the
board of directors, meeting in New York, when the road
was unable to obtain a loan either from the Railroad Credit
Corp. or the R.F.C. to meet interest payments of $2,259,710
which fall due between June 27 and July 1.
The filing was under the new Bankruptcy Act, which permits a railroad
to proceed to reorganize without actual adjudication as a bankrupt.
The petition was filed by Marcus L. Bell, of New York, Vice-President
and General Counsel of the road,and by W.F.Dickinson,Chicago attorney.
It bore the signature of W.H. Burns. a Vice-President. James E. Gorman,
President of the road, is in New York.
Judge Wilkerson entered an order permitting the present management
to continue the operation of the road. He directed that the company start
a new set of books, as of June 8, and to submit on Aug.:31 a statement of
assets and liabilities as of June 7.
The road's directors issued the following statement:
The Rock Island RR. has principal and interest maturities on July 1
of approximately $2,100,000. It has, further, very substantial interest
payments due in October and January next. As is well known, it has
approximately $140,000,000 of bond issues maturing in March and
April 1934.
The problem before it has been whether it should continue to make
temporary loans from either the Railroad Credit Corporation or the Reconstruction Finance Corporation, if a general plan of reorganization will be
necessary next April.
In connection with the Railroad Co-ordinator Bill, Section 15 states
that the Commission shall not approve a loan to a carrier under the Reconstruction Finance Act if it is of the opinion that such carrier is in need of
financial reorganization, &c.
With this in mind, the Railroad Credit Corporation advised the company on May 26 that it must decline to make a loan to the Rock Island
of S2,000,000, for which the road had applied.
-S. C. Com'The matter was then taken up with Division 4 of the I.
mission and with the Reconstruction Finance Corporation, who have
indicated that they could not make any further advances on the collateral
now held by them for the present loans of slightly over $13,700,000.
With these facts in mind, it is the feeling of the board of directors that
the greatest care should be taken to make no payments that might in any
way be prejudicial to the rights of any particular class of security holders.
The board has, therefore, authorized an application to the Federal
Court at Chicago for the protection of the Court under the provisions of the
new law relating to railroad reorganization, as being preferable to an equity
receivership.
The Rock Island earned in 1926 $10.62 a share on its common stock:
in 1927, $12.10: in 1928. $12.91, and in 1929, $14.04. Since then, due to
the world depression, earnings have declined until in 1932 it was not able
to earn within $10,000,000 of its bond interest, and is not earning fixed
charges in 1933 to date.
Except for the coming large maturity of a number of bond issues in a
period when, due to world dislocation, there has been no bond market,
the road would not require a reorganization, as its total capitalization is
only $57,000 a mile, every dollar of which represents money put into the
-S. C. Commission is substantially in
property. The valuation made I.
excess .of the total capitalization.
present loans of $13,718,000 from the Reconstruction Finance
The
Corporation are secured by listed collateral of a par value of $20,811,500,
by unlisted collateral, largely composed of first liens on terminal properties
a
and branch lines, of an aggregate par value of $19.490,965. or total of
-Bonds Authorized.
Detroit Toledo & Ironton RR.
Indianapolis Union Ry.-Valuation.-
-S. C. Commission has placed a tentative valuation of $11,804,968
The I.
on the owned properties of the company and 15,280,074 on the total
used properties, as of Dec. 31 1927.-V. 136. p. 2600.
-Abandonment of Branch Lines.
Maine Central RR.
The I.
-S. 0. Commission on May 24 issued a certificate permitting the
company to abandon operation of (1) part of a branch line of railroad extending generally northwest from Woodland Junction to Princeton. 10.53
miles, in Washington County; (2) part of a branch line extending north
from Oquossoc to Kennebago,10.82 miles, in Franklin and Oxford counties,
and (3) part of a branch line extending north from Austin Junction to Kineo
-V.136.
Station,51.36 miles,in Somerset County;all in the State of Maine.
p. 2794.
-Dividend Correction.
Morris & Essex RR.
t semi-annual distribution of 3M% has been declared on the guaranteed
stock, par $50, payable July 1 to holders of record June 6. (In our dividend columns June 3, page 3855, we erroneously stated that a distribution
of 434'% would be made on this issue on July 1 to holdets of record June 9i
Under the lease to the Delaware Lackawanna & Western RR. this stock
on Jan. 1 and 3M% %
on ies
receJulyy 71?4-%v.an13n3u.11 . 79
a p . Pazable as follows: 4X
y
-Committee to Bid
New Orleans Great Northern RR.
for Properties.
The Bondholders' Protective Committee (James G. Blaine, Chairman)
-year gold bonds states:
n a letter to the holders of the 1st mtge. 5% 50
A decree ordering the sale of the road at foreclosure was entered by the
U-. B. District Court for the Southern District of Mississippi on May 22
1933. Pursuant to the foreclosure decree, James N. Ogden, special master.
has advertised that the properties will be offered for sale at Jackson. Miss.,
on June 29 1933. This committee will authorize its representatives to bid
for the properties at the foreclosure sale and, if the properties are acquired
pursuant to such bid, will undertake to carry out the plan of reorganization
-S.
as soon thereafter as possible; subject, however, to approval of the I.
0. Commission.
been deposited to justify the consummation of the
Sufficient bonds have
plan -more than 91% of the Wane now being held by the committee.
Although additional bonds will be accepted for deposit on or before June 30
1933, considerable inconvenience is occasioned by last minute deposits
and the committee reserves the right to impose a penalty of $1 per bond for
bonds deposited after June 20 1933.
all
The new securities issuable under the plan will be dated as of July 1
1933 and the first semi-annual interest coupon on the new first mortgage
bonds will be dated Jan. 11934.
As was pointed out in the committee's letter to bondholders of March 13
1933, the reorganization plan contemplated that if conditions justified it,
G. M. & N. would advance additional funds for distribution to holders of
certificates of deposit, but that G. M.& N. had advised us that it believed
such additional advance at that time was not justified in the light of prevailing conditions. After further discussions, G. M.& N. has recently agreed.
however, to provide funds, on the terms stated in the plan, for distribution
to the holders of certificates of deposit in an amount equal to 2% of the
new bonds issuable under the plan or equivalent to $10 for each of the
deposited bonds. It is contemplated that such distribution will be made at
or prior to the time of the issuance of the new securities in exchange for
-V. 136. D. 3717.
outstanding certificates of deposit.
-Valuation.
Texas & New Orleans RR.
The I.
-S. C. Commission has issued a tentative report placing a total
valuation of 32.51.078.868 upon the common carrier property of this system.
as of Dec. 31 1931. The non-carrier property was valued at $2,775,791.- -V. 135. p. 2995.
Wabash Ry.-Extension of Principal Payments on Equip-On May 20 last the U. S. District
ment Trust Certificates.
Court at St. Louis ordered the receivers to make no further
payments on account of matured or maturing principal
and interest on any of the equipment trust obligations and
further directed that the receivers negotiate with the trustee
and holders of such equipment trust obligations for the
formulation of a plan for the refinancing or extension of
the principal of such equipment trust obligations upon terms
which will preserve the equipment for use in the operation
of the receivership estate and will readjust the amounts of
the annual payments in amortization of the principal thereof.
The receivers have, therefore, formulated a plan under
which all of the unpaid equipment trust certificates maturing
in 1933 and 1934 and equipment trust certificates of 1920
maturing in 1934 and 1935 will be extended for three years
respectively from the due dates thereof. The equipment
trust obligations involved are as follows:
$1,510,800 equipment trust of 1920
1,415,000 equipment trust of 1922
804,000 equipment trust of 1923, series C
996,000 equipment trust of 1924, series D
1.197,000 equipment trust of 1924, series E
2,232,000 equipment trust of 1925, sales F
1.750,000 equipment trust of 1927, series G
2,475,000 equipment trust of 1929. series H
Under the terms of the agreement into which the holders of such equipment trust certificates are being requested to enter the holders agree, in
effect, not to take steps to enforce payment of the installments of principal
on the equipment trust certificates maturing in 1933 and 1934 and installments of mincipal due In 1934 and 1935 under the equipment trust of 1920
until three years from their respective maturity dates, provided the
receivers
(a) Pay currently as the same shall become due all warrants for dividends
on the certificates.
(b) Pay the principal amount of all certificates outstanding under the
equipment trust agreements and all outstanding dividend warrants perthe
taining thereto, as the same shall respectively become payable, except will
principal amount of said certificates payable in 1933 and 1934, which1934
,
d
ein 1936 and 1937. respectively, and certificates payable in 1937
an 1935 under the equipment trust of 1920, which will be paid in
and 1938, respectively..
(c) Pay semi-annual interest at the respective rates carried by the various
equipment trusts on certificates maturing in 1933 and 1931 and certificates
maturing in 1934 and 1935 issued under the equipment trust of 1920 until
payment of these maturities is made in 1936. 1937 and 1938, respectively.
The equipment trust certificates are held In dominant proportions by
approved
insurance companies and other financial institutions which have
the arrangement, and agreements are now in circulation for execution by
other corporate and individual holders.
When the plan has been finally approved by the comt and declared
operative by the receivers the holders of the equipment trust certificates
will be asked to present their certificates to the Treasurer for receivers.
agent for
120 Broadway, New York, N. Y. who has been designated as
the trustee to receive such obligi:tions for the purpose of stamping the
their
certificates with the legend provided in the agreement, evidencing
acceptance of the agreement.
4083
Financial Chronicle
Volume 136
Consolidated Balance Sheet Dec. 31.
(Intercompany securities and accounts eliminated.)
Commission to Study Terminal Rates.
The I.
-S. C. Commission on May 29 forbade the Kansas City Terminal
Co. from barring use of its facilities to the Wabash By.. pending hearing
on the justness of the contract under which 12 railroads use them.
The Wabash By. is now in the hands of receivers, who, examining the
contract under which the Kansas City Terminal Co. was created, decided
that the use made of the facilities by the Wabash did not warrant its making
payments as large as required.
They notified the company of this, and last week asked the Commission
to review the contract, stating that unless the Commission issued an order
the Wabash might be barred from Kansas City after May 31. They asked
that payments made on a wheelage basis be ordered.
The present order specifies that the Wabash, for the present, shall pay
the compensation provided for in the contract, but that such payments shall
not be made final and that the Commission after hearing, will fix rates.
-V. 136. P. 3905.
Washington& Old Dominion Ry.-Receivers' Application for Reconstruction Loan Withdrawn.
-S. C. Commission for a loan
The application of the receivers to the I.
of $101,500, filed Dec. 1 1932, has been withdrawn and the application has
been dismissed.
Western Arizona Ry.-Abandonment.--
-S. C. Commission on May 27 issued a certificate permitting the
The I.
company to abandon, as to inter-State and foreign commerce, its entire
railroad, which extends from McConnico In a northerly direction to Chloride,
approximately 23.41 miles, all in Mohave County, Ariz., and the Atchison.
Topeka & Santa Fe By. to abandon operation thereof.
PUBLIC UTILITIES.
-April output of electricity
Matters Covered in the "Chronicle" of June 3.
off 5% as compared with a year ago, p. 3799.
-Earnings.
American Gas & Electric Co.(& Subs.).
Comparative Statement of Consolidated Income.
1930.
Calendar Years1931.
1929.
1932.
Subsidary Companies:
Operating revenue
$58,225,694 $64,913,959 568,600,967 568.021;531
Operating expense
26,797,291 29,183,723 31,857.675 32.750,619
1932.
Assets-
1932.
1931.
Total
1931.
$
Fixed capttal__e386,702,745 430,248,624 5% gold debs__ _ 50,000,000
Sub, cos, funded
Stocks dr bds. of
144,953,900
debt
1,092,162
other cos_ _ _ _ 1,365,355
Cash & time dep. 22,635,927 19,508,751 Accts. payable_ 1,763,378
Consumers' dep. 1,768,595
Bankers' accept.
3,911,946 Pref, stock subreceivable_
scription pay.
20,232
Federal, State &
Accr. int., dive.
music. securs.
and taxes, &c. 8,926,327
2,687,192
b5,731,123
(at cost)
Contrac. nab.__
222,253
Fed. Inter.Cred.
Unadj. credits_
89,588
Bank debs.(at
Deprec. reserves 24,092,725
c3,013,718
cost)
222,556
510.052 Other reserves.._ 15,431,330
Notes receivable
9,035,799 6% pref. stock_ 33,715,837
Accts. receivable 9,098,955
Common stock. 42,289,636
Employ. pref. &
Subs. co.: Pref.
common stock
stk.($100 par) 24,885,300
474,322
632,849
subscrlp., &c_
Preferred stk.
5,211,323
Matls. & supp__ 4.384,603
(no par) __ 24,023,064
Notes & loans
Common stock
rec.from joint.
2,011,086 Net excess of
owned cos.__ 2,066,251
stated value of
Reacq. common
secur, of subs.
stock, held for
over amt. at
194,857
198,384
resale to emp.
which suchsec.
Reacq. pref. stk.
are carried
of subs-held
by the Amer.
for resale____
159,933
G.& El. Co_ _a16.264,522
Special deposits_
183,054
246,662
Acquired surplus
Unamort. debt
of subsidiaries 4,280,117
disc. dr exp_ 14,768,990 15,673,099
0th. def.charges 1,450,537
1,643,020 Earned surplus_ 59,726,119
452,452,924 492,610.949
Total
50.000.000
146,202,200
3,701,504
1,833,216
3,502
8,196,311
243,253
243,992
21,683,948
15,609,982
33,715,837
40,649,774
25,058,350
24,114,345
392
60,277,506
4,786,002
56,290,834
452,452,924 492,610,949
a After giving effect to entries made or to be made in 1933 adjusting the
fixed capital, capital stock and surplus accounts of subsidiary companies.
b 53.975,261 due in 1933. c All due in 1933.
-One of the subsidaries has a contingent liability on an indemnity
Note.
-V.136, p.3905.
agreement in connection with $841,000 of mortgage bonds.
-To Adjust
American Cities Power & Light Corp.
Investments' Book Value.
The stockholders will vote June 27 on app roving a proposal to adjust
Net operating income331.428.403 $35.730,237 $36,743,292 $35,270,912
Other income
964,341
1.436.655
1.316.845
781,779
the book value of investments to market value as of April 29 last.
Total income
$332.210.182 536.694,578 $38,179,946 $36.587,757
Depreciation
6,809,918 x5,897,703
4.782.062
7,029,416
Int. & other deductions_ 11,581,553 12.383.963 12.657.023 12,048.592
Preferred stock dividends 4,822.549 4,541,690
5,170,024
4,565,986
502
3.891
5,602
Port. appl. to min. int_
p. 2418.
Balance
$8,776.665 512,958,504 514.451,306 $15,185,515
American Gas c*, Electric Co.:
Balance of subs, earns.
Coo Amer. Gas
$8,776.664 $12,958,504 $14.4o1.306 15,185.515
Int. and pref. stock divs.
5,875,660
from sub. cos
5.363,449
6.838,346
6,121.217
2.519,275 4,268.017
Other income
1,375,174
732,938
Total income
$14,873,052 520,209.339 523,808.927 525,574,749
Expense
894.489
1,322,033
1,462,504
544,043
Int. & other deductions_ 2.602.306
2,643,714 3,248,883 3.214.636
Pref. stk. divs. to public 2,133,738 2.133,738 2.125,692
2.119,944
Balance
29,592,965 514,537,397 517.112.320 $18,777,665
Surp. bal. begin, of year 61,076,836 51.791.543 48.352.422 34,450,346
Minority interests
502
3,891
5,602
Surplus of cos. acquired
during year
2,363
4,772
27,703
Sundry credits
46,240
161,973
4,553
330.823
y Other credits
485.370
169,654
Total surplus
$70,844,008 566,863,416 565,635.378 $53,592,139
Trans. to res. for deprec.
2,844.796
Surplus of cos. sold dur224.427
ing year
30,462
49,166
Sundry debits
155,247
83,564
958,506
Adjust. of fixed capital
account of sub. co__ _ _ 1,014,925
Divs.on corn.stk. Amer.
Gas & Elec. Co_y
5.512,987 10,843,792
4.250,749
5.739.283
Upon adoption of the proposals, earned surplus and net profits of the
corporation, including stock dividends received and their availability for
dividends will be computed on the basis of the revaluation of investments
and on the basis of results of operations subsequent to April 30.-V. 136,
-Preferred Dividends.
American Power & Light Co.
The directors on June 2 declared a dividend of 3734 cents per share on
the $6 cum. pref. stock, no par value, and a dividend of 31 Si cents per share
on the $5 cum. pref. stock, no par value, both payable July 1 to holders of
record June 12.
Like amounts were paid on April 1 last.
Six months ago,
the quarterly dividend on the $6 pref. stock was decreased from $1.50 per
share to 75 cents and the 55 pref. stock to 6234 cents per share from $1.25.
-V. 136, p. 3340.
-Public Stock
American Telephone & Telegraph Co.
Sales Suspended.
Pending clarification of the new securities act, this company has suspended
the sale of its stock to the public through the Bell Telephone Securities Co.
The latter has been acting as broker for the last 10 years for persons who
wished to purchase A. T. & T. shares, in full for cash, or on the instalment
plan. Since 1923, yearly orders have totaled from 18,500 to more than
62,000. The greatest number ofshares purchased in any one year through the
Bell Telephone Securities Co. was in 1925, when the total reached 290,000
shares. Since 1927, when the goal of 400,000 stockholders was reached,
efforts to sell the shares through the Securi ies company have eased off.
The practice of the company was to sell the stock at the closing price of the
day and order was received, plus brokerage and postage fees. When the
purchase was made on the instalment plan, the initial payment was $30
and a 6% interest rate was levied on the balance, which was taken care of
by the purchaser in monthly payments.
Nicaragua and United States Connected by Telephone.
Regular telephone service between the United States and Nicaragua
began on June 7 through the co-operation of the American Tel. & Tel. Co.
and the Tropical Radio Tel. Co.
In addition to United States telephones, the service will embrace those in
Canada, Cuba and Mexico.
A three-minute conversation between New York and any point in Nicaragua will cost $21 with $7 for each additional minute.
Burp. bal. end of year_564.006,237 561,076.836 $51.791,543 548.352,422
eDoes not include 5614.932 transferred to reserve for depreciation as
Exchange Offer Made to Minority Stockholders of Western
special property amortization and charged by subsidariy direct to surplus
-See latter company under "Industrials"
Electric Co., Inc.
in 1930.
y Elimination of debit balance in surplus account of company liquidated
-V. 136, p. 3531.
below.
during the year.
-Reorganization Plan Approved.
""...Appalachian Gas Corp.
Balance Sheet Dec. 31 (Company Only.
The Chancery Court of Delaware in a decision handed down by Chan1932.
1931.
1931.
1932.
cellor J. 0. Wolcott has approved the plan of reorganization and declared
$
$
. LiabilitiesAssets$
$
same fair and equitable to all parties at interest, it was announced June 7.
a Sub. co. sec_140,543,715 105,520,975 5% gold deben
This decision was based on a hearing for that purpose which was held beMIsc.stks.& bds.
181,936
158,381
bds. due 2028 50,000,000 50,000,000
fore Chancellor Wolcott on April 21 1933. The plan of reorganization as
Cash & time dep. 15,477,712 13,596,282 Accts. payable_
68,389
92,734
Bankers' accept.
receivable_
Federal, State &
music. secure,
b1,786,457
(at cost)
Fed. Inter. Cred.
Bank debs.(at
c1,356,852
cost)
49,176
Accts. receivable
Empl.com.stock
subscrip., &c..
210,932
Notes, loans &
accts.rec. from
subsidarles
4,536,764
3,911,946
2,687,101
38,327
553,351
34,015.777
Iteacquir. corn.
stock, held for
194,857
resale to empl.
Unamortiz. debt
disc. & expense 5,987,095
22,304
Unadjust. debits
Total
Pref. stock sub.
payments_
3,502
Accr. Int.& Pref.
stock dive__ _ _
772,290
772,290
Accts. pay. to
subsidarles:_ _
Loans pay_
209,765
Accts. pay.
64,044
7,708
Deferred credits
15,998
d Costing. Ilab_
1
1
Res.for Fed.tax,
95,191
118,984
Res.for costing_ 3,085,370
3,215,619
e Pref. stock_ __ 33,715,837 33,715,837
e Common stock 42,289,636 40,649,774
Earned surplus_ 40,313.379 37,871,964
198,384
York Trust Co. is depositary for the committee.
-V.136, p.3531.
6,049,897
170,347,799 166,730,512
Total
170,347,799
s '.
-Associated Gas & Electric Co.
-Suit Brought Attacking
Readjustment Plan.
166,730,512
1932.
1931.
a Includes (in addition to common stock):
562,916.400 552,715,500
Mortgage bonds
67,871 shs. 7.719 shs.
56 preferred stock
135,739 shs. 134,117 she.
$7 preferred stock
89.410 shs. 69,367 shs.
6 preferred stock
304 shs.
20 shs.
7 preferred stock
$884,419 due in 1933. c All due in 1933. d Company guarantees the
b
principal and interest of $9,120,000 of bonds of its subsidiary companies
1932.
1931.
a Represented by:
396.559 shs.
396.559 shs.
Preferred stock, $6 (no par)
40,936 shs.
40.936 shs.
stock
Less treasury
Preferred stock held by public
(having a preference in liqui355.623 shit.
dation of $100 per share)__ 355,623 shs.
4,230,217 7-50 shs. 4.065,952 34-50 shs.
Common stock (no par)
1,253 31-50 shs.
975 18-50 shs.
Less treasury stock
Common stock held by publics 4,228.963 26-50 shs. 4,064,977 16-50 shs.
x Includes common stock dividend paid Jan. 3 1933, and Jan.
79,612 28-50 shs.
82.795 8-50 shs.
2 1932
'
approved was sponsored by a debentureholders committee consisting of
John C. Adams, Chairman: Walter Logan, Charles B. Roberts 3rd, John
B. Stetson Jr. and C. T. Williams. The plan (V. 135, p. 3519) was dedared operative in the early part of this year (V. 136, P. 156).
In rendering the decision the Chancellor recognized the necessity of
adequately compensating the party willing to furnish the funds to make
possible the plan. The Chancellor stated: "Of course, it is not to be expected that when a badly collapsed enterprise seeks aid from the outside to
assist in its rehabilitation, it can hope to receive it at a moderate cost.
It is unfortunate that in the coldly practical world of finance, desperation
of need is an accepted opportunity for liberality of recompense."
The Chancellor ordered that the decree of sale shall contain a proviso
that such holders who have not deposited their debentures and stocks within
the time limited for deposit shall have an extension of time for deposit to
a designated date to the end that they, particularly the non-depositing
debentureholders, may yet participate if they care to do so instead of being
compelled to have their money share of the proceeds of the sale. The New
The plan for readjustment of the $260,000,000 outstanding debentures
has been attacked by a suit for an injunction in the New York Supreme
Court, filed by Charles E. Scribner. attorney, 20 Exchange Place, N. Y.
City, on behalf of Elizabeth E. Rabenold, as the owner of $165,000 434%
debentures of 1949. The plan, which was published on May 17, has not
met with the co-operation of the banking houses which have in the past
handled security issues of Associated. The Chase Harris Forbes Corp..
in a letter dated May 27, advised debenture holders not to deposit their
securities pending further investigation, and it is understood that the
other security houses have adopted the same course.
Under the plan, Associated offers its debenture holders several options.
They may exchange their existing debentures either for new income debentures of Associated Gas & Electric Co. or for new debentures of its subsidiary. Associated Gas & Electric Corp., and, as to the latter, they may
receive new debentures of one-half the principal amount and fixed interest
return, or new income debentures of the same principal amount as at present.
Interest on these income debentures would be payable only out of available
net income as determined by the board of directors, so that no default
could take place for failure to pay interest if the income were insufficient
to limy it.
In this suit, the plaintiff says that, at the time she acquired her debenture,
more than four years ago, Associated Gas & Electric Co. was the owner of
stocks and securities of many corporations engaged directly or through
4084
Financial Chronicle
June 10 1933
subsidiary companies in the op_eration of electric light, power and other
Buffalo General Electric Co.—Earnings.—
public utility properties in the United States and elsewhere, and, after she
For income statement for three months ended March 31 1933 see "Earnacquired her debentures, the company, either directly or through the
ings Department" on a preceding page.—V. 134, p. 3634.
medium of other corporations, transferred substantially all its assets to a
company known as Associated Gas & Electric Corp., in exchange for all
Buffalo Niagara & Eastern Power Corp.—No Action
of the latter's capital stock and outstanding securities, so that the latter
on Common and Class A Dividends.—
corporation became its wholly owned subsidiary through which it owned
or controlled the electric light, power and other public utility properties.
The directors on June 5 took no action on the quarterly dividends ordiThe charge is made that such transfer would circumvent a provision in the
narily payable about June 30 on the common and class A stocks, no par
indenture under which the debentures were issued by Associated Gas &
value. On March 31 last, quarterly dividends of 33 cents per share were
Electric Co., that it would not mortgage or pledge any of its property
paid on both issues, while from Sept. 30 1930 to and incl. Dec. 31 1932
Without ratably securing the existing debentures.
quarterly distributions of 40 cents per share were made.—V. 136, p. 3156.
It is claimed that the proposed plan is illegal in offering the debenture
holders the privilege of exchanging for new debentures in this subsidiary
Central Illinois Public Service Co.—Preferred Divs.—
Associated Gas & Electric Corp., because it would give the debenture holders
The directors have declared dividends of 50 cents per share on the no
accepting the obligations of such subsidiary corporations a preference as to
par $6 cum. pref. and on the 6% cum. pref. stock, par $100, both payable
assets and earnings over the existing debenture holders of the parent comJuly 15 to holders of record June 20. Like amounts were paid on May 15
pany, who do not accept the exchange, in violation of Section 15 of the
last, prior to which date regular quarterly payments of $1.50 per share had
Stock Corporation Law, and, furthermore, because it would be contrar34..‹men made up to and incl. Jan. 16 1933.—V. 136, p. 3340.
4
to the provision in the indenture, under which the plaintiff's debentures
were issued, to the effect that the company would not mortgage or pledge
Central West Public Service Co.(& Subs.).—Reports
any of its property without securing the plaintiff's debentures ratably with
Progress of Refunding Plan.—Max McGraw, Chairman, and
the other obligations secured by such mortgage or pledge.
It is further charged that the plan is intended to benefit the directors
Frank Mllholland,President,in a letter addressed to all securwho own, directly or indirectly, the controlling capital stock of Associated
ity holders giving data "designed to inform them of the conGas & Electric Co., rather than the debenture holders, and that the purpose
of the plan is to induce and coerce the debenture holders into exchanging
dition of the company and subsidiaries" and the progress of
their present fixed interest debentures for securities of one-half the principal
the "voluntary plan of adjustment and refunding," state in
amount and interest return or of indefinite and uncertain interest return,
part:
dependent upon earnings receited by these holding companies, by threats
of insolvency, receivership ard the discontinuance of all interest payments,
During the year 1932 net earnings before depreciation, decreased more
whereas, in fact, the directors, through their control of the various corporathan $300,000 as compared with the year 1931 for the same properties.
tions, through management, service and financing agreements, through
This decline occurred in spite of the fact that operating expenses were mainter-company accounts, inter-company security holdings and other interterially reduced, and constructive efforts made to secure new business.
company transactions, have the power and purpose of diverting the earnings
The decline in earnings, together with the fact that funds could not be made
of the operating companies and reducing the amount aballable to pay inavailable, except through earnings, to provide for the absolutely essential
terest on the income debentures under the plan, and a default upon the existadditions and extensions to and renewals and replacements of the proping debentures would only result in loss by directors of their control without
erties, made it impossible for the company to continue regular payments of
ultimate detriment to the debenture holders, but rather to their advantage
interest to holders of its securities.
in eliminating such devices for diverting earnings of the operating companies
It became evident to the management that unless aggressive action was
and in assuring the receipt by these holding companies of the full income
taken on behalf of the security holders that events might easily develop to
which they may be entitled to from the operating companies.
a point which would endanger the safety of the entire investment, as well
The suit is against Associated Gas & Electric Co., Associated Gas & Elecas the income therefrom, of all security holders except the 1st lien collateral
tric Corp., Associated Gas & Electric Securities Co., Inc., through which
bondholders, and that even the bondholders might have the income and
the offer of exchange is made, and against the directors of Associated
principal of their investment subjected to expensive legal proceedings and
Gas & Electric Co., who are John I. Mange, Howard C. Hopson, Sanford
various uncertainties. Accordingly, the management considered it a duty
J. Magee, John M. Daly, Henry D. Fitch, Frederick S. Burroughs and
to formulate the "voluntary plan of adjustment and refunding," (V. 136.
Donald Starch.
P. 2419), which was believed to be the most practical means of meeting the
The judgment asked for is an injunction against carrying out the plan.
existing situation. Great care and considerable time were necessarily
in
is grateful for
assistance
and the
Company Issues Statement Answering Suit.—The company taken by its preparation, blocks ofmanagement various classestheconnection
securities of
given
holders of large
in
issued the following statement with regard to the suit against with preparation of the "plan."
The management submitted the "plan" early in April with the belief that
the plan for rearrangement of its debt capitalization filed with proper co-operation on the part of the security holders the situation
by Charles E. Scribner, attorney, N. Y. City, on behalf of could be preserved by adoption of the "plan," unless earnings were to
decline very drastically in addition to the losses alraedy suffered.
Elizabeth E. Rabenold:
Most of the holders of large blocks ofsecurities understand that,depending
The suit which has been instituted by Elizabeth E. Rabenold to enjoin
upon earnings for the next several months, it may be necessary to utilize
the carrying out of the plan of rearrangement of capitalization of this
grace periods for payment of interest due on Nov. 1 and Dec. 15 1933 on the
company is based on an entire misapprehension of the facts and a lack of
1st lien coll.
% and 57 bonds, respectively, or it may be necessary to
comprehension of the plan itself. A misapprehension of the plan is evident
ask the 1st lien coll. bondholders to deposit an additional coupon under
from the statement in the news release given out by this plaintiff to the
the "voluntary plan of adjustment and refunding." However, it is not
effect that the interest on the sinking fund income debentures of this comcontemplated that security holders will be asked to co-operate to any further
pany is payable only out of available net income of the company. As a
extent than already outlined in the "plan," unless the situation presents
matter of fact, until all of the present outstanding debentures of the comno other practical alternative. Earnings and working capital position in
pany are retired or exchanged under the plan interest on the sinking fund
the next few months will determine whether any additional steps may be
income debentures must be paid if interest is paid on the presently outnecessary, such as issuing matueng interest scrip for another semi-annual
standing debentures. The fact is also ignored that any net interest savings
interest coupon on the 1st lien coll. bonds.
resulting from the plan, to the extent earned, must be applied to the reducFirst lien coll, bondholders will be interested to know that a total of
tion of debt and cannot be used to pay dividends to stockholders.
$175,000 has been deposited to date in the interest trust fund established
The allegations in the complaint which has been filed and the statements
with the bond depositary under the terms of article VI of the "plan." As
in the news release to the effect that those in control of the company divert
soon as sufficient funds are available in the intrest trustfund to pay all of the
earnings of the operating companies through management, servicing and
Nov. 1 and Dec. 15 1932 interest coupons on the 54% and 5% bonds,
financing agreements is absolutely untrue as has been demonstrated to the
respectively, payment will be made of those interest coupons to such bondsatisfaction of the courts in several previous suits.
holders as have deposited under the "plan."
As a matter offset, there is not such diversion of earnings nor can there
The progress of the "plan" to date has been very satisfactory. Deposits
be as the companies performing management and construction services to
have been made representing holdings of more than $8.500,000 principal
the operating companies are 100% subsidiaries of Associated Gas & Electric
amount or par value of the company's securities (not including deposits of
Co. Associated Gas & Electric Corp. or its constituent companies has
class A stock of no par value). Deposits include more than 68% of the
directly or indirectly owned the stocks of the operating companies in the
requested coupons from the 1st lien coll. 54% bonds, 65% of the 1st lien
System for a number of years and the statement that these assets have been
coll. 5% bonds (due Dec. 15), 35% of the unsecured funded debt, consisting
transferred to it by Associated Gas 14 Electric Co. has also been disproved
of debentures and notes, and 38% of the pref. stock. The committee,
to the satisfaction of the court.
under the "plan." will continue its efforts ,o the end that the "plan" may
The present suit is ill advised and unfounded and it is regrettable that the
be consummated, and the company placed on a sound working basis as
parties instituting the suit should have seen fit to resort to the press to air
quickly as possible, if the security holders are willing to co-operate.
their alleged grievances without making any effort to verify the accuracy
Preliminary earnings figures for April now available, together with figures
with the company or its counsel.
of their allegations
for the first quarter of 1933, indicate a decrease in net earnings, before
depreciation,
Production Figures Reflect Continued Industrial Gains.— (as compared of approximately $30.000 for the first four months of 1933
with the first four months of 1932). This decrease is less
Six successive weeks of increases in electric production over the correthan one-half the decrease which occurred in the first four months of 1932
sponding periods of last year were recorded on June 5 by the Associated
as compared with the same period in 1931. While the trend is improving,
49,762.348 units (kwh.) for the week
System in reporting net output of
nevertheless, earnings tre still declining. Furthermore, practically all of
ended May 27. This was an increase of 5,237,885 units or 11.8% over
this substantial improvement in earnings trend has come about through
the same week of 1932. Comparison with 1931, which was at that time
reduction in operating expenses. Gross revenues are still declining at a
considered a bad year, indicated a different story, however, as the correvery serious rate ($118.000for the first four months of 1933 as compared with
sponding period of two years ago resulted in a larger electric output than that
the same period in 1932), and this situation must change radically before
just noted after adjustments for holiday period.
any definite assurance can be given as to the situation, because the inherent
Although regarded as an encouraging factor, the increased electric output
nature of the public utility business makes it impossible to continually cut
-setting
throughout the territory served by Associated properties has an off
expenses to any material extent.
condition not to be overlooked in the fact that virtually the entire increased
The cost of operating and maintaining public utility properties and furelectric load now being reported is in the industrial bracket governed by the
nishing adequate service for the curtailed uses of 67.000 customers does not
lowest rates. Other rates, too, have been reduced within the past two
differ sufficiently in the public utility business from the cost of serving
years, which, coupled with constantly mounting taxes, has made impossible
75.000 customers to permit expenses to be cut to the extent required to
an increase in earnings for interest proportionate with the gains now being
offset the loss in gross revenues. Evidence that every effort is being mad
scored in electric output. The emergency rate reductions now being
to reduce expenses, however,is in the fact that while gross revenues declined
considered in New York State and other States will, if put into effect, far
15.5% in the first four months of 1933 (as compared with the same perio
more than offset any gains in revenue which may result from the increases
in 1932) expenses were reduced 17.6%.
in electric output being currently reported.
The efforts of the management have resulted in the exchange to date
The gas division of the Associated System reports a slightly smaller send(for bonds of future maturity) of 96% of the bonds which matured April 1
out for the past week with a total of 303,374.700 cubic feet. a decrease of
1933 of Iowa-Illinois Telephone Co., a subsidiary, so that we hope to
1.1% from the corresponding period of last year.—V. 136, p. 3905.
preserve this equity for the security holders.
Associated Telephone Utilities Co.—Committee opposed
Consolidated Income Account Year Ended Dec. 31 1932 (Includinp Earnings
of Properties from Dates of Acquisition Only).
to Plan.—
$2,398,884
Operating revenues
The protective committee for the series A. B and C debentures due
43.951
Non-operating revenues
1941. 1942 and 1944, consisting of Malcolm C. Rorty, John Sherman and
N. I. Stone in a notice to debenture holders censures the reorganization
$2,442,835
Total gross earnings
Chairman) for its refusal to co-operate with the
committee (R. G. Page,
1,224,424
Operation
protective committee. The notice states:
245,027
Maintenance
This committee urges the immediate deposit of your debentures for the
134.294
Taxes—State and local
be effected so
following reasons: First, that no reorganization plan can
x586,600
Interest on funded debt secured
long as there has been no disposition of the bankruptcy proceedings now
x159,915
Unsecured
Court in Delaware: Second, that the bankers'
pending in the Federal
17,602
Other interest (net)
reorganization committee" is asking you to prejudice your position as a
47,230
Amortization of debt discount and expense
creditor by not depositing your securities at this time. Either in the above
mentioned bankruptcy proceeding or in a reorganization, were one now
$27.740
Net income before depreciation
possible, the debenture holders are the creditors of the company and their
294,786
Consolidated earned surplus Jan. 1 1932
rights are prior to those of all stockholders.
The bankers' "reorganization committee." which attempts to represent
$322,526
Total surplus
all classes of securities, including prior preferred, convertible preferred and
51.170
Preferred stock dividends
common stocks of the above named company, in asking debenture holders
5,895
Class A stock dividends: payable in cash
not to make deposit is necessarily acting to place them in a position which
24.999
Payable in class A stock—at values assigned by directors_ _ _ _
inequitable and unfair under the circumstances. The bankers' "reis
241,118
Provision for depreciation
organization committee" as now constituted is apparently committed to
Special appropriation for estimated loss on cash in closed banks,
make a provision for the prior preferred, convertible preferred and common
35,314
uncollectible accounts, &c
stockholders. To set aside or make available any security or moneys or
9,903
Sundry direct items (net)
anything of value for these security holders will necessarily be at the expense
debenture holders. The bankers undoubtedly own or represent subof
$45,874
Consolidated earned deficit Dec. 31 1932
stantial amounts of the common and preferred stocks.
x Interest on funded debt ($746,515) includes an item of $90.892 of InThe most effective way in which debenture holders can prevent this
,
terest on unsecured funded debt, which will be canceled if the security
threatened sacrifice of their legitimate interests is by making prompt
holders accept the "voluntary plan of adjustment and refunding" and if
deposit of their debentures with this committee which is pledged exclusively
canceled will be credited to earned surplus. Included also is an item of
protection of their interests.
to the
$74.308 of interest on secured funded debt, which will be paid by the
The depositary is the County Trust Co. of New York, Empire State
issuance of interest scrip due In 1935 and 1936 if the "plan" is accepted by
Building, N. Y. City.—V. 136, P. 3905.
Volume 136
Financial Chronicle
the security holders. Annual interest charges on all obligations to be outstanding will total approximately $605,000 if the "plan" is accepted.
Consolidated Balance Sheet
'Mar.31 33. Dec. 31'32.
Mar.31'33. Dec.3132.
Assets
LiabilitiesPlant, property,
Pref. stock: series
rights, &c
2,163,900 2,163,700
23,102,924 23,113,964
A&B
Fractional warr.
Misc.Inv. OZ recs._
56,371
108,748
39,455
Debt discount &
(series B)
39,255
expense
1,140,100 1,148,875 Class A stock
Special deposits__ _
23,665
23,328 (88,941 abs.)___ 2,594,047 2,594,047
Prepaid accts. &
Divs, on Cl. A stk.
20,628
deferred charges 117,486
pay.in cl. A stk.
20,628
97,437
aCash dep, in trust 120,000
Class B stock
Cash & yam.funds
92,256
110,967 (200,000 shs.)._ 4,060,000 4,060,000
Funded debt
13,505,000 13,505.000
Warrants
_
10,081
44,785
Deferred liabilities
44,785
Accts. & notes rec.
83,675
55.858
(less reserve) _ _ 277,062
245,355 Notes payable_ _ _ _
121,688
Mat'ls & supplies_ 260,879
255,405 Accounts payable. 136,529
Accrd. taxes (Fed.
income taxes are
subject to review
132,542
by Treas. Dept.) 149,381
Subscribers paid in
23,553
advance
20,902
12,109
13.470
Misc. curr. liabils_
317,725
Matured int. unp'd 359,725
134,224
281,321
Accrued interest
Deprec. (reserves) 1,338,241 1,339.213
14,424
14.425
Contrib.for line ext
541,823
Capital surplus_ _ _ 541,823
Earned deficit.... 137,103
45,874
Total
Total
25,200,828 25,104,079
25,200,828 25,104,079
a Under terms of articles VI and VII of the "voluntary plan and agreement
of adjustment and refunding."
-V. 136, P. 2419.
City Gas & Electric Corp., Ltd.
-Acquisition.
Colonel P. L. Browne, President, announces that this company has
acquired the assets of Consolidated Utilities, Ltd., which owns and operates
a large mill at Huntingdon, Quo.. and the waterworks and electrical distribution systems at Amos, Que. The acquisition has been made on a
stock exchange basis.
The company plans an extensive construction program in Three Rivers
and its other divisions for the coming summer and has on its books several
hundred applications for gas service from citizens of Three Rivers.
Allan G. Urquhart, Vice-president of Browne; Urquhart & Co.. Ltd..
has been elected as Vice-President of the City Gas & Electric Corp., Ltd.
-V.136, p. 2603.
Cleveland Ry.-Exchange Plan Operative.
The plan for refunding the $6,000,000 5% bonds which matured March 1
by an exchange for an equal amount of new 10
-year 6% sinking fund bonds
was declared operative May 27 in a letter to bondholders reporting that
approximately $5,740,000 of the old bonds have been deposited for exchange.
These deposited bonds represent more than 95% of the outstanding issue.
Those who have already deposited their bonds are requested to transmit
certificates for such deposits to the Union Trust Co., Cleveland, depositary.
for exchange into the new bonds. The Cleveland Trust Co. will act as
trustee for the new issue.
-V. 136, p. 3718.
Consolidated Gas Utilities Co.-Int. Being Paid on
18t Mtge. & Collateral.
The committee for the holders of 6%% convertible gold debentures,
series A (E. G. Diefenbach, Chairman), in a letter to bemdholders states:
We are advised by the trustee that funds for the payment of interest
due June 1 on the 1st mtge. & coll. 6% gold bonds have been received.
Notice has been given by the Court of Chancery of Delaware that all
claims against company must be filed on or before June 25 and that the
protective committee would file a claim with the receivers on behalf of
the holders of debentures deposited with it. At the request of this committee the trustee is preparing and will file a proof of claim on behalf of
all holders of debentures, whether deposited or not.
In regard to a plan of reorganization, the protective committee is reluctant to submit a plan until it seems to be evident that the company's
earnings have taken a definite upward trend.
While a substantial amount of the debentures have been deposited
with the committee, additional deposits are essential from the standpoint
of the cash requirements coincident with a plan of reorganization, as the
cash required will depend largely upon the amount of undeposited debentures. The committee is therefore at a disadvantage in submitting
a plan until the amount of deposits has been materially increased, as
they are unable to determine what provision should be made for cash
requirements. If sufficient debentures are deposited, the company's
properties could be acquired by the committee through a judicial sale on
behalf of the holders of deposited debentures, subject to the lien of the
first mortgage bonds.
Any plan of reorganization prepared by the committee must be presented to the depositors who will have a period of 20 days thereafter in
which to withdraw their debentures, in accordance with the terms of
the deposit agreement, if they are not in favor of such plan.
It is expected that any expenses incurred by the committee can be
included in the cost of the reorganization, in which event the holders
of the deposited debentures would be under no expense in depositing their
securities.
Debenture holders are urged to co-operate with the committee by the
prompt deposit of their debentures with Manufacturers Trust Co., 55
Broad St., N. Y. City.
Comparative Earnings Statement (Company and Subs.).
Period End. A nri/
1933-Mongh-1932.
1933-12 Mos.-1932.
Gross earns -all sources $179,001
$148,258 $2,083,058 $2,301,563
Oper. exps. & gen. taxes
88,334
80,095
989,693
1,127.757
Net earnings
$90.667
$68,163 $1,093,365 $1,173,806
Int. on underlying & 1st
mtge. bonds
48.613
50,007
590,826
616.228
Bal, before deprec.,
depl., deb. int.,
$42,054
$18,156
$502,539
$557,578
-For the calendar year 1933 sinking funds of underlying bonds
Note.
require payments to the trustee of $288,000 in cash or a like principal
amount of bonds.
-V. 136, p. 3906.
Consolidated Utilities, Ltd.
-Acquired.
-V. 136. p. 1374.
See City Gas & Electric Corp., Ltd. above.
Continental Gas & Electric Corp.
-Smaller Dividend.
-
A dividend of 42 cents per share was declared June 6 on the common
stock, no par value. payable July I to holders of record June 13. This
compares with $1.25 per share paid on this Issue on April 1 last, $2.90 per
share on Jan. 3 1933, and with $1.80 extra and a quarterly of $1.10 Per
share on Oct 1 1932.
Earnings.
For income statement for 12 months ended April 30 see "Earnings
Department" on a preceding page.
-V.136, p. 3157.
-Registrar.
Davenport Water Co.
The Bankers Trust Co. has been appointed registrar for the 6% cumu-V. 132. p. 1220.
lative preferred stock. series A.
Duquesne Light Co.
-Earnings.
For income statement for 12 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 136. p. 3532.
-To Pay Deferred
Engineers Public Service Co., Inc.
-The directors on June 8 declared the regular
Dividends.
quarterly dividends of $1.25 per share on the no par $5 cum.
cony. pref. stock, $1.37 per share on the no par $5.50
cum. pref. stock, and $1.50 per share on the no par $6
cum. pref. stock, all payable July 1 to holders of record
4085
June 19. Like amounts were paid on these issues on April 1
last.
Action on the July 1 dividends had _been deferred -at the
regular dividend meeting on May 18 because of the uncertainty concerning the industrial situation and the Federal
tax on power output. See V. 136, p. 3532.
-Annual Report.
Empire Gas & Fuel Co.(& Subs.).
1931.
1930.
Year Ended Nov. 301932.
1929.
Gross earnings
$61,572,125 $53,633.833 $84,015,579 $68.892,665
41,853,816 37.885,867 44.824,900 38.174,890
Oper. and maint. exp_
Net earnings
$19,718,308 $15,747,966 $39,190,679 $30,717.775
5,597,248
Non-operating income
2,916,706
4,481,044
421,681
Net earnings
$24,199,353 $21.345,214 $42,107,385 $31,139,456
Interest charges
11,376,613 11,360,429 8,998,762 6,300,516
Amort. of bond discount 1,024,762
1,001,549
833,578
774,208
Net available for diva.
and reserves
$11,797,978 $8,983,236 $32,275,045 $24,064,731
Dividends on pref. stock 3,852,538 3,852,523 3,852,495 3,852,450
Cash diva, paid to minority stockholders_
66.790
Dividends on com.stock
3,000,000 6,000,000 4,500,000
Balance, surplus
$7,945,440 $2,130,713 $22,422,550 $15,645,491
Previous surplus
86,224,592 87.866.534 82,047,267 77,975.374
Surplus adjustments_ _ _ 4,700,475 a5,331,969
Total surplus
$98,870,507 $95,329,216$104,469,817 $93,620,865
Deprec. and depletion
8,293,709 9,104,624 15,951,855 12.345,738
Adj. applicable to prior
years
Dr651.428 Cr772.141
Total surplus
$90,576,798 $86,224,592 $87,866.534 182,047,267
Amt. applic. to minority
stockholders
13,333.121 13 178.319 13 266.053 6.916.700
Balance applic. to majority stockholders377,243,677 $73,046.273 $74,600,479 $75.130.567
Shares of common stock
outstanding
750,000
750,000
750,000
750.000
Earned per share
$15.94
$6.84
$37.89
$26.86
a Value assigned to the creation of permanent reserve supply for crude
oil for operating purposes, representing the excess of market value at
respective dates of accumulation over market value at Nov. 30 1930. less
reserves-capitalized by authority of directors $5.229.525; excess reserve
for depletion and depreciation as determined by directors adjusted as of
Nov. 30 1930, $11,200,000: sundry credits applicable to period prior to
Nov.30 1930. 1792,093; total,$17,221,619; deduct adjustment to extinguish
deficit on crude and refined oil price change reserves and expenses of oil
in storage at Nov. 30 1930 and to establish reserves against future decline
in prices, $11,889,650; balance. $5,331,969.
Consolidated Balance Sheet Nov. 30.
1932.
1932.
1931.
LiabilitiesAssetsPlant & invest...406,586,853 403,541,018:Common stock 37,405,357 37,405,357
Miscell.invest__ 10.975,377 10,768,960 Pt.8% cum.stk
13,253,637
Pt. 7% cum. stk
Cash in banks &
30,506,600
on hand
3.750,663 7,084,503 Pref.65i% cum. 54,424,737
Invent, of crude
stock
I
I 3,400.000
Jr refined oils_ 14,464,290 11,606,246 Pt. 6% cum.stk
7,264,500
Accts. rec. cust_ 2,819,400 2,861.115 Bonded debt... 89,992,800 93,013,400
Jt. lessees' accts.
331,348
437,930 Notes payable 15,797,678 11.258,400
Current accts, of
Accts. payable_ 5,394,221
5,326,081
sail. cos
1,711,358 1,750,110 Accrint.,taxoirc 1,053,376 1,073,890
Dlirs.ot Pt stock. 1,926,273
Notes, accts. &
321,044
int. rec.,sund.
361,380
352,031 Due to parent co 82.391,926 98,059,538
Notes dr accept.
Custom. depos_
108.003
88,420
received
477,496 Def. notes pay_ 8,046,535
1,689,762
Matta. & suppl's 4,007,837 4,306,117 Depr. & deplet. 51,022,702 50,229,601
Prepd. ins., int.,
Crude & ref. oil
price ch'ge res 4,334.765 2,613,466
royalties, ren399,301
615,761 Bad & doubtful
tals. taxes, &c
Balances in clos'd
accts.& allow.
342,972
217.342
banks
Injuries & dam..
36,389
80,946
87,018
Bond & note disOther reserve__
737,410
637,907
count dr exp..- 8,984,796 9,932,408 Min. stkholders'
0th. def.charges
459,129
188,484
Intin sub.cos. 26,274,506 26,119,704
Surplus
77,243,677 73,046.273
Total
Total
456,577,885 453.922,179
456,577,885 453,922,179
x Represented by 750,000 no par shares.
-V. 134, p. 4157.
Illinois Water Service Co.
-Earnings.
For income statement for 12 months ended April 30 see "Earnings
Department" on a preceding page.
-V.136, p.3160.
International Hydro-Electric System.
-Changes Par.
At the adjourned annual meeting held May 31 the shareholders voted
approval of the plan to change all the company's previously authorized
shares without par value, both issued and unissued, into the same number
of shares of the same classes respectively with a par value of $50 a share
in the case of pref. stock, $25 a share in the case of class A stock, $20 a
share in the case of class B stock and five cents a share in the case ofcommon
stock. Over 60% of the holders of class A shares voted in favor of the
change.
Officers of the System state that prompt action is being taken to make this
change effective int that several weeks will be required to complete the
necessary formalities and to apply for listing the new $25 par value class A
shares on the New York, Boston and Montreal Stock Exchanges. It
is understood that announcement will be made when the new par value stock
-V. 136, p. 2973.
certificates are ready for exchange.
Lowell Gas Light Co.
-Earnings.
Earnings for Year Ended Dec. 31 1932.
Gross operating revenue
Operating expenses
Maintenance
Taxes-Other than Federal income
$826,706
335,078
43,757
130,901
Net operating income
Non-operating income
$316,969
81,860
Gross corporate income
Interest on long-term debt
Interest on unfunded debt
Depreciation
Amortization of bond discount and expense
8398,829
69,270
4.860
53,249
7.233
Balance before Fed,income tax and divs, on common stock__
$264,217
Balance Sheet Dec. 311932.
Assets
LiabilUiesProperty, plant, equip., &c.....$3,652,622 3% gold notes. due June 15'32 $1,500,000
Cash
87,593 Accounts payable
60,265
Accounts receivable
143,403 Accr. int. on 3% gold notes
Merchandise, mans & suppl's 218,675
bearing interest at 6%
6,436
Insurance deposits
3,763 Other accrued liabilities
2,484
Due from American CommonConsumers' meter and extenwealths Power Associates 1,528,418
sion deposits
57,070
Prepaid and deferred charges_
24,385 Reserves
678,505
Common stock
1,524,050
Prem. on capital stock (after
deduct. amt. transf. to "special surplus account invested
in plant")
328,687
Special surplus account Invested In plant
450,000
Surplus
1,051.363
Total
$5,658,860
Total
$5,658,860
-V. 136, p. 2797.
Financial Chronicle
4086
Keystone Public Service Co.(& Subs.).
-Earnings.
Calendar YearsOperatingrevenues
Operating expenses
1932.
1929.
1930.
1931.
$1,223,494 $1,399,316 $1,510,468 $1,556,922
679.966
705,759
778,196
723,344
Operating income_ _-Other income
$500,150
78,732
$621,120
48,419
$804,709
30.800
$876,956
24.903
Total income
Interest, amortization,
Federal inc. tax, &c....
$578,882
$669.539
$835,509
$901.859
218,119
197,618
296.361
314.315
Net income for year
Divs. on pref. stock_
Divs, on corn. stock_ _ _ _
$360.763
33.160
230,000
$471,921
27,723
460.000
$539,148
17,060
517,500
2587,543
3,933
506.000
Balance to surplus_
$4,588
$97,603 def$15,802
$77,610
Consolidated Balance Sheet Dec. 31.
Assets
1932.
IAaMlUies1931.
1932.
1931.
Fixed capital
$5,765,744 $5,740,637 Cap. pref. stock.. $548,899 $498,395
Cash
90,492
81,548 'Common stock.. 1,150,000 1,150,000
Notes receivable_
8,700 Cap. stock subscr_
9,573
Accts. receivable._ 133,751
204,579 Cash rec. on subUnbilled revenue.._
45,459
scription of pref.
Interest rece'vable
17 stock
391
Materials & suppl77,922 Funded debt
65.910
.000,000 4,000.000
13,212 Notes pay.-banks
Prepayments
35,000
5,080
165,000
Subscribers to preAccounts payable_
36,285
32,808
5,475 Consumers' dep.ferred stock_
37,815
36,935
MIscell. assets._
907,254 Discounted con1,049,858
Deferred debits_
294,849
9,720
302,766 tracts payable
16,954
5,744
Reacquired Pref.
Mee. curr. liab
5,484
stock
329 Accrued liabilities.. 202,176
8,037
153,973
Cost of pref. stock
Due to affil. cos
1,838
1,899
sales
16,183 Reserves
1,109,832
17,453
988,190
Mee unadj.credlts
2,248
41.085
Capital surplusEarned surplus._ 342,408
252,504
Total
47,476,632 $7.358,527
$7,476,632 $7,358,527 Total
x Represented by 115,000 shares of no par value.
-V. 136, p. 2242.
-Agreement Sanctioned by
Middle West Utilities Co.
Judge.
The recent agreement between Chicago bankers and committees reprosenting bondholders and stockholders whereby certain obligations of the
company were to be remitted and a portion of collateral deposited to secure
loans returned to the company, was sanctioned June 7 by Federal Judge
Walter C. Lindley at Chicago. This action paves the way for a possible
reorganization of the company, it is said.
Among the parties to the agreement are the Continental Illinois National
Bank & Trust Co., the First National Bank of Chicago, the Central Republic Bank 8s Trust Co.and Halsey, Stuart & Co. (See V. 136. D.3721).V. 136, p. 3907.
Mississippi Power & Light Co.-Reeduction in Rates.
Resulting from unsuccessful negotiations with this company to obtain
a reduction on rates for electricity and natural gas in Natchez, Miss., the
board of mayor and alderman has adopted an oridnance requiring the
company to make a 20% reduction on both gas and electricity.
-V. 131,
p. 628.
-Receivership.
"•....Mobile (Ala.) Gas Co.
The company, controlled by the Consolidated Electric & Gas Co. of 90
Broad St. New York, went into a receivership June 2. The receivership
was asked for by James H. Mote, an Atlanta creditor, and was consented
to by the company. J. W. Gates, representing Consolidated Electric &
Gas, was named receiver. The company defaulted on semi-annual bond
Interest due June 1.-V. 128, p. 2462.
Montaup Electric Co.
-To Issue Additional Stock.
The Massachusetts Department of Public Utilities has authorized this
company to issue $265,300 additional common stock to reimburse the
Fall River Electric Light Co., Edison Electric Illuminating Co. of Brockton and Blackstone V alley Gas & Electric Co. for advances to pay for additions and extensions to the Montaup plant. The Department authorized
the Fall River Electric Light Co. to subscribe to and own 982 shares of the
Montaup stock and the Brockton company to subscribe to 371 shares.
V. 136. p. 2243.
New Bedford Gas 8c Edison Light Co.
-Earnings.
Years Ended Dec. 311932.
1931.
19.10.
Total operating revenues
$3,894,483 $4,423,916 $4,440.577
Operating expenses
1,627,792 1,892,369 2,007.389
Maintenance
253,990
256,028
258,019
Provision for retirement, renewals,
336,780
439,691
replacements
396,744
622,826
Taxes(incl. prov.for Fed.inc.taxes)..
754,703
625,838
Operating income
Other income
2921,219 21.213,002 21.152.587
10,106
103,670
59,279
Grossincome
Int. on funded debt (incl. short-term
gold notes)
Interest on unfunded debt
Amortiz. of debt,(Met. and exp
Interest during construction Cr
2931,325 $1,316,672 $1,211,866
187,517
11,746
32,840
8,491
228.950
4.249
2.971
Net inc.(transferred to Burp. acct.)
-V.136. p. 2243.
$768,679 $1,093,060
$975,696
58,100
95.373
11.860
2,687
-New President.
New Burnswick Power Co.
Clarence H. Nichols, Vice-President and General Madager of the Federal
Light & Traction Co., New York, has been elected President of the New
Brunswick Power Co. to succeed the late Edwin N. Sanderson. W. P.
Sothard, formerly Vico-President and General Manager of the Trinidad
Transmission, Railway & Gas Co.of Trinidad, Colo.. became Vice-President
and General Manager of the New Brunswick company. succeeding Albert
E. Reynolds, who resigned to accept another position with the Federal
Light & Traction Co.
-V. 135. p. 2337.
New York State Rys.-Earnings.For income statement for three months ended March 31 see "Earnings
Department" on a preceding page.
-V.136, p. 1547.
-Earnings.
Northern States Power Co. Del.
For income statement for 12 months ended March 31 see "Earnings
-V.136, p.3534.
Department" on a preceding page.
Northwestern Public Service Co.
-Earnings.
Years End. Dec. 311930.
1931.
1932.
1929.
Operating revenues
$2,492.945 23,089,966 $3.207,794 $2,964,832
Oper. expenses and taxes 1.373,815
1,836,815
1.758,280
1,807,346
Retirement
215,441
220,188
199,436
205,274
Rent for lease of other
electric plant
1,271
1,410
Operating income -$919,694 $1.110,087 $1,154,267
Non-operating income- _ 1oss24,998
9,339
7,529
2952,212
17,842
Gross income
Interest on funded debt..
Misc. int., amort., &c....
$894,696 $1,117,616 $1,163,606
359,671
412.970
442,026
75.567
74.572
88.473
$970,054
348,198
109,303
Net income
Divs. paid & accr. on pf_
Divs, paid on corn. stock
2378.098
282,723
104,300
$629,079
268,842
355.775
$715.463
232,848
297,000
$512.553
219,635
164.750
Balance
def$8.924
(no par)
Shs.com.stk.out.
52.150
Earnings per share
$1.85
$4,462
52,150
$6,091
$185.615
49,500
$9.74
$128.168
49 500
2.93
June 10 1933
Balance Sheet Dec. 31 1932.
Assets
LtabUttles7% preferred stock
Plant. Property, rights, franchises, &c
$14,295,404 6% preferred stock
Pref. stock commissions and
Common stock (52,150 abs.).
expenses
180.735 Funded debt
Abandoned property in procDeferred liabilities
ess of amortization
772,300 Notes and accounts payable.
Investments in other corn
Accrued State and local taxes
Pantos, &c.(book value). _ _
42,652 Federal Income taxes
Bond dieet. and expense in
Accrued bond interest
process of amortization
1,395,532 Accrued general Interest
Due from affiliated companies
107.651 Accrued preferred stock dive_
Prepaid accts. & def. charges
25,938 Reserves
Cash
185,665 Surplus
Cash on dep.for pay.of bd.int
214,250
Notes and accts. receivable__
305,824
Unbilled revenues
117,069
Due on subscr'its to pref. stk..
7.691
Constr.& oper. materials, &c.
206,680
Total
-V.136. D. 3534.
$17,857,392
Total
$2,468,200
1,835,900
3,351.3
45
.
8,792,000
126,832
88,360
154,467
217647
1 6 52
: 0
2,874
23,483
359: 3
2804590
3
$17,857,392
Northern States Power Co. Minn.
-Earnings.
-
For income statement for 12 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 136, P. 3534,
Nova Scotia Light & Power Co., Ltd.
-Smaller Div.
-
The directors have declared a quarterly dividend of 75 cents per share
on the common stock, no par value, payable July 3 to holders of record
June 17. This compares with $1 per share paid each quarter from Jan. 2
1930 to and incl. April 1 1933.-V. 136. P. 2068.
Ohio Cities Telephone Co.
-Refund Denied.
-
The cities of New Philadelphia and Dover, 0., on April 26 lost their
fight In the Ohio Supreme Court to obtain a refund for telephone subscribers
of increased rates collected under bond by this company for several months
subsequent to August 1929.
After collecting the increased rate for several months, the company returned to its old rates. The Ohio P. U. Commission held that the increased
rate which had been collected did not afford the company excessive profits.
The cities then appealed to the Supreme Court in an effort to obtain a
refund. The Court on April 26 affirmed the Commission.
The rate will continue as it was before the increase was collected in 1929
and as it has been for the past two years. ("Ohio State Journal.")
-V.134,
P. 4324.
Ohio Water Service Co.
-Earnings.
-For income statement for 12 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 136. P. 3162.
Ottawa Light, Heat 8c Power Co., Ltd.
-Earnings.a en ar ears1932.1930.
.29.
Gross rev, all sources.... $2,284,044 $2,290,g13 22,212.887 82,165.328
Operating expenses_
1,433,421
1,445.701
1.374,299
1,342,141
Fed., prey. & min. taxes
167.517
160,060
157,142
158,439
Interest charges
220.812
233,395
217,852
208,502
Depreciation reserve-135,000
135,000
135.000
135,000
Pref. dividends (6%%).
97.500
97,500
97,500
97.500
Corn. dividends (6%)_
210,000
210,000
210.000
210.000
Balance, surplus
det17.211
221,740
$21,093
Consolidated Balance Sheet Dec. 31.
1931.
. 1932.
1932.
AssetsIllabfliffes$
$
Property, plant &
Funded debt
4.800,000
equipment
12,539,436 12 401,466 Bank loans
265,000
Cash
104,548 Bank overdraft__
650
32,266
Investments
116,216 Accts. payable &
362,607
Accr. Int. on Invest
aecr. liabilities__ 123,349
3,590
Accts. & bills rec
516.070 Dlvidends payable
526,731
76.875
Inventories
203,821 Accr. bond Interest
158,308
56,667
Deferred charges... 467,018
445,631 Reserves
3,452,054
6yi% pref. stock 1,500,000
Common stock
3,500,000
Surplus
252,128
Total
14,058,340 13,787.752 Total
14,058,340
-V. 134. p. 2720.
$23,746
1931.
4,851,500
134,380
76,876
57,310
3.377,551
1,500.000
3,500.000
290,135
13,787,752
Otter Tail Power Co. of Del.
-Earnings.
Years Ended Dec. 311931.
1932.
1930.
1929.
Gross earnings
$2,489.236 $2.642,214 $2,628,978 $2.540,489
Operating expenses
990,069 1,106,487
922,016
993,115
Maintenance
61,497
133,323
62,196
62,163
General taxes
210,370
179,594
189,929
165,142
Fed.& State inc. taxes..,.
90,781
81,284
84.258
91.823
Bad debts
4,984
4,618
2.795
2.697
Retire. reserve (deprec.)
388,324
492,295
370.280
352,280
Casualty Maur. reserve..
10,200
10,200
10,200
10.200
Net earnings
2665.540
2886346
$802,833
2863.068
Other income
31 816
29.713
42,675
40,627
$695,253
Gross income
2918,161
$845,508
$903,695
Int. on funded debt.. _ _ _
255,575
255,575
255,575
256,325
Amortiz. of debt disc......
13,607
13.607
13,607
13,607
Miscellaneousinterest_ _
11.682
15,660
9,169
6,648
4,982
Int.charged to conatr_Cr
510
4,649
10,058
Net income to surplus $419,371
2633,829
2571.806
$637.173
Earned surplus at Jan. 1
691.056
625,263
655,383
464,518
Total surplus
$1,110,427 21.259,092 $1,227,188 21,101,691
Preferred dividends_ __ _
285,452
279.058
267,878
249,462
Common dividends
171,369
215,208
208,164
158,918
Misc, adjust. to surplus- Cr13.936
Cr26,230
25,883
37,927
Extra approp.for deprec.
100,000
100,000
Earned surp. at Dec.31 $667,542
8691.056
$625,263
$655,383
-V. 135, p.3691.
Pennsylvania Telephone Corp.
-New Trustee.
-
The First National Bank of Erie, Erie, Pa., on May 4 was appointed
trustee of an issue of 1st mtge. 5% gold bonds, series B and series C, to
succeed the Erie Trust Co., Erie, Pa.
-V. 135. p. 1825.
Philadelphia Co.
-Earnings.
-
For income statement for 12 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 136. P. 3535, 3527.
Philadelphia Rapid Transit Co.
-Wages Again Cut.
-
Acceptance of a 5). day maximum working week by the 3,000 regular
trainmen of the company was announced on May 19.
The men, who work six days at present, accepted the shorter week.
through their committee representatives, to avoid the necessity of laying
off approximately 500 extra men, according to the announcement issued
from the company's offices.
The change will become effective June 25, when the usual summer schedules become operative, to be continued until the fall schedules are resumed.
The new schedules are adapted to the decreased riding during the summer
months, a result of the closing of schools and vacations.
Had the regular men continued on the six-day-week basis, the company's announcement said, the number of available "runs" would have
been insufficient to provide work for the entire force and a layoff would
have been necessary.
By accepting a temporary average reduction of $10 a month in their
pay envelopes the regular men are assuring the continued employment of
their "extra" co-workers.
The seven-day week was supplanted by a six-day maximum on the
Phlladelphia Rapid Transit system last February. Employees have accepted cuts in wages and salaries totaling 22%, and working hot-Ts have
•
Financial Chronicle
Volume 136
been curtailed in all departments of the company.
"Ledger.")
-V. 136, p. 35.35.
(In Japanese Yen.)
AssetsFixed assets
170,410,693
Investments in scent:Rtes.-100.180,231
Loans az bills receivable
28,023,184
Materials az supplies
1,327,938
4,966,715
Receivables
8,061,129
Miscellaneous suspense
Cash and banks
5,886,
5,442,413
Unamort. debt disc. & exps
Re-acquired sec., incl. prem.
3,819.936
paid on purchase
Miscellaneous contra items
405,694
Providence Gas Co.
-Smaller Distribution.
quarterly dividend of 25 cents per share has been dec'ared on the
common stock, no par value. payable July 1 to holders of record June 15.
Previously, the company paid quarterly dividends of 30 cents per share.
-V.136, p. 2244.
1•11
-Earnings.Public Service Co. of Colo.(& Subs.).
1929.
Calendar Years1931.
1930.
1932.
Gross oper. revenue- -814,048,144 $14,651,588 $14,171,608 $13,056,915
Oper. exp., main. & tax. 7,635.172
8,170,922 8.085,266 7,445,729
Net oper. revenue__ _ - $6,412,972 $6,480,667 $6,086.342 $5,611,186
64.620
Non-oper.income
151.106
66,582
17.605
Total
Total income
$6.430,578 $6,631,773 $6.152,924 55,675,806
Int. on funded debt_ -_
2,798,130 2,507.343 2.090,057 2,080,173
Int. on unfunded debt
200,009
and discount
262.513
170,316
148.075
Balance
Previous surplus
4087
Consolidated Balance Sheet Oct. 31 1932.
(Philadelphia
328,524,417
Liabilities
Share capital
130.000,000
Bonds & debentures
91,494,006
Payables
77,980,129
Foreign exchange suspense... 5,903,581
Dividends due Nov. 29 1932_ 3,216,051
Miscellaneous contra items__
405.694
Legal reserve
8,361.000
Surplus
2,786,269
Minority interests:
Capital
7,876,350
Deficit
232,140
Reserve for maintenance....
733,477
Total
328,524,417
-V. 136. p. 328.; V. 135. p. 3166, 467. 129.
----Staten Island Edison Corp.-Refteadiony-Pirrm-
$3,484,373 $3,954,114 $3,800,354 $3.395,624
4,044,448 6,425.133 5,243.913 3,688,054
Total surplus
$7,528,821 $10,379,247 $9,044,267 $7,083,678
848,183
Res. for replacements
648.000
664,000
626,166
Dividends, pref. stocks669,617
669,875
669,522
669,527
Dividends corn, stocks
1.248.000
2,704.000 5,824,000 1,248,000
742.109
Dr53,517
784,895
Adj. of accts. (credit)
227,860
SI:1
1
3 corporatioV offered to holders of one-year bonds. due on June A.
1;
pla
that the majority of the bondholders have indicated
change
their willingness
accept. The original amount of the bonds issued on
June 15 1932, was $7,424.000, which has been reduced to about $4,500,000
under a retirement plan.
In the exchange there will be issued 8500,000 bonds due in three months,
8500,000 in six months and $500,000 in nine months, while $3.000.000
bonds will be issued due on May 14 1934. The company will continue,
therefore, to retire this debt at the rate of $2,000.000 annually.
-V. 136.
P. 3909.
"s
-Reorganization Plan.
-!Union Gas Corp.
Profit & loss surplus-- $3,534,975 $4,044,448 86,425,133 $5.243,913
Consolidated Balance Sheet Dec. 31.
1931.
1932.
1932.
1931.
Assets-.
$
$
Liabilities$
Public utility. 0th.
Preferred stock-10,243,807 10,244,100
prop. az invest__87,916,497 87,385,668 Common stock..-20,800.000 20,800,000
Disc. on pref. stk. 276,103
276,103 Divisional issues..18,732,850 18,841,750
Sinking td. assets. 2,014,163 1,905,281 Ref. mtge.Issues-26,579,000 26,579,000
Cash
507.050
763,627 6% gold debens- 4,414,700 4,774,900
Cust. accts. eo
2,673,806 2.694,193 2
-year 5% gold
Accts. rec, from
notes
2,950,000 2,950,000
91,700
affiliated cos_
79.700
328 Mortgage notesOther accounts &
505,724
694,423
Notes payable_
552,032
notes receivable_
90,130
60,752 Accounts payable_ 492,156
Math at supplies_ 766,731
907,403 Accts. pay. to at
Prepaid ins., &e-911
39,294
41,618 'Elated cos
Accts. rec. from
Int. & taxes secs 2,060.840 2.138,454
fiscal agent-- 232,144
11,515
10,135
218,819 Pref. diva. payable
Special cash dep_.
387
21,035 Cost. & line eaten.
Accounts rec, from
385,798
422,732
deposits
parent company
12,345
70,473
19.805
766,648 Paving assessments
Notes rec.- not
-not
Mots. pay.
current
5,551
1,275
current
Balances In closed
Endorsement Habanks
6,893
1,030
WIRY
Denver Nat.Bank,
Self insur. trust
trustee
agreement
70,000
70,000
Scour. borrowed__
100,300
100,300 Secure. borrowed
Endorsement re100,300
100.300
(contra)
course
1,030
Contrib. for exts.
213,625
Unamort. disct. on
66.412
In .& dam. res
bonds
2,426,068 2,582,585 Replace. de special
Other def. charges 281,224
surplus reserve_ 6,493.277 5.566,382
386,750
3,534,975 4,044,448
Surplus
Total
97,403.570 98,181,111
-Nt, 125, p. 3692.
Total
97,403,570 98,181,111
Radio Corp. of America.
-Moves Offices:
The corporation announces the removal of its offices from 570 Lexington
Ave., to the R.0. A. Bldg., 30 Rockefeller Plaza, N.Y. City. Telephone
is COlumbus 5-5900.-V. 136. p. 3535.
'''••••-•St. Louis Gas & Coke Corp.
-Receivership:
George B. Evans has been appointed receiver for the company.
Receivership for the company, a subsidiary of the Utilities Power & Light
Corp., follows failure to deposit funds for the payment of June 1 interest
on its 6% first mortgage bonds of 1947.-V. 132. P. 3715.
Southern Colorolo Power Co.
-Earnings.
-
For income statement"for 12 months ended March 31 see "Earnings
Department" on a preceding page.
-V. 136. P. 3723.
Southern Public Utilities Co.(& Subs.).
-Earnings.
Years Ended Dec. 31Gross income
1932.
1931.
$13,065,576 $14,006,226
8.622.997 9.153,966
429,970
452,836
1,509,219
1.457,861
350,519
372.174
824,350
824,350
Operating expenses, including taxes
General expense
Renewals and replacements reserve
Interest on underlying divisional bonds
Interest on S. P. U. Co.5% bonds
Profit and loss
$1,328,521 $1.745.039
Consolidated Balance Sheet Dec. 31 1932.
Assets
Liabilities
Property, plant, equip., &e....$55,083,694 Capital stock
$21,000,000
Cash
2.417,589 Capital stock sub.company _
11,700
Short-term investments
329,123
ded debt
16,487,000
Accts., interest & notes rec.- 2,284.569 Underlying dr divisional bonds 6,593,200
Materials and supplies
580,667 Accts., int., az notes payable.. 1,473,760
Stocks of other companies....
54,837 Dividends payable
317.939
Sinking funds
19,501 Bond interest accrued
34,049
Deferred charges
913,179 Reserves
12,673,472
Surplus
3,092,039
Total
-F. 136. p. 3163.
$61,683,159
Total
861,683,159
' ---..Southern United Gas Co.
.---Reorganization Plan.-$ee
United Public Service Co. below.
-V. 136, p. 3723.
Tennessee Electric Power Co.
-Reduces Rates.
A reduction in the rates of this company, which it was estimated will
result in an annual saving of $325,000 a year to consumers, has been ordered
-V. 136, P. 3164•
by the Tennessee P. U. Commission.
Toho Electric Power Co., Ltd.(& Subs.).
-Earnings.
Earnings for Year Ended Oct. 31 1932 (In Japanese Yen).
[Including Toho Securities Holding Co.. Ltd.]
Operating revenue
46,433,203
Operating expense (Including taxes)
26.527.755
Maintenance
3.679.364
Operating income
16,226.085
Other income
8,326.987
Total income
24,553.071
Depreciation (including legal reserve)
3,282.674
Interest and amortization of bond discount
12.942.111
Applicable to minority interests
Cr241,933
Net income carried to surplus
Surplus brought forward
Miscellaneous additions to surplus
Total surplus
Miscellaneous deductions from surplus
Dividends paid
Surplus carried forward
8,570,218
2,330,071
316.527
The bondholders' protective committee for the 1st mtge. 634% sinking
fund gold bonds, dated April 1 1926, states:
Foreclosure sale was held in Independeoce. Kan.. on May 22 1933 of
the property in the possession of the receivers of the corporation pursuant
to decree entered by the U. S. District Court for the District of Kansas,
and at the sale a corporation organized by the committee was the purchaser
of such property through an agent selected by the committee for the sum
of $300,000. On confirmation of such sale, the committee expects to
consummate the modified plan of reorganization filed with the depositary
on April 26 1933. However, it desires that each non-depositing bondholder
be given an opportunity to participate in the modified plan, and therefore
will accept bonds for deposit at any time on or prior to June 27 1933, prosided there is executed at the time of such deposit a consent to the modified
plan. The Continental Illinois National Bank & Trust Co. of Chicago is
depositary. Approximately 88% of the outstanding bonds have been deposited.
Digest of Modified Plan.
Under the modified plan the committee will organize a new corporation
to which the properties will be transferred, which new corporation will issue
its closed 1st mtge. and collateral trust gold bonds to the extent necessary
to acquire money to consummate the purchase of assets and reorganization,
and to enable the committee to distribute to all bondholders who consent
to the plan such 1st mtge. and collateral trust gold bonds equal to 50% of
the principal amount of the old bonds held by such bondholders respectively.
It is further contemplated that the bondholders who participate in the
modified plan will also receive 7% pref. stock of the new corporation with
a par value of $50 per share in aggregate par amount equal to 64.085% of
the aggregate principal amount of old bonds held by such bondholders,
and one share of common stock for each $100 principal amount of such
old bonds.
Scrip evidencing fractional shares of pref. stock may be delivered in lieu
of certificates evidencing such fractional shares.
Under the modified plan a sinking fund will be provided for the retire-
ment of the 1st mtge. and collateral trust gold bonds and the 7% pref.
stock. Moneys in such sinking fund will first be used to retire the bonds
Issued in order to borrow money, next to the retirement of bonds issued
to those participating in the modified plan, and next to the retirement
of the 7% pref. stock.
The new corporation will issue 80,595 shares of its no par value common
stock. As additional compensation for money advanced in order to consummate the reorganization, there will be delivered certificates evidencing
ownership of 33 1-3% of all of the common stock of the new corporation
plus one share of such stock for each $100 principal amount of old bonds
which are not on deposit with the committee and which do not participate
in the modified plan.
Under the modified plan the committee is also permitted to issue 16,119
shares of common stock of the new corporation in order to acquire the stock
of Reserve Gas Corp.(a corporation which controls certain properties which
will be useful in the operation of the Union Gas Corp. properties) and 10,746
shares of common stock of the new corporation will be issued and deposited
for distribution to an employee or employees of the new corporation for
services in connection with its management.
The modified plan provides for the issuance of securities of a holding
company instead of by the new corporation in the event of failure to secure
the necessary authority or for other practical reasons it is found necessary
or desirable to do so. These provisions have been inserted as a precaution
and it is not expected that they will be availed of. Provision is also made
in the modified plan for the use of deposited bonds to acquire property
situated in Oklahoma, which is the subject of an ancillary foreclosure suit
for the benefit of the new corporation and the issuance and sale of 1st mtge.
and collateral trust gold bonds of the new corporation to secure cash in the
acquisition of such property.
The bondholers' committee, in a circular, further states:
The committee has not felt it desirable to issue new bonds to holders of
old bonds in an amount in excess of 50% of the par value of such old bonds
because in view of the decrease in earnings of the properties under prevailing business conditions it seems unsafe to burden the properties in the
hands of the bondholders with fixed interest and sinking fund requirements
which might seriously cripple the new corporation in its operations while
such conditions prevail. The 7% pref. stock to be issued has been made
cumulative after the first three years instead of immediately for a similar
reason.
The modified plan has an advantage over the original plan in that all of
the bonds to be issued have the same security, the bonds to be delivered to
acquire money to consummate the modified plan being secured by the
same indenture and in the same manner as the bonds issued to the bond-
holders, there being, however, a provision, as stated, for the prior retirement out of a sinking fund of the bonds issued for borrowed money. Under
the original plan the underwriter was to receive 1st mtge. and collateral
trust gold bonds, secured by a prior mortgage, and the bondholders were to
receive general mortgage and collateral trust gold bonds, secured by a
second mortgage. Through the modification of the plan all bonds will
be first mortgage and collateral trust gold bonds and thus probabilities of
a satisfactory market, when conditions are normal, for the bonds to be
distributed among bondholders are considerably improved.
-V. 136.
P. 3723.
United Light & Power Co.
-Earnings.
-
For income statement for 12 months ended April 30 see "Earnings Department" on a preceding page.
-V. 136, P. 2800, 2611, 2599.
United Securities, Ltd.
-Earnings.
-
Years End. March 31Interest on loans
Interest on bonds
Divs. from investments..
Miscellaneous income_ _ _
Income received on account of sale of Q. N.
E. H. E. Corp
Trustee-Sinking fund
pref, def. stk. redemp.
1933.
$1,839
97,564
1932.
$1,170
101.785
388.849
413,458
50
117
1931.
$10,400
95.185
406.739
24
400.000
dividends, &c
Total income
Expenses
Interest on loans
Interest on bonds
1930.
$19.622
145,144
287,520
4.930
Dr379,044
$486.122
53,928
270,041
$516,529
49.645
$512,348
18,569
$478.173
23,381
128
281.281
11,216.817
712,025
7,718,523
273,996
277,745
Balance, surplus
Common dividends
$162,152
102,522
$192,888
102,522
$216,032
102,522
8173,383
2,786.269
Balance, surplus
$59.630
$90,366
$113,510
$173,383
Financial Chronicle
4088
Balance Sheet March 31.
1932.
1933.
1932.
x1933.
Liabilities$
Assets$
8
Investments - _ _ _x10.226,860 10,255,406 Common stock_ _ 5,126,173 5,126,172
4,892,000 4,965,000
1,289 Funded debt
1,289
Prepaid charges_ _
4,249
4,088
50,000 Accts. pay. & accr.
Call loans
95,000
24 Res. for American
24
Accts. receivable
22,388
13,654
exch. on bd. Int.
14,672
2,468
Cash in bank
113,781
693 Accr. int. on bonds 112,108
Trustees accounts_
618
25.631
25,631
133,207 Div. payable
Accr. div.& int.__ 121,332
265,043
206,968
Surplus
10,447,592 10,455,293
Total
Total
10,447,592 10,455,293
x Market value March 31 1933 was approximately 85,176,026.-V.
135, p. 298.
-Earnings.
-United Light & Rys. Co.
For income statement for 12 months ended April 30 see "Earnings
-V. 136, p. 2800.
Department" on a preceding page.
-Reorganization Plan.
Public Service Co.
A plan of reorganization, dated as of Feb. 1 1933, for the company and
its subsidiaries, United Public Utilities Co., Southern United Gas Co. and
Southern United Ice Co. and certain subsidiary and affiliate companies,
has been promulgated by the reorganization committee consisting of Ralph
A. Bard, Chairman. Thompson Ross,James P. Hale and Josiah Macy.
Alfred Evers, 231 South La Salle St., Chicago. is Secretary. The City
National Bank & Trust Co.. 208 South La Salle St., Chicago is depositary.
The following is a statement of the plan:
Part One.
(a) Each of the companies involved in the plan may initially amend
their respective charters so as to cause the number of shares of their common
stock to be reduced in order to minimize so far as possible the expenses
incident to carrying out the plan.
(b) United Public Utilities Co. will cause its charter to be amended and
will take such other steps as are deemed necessary so that it will be in a
position to issue securities of the kind and in the amounts set forth below,
of which it is contemplated that upon the consummation of the plan there
will be outstanding approximately the amounts specified, that is to say
Total
°Outstanding
Authorized.
Open end. b$14,505,800
a 1st lien bonds
$470,000
470,000
c Installment note
36,500
39.500
Misc. notes represent'g certain existing curr. debt
500,000
500,000
d5
-year notes
2,000,000
2,000,000
5% income debentures
50,000 shs. 24,657 shs.
$5 dividend preferred stock
Common stock (no par)
500.000 shs. 324,735 shs.
a Issued or to be issued under the indenture of United Public Utilities
Co. to Central Trust Co. of Ill., dated April 1 1927. of which $14,505,800 in
principal amount are presently outstanding. b Includes $240.300 in principal amount of 1st lien bonds to be acquired from Middle West Utilities Co.
and which may be re-issued but does not include $451,000 in principal
amount of such 1st lien bonds now forming collateral for $470,000 note of
United Public Utilities Co. and which will form collateral for the $470,000
installment note mentioned above. c To be secured as indicated in (b)
bearing interest at 5% per annum payable, $20,000, Dec. 311935;$25,000.
Dec. 31 1936; $40,000. Dec. 31 1937: $60.000, Dec. 311938: $60,000, Dec.
311939; $65,000, Dec. 31 1940: $65,000, Dec. 31 1941; $65,000. Dec. 31
1942: $70,000. Dec. 31 1943. d To be used to discharge reorganization
expenses and provide working capital (to be secured by such assets, if any,
as reorganization committee may approve). e Proposed to be outstanding
upon completion of plan.
Part Two.
The holder of each 1st lien bond (of each series) of United Public Utilities
Co. is requested to deposit, pursuant to the plan, the interest coupons maturing Oct. 1 1933 and thereafter to and including April 1 1935. subject to
the following arrangement:
(a) One-half of the amount of interest falling due upon each of such
deposited coupons will be paid at the maturity date of such coupon and the
time of payment of the remaining one-half of the amount of such coupon
will be extended for 10 years, such amount so extended to bear interest at
the coupon rate payable at maturity.
The coupons subject to such extension agreement will be deposited with
City National Bank & Trust Co. of Chicago as escrow agent and such bank
will issue to the holder of each such coupon two bearer certificates, one
covering the one-half portion of interest payable at the regular due date of
the coupon, and the other covering the amount (with interest thereon)
-year extension period.
due at the end of the 10
Each bondholder depositing his coupons as above provided will receive
for each $1,000 amount of bonds, the coupons pertaining to which are so
deposited, four shares of common stock of United Public Utilities Co. as
constituted upon the consummation of the plan or a plan amendatory thereof
or in substitution therefor which may be approved by the committee.
Part Three.
By such successive steps and transactions as shall be approved by the
committee arrangements will be made whereby
1. All of the following securities issued by United Public Utilities Co. and
now outstanding and the collateral (if any) securing the same will be reacquired by United Public Utilities Co., viz.:
1,512 shs.
$6 dividend series preferred stock
$5.75 dividend series preferred stock
39 shs.
Common stock
100%
-Series A, $83,800; series B. $151,000;
First lien gold bonds
series C. $5,500
240,300
a Note payable to United Public Service Co. in the principal
amount of
1.792,000
a Together with the following collateral securing such note, viz.: $6
div. series pref. stock, 4,232 shs.: $5.75 div. series pref. stock, 1.242 shs.
Also any other obligations of United Public Utilities Co. and (or) its
receiver held by United Public Service Co. and (or) its receiver.
2. All of the following securities of United Public Service Co. will be
canceled, viz.:
Amount.
Common stock
430.459 shs.
1,643 shs.
$7 dividend preferred
15
-year collateral trust gold bonds 6%
$242,300
5
-year gold debentures 634%
177,800
7% notes payable
5,401,000
$6 preferred-997 shares
84,748
196,643
$7 preferred-2,099 shares
Collateral trust 65 of 1942
591,500
Debentures
414,700
The securities to be canceled constitute inter-corporate holdings (not
outstanding in the hands of the public) and (or) will be acquired from
Middle West Utilities Co. or the receivers thereof.
3. United Public Utilities Co. will have acquired from affiliated companies and (or) from Middle West Utilities Co. or the receivers thereof the
following securities of the following companies, together with the collateral
securing the same (or in case of any such collateral may have acquired such
collateral and caused the indebtedness for which the same was pledged to be
cancelled) viz.:
Amount.
Southern United Gas Co
-Note payable
4361,218
Note payable
47,000
1st lien sinking fund 6% gold bonds
39.100
Common stock
1003'
Southern United Ice Co
-Note payable
b432,800
1st mortgage gold bonds
76.400
Common stock
100%
a Secured by 9,500 she. of common stock of Ozark Natural Gas Co.
b Secured by $972.000 of 1st mtge. bonds of Southern United Ice Co.
In connection with the taking of the above steps United Public Utilities
Co. will, cause to be delivered the following securities and undertakings:
(A) In connection with the acquisition of the assets of United Public
Service Co., including its interest in the securities of its subsidiaries which
shall be acquired by United Public Utilities Co., it will cause to be issued
and delivered the shares of its common stock as the same will be constituted upon the completion of the plan In such amounts and In such
June 10
1933
manner as will permit the delivery to the bondholders of United Public
Service Co. of the shares of such stock deliverable under the plan.
(B) As consideration for (1) the acquisition by United Public Utilities
Co. of certain of the securities of the present subsidiaries of United Public
Service Co.. (2) the cancellation of the indebtedness evidenced by the
$1,792,000 note of United Public Utilities Co. above mentioned and the
return to United Public Utilities Co. of the collateral securing such note,
and (3) the delivery to United Public Service Co. for cancellation of certain
of its indebtedness and securities, as part of the consideration given United
Pubic Service Co.for its assets, United Public Utilities Co. will cause to be
delivered to Middle West Utilities Co. or its receivers or their nominees:
(1) The following securities of Kentucky Power Co., Inc., and its
subsidiaries, viz.:
-this note being secured
(a) Note of Kentucky Power for $1,903,185
by the following collateral: (I) Note of Kentucky Power & Light Co. for
% bonds in the principal
$1,854.855 secured by K.P.& L. Co. 1st mtge.
amount of $529,300; and (2) 15,000 shares of common stock of K. P. &
L. Co.;
(b) Stock of Kentucky Power as follows: 7% pref., 150 shs.; class A
common, 21.884 shs.; class B common, 4,431 shs.
(2) $2,000,000 principal amount of 5% income debentures of United
Public Utilities Co.:
and will cause Knife River Coal Mining Company. Northern Power &
Light Co. and North Dakota Power & Light Co. (existing subsidicries of
United Public Utilities Co.) to enter into certain contracts with Middle
West Utilities Co. and (or) certain of its subsidiary and affiliated companies
respecting the joint operation of properties controlled by Middle West
Utilities Co. and (or) certain of its subsidiaries and properties now owned
and controlled by Knife River Coal Mining Co., Northern Power & Light
Co. and North Dakota Power & Light Co.
(C) United Public Utilities Co. will agree to cancel the $408,218 of notes
of Southern United Gas Co. in consideration If its being permitted to retain
the 9,000 shares of Ozark Natural Gas Co. stock forming collateral for a
portion of the indebtedness, and Southern United Gas Co. causing such
company to be free from debt.
United Public Utilities Co. will enter into such arrangements with
Southern United Gas Co. and (or) Southern United Ice Co. and effect such
readjustments of their capital structure as shall be approved by the committee and as shall permit the exchanges of securities of United Public
Utilities Co. for the securities of Southern United Gas Co.and (or) Southern
United Ice Co.
Part Four.
The various classes of securities will be dealt with under the plan, and
such of the holders thereof as participate in the plan by depositing their
securities w th the committee will receive under the plan in lieu of such
securities new or substituted securities hereinafter mentioned, that is to say:
-(a) There will be delivered
(I) Securities of United Public Utilities Co.
to the holders of 1st lien bonds of United Public Utilities Co., who deposit
their coupons, as provided above-(1) Certificates of beneficial interest in
the deposited coupons representing each instalment to be thereafter paid,
and (2) four shares of common stock in respect of each $1,000 of bonds the
coupons pertaining to which are deposited.
(b) There will be delivered to the holders for each share of the existing
preferred stock of United Public Utilities Co. one-half share of pref. stock
of United Public Utilities Co., and one share of common stock of United
Public Utilities Co.
(c) There will be delivered to the holder of the $470,000 of notes payable
of United Public Utilities Co. and all unpaid interest accrued thereon, a
new 5% instalment note for $470,000 principal amount, and to the holders
of approximately $39,500 new notes of such maturity as shall be approved
by the committee.
-(a) There will be delivered to each
(II) United Public Service Co.
holder of 15
-year collateral trust gold bonds of United Public Service Co.
In respect of each $1,000 principal amount thereof and interest accrued
thereon, 20 shares of common stock of United Public Utilities Co.
(b) There will be delivered to each holder of 634% debentures of United
Public Service Co., in respect of each $1.000 principal amount thereof and
all interest accrued thereon, 10 shares of -common stock of United Public
Utilities Co.
(c) Effective arrangements will be made whereby the holder of each
share of pref. stock of United Public Service Co. will be enabled to receive
one-half share of common stock of United Public Utilities Co.
-There will be delivered to each holder of
(III) Southern United Gas Co.
1st lien 6% sinking fund gold bonds of Southern United Gas Co. in respect
of each $1,000 thereof and all interest accrued thereon. $500 principal
of 1st lien 5% income gold bonds of Southern United Gas Co., four shares
of preferred stock of Southern United Gas Co. and one share of common
stock of United Public Utilities Co.
-The reorganization committee may at
(IV.) Southern United Ice Co.
any time enlarge the plan to provide for dealing with the securities of
Southern United Ice Co. and particularly but not exclusively may provide
for the issuance in lieu of Southern United Ice Cast mtge. bonds,series A.
6% and series B. 634%. the holders whereof may assent to such enlarged
plan, of such securities as the committee may determine.
Part Five.
(1.) Securities to be issued by United Public Utilities Co.
-Debentures shall be dated as of some con5% Income Debentures.
venient date approved by the committee and shall mature 20 years from
date; shall entitle holders to receive interest at the rate of up to, but not
exceeding, 5% per annum, payable semi-annually, to the extent that
surplus earnings available for the payment ofsuch interest for the preceding
year shall suffice for that purpose. Such surplus earnings shall be computed
as the surplus earnings of the company (not on a consolidated basis) remaining after deducting (on an accrual basis) from the company's gross
Income from all sources for any specified period all operating expenses, all
taxes (including Federal income taxes), the interest and maintenance
fund requirements under the 1st lien indenture, interest on other indebtedness, if any, but not including interest on debentures, the annual payments
required to be made for retirements under the $470,000 note to be given
existing debt to be refunded and the
Allied Service Co. and the $39,500
amounts required to amortize the indebtedness created to discharge the
costs of reorganization provided by the plan, and shall be determined in
accordance with approved public utility holding company accounting
practice.
The interest on the income debentures shall be cumulative after the second
year to such extent that the surplus earnings available for interest on such
debentures (as defined) remaining after the payment or setting aside for
payment of 5% interest on the income debentures in the succeeding year
shall be applied toward making up of the deficiency (if any) in the payment
of the full rate of 5% interest in any former year or years.
Preferred Stock.
-Will be senior to all other classes of stock to be presently
outstanding and will entitle the holders thereof to receive dividedds at rate
of up to but not exceeding $5 per share per annum for any one dividend
year. Such fixed dividends shall be cumulative to the extent (and only to
the extent) that there are earnings applicable to the payment thereof in
such dividend year. No dividends shall be declared or paid upon the
common stock, or other junior stock, unless all fixed dividends on the pref.
stock at the rate of $5 per share per annum for the then current dividend
year, and all cumulative fixed dividends earned and unpaid during any
preceding dividend year or years, upon the preferred stock (whether or not
declared in said prior dividend year or years) shall have been fully paid or
declared and a sum sufficient for the payment thereof set apart for payment.
Such dividends shall accrue from date ofissuance of each share,respectively.
Preferred stock shall be redeemable at any time on 30 days' notice, shall
entitle the holders thereof upon redemption or liquidation to $100 per share
and dividends theretofore earned and then remaining unpaid.
(2) Securities to be issued by Southern United Gas Co.:
First Lien 5% Income Gold Bonds -There shall be pledged thereunder
substantially the same securities as are pledged under the present 1st lien
indenture of Southern United Gas CO. The 1st lien scy, income gold bonds
shall be dated as of some convenient date approved by the committee
and shall mature 20 years from date. Such bonds shall entitle holders
thereof to receive interest thereon at the rate of up to but not exceeding
5% per annum, payable semi-annually to the extent that the surplus earnings available for the payment of such interest (as defined) shall suffice
for that purpose. The interest on such bonds shall be fully cumulative so
that (a) the surplus earnings of the company available for interest upon
such bonds (as defined) remaining after the payment or setting aside for
payment of 5% interest on such bonds in the succeeding year shall be
applied to the making up of the deficiency (if any)in the payment of the full
rate of 6% interest in any former year or years; and (b) at the maturity of
the bonds there shall be paid the principal amount thereof, plus all interest
accumulated thereon (whether earned or not) at the rate of 5% per annum
from the date of the bonds then remaining unpaid.. No dividends shall at
Volume 136
Financial Chronicle
4089
any time be paid on any of the shares of capital stock of the company at
Liabilities
any time outstanding until and unless there shall have been paid in respect
Capital stock of United Public Utilities Co.:
of such bonds all unpaid interest accumulated thereon at the rate of 5%
55 dividend preferred stock
$2,465,700
per annum (whether earned or not) to the date of the semi-annual interest
Common stock-to be issued, 324,735 she. of no par value, reprepayment date next preceding the date of the declaration of such dividend.
sented by voting trust certificates
324,735
Preferred Stock -Will entitle holders thereof to receive dividends at rate
Equity of minority common stockholders In subsidiaries
3,458
of up to but not exceeding $5 per share per annum for any one dividend
First lien gold bonds, due April 1 1947
14,505,800
year (as defined). Such fixed dividends shall be cumulative to the extent
5% instalment note due Dec.31 1935 to 1943
470,000
(and only to the extent) that there are earnings applicable to the payment
Other notes
-to be refunded
39,500
thereof in such dividend year. No dividends shall be declared or paid upon
5
-year 6% notes
-to mature In 1938
100,000
the common stock, or other Junior stock, unless all fixed dividends on the
5% income debentures to mature in 1953
2,000,000
preferred stock at the rate of $5 per share per annum for the then current
Notes payable to banks(owing bp Texas Ice & Refrigerating Co.,a sub.).
84,050
dividend year, and all cumulative fixed dividends earned and unpaid during
Accounts payable
218,283
any preceding dividend year or years, upon the preferred stock (whether
Accrued taxes
193,479
or not declared in prior dividend year or years) shall have been fully paid
Accrued interest on 1st lien bonds
209,392
or declared and a sum sufficient for the payment thereof set apart for
Accrued interest-other
17,810
payment. Such dividends shall accrue from date of issuance of each share.
Consumers' deposits
138,597
respectively. Preferred stock shall be redeemable at any time on 30 days'
Deferred credit items
6,378
notice, shall entitle the holders thereof upon redemption or liquidation to
Reserves-Retirements & depletion, per books of subsidiaries
2,198,278
$100 per share and all cumulative dividends theretofore earned and then
Contributions for extensions
121,351
remaining unpaid.
Uncollectible accounts
150,347
Other
4,965
Proposed Basis for Exchange of Securities.
cOutstanding
Will Receive
Total
$23,652,127
Existing Securities- Prior to Exch.
United Public Utilities Co.
Note.
-The above pro forma consolidated balance sheet was constructed by
Corn.
Install.
5-Yr.
applying to the receiver's consolidated balance sheet of United Public Utilities Co.
Shares.
Notes.
Notes.
Pref.
and subsidiaries, Dec. 31 1932, the adjustments necessary to give effect as of that
bUnited Pub.Serv. Co.
date to the consummation of the plan of reorganization, dated as of Feb. 1 1933, of
15-yr. coil tr. 6s_ ___
$4,786,200 95,724 shs.
United Public Service Co. and the following of its subsidiaries: United Public
Each $1,000
20 sits.
Utilities Co.,Southern United Gas Co.,and Southern United Ice Co.
-V.136 p.31641
5-year 614% debs._ _
3,407,500 34,075 shs.
Each $1,000
10 shs.
United Public Utilities Co.
-Reorganization Plan.
-See
$7 div. series pref.__
34,258 sits.) 18,234 sits.
$6 div. series pref.._
United Public Service Co. above.
2,210 sits.)
-V. 136, p. 3909.
Each share
14 sit.
Common
15,98514 shs.
Washington Water Power Co.
-Tenders.
Will be cancelled.
Un.Pub. Mitles.Co.
The City bank Farmers Trust Co., trustee, is notifying holders of the
1st lien ser A, B,C
1st ref. mtge. 5% bonds of 1909, due 1939. that it has available $60.376
a14,505,800 58,020 shs.
Each $1,000
for the quarterlY purchase of bonds for the sinking fund. Offers will be
4 shs.
7% note payable to
received up to noon, June 12.-V. 135. p. 1826.
Allied Serv. Co_
$470,000
$470,000
Each 51,000
Western Public Service Corp. (Del.).
-Div. No. 2.1,000
$6 div. series pref.__
44,256 sits.) 49,314 shs
A dividend of 10 cents per share has been declared on the capital stock.
24,657 shs.
$5.75 div. series pref.
payable July 15 to holders of record June 15. An initial distribution of
5,058 sits.)
Each share
like amount was made on Jan. 19 last.
1 sit.
-V. 135. p. 4386.
34 sit.
Reorganiz. exps. &c_
50,000 shs.
$500,000
West Virginia Water Service Co.
-Earnings.
-Southern United Gas Co. U. P. U.
For income statement for 12 months ended April 30 see "Earnings
1st Lien
Preferred
Common
Department" on a preceding page.
-V. 136. p. 3164.
Inc. 53.
Stock.
Stock.
dSouthern United Gas Co.
1st lien 6s
-Faces Receivership.
$1,936,800
$968,400 77,472 shs. 19,368 abs. '--Winnipeg Electric Co.
Each $1,000
At a meeting held at Montreal, June 20, bondholders of Northwestern
500
1 eh.
4 shs.
Power Co. empowered their protective committee to take action against the
a These bonds ($6,730,000 series A 68, 56,555,800 series B 534s, and $1,220,000
Winnipeg Electric Co. as guarantor of the principal and interest of the
series C 6s) will remain undisturbed, but bondholders who deposit coupons (as stated
bonds, under the terms of the Bankruptcy Act. Announcement was made
above) will receive 4 shs. of U. P. U. common stock in respect of each $1,000 of
that steps were being taken to bring about a reorganization of Winnipeg
bonds. In addition to the bonds shown above Allied Service Co. holds $451,000
Electric, and because of the possibility that an agreement may be effected
U. P. U. 1st lien treasury bonds as collateral to the 1470,000 U. P. U. note, and will
between the various interests concerned, the meeting was adjourned until
retain these bonds as collateral to the new note. b There will be delivered to Middle
Aug. 2.
West Utilities Co. 52,000,000 income debentures of U. P. U. These income deAt the suggestion of the committee. Winnipeg Electric was asked to
bentures and all securities owned by Kentucky Power Co. are to be delivered to
prepare a plan which it failed to do and subsequently its representatives
Middle West Utilities Co. for surrender of all its securities owned and receivables
verbally approved of a plan which called for a redistribution of the Winnipeg
from United Public Service Co. and subs. c In addition the following securities
Electric common stock which would provide that the Northwestern Power
owned by Middle West Utilities Co. are to be surrendered by it and canceled:
bondholders would share in this equity, but declined to approve when the
$242,300 15-year coll. trust 68, 55.401.3007% notes payable. $177,800 5
-year 614%
plan was formally presented.
gold debentures. 1 643 shares of $7 div.series pref. stock and 430,459 shs, common
.
The committee reported it was unwise to allow the situation to drift
stock of United Public Service Co. and 1,512 shares $6 pref. and 39 sits. of $5.75
without determination on some definite line of action and that it is essential
pref. of United Public Utilities Co.
Also $1,792,000 7% note payable to U. P. S.
that effective steps be taken to ensure recognition of the rights of the
and $70,000 receiver's note payable to U. P. S. now outstanding are to be canceled
bondholders in respect of their investment.
as well as 181.000 shs. of common stock of U. P. U. now outstand:ng
The committee asked and received authority to apply for a receiving order
d United Public Utilities Co. will agree to cancel the $361,218 7% note payable
in bankruptcy against Winnipeg Electric, which, it feels, will expedite the
and $47,000 7% note payable of Southern United Gas Co. in consideration of its
reorganization of the Winnipeg Electric.
being permitted to retain the 9,000 shares of Ozark Natural Gas Co. stock forming
-V. 136. p 3724.
collateral for a portion of the indebtedness. U. P U. will also acquire the entire
common stock (130,100 shares) of S. U. G.
Conditional Offer and Subscription of Units Representing Fire-Year Notes and
Common Stock of United Public Utilities Co.
The plan of reorganization makes provision for the issuance of up to
Matters Covered in the "Chronicle" of June 3
.-(a) Automobile production
-year notes of United Public Utilities Co. and 50,000 shares of
1500.000 5
April 1933 compared with preceding months, p. 3805. (b) Divisions of
common stock of United Public Utilities Co. to be constituted in units,
General Motors Corp. increase wages of 100,000 employees 5%, p. 3805.
each unit consisting of $100 of notes and 10 shares of common stock. The
(c) Tire prices increased; Pennsylvania Rubber Co. announces 5% adpurchase of these units has been or may be conditionally underwritten.
vance, p. 3805. (d) Chrysler Corp. reduces prices of its models, p. 3805.
and the reorganization committee makes the following conditional offer
(e) Appalachian Coals, Inc., increases wages 10 to 18% in Four-State
to the security holders. Each depositor may purchase his pro rata part
Region: approximately 75,000 miners affected, p. 3810. (f) Wages of
of the total of such units.
8,000 miners of Pittsburgh Coal Co. increased 10%; other companies take
The conditions of this offer to be complied with are as follows:
similar action, p. 3811. (g) Allied Chemical & Dye Corp. defends its
(a) the right to subscribe shall be non-transferable;
stand; declares data ordered by New York Stock Exchange would aid
(b) for each $1,000 of bonds and debentures and (or) such 10 shares of
competitors: final letters made Public, p. 3818. (h) Loans by Reconpreferred stock so deposited the depositor may purchase three units at
struction Finance Corp. for self-liquidating projects up to May 25 totaled
$100 per unit.
$201,298 000: construction work authorized through loans will require
(c) each subscribing depositor must deposit in Chicago funds with the
over 1,000,000 carloads of mattrial, p. 3832.
depositary, the purchase price of the amount of the units subscribed for,
and must also have deposited the securities of such depositor in respect
Agfa Ansco Corp.
-Earnings.
of which such subscription is made;
Calendar Years(d) in the event that subscriptions shall not have been received from
1932.
1931.
1930.
Net loss for year
depotitors covering at least 25% of the units to be offered,the reorganization
4588.049 81.085,874 prof.847,380
committee and United Public Utilities Co. may sell and dispose of the units
x After depreciation of 1326,570 and interest of 8229,392.
In such manner and for such consideration as they shall approve,
and
Condensed Consolidated Ealance Sheet Dec. 31.
shall have the right to accept or reject all subscriptions.
Assets
x1931.
1933.
Liabilities1932.
x1931.
Pro Forma Summary of Consolidated Earnings (United Public Utilities Co.
Cash
$668,658 $909,339 Capital stock
Y5480,000 $480,000.
Notes & accts. rec.
Accts. payable and
and Subsidiaries).
rec. (less res.).... 745,222
868,479
Year End. Dec.31accruals
143,230
170,091
1932.
1931.
1930.
1929.
Bankers time loan_ 703,500
Operating revenue
Loans from Mtn.
$3,783,644 $3.991,734 $4,191,081 84,593 260
Inven. (less res.)
1,465,375 2,182,852
co. due June 6
Oper. exPs., maint. &
Plant and equip
3,345,065 3,656,973
taxes
1938
2,500,000 2,500,000
2,552,844
2.416,198
2,545.361
2,936.490
Pats., tr. marks,
Res,for conting.oic 122,853
244,587
formulae, &c_
511,000
511,000 Capital surplus_ _ _ 4,239,881 4,827,194
Net operating revenue $1,230,800 $1.575,536 $1.645.720 $1,656,770
Loan and deposits
54,185
Non-operating revenue_
20,578
43,318
103.653
101.938
Deferred charges.
47,143
39,044
Net earns, before prov.
Total
57,485,965 $8,221,872
Total
for retirements_
$7,485,965 58,221,872
_ $1,251,378 $1,618,854 $1,749.373 $1.758,708
x Giving effect to "plan and agreement for the readjustment of certain
Prov. for retirem. (est.)_
335,000
335.000
335.000
335.000
liabilities and the capital of the company," dated Ma.bt 7 1932. y RepresNet earns, after prov.
sented by 480,000 shares of capital stock, par $1.-V. 135. p. 3858.
for retirements_ _ _ *8916.378 81,283,854 81.414,373 11,423.708
Alaska Juneau Gold Mining Co.
-Earnings.
* Interest at 7% to be earned on Southern United Ice Co.note of$432.800
For income statement for month and a months ended May 31 see "Earnto be acquired by United Public Utilities Co. in reorganization, $30.296:
ings Department" on a preceding page.
total (including $916.378 as above) $946.674. Interest requirements:
-V. 136, p. 3348.
First lien bonds: $7,950,000. Ba. $477,000: 16.555,800, 514s, $360,569;
Allied Chemical & Dye Corp.
Installment note. $470,000 at 5%, $23,500; other notes to be refunded.
-Corporation Urges Stock839.500 at 5%, $1,975; 5
-year 6% notes, $500.000. 830.000; other deholders to Defer Action on Dispute with Exchange.
ductions, $6.463; net income before interest on 82.000.000 income debs.,
Orlando F. Weber, President, sent a letter to stockholders June 6 asking
$47.167.
them not to form an opinion on the company's controversy with the New
Pro Forma Consolidated Balance Sheet Dec.31 1932 of United Pub. Utilities Co.
York Stock Exchange until they had received a statement which
would be
issued in a few days defending the company's stand. Mr. Weber.
lOiving effect as of that date to consummation of the plan of reorganization.
states:
"Your attention may have been called to an advertisement
Assets
recently
published in certain newspapers by a committee purporting to act on
Plant, property and equipment-per books of subsidiaries
behalf
$19,282,387
of stockholders and seeking to obtain representation on
Excess of parent co.'s carrying value of invest, in subs, over subs.
your board of
directors.
book values
1,758,938
"The management of your company, which you have
Inv. in subs, not subject to 1st lien bonds,& not consolid. herein:
retained in office
since the company was incorporated, proposes at an early
Southern United Ice Co
date to issue a
482,923
statement of the utmost importance to stockholders. We
Southern United Gas Co
respectfully
35,191
request that meanwhile you refrain from forming any
-Common stock (100%)
Ozark Natural Gas Co.
223,000
any action based on the committee's representations..conclusion or taking
Other invests.(principally owned by Louisiana Ice& Coal Co.,a sub.)_
-V. 136, p. 3910.
359,901
Special depoalts
24,444
Allied Distributors, Inc.
-Stock Averages at New High.
Cash
419,239
The investment trust average as compiled
Notes and accounts receivable
581,175
week ended June 2 registered a sharp gainby this corporation during the
and established
Materials and supplies
218,428
level since 1931. The average for the common stocks of the a new high
Prepay rants
five leading
42,018
management trusts, influenced by the leverage factor,
Deferred debit items
4,182
June 2,compared with the average of 16.35 on May 26, stood at 18.88 as ofReacquired bonds
240,300
The low for the current year to date was 8.22 on Marchan increase of 15.5%.
31.
The average of the non-leverage stocks stood at 15.14 as of
Total
the close.
$23,652,127
June 2. compared with 14.01 at the close on May 26, an Increase
of 8%.
INDUSTRIAL AND MISCELLANEOUS.
June 10 1933
Financial Chronicle
4090
The average of the mutual funds closed at 10.57 compared with 10.18 on
May 26,an increase of3.8%.-V.136.p. 3910.
-Warrants Extended.
Aluminium, Ltd.
The New York Curb Exchange has been notified by this company that
the expiration dates for the common stock purchase warrants, series 0 and
series D. entitling holders to purchase common stock at $30 a share, have
been extended. The final date on which the series C warrants may be
exercised will be April 3 1934, instead of July 3 1933. and the final date on
which the series D warrants may be exercised will be Oct. 21934.instead of
Jan. 2 1934.-V. 136, p. 3348.
-Earnings.
Amalgamated Sugar Co.(& Subs.).
1932.
1931.
1930.
$17,946
108858,214
$148,622
7.941
$427,596
7,907
$391,634 loss$40,268
171,145
206,348
714,430
612,858
8156,563
203,244
549,143
$435.503
222,274
472.803
Years End. Mar. 31Net oper. income from
sugar sales
Other income (net)
$360,789
30,846
Total net oper.income
Interest, discount, &c
Depreciation
1933.
$259,574
$595,824
$427,572
$925,843
Consolidated Balance Sheet March 31.
1933.
1932.
1932.
1933.
$
Liabilities$
Assets
428,916 Preferred stock_ _ 3,687,000 3,687,000
250,258
Cash
Accts. receivable.' 644,570 1382,264 y Common stock__ 6,165,468 6,165,468
6,911 Bankers accept1,912,500
Notes receivable_4
2,400,000
4,261,662 3,826,265 Notes payable_
Inventories
3,300 Prov.for final pay.
Adv. acct. crops_
285,777
138,492 to growers
Freight paid on +tug 206,362
Accounts payable.) 200,078 J125,722
Cash in hand of
1106,642
334 Accruals
334
sink. Id. trustees
1,227,500 1,409,500
Funded debt
Corp. bonds, land
36,980
28,287
331,647 0th.long term-liab.
sale contr., &c__ 309,521
69.290
65,855 Equities of min.
Deferred charges__
48,516
44,602
stockholders
Bldgs. & mach.,
13,655
7,018
5,117,458 5,403,694 Reserves
Atc
2.965,176 2,554,379
Deficit
Farm lands, water
357,231
229,791
rights, &c
Net loss for year
11,089,247 10,942,911
Total
11,089,247 10,942,911
Total
x After reserve for depreciation of $5.983,045 in 1933 and $5,475,227 in
-V.134, p. 4494.
1932. y Represented by 724,624 no par shares.
-Changes
American Agricultural Chemical Co. (Del.).
in Personnel.
At a special meeting of the board of directors held on June 7 1933, the
following administrative changes were approved:
Horace Bowker, President of the company, was elected President and
General Manager.
L. H. Carter, formerly Vice-President in charge of production, was
elected Vice-President and Assistant General Manager.
A. F. Stock, formerly Comptroller and Secretary, was elected Assistant
to the President and Comptroller.
G. A. Beningtonformerly Manager of chemical and wholesale departments, was elected Vice-President and General Sales Manager.
A. B. Arnold, formerly Vice-President in charge of mines, traffic, real
estate and engineering, was elected Vice-President and General Production
Manager.
A. W. Goeller, formerly Treasurer, was elected Secretary and Treasurer.
The position of Executive Vice-President was abolished and the resignation of Ralph A. Powers as Executive Vice-President and a director of the
company was accepted with regret.
The following appointments were also confirmed by the board.
C. M. Schultz, as Assistant to Vice-President and General Manager;
J. Y. Williams, as Manager of fertilizer sales department; G. E. Riches,
as Manager of chemical and wholesale department; E. K. Bennett, as
-V. 135. p. 2178.
Assistant Treasurer.
-Earnings.
American Beet Sugar Co. (& Subs.).
Comparative Balance Sheet.
cJan. 1 '33. Jan. 3 '32.
cJan. 1 '33. Jan. 3'32.
AssetsCash
$318,367 $288,606 Accounts payable_ $144,631 $120,242
14,400
22,400
199,960 Mortgage payable_
U.S. Treas. notes. 200,000
117,737
341,867 Conting. reserves_ 315,000
Notes & accts. rec. 403,720
3,500,000 3,500,000
1,328 7% pref. stock _ _
1,302
Accrued interest
473,755 b Common & corn.
405,547
Inventories
280,000 1,428,000
B stock
32.488
34.751
Invest. advance...
124,024
Deferred charges
39,075
37.959 Capital surplus_ _ _ 488,405
a and, bidgs., machin'y de equip_ 3,347,673 3,928,440
54,750,436 85,304,403
Total
$4,750,436 $5,304,403
Total
a Less depreciation of $33,262,801 in 1932 and $3,042,801 in 1931. b Represented by 140,000 of common and 140.000 common class B both of no
par value. c Giving effect to reduction of common stock and common
class B from $1,428,000 to 8280,000 and charging capital surplus with the
operating loss for 1932 and with provisions for extraordinary charges.
V. 136, p. 2425.
-Initial Report.
American Business Shares, Inc.
Statement of Income and Undivided Profits for Period from Date of Incorporation, Sept. 19 1932, to May 15 1933, and of Funds Available for
Dirtribution as of June 1 1933.
$18,720
-Cash dividends from domestic corporations
Income
1.052
Proceeds from sale of stock dividends
122
Interest on bank balances
Total
Expenses
Provision for Federal income tax
Delaware State franchise tax
Stamp taxes on capital stock issued, check taxes, &c
819,895
6,131
2,109
375
779
Net income
a Profit on sales of securities
$10,500
19,820
_____
a Netincome
_--dPortion transferred
_ _____________________
_
$30,320
6,395
Remainder-Portion of net income appropriated for distribu$23,925
tions. March 1 1933 and June 1 1933
Portion of consideration received during period for capital stock
issued equivalent to accrued distribution per share available
at dates of subscription, credited to distribution account
6,022
From Sept. 19 1932 to Feb. 15 1933
2,103
to May 15 1933
From Feb. 16 1933
Total funds available for distribution from date of incorpora$32,050
-_ 7 __ - __ - ___
tion to May 15 1933 __
- -to
Distribution paid March 1 1933(equivalent 3 cents a share on
16,950
shares of capital stock outstanding at Feb. 15 1933)565.000
Funds available for distribution as of June 1 1933 (equivalent
to 2 cents per share on 755,000 shares of capital stock out$15.100
standing May 15 1933)
a The investments of the corporation are carried at cost: at Feb. 15 1933
there was an unrealized depreciation of $48,374 in their market value, and
at May 15 1933 an unrealized apprec ation of 172,436.
Balance Sheet May 15 1933.
Liabilities
Assets-$1,363
$23,319 Accounts payable
deposit
Cash on
2,109
1,900 Federal income tax. 1933
Dividends receivable
375
413 Franchise tax
Dividend claims receivable_Distribution payable June 1
Investments-at cost (market
15.100
954.002
1933
value $1,026,437)
916 Capital stock (755,000 shares.
Deferred charges
755.000
par $1)
200.207
a Paid-in surplus
6,395
Undivided profits
$75,377 $1,285,661 $1,764,961Pr0f$320.654
Consolidated Balance Sheet March 31.
(Excluding Amalgamated Sugar Co.)
1933.
1932.
1932.
1933.
AssetsLiabilities
a Fixed assets__ _ _17,589,063 18,322,757
2,692,180 2,709,607 Preferred stock._ 4,840,000 4,840,000
Investments
359.149 Y Common stock__14,500,697 14,500,696
426,197
Cash
3,772,000 3,845,000
Unsold sugar, &c_ 4,002,344 5,516,377 Funded debt
180,785
588,980 Accounts payable_ 255,718
Accounts receivle_ 655,587
4,378,379
15,010 Notes payable,&c.
62.638
Farm products.404,710 Bank acceptances.a2,000,000
Materials & suppl. 376,366
94,900 Accr. int. on fund90,124
Advances
51,025
ed debt
13,720
Land sale contracts
1,264 Other accruals_ _ _ 372,792
1,270
Sinking fund
164,104
227,228 Accrued taxes, &a_ 110,330
159,926
Deferred charges
Conting. res., &c_
253,020
Res. for insurance_ 248,981
Other long-term
liabilities
17,500
Capital surplus._ 238,741
238,741
Deficit from oper_ 320,868
178,243
$980,550
$980,550 Total
Total
x Representing excess over par value of capital stock of consideration
not including $8,124 representing accrued distributions at dates
received,
of subscriptions paid in and credited to distribution account.
Investments at Close of Business May 15 1933.
Shares,
Shares.
75 Guaranty Trust Co. of New York.
300 Air Reduction Co., Inc.
100 Internat. Business Mach. Corp.
200 Allied Chemical & Dye Corp.
500 Irving Trust Co.
400 American Can Co.
200 Liggett & Myers Tobacco Co."B."
400 American Gas & Electric Co.
500 National Biscuit Co.
200 American Tel. de Tel. Co.
"B" 400 National City Bank of New York.
300 American Tobacco Co.(The)
200 Central Hanover Bank & Trust Co. 300 New York Trust Co.
100 Norfolk & Western Ry. Co.
1,300 Chesapeake de Ohio Ry. Co.
600 North American Co.(The).
500 Columbia Gas At Electric Corp.
700 Pacific Gas & Electric Co.
300 Commonwealth Edison Co.
500 Consolidated Gas Electric Light & 800 Procter & Gamble Co.(The). Jer.
500 Public Service Corp. of New
Power Co. of Baltimore.
500 Consolidated Gas Co.of New York 600 Reynolds(R..1.) Tobacco Co."B."
600 Southern Calif. Edison Co., Ltd.
800 Continental Insurance Co.
1,000 Standard Brands, Inc.
500 Corn Exchange Bank Trust Co.
1,000 Standard Oil Co.of California.
300 Corn Products Refining Co.
500 du Pont(E. I.) de Nemours & Co. 1,000 Standard Oil Co. (New Jersey).
900 Union Carbide & Carbon Corp.
Fidelity-Phoenix Fire Ins. Co.
700
20 First National Bank (New York). 600 Union Pacific RR. Co.
500 United Fruit Co.
800 General Electric Co.
1,400 United Gas Impt. Co. (The.).
500 General Foods Corp.
500 Wrigley (Wm.)Jr.. Company.
500 General Mills. Incorp.
100 Great Atlantic & Pacific Tea Co. 1,000 Woolworth (F, W.)Company.
of America (The).
.-V. 136, p. 3538.
Total
26,069,415 28,239,982
26,069,415 28,239,982
Total
$500,000.
a Bank acceptances have been reduced by 1933 and since close of fiscal
in
17,188.701 in 1932.
year. x After depreciation of 17.942,544 excluding 5,851 shares in trees_
y Represented by 358,166 no par shares,
ury.-V. 136, p. 3538.
The stockholders of record June 14 will be given the right to subscribe
on or before July 5 for additional capital stock at par ($20 a share), in the
ratio of one new share for each five shares held. The proceeds will be used to
pay off bank loans which amounted to 8794 000 at the end of 1932.
There are outstanding 194.747 shares of capital stock.
(Excluding Amalgamated Sugar Co.)
1931.
1932.
1933.
Years End. May 31Net inc.from sugar oper_ $848,363 loss350.715loss$917.631
368.113
324,724
145.353
Other income
Gross income
Int. & discounts, &c
Depreciation
$1.173,087
453.297
795.167
1930.
$526.b46
986.464
$94,638 loss$549,518 $1.513.010
501,205
486.041
418.596
714.237
894.259
773.760
Net loss
-Record Shipments.
American Bemberg Corp.
the first
Momenta of yarn by this corporation during period in five months of
the
1933 were greater than during any five-months He predicted acompany's
continued
President S. R. Fuller, Jr.
history, according to
advance during the coming months. The plant at Elizabethton, Tenn.,
to be the country's largest producer of cuprammonium synthetic
is reported
yarns.
Earns.-Yrs. Ended -Jan. 1 '33. Jan. 3'32. Jan.4 '31. Dec. 29'29.
$558,650 x$476,637
$379,807
$500,767
Operating profit
See x.
607,583
561,573
395,635
Sell., adm. & gen. exp_
553,473
379,302
491,793
633.621
Depreciation
$528,489
16.785
$561,068
15,271
8504,540
22,041
$15,156
Dr.4,180
$511,704
Net loss
Other charges
Provision for moving exp.
91,915
and contingencies..
$545,797
$482,498
$19,335
480,496
$603,619
$588,796
$482,498
122,500
$499,831
Operating loss
Other income
Net loss
Dividends paid
43,000
8604,998
$499,831
$588,796
$603,619
Balance, loss
x After deducting selling, administrative and general expenses.
been included
-Full depreciation for the year ended Jan. 1 1933 has
Note.
above. In previous years depreciation on property not operated was
charged to capital surplus account.
-Balance in capital surplus account Jan. 3
Statement of Capital Surplus.
1932, $124.024; capital surplus arising from the reduction of capital stock,
-Net loss for the year ended Jan. 1
$1,148,000; total, $1.272,024. Deduct
1933, $603,619; provision for extraordinary charges carried to reserve for
balance Jan. 1 1933. $488,405.
contingencies, 8180.000;
-Rights.
American Commercial Alcohol Corp.
A letter to the common stockholders on June 3 stated in
substance:
purposes of
In order to provide additional cash for the proper corporate
the corporation, the directors have determined to issue and sell 40,949
additional shares of common stock, par $20 per share, and to offer to common
stockholders of record June 14 1933, the right to subscribe for such additional
shares at a price of $20 per share, at the rate of one additional share for
each five shares held. No fractional shares will be issued. Fractional
Such
interests in the additional stock will be represented by scrip. shall be
scrip shall be non-dividend bearing, shall confer no voting rights,
round amounts for shares of the additional stock and shall
exchangeable in
be void at 3 o'clock p.m. Daylight Saving Time. on July 5 1935.funds on
Payment of the subscription price must be made in New York
or before July 5 1933 at the City Bank Farmers Trust Co.,22 William St.,
N. Y. City. All rights not exercised before that time will lapse.
As soon as possible after the list of stockholders is made up at the close
of bwainess on June 14 1933 there will be mailed to each stockholder of record
at that time transferable warrants for subscription to common stock of the
which he is
par value of $20 per share of the company in the amount to delivered to
entitled to subscribe, which warrants will be effective only if Manhattan.
Farmers Trust Co., No. 22 William St., Borough of
City Bank
City of New York, before 3 o'clock p. m. Daylight Saving Time, on July b
subscription price of the stock
1933. accompanied by the full amount of
subscribed thereunder. Certificates for all stock subscribed for and fractional scrip representative thereof will be issued as soon BB Possible after
the close of business on July 5 1933.
Arrangements have been made for the underwriting of this offer for the
-V. 136. p. 3538.
consideration of $1 a share.
-5
American Electric Securities Corp. -Cent Dividend.
The directors at a deferred meeting held last month declared a dividend of
five cents per share on the 30 cent cum. partic. pref. stock, par $1, payable
June 1 1933 to holders of record May 20. A distribution of like amount
4091
Financial Chronicle
Volume 136
was made on Feb. 1 last, while on Dec. 31 1932 a dividend of 10 cents per
-V.
share was paid which cleared up accumulations to the latter date.
136, P. 3165
.
American Glanzstoff Corp.
-Earnings.
Years Ended
Jan. 1 '33. Jan. 3'32. Jan. 4 '31. Dec. 29 '29.
$712,532
Operating profit
$1,591.795 $1,991,798 $1,868,575
426,284
Sell., adm.& gen.exps_ _
592,440
662,321
728,912
872,000
Depreciation
1,258,976
1,232,104
1,233,754
Provision for conting_ _ _
169,661
50,000
207,757
Total operating loss_ _
Commission earned on
sales of foreign merchandise, &c
Interest earned (net)
Miscellaneous income_ _
$512,037
$138,879
3,854
51,274
5,465
42,854
33,622
20,480
Net loss for the Year..
Preferred dividends__
$451,443
$32,842
$585,753
195,255
97,250
94,208 ' 291,532
14,858
$41,922prof$173,474
490,000
245,000
Deficit
$316,526
$286,922
$451,443
Comparative Balance Sheet.
Jan. 1 '33. Jan. 3'32.
Jan. 1 '33.
Assets
Liabilities$
Cash
2,278,552 1,661,157 Accounts payable- $305,755
U. S. Treas. notes
9,000
Mortgage payable_
and N. Y. State
Res. for contIng_ 502,000
gold notes
1,250,796
999,801 7% preferred stock 7,000,000
Notes and accts rec 785,908
990,626 b Common stock__ 2.310,000
Accrued Int. rec..
9,241
6,523 Capital surplus___ 2,909,222
Inventories
592,337
734,708
Investments In and
advancesto other
companies
81,643
28,255
aFIxed assets
7,964,172 8,914,192
Deferred charges._
75,327
93,102
$98.965
122,500
$221,465
Jan. 3'32.
383,836
6.863
136,000
7,000.000
2,310.000
3,586,665
•
$6,765,002 57,650.601
"s
••American Writing Paper Co., Inc.
-Reduction in
Capital,
The stockholders on June 8 approved a proposal to reduce the stated
capital of the company from $9,278,572 to $2,450,000, of which $2,250,000
will represent pref. stock and $200,000 represent common stock.
The stockholders also voted to change the par value of the common stock
from no par value to $1 per share. See also V. 136, p. 3348.
Army-Navy Club, N. Y. City.
-Bankrupt.
Acting on a petition signed by Captain W. C. Gooier, Secretary and
Treasurer of the club, Federal Judge Alfred C. Coxe on May 31 appointed
the Irving Trust Co. to act as receiver. Proceedings had been taken, it is
said, because of difficulty in collecting dues in the face of reduced incomes
In military and naval circles.
----....Asbestos Mfg. Co.(Ind.).
-Resumes Common Dividend.
The directors have declared a dividend of 12% cents per share on the
common stock. Par $1. Payable July 1 to holders of record June 15. This
is the same rate as the dividend payments made on Oct. 1 and Jan. 3. last.
Because of the Detroit banking situation. the April 1 dividend was deferred
and no payment was made on that date.
-V. 135, p. 2834.
Associated Rayon Corp.(& Subs.).
-Earnings.
-
Calendar YearsCash dividends on investments in stocks of other
companies foreign taxes deducted
Interest on notes receivable and deposits, &c..
-
Total income
General expenses and other charges
Stock transfer expenses, custodians' fees and taxes
Settlement of claims
Interest on debentures
Provision for repayment of advances under pref.
stock dividend guaranty agreement since May 15
1931 and interest accrued since that date
Net income for the year
Undistributed income at Jan. 1
Adjustment of prior years, income taxes
1932.
1931.
$31,754
491,335
$54,255
584,388
$523,090
11.861
15,084
499,169
3638.644
26.774
26,527
103,500
310,817
93,380
62,494
loss$96,404
1,905,101
12,000
$108,531
1,798.570
Balance of undistributed income at Dec. 31.... $1,796,697 $1,905,101
-Aggregate approximate depreciation in value of investments:
Note.
$43,526,000
At Dec.31 1931
42,226.000
At Dec. 31 1932
Increase during the period
$1.300,000
Consolidated Balance Sheet Dec. 31.
1932.
1931.
1932.
1931.
Liabilities
Asse(ss-$
115,239
156,174 Accounts payable_
13,666
8,485
Cash
11,217 Accrued Int. on deDividends recelv_
bentures
40,833
41,614
40,833
41,469
Interest accrued
Balance due on In100
Accounts reedy_ .._
vestments-est.
50,000
Note reedy, from
20-yr. 5% guar.
Vereinigte Glenconvert. debs_ __ 9,987,300 9,952,450
staff FabrIken
A.G.due in 1950 7,000,000 7,000,000 Def. obilg. under
guaranty agreex Invest, in secur.
ment and accr.
in rayon indust_47.426,016 47,426,016
2,059,328 1,965,948
Interest
25,400
6% pref. stock
95,100
YCommon stock. 24,000,000 24,000,000
Capital surplus_ _16,658,183 16,615,687
Undistributed inc. 1,796,697 1,905,101
54,582,189 54,634,240
54,582,189 54,634,240 Total
Total
x The aggregate value of the above nvestments based on available market
quotations (or estimated fair value n the absence thereof) was approximately 35,200.000 ($3.000,000 in 1931) or less than the above book value
by approximately $12,226,000 ($43,526,000 in 1931). y Represented by
-V. 136, p. 1379.
1,200,000 no par shares.
Approximately $2,000,000 will be paid to the Atlas Corp. by the Second
National Investors Corp. and Third National Investors Corp. for the
stock that it holds in the two companies. Stockholders of the two National
trusts approved the deal at a special meeting on June 8.
Under the terms of the deal previously announced. Second National
was to pay at the rate of 80%, of the net asset value of its $5 pref. stock as
of June 8 closing prices for the 17,383 shares of this stock held by Atlas.
The asset value at the close yesterday was approximately $62.30 a share,
making the purchase price $866,368.
Stockholders of Third National Investors Corp. voted to pay 90% of
the net asset value for the 52,724 shares of their capital stock owned by
Atlas. The asset valve at the close of June 8 was $24.45 a share, making
a purchase,price of $1,160,191. This brings the total amount of cash
involved to .82.02f.559.
It Is not the intention of the National trusts to retire the purchased shares.
Under present plans, these shares will be distributed to the public, probably
in the near future, so that the cash paid out may be recovered and the
-V. 136, p. 3539.
unrealized profit realized.
-Common Dividend.
Auburn Automobile Co.
For income statement for 3 months ended March 31 see "Earnings
Department" on a preceding page.
Balance Sheet March 31.
Assets--;
1933.
1932.
1933.
1932.
x Land, buildings,
Capital stock
53,414,875 $3,414,875
mach.& equip__$2,933,928 $3,082,881 6% gold notes..... 2,977,000 3,186,000
Cash eit short-term
91.387
250,816
Accounts payable_
govt securities_ 1,238,357
45,255
47,790
764,891 Accrued Interest
Investments (comReserve for taxes_
15,000
pany bonds)25,500
25,500
15,954 Mortgage payable
Warrants, notes &
36,793
37,713
Minority Interest_
accounts rec____ 1,719,362 2,303,246 Capital surplus_- 1,085,083 1,065,083
Other notes & ac377,176
Operating deficit
905,891
counts receiv_ _ _
33,167
20,519
Cash surrender val.
life insurance_ _
40,177
34,253
Inventories
668,912 1,065,166
Cash In closed bank
75,000
75,000
Other assets
1
207,423
Prep'd & def'd exp
56,099
81,268
Total
56,765,002 57,650,601
Total
x After depreciation.-V. 136, p. 1202.
-Second and Third National Investors Corp.
Atlas Corp.
Approve Repurchase of Their Own Stocks.
The directors on June 5 declared a dividend of 50 cents per share on the
common stock, no par value, payable July 1 to holders of record June 20.
A similar distribution was made on April 1 last.
Dividends of $1 per share in cash and 2% in stock were paid each quarter from Jan. 2 1928 to and Incl. Jan. 2 1933.-V. 136. p. 3349.
Total
13,035,977 13,423,364
13,035,977 13,423,364
Total
a After reserves for depreciation of $4,700,748 in 1933 and $3,486,651
in 1932. b Represented by 300,000 shares (no par) class A stock and
150.000 shares (no par) class B stock.
Note.
-A plan of recapitalization was approved by the stockholders
May 24. See "Chronicle," May 27 1933, p. 3724.
American Seating Co.
-Earnings.-
Appleton & Co.-ConsolidatiowConsummated:--his company and the Century Co. announce the consummation of s
or into a new company to be known as the D. Appleton-Century Co.,
It is announced that there will be no change in the policies of the
combined companies.
John W. Hiltman, President of D. Appleton & Co., is to be Chairman of
the board of the new concern, and W. Morgan Shuster, President of the
Century Co., will be President. R. B. Jewett will be editor of the trade
departments and D. H. Ferri'', editor of the educational departments.
-v.136,p.2801.
--(D.)
-Earnings.
Autocar Company.
1929.
1930.
1931.
1932.
Calendar YearsGross profit from mfg.
after deduc. of all exps.
incl. taxes but before
allowance for deprec.
of plant & equipment_ $1,777,438 $3,037,012 $4,174,867 35.666,816
4,138,344
adm.& gen. erns-- 2,513,419 3,287,735 3,904.688
285,822
311,648
315,351
270,106
Depreciation
Int.&finance co.'s chgs.,
108,032
388.204
46.152
71,554
&c net
$1,077,641
Net loss
def434,535
Previous surplus
Pros', for Federal taxes
not required
Claim for refund of Fed.
Dr.1,430
income taxes
$612.228
334,682
$149.502prof$854.445
76,905
615.798
8,357
Dr.1,350
4,107
Balance, surplus_-_def$1,513,606 def$278,896
30,056
Divs, on pref. stock_
Allow,for loss on acct. of
12,000
depos. in closed bank_
Obsolete tools chgd. off
and providbd for
10.375
Obsolete matl. chgd. off
200.000
183.198
& provided for
Loss on sale of treas. stk.
Cr26.808
Adi. of deprec., &c
Cr26,192
Cr47.608
Cr]2.,j60
ust, of inventories
3478.760
106,745
3777.541
74,312
54,207
37.333
33.2.63
$615,798
$334,683
Surplus, Dec. 31_ __def$1.680,926 def$434.535
-Balance, January 1, 1932, $416,418.
Paid in and Capital Surplus.
Add adjustment on account of reduction in par value of common capital
stock in accordance with the resolution approved at stockholders' meeting.
Dec. 28, 1932, $4,000,000; total, $4,416.418. Deduct deficit from operations to Dec. 31 1932, transferred, $1,680,926; balance, Dec. 31 1932.
$2,735,491.
Balance Sheet Dec. 31.
y1932.
1931.
Liabilities1931.
y1932.
AssetsPreferred stock_ _.$1,561,900 $1.561,900
Real estate, machlnery, &c____$3,330,484 $3,513,216 'Common stock__ 2,000,000 6,000,000
89.750
85,750
52,800 Mtges. on real est.
53,375
Investments
61,080 1st mtge. sinking
45,078
Unamort. disc., &c
922,000 1,060,000
22
208 fund 78
Cash in sink. fund
650,000
450,000
724,668 Notes payable_
537,628
Cash •
312,832
Accounts payable_ 223,130
Notes & accts. rec.
(net of reserves) 2,032,295 2,118,770 Accr. nab., incl.
200,110
Inventories
1,967,525 3,087,068 excise taxes, &c_ 195,559
416,418
Paid in surplus__ 2 735,492
Prepaid int., unex434,534
279,650 Earned deficit.
pired lnsur., &c.. 200,016
19,017
7,408
Cash in clos'd bks.
$8,173,832 $9,856,475
Total
$8,173,832 $9,856,475
Total
x Represented by 200,000 shares of $10 par value in 1932 and no Par
Giving effect to reduction in stated value of common
value in 1931. y
-V. 136, p. 1553.
stock from $30 to $10 per share.
-Travel by Air Increased.
Aviation Corp. (Del.).
The American Airways, Inc., carried 10,272 passengers In May,compared
with 6,391 in April and 8,337 in May 1932, Chairman L. B. Manning
announced on June 7. Express traffic has been unusually heavy through-V. 136. p. 3725.
out the company's entire nation-wide system, he added.
-To Be Operated by
Bankers' Mortgage' Co., Topeka.
Receivers.
-
The U. S. District Court at Topeka took charge on May 27 of the comanY, said to be one of the largest installment bond organizations in the
West. C. B. Dodge of Salina and N. J. Ward of Belleville were named receivers by Judge Richard J. Hopkins.
No claim of insolvency was presented to the Court. The application
for the receivership was based entirely upon alleged mismanagement of
the properties and a charge the present management was seeking to divert
the assets to another company.
The Bankers' Mortgage Co. was organized in Topeka in 1919 and began
Writing business in 1922. It has sold installment certificates valued at
millions to school teachers and other small investors throughout the Middle
West.
Barnsdall Corp.
-Extensive Distributing System.
Plans for an extensive distributing system along the territory served by
the Great Lakes Pipe Line Co. have been completed by Barnsdall Corp..
it was announced on May 23. The latter owns a 20.8% interest in the
Great Lakes Pipe Line Co. In furtherance of the plan, the Barnsdall
Corp. has recently acquired control of the Mono-Motor Co., of Council
Bluffs, Iowa; O'Neill Oil Co., of Milwaukee; Advance Oil Co.. of Chicago,
with the name changed to Barnsdall-Illinois Oil Co.: Minneapolis Oil &
Refining Co., operating in Minneapolis and St. Paul; Brownell Corp..
operating in South Dakota; Beacon Oil Co., of Fort Wayne. Ind.. and
Pennsylvania Oil Co.. of Madison. Wig.
-V. 136. p. 3539.
)
`--Beacon Building Trust, Inc.
-Reorganization Plan.
-
A reorganization plan has been approved by a protective committee
representing the holders of the 1st mtge. serial 5% gold bonds and by more
than 90% of the bonds.
In brief the plan contemplates: Bondholders through the trustee under
the indenture will give a release running to the appropriate parties of any
liability on account of the 20-year lease from Beacon Building Trust, Inc.
to Beacon Trust Co. executed in 1924.
Bondholders will receive: (1) Cash to the amount of 25% of the face value
of their bonds;(2) Cash to the amount of 2%% of the face of their bonds in
payment of the interest coupon due Aug. 1 1932; (3) New first mortgage
bonds or the old first mortgage bonds appropriately stamped with a face
value of 75% of the present face value of the bonds;(4) Cash to the amount
of 2M% of the face of the new or stamped bonds in payment of interest on
4092
Financial Chronicle
the new or stamped bonds from Aug. 1 1932 to Feb. 1 1933, represented
by the Feb. 1 1933 coupon on such bonds.
The new or stamped bonds will be limited to 4945,000, which is 75% of the
outstanding $1,260,000 bonds, all to be due Aug. 1 1944. By reason of the
default, all the present bonds have been declared immediately due and payable. irrespective of their different maturities, and the new or stamped
bonds will therefore all be due on the same date without intervening serial
maturities, but in the reduced amount of $945,000. These bonds will bear
coupons payable semi-annually on Aug. 1 and Feb. 1 in each year at the
rate of 5% per annum.
Payment of the interest represbnted by these coupons for three years
from Aug. 1 1932 through Aug. 1 1935, is guaranteed by the First National
of Boston, and the right of the guarantor to the benefit of the mortgaged
security for reimbursement is subordinated to the rights of the bondholders,
both as to principal and interest. The provisions of the indenture securing
the present bonds, in so far as applicable or appropriate to this plan, are
to be preserved for the benefit of the new or stamped bonds.
These bonds will represent the only obligation of the Beacon Building
Trust. Inc. outstanding, other than current debts in the usual course of
business, which the committee are advised can be paid from current earnings, and all the stock of the Beacon Building Trust, Inc. is to be taken by
Beacon Participations, Inc., and the Atlantic National Bank in equal
shares. A representative of the bondholders' protective committee will be
chosen to act a s a director of Beacon Building Trust, Inc.
In case the plan is declared operative and is carried through, no deduction
will be made from the cash payments to bondholders on account of expenes
ofthe committee,nor will any assessment be made on bondholders on account
ofsuch expenses after distribution under the plan has been made. The committee will receive no compensation for their services as members of the
committee.
The members of the committee are: Ralph Brown, Chairman, Frederick
Deane, Frank S. Deland, Hollis T. Gleason, Charles E. Mason, James J.
Minot Jr. and John H. Sherburne. Warner, Stackpole & Bradlee, 84
State St., Boston, and Sherburne, Powers & Needham, 75 Federal St.,
Boston,are counsel. William L. Brewster,84 State St., Boston,is secretary.
The Boston Safe Deposit & Trust Co. is depositary.
-V. 136. p. 1019.
Bethlehem Steel Corp.
-Denies Bonuses Were Unlawful.
111 compliance with the order of Chancellor Luther A. Campbell, the
corporation and its officers on June 1 filed an answer denying charges of
wrongful payment of bonuses to officers and directors between 1917 and
1930.
The answer was flied by Charles M. Schwab, Chairman, and Eugene
R. Grace and other members of the board, as well as by the corporation,
denying that the administration of the so-called bonus system was unlawful.
The bonuses had been legally approved, it was claimed.
The suit to compel the repayment to stockholders of the corporation was
brought by the Standard Investment Co., which holds 150 shares of preferred stock. Charles C. Staler of Paterson was counsel for the cornplainants.-V. 136, p. 3167, 2977, 2614.
June 10 1933
California Ink Co., Inc.
-To
Purchase 10,000 Shares of
Its Stock.
A special meeting of the stockholders will be held on June 19 for the purpose of reducing the capital of the company from 41,907,042 to $1,632.000.
such reduction of the capital to be effected by reducing the amount of
capital represented by the outstanding shares of stock of the corporation
(all of which are without par value) by the sum of 4275,042.
President Geo. D. Graham May 29 stated:
The corporation at the present time has on hand cash in excess of $360,000.
Various plans for the investment of these cash funds have been considered
and the type of investment that appears most advantageous for the corporation is the purchase by it of shares of its own stock provided that the same
can be purchased on a reasonable and advantageous basis. Provided,that
thestockholders approve of the reduction of capital above mentioned,it is accordingly proposed,from the paid-in surplus created through said reduction,
to utilize not to exceed 4170.000 thereof for the purchase of outstanding
shares of stock of the corporation.
The directors have furthermore determined that each stockholder ofrecord
on June 21 1933, should be given an opportunity proportionately to participate in the sale of the stock to the corporation. A block of stock has been
offered to the corporation at $17 per share, which figure is deemed by the
board to be advantageous to the corporation. Accordingly all stockholders
holding stock of record as of the close of business on June 211933. are given .
an opportunity to participate proportionately in the sale of not to exceed
a total of 10.000 shares of stock to the corporation at a price of $17 per share.
The usual quarterly dividend of 50 cents per share was declared at a meeeting
of directors held on May 19 1933. payable to stockholders of record as of
the close of business on June 21 1933. Purchases of stock from stockholders
under the within offer will be consummated after June 211933.
Purchases of not to exceed 10.000 shares will be prorated among stockholders who so signify their desire to sell prior to June 23 1933, in accordance with their record stock holdings, provided, of course, the capital reduction be approved at the stockholders' meeting. If a sufficient number
of shares are not offered to the corporation, then at the discretion of the
board of directors purchases may be made from time to time on the Open
market at such figures as may be deemed advantageous.
-V. 136, p. 3912.
-New President.Canada Malting Co. Ltd.
Arnold C. Matthews has teen elected President to succeed the late
W. L. Matthews.
A. C. Matthews has been managing director of the company during the
Past six years and will continue in this capacity. J. P. Heighten was
appointed Secretary.
-V. 135, p. 4388.
Canadian Celanese, Ltd. Accumulated Dividend.
The directors on June 5 declared a dividend of 41 per share on account of
accumulations on the 7% cum. panic. pref. stack, par $100, in addition to
the regular quarterly dividend of 41.75 per share, both payable June 30 to
holders of record June 17. An extra distribution of 41 per share was also
made on this issue on Dec. 31 last.
Arrearages of dividends after the above payments will total $27.75 per
share.
-V. 136. p. 3726.
..""-.,Bickford's, Inc.
-Regular Common Dividend.The directors have declared a dividend of 15 cents per share on the
common stock, no par value, payable July 1 to holders of record June 20.
Three months ago, the common dividend was reduced to 15 cents from 20
cents per share.
-V. 136. p. 3912.
""•---Canadian General Electric Co., Ltd.
-Dividend Reduced
A quarterly dividend of 75 cents per share has been declared on the
f r
r
common stock, par 450, payable July I to holders of record June 15. This
cores& Ross, Inc., a Delaware corporation, incorpo2ted Jan. 12 1929. compares with 41 per share paid
ch quarter from April I 1931 to and
ch ged its name to Borden's Dairy & Ice Cream Co on May 6 1933.
Including April 1 1933, as against 8! cents per share previously.
-V. 136.
The latter has been incorporated in Ohio with S. M. oss as President;
p. 2615.
Everitt Antrim, C. L. Dressel and R. N. Kennedy as Vice-Presidents;
N. D. Goss, Secretary: and D. W. L. Polley, Treasurer. This company
Canadian Locomotive Co., Ltd. Earnings.
Is an amalgamation of 12 corporations which have been operating for the
Calendar Years
3 Mos. Encl.
last three years as subsidaries of the Borden company. Each of the 12
1931.
PeriodDec. 31 '32.
1929.
1930.
corporations is represented on the board of directors of the new company,
loss$27,291 1064148.082
Operating profits
9
4180. 38
$374, 09
9
viz: Everett Antrim, E.P. Blanton, L. A. Bletzer, T. B. Buchanan, P. E.
3.609
o3,128
Interest from investm'ts
50,911
5
9,353
Bennett, C. L. Dressel, George C. Foulkes, Fred Fuchs, J. N. Gibson,
Prof.on sale ofinvestin'ts
686
24,257
13,005
N. D. Goss, C. J. Hill. R. N. Kennedy, H. C. Moores,D.W.L.Polley
F. C. Prentice, S. M. Ross and W. W. Trout.
loss$22,996 loss$72,914
Total income
4233,366
$439,567
President Ross stated that the reorganization is solely to facilitate
Deduct
90,000
90,000
-Bond interest_
90,000
operations and will in no wise create any change in personnel in any of the
150,000
Depreciation reserve159,258
150,000
Columbus plants, or plants of other cities, nor their method of operation.
Prov. of Ontario Corp.
-V.136. P. 1536.
3,-34
tax
702
Borg-Warner Corp.
-Record Norge Sales.
Net loss
423.697
$6,633
4325,305prof$19:1,567
Sales of Norge Corp., a division of the above corporation, during May
Previous surplus
290,541
232,607
105,973
were the largest in its history. "We started with orders equivalent to oneExcess prov. for Dem.tax
2,626
half of the total May production,"said President Howard .Blood. "There
Is little question but what June volume will prove to be he best ever atdef$23,697 def$32,138
4220.973
Total surplus
4305,540
tained by Norge." Plants at Detroit and Muskegon have been working
_
Sinking fund
15.000
- - .5,000
full time for the past several months, it was added.
-V. 136, p. 3349.
_ _
Preferred dividends_ _ _ 105,000
_ - - - Bourne Mills, Fall River, Mass. Bal. Sheet Arpil 1 193 .
LiabilitiesAssets
Cash
837,649 Accounts payable
$7,135
Accts. rec. (less res.)
45,379 Accrued items
7,825
205,531 Cap.& surplus represented by
Inventory (less reserve)
Investments
4,100
10,000 shs. of corn, stock
without par value
Plant & real est. (less depr.)_
142,705
429,023
Deferred charges
8,613
Total
-V. 135, p. 3695.
$443,978
Total
$143,978
Bucyrus-Monighan Co.
-Decreases Class A Dividend.-'
A dividend of 22% cents per share has been declared on the 41.80 cum.
class A stock, no par value, payable July I to holders of record June 20.
This compares with regular quarterly payments of 45 cents per share made
on the class A stock up to and including April 11933.-V. 136. p. 2428.
def$23,697 def$32,138
P.& L.surplus
4105.973
4290,541
Note.
-The debit balance of profit and loss, amounting to $328,343
as of Sept. 30 1932, was written off in the general plan of reorganizztion.
Balance Sheet Dec. 31 1932.
Capital and Liabilities-Assetsequipment_81,611,333 Common stock
Land, buildings &
a8465,317
80,893 Res, for shares to be issued to
Inventories
32,895
bondholders on completion
Trade & misc. accts. receivable
of the plan of capital re278.165
Investments
5,021
organization
y511,824
Cash
10,621 1st mtge. 6% bonds
1,044,800
Deferred charges
23,697 Current liabilities
20,684
Deficit
Total
82,042,625
$2,042,625
Total
x Represented by 19.000 no par shares. y 20,896 no par common shares
and 3 no par management preferrred shares.
-By the terms of the plan of capital reorganization and on its
Note.
completion the net amount of existing bonds outstanding totalling $1,044,800 (arrears of interest thereon being cancelled) will be exchanged for an
equal amount of 6% income bonds due Jan. 1 1953, bearing interest from
Jan. 1 1934. In addition the bondholders will receive two common shares
of no par value as fully paid for each $100 denomination and nominees of
-V. 138, P. 1020.
the bondholders will receive tine° management shares.
Budd Wheel Co.
-Sales Show Increase.
President Edward G. Budd, commenting on the generally improved
business conditions, announced that the sales of motor car wheels has shown
a marked and steady increase since March, and the employment in this industry had likewise increased with the earnings of piece work employees
the highest they have been in many months.
"This industry," said Mr. Budd, "has as usual more than kept paceln
dollar volume with the unit increase in motor car construction, shipments
In our own company for the month of May having been more than double
those of March.
"It is, of course, too early for long term predictions but we have had no
'spring bulge' to fall back from as has been the case in former years. I
should say the immediate outlook is quite promIsing."-V. 136. P. 3349,
-Preferred Dividend.
Capital Administration Co., Ltd.
The directors have declared a dividend of 75 cents per share on the
43 cum, pref. stock, seri-s A, par 410. payable July 1 to holders of record
June 19. A similar payment was made on the preferred stock on April 1.
The Jan, 1 1933 dividend still remains unpaid. (See V. 136. p. 2074.)V. 136, p. 2802.
Bulova Watch Co., Inc.(& Subs.).
-Earnings.
--12 Months
15 Months.
Period End. Mar.311931.
1932.
1933.
1930.
Gross profit
4865,560 $2,226,396 4.3.698.456 $4,433,002
Expenses
1,057,128 1.675,983 62,187.995 2,290.612
-Special Distribution.
Chickasha Cotton Oil Co.
A special dividend of 25 cents per share has been declared on the capital
stock, par $10, payable July 1 to holders of record June 15. A dividend of
like amount was paid on May 1 last, which was the first distribution on the
stock since April 1 1930 when a quarterly distribution of 75 cents per share
was made.
-V. 136, p. 2249.
Operating profit
Other income
Carnation Co. (& Subs.). Earnings.
Calendar Years1932.
1930.
1931.
Profit from oper. after all charges,
exclusive of deprec. but incl. div.
rec. from General Milk Co., Inc_-- 4400.253 $2,707,964 $2,638,830
Depreciation
970,757
996,367
1,022.696
Provision for obsolescence
50,000
Total income
Interest
Depreciation
Federal taxes, &c
Other deductions
4191.558
49,490
loss 4142,077
25.314
921,541
4550,413 $1,510,461 $2,142,390
97,394
127.306
99,077
4647.807 41,637.767 $2,241,467
104,421
111,309
69,006
See x
52,007
87,527
191,128
758,521
647.410
371,095
Net profit
10641.088,9321064215,135
Preferred dividends paid
131.250
Common dividends
158,125
$791,521 $1,558 231
175.000
172.803
721,875
412.500
Deficit
l$1.088.932
474,240
Earnings per share on
275,000 shares common stock (no par)___
Nil
Nil
x Includes depreciation.
-V.136. p. 1554.
$105,354 surS972,928
$2.24
45.04
Butterick Co.
-Earnings.
For income statement for three months ended March 31 see "Earnings
Department" on a preceding page.
-V.136, p. 3540. -
Balance
Interest received
loss$620,504 $1,685,268 $1,642,462
52.152
82,394
84.988
Total income
Interest paid
Bond interest and discount
Provision for income taxes
Special charges
Provision for contingencies
loss$538.110 $1,770,256 $1,694,615
19,287
51.875
21,941
78,211
81.113
82,564
149,993
184,334
97.804
25.000
Net profit
1064660,609 $1,383,512 $1,411,632
Shares common stock outstanding
(no par)
607,747
508,213
611,628
Earnings per share
Nil
$1.99
41.96
Financial Chronicle
Volume 136
Consolidated Surplus Account Dec. 31.
1931.
1930.
1932.
Surplus at Jan. 1
$3,735,174 $3,o06.691 $3,538,483
Res. for conting. no longer req. now
253.833
restored to surplus
Adjustment of depreciation and other
9,471
reserve applic. to prior years (net)_
1,411.632
1.383,512
Net profit for year (as above)
def.660,609
Total
Loss on properties sold
Approp. for obsolescence of proper
Prem. on common stock pur. (net)
Dividends on pref. stock
Dividends on common stock-Cash
Stock
Divs. on subs. co. pref. stock not
owned
$3,074,565 $4,890,204 $5,213,419
110,702
160,000
50,000
300,000
42,911
141.792
141,792
70,423
906.597
916.183
227.682
302,451
Balance
Surplus approp. for pref. stock divs
$2,448,503 $3,735,174 $3,506,692
141,792
141,792
70,896
27,956
52,275
47.054
$2.519.399 $3,876,966 $3,648,484
Balance, surplus, Dec. 31
Consolidated Balance Sheet Dec. 31...
1931.
1932.
1932.
1931.
Assets$
Cash
2,263,966 2,997,440 Notes and accepts.
32,616
payable
Marketable scours.
355,424
Accts. & notes rec. 2,019,328 2,448,002 Accounts payable_ 1,220,717 1,479,670
400,054
Due from stkhldrs.
Real est. dr inc. tax 194,600
492,527
35,448
& employees_ _ _
54,605
125,173 Dividends payable
25,000
Due from MM.cos
44,610
154,461 Purch. mon. oblig.
203,780
Inventories
3,647,625 4,035,904 Empl.stk.subscrip
Subsidiary cos. lit
Insur. res. Invest_ 370,829
1,135,500 1,227,000
Investments
mtge. 6s
1,647,259 1,584,343
25,000
Deferred charges... 196,398
316,690 Res. for conting
362,559
Res.for insurance_ 379,647
x Plant site, bidgs.,
machinery, dic_x10,505,580 11,457,856 Min. stkhldrs. int.
673,829
603,739
Patents, trade-mks.
in sub. cos
2,025,600 2,025,600
and good-will_.. 2,583,125 2,529,632 Preferred stock
Common stock_ _ _15,193,675 15,205,325
2,519,399 3,876,966
y Surplus
23,333,325 26,004,925
23,333,325 26,004,925
Total
Total
x Less reserve for depreciation and obsolescence of 89,785.276 in 1932
and $8,929,179 in 1931. y Represented by 607.747 shares of no par value
in 1932 and 608,213 in 1931.-V. 136, p. 1890.
Celanese Corp. of
Accumulations.
-
-Dividend
America.
on Account of
The directors on June 5 declared a dividend of $5 per share on the 7%
cum. 1st partic. pref. stock, par $100, payable June 30 to holders of record
June 17. Semi-annual distributions of $3.50 per share were made on this
Issue from Jan. 1 1924 to and incl. June 30 1931; none since.
The directors also declared the regular quarterly dividend of $1.75 per
share on the 7% cum. series prior pref. stock, par $100. payable July 1 to
holders of record June 17. The final payment on account of accumulations
-V.136. p.3541.
on the latter issue was made May 19 I933.
Central Aguirre Associates.
-Plans 5% Stock Dividend.
The trustees have declared the regular quarterly dividend of 37,14 cents
per share, payable July 1 to holders of record June 20, and also voted to
call a meeting of the shareholders, probably for June 26 to authorize an
increase of the capital stock by 100,000 shares. If this increase is voted,
the trustees propose to declare a 5%, stock dividend on the present 710,000
shares, which would mean a distribution of approximately 35,000 additional shares.
The 5% stock dividend would reflect the accumulated surplus of the company, it is stated. It would not indicate the establishment of a permanent
stock dividend policy.
-V. 135. p. 4030.
Chevrolet Motor Co.
-May Production.
With output of 68,538 cars and trucks in May. this company has built
in the first five months of 1933 more than 70% as many units as in the full
year 1932, said President Knudsen.
Production in May was higher than at any time since June 1931.
May was the second month this year to exceed any month of 1932. It
compares with 50,672 in May last year, up 35%. and 59,953 in April,
this year.
In the first five months Chevrolet built 276,827 cars and trucks, an
Increase of about 37,000 over the year before.
Plant operations have continued at an accelerated pace into June, Mr.
Knudsen said, with prospects that the month will compare much more
favorably with last year during the last half than so far in 1933.-V. 136.
p. 3350.
Chicago Daily News, Inc.
-Common Dividend No.2.-
A dividend of $1 per share has been declared on the common stock, no
par value, payable July 1 to holders of record June 20. An initial diStribudon of like amount was made on this issue on July 5 1932.-V. 136, p. 2429.
Chicago Mail Order Co.
-Balance Sheet Dec. 31 1932.Assets
Liabilities
Cash on hand and in banks... $352,535 Accounts payable
U. S. Govt. bonds
1,868,207 Notes payable
Sinking funds-govt. bonds &
Other accounts current
tax warrants
26,220 Reserves
restage stamps
14,249 Capital stock
Accounts & notes receivable__
68,857 Capital surplus
Inventories
1,633,472 Earned surplus
Deferred expenses
184,179
Capital assets
952,158
Total
-v. 136. p. 3913.
$5,099,883
8293,105
50,000
337,755
324,792
1,730,905
1,069,963
1,293,360
Total
$5,999,883
Cleveland Terminals Building Co.-Earnings.
-[Including wholly owned subsidiary.]
Calendar Years1932.
1931.
$3,402,713 $4.025.286
Rents and other operating income
Dividends, interest and sundry income
68,302
316,207
Total income
Expenses
Taxes and insurance
$3,471,015
1,759,284
627,616
Balance
Leasehold rents
Interest
Depreciation
81.084,115
608,609
2,829,849
868.393
Plymouth Again Tops Sales High.
National retail sales by Plymouth dealers for the week ended May 27
totaled 6,091 new cars, establishing a new all time high, according to
H. G. Moock, General Sales Manager. This is an Increase of 5.1% over
the previous week and 50% greater than in the same week a year ago.
It is the fourth consecutive week that Plymouth has broken its all time
record sales.
Breaking all records for a month's production in its history, the Plymouth
Motor Corp. during May built 34.554 units, Mr. Moock, General Sales
Manager, announced on June 6. This was 44% more than in April and
78.2% more thsn in May of last year.
In May 1,100 Plymouth cars were exported, an increase of 280% over
May 1932. For the first five months export sales increased 116% over a
year before.
-V. 136. p. 3913.
-Reopens Plant.
Cluett Peabody & Co. Inc.
The company's plant, Leominster (Mass.), which had been closed for
-hour week
more than a year, reopened on June 6, with 200 hands on a 48
schedule.
-V.136. p.3913.
-Suit Set Aside.
Coca-Cola Co.
-V. 136. P. 3913.
See Happiness Candy Stores, Inc., below.
-Dividend Deferred on
Consolidated Laundries Corp.
Preferred Stock.
-The directors on June 6 decided to defer
the quarterly dividend of $1.873.i per share due Aug. 1 on
the $7M cum. pref. stock, no par value. The last regular
quarterly distribution on this issue was made on May 1
1933.-V. 136, p. 2803.
-Earnings.
Consolidated Publishers, Inc.(& Subs.).
Earnings for the Year Ended Dec. 31 1932.
Oper. inc.from advertising, circulation & advertising comm'ns_ $5,080,041
4,347,657
Operating expenses
157.036
Provision for depreciation
Operating profit
Interest & discounts earned & other miscellaneous income
$575,348.
102,881
Total income
Interest, discount & other deductions
-based on
Provision for Fed.inc. taxes-charged by Paul Corp.
amount which would have been payable had Consolidated
Publishers, Inc., & subs,filed a separate consolidated return-
$678,229
405,963
39.187
$233,079
Net profit
Consolidated Statement of Earned Surplus for the Year Ended Dec. 31 1932.
$2,177,356
Balance as at Dec. 31 1931
Profit of New Era Publishing Co. earned between April 30 1926
(date as of which stock of co. was acquired) and actual date of
acquisition. Investment in New Era Publishing Co. was disposed of prior to Dec. 31 1931 and necessity for this transfer
2,470
thus eliminated as at that date
9,543
Adjustment of circulation revenue applicable to prior years..
Ohio State personal tax assessed and provided for in 1931,the act
11,261
having subsequently been repealed
120
Excess provision for Federal income tax-1931
Charge to Paul Corp. for overpayment by Consolidated Pubshare of consolidated income taxes for
lishers, Inc., of its
5,349
prior years
$2,206,098
Total surplus
7,529
Adjustment of reserve for depreciation as at Dec. 31 1931
8,173
bond discount & expense applicable to prior yrs._
Adjustment of
24,682
Adj. of reserve for doubtful accounts as at Dec. 31 1931
Additional Federal income tax for 1923,interest on unpaid N.Y.
State franchise taxes to Dec.31 1931 and legal services in con38,910
nection with 1929 and 1930 Federal income tax matters
605
Sundry investments charged off
Balance at Dec. 31 1931
Profit for the year ended Dec. 31 1932 (as above)
82,126.199
233.079
$2,359.278
Total
Dividends declared-Toledo Blade Co. (pref. stock owned by
42
minority interests)
11.250
Consolidated Publishers, Inc
$2,347,986
Balance Dec.31 1932
Condensed Consolidated Balance Sheet Dec. 31 1932.
Liabilities
Assets
$212,500
Cash
$120,820 Notes payable-banks
284,048
4,484 Notes Be trade accept. payable
Notes receivable
256,652
454,135 Accounts payable
Accts. & commissions rec....
132,341
Accts. rec.-mIscellaneous.
4,293 Sundry liabilities & seer. exp_
20,833
Mtge. bond installment
t,
Inventories of newsprint,
28,364
Unearned subscriptions
paper & ink as taken &
51,641 Notes payable-Due after
stated by the management_
150,000
Dec. 31 1933
267,403
Other assets
2,678,000
1,817,660 Funded debt
aPlant & equipment
248,987
188,407 Due to affiliated companies__
Deferred charges
600
Pref. stk. of sub. co
Circula'n, goodwill & associat6,927,508
ed Press franchises
8,926,060 bCapital stock
2,347,986
Due from affiliated cos
1,452,918 Earned surplus
$13,287,820
Total
Total
813,287,820
a After reserve for depreciation of $1,070,241. b Represented by 4.500
shares no par $5 dividend cumulative preferred stock and 100.000 no par
shares common stock, less 20,000 shares of common stock in treasury.
-V. 136, p. 3542.
Continental Baking Corp.
-31 Preferred Dividend.-
The directors on June 8 declared a dividend of $1 per share on the _8_A.
T
cum. pref. stock, par $100, payable July 1 to holders of record June 19.11.
84.341,493
similar amount was paid on this issue on Jan. 1 and April 1, compared vri h
2,298,980
$1.50 per share paid on July 1 and Oct. 1 1932 and $2 per share previously
679,888
each quarter.
-V. 136, P. 3169.
'
-To Increase Stock, sfet!-$1,362.625 'I. ''. Continental Motors Corp.
612,733
The stockholders will vote July 6 on changing the par value of the common
2.446,069
stock from no par to $1 per share and on increasing the number of shares
737,607
from 3,000,000 to 5.000,000.-V. 136, p. 3913.
$3,222,736 $2,433,784
a Net loss
a Exclusive of loss on sales of securities.
The consolidated balance sheet as of Dec. 31 1932 shows total assets of
comparing with $102,401,754 at end of 1931, and capital
$100,509,184,
surplus of $20,194,198, against $24,818,039.
plan of adjustment for $6,044,600 outstanding 1st mtge. leasehold
The
sinking fund 6% gold bonds, due in 1941, has been declared operative.
Under the revised indenture dated June 1 1932 the holders agree to accept
payment of interest accruing prior to June 1 1941 by application of net
earnings from the trust estate realized in cash, as defined, and to waive
sinking fund requirements. Besides, the company agrees to make full
payment of all accrued and unpaid interest and the remaining outstanding
bonds of Dec. 1 1941. The plan provides for payment to all bondholders
of one-half the interest due on June 1 1932 on the plan becoming operative,
and as of Dec. 31 the company had $90.669 on deposit for this purpose.
Holders of $4,831,000 of the bonds had made deposits on Dec. 31.
The company is a subsidiary of the Van Sweringen Corp. (which see).
-Nr. 136, p. 3168.
-Sale of Dodge Cars Increase.Chrysler Corp.
Retah new car deliveries by Dodge dealers during the week ended May 27
otaled 4,281 cars and trucks, compared with 3,894, in the preceding week,
4093
Of the total, 2,466 were Dodge passenger cars and trucks and 7.815 were
Plymouth Sixes delivered by Dodge dealers, compared with 2,215 Dodge
passenger cars and trucks and 1,679 Plymouths in the preceding week.
The week was the 27th of the 28 weeks composing the present selling season
in which sales showed increases over the preceding week,said A vanDer Zee,
General Sales Manager of Dodge Bros. -V. 136, p. 3913.
Continental Paper & Bag Corp.
-Tenders:
-
The Chase National Bank of the City of New York, trustee, is inviting
offers for the sale of a sufficient number of Continental Paper & Bag Mills
Corp. 1st & ref. mtge. 6 % 20
-year sinking fund gold bonds, series A,
due Feb. 1 1944, at prices not to exceed 105 and int., to exhaust the sum of
$72,006 in the sinking fund. Offers will be received up to and incl. June 16.
-V.136. p.847.
Copeland Products, Inc.
-New President.
Paul H. Deming has been elected President and Chairman of the board.
succeeding William Robert Wilson resigned. E. W. Watwood was elected
Vice-President; Carleton S. Smith, Secretary and Treasurer, and Milton
R. Stover as Assistant Secrrtary and Treasurer. At the annual meeting of
stockholders the board of directors was reduced from 7 to 10 members.
V.136. p.3169.
Corporation Securities Co., Chicago.
-Ruling July 10.
Oral arguments were completed June 2 on the demurrer to the indictment
of 19 former Insull officials in the Corporation Securities Co. mail-fraud
case. Federal Judge Wilkerson, before whom the arguments were made,
continued the case until July 10 and stated that a ruling on the demurrer
would be made by that time.
-V. 136, P. 3727.
Financial Chronicle
4094
Cosgrove-Meehan Coal Corp.(& Subs.).
-Earnings.
Calendar Years1932.
1931.
1930.
Net coal sales
$2,000,206 $3.061,175 $4.433.385
Cost of coal sales
2,228.372
3,724.558
1,469.857
230.085
303,864
384,971
Selling. administrative & gen. exps_ _ _
Maint.& repairs to plant & equipment
201,097
427,979
Net operating profit
Other income
Total profit
Int. on notes,accounts & mortgages....
Intereston bonds
Provision for depreciation
Provision for depletion
Prov. for amort. of bd. disc. & exp..
$99.167
15.077
$100,960
26,780
$323,856
81.427
$114,244
93,070
125,742
58.540
34,581
$127,740
98,990
124,442
72,378
47,666
$405,283
109,286
122,438
82,683
65.774
16,124
June 10 1933
"Any substantial betterment in economic conditions must begin with the
farmer," Mr. Cudahy declared, "and because of the rise in the value of
farm products, particularly live stock, during recent weeks, the farmer is in a
much better better position than he was in the earlier months of the present
year. Current prices of hogs are approximately 65% higher: cattle. 22%
higher; and lambs,30% higher than they were at the low point of the season:
and because of these stronger markets in live stock, not taking into consideration other agricultural products, the national farm wealth has increased
more than $200,000.000. Thesese dollars, representing as they do the added
buying power of the farmer cannot but have a beneficial effect on every
channel of business activity.
"Our industry is closely related to live stock production-the source of
our raw material-and this improvement in live stock values has an important bearing on our business. Meats and by-products, notably hides
and-wool, reflect the advance in live stock and these higher values, coupled
with added demand for meat products, are affecting our results in a most
favorable way."
Mr. Cudahy stated that all plants are operating on a normal basis and
that working schedules are being maintained. With reference to operating
time and the number of employees, Mr. Cudahy added that as evidence of
the stability of the company and its capacity to adjust Itself to the changing
conditions without serious difficulty, was the fact that even at the worst
stages of the depression very little reduction had been made in either working
-V. 136, p. 3727.
hours or personnel in the Cudahy plants.
Net loss after all charges
$197.689
$215.737 prof.$8.978
Consolidated Balance Sheet Dec. 31.
1932.
1931.
1931.
1932.
Assets
$
198,721 Notes & accept'ces
Cash
75,681
546,234
695,000
payable
Notes & accounts
1.9X°
5,689
634,383 Notes pay., others
receivable
577,662
-Obituary.Curtis Publishing Co.
150,993
166,682 Accounts payable,
Inventories
Chairman Cyrus H. K. Curtis died at Wyncote, Pa., on June 7.-V. 136.
246,181
292,691
incl. payrolls_
Invest. In & adv.
p• 2803.
9,196
8,039
182,316 Accrued note int_ _
175,944
to associated cos.
56,137
41,037 -------A;larby Petroleum Corp,
134,957 Acer. taxes & exp.
Deferred charges_ _ 134,641
-Proposed Capital Readjustment.
87,670 Promissory notes
Other assets
87,315
The corporation has under consideration a readjustment of its capitaliza41,763
outstanding _ _ _
a Surface Ida, coal
tion to enable it to make certain write-offs and eliminate a deficit in its
Accr. bond Int, not
lands and coal
balance sheet. It is understood that it purposes to change its shares from
cony, into notes 227,863
unmined, strucno par value to $5 par, they now having a stated value of approximately
Cornpens'n awards
tures, dwellings
$10 a share. The Tide Water Oil Co. owns about one-third of the 509,696
20,432
33,880
pay. (current)_
and equip., &c_ _11,317,125 11,401,424
shares that were outstanding at the close of 1932.-V. 136. p. 2617.
148,653
Deferred liabilities 147,283
Good-will & trade105,000
105,000 1st mtge. bonds.... 1,914,500 2,059,683
marks
-Value of Production.
Dome Mines, Ltd.
191,000
Mtge. notes (curr.) 261,000
Other assets-non-Month-1932.
1933-5 Mos -1932.
Period End. May31- 1933
18 Mtge. notes due
current
21
$415,932
$411,201 $1.918,009 $1,723,300
Output (value of)
400,000
later
330,000
-V. 136, p. 3353.
Accrued interest on
67,555
s. 1. occur. notes 105,912
Dominion Textile Co., Ltd.
-Earnings.
558,900
7% cum. pref. stk. 558,900
1930.
1932.
1931.
1933.
Years End. Mar. 31b Common stock 8,153,292 8,394,755
$11,463,646 $13,854,637 $15,307,758 $19,349,97
Sales
1,518,322
367,215
1,071,254
1,085,351
Manufacturing profits.. _
12,624,384 12,911,171
Total
Total
12,624,384 12,911,171
561.610
550.828
562 273
721.952
Interest received
a After reserve for depreciation and depletion of $1,777,309 in 1932 and
3918,044 $1,6,53,527 81,807,303 $2,0,9,932
Total income
$1.699.923 in 1931. b Authorized 350,000 shares of no par value: out304,515
292,095
296,470
Bond interest
300,595
standing, 230,988 shares, represented by initial capital, capital surplus
3 500
3.150
3.750
3.350
Premium on bonds red_ _
arising through revaluation of properties, earned surplus of certain subsidiaries at date of acquisition and earned surplus since date of organiza$622,199 31,333,557 81,503,358 $1,772,267
Net income
135,842
135,842
tion.
-V. 134, p. 4500.
135,842
135,842
Preferred dividends._ _ _
1,349,804
1,282,500
1,350,000
1,350,000
Common dividends
Crosley Radio Corp.
-May Sales Higher.
Trans. to res. for deprec.
Dollar sales of this corporation for May were larger than any other May
1,000,000
of investment
in Its history and larger than any other month this year. Sales and pro$286,621
def$1,796,143 def$152,285
duction are at the high point of late May and orders sufficient to assure fullSurplus
$17.516
7.363.266
time production through June.
-V. 136, p. 3914.
7.515 552 7.498,035 7.211.415
Previous surplus
$5,567,123 $7,3b3,26b 87,515,551 87,498.035
Profit & loss balance__
-No Bids at Auction.
Cuban Cane Products Co., Inc.
- Shs.ofcom.outst. par) 270,000
270.000
270,000
270,000
(no
No action was taken at the projected sale of the properties of the com$6.06
$1.80
$4.43
Earns, per sh. on corn__
$5.06
pany in Colon, Cuba, May 31, under Cuban foreclosure law, to satisfy a
Comparative Balance Sheet March 31.
mortgage aggregating between $4,000,000 and $5,000,000 held by a group
1932.
1932.
1933.
1933.
of New York banks.
Liabilities-$
$
$
Assets-8
Under the Cuban law, properties to be sold under foreclosure require on
c Common stock_y18,375,000 18,375,000
Land, bldgs., mathe first offering a minimum bid of two-thirds of the "appraised" value,
chinery, &c___b18,422,660 19,028,401 Preferred stock _ _ _ 1,940,600 1,940,600
which in this case Is set at $25,000,000, or a minimum bid of abou $16,Bonds
4,837.000 4,912,000
Invest. and adv. to
400,000 after deducting underlying encumbrances. A 10% deposit of the
1,848,942 2,490,914
subsidiaries_ _ _ _ 6,104,599 5,837,207 Loans
appraised value also is required of a bidder.
Open accounts and
Bills & accts. rec__ 1,471,237
As no bids of the required amount were made at the public offering, the
dep., incl. tax
512,854
445,506
Accts. receivable_ 205,347
properties may again be offered this time at a minimum bid of only one-half
Allow, for wages...
231,000
63,500
150,631
Adv.to assoc. co__
the appraised value, less encumbrances.
824,316 Interest on bonds.
24,185
24,560
813,725
Raw cotton
Before the second sale can be held, certain legal requirements of publica33,961
Preferred dividend
33,961
Stock mfg. and in}
tion and posting of notices are necessary, which normally involve some
266,552
516,048
2,174,3411 1,656.653 Reserves
pricess
delay.
294,278 Profit and loss__ 5,667,123 7,363,266
.
Supplies
If no sale or adjudication Is made at the second auction, the creditor can
Cash and bills rec a213,643 1,194,923
proceed in similar manner to a third auction, at which time there is no mini1,908,724
Open accounts_
mum bid requirement.
-V. 136, p. 3169.
81,771
94,499
Deferred charges__
Inv. & call loans__ 4,001,181 5,324,433
Cuban Tobacco Co., Inc.(& Subs.).
-Earnings.
Calendar Years1932.
1931.
1930.
1929.
Total
33,651,864 36,150,707
33,651,864 36,150,707
Total
Net earnings for the year loss$6,151
$406,479
$880.557 $1,043,503
a Cash only. b After depreciation of $9,766,588. c Represented by
Min. stockholders' °Wis.
-V. 136, p. 1207.
270,000 shares (no par).
and their proportion of
undlstrib. net earns, of
-Balance Sheet Dec. 31.(W. L.) Douglas Shoe Co.
58,441
133,658
191,540
subsidiary
210,168
1931.
1931.
1932.
1932.
AssetsNet income avail. for
Plant and fixtures.. $689,192 $560,142 Preferred stock_...$3,747,700 $3,800,000
$272,821
$689,017
Cuban Tob. Co.,Inc loss$64,592
$833.335
933,034 Common stock _ 474,278
933,034
770,000
Good-will
275,000
253,457
265,273
Int. on 5% sec. g. bonds
275,000
403,088 Accounts payable.. 122,257
173,298
64,161
Cash
100,000
General reserve
Res. for Fed. inc.
Customers' accts.
tax
289,907
544
$7,549
Net Income
loss$318,049
$314,017
and notes reedy. a202.065
$558.335
1,569,260 2,483,835 Reserve for sinking
27,500
55.000
Dividends on preferred
Inventories
55,000
fund
36,760
36,760
Cash sure. val. life
Net income after dive.
Surplus
14,239
det728,853
Insurance policy
941,817
on preferred stock.._def$318,04° def$19,951
$259,017
$503.335
1,113
Dep.In susp. banks
Previous surplus
2,851.265
2,842.491
2,781,313
2.672,814
36,760
36,760
Sinking fund
Total surplus
$2,463,264 $2,831,314 $3,101,508 $3,176.149
21,485
Treasury stock_
Gen. res.-approp. by
210,533
33,181
Prepaid expense
50,000
board of directors..
674,499
Sundry assets..
250,243
Common dividends
333,658
Adj. due to pref. diva.
$3,652,142 $5,613,282
Total
Total
$3,652,142 $5,613,282
paid out of surplus to
-V. 136, P. 848.
a Accounts receivable only.
minority stockholders
of sub. company
16.430
Ecuadorian Corp., Ltd.
-Smaller Preferred Dividend.
Earned surp. Dec. 31_ $2,446,834 $2,781,313 $2,851,265 $2,842,491
The directors have declared a semi-annual dividend of 2%, for the six
Earns. per sh. on 166,829
months ended June 30 1933 on the 7% pref. stock, par $100, payable in
Nil
Nil
$1.55
$3.01
shs. common (no par)
U.S.funds on July 1 to holders of record June 10. Previously, the company
6
,
Consolidated Balance Sheet Dec. 31.
made regular semi-annual distributions of 33 % on this issue.
-V. 136.
P. 2180.
1932.
1931.
1931.
1932.
L1.abilitiesAssetsElectric Power Associates, Inc.
-Earnings._ 1,100,000 1,100,000
5% pref.stock
xFixed assets,
Calendar Years
Feb.8'2910
good-will, &c..._ 9,180,425 10,133,768 y Common stock__ 166,829
166,829
1932.
1931.
5% gold bonds__ 207.368
156,118 Minority int. in
1930. Dec. 31 '29.
Period
$880,047
Inv. in other cos__ 302,032
300,032 subsidiaries ____ 2.490,714 2,614,767
$419,859
Cash diva. & interest_ .- $741,631
$507,699
6,692,644 7,589,800
Cash
588,067 Funded debt
388,637
187,945
793,809
22,453
Profit on sale of secur's_
77,558
Bills & accts. rec.,
Bills payable
223,835
Stock divs, valued at
less reserve
571
386,264 Accounts payable.. 485,052
6,132
412,085
552,843
closing prices
867,394
50,076
Adv. to planters
113,430
92,543 Accrued taxes_ _ _ _
45,682
$742,202 $1,074,124 $1,397,547 x$1,213,668
Spec, cash depos
Loans from assoc.
91,777
Total
Due from assoc.co.
41,575
co. not incl. In
167,952
65.456
Expenses and taxes
91,102
not Incl. In conconsol. group
200,000
$700,627 $1,008,668 $1,306,445 $1,045,715
solidated group..
2,142,000 Bond int, and pref.
Net income
42,035
Stocks of leaf lob.,
divs. accrued__.
640,000
75,400
800.000
799,988
Dividends
cigars & mum]._ 3,619,994 3,233,338 Bond Int. and (Ibis.
Growing tobacco__ 297,926
171,940 on stocks un$60,627
$208,668
$506.457 $1,045,715
Balance, surplus
claimed
14,219
Prepaid insurance,
22,018
x Does not include stock dividends, the market value of which was
1,039,111 1,034,716
Interest, &c-- _
57,489 Reserves
50,640
$1.295,123 Dec. 31 1929.
Surplus of subsids_
1,195,114
Balance Sheet Dec. 31.
Earned surplus...2,446,834 2,781,313
1931.
1931.
1932.
1932.
$
Liabilities$
Assets$
$
Total
Total
14,805,074 17,261,559
14,805,074 17,261,559
843,989 Accts. pay. (Incl.
Cash & call loans__ 595,519
x After reserves for depreciation. y Represented by 166,829 shares
26,944
taxes)
309
d5,088,660 c8,826,119
aSecuritles
(no par) and includes 1,280 (1.292 in 1931) shares to be exchanged for pre12,001 belass A stock
400,000
7,988
400,000
.
Int. receivable_ _ _
ferred and common stock of Havana Tobacco Co. to be surrendered In
400,000
bCommon stock_ 400,000
accordance with the reorganization plan dated Jan. 31 1924.-V. 134. p.
Surplus
4,891,859 8,855,165
3643.
Total
5,692,168 9,682,109
5,692,168 9,682,109
Total
Cudahy Packing Co.
--Plants Operating on a Normal
a Includes United States Electric Power Corp. $6 prof. stock, conBasis.
vertible, valued at 20 in 1932 (70 n 1931), which security Is not outstanding with the general public. b Represented by 400,000 shares of no
The sensational advance in live stock prices In the past 60 days has been
par value. e Market value. d Market value Dec. 31 1932, $5,131,132.
a most important factor in the general revival of business in the opinion of
-v. 136, p. 2617.
Chairman of the board.
E. A. Cudahy,
Volume 136
Financial Chronicle
Eastern Steamship Lines, Inc.
(& Subs.).
-Earnings.
Calendar Years1932.
1931.
1930.
1929.
Operating revenues
$9,515,489 $10,640,465 $12,414,875 $12,692,603
Operating expenses
8,276,460 8,940,263 10,232,332 10,283,880
Net operating revenue $1,239,029 $1,700,202 $2,182,543 $2,408,723
Other income
104,274
45,160
344,923
315,094
Gross income
$1,284,189 $1,804,477 $2.527,466 $2,723,817
Other expenses
800,525
673,698
728,220
x654,520
Federal taxes
73,061
158,962
198,876
167,116
Net income
$410,602
$971,817 $1,600,369 $1,902,181
Dividends paid
1,110,415
545,382
1,243,365
499,904
Balance, surplus
$138,598
def$134,780
$357,004 $1,402,277
Shares com, stock outstanding (no par)_-__
375,922
366,779
372.200
375,922
Earnings per share
$1.26
$0.02
, $3.77
$2.67
x Includes tax accruals.
Consolidated Balance Sheet Dec. 31.
1932.
1931.
1931.
1932.
Assets$
Liabilities$
zReal property dr
yCommon stock__ 4,436,411 4,544,214
equipment
16 149,057 14,819,601 First pref. stock-. 2,571,700 2,745,600
Transp'n securs.
335,000 zNo par pref. stk_ 319,030 x426,225
Misc. Investments 245,058
239,032 Min. stockholders'
Cash
638,307
Mt. in Old Do975,624
Trot. bale. & other
minion SS. Co__
8,591
8,591
working assets
624,055
723,405 Equip, trust oblig_ 6,908,833 2,650,000
Unmat'd int. rec_ _
1,595
1,555 Mtge. on Union
Temporary advs.Wharf, Roston_ 450,000
450,000
System corps_
841,579 Working liabilities 264,320
325,770
Working funds_
31,955
41,022 Ins. prems. not due
Rents paid in adv_
22,629
22,612 Unmat'd divs.,int.
29,155
141,655
Def'd ins. prem.._ 302,523
dr rents payable. 192,457
307,761
289,456
Spec. depos. (comTaxes accrued _ _ _ _
184,244
158,962
pensation insur.) 103,763
103,763 Operating reserves
23,540
23,164
Replacement fund
Reserve for marine
(cash & call Ins) 2,850,901
93,389
losses
27,966
60,170
Insur. fund (cash
Other def'd credit
dr listed secure.)
93,389
37,491
items
60,170
25.582
Other det'd debit
Inv. in prop. since
Items
10,531
Dec. 31 1912.
30,734
2,854,532
Profit and loss _ _ 5,554,600 3,825,905
Total
21,073,763 18,529,826
21,073,763 18,529,826
Total
x After depreciation reserves. y Represented by 366,779 no par shares
In 1932 and 375.922 in 1931. z Represented by 63,806 no par shares in
1932 and 85,245 in 1931.-V. 136, p. 3914.
Electric Storage Battery Co.
-Patent Infringement Suit.
The company was named
defendant in
infringement suit filed
in the U. S. District Court as Philadelphia a patentby Genzo Shimadzu. a
June 1
at
Japanese scientist, and the Northeastern Engineering Corp. of Wilmington,
claiming to be exclusive licensees of six of Shimadzu's patents.
The suit avers that Electric Storage Battery Co. is infringing on Shimadzu's patents relating to the manufacture of metal powder and lead oxide
and a process of using both of these for the production of a paint; on a process
for using lead oxide in making plates for storage batteries, and on an apparatus for continuous production of lead oxide in the dry state.
The petitioners ask an injunction and appointment of a special master
for the purpose of assessing the damages and profits.
-V.136. p.3544.
Equity Corp.
-Invites Tenders of Interstate Equities Stock
in Exchange for Its Stock-S. W. Anderson Elected President
of Interstate.
An invitation to the stockholders of Interstate Equities Corp. to tender
their shares in exchange for the stock of The Equity Corp., issued June 8
by The Equity Corp. states that for each share of preferred stock of Interstate Equities Corp. accepted, The Equity Corp. will deliver 7-10 of a
share of its $3 convertible preferred stock and four shares of its common
stock and for each share of common stock of Interstate Equities Corp.
accepted The Equity Corp. will deliver 3,, of a share of its common stock.
f
Samuel W. Anderson has been elected President of Interstate Ectulties
Corp. to fill the vacancy left by the resignation of Wallace Groves. William
A. Brophy has resigned as director of Interstate Equities and the following
have been elected as directors: Hilary C. Huntington Jr., George 0. Johnstone, Bernard Peyton and Albert Milton.
Changes in the directorate of Chain & General Equities Inc. include the
resignation of William A. Brophy, Clifford B. Ewart, Wallace Groves,
Wilfred S. Robinson and Ernest B. Warriner and the election of David M.
Milton, S. W. Anderson, 0. Hale Pulsifer, George C. Johnstone and
Albert Milton as directors. William B. Nichols remains as President of
Chain & General Equities Inc. and Walter S. Mack Jr. as Vice-President.
The statement shows four insurance companies controlled indirectly by
The Equity Corp. They are American Colony Insurance Co., Colonial
States Fire Insurance Co., Majestic Fire Insurance Co. of New York, and
American Merchant Marine Insurance Co. The merger of Majestic Fire
Insurance Co. of New York with Colonial States Fire Insurance Co. has
recently been approved by stockholders of both companies. It is contemplated that all these companies will be merged into one. These insurance
companies, the announcement states, withdrew from active insurance
operations in 1932 through reinsurance of practically all of their business
end are for the time being operating substantially on the principle of investment companies. The insurance companies had total net assets of
aPProximatelY $1,146.890.90 as of recent date.
The prospectus of The Equity Corp. accompanying the invitation of
exchange carries the following statement:
"The Securities Act of 1933 provides that a registration statement may
not be filed with the Federal Trade Commission within 40 days following
its enactment (May 27 1933). Rules and regulations with regard to such
registration have not been issued by the Commission. Assoon as permissible
The Equity Corp. proposes to file such registration statement in compliance
with the rules and regulations of the Commission when promulgated, as
may be required under the Act."
David M. Milton, President of the Equity Corp., in a
letter to preferred and common stockholders of Interstate
Equities Corp., states in part:
The Equity Corp. has acquired the present voting control, directly or
indirectly. a certain companies (including Interstate Equities Corp.).
A substantial part of its holdings in several of these companies has been
acquired as a result of recent exchange programs.
The Equity Corp. was formed primarily as a medium for combining the
assets and the operation of this group of companies, as well as of other
investment companies. It is the belief of the management that substantial
economies in overhead and taxes can be effected and a broader market for
the securities developed through the successful consummation of this
exchange program.
You are hereby invited to tender your holdings of Interstate Equities
Corp. preferred and or common stock to The Equity Corp. in exchange
for its own preferred and-or common stock stock on the following bases:
(1) For each share of the preferred stock of Interstate Equities Corp.
accepted, The Equity Corp. will deliver 7-10 of a share of its $.3 convertible
preferred stock and four shares of its common stock.
(2) For each share of the common stock of Interstate Equities Corp.
accepted, The Equity Corp. will deliver 1 of a share of its common stock.
No fractional shares of The Equity Corp. stock, or scrip therefor, will be
delivered but provision is made for the purchase or sale of any resulting
fractions.
The consolidated balance sheet as of May 31 1933 indicates that on that
basis assets, per share of the issued and issuable preferred stock of The
ll of that date. were $6a.84 and. after deducting $50 per
Equity
Corp..fn liquidation) for such preferred stock and after deducting
share (value
dividends accrued on the preferred stock then issued and outstanding, the
assets, per share of the common stock, were approximately 4 cents.
We are advised by Interstate Equities Corp. that based on closing
market prices as of May 31 1933 (or on estimated fair value In the absence
thereof) the assets, per share of the preferred stock of Interstate Equities
Corp., were constituted as follows:
4095
Per Share of
Pre!"d Stock
Cash, current accts. receivable & liquid marketable securities
(at market) net of liabilities
$30.04
Miscellaneous slow assets at quoted prices
1.93
Permanent holdings in controlled or affiliated companies at
estimated fair value
9.52
Total
Your attention is especially directed to the contrast of the conversion
t4l4
feature of the preferred stock of The Equity Corp. with that of Interstate
Equities Corp. In the case of The Equity Corp., each share of its $3
convertible preferred stock is convertible at any time into 10 shales of
common stock, such conversion rate being subject to ratable adjustment
from time to time in accordance with charter provisions designed to give
suitable protection against dilution. Each share of preferred stock of
Interstate Equities Corp., however, is now convertible into 1% shares of
its common stock up to and including July 31 1935 and thereafter into one
share of common stock up to and including July 31 1939, the conversion
privilege then terminating. The charter of Interstate Equities Cote. also
contains p.ovisions designed to protect the conversion feature of its preferred stock against dilution. Through the operation of the conversion
feature, a preferred stockholder of The Equity Corp. may expect to benefit
materially in any substantial use in the market value of the assets of the
group as a whole at a point considerably sooner than would be the case
with Interstate Equities Corp. preferred stock.
Neither Interstate Eoulties Corp. nor The Equity Corp. cumulative
preferred stock is. at the present time, on a dividend basis. Dividends
accumulate on preferred stock of The Equity Corp. from the quarterly
dividend date next preceding the date of issuance. The preferred stock of
Interstate Equities Corp. is entitled on liquidation to a prior claim of $50
per share plus $5.25 (as of May 1 1933) in accumulated unpaid dividends
before any disbursement can be made on the common stock. Furthermore
under existing charter provisions, no dividend may legally be declared on
Interstate Equities Corp. preferred stock until the market value of its
assets is sufficient to make up the existing impairment of the capital represented by its outstanding preferred stock. On May 3 1933 according to
the corporation's figures. this impairment amounted to approximately
$1.225,000. On the other hand, the May 31 1933 statement of The Equity
Corp. shows that assets, per share of its outstanding preferred stock, were
in excess of $50. It is not contemplated, however, that a dividend will be
declared on such preferred stock until the present exchange programs are
substantially completed and certain of the assets of underlying companies
have been consolidated into its portfolio.
The common stock of The Equity Corp. into which its preferred stock
is convertible, is what is generally known as a "leverage type" common
stock. Experience has shown that, after senior securities are fully covered
by assets, the asset value of a leverage type stock rises at a more rapid rate
than the market value of the underlying portfolio and, conversely, the
asset value of such a stock will decline at a more rapid rate than the deprec at on of the value of the underlying portfolio. Such leverage stocks
however, have generally sold in the market at a price in excess of the.r
asset values.
If you desire to tender your holdings for acceptance by The Equity Corp.
you should execute the attached letter of transmittal and forward the same
together with the certificates representing your shares of Interstate Equities
Corp. preferred and-or common stock, properly endorsed, to The Equity
Corp., I Exchange Place, Jersey City, N. J., so that they may be received
by us on or before the close of business on June 26 1933. This invitation
may be revoked at any time without notice. For all stocks so tendered on
or before June 26 1933, and accepted, The Equity Corp. as soon as practicable on or about July 15 1933 will deliver the certificates for the number
of shares of its preferred and common stock requited by the ratio of exchange
set forth above.
Federal stock transfer tax on the sale and transfer of the stock of Interstate Equities Corp. to The Equity Corp. will be paid by The Equity Corp.
This invitation Is being extended by The Equity Corp. to afford all the
holders of Interstate Equities Corp. preferred and-or common stock an
opportunity to tender their holdings for exchange.
The following is taken from a prospectus regarding the
Equity Corp.:
Controlled Companies.
-Equity Corp. has acquired, either directly or
through controlled companies, the present voting control of Chain & General Equities, Inc., Interstate Equities Corp., Yosemite Holding Corp.
and Allied General Corp. and through these companies holds substantial
interests in several other investment trusts and controls four fire insurance
companies which it is contemplated will be merged into one company.
These insurance companies withdrew from active insurance operations in
1932 through the reinsurance of practically all their business, and are for
the time being operated on the principle of investment companies.
The corporation has been active in exchanging its convertible preferred
and common stock for the capital stocks of Chain & General Equities, Inc..
and Allied General Corp. and the capital stocks and warrants of Yosemite
Holding Corp.
Investment Policies.
-The following restrictions apply to the purchase
of common stocks for the general investment portfolio of each of these
corporations:
Not more than 10% of the net assets at market value of the corporation
shall be utilized to purchase any one of the stocks contained in the approved
list, and not more than 10% of the capital stock of any company may be
purchased for the general investment portfolio.
As of May 311933. pending the completion of the program of exchanges,
the assets of Equity Corp. consisted exclusively of cash and holdings of
stock of controlled companies. Allied General Corp. has only recently
discontinued its activities as a security distributing corporation, and is now
operating primarily as a holding company. The major asset of Yosemite
Holding Corp. consists of common stock of Chain & General Equities, Inc.
Capitalization and Assets.
-As of May 31 1933, the capitalization of
Equity Corp. was as follows:
Issued or Issuable.
Authorized.
x $3 cony. pref. stock (par $1)
150,000 she.
15,1744 she.
Common stock (par $.10)
Co
4,500,000 shs. 1.995,957 134-200 shs.
x Entitled to $50 in liquidation.
Of the above shares of common stock, 1,700.000 were originally issued
for $50.000 in cash and 60.81% of the pref. stock. 54.22% of the class A
stock and 50.78% of the common stock of Allied General Corp.,and 50.69%
of the common stock of Yosemite Holding Corp., outstanding as of Dec.9
1932. With the exception of 4.000 shares of common stock issued for
$5,000 cash, the balance of the common stock as well as all of the pref.stock
was subsequently issued in exchange for common and pref. stock of Allied
General Corp. and Chain & General Equities, Inc., and common and pref.
stock and warrants of Yosemite Holding Corp.
As of May 311933, Equity Corp.'s interest in its controlled and affiliated
companies (either directly or through controlled companies) was as follows:
Net Total -Shares Owned-% Owned or
Shares Out- by Equity by Con- Control, of
standing.
Corp. trolledCos. Total Out,
Yosemite Holding Corp.:
$3.50 cum. pref. stock
7,189
3.9503i
11899 h' 67.46
Common stock
646.199.4 535,828.4 b24,341.2 86.69
Chain & General Equities, Inc.:
6;4% cum. pref. stock
18,450
11,780
68.64
b884
Common stock
627,200 119,772 e330,922
71.86
Interstate Equities Corp.:
$3 cum. pref. stock
144,054
.23
11335
Common stock
1,250,000
vc1719.958
57.60
Allied General Corp.:
cony, pref. stock
$3
27,519
21.808
79.25
Class A stock
36 788
29.162
79.27
Common stock
245.952 194,010
78.88
American Colony Insurance Co.:
Capital stock
75,000
*56,410
75.21
American Merchant Marine Ins, Co.:
Capital stock
80,000
f75,400
94.25
Colonial States Fire Ins. Co.:
Capital stock a
62,500
.41,601.7
66.56
Distributors Group, Inc.:
Common stock
315.834
44.18
g139,550
a Giving effect to the merger now approved by the stockholders of
Colonial States Fire Insurance Co. (old company) and of Majestic Fire
Insurance Co. of New York. b Owned by Allied General Corp. e Owned
by Allied General Corp. and Yosemite Holding Corp. d Owned by Allied
General Corp. and Chain & General Equities, Inc. e Owned by Interstate
Financial Chronicle
4096
Equities Corp. f Owned by American Colony Insurance Co. g Owned
by Allied General Corp. and Interstate Equities Corp.
* 100,000 of these shares are under option of sale to a former officer of
Interstate Eauities Corp.at not less than 12 a share on or before Sept. 29'33.
Management.-The members of the board of directors of the Equity
Corp. are as follows: Samuel W. Anderson, Chase Donaldson, Ellery C.
Huntington Jr., Walter S. Mack Jr., David M. Milton (President).
Consolidated Balance Sheet May 31 1933.
[Equity Corp., Yosemite Holding Corp., Allied General Corp., Chain &
General Equities, Inc. and Interstate Equities Corp.]
I Liabilities
Assets$137,721
$814,271 I Accounts payable
Cash
Securities owned at market__ _ 4,559,968 Excess of assets over liabilities:
Portion applicable to capital
Accounts receiv., accr. Int., &c 293,459
stocks of controlled corn63,300
Notes rec. and &pedal deposits
ponies outstanding In
Holdings of securities in prohands of public, viz •
133,735
cess of accumulation
Allied General Corp.,
Investment in Insurance corn73,831
preferred stock
ponies, representing control 897.718
Chain & Gen. Equities,
Invest. In Distributors Group_ 558.200
300,218
Inc., pref. stock
Yosemite Holding Corp.,
1,342
preferred stock
Interstate Equities Corp.,
5,963,907
preferred stock
Portion &polio. to capital
stocks of Equity Corp.,
viz.:
755,331
$3 cony. pref. stock
Common stock (1,995,957
88,289
shares)
$7,320,652
Total
$7,320,652
Total
The following is the combined natement of assets and liabilities as of
March 31 1933 of Equity Corp. and the controlled companies, giving effect
as at that date to the completion of the present exchange program which
contemplates the eventual exchange of all of the stocks of Allied General
Corp. and Chain & General Equities, Inc., and all of the stocks and
warrants of Yosemite Holding Corp. by the holders thereoffor the stocks of
Equity Corp. by Messrs. Price, Waterhouse & Co.
Liabilities
Assets$210,580
31,275,774 Accounts payable
Cash
Securities owned at market..... 3,291,742 x Excess of assets over Habil- 5,292,672
52,892
Accounts reedy., accr. int., &c
by, In distributing cos
797,750
32.778
Syndicate participation
62,295
Other assets
$5,503,233
Total
55,503,233
Total
x Capital stocks to be outstanding in hands of public to which above
35.292,672 is applicable: Capital stocks of Interstate Equities Corp., at
net asset value. 14,140,508; 13 cumulative convertible preferred stock at
$50 par value (unpaid accumulated dividends amount to $620,478) (6,220
shares owned by a controlled company), 137,884 shs.; common stock of 11
par value (717,617 shares* owned by a controlled company), 532,383 shs.:
capital stocks of the Equity Corp.. 11.152,164; 13 convertible preferred
stock of 11 par value, 25,09234 shs.; common stock of 10c. par value.
2,281.841 51-200 shs.
* 100.000 of these shares are under option of sale at not less than $2 a
share on or before Sept. 29 1933.
-The excess of assets over liabilities on the above basis was $639,Note.
561.85 less at March 31 1933 than at Dec. 31 1932.
Complete details as to the cost of making the offer, the
salaries of officers, the stock interest of officers and the
names of other large stockholders are contained in the
-V. 136, p. 3914, 2618.
pamphlet.
-Proposed Change in Par.
•-"-Eureka Vacuum Cleaner Co.
---The stockholders will vote June 26 on approving a proposal to change the
par value of the common stock from no par to $5 per share, each present
-V. 136, p. 3915.
share to be exchangeable for one new share.
-Sales Increase.
Fada Radio & Electric Corp.
President F. A. D'Andrea announces that May sales were the largest
for any month this year and represented an increase of 20% over the
preceding month and more than 300% over the corresponding month last
year. This increase was attributed in part by Mr. D'Andrea to th introduction of three new items to their line, as well as to the export business
which continues to be an important factor, particularly in South America,
Europe, Africa and the Far East. .
Mr. D'Andrea reported that the company has been operating its plants
on a full time schedule for several weeks past. An advertising campaign
involving the use of newspapers, general magazines and trade papers is
now under way.
Farr Alpaca Co.-Reductiastritir7M7B'0vert7-
The stockholders on June 8 approved a reduction in the par value of
th stock to $50 from $100 a share and a reduction in the number of outstanding shares to 140,000y_c_sn 144,000 through the cancellation of 4,000
V. 136, p. 3728.
shares held in the treasury
Fiat, Turin, Italy.-Earnings.
(Lire figures have been converted at the rate of 5.263 cents to the lira, i. e.,
parity rate of exchange.)
1931.
1930.
1932.
Calendar Years$34,089,137 136,928,948 $51,760,000
Net sales
Cost of manufacture,selling & general
32,605,173 34,578,211 46,920.896
expenses taxes & ordinary deprec
Net operating profit
Non-operating income
$1.483,964 $2,350,737 14,839,104
1.294,315
940,974
1,494.843
12.424.938 33,645,052 16.333,947
Gross income
648.158
691,159
606,013
Interest on funded debt
143.368
100.887
199,843
debt
Interest on floating
1.392,684
Extraord. loss due to depr. of sterling
813.158
854,669
Extraord. loss due to depr. of secur
x863,369
Loss on investment in Germany
5647.684 35.442,945
Balance
Y1,894,737
Dividends paid
x This loss resulted from the reorganization and partial liquidation of
Fiat's investments in Germany. y Representing a dividend of 9% or 18
lire per share on 2,000.000 shares fully paid of 200 lire par value each.
Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
$
5
LiabilitiesAssets$
$
21,052,632 21,052,632
Capital stock
Real est., bld(04.,
7,478.000 8,050,947
machy.& equip_31,228,738 31,745,316 Funded debt
11,708,835 14,203,420
Investments
x8,962,037 11,875,421 Accts. payable
18.371,915115,078,000 Accr. wages, tax,
Cash
&c., deposit on
Marketable secur_ 138,9011
1,146,997 1,101,284
contracts
Notes & accts. rec_14,948,504 17,008,894
3,220,765150,411,421
Inventories
14.271,164 15,307,053 Reserves
48,998,835J
Adv. to MM.cos 2,769,925 2,718,211 Surplus
0th. & def. assets_ 2,918,880 1,088,789
93,806,084 94,819,684
Total
Total
93,608,064 94,819,684
-V. 136. p. 2432.
x Securities of affiliated and other companies.
-Earnings.
First National Stores, Inc.
For income statement for three and 12 months ended April 1 see "Earn-V. 136. p. 3916.
ings Department" on a preceding page.
-May Sales.
(M. H.) Fishman Co., Inc.
-May--1932
1933
$233,545
$228,877
-V. 136. P. 3170.
Decrease.
1933-5 Mos.-19f32.
$850,089
84,668 I 8778,286
Decrease.
$71,803
June 10 1933
-Holdings Above Cost.
Fidelity Fund, Inc.
Forty-two common stocks are now included in the portfolio of Fidelity
Fund, Inc., with current market values well in excess of cost, according
to the monthly report of the Fund just issued. The portfolio, with average
cost prices, follows:
Average Cost.
Average Cost.
Kennecott Copper
1634
60
Air Reduction
57% Liggett & Myers B
653's
American Can
16%
2234 Montgomery Ward
American Smelting
14%
Atchison Topeka & Santa Fe_ 6731 Nash Motors
46%
36% National Biscuit
American Sugar
30%
15% New York Central RR
Atlantic Refining
_11%
6334 Otis Elevator Co
Bankers Trust Co
2834
'
23% Pacific Gas & Electric
Bethlehem Steel
Pennsylvania RR
Borden19%
30
26%
80% Pullman, Inc
Brooklyn Union Gas
35
1534 R. J. Reynolds Tobacco B
Commercial Solvents
43%
5434 Safeway Stores _
Corn Products Refining
20
First National Bank, Boston_ 2834 Sears, Roebuck
2734
First National Bank N. Y. __ 1505 So. California Edison
49% Standard Brands
First NationalStores18%
2234
1634 Timken Roller Bearing
General Electric
2634
1934 Union Carbide
General Motors
24
Goodyear Tire & Rubber _ _ _ _ 2734 United Aircraft
40
i
F s
7
9
3
2 9% United a it
Guaranty Trust Co
18
Improvement
Hartford Fire Insurance
18
31% Westinghouse Air Brake
International Harvester
U. S. Treasury 4s, August 1933, 100 29-32.
-V.136, p.3354.
-Earnings:
First Chrold Corp.
For income statement for month of May 1933,see"Earnings Department"
on a preceding page.
Comparative Balance Sheet,
LiabilitiesMay 31 '33. Dec.31 '32.
AssetsMay 31'33. Dec.31 '32.
a$410,275 65387,093
Cash
$174,001 $462,412 Capital stock
79,233
Undivided profits_ 138,053
Speculative long
Surplus from sale
positions at
3,624
of treasury stock
10,466
3,302
c405,067
market
Res. for manageInvestment long
ment fee
9,160
positions at
33,208 Reserve for Federal
market
2,936
income taxes,&e
11,115
21
Accrued expenses_
Speculative short
26,015
positions at mkt.
Total
$579,069 $498,923
Total
1579.069 $498,923
*4,072 no par shares. b3,842 no par shares. c Includes unrealized
profits in joint accounts of 110.960.-V. 136, P. 3170,
-Distribution.
Fisk Rubber Co.
Federal Judge Lowell has signed an order directing partial distribution
of the assets of the company involving more than $9,000.000. These assets
are to be distributed to holders of bonds, notes and allowed claims, which
total $16,334,000. The distribution will be slightly more than 56% to
holders of bonds, notes and allowed claims in equal percentages, who
present their claims jointly. Approximately 90% of such claims are expected to be presented Chat way. A distribution of 39% will be made to
holders of other bonds or notes or Claims pending final settlement.
The official notice reads (in substance) as follows:
-year 8% sinking fund gold bonds and the unpaid coupons
The 1st mtge.20
appurtenant thereto which matured Sept. 1 1930 and prior thereto and
-year 534% sinking fund gold notes and coupons appurtenant thereto
5
which matured Jan. 11931,and claims or parts thereof against the company
established and allowed by final decree, may be presented at the office of
Central Hanover Bank & Trust Co., 70 Broadway, N. Y. City on and
after June8 1933for payment thereon of a partial distribution, As provided
the Special Master will distribute 39% upon the principal of the bonds and
the interest allowed thereon from Sept. 1 1930 to Jan. 3 1931, and upon
the overdue coupons, and upon the principal of the notes, upon coupons
appurtenant thereto and upon interest allowed on the notes and coupons,
and upon the claims. Upon presentation of the bonds tpgether with the
notes accompanied by the coupons in the proportion of 11.000 principal
amount of bonds to $1,084.26 principal amount of notes accompanied by
the coupons or together with notes not accompanied by the coupons, in
the proportion of $1,000 principal amount of bonds to $1,114,074 principal
anount of notes not accompanied by the coupons, or together with other
claims or parts of claims other than notes and coupons appurtenant thereto,
established and allowed by final decree, in the proportion of 11,000 principal
amount of bonds to 11.114,622 of such claims or parts thereof, the special
master will distribute 56.104% upon the principal of the bonds and interest
thereon from Sept. 1 1930 to Jan. 3 1931, and upon the principal of the
notes and coupons appurtenant thereto and interest allowed on the notes
and on the coupons, and upon the claims. In case a holder shall present
the bonds together with the notes or the other claims for distribution of
56.104% thereon and the aggregate principal amount of the bonds and the
aggregate principal amount of the notes or claims shall not be in the required
proportions, the Special Master will distribute 56.104% to the extent
that the principal amount of the bonds and the notes or other claims shall
be in the required proportions, and will distribute 39% to the extent of any
remaining principal amount of any bond or of any note and other claim.
Sale of Plant and Real Estate.
Samuel T. Freeman & Co., auctioneers will sell at auction in complete
liquidation the factory and dwelling real estate, machinery and equipment
of the tire fabric plant of the company at Jewett City, Conn., June 22 1933.
-V.136, p. 3354.
-Protective Committee.
Florida West Coast Ice Co.
Burton A. Howe is Chairman of a committee which has been formed to
-year 6% gold bonds,series A.
represent holders of 1st mtge.sinking fund 20
Interest on the bonds due June I has not been paid and a receiver has been
appointed. The other members of the committee are George deB. Greene
and Robert G. Rowe. A. J. Ward. 44 Wall St., is Secretary and Chadbourne, Hunt, Jaeckel & Brown are counsel. Holders are requested to
deposit their bonds with Bank of New York & Trust Co., New York,
depositary -V. 124. p. 241.
-Cars Sold Below Cost.
Ford Motor Co., Detroit, Mich.
"Almost every new Ford V-8 car we have built so far this year, has cost
more to manufacture than its selling price was," says Henry Ford in a newspaper advertisement this week. "As you buy them at only 1490 to $610,
we have to depend on increasing volume to make up the difference.'
-V. 136, p. 3915.
-New Common Certificates.
General Asphalt Co.
The company is prepared to issue new certificates for common stock
having a par value of $10 in place of present certificates without nominal
or par value. The change was approved by the stockholders at the annual
meeting on April 26, effective June 1 1933.
In a letter to stockholders, President Arthur W. Sewall says: "Present
no par certificates will be a good delivery for a period of three months.
Stock certificates hereafter delivered on transfer will bear the following
imprint: 'By certificates of amendment of the certificate of incorporation
filed June 1 1933, the common stock was changed from shares without
nominal or par value into an equal number of shares of the par value of
$10 each.'"
Certificates presented for exchange should not be endorsed if the new
certificate is to be issued in the same name.
The effect of the change in the par value per share of the capital stock
and the adjustments made in property account as outlined at the annual
meeting are set forth in a revised balance sheet as of Dec. 31 1932, which
was published in those columns on May 27. See V. 136, D. 3728.
-Gets $2,399,600 Contract.
General Cable Corp.
The directors of Metropolitan Water District has awarded this corporation on a bid of 12,399,600 a contract to supply copper cable to bring
electricity from the Boulder Dam to Los Angeles territory. Vice-Pres.
Palmer said the company would erect a Los Angeles plant where the transmission line cables will be manufactured. It will be a permanent industry
there.
-V.136, p. 2982.
Financial Chronicle
Volume 136
General Motors Corp.
-May 1933 Sales Highest Since
June 1931.
-An official statement follows:
May sales of General Motors cars to consumers in the United States
totaled 85,969 as against 71,599 in April, and 63.500 in May a year ago.
May sales of General Motors cars to dealers in the United. States totaled
85.980 as against 74,242 in April, and 60,270 in May a year ago.
May sales of General Motors cars to dealers in the United States and
Canada, together with shipments overseas, totaled 98,205 as against 86,967
in April and 66,739 in May a year ago.
Sales to Consumers in United States.
1933.
1932.
1931.
1930.
January
50,653
47,942
61.566
74,167
February
42,280
46,855
88,742
68.976
March
101,339
123,781
47.436
48,717
April
71.599
81,573
135,663
142.004
May
85,969
63,500
122,717
131,817
June
56,987
103,303
97.318
July
32,849
85,054
80,147
August
37,230
69,876
86.426
September
34,694
51,740
75,805
October
26,941
49,042
57,757
November
12,780
34,673
41,757
December
19,992
53.588
57,989
Total
January
February
March
April
May
June
July
August
September
October
November
December
510,060
937,537
1.057,710
Sales to Dealers in United States
1931.
1930.
76,681
72,274
65,382
94.458
52.539
50,212
80,373110,904
48,383
98,943
• 118,081
45,098
69,029
132,629
132.365
74,242
60.270
136.778
136,169
85.980
46,148
100,270
87,595
31,096
78,723
70,716
24,151
62,667
76,140
23,545
69,901
47.895
5,810
22,924
21.305
2,405
23,716
48,155
44.101
68.650
68.252
Total
472,859
928,630
1.035.660
Total Sales to Dealers in United States and Canada Plus Overseas Shipments.
January
February
March
April
may
June
July
August
September
October
November
December
82.117
59,614
58,018
86,967
98,205
74,7i0
62,850
59,696
78,359
66,739
52.561
36,872
30,419
30,117
10,924
5.781
53.942
89,349
96.003
119,195
154,252
153.730
111.668
87,449
70.078
58,122
25,975
29,359
79,529
106.509
126,196
135,930
150,661
147,483
97,440
79.976
85,610
58,792
28,253
57,257
80,008
Total
562.970
1.074,709
1.174,116
Unit sales of Chevrolet. Pontiac, Oldsmobile, Buick,La Salle and Cadillac
passenger and commercial cars are included in the above figures.
Buick May Output Higher.
-
Output of the Buick Co. in May was 5,015 cars compared with 2.913 in
the same month last year. The June production schedule calls for an advance of 54% over a year ago.
Sales by retail dealers in May were 18.9% above April.
Current operations at the factory continue on a six-day-week basis.
V. 136, p. 3916, 3899.
General Outdoor Advertising Co.
-Earnings.
For income statement for quarter ended March 31 see "Earnings Department" on a preceding page.
-V. 136, p. 1382.
General Refractories Co.
-Wages Increased.
The company on June 2 announced an increase in wages of varying
amounts up to 20%, and has also increased the base price of fire clay and
silica brick 15%.
Sales of General Refractories products have shown a steady increase
since February, May sales being over 300% of the February figure, it was
stated.
I...The Bankers Trust Co. has been appointed registrar to register voting
trust certificates for capital stock of this company.
-V. 136, p. 3916.
Globe & Rutgers Fire Insurance Co.
-President Advises
More Power for Junior Officers-Holds Concern Solvent.
-
A willingness to turn a larger share of the company's responsibility over
to the junior officers and the conviction that the company is now in a financial condition which warrants its early reopening for business were expressed
June 3 by E. C. Jameson, President. Mr. Jameson's statement follows:
"Detailed figures have been presented to the court demonstrating that
the company is now entirely solvent and shows a substantial excess of
assets over liabilities on the basis of market values for securities at the
close of business on May 29. The market value of the company's portfolio
has increased by over 87,000,000 since rehabilitation proceedings were
begun by the Insurance Department on March 24. Policy holders, brokers
and agents have shown fine co-operation in working out the plan of reorganization which calls for the conversion into new preferred stock of the
major part of the company's indebtedness. If this support continues, and
reports that I receive from all parts of the country indicate that it will
continue. I am confident of the reorganization of the company on an exceptionally sound basis.
"Subject to the approval of the court, there is every reason to expect
that the company can reopen for business without undue delay, and consideration is now being given to the question of future management. I
propose to continue my active connection with the company and a large interest therein, but the junior officers of the company who have served so
'
ably in the past should in future assume a larger share of the major responsibility.
'-V. 136, p. 3729.
\..,Goggan Building Co., Houston, Tex.
-To Reorganize.
See Houston Properties Corp. below.
(B. F.) Goodrich Co.
-Production Higher.
The daily tire production at the company's plants at the end of May was
166.6% of the daily average during the preceding 12 months. During April
production as measured on the same basis amounted to 130%.
The staggered employment system used during past months to spread
work has been of great assistance in building up operations to meet the sudden spurt to demand which developed early in April. since a much larger
working organization was thus retained intact.
-V. 136, p. 3729.
Grand Rapids Varnish Corp. Resumes Dividends.
A dividend of 5 cents per share has been declared on the capital stock,
no par value, payable June 12 to holders of record June 5. Quarterly distributions of7% cents per share were made on June 30,Sept. 30 and Dec.31
last: none since. The dividend ordinarily payable March 31 was omitted.
-v. 136, p. 2434.
Grand Union Co.
-May Sales.
Period End. June 3- 1933-5 tVks.-1932.
1933-22 Wks.
-l932.
$2,614,112 $2,910,581 $10,870,468 $12,840,325
Sales
-v. 136, p. 3546.
-May Sales.
(W. T.) Grant Co. (Del.).
-May-1932.
Increased 1933-5 Mos.-1932.
1933
Decrease.
$6,084,535
I $26,721,450 326.980.166 $258.716
$6,552,589
$468,054
-V.136, P. 3171,2434. 2077.
Great Atlantic & Pacific Tea Co.
-Sales.
1933-Sales-1932. 1933-Tonnage Sales-1932
495,192
520,262
Five weeks end. Apr. 1_ _$74,981.144 $88,923,239
405,660
422,714
Four weeks end. Apr. 29 61,055,824 72,368,706
397,498
437.775
Four weeks end. May 27 61.524,707 72.447.440
$197,561.675$233.739,385
1,298,350
1.380.751
Total
-Ir. 136, p. 3355, 3171.
4097
Great Western Sugar Co. (ofic Subs.).
-Earnings.
Consolidated Income Account Years Ended Last Day of February.
1932.
1933.
1931.
1930.
Bags produced
10,805,856
9,192,863
Profits from operation
$3,952,778
$822,289 $1,311,705 $8.031,427
Other income
167,019
97,863
184,579
286,653
Total income
$4,119,798
Int. on money borrowed
Deprec. of plants & RR. 1,321,351
Federal taxes
235,970
Balance, surplus
Previous surplus
$920,152 $1,496,284 $8,318,080
119,538
164,767
77,630
1,806,767
1,788,628
1.714,810
10,471
32,307
715.373
$2,562.4771's$1,016,623 loss$489,418 $5,810,267
29,367,549 31,434,173 35.493,591 35,773.324
Total surplus
$31,930,026 $30,417,549 $35,004,173 $41.583,591
Deduct-Pref. divs.(7%) 1,050,000
1,050,000
1,050,000
1.050.000
Common dividends....
y2,520,000 :5,040,000
Profit and loss
$30.880,026 $29,367,549 $31,434,173 $35,493,591
Shs. com. out,st.(no par) 1,800,000
1,800.000
1,800.000
1,800,000
Earns, per sh. on com
Nil
.Nil
$2.64
$0.84
x $2.80 per share. y $1.40 per share.
Consolidated Balance Sheet as of Last Day of February.
Assets1932.
1931.
1930.
1933.
Plants, RR. equip., &c.$43.058,697 $43,045.929 $42,964.664 $41.872.385
Investments (stocks)_
4,000
4,000
4,000
Cash
4,513,885
4,158,605
15,240,660 4,464,564
Accts. & notes receivable 1,643.408 2.251,251
1,653,047
2,100,753
Ref.sugar & by-products 15.003,042 21.766.480 34,877,575 28.692.519
Beet seeds az supplles_ -- 2,770.188
3,034,175
4,360,965
3,189,996
Prepaid expense
993,632
1,489,026
1.366.994
457.018
Total
$78,173.014
Liabilities
Preferred stock
$15,000,000
xCommon stock
15,000,000
Notes payable
Conting. beet pay. res__
284,100
Accounts payable. &c__
823.304
Accrued Federal taxes__
235,695
Unclaimed dividends__ _
2,410
Depreciation reserves___ 15,947,479
Res, for def. mfg. cost_
30,880,026
Surplus
$75,715,852 $88,536,372 $82,556,220
$15,000,000 $15,000,000 $15,000,000
15,000,000 15,000,000 15,000,000
4,000,000
13,100.000
1,065,395
1,102,555
715.006
2,489
2.256
14,676,184 12.897,389 11.182,228
100.000
500.000
29.367,549 31.434,173 35,493,591
1,169,629
Total
$78.173,014 $75,715,852 $88,536,372 882.556,220
x Represented by 1,800.000 shares, no par value.
-V. 135, p. 1501.
-Earnings.
Greif Bros. Cooperage Corp.
For income statement for 6 months ended April 30 see "Earnings Department" on a preceding' page.
Balance Sheet April 30.
1933.
1932.
Assets1933.
1932. 1 LiabilitiesLand, bldgs.,mach.
xCapital stock _ _ _$2,491,113 $2,491,113
.
10-yr. 6% sinking
& equip., &c.,
less depreciation$1,251,982 $1,512,110
fund gold notes_ 891,000 1,028,500
299,540 Cap.stk. of subs...
20,383
20,051
Cash
711,482
Long-term
conCustomers'notes &
21,000
sents. receivable 327,698
351,069
tract payable.._
U.S. Liberty loan
Accts. pay.for pur.
26,917
30,292
& Treas. bonds_
194,438
expenses, &c__ _
30,496
Accr. taxes,int.,&c
28,691
Liberty bonds on
Other liabilities
28,000
dep. with State
of New York.
24,376
23,613 Accts. payable to
Empl. accts. rec.
13,863 affil. cos. partly
21,751
16,570
1,229,448 1,538,909
owned)
Inventories
Res. for conting.,
Officers, employ.
206,117
238,531
& misc. notes &
&c
605,942
42,508
38,517 Unearned surplus_ 358,634
accts. receivable
25,500 Profit & loss
25,500
311,609
445,254
Inv.in oth.cos..&c.
127,197
Invest. (Mill. cos.) 139,306
Notes & accts. rec.
298,594
(affiliated cos.). 213,690
455,062
Timber properties_ 401,832
1
1
Good-will
36,621
29,101
Deferred charges_
Total
$4,404,447 $4,907,515
84,404,447 $4,907,515
Total
x Represented by 64,000 shares of class A cum. common stock and
54,000 shares of class B common stock both of no par value.-%. 136, p.2077
-Earnings.
Greyhound Corp. (& Subs.).
1930.
1932.
1931.
Calendar Years
$462,477
8487,369
$565,900
Dividends received
238,303
270.358
Interest earned
196.948
103,274
loss8,176
88.751
Net oper. inc. of subs
14.170
114.656
Prof. on sale of securities
1929.
$501.232
82.944
927.828
468.296
8676,141 $1,007,610
$850.279 81,980.300
Total income'
483.916
515,503
576,297
519.836
Interest & amortization..
19.211
132,249
37.982
General expenses
110,564
100,619
Federal taxes
38,741
Minority interests
Net income
$355,525
8296.794 $1.337,813
loss$10.720
Cony. A series 1 divs..
134,166
37,949
148.606
Partic. preferred diva
338.520
$205,919 der5175,892 81.337.813
Balance, surplus
def$48,669
Condensed Consolidated Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
LiabilitiesAssets
$
$
Cash
433,387 bConv. pt. A stock 2,205,000 2,168,500
321,888
Accts.receivable
320,062 cPartic. pref.stock 8,835,170 8,835,170
116,641
Notes receivable
263,280 dCommon stock__ 3,631,219 3,631,219
123,285
Inv. of parts, supNotes pay. banks,
841,844
plies, &c
5,936
378,237 secured
875,000
204,6 .2
Prepaid expenses..
47,495
189,604 Equip.notes (curr.)
Special deposits__ 290,689
637,164
307,282 Accounts payable_ 178,829
Due from officers
Accre. & res, for
59.791
194,601
& employees...
income tax
16,370
Inv. In attn. cos_17,495,125 17,361,974 Stk. punch, conDue from attn. cos. 449,692 1,030,344
tract (secured). 354,020
427,286
a Fixed assets
1,994,617 1,140,942 3-yr.6% coll, trust
Other assets
3,816
gold notes
297,000 4,000,000
23,667
Franchises, organi6% coll, trust sink.
zation & develop 1,742,065 1,341,635 fund gold notes_ 3,658,000
Deferred charges_ 146,509
151,329 1st mtge,gold bds. 200,000
Equip, notes pay_ 899,225
108,532
Real estate mtges.
debs. of subs _ _ _ 142,000
230,000
Due to Mill. cos.__ 395,852
625,357
Res, for contingencies, &c_.
52,561
46,082
Stk. of subs. In
9,675
hands of public_ 969 675
2:788
Surplus
981,599
Total
22,754,130 22,941,723
Total
22,754,130 22,941,723
a After depreciation of 81.024.201 in 1932 and $827,632 in 1931. la Represented by 22,050 no par shares in 1932 and 21,685 in 1931. c Represented by 84,997 no par shares. d Represented by 620,000 no par shares.
Tenders.-
•
The Minnesota Loan & Trust Co., trustee, Minneapolis, Minn., until
June 9 received bids for the sale to it of 6% collateral trust sinking fund
gold notes, dated Oct. 1 1932.
There was available in the sinking fund for the purchase of notes $167,643.
Acquires Colonial Short Lines Co.
The Colonial Short Lines Co., which operates between Chattanooga,
Tenn., and Chicago, and Louisville, Ky., and Detroit, Mich.. has been
Financial Chronicle
4098
purchased by tne Greyhound Corp., according to a recent Cincinnati
(Ohio) dispatch.
-V. 135, p. 4222.
.Albert M.) Greenfield & Co., Inc.-ilequisition-:--
---":
The company has purchased from Morgan S. Kaufman and Lambert J.
lk, receivers of S. W. Straus & Co. of Delaware, althe outstanding
capital stock of the Reliance Property Management, Inc formerly owned
by- Straus-company:
Following the resignation of Frank W. Bride', Albert M. Greenfield was
elected President and John J. 'rurteltaub as Vice-President and Treasurer.
Officers and directors of the corporation who will continue with Reliance are
John E. Allen, Henry M. Birdseye and Henry J. Fippinger Jr., Vice-Presidents, and Walter Baker, Secretary.
Mr. Greenfield said he contemplates an extensive program of expansion
In the very near future. The head offices are at 565 Fifth Ave., N. Y.
City, with branch offices in a number of cities.
The Reliance company manages some sixty properties, which include
office buildings, theatres, hotels and apartments in Manhattan, Brooklyn
Westchester County, Long Island, Philadelphia, Pittsburgh, Boston.
Buffalo, Albany, Syracuse, Altoona, Pa.; Huntington, W. Va.; Richmond.
Va., and other cities. (Philadelphia "Ledger.")
-V. 133, p. 3099.
-Shipments and Output Higher.
Grigsby-Grunow Co.
Le Rol J. Williams, who succeeded Don M. Compton as Vice-President
and General Manager of Grigsby-Grunow Co. last March, in commenting
on the company's statement for the first quarter of this year, stated:
"Contrary to the usual seasonal trend, Majestic radio shipments in May
showed a 75% gain over May 1932, and the production schedule for June
calls for 300% above the corresponding months of 1932.
"There were more car radios shipped to Majestic distrbutors this May
than were shipped to them in all of the year 1932, and our June schedule
of car radio production is more than four times this amount.
"In spite of the moratorium, bank failures and nation-wide cold weather
this year, refrigerator shipments for the last three months have consistently
increased each month, reversing the usual seasonal trend. We anticipate
a similar continuation of refrigerator demand for the coming month. The
tide has evidently turned, and the thousands of Majestic employees and our
great fatories have been working days, nights and Sundays to meet the
demand."
Earnings.
-
For income statement for 12 weeks ended March 25 1933, see "Earnings
Department" on a preceding page.
Comparative Consolidated Balance Sheet.
Mar.25'32. Mar.21 '32.
Mar.25 '33. Mar.31 '32.
$
Liabilities$
Assetsa Land, buildings,
b Capital stock....y21,413,317 21,452,093
2,427,900 2,657,500
Funded debt
mach., leasehold
481,586
improveml,&c..12.863,840 14,551,979 Accounts payable_ 697,132
Notes payable of
Patent rights, good
146,794
will, &c
subsidiaries_
3,215,866 3,125,000
854,840
Cash
429,373 1,294,069 Accr. current 'lab_ 709,793
Conting. res., &c_ 482,391 1,109.075
Marketable secure.
5,142
80,260
54.805
Minority interest_
Restricted cash &
845,284
908,257
Capital surplus.
accts. receivable
19,752
Profit & loss deficit 6,241,828 3,513,108
Notes reedy, maturing after 1 yr.
10,750
Officers & employ.
accts. receivable
13,165
Notes & accts. rec. 1,018,936 1,766,909
Inventories
1,755,037 1,839,704
642,173
Investments
601,279
Income tax claim_ 336,000
336,000
Cash surr. value
life insurance...
23,281
17,847
393,849
306,139
Deferred charges
Total
20,598,562 23,967,530
Total
20,598,562 23,967,530
After depreciation and amortization. b Represented by 2,723,826
no par shares in 1933 and 2,722,539 n 1932.-V. 136, p. 3916.
Group No. 1 Oil Corp.
-Earnings.
-Earningsfor the Year Ended Dec. 31 1932.
Gross operating income
Merchandise costs
Operating and administrative expenses
Taxes
$2,753,321
153.510
294,282
141,782
Net operating income
Non-operating income
-net
$2,163.747
647,210
Total income
Intangible development costs
Depletion and surrendered leaseholds
Depreciation
Interest charges
Adjustment of inventories to lower of cost or market
Federal income tax
$2,810.957
403,856
40,203
161.807
4,240
5,019
120,000
Net income
Dividends
$2.075.831
1,536.000
$539,831
Balance, surplus
Balance Sheet Dec. 31 1932.
Liabilities
Assets
$1,206.480 Accounts payable
Cash in banks
10,716 Accrued liabilities
Accounts receivable
71,730 Federal income tax
Inventories
3,832 y Capital stock
Other current assets
419,392 Earned surplus
Inv. In & adv. to affil.cos.,net
a 011 and gas leases, &c
998,477
$145,198
41,509
120,000
324,335
2,079,586
Total
$2,710,628
Total
$2,710,628
x After reserve for depreciation, depletion and intangible development
-V.135, p.3863.
costs of$4,231,177. y Represented by 2,048 no par shares.
-Earnings.
Group N. 2 Oil Corp.
$64,803
1,115
Net income
Deficit, Jan. 1 1932
$63,687
161,019
$97,332
Balance Sheet Dec. 311932.
Liabilities
Assets__ _ __
Cash in banks
$122,895 Accrued taxes_ _
Affil. co-current.acct__
_Stock of Reagan County
Purchasing Co., Inc.._
1 xCapital stock (par $1)Non-producing leases_ _ _
265.000 Deficit
Total
-V. 132, p. 3351.
$387,896
Total
$28
200
485,000
97,332
$387,896
Happiness Candy Stores, Inc.
-Coca Cola Suit Set Aside.
Suits against Happiness Candy Stores, Inc., and Loft, Inc., by the
Coca Cola Co., arising from the sale of beverages, were dismissed June 6
by Chancellor J. 0. Wolcott at Wilmington, Del.
The Coca Cola Co. asked that the defendants be enjoined from substituting and selling as coca cola any beverages not made by the Coca Cola
Co. An accounting also was asked.
Representatives of the Coca Cola Co. testified at a recent hearing that in
620 instances they received pepsi-cola when they asked for coca cola, in
stores of the defendants.
In dismissing the suits, Chancellor Wolcott stated that while the defendants employed about 1,800 dispensers, testimony showed only 100 of
them substituted beverages. The defendants notified employees to advise
customers that coca cola was not sold by them and removed advertising
matter of the Coca Cola Co. from the stores, the Chancellor said.
"What more the defendants could have done to insure against the sort
of thing complained against I do not for the moment see," the Court stated.
It was recommended, however, that dispensers who sell pepsi-cola after
being asked for coca cola be dismissed.
Earnings for Calendar Years.
1930.
1931.
$564,278
$103,264
Net loss after exp., deprec. & amort__ 4152.961
x Exclusive of $1.889,432 extraordinary items charged to surplus account.
-V. 134, p. 3283.
-Div. Again Decreased.
Harriman Investors'Fund,Inc.
A quarterly dividend of 40 cents per share was recently declared on the
no par capital stock, payable June 1 to holders of record May 31. This
compares with 50 cents per share paid on March 1 and on Dec. 1 last, 75
cents per share on June 1 and Sept. 1 1932 and Si per share each quarter from
Sept. 2 1930 to and incl. March 1 1932.-V. 135. p. 3864.
-Earnings.
Hathaway Bakeries, Inc.(& Subs.).
PeriodGross profit
Sell., adm. & gen. exp
Miscellaneous charges
Depreciation
Federal income taxes..
Interest
02 Wks.End.52 Wks.End,53 Wks.End. Year End.
Dec. 31 '32. Jan. 2 '32. Jan. 3 '31. Dec. 31 '29.
$2,764.941 $3,269,894 $3,809,327 $3,337,814
2.587.484
2,571,476
2.856,556
2,294.909
20.160
16,191
27,750
Cr4,310
264.405
297.875
301,378
313,424
48,920
44.656
74,622
20.674
2.871
3.402
2.088
8138,156
191,896
$336.824
310,680
8545,619
300,771
$416,845
224,305
def$53,740
Balance, surplus
500,271
Previous surplus
91
Minority int. of sub
Refund of Fed. inc. tax
240
for 1929
Res, provided against
cap. stk. of co. held in
treasury
Dr.100.000
Other expenses
$26,144
524,296
241
$244,848
281,694
Dr.996
$192,539
92.389
Dr.50,411
Dr.1,250
Dr.3,234
Net income
Dividends paid
$281,694
$500,271
$346,862
$524,296
Consolidated Balance Sheet.
LiabilitiesDec. 31 '32. Jan. 2'32.
'32. Jan. 2 '32.
Assets
Accounts payable
Cash In banks and
pee. 31
and accrued exon hand
$225,352 $188,363
penses
103,452
$158,540 $191,710
Cust'rs' accts. rec_
96,818
19,650
26,320
34,137 Mtge. instalments
Miss, accts. rec..
20,227
33,139
520
240,545 Dividends payable
211,047
Inventories
Prov. for Fed. inAdv. incident to
44,656
come tax
24,827
19,550
seq. 010th. cos
mtges. payable_ _
266,203
280,806
Accts.for purchase
5,336 Minority Interest
of autos
31,563
in subsidiaries_ _
31,036
Due from officers
26,439 y Capital stock -- 3,746,479 3,746,479
25;063
3 758
and employees_ _
500,271
346,862
3,063 Surplus
Miami'. Invest_
49,162
39,427
Prepaid expenses
Cap, stock of co.
308,232
in treasury
183,315
x Property, plant
and equipment- 3,810,382 3,855,393
1
1
Good-will
Surplus
Total
$4,615,391 $4,833,670
Total
$4,615,391 $4,833,670
x After depreciation of $1,470,834 in 1932 and $1.259,501 in 1931.
of$7 cum.cony. pref. stock (no par);35,221 shares
y Represented by 20,000
-V.136.
class A stock (no par); and 150.000 shares of class B stock (no par).
P. 3546.
-Issues Booklet:
Hercules Powder Co.
The company on May 31 issued a 40 page booklet entitled "The Growth
of a Modern Hercules.'
This book commemorates the twentieth anniversary of Hercules Powder
Co. in business. It tells a story of growth, diversification, research and
the development of new products and new processes, and describes the
manufacture of raw materials which serve practically every major industry.
--V. 136, p. 2982.
-Earnings.
Heyden Chemical Corp.
1931.
1930.
Calendar Years1932.
$283,643
$339,620
Operating profit
$234.441
19,344
24,070
29,994
Other income
$302.988
$264,435
$363.689
Total income
61,286
26,532t
Interest discount, &c
31.216
33,229J
29.618
Prov. for Fed. inc. taxes
$243,227
$203,601
$302.403
Net income
74,686
74,593
147.404
Common stock
21.700
21,700
21,700
Preferred dividends__
5146.841
$206,110
$34,497
Balance, surplus
Earns, per sh. on 150,000
$1.47
$1.87
$1.21
she.com.stk.(par Sl.0)
Condensed Consolidated Balance Sheet Dec. 31.
Liabilities1932.
1931.
1932.
Assets-$182,392 $153,367 Accounts payable_ $129,852
Cash
199.674 Provision for Fed.
Notes & accts. rec. 243,045
income taxes...
29,618
382,787
345,406
Inventories
Dividends payable
5,425
Invests. in & adv.
22,500
81,694 Other Habil., def.._
80,899
to affiliated co
50,000
Mfg. pits. & equip 1,897,043 1,950,347 Res. for conting__
100,458 Pref. stock of sub.
69,773
Marketable secure
corporation ____
3,300
Patents, processes,
510,000 Preferred stock-- 310,000
510,000
formulae, &c_
204,830 Common stock... 1,480,855
99,084
Deferred charges
Earned surp'us--- 870,358
Paid-in surplus__ 526,633
$3,428,541 $3,583,157
Total
-V. 135. p. 1337.
Total
1929.
$553,038
26,762
$579,800
96.281
$483,519
148,249
48.825
$286,445
$3.08
1931.
$122,682
33,228
5,425
62,500
50,000
4,000
310,000
1,487,455
981,233
526,638
83,428,541 $3.583,157
-Earnings.
-Holland Furnace Co.
Earnings for Year Ended Dec. 31 1932.
Dividends and interest received
General 6c administrative expenses & taxes
Deficit, Dec. 31 1932
June 10 1933
1931.
1933.
1932.
Years Ended March 3157.369,527 $13,214,156 $17,085,956
Net sales
7,597,597
3,575,343
5,881,447
Cost of sales
7,276,734
Sell., advertising, gen. & admin. exp_ 4,430,857
6.454,155
1084636.673
1,389,866
$878,554 $2,211,626
Cr64,065
228,985
loss$2,026,539
209,835
142,870
$649,569 $2,275,690
234,324
226,828
137,192
145,724
227.772
11,111
Net profit
loss$2,379,244
Previous earned surplus
2,772,602
Res. for Fed. inc. tax on unrealized
profit retored to surplus
447.284
$265,906 $1,676,403
2,962,242
3,347,372
Operating profit
Other deductions (net)
Total profit
Interest paid
Depreciation
Provision for Fed. income tax
Total surplus
Preferred dividends
Common dividends
Special provision created for further
possible losses in acc'ts receivable_ _
Provision for reduction in carrying
value of investments
Reduction of treasury stock from cost
to stated value
Provision for contingencies
Provision for possible allowance on
stock sold to employees
$840,642 $3,613,278 $4.638,645
97,517
56.963
88,022
1,188,539
106,156
752,652
1,800,000
240,000
15,504
100,000
5,217
def$1,477,981 $2,772,602 $3,347,372
Profit and loss surplus
432,196
426,397
432,196
Shares common stock outst.(no par)_
$3.65
Nil
$0.41
Earnings per share
Volume 136
Financial Chronicle
Balance Sheet March 31.
1933.
1933.
1932.
LiabilitiesAssets
$
Cash
657,962
380,293 Notes payable___ 700.000
Accts. receivable 4,223,149 8,280,617 Accts. pay., accrd.
expenses, &c_ _ 314,068
Inventories
1,211,503 1,841,239
Fed. income tax_
Cash sun% value of
life insurance__ - 367,676
321,843 Sink.fund 6% gold
2,370,000
debentures
Agts. & salesmen's
100,000
Res. for conting_ _
accts. & adv. to
1,071,550
employees, &c_ _ 308,159
623,714 Preferred stock_
Invest. & advances 323,064
548,082 Y Common stock 4,263,970
1,534,165
Capital surplus_
Cash on deposit in
95,391 Profit & loss surp_d13,477,981
closed banks_ _ _
93,616
Treasury stock _
45,280
Due from employ.
on stock purch.
agreement
180,738
186,833
Real est, not used
in operations__ _
16,187
39,229
Misc. accounts_ _
11,911
16,736
x Land, bldgs and
1,379,215 1,591,943
equipment
1
1
Patents
96,495
212,426
Deferred charges--
1932.
$
900.000
613,737
58,115
2,422,000
449,403
1,105,550
4,321,960
1,534,165
2,772,602
8,875,772 14,177,533
Total
Total
8,875.772 14,177,533
x After reserve for depreciation of $890,943 in 1933 and $845,640 in 1932.
y Represented by 426,397 no par shares in 1933 and 432,196 in 1932.V. 136, p. 3916.
-Earnings.
-Hollinger Consolidated Gold Mines, Ltd.
Calendar YearsProduction
Other revenue
1931.
1930.
1929.
1932.
$11,723,074 $10,528,865 $10,263,505 $9,433,767
416,120
639,427
733.439
145,418
Total income
$11.868,493 $10,944,985 $10,902,931 $10,167,206
Operating charges
6.125.728
6,827,736 6,949,860 6,529,901
324,234
Taxes
410,105
289,150
526,132
Depreciation,&c
120,153
76,816
78,637
59,952
Workmen's compens. &
selicosis assessment__ _
491.787
Net income
*3,962,885 33.608,304 as,Us3:3,,28 $43,636,606
Dividends
3,690.000 3,444,000 3,444,000 3,198,000
$64,204
$519,728
Balance, surplus
$440,606
$272,885
Earns, per sh. 4,920,000
shs. cap. stk. (par $5)
$0.71
$0.80
$0.74
$0.80
Balance Sheet Dec. 31.
1932.
1931.
1932.
1931.
Liabilities-Assets$
$
Properties. &c___ _22,493,785 22,493,785 Capital stock
24,600,000 24,600,000
Plant
177,456
104,780 Wages payable _ 180,146
104,780
149,163
by.In other cos
280,556
118,081
47,122 Accounts payable_
Disposal site
1 Workmen's compensation board 285,438
Outlay
a408,620
275,000
Materials, &c_..,. 592,290
187.000
566,545 Tax reserve
11,556,655 11,694,092
Cash
322,811
514,818 Surplus
Bullion
512,916
526,029
Acc'ts receivable_ 560,820
578,873
Call loans
79,366
Accrued interest
17,998
5,259
b Investments.. 12,243,555 11,693,271
4099
The new bonds for the next five years will bear 5% interest as and if
earned. After that time, 3% interest will be guaranteed the bondholders.
All of the principal -will be due in 14 years.
Under the agreement that has been reached, Melvin L. Straus, who is
trustee for tondholders of four of the companies, and Samuel J. T. Straus,
trustee for the bondholders of the fifth company, three-fourths of the net
earnings of the properties, after payment of interest, will be currently
applied to the principal, with N. H. Oglesbee acting as trustee for all parties concerned.
-V. 121, p. 1468.
-New President.
Humble Oil & Refining Co.
Robert L. Blaffor, former Vice-President, has been elected President
of this company to succeed William S. Farish, who resigned to become
Chairman of the Standard Oil Co.of New Jersey, the parent organization.
Consolidated Income Account for Calendar Years.
1930.
1929.
1931.
1932.
$
$
$
$
Gross operating income-113,709,831 102,992,559 161,563.842 199,357.302
Costs,oper.& gen.exp.. 75,927.321 78,173,677 111,739,961 133,634,123
2,875,910 x2,145,942 x4.363.507 x5,444.845
Taxes
6,499.065 10.083,473
Intangible devel. costs_
Deple.& lease amortiz
3,665,879 6,376,178 4,543,570 4,070,729
Deprec.,retirements and
other amortization_ _ _ 15.673,516 11,749,249 17.478,851 17.862,992
Net operating income_ 15,567,205
Non-oper. Income (net)_ 1,175,165
4.547,513 16.938,888 28,261.141
660,610 3,785,026 6.857,580
Totalincome
16,742,370
Int.& disct. on funded &
1,745.879
long-term debt
99.878
Other interest
5.208,123 20,723,913 35,118,721
2,437.133
5,897
2,440,934
199,489
2,581.464
2,176
14,896.613 2.765,092 18,083,491 32.535,081
Net profit
99,551,62996,432.161 87,482.968 60,361,295
Previous surplus
524,407
Adjust,of earned surplus Dr.946,626 6,281,101 DrI,707.849
Total surplus
Dividends paid
113,501,615 105,478.355 103,858,610 93,420,783
5.926,726 7,426,448 5.937,816
5,928,276
Earned surp. Dec.31-107,573,339 99,551,629 96.432,161 87,482,967
Shares capital stock outstanding(par $25)---- 2,974,645 2,974,645 2,974,645 2,974,645
$10.93
$6.08
$0.92
$5.01
Earnings per share
x In addition to the amount of taxes shown above, these was paid (or
accrued) for State gasoline taxes, the sum of $2,483,387 in 1932:$2,341,322
in 1931, $2,452,309 in 1930 and $1,560,520 in 1929.
Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
$
$
LiabilitiesAssetsAccts. payable- 9.574,222 9,829.181
xPlant, equip.,
881,590 2,203,418
167,504,927 162,482,937 Accr. liabilities_
&c
Cash & call loans 19,785,276 32,228,080 Accept. & notes
81,850
78,250
Investments _ _ _ 4,122,820 4,243,765
Res yarlennuit's 3,808,882 3,481,834
Pa iob a
.
Acceptances and
1,776,129 1.541,924 Res,for conting_ 3,800,000
notes reedy
Accts. receivable 7,790,565 8,235,591 10-yr. deb. bds.
22.761,000
due 1932
26,305,682 32,354,407
Inventories
10-yr. deb. bds.
Sinking & other
18,950,000 20,183,000
due 1937
433,170
1,250,000
trust funds_ _ _
337,769
146,923
792.276 Deferred credits
660,275
Deferred charges
Capital stock _ _ _ 74,366,125 74,366,125
surplus_107,573.339 99.551,629
Earned
Capital surplus_ 10,016,343 10,016,343
Total
Total
37,046,402 36,939,104
37,046,402 36,939,104
a Outlay to date in respect of KamIskotia claims. b Including International Bond & Share Corp. stock $11,195,980 (market value Dec. 31
1932,$2,682.279).-V. 136, p. 3916.
229,195,674 242,312,150
Total
229,195,674 242,312,150
Total
x After deducting depreciation, &c., to the amount of $102,968,438 in
1932 and $101,666.531 in 1931.-V. 136, p. 3729.
Holophane Co., Inc.
-Resumes Preferred Dividend.
-
The stockholders on June 5 voted to dissolve the corporation and liquidate its assets. A statement said receipts had dropped from the peak of
$3.500,000 a year to $100,000. This was said to be In line with the general
-V. 136,
decline in the collar trade. The business was started in I865.
P. 3729.
A dividend of $1.05 per share has been declared on the $2.10 cum. pref.
stock, no par value, payable June 15 to holders of record June 5. The last
regular semi-annual dividend of $1.05 per share was paid on Oct. 1 1932,the
April 1 payment having been deferred.
-V. 136, p. 2078.
Hotel Martinique, Inc., N. Y. City.
-Auction Sale.
The 17
-story Hotel Martinique, N. Y. City, was bought in on a bid of
$500.000 by the Metropolltan Life Insurance Co., plaintiff, at foreclosure
auction, May 25. The property was foreclosed for a lien of $2,680.305.
Back taxes amounted to $231,211. Thomas F. Burchill held the sale in
the Vesey Street Exchange.
-V.136. p.3356.
---Earnings Improve
Houdaille-Hershey Corp.
-Now Opcrating on Full-Time Basis.
Operations so far in the second quarter have been in the black, according
to a Detroit dispatch. A comfortable profit was shown in April, and May
business insures even better results.
The steady influx of orders has placed the company's plants on a full
time basis, with two of its largest plants just recently adopting a 24
-hour
day. Employment likewise has been augmented, a decided number of
workers having been added in the past two months.
April sales increased 44% over March levels and were 19% ahead of
April 1932. Sales during the first 26 days in May were running 2% ahead
of April and June schedules indicate a further advance.
The corporation will soon introduce a new body ventilating system for
automobiles, which will be sold directly to automobile dealers for installation
in privately owned cars. Shipments of the new product to dealers will
start shortly and volume shipments are expected to be reached by June 15.
According to officials, a substantial accumulation of orders is in hand.
-V. 136, P. 3172.
Houston (Tex). Properties Corp.
-Bond Issue Being
Refinanced.
The following is from the Houston "Post
-Dispatch":
Bond issues aggregating $13,600,000, secured by mortgages on a large
number of Houston's skyscrapers, are being rearranged by the five companies that originally issued them and the trustees appointed by S. W.
Straus & Co. of Chicago, who handled the issues.
Foreclosure suits, necessary as the form of procedure, have been filed in
Federal Court on all the properties given as securities for the bonds, but
the suits are "friendly actions" made technically necessary to permit the
issuance of new bonds to be exchanged for those now in existence.
An outstanding feature of the rearrangement program is the fact that
the principal of the bond issues will remain the same. The bonded obligations will not be reduced in any case.
The companies upon whom the bonds are issued are the Houston Properties Corp.. he United Properties Corp., the Metropolitan Properties
Corp., the doggan Building Co. and the Palace Building Co.
The bonds of the Houston Properties Corp.,issued in the sum of $4,850,000, are secured by the Rice Hotel, Electric Building, Kirby Theatre Building and Haverty Building. F. J. Heyne is President.
The bonds of the Metropolitan Properties Corp. issued in the sum of
$3,200,000, are secured by the Lamar Hotel, the'
Metropolitan Theatre
Building and the Keystone Building. J. W. Colvin is President.
The bonds of the United Properties Corp.,issued in thesum of$3,000,000,
are secured by Chronicle Building, Kirby Building, National Standard
Building, Loew's State Theatre Building and Lamar Hotel Annex Building. John T. Jones is President.
'Me bonds of the Goggan Building Co. issued in the sum of $1,500,000,
are secured by the Goggan Building, which adjoins the Gulf Building on
Main Street. W. W. Moore is President.
The bonds of the Palace Building Co., issued in the sum of $1,000,000,
are secured by the Milam Building, which includes the old Palace Theatre.
Dr. William States Jacob is President.
The new bonds which are being issued vary from the original bonds of
the various companies in sinking fund requirements and in interest rates.
The present bonds and the mortgages securing them provide for specific
periodic payments to the sinking fund for the ultimate retirement of the
bonds, and provide an interest rate of 6% per annum, payable semi-annually, and in one case a rate of 654 %. All present bonds provide for payment of 7% interest on all overdue payments.
-To Be Dissolved.
(Geo. P.) Ide & Co.
Indian Territory Illuminating Oil Co. (&
Period
Gross earnings
Operation and maintenance
Year Ended Oct.31 '30 to
Nov.30'32. Nov.30'31.
$10.132,899 $9,003.420
3,416,306 4.335.097
Net earningsfrom operation
Profit on sale of gas leases
Profit on drilling contracts
Rentals, interest and sundry receipts
$6,716,593 $4,668.323
96,975
351,155
140.560
182.417
77,288
Total net earnings
Interest charges
$6,934,440 $5,298.870
4.558,072 4.464.083
Net income before provision for depletion and
$834,787
$2,376,369
depreciation and minority interests
31.028,693 32,067.243
Previous surplus
x7,917,500
Other credits
Net income for month of Nov. 1930 before provi576,660
sion for depletion and depreciation
Total surplus
Adj. of surplus applicable to prior period
Adjustment to extinguish deficit
Sundry charges applicable to prior period
$33.405,062 $41.396.191
509,966
x6.838.767
102,926
013,400
Total
Depletion and Depreciation Reserve
Month of November, 1930
Twelve months ended Nov.30
$33,411,463 $33,944,531
2,009,589
$594,492
2.321.345
$31,311,874 $31,028,693
Surplus as at Nov. 30
31.030,909 30,809,331
Majority stockholders' interest
219,363
280,965
Minority stockholders' interest
x For details see V. 134, p. 4669.
Consolidated Balance Sheet Nov. 30.
1931.
1932.
1931.
1932.
$
Assets$
invest. 122,182,564 120,387,961 a Class A stock.. 22,184,000 22,184,000
Plant &
b Class B stock_ 7,090,036 7,090,036
Due from Emp.
Minority stockGas & Fuel
847,564
holders' int_
909,166
Co. (Del.)_ __
168,710
Stores& supplies 1,067,334 1,101,436 Accts. Pay. &
567,277
327,041
Oil In storage at
acruals
353,533 2,008,400
market
4,959,460 4,428,162 Notes payable
31Been vest'ts
304,728 Customers' de276,227
24.067
Notes and accts.
23,669
posits
receivable..,... 1,139,168 1,481,824 Notes pay. to
Cash
422,238 1,949,492
Emp. Gas &
77,832
ExP•paid in adv.
113,651
Fuel Co
52,000,000 52,000,000
Deferred charges
30,768
81,698 Accts.pay.,Emp.
16,538
Gas& Fuel Co
Res. for Federal
398,649
income tax...
397,956
Res. for injuries
& damage_
8,592
Other reserves
50,610
5,519
Bad debt res
8,730
Deprec. depl. &
other reserves 14,148,545 12,754,243
Crude on price
changereserve 1,791,512 1,143,326
31,030,909 30,809,331
Surplus
Total
130,324,303 129,848,953 Total
130,324,303 129,848,953
a Represented by 1,304,600 no par shares. b Represented by 7.090.037
no par shares.
-V. 136. p. 3173.
4100
Financial Chronicle
India Tire & Rubber Co.
-Case Referred.
Federal Judge Jones at Cleveland has referred the matter
company to a special master to determine .vhich is the betterof sale of the
of
made for the company. A new offer of $600,000 was made by atwo offers
creditors'
committee, which contemplates liquidation of the company by the General
Tire & Rubber Co. The offer previously made was for $500,000 and assumption of liabilities as of May 19 by a committee of business men headed
by NV. G. Klauss. former President.
-V. 136. p. 3356.
Rayon Corp.
-Dividend Rate Increased.
The directors on June 9 declared a quarterly dividend of
75 cents per share on the common stock, no par value,
payable July 1 to holders of record June 19. This places
the stock on a $3 annual dividend basis and compares with
quarterly distributions of 50 cents per share made from
.July 1 1932 to and incl. April 1 1933 and with $1 per share
each quarter from Jan. 1 1931 to and incl. April 1 1932.
The company states that it has cash and government bonds on hand equal
to more than $30 a share on its stock. Tile upward trend in
the first three months of 1933 has been more than maintained business in
during the
second quarter, it was announced.
-V. 136. 33. 3916.
George N. Armsby of Bancameriea-Blair Corp. has been
elected a member of the board.
-V. 136. D. 3916.
Insull Utility Investments, Inc.
-Auction Postponed.
-
The auction of the collateral of Insult Utilities Investment, Inc., and
Corporation Securities Co. of Chicago held by New York banks has again
been postponed until noon July 5.
The auction of Middle West Utilities Co. common stock held by the
Central Hanover Bank & Trust Co. and the Guaranty Trust Co. as coll.
,
loans to Insult Utilities Investment, Inc., and Corporation Securities Co. of
Chicago has been postponed until 3:30 p. m. July 5.-V. 136, p.2620.
International Business Machines Corp.
-Sales Improve
The main plant of this corporation at Endicott, N. Y., has been placed
on a 40
-hour weekly basis and is now operating two eight-hour shifts in
some departments. The plant previously had been operating on a 38
hour weekly basis.
The corporation has ordered modernization of machinery at its Endicott,
Dayton, and Washington, D. C. plants and is adding to its raw material
supplies. "Busniess is improving steadily," President Thomas J. Watson
said. "These plans and expenditures are the best indication of our confidence in the continuance of the general business improvement."
-V. 136.
P. 3729.
• International Combustion Engineering Corp.-Appea
Against Sale Allowed.
Judge Alfred C. Coxe of the U. S. District Court has allowed an appeal
of Grant Thorne, a preferred stockholder, against the sale of the assets of
the company to International Combustion, Inc.
-V. 136, P. 3729.
International Match Corp.-Directors Held Liable
31.00,000,000 Action Upheld.
-
Justice William Harman black, making the pointed statement,"directors
should direct," denied on June 3 in the New Yor& Supreme Court a motion
to dismiss a $100,000,000 accounting suit brought against eight directors of
the bankrupt company, which collapsed after the suicide of its leader,
Ivar Kreuger.
"This action is not novel," said Justice Black, in a 24 page memorandum
attached to his curt decision. "It is typical o many which have been
brought before the courts. The law has kept pace with corporate activity.
There has never been a time when a remedy did a. t exist against directors
who were alleged to have neglected their duties and did not direct properly."
The suit was brought by the Irving Trust Co., as trustee in bankruptcy,
and the eight defendants are accused of misfeasance and non-feasance.
The defendants are Frederick W. Allen, Donald Durant, Henry 0. Havemeyer, Francis L. Higginson, Adrian H. Larkin, John McHugh,Samuel F.
Pryor and Percy A. Rockefeller.
In its complaint the Irving Trust Co. charges that the directors "abdicated and surrendered" their powers and duties to an executive committee,
dominated by Kreuger, whose operations brought about the dissipation
of more than $100,000.000 of the International Match Co.'s assets.
The wasteful acts charged by the Irving Trust Co.Included the acquisition
of other match companies at prices far in excess of their real value, underwriting foreign government bonds which brought no return to the company, and similar acts that caused the crash of International Match Co.,
with consequent loss to thousands of investors.
The suit asked that the eight defendants render an accounting of their
official acts and be compelled to pay the amounts lost through their alleged
negligence.
Each defendant entered a general denial and filed a motion to dismiss
the action on the ground that they were not connected with the International Match Co. during the period in which the company's assets were
said to have been wasted. These motions Justice Black denied in his
three-word opinion which has the effect of forcing the case to trial unless
the defendants take the suit to a higher court and obtain a reversal of
Justice Black's decision.
Statement Explains View.
After his statement in his memorandum that action can be taken against
persons accused of neglecting their duties as directors, Justice Black said:
'Before the legislature had passed any statute, the courts already had
pointed out that 'jurisdiction in cases like the present was conceded to be
inherent in the court.' Just a century ago, in 1932. before there was any
statute, in Robinson Smith. the Court of Chancery said it had no hesitation
in declaring it as the law of this State that the directors of a moneyed or
other joint stock corporation, who wilfully abuse their trust or misapply
thefunds of the company, by which a loss is sustained, are personally liable,
as trustees, to make good that loss.
"And they are equally liable if they suffer the corporate funds or property
to be lost or wasted by gross negligence and inattention to the duties of their
trust. Independent of the provisions of the revised statutes, which were
passed after the filing of this bill, this court had jurisdiction, so far as the
Individual rights of the corporators were concerned, to call the directors to
account, and to compel them to make satisfaction for any loss arising from
a fraudulent breach of trust or the willful neglect of a known duty.
Denies Any Surrender.
"As the law stands, it has not surrendered any of the progress which
has been made during the last century. We find that the courts are
steadfastly upholding the progressive principle declared by the statute, so
that there can be one action against all the directors, with all-embracing
relief therein.
"The law of this State is that to avoid liability for misfeasance or nonfeasance, directors are bound to exercise the same degree of care in their
office that men of common prudence generally show in their own affairs,
the measure of care required depending in each case upon the circumstances.
"Where a director has the means of ascertaining how the corporate funds
and assets are being used, and refuses to acquire such knowledge, he does
not exercise the care and attention in the affairs of the corporation which a
prudent man shows in the conduct of his own affairs.
"An analysis of the complaint herein shows that the allegations bring it
directly within the principles set out in the above cases. It contains not
only general allegations, but specific instances of non-feasance by the
defendants. It alleges gross inattention by the defendants to the business
of International and an unlawful abdication, delegation and surrender by
the defendants of their powers and duties of Kreuger, and that his interests were averse to those of International and its subsidiaries. The complaint also alleges other instances of misfeasance, whereby defendants wasted
the funds and assets of International by negligent transfers, purchases and
loans, resulting in bankruptcy."
Justice Black called "untenable" the contention of the defendants that
there was a misjoinder of causes of action because each defendant was not
connected with all the alleged negligent transactions.
"The complaint shows that the International was incorporated in or
about the month of June 1923; that on June 211923, the defendant, Adrian
II. Larkin. was elected a director of International and remained such at
all times thereafter; that the defendants, Frederick W.Allen, Henry 0.Havemeyer, Samuel F. Pryor, Percy A. Rockefeller. John McHugh and Francis
Higginso were elected directors on Dec. 7 1923, and remained such
June 10 1933
thereat all times after, except that for a portion of said period, namely.
between Dec. 10 1924, and May 15 1925, the defendant John McHugh.
was not a director, and that between July 20 1925, and Dec. 10 1925, the
defendant, Francis L. Higginson, was not a director; that on Dec. 4 1926.
the defendant, Donald Durant, was elected a director and remained such
at all times thereafter.
"Under the complaint, it may be claimed that the defendant McHugh
would not be responsible for the negligence of the board as to anything
done between Dec. 10 1924, and May 15 1925. But nothing is alleged to
have occurred during that time. Obviously no proper objection could be
made in his behalf.
"Furthermore, it does not follow that the directors may not be liable for
their negligence in allowing wrongful acts to be committed after they became
directors, even though the resolutions authorizing such wrongful acts were
adopted prior to their election."
-V. 136;P. 2435.
Interstate Department Stores, Inc.
-May Sales.
Sales for Month and Four Months Ended May 31.
1933-Month-1932.
Decrease.' 1933-4 Mos.-1932.
Decrease.
$1.529.964
$222,3201E5,122,421 $6,127,145 $1,004,724
$1,752.284
-V. 136, P. 3356.
Interstate Equities Corp.-ExchangeOffer.L-SeeEquitieS
Corp. above.
-V. 136, p. 2622.
Interstate Hosiery Mills, Inc.
-Sales Increase.
-
The corporation reports an increase of 90.5% in shipments during May
over the corresponding month of last year. The volume of business during
May, both in dollars and shipments, was the largest in the history of the
company.-V. 136, p. 3356.
Investment Corp. of Philadelphia.
-Resumes Div.
-
A dividend of 50 cents per share has been declared on the common stock,
no par value, payable June 15 1933 to holders of record June 1. The last
distribution, amounting to 25 cents per share, was made on this issue on
June 15 1932, while from March 16 1931 to and incl. March 15 1932 quarterly payments of 50 cents per share were made.
-V.136, p. 853.
---Jenkins Television Corp.
-Receivers Appointed.
-
Federal Judge John P. Nields at Wilmington on June 1 appointed Clifton
V. Edwards of New York and John Briggs Jr. of Wilmington as receivers
for the corporation, following the resignation of the two former receivers.
Leslie S. Gordon, Jersey City. and William S. Bergland of Wilmington.
appointed in January last.
Messrs. Bergland and Gordon are receivers for De Forest Radio Co.,
They said they were resigning as receivers for the Jenkins corporation because De Forest is anxious to buy the assets of that organization and is
Willing to bid $100,000.
A group of Jenkins stockholders have protested to the Court against the
proposed sale, contending that last year a statement listed Jenkins assets
at $2,000,000. A hearing had been held on the proposed sale, but no decision has been made.
-V. 136. P. 3173.
Jewel Tea Co. Inc.
-May Sales, Etc.-
Period End. May 20L 1933-4 Wks.
-1932. 1933-20 Wks.
-1932.
Sales
$857,902 $3,798.716 $4,431,496
$755,429
Avge. no.ofsales routes_
1.337
1,336
1,344
1,347
Sales of the 87 stores of Jewel Food Stores. Inc.. a subsidiary, for the
four weeks ended May 20 1933 were $278.970. Sales of the Jewel Food
Stores, Inc. for the 20 weeks ended May 20 1933, with an average of 86
stores. were $1.518.891.
The Manufacturers Trust Co. was recently appointed transfer agent for
the common stock, effective at the close of business June 3 1933.-V. 136.
P. 3357.
Johnson & Johnson, New Brunswick, N. J.
-Expands.
This company on June 4 announced the leasing of a factory building in
Chicago as part of a program of expansion to be carried out on a basis of
merchandise distribution.
Installation of machinery in the building will start immediately and by
Fall 225 persons will be employed there, President Robert Wood Johnson
said.
Describing the new program of the concern, Mr. Johnson stated:
"The company believes that the expansion is justified at this time in
view of its improved volume of business, and the improvement noted in
the business world generally. This is the first step in a program of expansion under which the company will employ persons in sections of the country
where the most merchandise is being distributed."
-V. 135, p. 1669.
-Shipments Set New Record.
Kelvinator Corp.
-
H. W. Burritt, Vice-President in charge of sales, on June 2 reported that
electric refrigerator shipments in May shattered all previous monthly records
in the corporation's history which covers 19 years.
"Shipments by us of electic refrigerators in May totaled 43,357 units, or
44% above April 1933, the best previous month. This was 202% of May
1932, and 256%, of the May average for the previous five years.
"The May record completely surpassed our expectations. Our forecast
of probable sales, on which we base purchases of raw materials and set
production schedules at which the plant should operate, was revised upward
four times during the month. The original forecast of probable output was
25,000 units. The second, third and fourth forecasts were advanced respectively to 30,000. 35,000 and then to 40,000 units.
"The company's shipments for the first eight months of the fiscal Year
exceed total shipments for the full years 1929 and 1930 and come within
6,050 units of equalling the full year's record for 1932, which, until now,
had been the company's banner year measured in terms of actual unit shipments.
"Unfilled orders now on hand indicate that June shipments should exceed
those of June 1932, by a substantial amount and should raise the nine
months' total for the current fiscal year to well above the full year's shipments in 1932."-V. 136, p. 3730.
-Earnings.
Kelsey Hayes Wheel Co.
For income statement for 3 months ended March 31 see "Earnings Department" on a preceding page.
-V. 136, p. 1210.
Keystone Indemnity Exchange.
-State Takes Over Firm.
The Keystone Indemnity Exchange, an automobile casualty concern
which has its main office in Philadelphia, was taken over recently by the
State Insurance Department of Pennsylvania.
-Earnings.
Kidder Participations, Inc.
For income statement for 3 months ended March 31 see "Earnings Department" on a preceding page.
-V. 136. It• 3548.
Kidder Participations, Inc., No. 2.
-Earnings.
-For income statement for 3 months ended March 31 see "Earnings De-V. 136. p. 3548.
partment" on a preceding page.
Kidder Participations, Inc., No. 3.
-Earnings.
For income statement for 3 months ended March 31 see "Earnings Department" on a preceding page.
-V. 136, P. 3548.
(S. S.) Kresge Co.
-May Sales.
Decrease.
1933-5 Mos.-1932.
1933
Decrease.
-May
-1932.
$9,941,023 $10,058,926
$117,902 I $44.421,205 $48.705,153 $4,283,948
At the end of May 1933 the company had 677 American and 43 Canadian
stores, or a total of 720 stores in operation, against a total of 715 stores
at the end of May 1932.-V. 136, P. 3173.
(S. H.) Kress & Co.
-May Sales.
1933
-May-1932.
$4,978,301 $5.125,610
-V. 136, p. 3357.
Decrease.
Decrease.' 1933-6 Mos.-1932.
$147,3091$21.639,896 $24,299,143 $2,659.247
Lexington Surety & Indemnity Co.
-Indictments.
The indictment of four officers and a woman employee of this defunct
company in connection with alleged mismanagement of its affairs was revested June 5. The company, formerly had offices at 123 William St..
N. Y. City.
Two indictments charging conspiracy and alleged fraudulent representations to George S. Van Schaick, State Superintendent of Insurance, were
handed up against Harry H. Dorsen, President, II. Robert Burney. Vic
Financial Chronicle
Volume 136
President, Harold Spielberg, attorney for the concern, and Benjamin
Shephard, Secretary.
Grand larceny charges were contained in two other indictments against
Dorsen, while Mrs. Helen D. Rabinowitz, a stenographer and clerk in the
concern, was named in a separate indictment accusing her of the theft of
$500. This money, had been pledged with the company, it was alleged,
as collateral for a bail bond.
-V.136, p.3917.
-Calls-Notes,?..ibbey-Owens-Ford Glass Co.
he company has called for redemption thtire outstanding amount
of ts 5% cony, serial gold notes on Aug. 3 1933 The redemption price is
at a premium of X of 1% for each six months"period or fraction thereof
between the dates of redemption and maturity.
The notes may be converted'at any time up to and including July 29
at the rate of 40 shares of common stock for each $1,000 of notes.
There are at present outstanding $5,651,500 principal amount of notes
out of an original issue of $9,000,000 issued July 1 1931.-V. 136, p.2807.
-Receiver in Foreclosure...."-Liggett Building, Inc.
Justicd Phoenix Ingranam of the New York Supreme Court appointed
Henry A. Thellusson of 70 Pine St., as receiver June 5 in foreclosure proceedings. The court fixed the bond of the receiver at $60,000,the amount
of the monthly rental of the property.
The action was brought by the Chase National Bank as trustee under a
first leasehold mortgage, made Aug. 1 1927,for $4,000,000, which is due in
1952. The land on which the Liggett Building, Inc., has the leasehold is
owned by Dunlevy Milbank, The Louis K. Liggett Co., drug corporation,
controls the building company.
The trustee bank alleged that there is now due $3,379,500 of principal
on the bonds outstanding, that taxes for the first half of 1933 remain unpaid,
and also that the Liggett Building, Inc., has failed to make sinking fund
payments for April, May and June of this year, the installments being
$27,500 for each month. It is also alleged that the defendant owes $20,833
to Mr. Milbank for ground rent.
Income Statement Year Ended Dec.31 1932.
Income-Rents
$375,063
Other, including sinking fund operations
61,623
Total income
Expense-Interest on bonds and note
Premium expense on bonds (reserve)
Commissions, taxes, trustees' expenses, legal, &c
Annual write-off
-Discount on bonds
Premium expense (old)
Underwriting commission and expense
Depreciation-Building,improvements,fixtures and equipment
$436,685
213,007
6,354
12,720
21.500
8.438
5.734
124,705
Net profit
$44,226
Balance Sheet Dec. 31 1932.
LiabtlUtesAssets
Accrued interest on 534s, 1952 $77,768
Cash in bank
100
Inter-company
Fixed assets
x3,673,646
1st leasehold mtge. 534s, 1952_ 3,388,500
Cash with sinking fund agent
for 534% bonds
500,000
191,614 Notes payable (owners)
Rents received in adv., &c__ _ _
129,599
Underwriting exps. dr disc, on
Reserves
old & new bonds, and prem,
28,398
to redeem old issue
402,000
434,621 Capital stock
199,623
Deficit
Commissions, bonuses, taxes,
trustees' exp., dm., prepaid_
18,816
Total
$4,326,742 Total
x After reserves of $1,336,068.-V. 136. p. 2435.
$4,326,742
Lincoln Building (Lincoln 42d St. Corp.).
-Time for
Deposits Extended.
Charles F. Batchelder, Chairman of the protective committee for the
certificates of interest in the first mortgage 514% sinking fund gold loan,
announces that the time for deposit under the plan of reorganization which
has been approved and adopted has been extended to the close of business
on July 1 1933. Certificates of interest in excess of 85% of the total outstanding amount of this loan have already been deposited under the plan.
The Chase National Bank of New York is depositary and Dudley C. Smith.
60 Cedar St., New York, is Secretary of the committee. See also V. 136,
p. 3357, V. 135, P. 2352.
Loft, Inc.
-Coca Cola Suit Set Aside.
See Happiness Candy Stores, Inc.. above.
-V. 136, P. 3549.
Louisiana Oil Refining Corp.
-Earnings.
For income statement for 3 months ended March 31 see "Earnings Department" on a preceding page.
-V. 136, p. 3917.
McIntyre Porcupine Mines, Ltd.
-Earnings.
-Years End. March 311932.
1931.
1930.
1933.
Bullion recovery
$5,957,216 $5,305,521 $4,633,324 $4.457,001
Operating costs
3.341,829 2,813,624 2.547,274 2,431,164
Operating profit
Other income
82,615.387 $2,491,897 $2,086.048 $2.025,837
101,986
119,766
206.496
168,661
Total income
Taxes
$2,735,152 $2,593,882 $2,292,545 $2,194,498
220,134
330,801
158,168
122,198
Net income
$2,404,352 $2,373,748 $2,134,376 $2,072,300
Previous earned surplus.. x4,412,363 4,653.623 4.158,140 3,809,536
Sundry adjustments_
15,034
Total
$8,816,715 $7.042,406 $6,292,516 $5,881,836
Dividends
1.097,250
798.000
798,000
798.000
Sundry deductions
9,327
5,202
12,889
Develop. written'off_ _ _ _
22.299
10,585
42,287
254,502
Depreciation
261,105
355,570
258,305
Cost of dismantling old
plant & equipment,&c
38,383
Develop. undistributed_
96,287
Sundry invest. in mining
prospects
33,645
Workmen's comp. sPec•
assessment,re solicosis
145,987
37.833
Add. prov. for Dominion
& Provincial taxes
prior years
41,582
32,072
Amt.trans. to gen. res....
500.000
400,000
400,000
Earned surplus
$5,379,848 $5.392,750 $4.653,623 $4,158,140
Shares of capital stock
outstanding(par $5)- 798,000
798 000
798,000
798,000
$2.01
$2.65
Earns. per sh.on cap.stk
$2.23
$2.27
x After transferring $980,386 to capital surplus account.
Balance Sheet March 31.
1933.
1932.
1933.
1932.
LiabilitiesAssetsg
$
$
Capital stock
Mining prop.,plant
3,990.000 3,990,000
84,616
at equip., &c.-- 8,899,073 9.364,442 Accounts payable_
71,138
Payrolls
83,806
Open & admin.
65,564
expenses prepaid
45,672
53,392 Unclaimed dive._ 20,227
22,350
1,033,767
143,025 Prov. for sundry
Cash
liabilities, &c-_ _
435,224
299,399
Bullion
20,916
Marketable secure. 3,083,824 2,720,564 Prov. for perch. of
U. S. funds
894,493
Investments
908,942
79,800
24,775
25,606 Prov, for solicosis
Accts. & int. reel('
assessment
308,144
87,105
Supplies at cost.-- 297,294
32,000
Prov. for taxes._
. 376,961
329,554
Sundry liabilities_
20,916
21,696
Depreciation
3,587,761 3,884,016
Earned surplus_ 5,379,848 5,392,750
Capital surplus..-- 1,017,530
Total
14,728,572 13,809,068
14,728,572 13,809,068
Total
x On April 1 1932, $980,386 earned surplus was transferred to capital
surplus account to which was added $37,144 during the year.
-V. 136,
p. 2623.
4101
Loew's, Inc.
-25
-Cent Dividend.
The directors on June 8 declared a dividend of 25 cents per share on the
common stock, no par value, payable June 30 1933 to holders of record
June 17 1933. Three months ago, the quarterly dividend was decreased
from 75 cents to 25 cents per share.
-V.136. P• 3357.
Manville-Jenckes Co.
-Asset Carolinas Sold.
All assets of company in Gaston County, N. C., including real estate
and all equipment of Loray and High Shoals mills, were sold for $500,000
to R. S. Richards, Prov,dence, R. I. Chairman of reorganization committee, bidding for the new corporation. All Rhode Island assets were
sold at a similar sale in Providence for $1,500,000 on May 23.-V. 136, 1:1•
3732.
Merchants' National Properties, Inc., New York.
June 1 Interest Not Paid.
Luigi Criscuolo, President in a letter to the holders of 6% sinking fund
gold bonds, 1958, states:
The interest due on June 1 on your bonds is not being paid owing to the
fact that the company has not sufficient funds to meet that interest. It
is hoped that with the co-operation of bondholders a satisfactory method of
meeting this difficulty may be found in the near future.
Your President has had several conferences with Leonard Marx, Chairman of the mutual bondholders group for Merchants' National Properties,
Inc. 6% sinking fund gold bonds due 1958, with a view to effecting a reconciliation between his committee and the committee headed by R. L.
Rooke,and it is hoped that a solution of the difficulties may be found in the
interest of all bondholders.
The affairs of this company have been administered as economically as
possible and with the sole intent of safeguarding the best interests of the
bondholders without distinction of any sort.
Company is faced with grave difficulties with respect to maturing mortgages. A mortgage of $338,000 which matured on June 1 1933, has been
extended for one year at a purely nominal cost to the company in consideration of an increase in amortization payments. Several minor mortgages
have been extended. In several instances amortization payments on underlying mortgages have been waived and in one instance the interest rate has
been reduced for the year 1933. We have also succeeded in obtaining
reduction in certain of the company's current administrative expenses.
However, the company is still faced with one mortgage maturity in 1933,
and 16 mortgage maturities in 1934 and 1935.-V. 136, p. 3549.
" "Metropolitan Properties Corp., Houston, Tex.Reorganization.
See Houston Properties Corp. above.
Midvale Co.-Tenders.
The Guaranty Trust Co., trustee, 140 Broadway, N. Y. City, until 10
a. m. on May 17 was to receive bids for the sale to it of Midvale Steel &
Ordnance Co. 20
-year 5% cony. s. f. gold bonds, due March 1 1936, to an
amount sufficient to exhaust $1,157,875 at prices not exceeding 105 and hit.
-V.136, p. 2624.
-Extension of Time to Deposit Bonds.
Miller & Lux, Inc.
Holders of 1st mtge. 6% gold bonds and secured 7% gold notes have
been notified that the time within which bonds and notes may be deposited
With the depositaries has been extended to Aug.15 1933.-V. 136. p. 1897.
-Meeting Adjourned.
Mohawk Carpet Mills, Inc.
At the meeting held on May 31 the stockholders unanimously voted that
in order to permit time for further consideration of the retirement of 50,000
shares of stock held in the company's Treasury, the meeting be adjourned
until June 27 1933.-V. 136, P• 3 33
7 .
-May Sales.
Montgomery Ward & Co.
Sales for Month and Four Months Ended May 31.
Decrease. I 1933-4 Mos.-1932. Decrease.
1933
-Month-1932.
$15,102.788 $14.172,158 $930,630 1E52,001,786 $56,358,056 $4,356,270
-V.136, p. 3733.
-Receivership ReMortgage Guaranty Co., Baltimore.
fused.
Receivership proceedings against the company were dismissed June 5
by Judge Eugene O'Dunne at Baltimore when counsel for the firm showed
that the action was illegal.
Counsel called Judge O'Dunne's attention to a law enacted at the recent
session of the Maryland Assembly which provides that no one but the
State Insurance Commissioner can act against an insurance company. The
Mortgage Guarantee Co. being an insurance firm, he contended that the
petition of the Prudential Securities Co. was not in accordance with the
law. Judge O'Dunne upheld the contention and dismissed the petition.
V. 136, p. 2624.
-Shipments Increase.
Motor Wheel Corp.
Business continues decidedly on the upturn in all plants of the corporation, it was stated. May wheel shipments equaled the total for the
first three months this year and not only showed a gain of 20% over April,
but exceeded all previous months since September 1929.
The corporation's customers report a large number of unfilled orders
on hand at the close of May and the June shipping schedules will exceed
May in every respect.
April operations resulted in a profit and, with expanding operations,
earnings are showing progressive improvement during the current quarter.
The number of workers employed in May exceeded by 40% the average
number on the payrolls during the first three months this year, and the
total man-hours employed during May were 2 1-3 times the average in
the first quarter.
-V. 136. p. 3358.
-Earnings.
Mountain Producers Corp.
[Including Wyoming Associated Oil Corp.)
1929.
1931. •
1930.
1932.
Calendar YearsNet income
$1,516,548 $1,579,435 $2,737,770 $3,089,355
207,550
172.866
Provision for Fed. taxes107,874
86,017
Net profit
Dividends paid
$1,430,530 $1,471,561 $2.530,220 $2,916,490
2,926,027
1.274,887
1.496,208 2,549,774
Balance, deficit
$19,554
$9,537
$24,647
Proa155,643
Previous surplus
5.948.979 8.405.422 12.286.744
4.021.464
Total surplus
$4.177,107 $5,924,332 $8,385,868 $12,277,207
Depletion & adjust. for
prior years
2,436,889 2,592,861
1,708.048
1,902,868
Loss on crude oil storage
478,924
Provision for additional
taxes prior years
800.000
Surplus Dec.31
$2,469,059 $4,021,464 $5,948,979 $8,405,422
Earns, per sh. on 1.682,182 shares capital stk.
(Par $10)
$0.85
$0.87
$1.50
$1.73
Balance Sheet. Dec. 31.
[Including Wyoming Associated Oil Corp.'
1932,
1931.
1931.
1932.
AssetsLiabilities$
$
$
1011 lands & leases.12,321,786 14,009,759 Capital stock
16,821,820 16,821,820
yField inv. & equip
4,660
69,173 Accounts payable_
45,075
71,106
Stock in other cos_ 620,054
624,201 Dividends payable 349,343
347,679
Cash
1,236,268 1,015,813 Surplus
2,469,059 4,021,464
U.S. bds. & notes_ 1,634,858 1,654,333 Res. for taxes and
Accts. & notes rec_ 754,887
828,332 contingencies.__ 144,530
163,852
Storage oil contract 3,150,288 3,164,970
Deferred assets_ _ _
73,323
37,068
Deferred charges
33,719
22,272
Total
19,829,827 21,425,921
Total
19,829,827 21,425,921
x Less reserve for depletion. y Less reserve for depreciation.
-V. 134.
p.3992.
(G. C.) Murphy Co.
-May Sales Increase.1933May---1932.
Increase.] 1933-.5 Mos.-4932.
$1,661,437 $1.543,436
$118,001 46,956,518 $6,794,266
-V.136. p. 3917.
Increase.
$162,252
4102
Financial Chronicle
June 10 1933
Murray Corp. of America.
-Earnings.
----
April 21 1931 be set aside on the ground that the agreement was secured
by the Trans-Lux company through fraudulent misrepresentation of
material facts.
-V 132, p. 3542.
Murray Ohio Mfg. Co.
-Operations, &c.
Niagara Share
Mismanagement.
--
For income statement for 3 months ended March 31 see "Earnings Department" on a preceding page.
-V. 136, p. 3917.
The company has added two products and is operating 24 hours a day.
according to a Cleveland dispatch. It has begun the manufacture of steel
beer cases holding 24 bottles and is producing around 8,000 cases daily.
The cases are covered with Mar-proof Enamel.
The company has also started the production of automobile trunks,
In addition to its regular line of fenders, sheet metal parts for autos and toy
automobiles. The principal business consists of the manufacture of toys.
-V.135,p.2003.
Mutual Investment Trust.
-Reduces Number of Shares.
-
The indenture of the Mutual Investment Trust has been amended to
provide for a revision of shares. One old class A share will be exchanged
for 5.85 new shares -V. 134, p. 2923.
Mutual Life Insurance Co.
-Obituary.
-
William Le Grand Simrell, Secretary of the company, died in Brooklyn,
N. Y., on May 31.-V. 135, p. 4043.
National Aviation Corp.
-New Directors.-.
National Dairy Products Corp.
-Business Better.
-
President Thomas H. McInnerney stated that while profits in the first
quarter were behind last year. business of the company generally shows a
sharp uptrend.-V. 136, p. 2808, 2255, 2233.
-- National-Erie Co.
,
-Bondholders' Protective Committee to
Take Steps to Reorganize.
The committee for the 1st mortgage 614% convertible gold bonds,
dated April 1 1929(G. D. Piper, Chairman) in a letter to bondholders says:
The bondholders' committee has decided that the time has come for it to
take some definite steps leading toward the reorganization of the company
and obtaining additional working capital, or such other action as will,
in the committee's judgment, best conserve the interest of the bondholders. Several plans along these lines are being considered.
While a majority of the bonds have already been deposited with the
committee, the committee does not feel that it should take any definite
steps towards reorganization or other action until practically all of the bonds
are deposited. It Is the opinion of the committee that prompt action is
imperative, and we urge you to deposit your bonds without delay. The
Peoples-Pittsburgh Trust Co. is depositary.
-V.135, fo• 3367.
National Grocers Co., Ltd.
-Resumes Dividend on 2d
Preferred Stock.
The directors have declared a dividend of $1.75 per share on the
cum.2nd pref. stock, par $100, payable July 1 to holders of record June7%
20.
A quarterly distribution of like amount was made on Jan. 1 last. the April
1 dividend having been deferred.
-V.136, p. 2808.
National Oil Products Co., Inc.
-Extra Dividend. -1
An extra dividend of $1 per share has ben declared on the common stock,
In addition to the regular semi-annual dividend of $1 per share, both payable July 1 to holders of record June 20. Like amounts were paid on Jan.
1 last.
-V. 136. 1). 18 8.
9
-----„National Steel Corp.
-Retires Bonds.
-
The corporation has anticipated sinking fund requirements on its first
collateral mortgage Es of 1956 to the end of 1934, it is stated.
The sinking fund requires retirement by purchase or call of not less than
.,000,000 annually so that the present indicated total of the issue is
7.000.000. In Its report of the first quarter results company stated 1933
requirements had been met and that amount of bonds retired.
-V. 136.
P.3165.
E
.National Surety Co.
-Outlook Speculative.-'
The present interest of stockholders of the company is very speculative,
according to Richard A. Brennan. special deputy superintendent of insurance. In a letter to stockholders of the old company. Mr. Brennan points
out that the assets, which are of many different kinds and located in various
places, may prove to be valuable at some future time, and again May prove
to be worthless.
-V. 136, p. 3734.
National Tea Co., Chicago.
-Increase in Dividend
Discussed.
This company, in declaring a regular quarterly payment of 15 cents per
share on its common stock, issued a statement signed jointly by the directors in which it was stated that the question of increasing the rate was
thoroughly discussed, but that conservative members of the board prevailed
upon the entire body to continue the rate for the present in order to increase
reserves for redemption of the company's note issue due in May 1935.
-V.136, p.3918.
National Thrift Corp. of America.
-/n Bankruptcy.
The final chapter in the equity receivership of this corporation was written
on May 11 when U. S. District Judge James approved the first and final
reports of Frank C. Mortimer, receiver in equity. The report recommended that the affairs pass into the bankruptcy court, which was facilitated
by the resignation of Mr. Mortimer as receiver.
Under appointments which are entirely separate from the business of the
National Thrift Corp., Mr. Mortimer was appointed receiver of three
trusts established by the corporation with local trust companies. The face
value of the first trust deed notes held in the three trust aggregates $1,600,000. (Los Angeles "Times.")
-V.136, p. 1899.
Neisner Bros., Inc.
-May Sales.
Decrease.' 1933-5 Mos.-1932.
$9.028135,190,410 $5,490,663
Decrease.
$300.253
-'Nevada Consolidated Copper Co.-seire-alr•Tprartg.-
he stockholders on June 2 appro
a plan for sale of this company's
ts to the Kennecott Copper Corp.
Kennecott-share
In-exchange far two sharesof Nevadak.
When the proposal was made. the Kennecott Corp. owned 87% of the
'
Nevada shares.
-V. 136, p. 3550.
(J. J.) Newberry Co., Inc.
-May Sales Higher.1933-Mav-1932.
*2.739.965 82.684,032
-V.136. P.3358.
Increased 1933-5 Mos.-1932.
$55,933 T311.426.364 111.696,169
Decrease.
8269.805
New England Southern Corp.-Pelzer Manufacturing
Stock Sold.
At R. L. Day & Co.'s auction on June 6, 75,000 shares of Pelzer Manufacturing Co., a unit of New England Southern Corp., sold for 1465.000
for the lot, to representatives of the 7% New England Southern Mills
noteholders' committee. The noteholders' committee represented at the
sale more than 90% of the notes. If any of the holders of the remaining
10% of the issue desire to deposit their notes with the committee, their
application will be considered upon getting in touch with the Secretary of
the committee.
It is understood that the committee proposes now to take the steps necessary to acquire the other properties of New England Southern Corp. under
the plan outlined in a circular mailed to the noteholders recently. See
V. 136, p. 3550.
News Projection Corp.
-Sues to Void Merger with Trans..
The corporation on June 6 filed suit in the U. S. District Court at Wil-Lux Daylight Picture Screen Corp.asking
mington, Del., against the Trans
that the consolidation agreement between the two companies entered into
Off Bank Loans-Denies
North American Aviation, Inc.
-Traffic Up.
-
Hugh Knowlton, Chandler Hovey and Harry E. Towle were recently
elected directors. Edward A. Deeds and F. B. Rentschler, officers of the
United Aircraft & Transport Corp., have resigned as members of the board.
B. A. Tompkins, Vice-President of the Bankers Trust Co., has also been
elected a director of the National Aviation Corp. to fill a vacancy.
V. 136, p. 3358.
1933
-May
-1932.
$1,362,627 81.371,655
-V. 136, P. 3550. 3175.
Corp.
-Pays
At the annual meeting held on May 10, President J. F. Schoellkopf
Issued the following statement:
The company is in a sound financial condition as the statement of April
30 indicates. Since the summer of 1930 it has paid off all its bank loans,
amounting to over 810.000,000, and has purchased in the open market
over 82,000,000 par value of its 5 % debentures at an average cost of
$615.90 for each 81,000 bond. We have also at this time approximately
$2,000,000 in cash and U.S. Government securities in hand. The payment
of the company's bank loans has been accomplished through the sale of
securities which it held. If these securities had been retained, they would
now be worth, at current market prices, considerably less than the prices
at which they were sold."
Mr. Schoellkopf read a statement to the stockholders in which he denied
categorically charges of dishonesty and mismanagement of the officers and
directors of the company which, he said, had been made in Buffalo (N.Y.),
and vicinity.
-V. 136, p. 3918.
For three consecutive months Eastern Air Transport, a subsidiary, has
broken records for passenger volume, said Pres. Doe. In March 4,389
passengers flew, and this record was broken again in April, with 5,209
passengers, and in May, with 6,359. The previous record month was
August 1932, at 3,849. In the five months more than 21,000 passengers
have traveled with Eastern Air Transport,against 13,643 the 1932 period.
V. 136, p. 3734.
-Plan Effective.
North Station Industrial Bldg., Inc.
The reorganization committee(Louie H Schroeder,Chairman)announced
May 29 that the plan of reorganization dated July 14 1932 has now become
finally effective.
Certificates of deposit for the 1st mtge. 6% sinking fund gold bonds
dated April 1 1928 should be forwarded to the specific depositary which
Issued the same, namely: Certificates of deposit issued by the Central
Republic Trust Co.should be surrendered to it at Room 440, 208 South La
Salle St., Chicago, and certificates issued by Old Colony Trust Co. should
be surrendered to It at 17 Court St., Boston.
-Upon proper presentation of certificates of deposit, the new bonds
referred to in the plan, having attached thereto interest coupons maturing
Oct. 1 1932 and thereafter, will be delivered to the owners and holders of
the certificates of deposit.
In accordance with the terms of the plan the rental under the lease of the
mortgaged property to the Boston & Maine RR. for the year beginning
April 1 1932 and amounting to $138,190 has been paid to the trustees, and
immediately upon the receipt of the new bonds the holders thereof may
detach and present for payment the first two interest coupons maturing
respectively Oct. 1 1932 and April 1 1933. Such coupons may be presented
for payment at the principal office of either of the paying agents. City
National Bank & Trust Co. of Chicago, or First National Bank of Boston.
The remainder of the first year's rent under the lease, amounting to approximately $31.800 which will be left after the payment of the bond interest
for this period, will be paid to the sinking fund and applied by the corporate
trustee, Central Republic Trust Co., to the purchase or redemption of
new bonds. See also V. 135. p. 2347.
•
-J. C.
-Stock Offered.
Norwich (N. Y.) Pharmacal Co.
Muirhead, Inc., New York are offering a block of $1,000
shares of capital stock, at price to yield about 7%. The
offering involves no new financing on the part of the company a circular shows:
Issued.
Authorized.
Capitalization100,000 she. 100,000 she.
Common stock (without par value)
Company -Incorporated in New York, March 31 1890, manufacturers
of nationally known and advertised pharmaceuticals. Laboratories located
at Norwich. N. Y., with branches in N. Y. City, Chicago, Kansas City.
Mo. and San Francisco. Within recent years, company has made several
acquisitions. In March 1928, Antoinette Donnelly, Ltd., (N. Y.) was
purchased and, in December of 1928, company acquired the Amolin Co.
of New Jersey.
The company manufactures the following well known, nationally advertised proprietary articles: Unguentine, Pepto Bismol, Arnolin Powder,
Norwich
Peptone, Norwich Milk of Magnesia, Antoinette Donnelly,
Ltd.,
Nose Drops, Norwich Nasal Jelly, Unguentine Cones, Norforms.
The company has recently placed Sway, a scientific shaving cream on
the market with gratifying results. A brushless cream called No-Nix has
also been added to the line.
1932.
1931.
1930.
Earnings Years Ended Dec. 31$631.114
$674.125
Net after taxes
$736.919
$6.31
86.74
Net per share
$7.36
For the first four months of 1933 net after taxes amounted to 8147,561.
or 81.47 per share, compared with 8151,658, or 81.51 per share for like
period of 1932.
Consolidated Income Account for the Year 1932.
Gross profit on sales, after deducting all costs of goods sold including provision for deprec. of factory buildings dc equipment $2,412,934
Selling (Including branch operation), advertising, administra1.623,084
tive and general expenses
-net
65.017
Miscellaneous income deductions
93.718
Federal income tax
$631,114
498.160
Net profit for year
Dividends
Balance, surplus
Surplus at beginning of year
Total
Surplus charge
$132,954
2,061.043
32.193.998
6,597
12.187,401
Surplus at Dec. 31 1932
Condensed Consolidated Balance Sheet Dec. 31 1932.
LiabilUlesAssets
$92,951
Cash & marketable securities_ $885,592 Accounts payable
392,132
Accrued accounts
Accts., notes & trade accepts.
22,772
receivable
619,340 Miscellaneous-reserves
x500,000
Inventories
632,858 Capital stock
2,187,401
Misc., secur., sundry rec., &c. 139,530 Surplus
Permanent assets
759,882
Good-will, formulae,.to
1
Deferred charges
158,056
$3,195,256
Total
Total
$3,195,256
x Common-without par value, authorized and issued 100,000 shares
at declared capital of $5 per share.
Officers.-Willitun G. Peckham, President; Robert D. Eaton, Melvin
0. Eaton, M. Webster Stofer, Turner F. Currens, Frank L. McCartney.
Vice-Presidents; Robert S. Eaton, Treas. & Gen. Mgr.; J. Fred Windolph.
Secretary: T. M. Weems, Asst. Sec. & Asst. Treas,
Directors -Robert D. Eaton. Chairman; Turner F. Currens, Melvin C.
Eaton, Robert S. Eaton, Guy L. Marsters, William P. McNulty, William
G. Peckham, M. Webster Storer, Otis A. Thompson, J. Bennett Turner.
J. Fred Windolph.-V. 135, p. 4395.
-Dividend Rate Decreased.
Oilstocks, Ltd.
A dividend of 10 cents per share has been declared on the common stock,
par $5, payable June 28 to holders of record June 15. An initial distribution
of20 cents per share was made on this issue on Dec.28last.-V.136,p.3176.
-Increases Schedule.
Packard Motor Car Co.
-
The company's production schedule for June has been stepped up 60%
over May. The latter month showed a gain of 40% over April.
-V. 136,
p.3359.
-To Reorganize.
Palace Building Co., Houston, Tex.
See Houston Properties Corp. above.
-To Build Oil Refinery.
Pan American Refining Corp.
Transport
This corporation, owned by the Pan American Petroleum &
-barrel refinery at
Co. has completed plans for the erection of a 25,000
Texas City, Tex.,it was announced on June 5. It is expected that the plant
will be completed within a year. It will be constructed on a tract of 267
acres, which the company purchased in 1930,and will be the base ofsupplies
-V. 136. p. 2256.
for the company's business in the East anSI.South.
-Com"-..,Paramount Publix Corp. Trustees Sue Banks
p aint Approves Continuance of Subsidiary Companies
Richaidson, as
Charles E.
Charles
rtrustees in-Db. Hines, Eugene W.aLeake andbanks, to set aside andagainst
bankruptcy have filed suit in the U. S. District Court
avoid
eight New York banks and four out-of-town
alleged preferences given by Paramount to the banks. The complaint seeks
to upset a transaction made in March 1932 by which uncompleted films
and net film rentals of Paramount were transferred to a newly organized
subsidiary called "Film Production Corp.'
The principal theory upon which the complaint seeks to set aside the
March transaction is that Film Production Corp. was an instrumentality
of agent of Paramount, and that the banks who were made creditors of this
new company to the extent of approximately $13,000,000 are really
creditors of Paramount with no greater rights as against the assets of Film
Production than any other general creditors of Paramount.
The principal defendants named in addition to Film Production Corp.,
are National City Bank, Bankers Trust Co. County Trust Co. of New
York, Manufacturers Trust Co., Chemical Bank & Trust Co., Commercial
National Bank & Trust Co. a New York, Continental Illinois Bank &
Trust Co., Tradesmen's National Bank & Trust Co., the First National
1 Bank of Chicago, Empire Trust Co., and Bank of America National
I Trust & Savings Association.
' While the trustees question certain transfers of assets by Paramount to
Paramount Pictures Corp., Paramount Productions. Inc., Paramount
Pictures Distributing Corp. and Paramount InternaJonal Corp. in November 1932. the trustees in their complaint do not question the validity of
the existence of these operating companies and state specifically that they
wish to continue the operation of them for the reason that they believe
that it is important and in the best interests of the trust estate and the
creditors that these companies be continued. They also ask that all contracts made by these companies since January 26 1933 be held binding
against the assets of the respective companies. The production of motion
pictures by Paramount Productions, Inc., the distribution of pictures by
Paramount Productions, Inc. the distribution of pictures by Paramount
Pictures Distributing Corp. and the business of Paramount International
Corp. will in no way be affected by the relief asked for by the trustees in
their complaint, and the business of these three companies will continue.
All of the stock of these companies is owned by Paramount Pictures Corp.,
the stock of which is owned 100% by the trustee.
The defendants have 20 days in which to file their answer. Messrs.
1
I Root. Clark, Buckner & Baliantine are attorneys for the trustees.
Federal Judge Frank J. Coleman signed an order June 7 requiring the
,
I corporation to show cause on June 14 why Charles D. Mlles, Louis Horowitz and Eugene W. Leake should not be removed as trustees in bankruptcy and whir Henry H. Davis should not be discharged from further
consideration o the case as Federal referee in bankruptcy.
Samuel Zirn, attorney for minority bond and stockholders, requested the
order on the ground that he had not had an opportunity to oppose the
election of the trustees at a recent creditors' meeting. He said he had been
that the bondholders' committee(which
nitte
f
fo•medders c
bolidh by anrin the
t
1 acter
'.' Ere dihT
i of a bank group and underwriting bankers for the purpose of controlling
'' the
, administration of Paramount's estate and its ultimate reorganization."
\
zizgaptfx.rgc:ttirnug.
--s
ommittee Formed to Aid in Reorganization
At the suggestion of President Adolph Zukor, and wit the approval of
the trustees, a committee was formed on May 26 to advise the trustees in
reorganizing the corporation.
The committee consists of: S. A. Lynch, Chairman; Frank Freeman
(head of the Paramount Publix Corp.'s real estate department), Austin
Keough (General Counsel of the corporation), Fred Mohrhardt (Auditor),
Rumsey Scott (former President of the American Cable Co.), and E. L.
Alyea (of Root, Clark, Buckner & Vallantine), counsel for the trustees.
-V. 136, p. 3735.
Parker Rust Proof Co.
-May Sales Larger.
May was the third largest month in point of sales in the history of this
company, manufacturers of rustproofing compounds, according to G. E.
Luke, Sales Manager.
A total of 480,000 pounds of Parker products were sold during the month,
Mr.Luke said. This compares with 220,000 pounds during the same month
of 1932 and 320,000 pounds during April this year -V. 136. p.3735.
Patino Mines &
Earnings.
Enterprises
Consolidated,
Inc.-
For income statement for 3 months ended March 31 see "Earnings Department" on a preceding page.
-V. 136. p. 3176.
..""Peden Iron & Steel Co., Houston, Tex.
-Reorganized.
The company has been reorganized with indebtedness reduced from
$1,500,000 to $450,000. Stock paid for the Wilson Hardware Co.. Beaumont, Tex., in 1929 has been bought back at a price advantageous to both
companies. The name of the company in 1929 was changed to Peden Co.
but now has been returned to the former title, as above. The firm was
established in 1890 and handles millsupplies, machine tools, marinesupplies,
heavy hardware, reinforcing steel, contractors' supplies and similar lines.
E. A. Peden is Chairman of the board; D. 13. Peden, President and Treasurer' J. B. Robinett, Secretary; John A. Harvin, 11. E. Taylor and Fred M.
Golding, Vice-Presidents. ("Steel.")-V. 96, p. 493.
(J. C.) Penney Co., Inc.
-Gross Sales.- ,
Decrease.
1933
-May---1932.
Increase. I 1933-5 Mos.-1932.
$852.574
$14,432,845 $12,645.443 x$1,787,4021$56,402,697 $57,255,271
x This is an increase for the month of 14.13%, the largest percentage of
increase shown by this company since April 1930.
The number of stores in operation in May 1933 totaled 1,478, compared
with 1.466 in the corresponding period last year.
Commenting on this striking increase in May sales, President E. 0.
Sams said: "It is gratifying to note that this increased volume has been
shown by stores in all sections of the country. Since retail prices had not
yet been advanced by our company during May, but were actually lower on
the whole than those existing a year ago,the increased sales reflect a definite
and marked increase in customer buying. Reports from our stores indicate
that people are actually feeling better and during May were replenishing,
-V. 136. P. 3359.
in part, depleted wardrobes."
-Reduces Dividend Rate.
--**-......Petroleum Exploration.
A quarterly dividend of 1235 cents per share has been declared on the
Previcapital stock. par $25, payable June 15 to holders of record June 3.
ously, the company made quarterly distributions of 25 cents per share.
In addition, an extra dividend of 1235 cents per share was paid on Dec. 15
-V. 135, p. 3704.
last.
-Committee Reports.
Pittsburgh Hotels Corp.
The protective committee for the 1st (closed) mtge. 535 V',2 sinking fund
gold bonds (William II. Donner, Chairman), in a letter dated June 6,
states in part:
"In response to letter dated March 24, bonds in sufficient volume have
been deposited to enable the committee to take several steps for the protection of all the first mortgage bondholders. At the request of the committee, the trustee has declared due the principal of all the bonds and on
May 31 1933 filed a bill in equity to foreclose the first mortgage in the
U. S. District Court for the Western District of Pennsylvania and extended
the former receivership to the properties covered by the lien of the first
mortgage.
"The receivers have reported that gross receipts from operation of the
hotels for the first four months in 1933 amount to $596,117, which compares
with $950.831 for the same period in 1932. Net income for said four
months,after allowance for current taxes but before interest and depreciation, was $16,483 in 1933 and $196,128 in 1932. The receivers further
have informed the committee that with the use of part of the sum on
deposit with the trustee, the second quarter city and school taxes were
paid in the last week of April, leaving $39,828 on deposit in the fund with
the trustee. The third quarter of city and school taxes and the year's
county tax in full are payable through July, and the fourth quarter of city
and school taxes are due for payment not later than Oct. 31.
4103
Financial Chronicle
Volume 136
to afford
"The committee is compose,u of members whose sole interest is endeavor
Protection to and work out the first mortgage position, and in that
property and business of
Is continuing its investigation and study of the
earning
Pittsburgh Hotels Corp. to forecast, as accurately as possible, the
recapitalization
power of the property on which to base a conservative reorganization.
of
upon acquisition of the mortgaged premises for purposes
reorganThe promptness with which the committee can promulgate a plan of
of
ization depends to a large extent upon deposit with the committee
substantially all of the outstanding bonds.
bondholders who have not as yet deposited with this
"Therefore, all
March
committee are urged to deposit their bonds, with coupons maturing
,
1 1933, and subsequent attached, promptly with either Fidelity-Phila
Bank Farmers Trust Co.. New
delphia Trust Co., Philadelphia, City
-V. 136, p. 2257.
York, or Peoples-Pittsburgh Trust Co.. Pittsburgh."
-Increases Operations.
Pittsburgh Plate Glass Co.
The second unit of this company's plant at Creighton. Pa.. has resumed
employ
y
3
fgh lisj tch.
o
accovi n
ut
oxratig,men rTeg tii a Pittsburgh t nii awerk. This unit 'will this is
Officials state
given ull
plate glass plant have been in operation
of
the first time both units
50% of
simultaneously since early in 1931. Output will approximate
capacity.
makers brought about the increase
Increased orders from automobile
units
in operations, it was stated. Enough business is at hand to keep both
-V. 136. p. 2626.
busy during the remainder of June.
-New Directors.
Pittsburgh Terminal Coal Corp.
Kane S. Green and W. W. Ket for were recently_ elected directors, succeeding Charles Fearon and Samuel Pursglove.---V. 136. p. 3176.
-Receives Order.
Pressed Steel Car Co.
The company has been awarded an order for 42 narrow-gauge passenger
cars by the Grant Park Transportation Co.of°Menge. The cars will be used
-V.136. p.3736.
to transport sightseers to the Century of Progress Fair.
-Gets Rights to RevoluPure Carbonic Co. of America.
tionary Carbonic Gas Process.
consummation of nego-
Announcement was made this week of the final
tiations, pending for more than a year, which materially affect the entire
carbonic gas industry, especially in the method of distribution. This gas
will now be delivered in solid form and reliquefied at the point of use,instead
of being transported in heavy steel cylinders, which has been the method
since carbonic gas was first used commercially for carbonating beverages,
thus saving over 80% of the cartage cost.
so
Both laboratory and commercial tests over a period of four years have
this method of disfully demonstrated the economy and practicability ofplants in New York
carbonic gas to soda fountains and bottling
tributing
parts of the United
and vicinity, that its use will now be extended to allentered into between
States, Canada, Mexico and Cuba under a license pact control the patents,
Rudd Patents, Inc., which
Carbo-Frost, Inc., and
Co.,
and the Pure Carbonic Co. of America, a subsidiary of Air Reduction
and U. S. Industrial Alcohol Co. Negotiations are also pending: in Great
licenses in those countries.
Britain, Germany, France and Italy for
Inc.,
H. B. Rudd, Vice-President and Chief Engineer of Carbo-Frost,
and President of Rudd Patents, Inc., is the inventor and patentee of the
new carbonic gas liquefier.
of in
"The general idea of distributing carbonic gas in solid form instead they
heavy steel cylinders weighing two to four times as much as the gas me,"
with
contain to save expensive handling charges, did not originate a patent in
said Mr. Rudd. "It is as old as Ellsworthy, who was granted
1897, now public property.
due to the
"No attempt was made to commercialize this idea, probably time, but
fact that an adequate supply of 002 was not available at that had maconditions
when the problem was brought to ray attention in 1928 Ice has steadily interially changed in this respect and the supply of Dry
creased since then.
patents with prac"Now that we have established the validity of our
gas, there seems
tically all of the manufacturers and distributors of carbonic equipment.
to be a clear field ahead for the universal use of this economical income from
-3% of the gross
royalty at a low figure
"We have placed the
-V.136, p. 3553.
the sale of gas."
-New Pres. of Subs.
Bakeries Corp.
Purity
was recently
Harvey J. Owens, formerly of the National Biscuit Co.,
division of Purity
appointed President of Grennan Bakeries, Inc.. the cake
Bakeries Corp., effedive May 1 1933.-V. 136. p. 3176.
-Bondholder Asks ReQuaker City Cold Storage Co.
moval of Trustee.
Frances D. Harshaw filed a bill
Alleging that the company is insolvens.
Common
of equity on behalf of herself and other bondholders in Court of
Trust
Pleas No. 1, Philadelphia, charging that the Fidelity-Philadelphia
mortgage to secure a $2,000,000 bond issue, has
Co., as trustee of the
bondfailed and refused to perform its duty for the protection of the
receiver
holders and asking the court to remove the trustee and appoint a
for the company.
and
It is alleged that the company has failed to pay its taxes for 1933
also has failed to pay the semi-annual interest due on its bonds since May 1
1931.-V. 133, p. 3104.
-Earnings.
Reiter-Foster Oil Corp.
Calendar YearsGross inc. from crude oil & gas production .
Other income
1932.
$83.365
13.368
1931.
$79,846
12,242
Total income
Producing oper.gen. & adminis. expenses_ ___
Loss through sale, aband. & surrender of leases-Provision for depletion & depreciation
$96,733
65.577
221,738
18,065
$92,088
126,249
$208,645
Net loss for year
Surplus Account Year Ended Dec. 31 1932.
Net loss for year (as above)
Sundry adjustments applicable to 1931
Writing off apprec. on Canyon Creek, Colo., properties
Writing off appreciation on sundry operated properties
$66,346
$208,645
48,681
127.901
20,495
.
Net reduction in stockholders' equity
Stockholders' equity, Dec. 31 1931
$405,723
1,656.170
32.184
$1,250,447
Stockholders' equity, Dec. 31 1932
Balance Sheet Dec. 31.
1931.
1932.
Liablitties1931.
1932,
Assets$3,536
$3,536 Cash
Cash A ctfs. of deo $14,327
45,178
$3,768
Accounts payable_
14,636
accts. receivable-86,951
1,306
1,667
450 Accruals
Notes receivable__
4,775
1.500
59,918 Notes payable__
Inventories
1,403,204 61,709,825 let mtge. notes,
Capital assets
177,371
pay. on demand 162,264
Def. meets, pay.
133,568 Def. Liebe.. Pay•
60,331
out of produc__ _
41,600
36,395
1,193 out of produe
8,628
Deferred charges
Res, for deprec. &
43,673
depletion
cStkhldrs' equity- 1,250.447 1,656,170
$1,498,215 $1.923,126
$1,498,215 $1,923.126
Total
Total
a After reserves of $4,907. b After depreciation and depletion of
-V. 133. p. 1626.
$54.290. c Represented by 450,150 no par shares.
-Reorganization Approved.
Raytheon Mfg. Co.
The stockholders on June 8 approved a merger of this company and its
parent organization, Raytheon, Inc.
Under the plan stockholders of the Raytheon Manufacturing Co. will
be offered one share of $5 par 6% non-cum. pref. stock, one share of no par
common and $1.10 in cash for each share of the Manufacturing company
stock now held. Stock offered will be of a new company to be set up for
the merger.
The agreement with National Carbon Co., subsidiary of the Union
Carbide & Carbon Corp., under which the former handled the distribution
of Ever-Ready Raytheon radio tubes and had the option of purchasing all
outstanding stock of the Raytheon company for $20,000,000. has been recently cancelled. The sum of $500,000 paid the Raytheon Co. in consideration for the option, which has been carried on its books as funded
debt, has been forfeited and is now included as part of the company's
Financial Chronicle
4104
surplus. Additional investment of the Carbon company,in sales promotion
of the Raytheon products since this agreement was made in May 1929.
accrues to the benefit of the Raytheon organization.
Several new products in lines allied with but not directly of the radio
industry, are said to have been recently completed by Raytheon, Inc.,
production of which is expected to be taken over by the merged company
should stockholders approve the consolidation.
Operations of Raytheon Manufacturing Co. are expected to result in a
net loss for the fiscal year ended May 31. It is believed, however, that
the net loss will not greatly exceed the amount of depreciation which the
company has charged at an annual rate of between 20 and 25% of the
cost of fixed assets, which have principally been acquired since the tie-up
with National Carbon Co.in 1929.-V. 136, p. 3920.
Reliance Property Management, Inc.
-New Ownership.
Albert M. Greenfield & Co. Inc., New York, has purchased from
Morgan S. Kaufman and Lambert J. Foulk, receivers of S. W.Straus & Co.
of Del., all outstanding capital stock of Reliance Property Management,
Inc., formerly owned by S. W. Straus & Co. Following the resignation
of Frank W. Kridel, Albert M. Greenfield was elected President and
John J. Turteltaub Vice-President and Treasurer.
Remington Arms Co. Inc.
-New Officers &c.Saunders Norvell,
CharlesK. Davis has been elected President to succeed,
cted
resigned. Control of this company was recently acquired by E. I. du Pont
de Nemours & Co.
E.E. Handy has been elected Vice-President in charge of sales, replacing
J. H. Strugnell and J. Gilbert Heath, both resigned. Walter U. Reisinger
has been elected Treasurer, succeeding Lloyd K. Larson, who was chosen
Assistant Treasurer. George Bingham has been retained as Secretary.
The newly chosen board of directors consists of M. Hartley Dodge, Chairman; Fin Sparre, F. W. Pickard, J. Thompson Brown, J. B. Eliason,
S. E. Pryor, William Crawford and Saunders Norvell.-V. 136. p. 3736.
Reynolds Spring Co.
-Increases Employment, &c.'
Since its plants were completely closed down during the Michigan bank
holiday in March, the•company has employed more than 1.000 people full
time and is adding more daily, President Charles G. Munn announced on
June 7. If the present upturn in the automotive industry continues, the
company will be forced to further expand its employment force. The company has just received orders from several chain store systems totaling
3,000 dozen various "Bonnyware" articles, the company's speciality product. The company's principal line is making springs for automobiles, of
which it supplies all or part of the requirements for most of the automobile
manufacturers.
Earnings.
For income statement for quarter ended March 31 see "Earnings Department" on a preceding page.
Balance Sheet March 31.
LiabilitiesAssets1932.
1933.
1932.
1933.
Cash
$29,038 Com.stk. & surp.x$1,450,877 $1,571,419
$2,088
Accts.& notes rec. 148,873
168,165 Mortgage payable_ 449,850
450,000
Accrued int. rec_
Notes & accts. pay 247,073
236.952
Inventories
248,824 Accrd. wages, &e_
35,017
16,864
197,324
102,644 Accrued let. payOther assets
74,054
949
Investments
134,910 Taxes payable__
84,158
33,725
Fixed assets
1,701,132 2,478,629 Reserve for doubtful accts., &c__
Patents, good-will
26,608
& development_
1
1 Deprec. reserve__
737,408
Deferred charges
52,493
42,363 Res,for conting___
43,583
57,687
Res,for inv. losses
107,106
Total
Total
$2,260,125 53,204,993
$2,260,125 $3,204,993
Itepressnted by 148,000 no par shares.
-V. 136, p. 3920.
(Sabin) Robbins Paper Co.
-Resumes Dividend.
The directors have declared a dividend of 1%% on the 7% cum. pref.
stock, par $100, payable July 3 to holders of record June 24. The last
regular quarterly payment of this amount was made on Jan. 3 1933, the
April 1 dividend having been deferred.
-V. 136, p. 2258.
Royal Union Life Ins. Co.
-Receivership.
L. A. Andrew, State Superintendent of Banking of State of Iowa, was
appointed temporary receiver for the company by Federal Judge Dewey
at Des Moines, June 3. The bill of complaint was filed by H. A. Gross
of Los Angeles, director and stockholder of the company, through his
counsel, H. M. Havner, former Attorney-General for Iowa.
Russeks Fifth Ave., Inc.
-Earnings.
12 Months EndedFeb. 4 '33. Jan. 31 '32. Jan. 31 '31. Feb. 1 '30.
Net sales
$3,546,310 $4,246,831 $4,582,537 $5,122,020
Int.,discount & misc.inc.
175.921
239.309
232.173
249,815
Total income
$3,722,231 $4,486,140 $4,814,710 $5,371,835
Oper. exps. (incl. cost of
merchandise & depr.)_ 3,780,324
4,570,581
4,971,816
5,099,738
Res. for Fed. inc. taxes
18,959
Net deficit
$58,093
$84,441
S157,106prof$253,137
Shs. of cap. stk. outst'g_
x125,000
y125,000
y125,000
y125.000
Nil
Nil
Nil
Earnings Per share_
$2.02
x Par $5.
y No_par.
Comparative Balance Sheet.
LiabilitiesAssetsFeb. 4 '33. Jan. 31'32.
Feb. 433. Jan. 31'32.
Cash
$265,678 $190,328 Accounts payable_ $278,766 $337,454
Notes receivable_ _
14,991 Cust'ers' deposits
and credits
Accts. receivable
9,325
508,054
395,608
11,064
Accrued items_ _
Miscell. receivables
8,763
14,165
20,141
Merch'dise inven'y 224,134
359,559 Res. for conting_
75,000
Fixed assets
625,000 1,500,000
503,180 x596,164 y Capital stock
Instr. claims rec.._
20,000 Capital surplus__ -1 885,628{ 617,132
5,000
Dividends reedy
31,500 Profit and loss_ _ _
1,900
def138,411
Advs, to officers...
17,500
25,000
Securities owned
580,623
430,623
Deferred charges to
future operations
28,681
17,193
Good-will
1
1
Total
Total
$1.882,482 $2,347,380
$1,882,482 $2,347,380
x Mom deducting reserve for depreciation of $2117,468. y Represented
by 12°,000 shares of$5 pat in 1932(1931.125,000 shares no par).
-V. 136,
p. 2627.
St. Louis Car Co.
-Majority of Bonds Deposited.
More than a majority of the outstanding 1st mtge.6% bonds of this company so far have been deposited under the plan recently proposed by the
company to defer interest payments to Oct 31 1935. and also extend the
maturity of the entire issue 10 years to Oct. 31 1945. Interest would be
resumed at the regular 6% per annum basis beginning in October of 1935.
as well as the annual amortization. There are $1,123,100 of the bonds
at present outstanding. Interest payment was due on May 1.-V. 136.
p 2809.
Schiff Co.
-May Sales.
Period End. May27Sales
-V.136. p.3361.
-1932.
1933-4 Wks.
$877.333
$875,740
1933-21 Wks.
-1932.
$3.174,866 $3.439,543
Schulte Real Estate Co., Inc.(& Subs.).
-Earnings.
Earningsfor Year Ended Dec. 31 1932.
Operating income
$1,835,815
Operating, general & administrative expenses*
2,065,247
Int. on 10-yr.6% gold notes to June 1 1932(no interest having
been accrued beyond that date)
153,675
Amortization of discount & expense on gold notes
59.300
Interest on other obligations
11,262
Loss on-land & bldg. equities disposed of by sale or surrender
188,265
Leaseholds surrendered to lessor
24.503
Mtges.receivable disposed of by sale or cancellation
681,256
Provision for loss on mortgage receivable
475,749
Provision for loss re advances to affiliated cos
83,588
Net loss before providing for deprec. & for interest on gold
notesfrom June 1 1932
$1,907,031
,.
* Including $687,973 Interest on mortgage
June 10 1933
Consolidated Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
Liabilities
Assets
$
91,910
Cash
47,192
306,193 Accounts payable_
279,685
64,032 mortgages payable
Accts. dr notes rec_l 89,008
49,750
Accr, int. reedy_ _ I
209,642
62,044 Accr. int. payable_ 253,132
84,052
504,394 Other liabilities_ .._ 336,104
Invest.& advances 404,740
Real estate mtges.
Equity in real est.
payable
conveyed to City
13,605,825 12,278,000
10-yr.6% sink.fd.
of N.Y.
-award
gold notes
58,701
6,147,000 6,147,000
58,701
pending
Mortgages reedy_ 912,792 3,550,433 6% cum. pref. stk_ 3,000,000 3,000,000
Depos. under leases
26,082 xCommon stock
750,000
750,000
18,085
Depos. by tenants
Land & buildings
on leases
41,105
at cost
26,103,723 23,762,657
Rents rec. in ads'.
9,356
Leaseholds, at cost
less amortization
46,727 Def. profit on real
28,053
estate sales_ _ _ _
241,209
465,393
Deferred charges_
226,541
161,160
Surplus
3,625.025 5,532.056
Total
28,055,949 28,607,804
Total
28,055,949 28,607,804
x Represented by 500,000 no par shares.
-V. 136, p. 1901.
-Expansion.
Sears, Roebuck & Co.
Louis Schlesinger, Inc., of Newark. N. J.. reports three new stores
added to the chain of Sears, Roebuck & Co.: two in New Jersey and one
in New York. The two New Jersey stores are to be at 73 to 79 Washington
Ave., Belleville, under a lease negotiated for Moritz Wegner, and at 108
.
,
and 1086 Clinton Ave., Irvington, N. J. The New York store is at 123
North Ave.. Middletown, N. Y.
Louis Schlesinger, Inc., also arranged for the renewal of the lease for
the Sears, Roebuck & Co. store at 435 and 437 Kearney Ave., Kearney,
N. J., and in Portchester, N. Y., the renewal of the Sears, Roebuck &
Co. lease on 157 North Main St. with Chauncey B. Griffen of White
Plains, N. Y.
-V.136. p. 3921.
Second National Investors Corp.
-Purchase of Stock
Approved.
approved a proposal to purchase 17,383
The stockholders on June 8
shares of this corporation's $5 pref. stock from the Atlas Corp. at 80% or
Its asset value as of that date.
-V.136. p.3921.
-Reorganized-Assets Acquired by
Seneca Realty Co.
Starrett Investing Co.
-See Starrett Corp. below.
-Regular Quarterly Dividend.
(Frank G.)Shattuck Co.
The directors have declared a quarterly dividend of 6 cents per share on
the no par value common stock, payable July 10 to holders ofrecord June 20.
Three months ago, the quarterly payment on this stock was decreased to
-V. 136, P. 3177.
6 cents from 12% cents per share.
-Obituary.
Shell Petroleum Corp.
Thomas F. Lydon, Executive Vice-President & Treasurer, died in St.
Louis on June 5.-V. 135, P. 3705.
Signal Oil & Gas Co.(& Subs.).
-Earnings.
1932.
Calendar Years1931.
1930.
Gross sales
$6,187,272 $4.152,615 $4,566,107
Cost of open.royalties paid & gen.exp 5,857.341
3,315.487
3.805,378
Gross operating profit
Non-operating income
$329.930
130.574
$347.238 $1,250,620
609.385
330.109
Total profits
Interest paid
Prov. for deprec., deplet.. abandonments & Federal income taxes-Applic. to minority int. in sub. cos.
Amortizationof debt discount
Propor, of loss of Signal Gasoline Co.
of Texas
Uncoil. accts., loss on abandonment & miscellaneous charges
$460,504
149,173
$677,346 $1,860,005
175,063
y343,827
785.210
Cr13,521
Net loss accruing to corporation-Dividends paid
$144.041
1,166,796
3.493
12,290
32,027
67,229
$269,405prof$689,716
55,334
x439.696
Deficit
$144,041
$324,739 sur$250,020
x Not including stock dividend of $111,250. y Depreciation and
depletion only.
Sheet Dec. 31.
Consolidated Balance
1931.
1932.
1931.
1932.
$
$
Liabilities-Assets$
$
182,045 Accounts payable_ 476,310
Cash
430,922
119,643
22,494 Notes payable__
300,914
Marketable emir55,880
Accts. & notes leo. 415,425
570,685 15-yr. 63i% cony.
416,666
488,618
gold deb's., ser.A 2,045,000 2,195,000
Inventories
Purch.money ()Wig
Inv. in & adv. to
16,470
574,707 Accr. int. & taxes_
&MI. cos
575,992
27,690
27,549
Other inv. dc adv
98,243 1,375,833 Mortgage note_
28,250
Deferred credit__
Sec. pledged in
59,200
Trust deed pay___
28,250
connec. with Inc.
Special loan
tax litigation
166,266
180,697
It es. for Govern.
Gas & marketing
claim for addit.
contracts
500,000
inc. taxes, prior
Real est., producyears
ing prop., plants
392,984
Res. for amortiz.
& other operatof gas contracts
ing facilities__ __c1,618,032 10,393,049
and leases
Prepaid & deferred
1,028,079
238,969
369,119 Reserve for intang.
charges
297,591
drilling costs_
Good-will
791,628
Res. for depletion
& deprec. of oil
leases, equip. &
developing
599,292
Res. for deprec. of
plants & facilit's
1,659,478
Res. for conting__
250,000
Capital applic. to
minority Mts, in
subs
5,357
Class A com,stock a762,795 d4,375,975
Class B corn, stock b211,335 d1,297,525
Capital surplus__ _ 224.098
118,045
Earned deficit
144,041 1,090,458
Total
Total
4.205,118 14,274,141
4,205,118 14,274,141
a Represented by 152,559 no par shares. b Represented by 42,267
no par shares. c After depreciation and depletion of $4,140,898. d Par
value $25.-V. 135. p. 3173.
Shubert Theatres Corp.
-Lee Shubert Makes Offer,of
Stock in New Company to Old Security Holders Without Cost.
Creditors, stockholders and holders of debentures of the Shubert Theater
Corp. will receive one-half of the issued common stock of the Select Theaters
Corp. without cost to them, it was announced by Lee Shubert on June 4.
In this way, Mr. Shubert said, it is hoped that the investments of those
who lost in the Shubert corporation bankruptcy eventually man be retrieved.
The Select Theaters Corp. recently bought the assets of the Shubert
company at public auction for $400,000 Mr.Shubert is President of the new
concern, which is capitalized at $400,000 in 6% non-cum. pref. stock and
200,000 shares of common stock with par value. The defunct corporation
has filed liabilities of $6,360,000 in debentures, $1.182,400 in allowed
claims, $1,550 in unsettled claims and 210,360 shares of common stock.
The common stock of the new concern will be distributed as follows:
10 shares for each $1.000 debenture of the old, one share of common stock
in new firm for each $105 of allowed claims. one share of common stock in
the new concern for each 10 shares in the old.
The offer will remain open until Aug. 1, according to Mr. Shubert. who
further states:
"We all hope that the depression is over and that the investors in Selece
Theaters Corp. will soon find that they have bought at the bottom of tht
4105
Financial Chronicle
Volume 136 ,
market and that in a few years they will own a property which is producing
a large income. If this should happen. I would not be content to share in
the benefits of the recovery while those who have been my fellow investors
in Shubert Theater Corp. had suffered an irrecoverable loss. It is my
firm conviction that no holder of senior claims against the business enterprise, under conditions like the present, has the moral right to buy in the
properties at a forced sale without making every effort to give a fair participation to others who. in the past, had invested their savings in the
-V. 136, p. 2627, 2810.
enterprise."
Simmons Co.
-May Shipments Higher.
Deliveries to the trade in May by this company were $1.908.000, as
compared with $1.308.000 last year, an increase of $600,000, or 45.8_%•
Subsidiary companies' deliveries were $606,681. as compared with $305.948
last year, a gain of $300.733, or 98.2%. The total shipments of Simmons
Co. and subsidiaries in May were $2,514.681, against $1.613.948 in 1932,
a gain of $900,743, or 55.8%.
Unfilled orders of Simmons Co. and subsidiaries show a substantial
-V. 136. p. 3177.
gain, insuring a good month of June.
(L. C.)Smith & Corona Typewriters, Inc.-Sales Up.-
Pres. H. W. Smith announces that the value of orders booked by the
company during May showed an increase of more than 100% compared
with the like month in 1932.
The Syracuse plant of the company is now operating five days a week shad
employing more than 1,000 persons, it was stated. Prior to the recent
-V.126. p.339.
upturn,operations averaged only about two days a week.
-1932 Payroll Lower.
Socony Vacuum Corp.
The corporation's 1932 payroll was reduced $14,258,000 compared with
1931. and due to economies and other reductions, total operating, manufacturing, marketing and general expenditures were decreased $31,465,000.
Chairman H. L. Pratt said at the annual meeting held on May 25.
"It is well to point out, however," said Mr. Pratt, "that in the last
analysis a fair return on the company's investment will depend on receiving
a fair price for the product itself.
"We hope and believe the sincere endeavor on the part of the Administration at Washington and within the industry itself, to bring about a
balance of supply and demand, will result in an improvement in the situation."
President C. E. Arnott stated that the Rumanian oil agreement with the
International companies had worked out satisfactorily but that the situation
-V. 136, p. 3361.
is affected by the adverse oil conditions in this country.
-Earnings.
Solvay American Investment Corp.
1931.
1930.
1932.
Year End. March 311933.
Dividends received
$3,040.404 $3,101,031 53,021.974 $2,634,802
651.507
578,176
599,020
Interest received
880,689
2,081
2,695
1,533
Royalty
790
Profit on realization of
549,886
1.357.088
investments
loss1,011,901 1oss522,606
Total income
$2,909,982 $3,158,134 $4,172,962 54.646,093
750.000
750,000
750,000
Int.on secured gold notes
750,000
32.500
32.500
32,500
Disct. on notes payable_
216,193
237,292
258.589
251.355
General &c.. expenses- 154.165
31,947
10,944
10,646
Taxes paid & refunded
9,718
7,500
100.000
Federal income tax
Net income
$1,779,906 52.113,334 $3,113,726 $3,494,354
3,989.253
2,432,947
3,865.810
Balance. March 31
5,197.126
Dr527
tax adjustment _
Income
Total,surplus
$6,977,032 $5,979,144 $7,102,452 $5,927,301
634,032
1,343,904
1,375,007
Preferred dividends- - 1,318,027
1,800,000
1,200,000
Common dividends
Approp. as add'n res. for
61,635
104.016
_
153.542
secured gold notes_
Cr12,109
Add'n reserve for poss.
21,777
tax claims
Cr3,264
Excess of par value over
cost of pref. stock reCr193,830
acquired
Excess of face value over
cost of corp. 5% gold
notes purch. but not
Cr236.292
retired
written down, $521,274; prov. for contingencies, $200,000; prov. for
special inventory adjustments. $30,000.
x Includes operations of Diamond Electrical Mfg. Co.. Ltd., Los Angeles.
and subsidiary prior to the acquisition in 1930 of 85% of the common stock
of that company by Square D Co.
Condensed Consolidated Balance Sheet.
Dec. 3132. Dec. 2631.
LiabilitiesDec. 31'32. Dec. 27'31.
AssetsCash & ctts. of dep $407,482 $363,652 Accts. pay., pay$55,700
$35,199
rolls, &c
25,090
Marketable secs._
312,004 Accr. int., taxes
Notes & accts. rec. 1181,851
36.248
34,288
insurance, &c.._
823,648
685,232
Inventories
9,750
91,158 Accts.pay.(secur.)
144,472
Other assets
Est. State & Fed.
Land, bidgs., ma24,808
6,405
income taxes_ __
chin.& equip_ _ _y1,589,986 2,086,217
1 Mtge. payable (due
1
Good-will
42,500
1933)
1
Patents
1,100,000 1,236.000
173,453 Funded debt
40,375
Deterred charges__
6,000
205,500
Ras, for contIng
86.671
72,799
Minority Interest_
Class A pref. stocka1,007,280 2.014.560
71,664
Class B corn, stock b71,664
Capital surplus_ _ _ 287,309
318.481
Earned surplus... 201.794
$3,074,489 $3,850,133
Total
Total
$3,074,489 $3,850,133
z After deducting reserve for doubtful accounts of $47,992. y After
deducting reserve for depreciation of $843.595. a 100,728 $2.20 class A
-V. 134, p. 3997.
pref. at stated value. b 71,664 shares at stated value.
-To Be
Southern Loan & Investment Co., St. Louis.
Liquidated.
The company will be liquidated, Meal J. Ross. State Securities Commissioner of Missouri.announced May 25. The permit of the company recently was canceled after complaints had been received that it was charging
excessive interest rates.
-See
-Reorganization Plan.
Southern United Ice Co.
United Public Service Co. under "Public Utilities" above.
-V.128, p. 4020.
-Extra Distribution.
Sparta Foundry Co.
An extra dividend of 10 cents per share has been declared on the common
stock, no par value, in addition to the usual quarterly dividend of 25
cents per share, both payable June 30 to holders of record June 15. Regular
quarterly distributions of 25 cents per share have been made since and
including March 31 1932, prior to which 50 cents per share was paid each
quarter.
-V. 134, p. 1974.
-Earnings.
(E. R.) Squibb & Sons.
1931.
1932.
Calendar Years81,236,457 $1,651,234
Net profit after deprec., Fed. taxes. &c
450,785
450,949
Shares common stock outstanding (no par)
$2.92
$2.00
Earnings per share
Consolidated Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
$
$
LiabilitiesAssets
338.441
2,031,760 1,462,703 Accounts payable_ 324,882
Cash
aAccts. receivable 2,274,514 3,072,648 Notes dc accept.
3,554
3,411
payable
Trade notes & ac381,988
34,636 Comma., disc., &c 328,125
cept. receivable. 399,652
229,967 Prov. for Fed. Inc.
119,528
Other receivables_
232,086
166,947
tax
2,000,290 2,163,723
Inventories
158,227
153,785
Due affil. cos
Inv. In & advances
Surp.from redemp.
120,979
42,200
to affiliated cos_
23,236
of pref. stock_ _ _
N. Y. C. notes &
76,371
29,524
Reserve
spec, rev. bonds 504,208
cCapital stock___ 6,805,157 6.805,157
50,178
Due from Mill. cos
4,997,222 4,703,233
Surplus
State, county &
21,105
munic. warrants
105,934
Sundry Investmls 119,170
Divs. rec. on Calm.
6,622
pref. stock
371.629
Treasury stock_ __ 292,434
1,000
1,000
Leaseholds
640,881
618.215
Deferred charges
bldgs., machin.& equip.... 3,165,445 3,293,482
Good-will, patents,
trademarks, &c. 1,192,591 1,192,854
Balance, March 31--- $5,674,378 $5,197.126 $3,865.810 $3.989.253
Earns. per sh.on 300.000
$5.79
$9.53
52 56
corn. stock (no par)_ _
$1.54
Balance Sheet March 31.
1932.
1933.
1933.
1932.
12,832,289 12,697,657
Total
12,832,289 12,697,057
Total
$
Liabilities$
Assets$
$
a After reserve for doubtful accounts of $103,445 in 1932 and $97,488
Cash
3,991,143 1,286,015 y Notes pay., sec.
for depreciation of 51.731,471 in 1932 and
in 1931. b After reserve
series A
10,062,000 10,062,000
Investments
76,311,138 78,239,689
$1,493,245 in 1932. c Represented by 57,914 (59.440 in 1931) shares
41,925
41,925
Advances
8,996,927 8,777,714 z Interest accrued.
$6 1st pref. stock and 450,949 shares of common stock, both of no par
4,800
26,548
Int. & diva. accr_
15,524
321,12 Sundry creditors_
-V. 134, p. 4173.
value.
Cash reserve fund- 1.500,000 1,512,109 Eat. res. for Fed.
income tax
25,000
Unamort. disct. on
-Dividend Omitted.
-Standard Chemical Co., Ltd.
216,193 Special reserve._ 1,500,000 1,512,109 ---notes payable_
The directors recently decided to omit the annual dividend ordinarily
Cum. pref. stock. 24,034,000 24,034,000
payable about June 27 on the capital stock, no par value. On June 27 a
x Common stock.._49,475,880 49,475,880
year ago, an annual distribution of 50 cents per share was made, compared
Earned surplus_ _ _ 5,244,256 5.197,126
with $1 per share on June 261931.-V. 135, p. 644.
430,122
Capital surplus_
Total
Total
90,814,731 90,352.841
90,814,731 90,352,841
x Represented by 300.000 no par shares. y After deducting $4,938,000
worth of bonds purchased and held by corporation but not retired. z After
deducting $20,575 as interest on bonds held (see note y)
.-V. 136, p. 2628.
Square D Co.(& Subs.).
-Earnings.
Years EndedDec. 31 '32. Dec. 26 '31.:Dec. 27 '30.
Prof. from oper. after deduct, cost of
goods sold, depr.,sell. & adm.exp_loss$138,230
$189,692
$149,192
78,242
Other income
41,539
31,206
loss$59,988
Total income
71,482
Interest
Amortization of deb. disc. & expenseFederal and State income tax
Profit applicable to stock ofsubsidiary
loss6,984
held by public
5190.731
81,556
6,598
18,690
5.445
17,205
Combined net profit
loss$124,487
Net profit ofsubs, prior to date ofseq.
in 1930, after provision for minority
interest therein
$78,443
$93,572
Net profit of co. and all subs, not
incl. profit of subs, prior to date
loss$124,487
of acquisition
318,481
Previous earned surplus
Adjusts. applic. to prior periodsOver-prov.for Fed.& State inc. tax
Less valuation adjusts.& sund. debits
a1,048,577
Additional credits
$1,242,571
Total surplus
Divs, paid in cash-on class A stockOn class B stock
Stock div. of 1.329 shs. of cl. B stock
2,194
Good-will charged off
6751,275
Sundry charges
$220,899
81,417
7.735
20,970
39,288
$78,443
415,302
$54,285
675,853
21,788
Dr18,137
$493,745
138,556
$733.788
212.398
104,759
1.329
36.708
$318,481
$489.103
$415,302
• Consolidated earned surplus
a As follows: Reduction in stated val. of 100,728 she. of cl. A pref.
stock from $20 a sh. to $10 a sh., $1,007,280: increase in carrying value
of investment in Square D Co. of Canada. Ltd., to state new securities
received in reorganization at the approx. book value thereof, $39,849;
adj, for cumul. pref. stock dive. of Diamond Electrical Mfg. Co.. Ltd.,
$869; adj. for sale of cap, stock of Square D. Co. of Texas to Diamond
Electrical Mfg. Co.. Ltd., $578. b As follows: Carrying value of assets
-Earnings.
Standard Screw Co.
1931.
1932.
Calendar Yearsloss$162,909 loss$94,459
x Net profit
49,548
49.548
Pref. div. A (6%)
Common dividend_--(2%)119,000 (5)297.500
def$331,460 def$441.507
Balance, surplus
3.841,773
3,400,266
Previous surplus
Approp. as add. reserve_
1929.
1930.
$534,958 $1,403,480
49,548
49,548
(8)476,000 (9)535,500
$9,409
3,832,363
$818,432
3,113.931
Dr100,000
Profit & loss surplus_ - $3,068,809 $3,400,266 $3,841,773 $3,832,363
Shares of corn, outstand59.500
59.500
59,500
59,500
ing (par 8100)
$22.75
$8.16
Nil
Nil
Earns. per share on com _
x After making provision for depreciation of plants and Federal taxes.
Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
Assets
825.800
:Plant & equIpm't 5,884.689 6,036,786 6% pref. stock___ 825,800
1,006,179 1,220,162 Common stock.- 5,950,000 5.950,000
Inventories
76.541
59,419
471,475 Accounts payable_
278,197
Accts. receivable
84,274
54,524
75.990 Dividends payable
Sundry trade inv.
12,705
48.426
50,138
U. S. Gov. securs. 1,705,722 1,609,543 Reserve for taxes_
70,212
25,005
Co.'s corn. Mock
97,727 Res. for conting__
154,390
65,000
671,300
Co.'s pref. stock
657,900 Res. against Invest
3,068,809 3,400,266
320,512
Cash
350,937 Surplus
Total
Total
10,033,694 10,520,519
lc After depreciation reserve.
-V. 134, p. 3997.
10,033,694 10,520.519
-New Officers, Etc.
Standard Oil Co. (New Jersey).
v, S. Farish on June 6 was elected Chairman of the board. He has been
a director several years and has just resigned as President of theliumbie
Oil & Refining Co., a subsidiary. The position of Chairman of the New
Jersey company had been vacant since the death of George H. Jones on
Nov. 22 1928.
Christy Payne, a director and Treasurer of the company, was made a
Vice-President. A. C. Minton. who was Assistant to R. G. Stewart, and
is President of the Pan American Foreign Corp., a subsidiary, was elected
Secretary to succeed Charles T. White. retired. 'I'. C. McCobb, formerly
Assistant Controller, was made Controller, succeeding L. E. Freeman,
resigned. Mr. Stewart was placed in charge of domestic marketing to
succeed J. H. Senior, resigned, and will add that work to the direction of
the other company.
The election of Frank W. Abrams as President of the Standard Oil Co.
of New Jersey, incorporated in Delaware, to succeed C. G. Black, retired.
also was announced. Mr. Abrams was formerly a director of the company,
4106
Financial Chronicle
which is an operating subsidiary of the parent organization, the Standard
Oil Co. of New Jersey.
At the annual meeting of the New Jersey company the board of directors
was reduced from 19 members to 13. The reduction was due to the death
of Walter Jennings this year and the retirement of S. B. Hunt. C. 0.
Black, E. M. Clark, H. Riedemann and J. H. Senior. The other retiring
directors were re-elected.
-V. 136. p. 3520.
Starrett Investing Co.
-Acquires Assets of Seneca Realty
Co., formerly Starrett Investing Corp.
-See Starrett Corp.
above.
Starret Investing Corp.
-Assets Transferred-Dissolution.
-See Starrett Corp. above.
-V. 136, p. 1735.
(A.) Stein & Co.
-Earnings.
Calendar YearsGross prof.from oper___
Operating expenses
Net profit
Other income
1932.
19'11.
1930.
1929.
$945,113 81,799,827 62.221,652 82,734,518
1.020.207
1,280,077
1.601,050
1.856,340
loss$75,094
54,931
$519,750
90,531
$620,601
88,062
$878.178
79,709
Total income
loss$20,163
Other deductions
76.996
Prov.for Fed.taxes(est.)
8610,281
54,027
60.700
$708,663
58,538
75,700
8957,887
49,319
93,000
$495,554
$574,425
$815.567
31,970
39,869
93,613
8527,524
113.642
384,000
$614,295
129.157
384,000
$909,184
149.680
96,000
Net prof., incl. diva.
from sub. cos. (carried to surplus) _ _ _ _ loss$97,159
Prop, of net prof. ofsub.
applicable to stock
owned by A. Stein &
Co.(net)
Divs.from sub.cos
20.778
Total combined net
profits
loss$76,381
Preferred dividends__ _ _
101.206
Common dividends
60.000
Balance,surplus
8237.587
$29,882
$101,138
Earns, per sh. on 240,000 sirs. com.stock (no
par)
Nil
$1.60
$2.02
Comparative Balance Sheet Dec. 31.
Assets
1932.
Liabilities1931.
1932.
Cash
$718,528 $ 323,903 Accounts payable_ $70,320
Marketable secure. 998,850 1,252,805 Accrued expenses_
11,302
Accts.& notes rec_ 411,973
595,515 Accr. real & PerInventories
525,915 1,068,451
sonal property
Invest. In sub. cos. 709,303
709,303
taxes (est.)
52,500
Unlisted stocks &
25,023
Dividends payable
bonds owned...
7,835
19,535 Employees'dep._
4,062
Due from empl.,Sze
14,946
19,049 Fed. Inc. taxes,est_
Co.'s capital stock
1,539,800
634% pref.stock
& adv. to empl.
y Common stock
1,200,000
on co.'s stock_ _
152,173 Surplus
78,060
1,365,251
x Land, bldgs., machinery,eq., etc. 743,079 x784,810
Invent. of supplies
11,233
10,784'
Prepaid insur., &c.
24.438
22,209
Advances to salesmen,&c
6,775
7,800
Good-will, patents,
trade-mks., &c.
20,000
25,000
$663,504
$3.18
1931.
$117,448
7,508
49,200
26,209
2,806
60,700
1,774,300
1,200,000
1,755,846
Total
$4,268,258 $4,994,017
Total
$4,268,258 $4,994,017
x After deducting $744,305 reserve for depreciation in 1932 (1931 $694,y Represented by 240,000 shares (no par).
-V. 136, p. 2259.
Starrett Corp., New York.
-Annual Report.-
Paul Starrett. Chairman of the board states in part:
Due to large operating deficits causing continued drains on the corporation's cash, it was found necessary, in order to protect Its other assets, for
Starrett Investing Corp. to abandon its interest in the buildings owned on
leased ground by Starrett Lehigh Building, Inc., 3 East 57th Street Corp.
and Starrett Ohio Corp.. including that corporation's investment in the
Netherland Plaza Hotel at Cincinnati, Ohio.
Through the reduction in the stated book value of the common stock
(approved at a special meeting of the stockholders, Aug. 9 1932) from
69,601,450 to $380.050 a capital surplus was created. Against this capital
surplus and the earned surplus were charged the losses incurred by the
corporation in the liquidation of its subsidiaries, the reduction in good-will,
the write-off of preferred stock expense and the reduction in book value
of other investments.
Construction Activities.
-In the further interests of economy, Starrett
Brothers, Inc., of Ill, was liquidated and all construction activities are now
carried on by Starrett Brothers and Eken, Inc., of New York. All construction work under contract was practically completed during the year
with the exception of the contract for the construction of a post office in
Philadelphia,
for the U. S. Government.
The following is a summary of the business executed during the past
year and the unfinished business on hand:
Unfinished business on hand. Dec. 31 1931
$10.583,970
New business acquired during the year
4,110,550
Total
814,694,521
Work executed during the year
9.575,875
Unfinished business Dec. 31 1932
$5,118,645
Real Estate Investments.
Seneca Realty Co.
-In accordance with a plan of reorganization approved
by the Chancery Court, of Delaware. Seneca Realty Co.. formerly Starrett
Investing Corp., transferred to Starrett Investing Co., the new corporation
organized pursuant to the plan, all of its assets in consideration of all of the
common stock and a non-interest bearing note due April 1 1950, in the
principal amount of $2,500,000 of Starrett Investing Co., the new
tion. The plan of reorganization provided for the assumption by corpora-.
Starrett
Investing Co. the new corporation, of the 5% secured gold bonds, series
of 1950, and'
current bank indebtedness of Starrett Investing Corp., the
old corporation, and also for the dissolution thereof. During the past year,
this company purchased and canceled $200,000 face value of Starrett Investing Corp.5% secured gold bonds, series of 1950. The amount of these
bonds now outstanding is 88,150,000.
Starrett Investing Co.
-This company has acquired all of the assets of
Seneca Realty Co., formerly Starrett Investing Corp., the old corporation,
pursuant to the plan of reorganization referred to above.
Wall cit Hanover Street Realty Co. owns in fee the 35
-story building at
63 Wall St., which is substantially rented, meets all its mortgage obligations
and yields a profit to your corporation.
Starrett Syracuse Corp. and Starrett Oklahoma Corp.
-Duo to the unfavorable conditions existing in real estate, it has only been possible to
partially rent available space in the buildings owned by these corporations
and, as a result, they are being operated at a loss.
.Starrett Real Estate In.provement Corp. is inactive and it is expected
that its charter will be surrendered this year.
Forty Wall Street Corp.
-Starrett Investing Co. owns 66.25% of the
common stock, all of the preferred stock and 66,281.000 general mortgage
8% sinking fund gold bonds of this corporation, owner of the Manhattan
Co. Building, located at 40 Wall St., N. Y. City. The general mortgage
bonds are pledged as collateral for the Starrett Investing Corp. 5% secured
gold bonds. The income of Forty Wall Street Corp.for 1932 was insufficient
to meet all of its 2d mortgage interest and 2d mortgage sinking fund requirements. Your corporation, through its subsidiaries, advanced the funds
necessary for Forty Wall Street Corp. to meet its 2d mortgages interest
requirements in full and sufficient of its Forty Wall Street Corp. general
mortgage 6% sinking fund gold bonds to enable the corporation to meet
the sinking fund requirements. The amount due Starrett Investing Co.
from Forty Wall Street Corp. at Dec. 31 1932 is 61,016.334 and is not
considered collectable at ohis time.
June 10 1933
Canadian Investments.
Starrett Investing Co. is the owner of mortgages aggregating $1,834.000
of Stimson's Office Buildings, Ltd.. owner of the 20 story Marine Building
in the City of Vancouver, B. C., Canada. These mortgages are in default.
It was deemed inadvisable (with the approval of the corporation's Canadian
attorneys) in order not to interfere with negotiations for a new mortgage
and a possible sale of the property, to commence foreclosure proceedings.
Control of Stimson's Office Building's, Ltd., is exercised through the class
B voting stock, all of which is held by your corporation or its nominees.
Starrett Investing Co. is the owner of mortgages carried at $123,460
with a face value of $217,500 on property on University Ave.. City of
Toronto, Canada, subject to prior liens amounting to $83,550. These
mortgages are in default and we have commenced proceedings to reduce
this property to possession. In addition thereto, mortgages against the
same property in an amount of $450,000. are held as collateral security
against any losses that may be sustained by Starrett Investing Co. as
owner of an issue of Stimson's Office Buildings. Ltd., 65i% general mortgage bonds, Marine Building, Vancouver, B. C., Canada.
Liquidation.
-During the past year, the interest of your corporation in
the following subsidiary corporations was entirely liquidated: Starrett Lehigh
Building, Inc.; Starrett Ohio Corp.: 3 East 57th Street Corp.; Starrett
Brothers, Inc., of
Starrett Building Co., of Ill.; Starrett Brothers,
Inc., of New York; Warterfield Building Corp., of Ill.
Decrease in Capilal.-The stockholders at the annual meeting held on
April 10 1933. voted to reduce the capital of the corporation from $17.580,050 to $3,820.050. such reduction to be effected as follows: Reduction
of $50 par value pref. stock to $10 par value per share: reduction of $10
par value pref. stock to $2 par value per share; changing the authorized
common stock, without par value, to par value of Si per share. Directors
propose to apply the surplus created by such reduction of capital to a
charge-off of good-will to the extent of $5,000,000 and to a write-down in
the investment of the corporation in the capital stock of Forty Wall Street
Corp. and in other holdings.
Income Account for Calendar Years (Including Wholly Owned Subsidiaries).
b1932.
1931.
a1930.
Operating revenue
$2.282,652 65,286,310 $4,806,853
Oper. exp. (incl. real estate taxes &
depreciation)
1,715.625 3,539,862
1,447,018
Operating profit
Other deductions (incl. bond & mtge.
Interest, amort., Federal and State
Taxes,&c.)
$567.027 $1,746,448 $3,359,835
c412,594
c429,783
1,177,561
Net income for the year
$154.432 $1,316.665 $2,182,275
Earned surplus. Dec.
2,341.422
2,166,442
1,016,167
Net def. of cos. assigned or disposed
of during 1932
343.814
Life insurance on officers
382,147
Profit on bonds purchased
136,303
Miscellaneous
66,514
vcredits
Red. in book alue of common stock- 9,221,400
Gross surplus
$12.646,033 $3,483.107 63.198,442
Dividends paid
761,000
1,032,000
Reserve provision for contingencies535.993
355.236
Prior year adjustment
80,053
Reserve for doubtful accounts
83.350
Amortiz, of discount on pref. stock
1,019,667
Good-will
1,700.370
Red. In book value of land of Wall &
Hanover St. Realty Co
1,369,936
Interest,---subeld. cos, written off_ _ .... 6,906,693
Other investments written off (net).262.480
Other charges
25.449
Earned surplus Dec. 31
$687.489 $2,341,422 $2,166,442
Earns, per sh. on 380,050 she.com.stk
Nil
$3.02
$0.76
a Includes operations of 3 East 57th Street Corp.from July 15 to Dec.31
1930. b Includes operations of Starrett Ohio Corp. from March 1 and
Syracuse Corp. from July 1 to Dec. 31 1931. c Interest on Starrett Investment Corp. bonds only. d Exclusive of operations of the following
subsidiaries in which corporation's interest was entirely liquidated during
the year 1932: Starrett Brothers, Inc., of ill.; Starrett Lehigh Building, Inc.;
Starrett Ohio Corp.; 3 East 57th Street Corp.
Note.
-The gross revenue for 1932 includes interest on Forty Wall Street
Corp. gen. mtge. 6% sinking fund gold bonds amounting to 6385,372.
Cash necessary for the payment thereof was partially advanced by Starrett
Corp. The deficit of Forty Wall Street Corp. for 1932, amounted to
6636.449, of which Starrett Corp.'s participation amounted to 6421,648.
Consolidated Balance Sheet Dec. 31.
1931.
1932.
1932.
1931.
LiabilUtes-Assets
$
Cash
255,251 1,114,470 Notes payable_ ___ 552,404 1,107,877
Accts. payable_
Life insur. policies.
105,521
58,111
505,922
Notes receivable
24,913 Accr.ta xes,int.,&c. 303,958
17,199
734,494
Accts. receivable
132,150 2,087,867 Notes pay., tong-t. 160,000
Accr. int. receivle
149,151 Bet rental suspense
77,865
29,035
Invest.securIties_11,441,971 12,549,191 Real estate mtges. 5.973,925 22,487,125
40 Wall St. Corp 1,016,334
5% secured g. bds. 8,150,000 8.350.000
RI. Eat. Bldgs., &014,891,558144,747,084 Deferred credits_ _
1,499
499,568
.
Good-will
Res. for accident
5,000,0001
ins., dIv. & cont. 683,195
Notes & accts, rec.
631,627
6% pf.stk.($10par) 2,600,000 2,800,000
suspense
29,035
6% pf.stk.($50par)14,600,000 14,600,000
Deferred and Pre1.307,602 2,788,810 a Common stock__ 380,050 9,601,450
paid charges_
Eat ned surplus_ _ _ 687,490 2,341,423
Total
Total
34,227.076 63,459,486
34,227,076 63.459,486
x Represented by 380,050 shares (no par). y Advances made Forty
Wall Street Corp.. an affiliate company, which are not considered collectable at this time. The accumulated deficit of Forty Wall Street Corp.
as of Dec. 311932. amounts to $915,554. of which corporation's participation amounts to $606.554.
-612,200 shares of common stock are reserved for delivery upon
Notes.
the exercise of stock purchase privileges.
The accumulated unpaid dividends on Starrett Corp. pref. 6% cum.
stock amounted to $1,303,000 at Dec. 311932.
The Starrett Corp. has a contingent liability as guarantor on bond of
Starrett Brothers & Elton. Inc. for $2,300,000 to the U. 8. Government for
completion of the Philadelphia Post office building.
Starrett Brothers & Eken, Inc. has a contingent liability to repurchase
on or before March 18 1937. 208 units of the capital stock of Newark and
Essex Building Corp. for $25,000 plus unpaid dividends.
Seneca Realty Co. has a contingent liability as guarantor of the payment
of a joint note and interest thereon of Thomas Emery's Sons, Inc. and
Starrett Ohio Corp. for $12,000,000 in favor of the Northwestern Mutual
Life Insurance Co. The note is secured by a first mortgage on Real Estate
& Carew Tower building located in Cincinnati, Ohio.
Starrett Investing Co. has an account receivable from Starrett Oklahoma
Corp. which has been assigned to First National Bank of Chicato, as
collateral for note of 8200,000.-V. 136. D. 2628.
-Board Increased.
Stewart-Warner Corp.
-
The corporation on June 7 held its final adjourned stockholders' meeting.
The director ticket offered by the management was elected by approximately a two to one vote. The new board of directors is comprised of the
following members: C. B. Smith, L. H. LaChance, V. R. Bucklin, J. E.
Otis Sr. Ralph M. Shaw, It. J. Dunham, Eugene V. R. Thayer, Sidney
Adler, all of Chicago and R. J. Graham of Belleville, Ontario, Canada.
The previous board comprised seven members but was increased to nine,
the two new members being Sidney Adler and R. J. Graham.
-V. 136.
p.3554.
(S. W.) Straus & Co., Inc. (Del.).
-Management Company Sold.
See Reliance Property Management Co. above.
See also Albert M. Greenfield & Co., Inc., above.
-V. 136, p. 1735.
Studebaker Corp.
-Increases Production.
The corporation has Increased its June production schedule to more than
5,000 cars from 4,500 originally. Under the now schedule June production,
Financial Chronicle
Volume 136
contrary to the usual seasonal trend, will exceed May by about 1.000.
May production of Studebaker and Rockne cars was 4,079.
"Our production schedule for June called for 4,500 cars," said George
Keller, Sales Manager of the Studebaker Sales Corp. "These cars and
more have been ordered by our dealers. Therefore our original production
schedule has been increased and will exceed 5,000 cars.
"Dealer retail deliveries are keeping pace with production and dealer
stocks remain low. This mid-summer increase in sales is unusual and is
the definite evidence that the country is on the way upward. Our increase
in business this spring has been consistent. April was ahead of March and
May was above April.
"There are now 5,800 people working in our plants and we have added
121 new dealers since March 21."
"The scheduled production of more than 5.000 cars this June will compare with production of 3.209 cars in June 1932, an increase of better
than 55%.-V. 136, p.3922.
Stutz Motor Car Co. of America, Inc.
-Earnings.
-
Years Ended Oct. 31Net sales__ - - Cost and depreciation_ _
Sell., adm. & gen. exp..
1932.
1931.
1930.
1929.
$569,628 $1,340,558 $1,750,481 $10,013,578
1,266,492
2,158.267
647,138
9.550,550
178,014
109,329
267,451
1,410,865
Net loss
Other income
$186,838
Loss
Other deduc'ns (net)_ _ _
Net loss fr. branch oper_
Estraordinary losses_
$186,838
18,581
109,770
Net loss
Previous surplus
Burp, arising fr. bonds_
Surplus arising from sale
ofstock _
Net refund prior years'
income taxes
Surplus arising from issue
of capital stock
Adjust. of mdse. invent_
Cancell. of res.for specific
contingencies
Burp. arising through a
compromise settlement
with creditors on open
trade accounts__ _ _ _
$315,190
$296,270 $1,161,666 $2,419,657
921,863 def971,997
1,879,260
3.147.468
62,806
78,339
Total
Organ. exp. chgd. off_
Good - will reduced to
nominal value
Loss on lease applic. to
prior years
Adjustments
$647,548
$103,948
$103,948
23,738
168,585
$675.237
$675,237
202,118
284,311
$947,837
32,536
$915,301
292,720
302,078
909,557
1,078.060
29,646
30,406
2,092,148
107,968
10,468
436,695
2931.849 $1,246,741 $1,884,209
102,948
2,100,000
9,985
DrI5,789
Dr4,949
Profit & loss surplus- $647.548
$921,863 def$971,997 $1,879,260
Consolidated Balance Sheet Oct. 31.
Assets
1932.
LtabilUtes1932.
1931.
1931.
Cash
$167,683 $289,846 Notes payable_
$3,150
Notes & accts. rec..
y9.821
83.585 Accounts payable_ $38,200
126,883
Inventories
133,255
315,407 Accrued payrolls,
Other assets
292
41,147
10,189 expenses, &e_ _ _
55,485
Fixed assets
1,259,215 1,340,185 7Si% cony, gold
Invest. in & accts.
debentures
346,000
359.000
with subs. cos._
Reserves
90,311
12,981
Good-will and patx Cap. stk. outst's 591,918
.558,322
ents
1
647,548
1 Surplus
921,863
Prepaid insurance,
contracts, &c.__
4,253
18,530
4107
making that concern the distributor of all Thermoid
oil
industry in the United States and foreign countries. products for the for
The contract is
five years.
"This contract means," said President R..1. Stokes, "that the Oil Well
Supply Co., will give preference to the use and sale of Thermoid rubber
products used in oil fields and for drilling, pumping, refining and pipe line
transportation. The Oil Well Supply Co. manufactures a complete line of
oil country machinery. Thermoid rubber products will be used as part of
the original equipment as well as for replacement purposes."
-V. 136, p.
3555.
Third National
Approved.
-
Investors
Corp.
-Purchase
of Stock
The stockholders on June 8 approved a proposal to purchase 52,724 shares
of the corporation's own common stock from the Atlas Corp. at 90% of
the asset value of the stock as of that date.
-V.136, p. 3922.
Thompson Products, Inc.
-May Sales Higher.
Month ofMay 1933. April 1933. May 1932.
Gross sales
$462.681
$347,221
$314.598
-V. 136, p. 3555.
Tishman Realty & Construction Co., Inc.
Calendar Years
Gross income
Gen. and corporate explnt. and oth.finan. exp..
Loss on sale of properties
Othei deductions & losses
Provision for deprec. and
obsolescence
Provision for taxes and
contingencies
Net profit
Potential profit
Subs.).
1931.
1930.
1929.
$683,955 $1,195,408 $2,118,804 $2,527,510
335.146
379,135
364,412
379.308
270,502
261.259
374,953
407,596
748.608
915.450
551,697
53.310
566.397
548,032
479.872
100,000
344,056
154.000
def$1,888,395 def$961.778
$899,568 $1.242.551
x1,126.979
Total realized and potential profit
def$1,888,395 def$961,778
$899,568 $2,369,530
Shares of corn. stk. outstanding (no par)____
398,341
398,341
400,000
400 000
Earnings per share
Nil
Nil
$2.24
ii.10
x On building completed during year if sold at the respective values
thereof on Dec. 31 as appraised by Horace S. Ely & Co., lees provision for
Federal taxes.
Consolidated Balance Sheet Dec. 31.
1932.
1931.
1932.
1931.
AssetsLiabUWes5
5
Cash
208,847
198,231 Notes payable____ 1,981,997 1,800,000
Notes & accts. ref,- 125,015
107,797 Loans pay., sec_ _ _ 1,525,667 1,428,750
xReal estate, bldg.,
Loans pay., unsee_ 745,196
765,979
leaseholds, *0_11,889,626 12,994,748 Accounts payable.
71,042
107,245
Send y notes &
Contracts payable
10,240
accounts rec._ . 5,409
.
37,079 Real estate taxes
Mtges. receivable_ 1,039,409 1,429,680
pay., past due__ 408,554
Security deposit on
Accr. int. on mtge.
leaseholds
5,000
5,000
and loans
1,164,320 1,194,870
Deferred charges._ 243,900
332,565 Rents rec. In adv_ _
65,472
61,698
Res. for taxes &
contingencies
513,780
398,405
yCapital stock_
6,413.845 6,413,845
Surplus
627,334 2,924,067
Total
13,517,206 15,105,099
Total
13,517,206 15,105,099
x Aftet depreciation and mortgages payable of $39,288,000 in 1932 (1931,
$39.418,150). y Represented by 398.341 shares of no par value.
-V. 134.
P. 2927.
•
Title Guarantee & Trust Co.
-New Director.
-
Total
$1,884,812 82,037,684
Total
31,884,812 82,037,684
x Represented by 119.241 no par shares in 1932 and 111,664 in 1931.
y Accounts receivable only; after reserves of $18,408.-V. 135 p. 4570.\
Harold W. Hoyt, a Senior Vice-President, has been elected a director to
succeed the-late Ranald H. Macdonald.
-V. 136, p. 2629.
Supplee-Biddle Hardware Co., Philadelphia.
-New
President.
-
Years Ended Dec. 311932.
1931.
1930.
Net profit
$46,407
$48.262
$49.249
Balance Sheet Dec. 31.
Assets1932.
1931.
Liabilities1932.
1931,
Good-will,tr.-mks.,
Capital stock
$1,500,000 $1,500,000
&a
$433,114 $433,114 Accounts payable
4,964
4,058
Inv.In sub.& MM.
Special notes pay- 3.000,000 3 000 000
. .
cos
4,137,023 4,137,023 Res, for conting__
6,611
6,611
Marketable secure 178,278
174,301 Reserve for taxes_
6,000
Treasury stockSurplus Dec.31_ _ _
327,670
327,436
10,000 shares......
9,964
8,300
Cash
30,275
33,177
Accts. receivable
47,797
43,177
Inventories
8,794
9,014
William George Steitz has been elected President to succeed the late
William B. Munroe. Mr. Steitz was formerly Vice-President and General
Sales Manager.
-V. 135, p. 831.
Ten East Fortieth Street Corp.
-Foreclosure Ruling.
A decision affecting reorganization plans of the property was handed
down June 2 by the Appellate Division of the N. Y. Supreme Court.
The Court affirmed an order permitting a bondholders' committee headed
by Lee S. Buckingham to intervene in foreclosure proceedings started by
the Chase National Bank as trustee.
The committee represented the holders of 2258,500 in bond certificates
of a total issue of $5,373.500. A majority committee composed of James
G. Blaine, Harvey D. Gibson, Alvin J. Schlosser and others had been
formed previously, and on Jan. 21 it had on deposit certificates representing
70% of the total issue. This committee, representing the bankers who sold
the bonds had announced a plan of reorganization of Nov.30.
The opinion by Justice Merrell, permitting the Buckingam committee
to intervene, said that the latter had protested aganist the majortity coin..
mittee plan on the ground that it was for the benefit of stockholders. The
Court said that the property had been successful and even during the receivership had earnedl more than $360,000 a year net, or nearly 7% on the
bond issue.
Justice Merrell said that "the stockholders were clearly planning to get
the property back under a reorganization plan with the mortgage debt
lightened and the diversions which they had made of the rents and income
of the property condoned."
As a result of the decision it is expected that the reorganization plans
will be hoard shortly in the Supreme Court.
-V. 136, p. 3555.
Texas Pacific Land Trust.
-Receipts and Expendituresfor
Calendar Fmrs.-
ReceiptsOil and mineral rentals,
royalties and grazing
rentals
Bills receivable, principal
and interest
Cash payments on land
sales
Sundries
Treas. bills & ctfs., and
eds. of dep. matured_
Total receipts
Expenditures
General expenses
Land taxes
Income tax
Surveys & engineering_
Paid on account indebtedness and interest_ _ _
Paid on account certificates of proprietary interest purchased
Sundries
Total expenditures_ _ _
1932.
1931.
1930.
1929.
$298,235
$299.978
$831,987
$659,648
35.713
42,697
61,964
143,934
657
2,891
2,393
1,449
1,686
4,573
12,508
10,666
90,000
$427,497
$346,519
2900,211
2826,757
$72,582
72,550
15,493
5,862
$106,287
37,901
68.584
28.353
$140,157
68,293
48,421
36,491
$118,870
68.990
61.222
6,240
56,714
94,477
48,865
1.250
2.700
555,215
2,800
$224.451
$338,304
1.059,526
$900.244 $1.314,850
-v. 134. P. 1599.
-Dividend Omission.
*..,Texon Oil & Land Co.
The directors have voted to omit the quarterly dividend usually payable
about June 30 on the capital stock. The last regular quarterly payment of
25 cents per share was made on March 311933.-V. 136. p. 3922.
Thermoid Co.
-Concludes Contract.
Announcement is made by this company that a contract has been effected
with the Oil Well Supply Co., a subsidiary of the United States Steel Corp.
and one of the oldest and largest distributors of oil supplies in the world.
Tobacco Products Export Corp.
-Earnings.
-
Total
$4,845,246 $4,838,105
-V. 134, p. 3998.
Total
24,845,246 24,838,105
Trans
-Lux Daylight Picture Screen Corp.
-Suit to
Void Merger.
-See News Projection Corp. above.
Percy N. eurber, fresident is quoted as follows: "The contract which '
was made Apr. 211931. has been declared valid and binding by arbitration,
as provided, from which there is no appeal."
-V. 135. p. 2668.
Tuscora Brewing Co., Canton, Ohio.
-Stock Offered.
E. (I. Tillotson & Co., Inc., Cleveland, early in April
offered 250,000 class A common at $2 per share (as a
speculation).
CapitalizationAuthorized. Outstanding.
Class A stock (par $2)
350,000 shs. 350.000 sits.
Class B stock (Par $1)
3,500 shs. 3.500 she.
The classes ofstock shall have the following express terms and conditions:
The holders of class A stock shall receive cumulative dividends at the rate
of 7% per alum, payable quarterly before any dividends are paid
,
to the
holders of class B stock, and the holders of class A stock, in the event of
liquidation, either voluntary or involuntary, shall receive out of the assets
of the corporation $2 per share, plus diva., before holders of class B stock
receive anything. After dividend at the rate of 7% have been paid to the
holders of class A stock, together with all accumulations, all further dividends declared in any one year shall be divided as follows: two-thirds to
the holders of class A stock, one-third to the holders of class B
stock:
which said holders shall not receive any dividends until all unpaid
lations on the class A stock have been paid. Dividends on class accumuA stock
shall not be cumulative for one year after the sale of beer has been legalized
in the State of Ohio.
Holders of class B stock shall have the exclusive voting power unless
there be unpaid cumulative dividends on class A stock for eight consecutive
quarterly periods. In such event, immediately after the eighth dividend
date, the holders of shares of both classes shall be entitled to
each share of stock held, and the holders of class A stock one vote for
shall
such voting power until all accumulations of dividends have been exercise
paid.
Data from Letter of John G. Rommel, President of the
Company.
Company.-Ilas been organized and incorp. in Ohio, and plans to
resume
the business of the old Stark-Tuscarawas Breweries Co.,
brewers for nearly half a century. To this end, Tuscora successful as
Brewing
proposes to acquire all of the capital stock of the Coca-Cola Bottling Co.
Co..
Canton, 0., owner of a perpetual, exclusive franchise for the
bottling and
sale of Coca-Cola in Stark County, 0.. and surrounding
territory.
The Coca-Cola Bottling Co. also owns the property
located on Cherry
Avenue, Canton, 0., upon which are two modern brick
buildings, boiler
and storage house, and loading platform. Company also
proposes to
acquire from John and Edward Rommel, the present owners,
a certain
unimproved parcel at the corner of Cherry Avenue and
This acquisition will be effected by the deposit in escrow Seventh St., N. E.
of all of the capital
stock of Coca-Cola Co. In transferable form and
a deed with suitable
evidences of title to the lot at the corner of Cherry Avenue and Seventh
N. E., from John and Edward Rommel. Company will deposit as St.,
con-
sideration for this acquisition 171.428 shares of proposed class A stock and
3,250 shares of proposed class B stock of Tuscora Brewing Co.
The Tuscora Brewing Co. intends to erect a new building on a parcel of
land at the corner of Cherry Avenue and Seventh St., Canton, 0., in which
the business now conducted by Coca-Cola Bottling Co. will be conducted.
The Tuscora Brewing Co. proposes to immediately contract for certain
alterations of the larger buildings and the installation of new machinery
and equipment to provide for a capacity of approximately 70,000 barrels
or 840.000 cases per year.
Outlook.
-As substantial profits were earned in the manufacture and sale
of beer in the past, company feels that such may be realized in the future
and that the joint earnings of Tuscora Brewing Co. and Coca-Cola Bottling
Co. will be sufficient to make this stock an attractive purchase.
Pro Forma Balance Sheet (Giving Effect to the Proposed Financing.)
UabiIittesCash and work ng capital
391.310 Capital stock: 350,000 shs. class
$700.000
A stock $2 par value
Cash, reset ve for new equipment 221,190
3,500 abs. class B stock $1 par
10,000
Real estate, land
3,500
value
Wholly owned sub., Coca-Cola
6,500
2325,000 Declared surplus
Bottling Co
62,500
Deferred, organization
5710,000
Total
5710,000
Total
a Representing: Real estate-buildings, $125,000: machinery & equipment. $21-500; exclusive franchise, $178.500.
The First National Bank, of Canton. Ohio. has consented to act as
depositary and will issue its transferable receipts to all subscribers of this
issue.
Application will be made in due course to list these shares on the Cleveland Stock Exchange.
-First Payment Made
Union Mortgage Co., Cleveland.
to Part-Payment Buyers, Who Lose Preferred Status.
The following is from the Cleveland "Plain Dealer":
Checks for the first dividend to partial-payment bond subscribers o
the defunct Union Mortgage Co. were mailed May 27, as result of findings
by J. Paul Thompson, special master in the Federal Com t receivership for
the company, that these subscribers are not preferred over other creditors.
Thompson's finding was filed in Federal Court.
The dividend of 5.95 cents on the dollar was issued by receiver Robert
F. Berwald from a special fund set aside for partial payment bond subscribirs from the 3450,000 paid in to settle suits aggregating 37.000.000
against directors and officers of the company in June 1930.
The amount distributed May 27 was about $81,000. It will go to
1.386 individuals who were subscribers to the partial payment bonds of
the company. Thompson's findings recognized claims by partial payment
customers to a total of $1,397.155, while $285,537 in such claims were either
disallowed or not proved.
"The partial payment bond subscribers," his finding said, "being unable
to trace their payments into the general assets in the hands of the receiver.
have no preferential rights therein, but only the rights of general creditors
as to such general assets."
Partial payment subscribers whose payments could be traced to specia'
bank accounts in New York City, Indianapolis, Saranac Lake, N. 1.,
McKeespott. Pa., and Ashtabula, where the Union Mortgage Co. had
special correspondents and maintained special deposits, were held to he
entitled to share in the balances standing in such accounts. They will
participate to the extent of their payments prior to appointment of the
receiver Jan. 10 1928, working back from that date, until the balances are
exhausted under Thompson's ruling.
The difference between these partial payment claimants and others
denied preferential rights is in the fact that the out-of-town payments
could be traced into the several out-of-town bank accounts, which had
not been drawn upon for about three months' prior to the naming of the
receiver, while all cash received locally Was found to have been intermingled.
The findings filed by Thompson represent his conclusions after hearings
which have been in progress fur about 15 months.
"Liquidation of the assets of the company and its subsidiaries," Berwald
wrote in a letter accompanying the dividend checks. "is proceeding as
rapidly as circumstances permit. It is impossible at this time to state
when another distribution will be made to partial payment bond subscribers or what the amount of the distribution will be. -V.134. p. 147.
-Dividends Resumed.-The.direotors
United Carbon Co.
on June 7 declared a semi-annual dividend of 33i% on the
7% partic. & non-cum. pref. stock, par $100,and a quarterly
dividend of 25 cents per share on the common stock, no par
record June 16.
payable July 1 to holders of,
value, both .
Regular semi-annual distributions of 33% were made on
the pref. stock from Jan. 2 1929 to and incl. Jan. 2 1931.
On the latter date a quarterly dividend of 25 cents per share
was paid on the common stock,as against quarterly payments
of 50 cents per share from Jan. 1 1930 to and incl. Oct. 1 1930.
President Oscar Nelson states that the company has paid off its bank
loans, which amounted to $250,000 at the end of the first quarter. It now
has cash deposits in excess of $700,000.
"Sales of carbon black and gas in May."says Mr. Nelson,"were gratifying, carbon black sales in that month being the largest in the company's
history."
Receives $400,000 Settlement.
Private settlement has been made in the suit of this company against the
Interstate Natural Gas Co. Approximately $400,000 has been received
by the United Carbon Co. in settlement of litigation and, in addition,
the Interstate Natural Gas Co. agrees to increase by 25% its daily takings
-V. 136.
of natural gas under its sale contract with the United Carbon Co.
p. 3363.
-To Reorganize
United Properties Corp. Houston,Tex.
See Houston Properties Corp. above.- V. 125. p. 1205.
-Earnings.
United States Foil Co.
Years End. Dec. 31Earnings after expenses
of management
Federal income taxes.
Operating income..._
Other income
Total Income
Previous surplus
1932.
1931.
1930.
1929.
$495,818
$739,899
$942,191
$1,451,849
69,715
$495,818
$739,899
$942.191
56.101
31.382,134
$195,818
4,187.047
$4,682,865
Total surplus
:240,308
Adjustment
47,747
Preferred dividends...._
195.027
Common dividends
$739,899
3,824,791
$998,292 $1,382,134
3,451,738
2,777,343
34,564,690 34.450,031
34,159,477
47.747
577,493
47,747
659,992
47,747
329,896
Balance
34.199.783 34,187,047 33.824.791 $3,451,738
Earns. per sh. on 659,992
$1.05
$1.44
$2.02
$0.68
shs.com.stk.out.(no par)
x Adjustment of cost value of securities to reflect the appraised value of
U. S. Foil Co. class B common stock received in exchange for common
stock of Reybarn Co.
Comparative Balance Sheet Dec. 31.
1931.
1932.
Liabilities1932.
1931.
Assets59,160
Securities at cost-56,665,382 $86,849,101 Accounts payable.. $881,197
60,499
94.336
128,612
115,300 Dividends payable
Cash
2,225
2,225
Accrued taxes.- -Notes dr accounts
70,956 Reserve for con241,628
receivable
415,674
tingencies, &c__ 415,674
35,836
5,165
Deferred charges._
682,100
7% preferred stock 682,100
x Common stock.._ 1.649,980 1,649,980
4,199,783 4,187,047
Surplus
$7,071,457 $7,040,522
Total
$7,071,457 $7,040,522
Total
a Represented by 659,992 shares of class A and class B shares (no par).
-V. 136. P. 1737
.
June 10 1933
Financial Chronicle
4108
-New Treasurer.
United Engineering & Foundry Co.
George V. Lang, Secretary, was recently elected to the additional office
of Treasurer.
-V. 135, p. 1736.
-Annual Report
United States Glass Co., Pittsburgh.
for 1932.
CoinProfit A Loss Capital
bitted.
Deficit.
Surplus.
31,315,276
$185.696 $1.129,579
Balance Jan. 1 1932
Reversal of adjust, made in 1930 and
1931 with respect to provision for
2,362
6,367
8,729
deprec. & property disposals
$1,308,909
Adjusted balance Jan. 1 1932
Charges
Net loss for the year 1932(after charging against operations. deprec. of
$159,151, and int. charges of $27,085), and incl. the loss for 1932 of
$10,177 of the Glassport Land Co.
445.441
absorbed by the parent company_
Provision for deprec. for the Year
1932, applicable to capital surplus
wising from depreciation
Appreciation in book value of permanent assets disposed of or destroyed
by fire during the year
$176.967
31.131,942
445,441
26,715
456
26.715
456
$472,614
$445,441
$27,172
Total charges
1,754.351
149,794 $1,604.556
Balance Dec. 31 1932
Condensed Balance Sheet Dec. 31.
1931.
1932.
Liabilities1931.
Assets1932.
Cash
$55,457 Notes payable for
$37,430
money borrowed $380,000 $465.411
Customers' notes
202,212 Accts. payable for
and accts. rec.. x127,485
purch.,exp., &c.
60,956
62.225
566,926
311,714
Inventory
65,937 Accr. State & local
Other assets
59,751
taxes, interest Sc
Glassport Land Co.
26,661
mfg. expenses10,338
276,887
258,700
investment
16,500
15,500
Permanent assets_y2,007,837 2,168.148 Mortgage payable
67,250
81,250
40.330 Reserves
Deferred assets
8,001
Capital stock
2,441,025 2,441.025
Paid-in surplus
1,426,406 1,426,405
Operating deficit.- 1,604,557 1,129.579
Total
$2,810,918 $3.375,900
Total
$2,810,918 $3,375,900
a Less allowance for doubtful items, discounts, &c., of $25,000. y After
allowance for depreciation of $4.200,042.-V. 134. p. 2741.
-Earnings.
United States Playing Card Co.(& Subs.).
Calendar YearsNet income
Depreciation
Adj. of net current assets of Canadian branch
Federal income tax
Extinguishment of disused plant
1932.
$393,968
225,356
1931.
$978,058
319,459
42,204
39.583
63.362
$105.250
Net income
394,552
Shares of capital stock (,par $10)
$0.26
Earnings per share
Consolidated Balance Sheet Dec. 31.
1932.
1931.
1932.
Liabilities-Assets
$
Accounts payable_ 194,070
Cash, U. S. Govt.
98,638
obi*.&0th.sec. 4,871,531 4,544,632 Dividends payable
Fed. Inc. tax
Notes, accts..Sc int.
823,621 Res,for for'n exch.
46,915
488,154
receivable
3,945,520
1,850,288 2,676,817 Capital stock
Inventories
177,281 Paid-in surplus_ _ 1,182,128
Mortgages reedy..
Earned surplus__ _ 5,848,807
Land, bldgs., machinery, &c. _y4,050.917 4,106,322
Patents, trade-mks
1
1
&
__
102,853
Deferred charges
55,188
$576,811
397,589
$1.45
1931.
406,148
249,041
39,583
3,975,890
1,208,190
6,552,678
Total
11,316,078 12,431,629
Total
11,316,078 12,431,529
x Less reserve for cash discounts and doubtful accounts of $41.962.
y After reserve for depreciation of 33.420,391.-V. 135. p.1177.
United Verde Extension Mining Co.-Production.1931.
1932.
CopperOutput(lbs). 1933.
January
3,014.232 3.043,930 2,824,696
3.031.459 3,221.198
2,710,020
February
March
3.013,188 3,049,976 3.236,882
2,977.420 3.019,072 3,074.758
April
3,006,300 3,020.100 3.369,080
May
3.007,702 3,284.984
June
a
3,008.902
July
•
3.038,998
August
a
2,969,622
September
a
2,909,008
October
2,913,886 2.784.000
November
2,908,322 2.917,000
December
-V.136. P. 3179.
a Operations suspended.
1930.
4,447.540
3.737,914
3,362.598
4,094,740
4,013,796
3.580,772
3.898,170
4,028,442
3.771.274
3.404,000
3,800,000
2,473.000
1929.
4.675.640
4,047,610
5,207,946
5,364,570
5.465,350
5,020,000
4,470.336
4,593.462
5,140,000
6,038,000
4.776.000
4,742.000
--Earnings.
Utah-Idaho Sugar Co.
Feb. 28 '33. Feb. 29 '32. Feb. 28 '31. Feb. 28 '30.
Years Ended$446,591 $2,095,000
$284,826
prof$29.697
Loss for year
1,246,982
.886.318
df1,438.408 def
938,809
Previous surplus
Excess of par over cost of
36,588
treasury bonds
269.972
Federal tax refund
$886,318sur.$962,156
31.408.711 $1.296.322
Balance, deficit
Loss on sale of Canada
142,086
Sugar Factories, Ltd..
Preferred dividends......(1(%)52,500
29,153
Sundry surplus credits
Deficit
$1,408,711 $1.438,408
Comparative Balance Sheet.
Feb. 2833. Feb. 2932.
Assets-Plants and equip.
less deprec'n___ 9,448,627
3,277,250
Real estate
Irrig. Drol. Prop.&
reservoir rights,
less depreciation 3,284,239
Sundry other equip 482,264
187,039
Cash
Notes & accts. rec. 735,012
7,728,497
Inventories
Land & water sales
contra recent_
Adv. on farming
operations
Sundry stits.& bits. 216,640
Sundry notes and
secure. reedy._ _ 749,813
Def. & prep'd exp. 200,700
9,872,394
3,284,759
3,303,865
537,271
75,776
671,042
6,420,056
88,446
7,527
195,566
$886.318sur.$938.809
Feb. 2833, Feb. 29'32
Preferred stock__ 3,000,000
Common stock...._l4,238,000
let mtge.6% bits. 3,435,500
Bankers' accepts_ 5,736,028
Sundry oblig. due
after I year....
__
16,083
Real eat. mtge.loan 750,000
Accounts payable_ x422,775
Accr. Int., prop.
taxes & exp. pay
53,929
Res. for employ.
life & aced. ins_
17,978
Res, for conting_
48,500
Deficit
1,408,711
3,000,000
14,238,000
3,936,500
4,354,934
14,377
750,000
163,918
143,045
14,389
70,000
1,438,408
593.605
192,849
Total
26,310,081 25,252,757
26.310,081 25,252,757
Total
a Includes accounts payable for beets of 397,606.-V. 135. p. 314.
-New Officers-Sales Gain
Vadsco Sales Corp.
Samuel L. Antonow was re-elected President at the annual meeting of
stockholders held on May 16. New officers elected are D. P. Seibert,
Vic e-President, and Gerald F. Sweeney, Treasurer. Robert E. Lee was
re-elected Secretary.
Mr. Antonow stated that March sales showed a decided gain over Feb.,
-V. 136. P.:3363.
and April a gain over March.
Financial Chronicle
Volume 136
Van Sweringen Corp.
-Delay on Presentation of All
Coupons Until 1935 Asked.
-The company, in a letter dated
April 29, addressed to the holders of the five-year 6%
gold notes dated May 1 1930, states in part:
V
4109
Consolidated Balance Sheet Dec. 31.
1931.
1932.
1931.
1932.
Liabilities$
Assets
273,445
525,268 Accts. pay.& accr_ 202,645
507,433
Cash
Accts.& notes rec. 3,088,769 3,366,492 Notes payable_ __ _ 1,731,830 1,822,791
187,510
3,400,655 3,888,285 Coll, bank loans
Inventories
1,572
13,000
29,546 Res.for taxes
37,845
Other curr. assets_
42,520
34,840
Plant (less deprec.) 2,516,259 2,731,152 Purch. money note
30,329
39,536 Mtge. payable_
9,262
Patents, &c
60,523
98,763
527,644 Res.for conting_
601,611
Other assets
111,627 Cap.stk.(par $20) 6,000,000 6,000,000
66,504
Deferred Items._
Capital surplus... 2,185,500 2,500.000
Undlv. profits__ 262,619
Corporation has outstanding at the present time $15,000,000 five-year 6%
gold notes, of which $13,787,000 are owned by The Vaness Co. and the
balance are in the hands of various other owners.
The assets of Van Sweringen Corp. consist principally of an open account
of$27,131,765 against The Cleveland Terminals Building Co. together with
all of the capital stock of The Cleveland Terminals Building Co. The
Cleveland Terminals Building Co. assets in turn consist principally of
ownership of the Terminal Tower Building, the Cleveland Hotel Building,
Higbee Department Store Building, Medical Arts, Builders Exchange and
10,228,338 11,219,549
Total
10,228,338 11,219,549
Total
Midland Buildings, and certain building sites, all located within the Ter-V.134, p.4175, 3118, 2741.
minal area in the centre of the business district of Cleveland, and also of
and advances to affiliated company.
certain listed stocks and investment in
-Files Bankruptcy Petition.
Williams Steamship Co.
Due to the continued economic depression, the earnings of The Cleveland
This company on April 27 filed a petition of voluntary bankruptcy in
Terminals Building Co. from its properties and investments at the present
Wilmington. Del., stating it is unable to meet its
the Federal Court at
time are insufficient to meet its interest requirements and consequently this
obligations. The company asked to be permitted to continue operations
corporation has been unable to secure funds from that source. In view of
for at least 30 days so as not affect the business in which the vessels were
these conditions, The Vaness Co. has withheld the presentation of $827,220
engaged.
of coupons which matured May 1 1932 and Nov. 1 1932, and in addition
This request was granted by Judge John P. Nields. The Americanhas advanced to Van Sweringen Corp. $72,780 with which this corporation
Hawaiian Steamship Co. is the holder of unsecured notes of the corporation
has paid the interest which matured May 1 1932 and Nov. 1 1932 on your
to the principal amount of about $900,000.
notes and the notes of other owners. On May 1 1933,another installment of
An application by George T. Williams and the Commercial Steamship
interest becomes due on these notes and The Vaness Co. has advised this
Co. of Delaware for the appointment of a receiver for the corporation
corporation that it is again willing to withhold the presentation of its
was made in San Francisco on Feb.9, but was denied by the Federal Court
coupons which mature on that date aggregating $413,610, and further,
in that city. It was stated then that outstanding obligations, including
that it is willing to continue to withhold the presentation of its matured and
indebtedness to the Shipping Board, approximated $1,400,000.-V. 136.
maturing coupons until May 11935, or earlier maturity date of said notes,
13• 1220, 2812.
upon condition that the holders of substantially all of the balance of these
notes will likewise agree to withhold the presentation of their coupons
maturing May 1 1933, and subsequently.
CURRENT NOTICES.
•
In the belief that it is to the best interests of all noteholders that the
proposal of The Vaness Co. be accepted, the corporation is asking each
noteholder to agree to withhold the presentation of their May 1 and Nov. 1
-In association with four other former executives of National Electric
1933, and May 1 and Nov. 1 1934, coupons until May 1 1935, or earlier
Power Co. and the National Public Service Corp. groups, Harry Reid, who
maturity date of said notes. The acceptance of this proposal will afford
was president of these public utility groups during the period of their
additional time within which to better determine proper policy as to need
greatest growth and development, has formed Harry Reid & Co.,Inc., with
of other adjustment, or, that which is more to be desired, the avoidance of
such adjustment by the return of more normal conditions and earnings.
offices at 84 William St., New York. The new company will engage in the
operation, engineering and supervision of public utility companies,and will
Earnings for Calendar Years.
1931.
also furnish reports and plans on construction, maintenance, rates, taxes,
1932.
Interest, &c., receivable
$82,731
recapitalization and reorganization of utility companies.
Expenses, taxes, &c
$14,601
48,588
With Mr. Reid are Alan E. Burns and Ralph C. Roe,who were in charge
1,625,260
Interest on gold notes,&c
935.575
of all engineering, construction and rate matters for the National Electric
Net loss
$950,176 $1,591,119
Power and National Public Service Groups; Edward (J. Isele, who was in
charge of the financial department, and David W. Jones, who had charge
Balance Sheet December 31.
of accounting and tax matters.
1931.
1932.
1932.
1931.
Assets$
Liabilities-8
$
$
-Peabody & Co., Chicago, whose main business has been the underCash
1,342
20.628 x Capital stock. .34.896.000 34,896,000
writing of securities, has decided to suspend trading in bonds and stocks.
Cap. stock at cost
6% gold notes____15,000,000 15,000,000
at date otacqu.29.253,066 29,253,066 Notes payable to
A group of individuals who have been with Peabody & Co. for years have
Open account. 27,131,765 27,133,524
549,000
banks
organized W.C. Gibson & Co.. with offices on the second floor of 10 South
Payable to Vaness
La Salle St., for the purpose of trading and dealing in securities. Peabody
Co
1,627,570
12,130
155,124
Accrued interest
& Co. has arranged with W.C. Gibson & Co. to handle transactions as are
Accounts payable_
3,595
30,089
in course of completion and to handle certain other negotiations for Peabody
Accrued taxes_
20,050
& Co. which the latter may direct from time to time.
Notes pay. (nonneg. obligations) 2,595,399 2,595,399
-Starkweather & Co., Inc., made up of former executives and personnel
Interest received on
of the old investment banking house of Harris, Forbes & Co., and of Chase
78,900
securities
78,900
Surplus
2,152,529 3,102,706
Harris Forbes Corp., began business Monday,June 5,at 111 Broadway,and
292 Madison Ave., New York; Keyser Building, Baltimore: 800 Ellicott
Total
'6 387,173 56,407,218
56,386,173 56,407,218
Total
Square, Buffalo and First National Building, Atlanta. It is expected that
x Represented by 1,744,800 no par shares.
-V. 136, p. 3179.
an office also will be opened in Philadelphia in a few days.
Virden Packing Co.
-New Directors, &c.
A. L. Stewart, W. D. Peterson and E. F. Randolph (who was recently
named Vice-President and General Manager) have been elected directors.
The annual report for 1932 shows a net loss of $87,825, after all charges,
Including depreciation, compared with a loss of $253,141 a year ago.
V. 136. P. 3363.
Vortex Cup Co.
-Halves Dividend.
A quarterly dividend of 12% cents per share has been declared on the
common stock, no par value, payable July 1 to holders of record June 15.
This compares with 25 cents per share paid on Jan. 3 and April 1 last and
on Oct. 1 1932,37% cents per share on April land July 1 1932 and 50 cents
per share previously each quarter.
-V. 135, p. 4049.
Walgreen Co.
-May Sales.
1933
-May
Decrease.
-1932.
Decrease. I 1933-5 Mos.-1932.
$3,643,406 $3,704,095
860.689 I $17.421,627 $19.656,997 $2,235,370
At the end of May 1933, there were 466 stores in operation, as against
465 on May 31 1932.-V. 136, P. 336
4•
Western Electric Co., Inc.
-Exchange Offer Made to
Minority Stockholders.
The company in a letter to the stockholders on June 7 announced the
completion of an arrangement whereby they may exchange their stock for
that of the American Telephone & Telegraph Co. on the basis of one share
of A. T. & T. stock for el ch five shares of Western Electric stock. The
offer will expire on July 10. next. It resulted from inquiries made by a few
Western Electric stockholders regarding the possibility of selling their stock.
The American Telephone fit Telegraph Co.owns 5,929,075 of the 6.000,000
shares of Western Electric Co. stock of no par value, now outstanding.
or 98.82%
.-V. 136, p. 2630.
Westfield River Paper Co., Inc.
-Expansion.
A deal was completed in Lee, Mass., on April 28 involving the sale of the
Mountain Mill and the Lake May Power Co., with all the water rights to
the Westfield company, for a reported price of about $100,000. Both the
Mountain Mill and the Lake May company were owned by Louis E.
Stevenson who conducted the mill until two years ago, when it went into
the hands of a receiver.
Included in the purchase are the mill, the upper and lower power plants,
water power rights of Goose Pond in Lee, Mass., and Tyringham, and of
Greenwater Pond in West Becket, Mass., and more than 100 acres of
land.-V. 116. P. 3013.
(& Subs.).
-Earnings.
(S. S.) White Dental Mfg. Co.
Consolidated Income Account Year Ended Dec. 31 1932.
Gross profit on sales
$1.875,156
Selling, administrative & development expenses
2,237.498
Loss from operations
Other income
$362,343
187,324
Grossloss
Interest paid
Depreciation
$175.019
86.493
255,287
Loss for the year
Balance Jan. 1 1932
Dividends paid
Good-will written off
Adjustment of prior years' Federal income taxes
Balance-Dec. 31 1932
$2.185,500
-May Sales.
(F. W.) Woolworth Co.
Decreased 1933-5 Mos.-1932.
-May
-1932.
1933
$19,801.202 $20,529,484
-v. 136, D• 3180.
$516.799
2,762.619
29,272
19.619
11,427
Decrease
8728.2821889,560,009 $99,326,210 89,766,201
-Formation of Hovey, Phillips & Co. to transact a general investment
securities business at 70 Wall Street. New York, is announced by Robert
LeC. Hovey, formerly associated with Pack & Walbridge, members New
York Stock Exchange; Walter H. Phillips and Frederick L. Wehrhan.
-Announcement is made of the formation of F. H. Mason & Co., Inc.
tq deal in investment securities with offices at 10 S. La Salle St., Chicago.
The pe-sonnel of the firm includes Fred H. Meson,James E. Moran, Russell
R. Roberts, Roy H. Klute and John Ross Curtis.
-Pfaff & Hughel, Inc.. Chicago, have moved their offices to the Field
Building, 135 S. La Salle St. Albert R. Hughes and Frank W. Ramey are
in charge of the wholesale department. Charles Jernegan, Manager, is in
Charge of the retail department.
-The Continental Bank & Trust Co. of New York will supervise the
preparation and certify to the genuineness ofsignatures and seal of $168,500
coupon 6% temporary improvement bonds of the city of Perth Amboy,N. J.
-M.E. Traylor & Co., Equitable Building, Denver,investment dealers.
announce the opening of a municipal bond department in charge of Charles
Rice, formerly of Bosworth, Chanute, Loughridge & Co.
-Amott, Baker & Co., Inc.. announce the opening of a branch office in
the Integrity Trust Building in Philadelphia under the direction of Joseph
H. Rubin and Richard J. Handly Jr.
-Farr & Co.,90 Wall St., New York. are distributing a series of circulars
discussing the recovery in sugar as applied to the four produeng and
refining groups.
-Howard K. Smith, formerly with B. J. Van Ingen & Co.. Inc., has
become associated with M. F. Schlater & Co., Inc., as their New Jersey
representative.
-The New York Stock Exchange firm of Cohen. Wachsman & Wassail
announces the removal of their offices in this city to the 18th floor of
70 Pine Stree.
-Stanley G. Barnett and Roderic G. Collins are associated with the
New York firm of Dewey, Bacon & Co., members of the New York Stock
Exchange.
Morrill, Clarke & Rich, Chicago, announce that George McChie Jr.,
and E. Worthington Walters have been admitted to general partnership in
their firm.
Hardy & Co. have opened an uptown New York branch at 1 EaEt
42d St., with Kenneth Baker as manager and Ara J. Miller as assistant
manager.
-J. S. Bache & Co. have issued their Commodity Review for June which
discusses the most recent developments and trends in the various commodity
markets.
-Orvis Brothers & Co. announce the opening of an office at Freeport
N. Y. under the management of Raymond P. Ackerman.
-James Talcott, Inc., has been appointed factor for Republic Knitting
Mills, Inc., Detroit, manufacturers of hosiery.
-Stein Bros. & Boyce have issued a list of 19 stocks selling below their
net current asset value per share.
-Rowland B. Haines has joined the retail sales department of Petersen &
Chapman of this city.
-F. H. McConnell has been elected a Vice-President of Albert FrankGuenther Law, Inc.
June 10 1933
Financial Chronicle
4110
The Commercial Markets and the Crops
a
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-ETC.
-WOOL
-METALS
-DRY GOODS
PETROLEUM-RUBBER-HIDES
•
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter, in a department headed INDICATIONS OF BUSINESS ACTIVITY.
Friday Night, June 9 1933.
COFFEE on the spot early in the week was quiet with
Rio is 73c.; Santos 45 93j to 9Mc. and Victoria 7-8s 73'c.
4
The world's visible supply on June 1 totaled 5,754,000 bags
against 5,923,000 on May 1 and 5,751,000 on June 1 1932.
The supply in the United States amounted to 1,211,000
bags. Distribution in the United States during May showed
an increase of 155,000 bags as compared with tIay 1932.
For the crop year beginning July 1 1932 to May 31 1933,
deliveries in this country are ahead of the same period in the
preceding crop year by 165,000 bags. On the 3rd the local
exchange was closed for the Saturday holiday which will be
in effect during the summer. On the 5th futures closed 8 to
13 points lower both for Santos and Rio contracts. Total
sales amounted to 12,000 bags. The report of settlement
of the dock strike at Santos was considered a bearish influence
and trade and commission house selling ensued. Spot
markets were dull and somewhat lower with Santos 4s at
market was
4
93o. and Rio 7s at 73 c.. The cost and freight
fairly active at generally unchanged prices. On the 6th the
futures market was quiet and closed 3 points lower to 4 higher
for Santos and unchanged to 3 lower for Rios. Total sales
were 9,000 bags, Brazilian selling caused early weakness but
most of the lost ground was afterward recovered. Cost and
freight and spot marketa were dull and unchanged. On
the 7th future trading continued quiet with only minor
price changes. Santos contract closed 1 point lower to 5
higher and Rio 3 to 5 points higher. Total sales were 7,000
bags. Spots were dull and quoted 93.ic. for Santos 4s and
Rio 7s at 7%c. Cost and freight prices were unchanged
with little business done. Cable adviees that the longshoremen's strike at Santos was about over removed one bullish
factor and tended to restrict speculative demand.
On the 8th inst. futures here closed 2 to 7 points higher on
Rio contract and 4 to 12 points on Santos. The chief bullish
influence was reports that frost had badly damaged coffee
trees by destroying the buds in the five principal coffee
producing sections of southwestern Sao Paulo. Buyers included New Orleans, commission houses and firms with
European connections. Sales were 15,000 bags of Santos
and 1 lot of Rio. Spot business was still quiet with Santos
4s unchanged at 934 to 9%c.; Rio 7s 73c. and Victoria
7-8s 73'c. In the cost and freight market basis Santos 4s
for prompt shipment were offered at 8.40 to 8.70c., but
shipment from Santos seems unlikely until the strike of the
stevedores there is definitely settled. Reports received here
indicated that the strike was settled but boats clearing the
port and due to carry coffee have left without a coffee cargo.
To-day futures closed 5 to 12 points lower on Rio contract
and 4 to 16 lower on Santos on reports that the stevedores'
strike in Santos had been definitely settled. The net change
for the week is a decline of 3 to 17 points on Rio and 5 to
16 points on Santos.
Rio coffee prices closed as follows:
July
December
.5.59 March
5.49 I May
Santos coffee prices closed as follows:
July
September
December
March
'.17
7 93 May
3
_7 7
5.40
5.35
7.61
7.52
COCOA to-day endbti 9 to 20 points off with sales of 328
lots. Warehouse stocks were 711,500 bags against 784,857
a month ago and 568,188 bags on the same day last year.
July ended at 4.64c.; Sept. itt 4.70c.; Oct. at 4.850.; Dec. at
5.00c.; Jan. at 5.05c.; J 'Arch at 5.18c. and May at 5.310.
Final prices show a risu •or the week of 10 to 11 points.
-The 3rd was the first of the Saturday holidays
SUGAR.
the Exchange voted to continue throughout the sumwhich
mer. On the 5th after a reactionary opening the futures
market steadied itself and regained the lost ground. The
close was 1 point down to 1 point up. Trading was quiet,
total sales being only 13,300 tons. In the raw sugar market
,
2,000 tons of Philippine were sold for June-July shipment
at 3.50 delivered basis. Cuba sugar movement for the week
ending June 3rd was: Arrivals 26,982, exports 47,119, stock
ports 832,997. Shipments to New York 8,658, Philadelphia
3,446, Boston 3,628, Baltimore, 3,843, New Orleans 7,425,
Galveston 5,965, United Kingdom 10,498, France 3,508,
Holland 148. Refined sugar continued strong at 4.50c.
Eastern refiners so far have not followed the western lead
in raising the price to 4.60. A seat on the local exchange
changed hands at $6,250, an increase of $250 over the last
previous sale. On the 6th prices closed 1 to 3 points higher
in a much more active market than has prevailed for some
time past. Rumors of favorable sugar tariff action at Washington were rife again and refiners again were buying raws
at 3.50c. and Cubas at 3.51c. and 3.53c. levels.
On the 7th sugar futures broke 9 to 11 points. Liquidation was general and houses with close Cuban connections
were particularly active on the selling side. Trading was
on a larger scale, sales for the day totaling 64,450 tons.
Raw prices were firm at 1.50, duty free, 3.50. Eastern refiners followed in raising the refined price to 4.60. The main
cause for the break in futures was the promulgation of the
report that the Cuban tariff reciprocity plan would not be
taken up until the next session of Congress. There was also
a la,rge volume of hedge selling and the advance in refined
was believed to have helped along the future decline on the
theory that refiners' raw sugar wants are generally supplied
before they advance the price. Futures on the 8th inst.
closed 3 to 5 points higher owing to an advance in sterling
and some good buying. Raw sugar was firmer and there
was nothing offered below 1.50e. c. & f. or 3.50c. delivered. Late on the 7th inst. 3,500 tons of Philippines due
end of June sold at 3.46c. and 8,000 tons for June-July shipment at the same price. Refined was 4.60c. To-day
futures closed 3 to 6 points lower owing to indications of an
early adjournment of Congress. The trade had been expecting a tariff adjustment in favor of Cuban sugar. The
net change for the week is a decline of 9 points.
Sugar prices closed as follows:
July
September
r
Decemb 3
1.431 January
1 tta March
1.53 May
1.54
1.59
1.64
LARD futures on the 3rd inst. ended unchanged to 8
points higher. Early prices were 5 to 10 points higher,
but weakness in grains and stocks caused the reaction.
Exports for the week ended May 27 were 8,390,000 pounds,
according to the United States Department of Commerce,
against 7,717,000 pounds last year. From Jan. 1 to May 27,
257,213,000 pounds were exported, against 236,499,000 in
the same time last year. Hogs were firmer. On the 5th
inst. closed 10 to 15 points lower with support lacking,
especially from packers. Hog receipts were liberal. Exports of lard were 1,088,920 pounds to Hamburg, Bremen,
Antwerp, London and Southampton. Cash prime, 6.85 to
6.95e.; refined to Continent,7 to 7Hc.;South America,7%c.
The ending on the 6th inst. was 8 to 10 points lower. Heavy
hog receipts for the Western run and selling by packers
caused the weakness. Liverpool was 3d. to 6d. lower.
Exports were 454,575 pounds to Glasgow and Liverpool.
Prime, cash, 6.75 to 6.85c.; refined to Continent,6% to 7c.;
South American, 73/80. Futures on the 7th inst. closed
5 points lower to 5 points higher. The heavy movement of
hogs caused early weakness but a good demand set in on
the decline and this, together with the strength of grain and
securities, resulted in a firmer market. On the 8th inst.
futures after early firmness declined and ended at a loss for
the day of 10 to 15 points. Lower grain prices and bearish
hog news caused the weakness. Warehouse interests were
selling. Liverpool was off 3d. to 9d. Exports were 13,125
pounds to Bergen. Cash prime, 6.65 to 6.75c.; refined to
%
Continent, 63 to 63/s0.; South American, 73/8c. To-day
futures closed 8 to 13 points higher on the strength of grain
and securities. Final prices, however, are 25 to 35 points
lower for the week.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Fri.
Tues,
Wed. Thurs.
Mon
Sat.
6.45
6.37
647
6.47
6.57
8.67
July
6.65
6.52
6.67
6.65
6.75
6.85
S3ptember
6.65
6.55
6.70
6.67
6.75
6.87
December
Seasons Low and When Made.
Season's High and When Made.
Feb. 21 1933
3 92
July
6 95
May 12 1933 July
May 18 1933 September_._4.02
September__ _ _7.12
October
4.57
October
7 07
-On the 3rd there was little change in hog prices.
HOGS.
Receipts at Chicago were 8,000 and shipments 300. The
bulk of the business was done between $4.85 and $4.95.
The top price was $5.05. The average for the week was off
Sc., but only 20c. below the highest weekly average in a
year and a half. The previous week's good market for hogs
was the main reason for larger receipts on the 5th, estimated
Financial Chronicle
Volume 136
at 48,000 for Chicago alone. Over 140,000 were reported at
12 leading markets. The top price was 4.90 with most
business done between 4.75 and 4.85. Light hogs were
quoted at 4.70 to 4.90, underweights 4.65 to 4.80, medium
weights 4.75 to 4.90, heavy weights 4.65 to 4.85 and packing
sows 4.25 to 4.60. On the 6th although the top at Chicago
remained the same as the day before, $4.90, the lower grades
improved Sc. to 10c. in price. Receipts were 25,000 at
Chicago and for the Western run 79,800. On the 7th there
was a break of 10 to 15c. in the hog market. Receipts were
28,000 at Chicago and pork demand fell off due to the hot
weather. The top price was $4.80 with a trading average
of $4.65. There were 5,000 carried over. On the 8th prices
were down 10e. at Chicago with receipts of 26,000. The
top price was $4.65 with most business done between $4.55
and $4.65. To-day prices were again lower. Receipts were
18,000 at Chicago. The top was $4.65 with most business
between .50 and $4.60.
PORK steady; mess, $19.75; family, $18; fat backs, $15
to 15.50. Beef firm; mess, nominal; packet, nominal;
family, $12.50 to $13.50; extra India mess, nominal. Cut
4
,
meats firm; pickled hams,4 to 6 lbs.,67 e.•6 to 8 lbs.,65/ie.;
8 to 10 lbs., 638c.; 14 to 20 lbs., 12c.; 22 to 24 lbs., 10c.;
/
bellies, clear, f. o. b. New York, pickled 6 to 8 lbs., 11c.8 to 10 lbs., 1058c.; 10 to 12 lbs., 103/ic.; bellies, clear, dry;
/
salted, boxed, N. Y., 14 to 20 lbs.,88/ic. Butter, creamery,
,
firsts to premium marks and higher score than extras, 20
to 233/ie. Cheese, flats, 17 to 2134c. Eggs, mixed colors,
checks to special packs, 1034 to 163/ic.
OILS.
-Linseed was quoted by some at 8.2c. while others
asked 8.1c. Deliveries of late have been of good volume.
Cocoanut, Manila, coast tanks, 3 to 33.4c.• tanks, New
York, spot 334c. Corn, crude, tanks f. o. b. Western mills,
43 to Sc. Olive, denatured spot Greek drums, 64 to 65c.•
4
;
Spanish drums, 68 to 69c.; shipment carlots, Greek, 62 to
63e.• Spanish, 65 to 66c. China wood, carlots, delivered,
6% to 7c.; tanks, spot 634 to 63c.; Pacific Coast, tanks,
'
4
63/i to 634e. Soya Bean, tank ears, f. o. b., Western mills,
5.5 to 5.7c.; carlots, delivered, drums New York,6.5 to 6.6c.;
L. C. L. 6.9 to 7c. Edible, olive, $1.35 to $1.55. Lard,
prime 10:34 extra strained winter, 834e. Cod, Newfoundfoundland, 23c. Turpentine, 45 to 4634c. Rosin, $4.15
to $5.10.
COTTONSEED OIL sales to-day including switches were
30 Contracts. Crude S. E. 94 under July. Prices closed
as follows:
Spot
June
July
August
September
5.40 October
5.40 November
5.44 December
5.52 January
5.551
5.62
5.66
5.74
5.79
PETROLEUM.
-The Texas Railroad Commission announced that due to the new completions since the last
previous proration order issued on April 23, the allowable
daily production for the East Texas field has been raised
to 826,000 bbls. against 791,201 bbls. previously. The
daily average production of crude oil during the past week
or so has be in excess of 900,000 bbls. Yet crude prices
were firm and some are looking for an advance very soon.
Oklahoma crude sold at 50c. The posted price was 25c.
This is an unusually high premium. This together with the
more favorable reports from the East Texas area are taken
to mean an increase in Southwestern crude oil prices before
very long. Tests taken in 200 key wells in the East Texas
field show that since the period of April 17 to 20 when the
last previous tests were taken the production has declined
8.8%, while bottom-hole pressure has dropped 3 pounds
for every million barrels withdrawn. Gasoline demand
showed a marked improvement and the tendency of prices
is upward. An advance of 3.4 to 34c. in tank car prices is
looked for. Above 62 octane was firm at 5c., while below
was well maintained at 43 c. in tank cars, refineries. The
4
demand for industrial as well as automotive lubricants was
better. Consumption has increased noticeably. Pennsylvania lubricants were still tending higher. Bunker fuel
oil, although not active shows a little improvement. Spot
demand was small. Spot grade C was quoted at 75c. refinery. Diesel oil was $1.65 same basis. Domestic heating
oils were marking time. Kerosene was rather quiet with the
4
price still 43 to 5e. in tank cars at refineries. Gasoline in
Philadelphia was raised 3,ic. in tank cars, while at Baltimore
and Norfolk prices were raised 3i to Sc. The Gulf market
is tending upward.
4111
spot and June,6 5-16c.; spot standard thin latex, 6 13-16 to
/
7e.; standard thick latex, 6 11-16 to 67 e. On the 6th inst.
prices declined 22 to 32 points despite an advance by leading
manufacturers of 73/i to 10% on tire prices and 14% on inner
tubes. Liquidation by commission houses and other selling
caused the decline. July closed at 6 to 6.050.; Sept. at
6.26c.; Oct. at 6.32c.; Dec. at 6.53 to 6.540.; Jan. at 6.610.;
March at 6.78 to 6.79c.; and May at 6.98c. Actuals were
firmer at 6 1-16 to 63(c. On the 7th inst. futures were 27 to
36 points higher and actuals 1-16 to Mc. up aided by another
fall in the dollar to new low levels. Offerings were quickly
absorbed. The strength of securities and commodity markets
generally also helped. June ended at 6.30c.; July at 6.34c.;
Sept. at 6.60c.; Oct. at 6.68c.; Dec. at 6.84 to 6.88c.; Jan. at
6.91c.; March at 7.05 to 7.12e.; and May at 7.25e. Planta4
tion R. S. sheets, spot, June and July, 63 c.; July-Sept.
63/ic.; spot standard thin latex, 63/sc.; standard thick latex,
63Ie.; clean thin brown No.2,5%c. London was unchanged
to 1-32d. lower and Singapore declined 3-32d. On the 8th
inst. prices showed a net advance at the close of 15 to 24
points higher after being at one time 35 to 36 points up on
the weakness of the dollar. Some have increased their
estimates on May consumption to 42,500 tons from 35,000
formerly, which would compare with 26,226 tons in April or
the biggest consumption since June 1929. June-July stand-Dec., 67c.; spot
/
ard ribs sold at 63/ic.; July, 6 11-16c.; Oct.
standard thin latex, 734e.; standard thick latex, 7c. June
closed at 6.45e.; July at 6.49c.; Sept., 6.80c.; Oct., 6.88c.;
Dec., 7.03c.; Jan., 7.12e.; March, 7.290.; May, 7.45e.
London was unchanged to 1-32d. higher and Singapore was
up 1-16d. To-day futures closed 8 to 22 points lower with
sales of 305 lots. There was heavy hedge selling by dealeis
against purchases in the cash and freight market. July
closed at 6.32c.; Sept. at 6.640.; Oct., 6.80e.; Dec., 6.850. to
6.86c.; Jan., 6.900.; and March, 7.16c. Final prices are 18
to 24 points lower than a week ago.
HIDES.
-On the 3rd hide futures went contrary to the
general commodity price trend of the day and after a weak
opening rallied sharply and closed 6 to 20 points up. Total
sales were 520,000 lbs. Trading was relatively quiet but
favorable conditions in the industry were reflected by the
strength of futures. On the 5th futures receded 6 to 10
points in a quiet market. Spot hides were steady with small
offerings by the big packers. Quotations were unchanged.
South American prices advanced last week to a level of 1234e.
New York for La Platas. Leather markets continued strong
and additional demand is expected shortly from automobile
manufacturers. Futures were unchanged to 5 points lower
on the 6th in dull trading. In ,the Chicago district big
packers offered some native steers and light native cows %c.
up from the last sale prices. The tone of the outside market
was strong with tanners showing keen interest in calfskins
and kidskins. The finished leather market continued to
follow the strength in raw hides. On the 7th futures were
again sluggish, closing 10 points down to 5 higher. Spot
markets were strong, packer calfskins in the Chicago market
advancing 3c. above the last previous trading prices. A
coast packer was reported to have sold 35,000 May hides at
1034e. flat for cows and steers. A good tanner interest was
reported although the higher prices asked are causing some
hesitancy. On the 8th inst. prices declined 25 to 35 points
with sales of 1,520,000 lbs. June closed at 12.10c.; Sept.
at 12.80 to 13.20c.; Dec. 13.15e. and March 13.35 to 13.45c.
Spot hides were firmer at 123/ic. for light native cows.
Packer native steers and butt brands 123/ic. New York
City calfskins 9-12s 2.10c.; 5-7s 1.50e. and 7s 1.35. In the
for light native
Middle West 10,000 spot hides sold at 12
cows June take off. To-day prices closed 15 to 25 points
higher in small trading. September ended at 12.95 to 13.15c.
Dec. at 13.30 to 13.40e. and March at 13.60 to 13.70. Final
prices are 10 to 20 points lower for the week.
OCEAN FREIGHTS were quiet.
CHARTERS included: Grain booked: 2 loads, New York-Bremen,
June 29,6c.; tankers, clean, Gulf, July, Rio and (or) Santos, 1 port, 98. 6d.;
2 ports, 10s.; clean, Philadelphia, July, Rio-Santos, 1 port, lOs : 2 ports,
9s. 9d.; dirty, California, July 2: Japan, ex 2 Gulf,98. 9d.; 1 port, California,
July 2, Japan, 25c., dirty. Sugar: Prompt, Cuba, United KingdomContinent, 13s.; prompt Cuba United Kingdom-Continent, around, 13s.
COAL.-Retail trade conditions have continued to be poor.
One drawback has been the poor credit risk of some owners
of hotels and large buildings and in any case the present time
of the year is the slack one for business. Later in the week,
the extreme heat prevailing over the entire middle west
.
which had spread by that time to the eastern states, was
Tables of prices usually appearing here will be found on an earlier page In
blamed for much of the absence of demand. Deliveries were
our department of "Business Indications," In an article entitled "Petroleum
and Its Products."
largely held down to bare necessities. Appalachian Coals,
RUBBER on the 3rd inst. advanced 10 to 12 points in Inc., increased prices on all sizes of coal for the Lake trade
the early trading but reacted and ended at a net decline of 10c. n ton. Its constituent companies were also reported to
10 to 25 points. The early strength was attributed to cover- have increased wages 10 to 15% at the same time.
ing of shorts and firm cables, but the weakness of grain and . TOBACCO has shown a better trend with other lines of
stock markets caused a quick decline. June ended at 6.350.; industry which fact has been reflected by substantial adJuly at 6.40c.; Aug. 6.51c.; Sept., 6.62c.; Oct., 6.78c.; vances during the past few weeks in the price of securities
Nov., 6.84c.• Dec., 6.90 6.92c.; Jan. 6.91c.; Feb., 7.01c.; of tobacco companies. The leaf market has apparently felt
to
March, 7.12e.; April, 7.220.; May, 7.32e.; spot,6.35e. Sales the turn in the tide. Inquiries for prompt shipment have
were 2,470 tons. On the 5th inst. prices ended 2 to 15 points been larger and there has been evidence that cigar business
lower with commission houses selling. The market was less has shown a real gain. Some of this has been attributed to
active partly because of the foreign holiday. The revolt of the legalization of beer. Havana advices stated that the
the Senate on the industrial control bill and the budget Spanish tobacco monopoly had awarded a local firm the
caused some selling. June ended at 6.27e.; July at 6.32c.; contract for the supplying of 3,800,000 kilos of Havana
Sept. at 6.56 to 6.60c.; Oct. at 6.63c.; Dec. at 6.75 to 6.82c.; tobacco or some 75,000 bales. Stocks of leaf tobacco in the
Jan., 6.830.; and March, 7.10e. Plantation R. S. sheets, United States owned by dealers and manufacturers showed
4112
Financial Chronicle
a decrease of 95,857,000 lbs. as compared with April 1 1932.
Reports from Tampa stated that cigar factories there had
turned out during the month of May 24,617,402 cigars as
compared with 23,383,370 for April. To-day the New York
News Bureau had a report to the effect that production for
the month of May totaled 12,500,000,000 cigarettes as
against the previous peak in July 1930 of 11,858,840,263
cigarettes and it was estimated to be 45% above the production of May 1932. The trade is watching the London
Economic Conference with decided interest because of its
dealing with trade restrictions including those on tobacco,
which have a direct bearing on our foreign tobacco trade.
SILVER futures on the 3rd inst. closed 20 to 30 points
lower with sales of 2,900,000 ounces. July ended at 35.65c.;
Sept. at 36.25c.; Oct., 36.50c.; Dec., 37.05c. and March,
37.75c. Bar silver declined 3ic. to 353/20. while London was
19 7-16d. On the 5th inst. prices advanced 25 to 35 points
with sales of 6,425,000 ounces. But bar silver declined Yic.
to 343 e.here. London was closed on account of the holiday.
4
June closed at 35.85c.; July at 36c.; Aug. at 36.280.- Sept. at
36.50 to 36.65c.; Oct. 36.80e.; Dec., 37.30 to 37.45c. and
Jan., 37.90c. On the 6th inst. prices ended 20 points lower
'
to 20 points higher; sales 4,150,000 ounces. Bar silver here
advanced Mc. to 3530., while London dropped 3-16d. to
1934d. July closed here at 35.80e.; Aug. at 36.12c.; Sept.
at 36.44e.; Nov. at 36.97c.; Dec. at 37.25c.; Jan. at 37.50e.
and March at 38c. On the 7th inst. the market was more
active and 45 to 50 points higher;sales 7,050,000 ounces. Bar
silver here advanced %c. to 35%c. while London fell 1-16d.
to 19 3-16d. The principal bullish influence was the advance
in sterling exchange together with the strength of securities
and other commodities. June ended at 36.10c.; July at
36.25e.• Aug. at 36.600.; Sept. at 36.90c.; Oct. at 37.15c.;
Dec. at 37.74c.; Jan. at 38c. and March at 38.50c. On the
'
8th inst. trading increased considerably when 11,475,000
ounces changed hands. The close was 30 to 40 points higher
with June at 36.40c.; July at 36.60 to 36.70c.; Sept., 37.30c.;
Oct., 37.50c.; Nov., 37.83c.- Dec., 38.10 to 38.20c.; Jan.,
38.40c. and March, 38.90c. ' silver at -New York was up
Bar
%e. to 363c. while London fell 1-16d. to 193d. Silver is
expected to receive important consideration at the World
Economic Conference. To-day futures closed unchanged
to 10 points higher after sales of 3,000,000 ounces. Bar
silver at New York declined M to 363/8e. June ended at
36.60c.; July at 36.79e.; Aug. at 37.11c.; Sept. at 37.40c.;
Oct. at 37.73c.; Dec. at 38.44c.; Jan. at 38.690. and March
at 39.19c. Final prices are 80 to 114 points higher than a
week ago.
COPPER was firm but quiet at 8c. for domestic delivery.
The foreign range was 7.95 to 8e. Some prompt a pper was
reported offered in the domestic market, however, at 73o.
London was lower on the 7th inst. Demand fell off later
on both here and abroad. Prices were maintained, however,
at 8e. in the domestic market and 7.90 to 8c. in Europe.
In London on the 8th inst. spot standard dropped 8s. 9d.
to £37 6s. 3d.; futures off 10s. to £37 10s.; sales 200 tons of
spot and 2,000 tons of futures. Electrolytic dropped 5s. to
£42 5s. bid and £43 5s. asked; at the second session standard
advanced is. 3d. on sales of 25 tons of spot and 375 tons of
futures. Copper futures here on the 8th inst. declined 10 to
20 points; June closing at 6.68c.; July at 6.75 to 6.80c.;
Aug.' 6.83c.; Sept., 6.90c.; Oct. 6.98c.; Nov., 7.07.; Dec.,
'
7.15 to 7.20c.; Jan., 7.25c., with 9 points higher for each
succeeding month.
TIN rose to the highest levels seen for several years when
Straits was quoted advanced to 423( to 42%c. on the 6th
inst. London was higher on that day. Demand however
was light. Stocks of tin in warehouses of the United Kingdom at the close of last week were 24,637 tons. Straits tin
shipments so far this month up to Sunday were 540 tons.
Another advance of 1%c. to 433/2e. on the 7th inst. sent
Straits tin to the highest level seen since October 1929.
London on the 7th inst. was higher. Straits tin went to
45c. on the 8th inst. but demand was light. Tinplate
makers are working at close to 90% of capacity. Futures
here on the 8th inst. rose 160 points with sales of 20 tons.
June closed at 41.90c., July at 42c. Aug. at 42.10c.; Sept. at
'
42.20e. with 5 points higher through1933,all bid; Jan.42.45e.
with 10 points higher per month. London on the 8th inst.
advanced. £3 5s. on spot standard to £221 5s.; futures up
£3 10s. to £221 .5s.; sales 100 tons of spot and 650 tons of
futures; spot Straits rose £5 15s. to £238 15s.; Eastern c.i.f.
London advanced £4 15s. to £236 10s.; at the second London
session standard was up £2 lOs on sales of600 tons of futures.
LEAD was in fair demand and steady at 4.10c. New York
and 3.95e. East St. Louis. The statistical position is said to
be improving and automobile production is holding up well,
thus providing a good outlet for lead in battery form.
London prices declined on the 7th inst. Demand was brisk
on the 8th inst. and mostly for July. Buying for June has
evidently been completed. Lead sold for shipment in May
totaled 25,000 tons, with the same tonnage sold so far for
June and with 22,000 tons already sold for July delivery.
Prices were unchanged at 4.10c. New York and 3.95e. East
St. Louis. In London on the 8th inst. spot advanced 3s. 9d.
to £13 10s.; futures up 2s. 64. to £13 15s.; sales 50 tons of
spot and 1,650 tons of futures; at the second session prices
were unchanged with sales of 50 tons of spot and 300 tons of
futures.
June 10 1933
ZINC of late was firmer at 4.323 to 4.35c. East St. Louis.
May statistics were favorable. Surplus stocks decreased
5,813 tons in May to 136,634 tons against 142,447 tons in
April, according to the American Zinc Institute. Production
during the month was 21,730 tons against 21,449 tons in
April. Shipments were heavier than for any month in 1932
or 1933 amounting to 27,543 tons, undoubtedly reflecting
the increased consumption in the steel, brass and other
industries. The average number of retorts operating during
May was 22,154 against 21,526 in the preceding month.
Unfilled orders at the end of May were 21,056 tons against
18,072 at the close of April and 6,313 at the end of January.
London was higher on the 7th inst. Late in the week trading
was slow with prices 4.30 to 4.35c. East St. Louis. In
London on the 8th inst. prices advanced 5s. to £16 16s. 3d.for
spot and futures; sales 875 tons of futures.
STEEL.
-In the early part of the week production continued to increase. In the Chicago district it moved up to
42%,at Cleveland 43 to 47% and Youngstown 44%. There
was some increase in demand for structural steel, mostly for
bridge building and orders for miscellaneous items were
materially larger. No heavy railroad tonnages were in
prospect although a better inquiry was reported. The Iron
Age later in the week estimated average production for the
country at 44%. Output at various centers was given as 28
to 32% for Pittsburgh; 40 to 42% for Chicago; 45 to 50% for
the Youngstown district and 80 to 85% for Wheeling. June
output was expected to exceed May's.
PIG IRON.
-Production in May gained 40.7% with
daily output of 29,249 gross tons according to "Steel." While
consumption has been heavy recently it has been from stocks
in dealers' hands, new sales being small.
•• WOOL.
-All grades brought higher prices in the prominent markets. Boston was firm but less active than it has
been recently. Best fine wools were quoted 65 to 70c. per
lb., which is a much lower price level than prevailed during
a 20-year average although materially higher than a few
months ago. Receipts for the week ending June 3rd of
domestic wool at Boston amounted to 5,108,300 lbs. as
against 5,051,200 lbs. for the previous week. A report from
Boston on the 7th said: "Wool prices were more stable
to-day than for several weeks. New clip wools were arriving
in greater volume. Eastern fleeces were well cleaned up
except for wools to be marketed by the Government. New
England fleeces sold at 27c. a lb., grease basis, at country
points. Ohio Delaine fine wools, sold at 30c., grease basis,
and medium variety 330. Growers in some sections of Ohio
were asking 30e. for such wools and such a price would
increase prices here. Fine territory scoured wools sold at
68c. a lb. in a small way and territory halfbred wools were
firm at 65c. minimum."
WOOL TOPS futures to-day closed 100 to 200 points
higher with July at 84.50c.; October at 84c. and December
at 84.20e. New high records were made.
SILK futures on the 3rd inst. closed 3 to 7c. points higher.
Sales were 2860 bales. June ended at $1.73; July at $1.73;
Aug. $1.73 to $1.74; Sept. $1.74; Oct. $1.73; ligw. $1.73 to
$1.74; Dec. $1.73 and Jan $1.73 to $1.74. Cables were
higher. On the 5th inst. prices were unchanged to lo.
higher with securities firmer and a good speculative demand.
Cables were steady. June, July and Aug. ended at $1.73
to $1.75; Sept. $1.74 to $1.75; Oct. $1.73 to $1.74; Nov.
$1.74; Dec. and Jan. $1.74 to $1.75. On the 6th inst.
prices advanced 5 to 7c. with the stock market higher, the
cables strong and the demand good. The Yokohama Bourse
closed 32 to 38 yen higher and the Kobe market 28 to 40 up.
Here June and July ended at $1.80; Aug. $1.78 to $1.80;
Sept. $1.79, Oct. $1.79 to $1.80; and Nov. and Dec. $1.80.
Prices touched new highs. On the 7th inst. there was a
further advance of 5 to 7c. with sales of 2,480 bales. Profittaking was heavy but the demand was sufficient to absorb
all offerings. The strength of securities and the general
advance in commodities had their effect. Cables were
weaker. June closed at $1.85 to $1.88; July at $1.85 to
$1.88; Aug. and Sept. $1.85 to $1.86 and Oct., Nov. and
Dec. $1.86. On the 8th inst. prices rose to new highs and
trading amounted to 5,120 bales. The ending was 6 to 7c.
higher on firm cables and good investment buying. June
closed at $1.92 to $1.98; July $1.92 to $1.94; Aug. $1.91;
Sept. $1.92 to $1.93; Oct. $1.93; and Nov. and Dec. $1.93
to $1.94. To-day futures crossed the $2. level for the first
time since December 1931 and new high levels were reached
for the year. The market closed 23 to 27 points higher on
heavy buying and stronger Japanese markets. The world's
visible supply declined sharply. June closed at $2.18 to
$2.25; July and Aug. at $2.18; September at $2.16 to $2.17;
and Oct., Nov., Dec, and January at $2.16. Final prices
show a rise for the week of 47 to 49 cents.
COTTON
Friday Night, June 9 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 reac,hed
86,064 bales, against 88,978 bales last week and 79,657
bales the previous week, making the total receipts since
Aug. 1 1932, 8,265,852 bales, against 9,489,228 bales for the
same period of 1932, showing a decrease since Aug. 1 1932
of 1,223,376 bales.
Financial Chronicle 1r
Volume 136
Receipts at
Sat.
Mon.
Tues.
Wed.
Galveston
Texas City
Houston
Corpus Christi- Beaumont
New Orleans__ - Mobile
Pensacola
Savannah
Brunswick
Charleston
Lake Charles
Wilmington
Norfolk
Baltimore
408 1325 9,944
-----------2
5,
3:
960
105
201
_
2 7 M 1,§g:§ 4:556
-7
.
546
342
284
Totals this week_
8.041
-:105
940
__
_
ii
Fri.
Total.
890 18,337
2,386
----1,179 1,179
_
1,362 10,013 23,821
34 1,8.34
347
____
____
844
851 2,510 15,225
513 3,033
706
--------8,642
-i8O
400 2,867
452
23
23
823
121 3,277 6,264
243
__
__
__
2.153 2,153
128
66
8§
6
430
99'3
216
106
143
63
-----------419
419
-2 69
1
860
Thurs.
3,384
---1:02
187
844
2.347
642
8,642
328
46
230
205
--------
9.311 22.416 18.120
6,391 21,785 86.064
The following tab e shows the week's total receipts, the
total since Aug. 1 1932 and stocks to-night, compared with
last year
Receipts to
June 9.
1931-32.
1932-33.
Stock.
This Since Aug This Since Aug
Week. 1 1932. Week. 1 1931.
1933.
1932.
Galveston
18,337 1,954,971 6,951 2,261,122 573,952 568.493
Texas City
1.179 242,885
923 242,520
26.130
24,091
Houston
23,821 2,758.123 2,969 3,157,972 1,476,012 1,216,664
Corpus Christi_ -- 1,834 299,271
36 428,724
57,995
49,588
Beaumont
844
29,338
25.959
18,498
New Orleans
15,225 1,841,998 10,419 1,995,462 896,390 1,011,267
Gulfport
606
Mobile
3,033 319,420 1,303 494,331 134,189 153,358
Pensacola
8,642 134,144
72,444
31,417
Jacksonville
9,244
145
27,742
7,781
17,050
Savannah
2,867 155,022 2,294 327,388 120,298 239,696
Brunswick
23
37,001 1,374
43,410
Charleston
6,264 183,248 3,574 131,435
56,494 101.023
Lake Charles78 137,999
2.153 168,832
76,085
56,377
Wilmington
430
245
53,521
52,591
21,262
11,355
Norfolk
993
54,364
176
64.949
42,413
49,992
N'port News,
____
8,689
New York
198,480 203.890
Boston
933
19,296
14,356
Baltimore
419
21,170
15,175
104
2,632
3,488
Philadelphia
77
5.389
Total
86,061 8.265.852 30.591 9,489,228 3.759,324 3,726,077
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.
Galveston...- _
Houston
New OrleansMobile
Savannah -_- Brunswick_ _ _
Charleston_ _Wilmington_ _
Norfolk
Newport News
All others__ -..
18,337
23,821
15.225
3,033
2,867
23
6,264
430
993
15,071
1,286
1,276
607
2,456
1,395
Total this wk_
86,064
30,591
18.600
31.419
17,318
38.902
1,211
3,091
9,329
938
1,166
2,739
5,579
6,727
817
8,265
3,572
1,966
3,929
2,030
• 1.211
10,241
6,397
15,102
1,206
2.617
1,247
25
317
6,951
2,969
10,419
1,303
2,294
1,374
3,574
245
176
5,741
155
79
1,920
1.452
179
313
944
Since Aug.L.8.265.852 9.489.228 8.379.265 3.072.184 8.945,346 8.170.042
The exports for the week ending this evening reach a total
of 148,570 bales, of which 45,696 were to Great Britain,
7,099 to France, 30,722 to Germany, 11,213 to Italy, 38,829
to Japan and China, and 15,011 to other destinations. In
the corresponding week last year total exports were 97,030
bales. For the season to date aggregate exports have been
7,287,613 bales, against 7,975,317 bales in the same period
of the previous season. Below are the exports for the week:
Week Ended
June 9 1933.
Great
GerExportsfrom- Britain. France. many.
Galveston
20,345
Houston
9,057
Corpus Christi_ _ 5,475
Texas City
New Orleans_ _ __
7,348
Lake Charles- _
Savannah
Brunswick
23
Charleston
Norfolk
2,588
Los Angeles_ _
862
Total
Total 1932
Total 1931
Total
Italy
Japan&
Russia. China. Other.
8,046
2,092 0
4;644 15.182
1,287
424
3,090 8,017
19,888
4,261
10,142
3,187
633
4,538
Total.
7,733 56,104
3,082 35,591
6,762
246
670
3,340 37,102
62
62
3,187
23
48
581
500 3,088
5,400
45,696
7,099 30,722 11,213
38,829 15,011 148,570
16,841
325
6,900 30,790
1.840 17.541
28,580
12,828
Front
Aug. 1 1932 to
June 9 1933. Great
Ger
Exportsfrom- Britain. France. many.
Galveston-,
Houston
Corp. Christ
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
Exportedto-
7,339
3,156
6,580 97,030
9,165 44,855
Exported to
-
!Japan dt,
Italy. Russia, China. I Other.
257,311 211,671 281,2161184,815
256,211 330,519 581.502245,993
40,053 62,66
47,399 18,853
46,110 21,397 60,865 2,901
1,689 1,020
4,434
665
330,213 122,43 348,967208,304
10,327 28,318 28,283 10.874
81,243 15,519 134,96 23.062
5,506
3,699 1,336
23,529 "Ha 57,5
2,197
4,980
10,153
122,383 2,3
68,503 7.77
10,699 .--18,71
_
76,110 ---- 118,541
6,20 24:050
22,746 1,707
136
7,731
506
100
247
2,004
52
23
5,322
11,486
2,413
50
1299,430798,2511,718.501 731,064
Total.
592,638308,217 1,813,868
440,886 384,9312.100,042
80,414 42,04 291,427
10,7411 23,229 165,243
3,032 10,840
15,372 15,372
356,627,155,241 1,521,784
30,623; 16,046 124,471
43,843' 18,079 316,715
7,600
2
18,165
5,366 2,947 91,750
15,133
17,397 6,18 224,599
5,700 1,702 36,819
2,000 10,129 204,760
! 2,2
32,508
22%
543 33,092
606
300! 1,031
3,588
320' 3,559
3.931
1 II
123
104,6471 9,4 I 131,303
:
37,954
517 41,034
5!
43
440
1,737,2901003077 7.287,613
Total 1932._ 1,251,425454,644 1,552,004619,931_ _ 3,167,895 929,41: 7,975,317
Total 1931.. 1.063.229 925,289 1,639,296 464.520 29:279 1.459.110 728.8056.309,627
4113 "
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
June 9 at-
Great
GerOther CoastBritain. France. many. Foreign. wise.
Galveston
New Orleans
Savannah
Charleston_
Mobile
Norfolk
Other ports *
Total.
Leaving
Stock.
2,500 3,000 4,500 11.000 3.500 24,500 549,452
2,109 4,248 7,986 5,349 8.432 28.124 868,266
150
--------2,850 117,448
2,700
---13
83
56,411
__-----150 9.155 125,034
5,2111
111111
---- 3JCL
------------------------42,413
3,000 2.110 8.11116 46,111 1,000 60.000 1.875,588
To al 1933
15,509
Total 1932
13,132
Total 1931
8.595
*Estimated.
9,348 20,636 66,054 13,165 124,712 3,634,612
5,546 19.444 80,608 2.511 121,241 3,604,836
4.783 12.622 45.074 3.234 74.308 3.058.380
COTTON.
-The market has churned about during the
past week without much net result. Weather news has
been generally good and the near approach of the London
Economic parley has had a restraining effect on speculation. There has also been much uncertainty as to bow
large an acreage the government will retire under the
Farm Relief Act. On the 3rd inst. in an active market
prices declined 18 to 26 points. The outgiving attributed
to Secretary of Agriculture Wallace was generally credited
with being the primary cause of the reaction although
profit-taking, hedge selling and good weather helped the
decline along. Reports from the trade were very optimistic.
It was reported that trade interests had bought more
cotton during the week than during any similar period
since last August. World spinners' takings of American
cotton in four preceding weeks amounted to 1,150,000
bales as against 758,000 for the same period last year.
Favorable weather has caused a great improvement in
crop conditions which are now excellent in almost all
parts of the belt. Spot markets were relatively quiet and
off from 15 to 25 points. On the 5th inst. after early losses
of 12 to 15 points, prices rallied sharply and ended 20 to
25 points higher than Saturday's close. Reports that
some 900,000 bales would be purchased by China with the
aid of the Reconstruction Finance Corporation had a stiffening effect on the market as well as rumors from Washington
sources that the Department of Agriculture would recommend a reduction of 20% to 30% in acreage. Spot markets
were generally 21 to 25 points higher and fairly active.
On the 6th inst. prices sagged, with intermittent rallies,
and closed 12 to 16 points off. Trading was less active
pending more definite news from Washington in regard
to retirement of acreage. Weather news was good, Manchester reported a better inquiry for cloths, but Liverpool
was slightly reactionary. Spot prices were 13 to 17 points
lower with sales at the principal Southern markets of
10,618 bales. On the 7th inst. outside factors were more
than enough to offset ideal weather conditions and the
net result was an advance of 5 to 8 points. The continued weakness of the dollar, excellent trade reports
and the strength of stocks and grain swung the cotton
market upward after an early decline. Trading was on
a smaller scale. Estimates of acreage reduction to be
effected by Farm legislation were largely guess work and
this fact with the near approach of the London Economic
Conference had a quieting tendency on the speculative
leaders. The New York Cotton Exchange Service estimated
world consumption of cotton from all countries to May 1st
to be 600,000 bales larger than for the first four months
of 1832. Crop conditions according to the weekly Government weather report were excellent. Spot markets were
generally 4 to 10 points higher with moderate activity.
On the 8th inst. continued favorable weather and a
falling off in trading interest caused a reaction of from 13
to 15 points. Selling against purchases of Red Cross cotton
by spot interests and liquidation by houses with Japanese
connections helped to drive prices down. Speculators for
the rise were disappointed by lack of indications from
Washington as to what policy of financing acreage reduction would be adopted. Spot markets were lower by from
8 to 15 points. To-day with the rumor that 8,000.000 to
10,000,000 acres of cotton land would be retired through
leasing, the market shot up in the instances of some contracts 25 to 28 points. Realizing lessened this gain a bit
and the close was 15 to 18 points over that of Thursday.
News from the textile trade was bullish and Worth Street
reported a better demand for gray goods. Weather news
was generally favorable although parts of Texas and
Oklahoma are reported to need rain pretty badly. Liverpool was closed for the Whitsuntide holiday. Final prices
are 3 to 8 points lower for the week. Spot cotton ended
at 9.25c. for middling or unchanged since last Friday.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
June 3 to June 9Sat. Mon. Tues. Wed. Thurs. Fri.
Middling upland
9.10
9.30
9.15
9.25
9.10
9.25
NEW YORK QUOTATIONS FOR 32 YEARS.
1933
1932
1931
1930
1929
1928
1927
1926
9.283. 1925
5.00c. 1924
8.250. 1923
15.30c. 1922
18.95c. 1 1921
21.10c.11920
17.10c.11919
18.80.11918
23.95c. 1917
28.85c. 1916
29.10c. 1915
22.583. 1914
12.70c. I 1913
40.0Cc.11912
32.75c. I 1911
30.05c. 11910
23.80c.11909
11.30c.
12.850. 1908
11.40c.
9.683. 1907
13.250.
13.650. 1906.----11.20c.
12.783.11905
8.70c.
11.683.11904
11.90c,
15.90c.11903
12.40c.
15.40c.11902
9.38c.
4114
Financial Chronicle
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
June 3.
Monday,
June 5.
Tuesday,
June 6.
Wednesday, Thursday,
June 7.
June 8.
4W
.-
Range _
Closing_ 9.07n
Sept.
Range__
Closing_ 9.17n
9.303
9.14n
9.21n
9.07n
9.22n
9.40n
Pa.
-
9.28- 9.33
9.24n
9.32n
9.17n
9.34n
Range __ 9.25- .951 9.12- 949 9.21- 9.53 9.26- 9.47 9.22- 9.46 9.15- 9.5:
Closing- 9.25- 9.26 9A8- 9.49 9.34- 9.32 9.40- 9.42 9.25- 9.27 9.42- 9.4
Nov.
Range__
Closing_ 9.33n
9.56n
9.40n
9.47n
9.32n
9.50n
Range
9.41- 9.67 9.28- 9.66 9.37- 9.68
9.41Closing_ 9.41- 9.42 9.64- 9.66 9.59- 9.50
Jan.
(1934)
Range__ 9.47- 9.76 9.35- 9.72 9.49- 9.72
Closing_ 9.47- 9.48 9.72- 9.56n
Feb.
Range__
Closing_ 9.55n
9.78n
9.63n
liar
.Range__ 9.64- 9.91 9.52- 9.85 9.61- 9.90
Closing_ 9.64- 9.84- 9.71
IprilRange__
Closing
. 9.72n
9.92n
9.79n
hay
Range.... 9.80-10.05 9.68-10.00 9.78-10.05
Closing_ 9.8010.00- 9.88- 9.89
9.42- 9.61 9.36- 9.61 9.31- 9.61
9.55- 9.58 9.40- 9.41 9.58- 9.51
9.48- 9.68 9.45- 9.68 9.38- 9.7
9.61 ---- 9.48 ---- 9.65 9.69n
9.72n
9.55n
9.63- 9.82 9.59- 9.80 9.53- 9.813
9.77- 9.78 9.63- 9.79 ---9.85n
9.71n
9.85n
9.79- 9.98 9.75- 9.95 9.70- 9.91
9.93- 9.79- 9.95n
n Nominal.
Range of future prices at New York for week ending
June 9 1933 and since trading began on each option:
Option for
June 1933_
July 1933__
Aug. 1933
Sept. 1033.._
Oct. 1933._
Nov. 1933
Dec. 1933__
Jan. 1934_
Feb. 1934
Mar. 1934_
Apr. 134
May 1934_
Range Since Beginning of Option.
Range for Week.
8.87 June 4 9.29 June
6
9.28 June 6 9.33 June 6
9.12 June 5 9.53 June 6
9.28 June 5 9.68 June 6
9.35 June 5 9.76 June 3
9.52 June 5 9.91 June 3
9.68 June 5 10.05 June 3
6.02
5.75
6.00
6.07
5.93
6.50
6.30
6.35
6.62
6.84
8.91
9.47
Nov. 28 1932 9.18
Dec. 8 1932 10.00
Dec. 3 1932 8.06
Dec. 8 1932 9.59
Dec. 8 1932 9.68
Feb. 21 1933 8.97
Feb. 6 1933 9.83
Feb. 6 1933 9.91
Feb. 24 1933 8.18
Mar. 28 1933 10.04
May 22 1933 9.80
May 26 1933 10.22
May 31 1933
Aug. 29 1932
May 12 1933
May 31 1933
May 31 1933
May 16 1933
May 31 1933
May 31 1933
Apr. 29 1933
May 31 1933
May 27 1933
May 31 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.
June 9Stock at Liverpool
Stock at London
Stock at Manchester
1933.
bales- 651.000
1932.
600,000
1931.
833.000
1930.
737.000
107,000
199,000
204,000
Total Continental stocks
758.000
799,000 1,037,000
335,000
178,000
28,000
96,000
69,000
435,000
356,000
12,000
115,000
61,000
367,000
229,000
12.000
96,000
42.000
973.000
706.000
969,000
746,000
1.731,000 1,505.000 2,006,000 1,609,000
Total European stocks
53,000 109,000 160,000
69,000
India cotton afloat for Europe
American cotton afloat for Europe 335.000 263,000 145,000 102,000
76.000
89,000
74,000
Egypt;13razil,&c., afl't for Europe 98.000
428.000 583,000 631,000 517,000
Stock in Alexandria, Egypt
Stock in Bombay. India
949,000 873,000 978.000 1,276.000
3.759,324 3.7213.077 3,132,688 1.703,469
Stock in U. S. ports
Stock in U. S. interior towns_
1,478.208 1,497,915 973.071 714,860
8,146
7.550
750
26.610
U.S. exports to-day
Total visible supply
8.873,142 8,583,138 8,058,309 6.172.079
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
356,000 279,000 410.000 298,000
87.000
59,000
59,000 119,000
Manchester stock
902,000 653,000 852,000 641,000
Continental stock
American afloat for Europe
335,000 263.000 145.000 102,000
U. S. port stocks
3,759,324 3.726,077 3,132,688 1,703.469
1,478,208 1.497,915 973.071 714,860
U. S. interior stocks
7,550
8.146
750
25,610
U. S. exports to-day
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt. Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India_ _ _ _
6,915,142 6,546,138 6.607.309 2,519,079
295,000
48,000
71.000
69,000
98,000
428,000
949,000
321.000
80.000
53,000
53,000
74,000
583,000
873,000
423,000
439,000
67,000
117,000
117,000 105,000
109,000 160,000
89,000
76,000
631.000 517.000
978.000 1,276,000
1,958,000 2,037,000 2,451.000 2,653,000
6.915,142 6,546,138 5,607,309 3,519,079
Receipts.
Receipts.
Week.
Shill- Stocks
ments. June
9.
Season. Week.
Week. Season.
Ala.,Birming'm
Eufaula
Montgomery.
Selma
Ark.,Blytheville
Forest City
Helena
Hope
Jonesboro__ Little Rock
Newport __
Pine Bluff
Walnut Ridge
Ga., Albany
Athens
Atlanta
Augusta..._
Columbus_
Macon
Rome
La., Shreveport
MIss,Clarksdale
Columbus..._
Greenwood
Jackson
Natchez
Vicksburg_
Yazoo City
Mo., St. Louis_
N.C.Greensb'ro
Oklahoma15 towns'_ _
3.C., Greenville
renn.,Memphls
rexas, Abilene_
Austin
Brenham
Dallas
Paris
Itobstown
San Antonio_
Texarkana
Waco
15
74,291
179
41,86
627 9,196
5,953
31
12,661
293
12,558
73
2 38,983
790 43,321
66 40,732
119 88,860
286
60,272 1,663 35,896
19 120,053
174 188,44
1,911 25,480
4 33,911
23,436 1,1951 12,788
23
20 77,91
188
69,38
1,2881 27,561
9 59,520
749
54,911 1,9731 12,189
2,503
2
21,162
48
l5
20,31
498 191,546
2,197 157,919 2,549 50,191
1
48,576
300 10,397
100 50,606
171 179,039
1,014 131,237 3,315 33,143
- ___
619 4,126
47,127
66,419
26
____ 2,697
---5,316
____
1,379
75 39,059
165
350 46,060
27,550
434 85,577
607 232,149 6,468242.033
3,493 142,139 3,354 99,982 1,700 186,00
____ 11,926
-_-_
58,781
__ __
24,509
155
32,738
323
21,03: 1,727 36,553
30
14,61
65
13,131
300 13,822
125 112,154
2,209 46,036
475 80,82
179 198,019
1,259 133,35
3,937 26,077
2 22,916
42
16,258
634 7,535
37 170,680
482 134,579 3.659 51,398
29 44,287
155
37,62
786 21,720
28
306 4,845
12,553
128
8,711
93 41,212
695 9,409
252 36,021
5 47,280
297 11,751
5 32,323
5 1,377 145,116
7,718
7,637 169,97
378
20,987
206
793 20,908
28,92
I
763 621,084
6,907 734,991 9,880 40,629
995 168,934
4,950 160,259 5,612 95,657
29,178 1,976,27, 35,910368,491 7.7662.051,233
330
168 56,291
585
595
90,091
155
612 1,919
23,846
36I 28,463
8
101
899 2,580
19,989
17,905
327 144,769
982 17,201
700 100,091
70 97,92i
263
54,57
796 5,544
---_
151
____I
16
31,137
6,511
14
467
17,914
127, 11,758
89
220 65,611
287 13,927
493 46,609
46
363
75,872 1,498 5,811
81,904
WO
AS Ann c 0c,
',Am; 111I5729(4
KA .nurna
Ship- 1Stocks
ments. June
Week.
10.
130 16,432
216 6,283
684 54,208
3,684 46,624
480 32,298
161 15,104
586 35,965
244 9,637
150 1.856
609 51,422
41 11,432
1,360 44,255
137 5,119
-___ 3,609
125 40,745
1,132166,955
2.561102.089
___ 24,090
106 38,012
75 11,066
2,622 71,212
1,695 74,174
380 8,095
1,386 74,593
1,801 21,732
2 4,858
505 11,178
151 17,263
1,397
807
361 20,848
1,808 37,197
2.338 83.747
12,699309.982
206
348
139 2.446
82 4,941
923 15,172
1,006 5,511
,
454
____
550
231 8,926
--__ 6,680
1A AMA AIR 192 no onTIAnTnIK
*Includes the combined totals 01 15 towns In Oklahoma.
The above totals show that the interior stocks have
decreased during the week 43,018 bales and are to-night
19,707 bales less than at the same period last year. The
receipts at all the towns have been 48,519 bales more than
the same week last year.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot Market
Closed,
863,000
544,000
216.000
22,000
81,000
110,000
Movement to June 10 1932.
Movement to June 9 1933.
Towns.
126,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total East India, &c
Total American
the week and the stocks to-night, and the came items for the
corresponding periods of the previous year--is set out in
detail below.
Friday,
June 9.
June-Range__
Closing - 8.94n
9.17n
9.02n
9.09n
8.95e
9.10n
July
Range__ 8.98- 9.25 8.87- 9.25 8.98- 9.29 9.00- 9.20 8.98- 9.18 8.88- 9.2
5
Closing_ 9.01 - 9.24- 9.08- 9.15- 9.01- 9.16- 9.1
June 10 19.1.1
Futures
Market
Closed.
SALES.
Spot. Contr't. Total.
Saturday__ - Wet,15 pts. dec._ - Barely steady-Monday - Quiet. 20 pts. adv_ Firm
Tuesday _
Wet,15 pts. dec., _ Steady
Wednesday_ Quiet. 10 pts. adv_ _ Steady
Thursday -- Wet,15 pta. dec__ _ Barely steady
Friday
Quiet, 15 pts. ad v -- Very steady......
-job
570
400
225
200
100
570
400
225 •
200
1.495
1,495
93,111 236,81515 329,611
-
Total week..
Since Aug. 1
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the v713ek and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
-1932-33-1931-32Sin
Week. Aug. 1.
Week. Aug. 1.
7,718 170.748
1.397 150.716
5,053
55
Via Mounds. &c
25,151
470
Via Rock Island583
175
16,309
-iH
8,057
Via Louisville
3,623 147.487
3,161 162.451
Via Virginia points
Via other routes, 8:c
5,221 308,570
5,165 412,837
-Total gross overland
16,737 648,637
9.890 759,795
DeductShipments
15,642
104
25,436
419
Overland to N. Y., Boston, &c
10,662
185
11,998
Between interior towns
416
3,285 202,235
8,211 173,019
Inland, &c,,from South
June 9Shipped
Via St. Louis
Total to be deducted
Leaving total net overland*
9,046
199,323
3,574
239.667
7.691
449,314
6.316
520.128
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this week has been 7,691 bales, against 6,316 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 70,814 bales.
Total visible supply
8,873.142 8.583.138 8,058,309 6,172.079
4.75d.
7.98d.
Middling uplands, Liverpool.....
4.09d.
6.12d.
14.50c.
8.70c.
5.10c.
Middling uplands, New York__ _ _
9.25c.
8.75d. 13.65d.
6.703.
Egypt. good Sakel. Liverpool..
9.06d.
Peruvian, rough good, Liverpool_
3.99d.
5.65d.
3.74d.
Broach. fine, Liverpool
5.29d.
7.00d.
Tinnevelly, good, Liverpool
3.77d.
4.64d.
5.80d.
-1932-33
-1931-32
Since
In Sight and Spinners'
Since
Takings.
Aug. 1.
Week.
Week.
Aug. 1.
Receipts at ports to June9
8,265,852 30.591 9.489,228
86,064
Net overland to June9,691
449.314
520,128
6,316
Southern consump n to June 9_ _ _ _ 98,000 4,360,000 78,000 3.982.000
Continental imports for past week have been 122,000 bales.
The above figures for 1933 show a decrease from last
week of 140,429 bales, a gain of 290,004 over 1932, an
increase of 814,833 bales over 1931,and again of 2,701,063
bales over 1930.
-that is,
AT THE INTERIOR TOWNS the movement
the receipts for the week and since Aug. 1, the shipments for
Total mzrketed
189,755 13,075,166 114,907 13,991.356
Interior stocks in °teem
78,516 *28,265
707,688
*43.018
Excess of Southern mill takings
576,152
132,490
over consumption to May 1_ _ _ _
____
Came into sight during week
Total in sight June 9
146,737
____ 13.236.172
891,538
North.spinn's takings to June9 25,755
.
• Decrease.
86.642
____ 15,275.196
11.804
891,081
Movement into sight in previous years:
Bales.
13,672,926
14,627,789
15,374,317
Since Aug. 1Bales.
93,527 1930
124,287 1929
116,287 1928
Week1931-June 12
1930
-June 13
1929--June 14
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Colon on
Week Ended
June 9.
.Galveston
New Orleans_ - Mobile
Savannah
Norfolk
Montgomery- _
Augusta
Memphis
Houston
Little Rock.. _ _ _
Dallas
Fort Worth_ _
Saturday. Monday. Tuesday. Wed'day. Thursdy
8.80
8.90
8.75
110L.
9.16
8.70
9.16
8.90
8.85
8.85
8.55
8.55
9.05
9.17
9.00
9.24
9.39
8.95
9.39
9.15
9.10
9.08
8.80
8.80
8.95
9.08
8.90
9.15
9.30
8.85
9.31
9.05
9.00
9.00
8.75
8.75
8.90
9.04
8.83
9.08
9.23
8.80
9.23
9.00
8.95
8.92
8.65
8.65
8.80
9.00
8.75
9.01
9.15
8.70
9.16
8.90
8.85
8.85
8.60
8.60
Friday.
8.95
9.13
8.90
9.17
9.32
8.85
9.33
9.05
9.00
9.00
8.75
8.75
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,
June 3.
tune
Fully
August....
Riptember
3ctober
November
December_
Fan.(1934)
YebruarY March-.
!oral
May
Tone
Spot
Dptions
Monday,
June 5.
8.96- 9.17
Tuesday, Wednesday, Thursday,
June 8.
June 7.
June 6.
9.04
9.08
9.00
Friday.
June 9.
9.31
9.22- 9.23 9.42-9.44 9.28- 9.29 9.35- 9.38 9.24- 9.25 9.40- 9.41
9.37- 9.38 9.57- 9.58 9.44- 9.49- 9.50 9.40- 9.55- 9.56
9.44 Bid. 9.64 Bid. 9.51 Bid. 9.55 Bid. 9.46 Bid. 9.61 Bid.
9.59 Bid. 9.79 Bid. 9.66 Bid. 9.71 Bid. 9.61 Bid. 9.76 Bid.
9.74 Bid. 9.94 Bid. 9.81 Bid. 9.86 Bid. 9.76 Bid. 9.91 Bid.
Steady.
Steady.
4115
Financial Chronicle
Volume 136
Steady.
Steady,
Quiet.
Steady.
Steady.
Steady.
Steady.
Steady*
Steady.
Steady.
-It has been dry all week and chopping
Memphis, Tenn.
and cultivation are progressing.
Galveston, Tex
Amarillo, Tex
Austin, Tex
Abilene, Tex
Brenham, Tex
Brownsville, Tex
Corpus Christi, Tex
Dallas, Tex
Del Rio, Tex
El Paso, Tex
Henrietta, Tex
Kerrville, Tex
Lampasas, Tex
Longview. Tex
Luling, Tex
Nacogdoches, Tex
Palestine, Tex
Paris, Tex
San Antonio, Tex
Taylor, Tex
Weatherford, Tex
Oklahoma City, Okla
Eldorado, Ark
Fort Smith, Ark
Little Rock, Ark
Pine Bluff. Ark
Alexandria, La_
Amite, La
New Orleans, La
Shreveport, La
Columbus, Miss
Meridian, Miss
Vicksburg. Miss
Mobile, Ala
Birmingham, Ala
Montgomery, Ala
Gainesville, Fla
Jacksonville, Fla
Miami. Fla
Pensacola, Fla
Tampa, Fla
Savannah, Ga
Athens, Ga
Atlanta, Ga
Augusta, Ga
Macon, Ga
Thomasville, Ga
Charleston, S. C
Greenwood, S. C
Columbia. S.0
Conway. S. C
Asheville, S. C
Charlotte, N. C
Newborn, N. C
Raleigh, N. C
Weldon. N. C
Wilmington, N. C
Memphis. Tenn
Chattanooga, Tenn
Nashville, Tenn
Thermometer
high 86 low 77 mean 82
high 100 low 58 mean 79
high 92 low 66 mean 79
high 96 low 68 mean 82
high 90 low 66 mean 78
high 90 low 72 mean 81
high 88 low 66 mean 77
high 92 low 68 mean 80
high 96 low 70 mean 80
high 102 low 58 mean 80
high 96 low 66 mean 81
high 92 low 56 mean 74
high 94 low 62 mean 78
high 94 low 66 mean 80
high 96 low 66 mean 81
high 88 low 60 mean 74
high 88 low 66 mean 77
high 92 low 64 mean 78
high 94 low 68 mean 81
high 92 low 66 mean 79
dry
high 92 low 64 mean 78
dry
high 98 low 68 mean 83
dry
high 94 low 60 mean 77
dry
high 96 low 62 mean 79
dry
high 92 low 62 mean 77
dry
high 92 low 59 mean 76
dry
high 92 low 64 mean 78
dry
high 97 low 54 mean 76
dry
high 92 low 71 mean 81
dry
high 92 low 65 mean 78
dry
high 100 low 57 mean 79
dry
high 96 low 58 mean 77
dry
high 90 low 66 mean 78
dry
high 93 low 62 mean 78
dry
day 0.14 in. high 94 low 60 mean 77
1 day 0.52 in. high 98 low 64 mean 81
high 99 low 55 mean 77
dry
high 94 low 62 meal 78
dry
high 86 low 66 mean 76
dry
2 days 0.21 in. high 88 low 70 mean 79
high 94 low 62 mean 78
dry
high 98 low 60 mean 79
dry
high 94 low 62 mean 78
dry
high 98 low 62 mean 80
dry
high 98 low 58 mean 78
dry
high 100 low 56 mean 78
dry
high 98 low 60 mean 79
dry
2 days 0.16 in. high 99 low 61 mean 80
high 101 low 54 mean 78
dry
1 day 0.02 in. high 96 low 56 mean 76
1 day 0.20 in. high 101 low 47 mean 74
high 98 low 52 mean 75
103 in. high 95 low 57 mean 79
1 day (1
high 98 low 54 mean 76
dry
1 day 0.08 in. high 96 low 54 mean 75
high 99 low 46 mean 73
dry
high 96 low 50 mean 73
dry
high 92 low 65 mean 80
dry
high 96 low 60 mean 78
dry
high 98 low 58 mean 7$
dry
Rain. Rainfall.
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
NEW YORK COTTON EXCHANGE ELECTS OFFICERS.
-The New York Cotton Exchange on June 5
re-elected William S. Dowdell. President, and John H,
McFadden, Vice-President. Mr. Dowdell is associated with
the cotton shipping firm of Weil Brothers. Mr. McFadden
Dallas Cotton Exchange Weekly Crop Report.
is a senior partner of the firm of Geo. H. McFadden & Bro.
The Dallas Cotton Exchange each week publishes a very
Kenneth G.Judson of Judson & Co. was re-elected Treasurer. elaborate and comprehensive report covering cotton crop
Three new members were elected to the Board of Managers of the Exconditions in the different sections of Texas and also in
change. Perry E. Moore, William N. &hill, and Alvin L. Wachsman. Mr.
Moore is a member of the firm of Robert Moore & Co.,and Mr. Wachsman
Oklahoma and Arkansas. We reprint this week's report,
is a member of the firm of Cohen, Wachsman & Wassail. The other memwhich is of date June 5, in full below:
bers of the Board are as follows: Eric Alliot, Alpheus C. Beane,
John C.
Botts, Lamar L. Fleming, Robert M. Harries, Clayton B. Jones, Frank
J. Knell, Elwood P. McEnany, Charles S. Montgomery, Clayton E. Rich.
Simon J. Shlenker, and Philip B. Weld. Daniel Schnakenberg was reelected Trustee of the Gratuity Fund to serve for three years. R. Malcolm
Deacon, James B. Irwin and Byrd W. Wenman were elected Inspectors of
Election. The new officers were nominated by a committee consisting of
William J. Jung, Chairman, William Wieck, Alvin L. Wachsman William
N. Schill, Wilbur C. Johnson, George M. Schutt and William C. Bailey.
Mr. Dowdell, President, was born in 1884 in Auburn. Alabama, and has
lived in Alabama the greater part of his life. His ancestors were among the
earliest settlers of the South. He attended Davidson College. Davidson,
N.C..and the Alabama Polytechnic Institute. Auburn,Ala. On completing
his education, he entered the employ of Well Brothers and has been associated with that firm continuously ever since. In developing and handling
the buying activities of Weil Brothers he has traveled extensir ely through
the South, and in building up and conducting its selling operations he has
traveled throughout Europe and is well known in the mill markets of this
country. For the past thirteen years he has been manager of the New
York office of Well Brothers. hurdling both spot and futures business.
Mr. McFadden, Vice-President, was born in 1890. His father. John H.
McFadden, was for many years one of the leading cotton merchants of the
world,doing an extensive domestic and foreign business in American cotton.
John H. McFadden,Jr. was graduated from the University of Pennsylvania,
following which he became aseocimed with Frederic Zerega & Co. of Liverpool, the English affiliate of Geo. H. McFadden & Bro. Shortly after the
outbreak of the World War he became one of the founders of the American
Ambulance Corps, a volunteer organization of Americans which furnished
ambulance service for the Allied troops. After the United States entered
the war, Mr. McFadden was commissionec a raptain in the Signal Corps,and
at the close of the war he became assistant military attache at the
Embassy in Paris. In 1919 he returned to the United States and American
became a
partner of Geo. H. McFadden & Bros. He has spent a large portion of his
life in Europe, traveling to every corner of the Continent in connection with
the cotton business.
The firms with which Mr. Dowdell and Mr. McFadden are associated
have taken an active part in the development and management of the
New York Cotton Exchange for many yerrs. because of their extensiv e use
of its facilities for hedging their commitments. Both firms buy large
quantities of cotton direct from the growers and sell direct to the srinners
of the United States and foreign countries. While they handle foreign
growths, over 95% of their business is in the American staple, and they
have been among the outstanding pioneers in opening up foreign markets
for the domestic product.
NEW YORK COTTON EXCHANGE ELECTS MEM-Francis I. du Pont was elected on June 8 to memberBER.
ship in the New York Cotton Exchange. Mr. du Pont is a
senior _partner in the firm of Francis I. du Pont & Co., of
New York City, engaged in the brokerage business, and is
also a member of the New York Stock Exchange and an
associated member of the New York Curb Exchange.
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening indicate that generally the
weather conditions during the week have been beneficial to
cotton. There has been very little rain and temperatures
have been higher. Blooms are reported in the southern
portions of the cotton belt.
Texas.
-The crop in this State has shown improvement
and it is now in good to excellent condition. Cultivation is
also good except in some north central districts where the
fields are still weedy.
TEXAS.
WEST TEXAS.
Abilene (Taylor County).
-Weather past week has been very favorable.
Planting has progressed rapidly. The cotton that was already up is doing
very nicely. It is still very dry from Colorado west.
Haskell (Haskell County).
-The Haskell County crop is being rapidly
planted. Cannot give any accurate statement as to what average stands
will be till next report. The crop is being planted about two weeks late.
Failure to secure stands will cause farmers considerable loss. Land not
planted is drying out on account of too much weeds and grass.
Lubbock (Lubbock County).
-Past week a week of cotton planting. One
more week should about finish planting. Cotton is about two weeks late.
Some is up to good stand. Too dry in spots for planting. Hot, dry winds
have been blowing for three days, which is damaging to young cotton.
Quanah (Hardernan County).-Hardeman County acreage planted as
much as last year. If weather permits, 15% additional will be planted.
Moisture barely sufficient for now. Crop has made good progress past
week of ideal cotton weather. Over half of cotton is up to good stand.
-About 80% of acreage has been planted and
Stamford (Jones County).
will be up next week. probably 30% up now. Need one more week of
dry weather. Crop is about 15 days late.
NORTH TEXAS.
Forney (Kaufman County).
-Weather past two weeks unfavorable for
cotton in that rainfall has been too heavy, allowing not enough working
days. Nights too cool. Fields rather grassy, need two weeks warm dry
weather. 60% chopped. Some lice.
Gainesville (Cooke Counly).-Weather favorable, crop doing fine, season
normal.
Honey Grove (Fannin County).
-Favorable weather past week. Farmers
worked full week in fields. Crop progress fine. About 65% of crop
chopped in this section. If we can have dry weather all of this week, practically all of the cotton will be chopped and fields clean.
Sherman (Grayson Counly).-The past week has been ideal for cotton
and the planters are taking advantage of same. The plant Is growing
nicely, and with another week of clear weather the fields will be practically
free of grass and weeds. Weather is clear and hot.
Weatherford (Parker County)
.-Cotton practically all planted and replanted. Need ten days sunshine to enable farmers to get out of grass.
Had too much rain. The last rain. May 28, caused considerable replanting, but all seed available planted. Some planted too wet and may not
come up. Cotton about three weeks late for this territory. Increase in
acreage about 20% now, but this and Palo Pinto counties had reduced last
two years about 75%. Now here we are below normal planting.
CENTRAL TEXAS.
Cameron (Milam County).
-Cotton prospects good. All we need is net
days dry weather.
Ennis (Ellis County).
-The cotton crop in this section is making very
satisfactory progress. The weather for the last week has been ideal and
no insects to speak of so far. Chopping is being done very fast and the
prospects are favorable for a good crop. Warm, dry weather is needed.
Navasota (Grimes County).
-Grimes County farmers have been busy all
week keeping up with their work, which is progressing nicely. Weather
4116
Financial Chronicle
has been largely favorable for this and few complaints of any kind excepting
north winds a couple of days.
EAST TEXAS.
Palestine (Anderson County).
-Cotton made good progress during past
week. Weather has been ideal, clear and hot with hot nights. Planting
finished; 5% replanting necessary; 75% up, 50% chopped out to good to
average stands. Plant is healthy and has good color. Averages 2 to 6
inches tall. Moisture is ample and continuation of hot dry weather will
cause rapid progress. Clear and hot to-day.
SOUTH TEXAS.
San Antonio (Bexar County).
-Have had sufficient rain throughout this
whole territory and cotton as well as other crops has made wonderful
progress during past week. Stands are good, fields clean and practically
all has been chopped. Some sections are reporting boll weevil; however.
It is as yet a little early to judge damage that they will cause. Need hot.
dry weather, such as we are now having, to continue
OKLAHOMA.
Frederick (Tillman County).-Condltions ideal in every sense of the word.
Any question you might ask about the crop the answer would be "ideal."
Hugo (Choctaw County).
-Weather favorable last of week. Cotton all
planted,98% up.60% chopped in river bottoms,40% on uplands. Stands
perfect. No report of weevil yet
Mangum (Greer County)
-Weather past week mostly clear and warm,
with no moisture but high winds daily. Cotton doing well considering
lack of moisture, and except in sandy sections stands are good to perfect.
Since no stubble land will be planted to cotton, account of hardness of
ground, believe acreage increase to cotton will not exceed 15%• Farmers
optimistic regarding present prices and outlook generally.
ARKANSAS.
Ashdown (Little River County).
-Planting completed;50% of crop chopped
out, 25% still badly in weeds and grass; the remaining 25% is either just
beginning to come up or is not yet up. Stands fair; however, nights slightly
too cool for rapid growth. No rain the past week, which was beneficial.
However. we are beginning to hear some complaint of ground getting dry
and hard.
Blytheville (Mississippi County).
-A few days of fair weather have produced a remarkable improvement in the cotton outlook in this territory.
Fields are rapidly being cleared of grass and weeds and planting, delayed
In some places by excessive moisture, is about completed. Cotton acreage
has been increased behind the levee, many planters increasing their cotton
acreage at the expense of hay and corn crops. Acreage in front of the levee,
which is considerable in normal years. will be substantially reduced because of the late high waters. Much cotton is late, but stands are good
except for some early plantings, and will require favorable conditions with
a late frost for full production. Unless unfavorable weather conditions
force abandonment of some of the lowlands, acreage will be about same as
last year. Labor is plentiful at prices of about 25% more than last season.
Conway (Faulkner County).
-The past week has been dry. Planting and
replanting about completed. Cultivation has progressed rapidly. Stands
on early planted are poor to fair, while stands on late planted are better.
All cotton is small. Fields are rough and cloddy, caused by plowing while
too wet. We need rain now to wet top soil and melt the clods. Our crop
is two to three weeks late.
Magnolia (Columbia County).
-Weather past week ideal. Farmers very
busy cleaning out the grass. Crop growing rapidly. About 50% chopped
to stands. Planting about completed. Stands fair to good, some early
fields putting on squares. Need another week warm sunshine to catch up
With cultivation. Some complaints of lice and cutworms; no other insects
reported. Conditions improving raindlY•
Pine Bluff (Jefferson County).
-No rain since our last report. The temperature during the day 85 to 90 degrees, at night 62 to 70 degrees;fine for
weevil, but so far none reported. Crop looks good and weather is ideal for
cleaning fields and for growth of the plant. The river is again within its
banks and corn is being planted to the overflowed lands. Where cotton
has been worked out and dirted up, light rain would do good; young corn
and gardens would also be benefited.
Searcy (White County).
-Cotton on high ground up to good stand but on
account of the rainy season we had for three weeks and hot and dry with
occasional rain, ground formed crust and cotton looks bad in places. With
proper working it ought to make good stand. Lowlands too wet to plant.
butfarmers are ordering proper seed so they can plant as soon as ground will
Permit. Unable to compare acreage now on account of lowlands. In
some places they will have to replant; estimate 10% to be replanted. Labor
plentiful.
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. in. of the dates given:
June 9 1933. June 10 1932.
Feet.
Feet,
New Orleans
1.7
Above zero of gauge_
16.9
Memphis
Above zero of gauge..
11.4
31.7
Nashville
Above zero of gauge_
9.2
8.8
Shreveport
12.0
Above zero of gauge_
13.1
Vicksburg48.7
Above zero of gauge..
13.2
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.
Wr
edl
B
Receipts at Ports.
1933.
1932. 1 1931.
qtwke at Interior Towns.
1933.
1932. 1
1931.
Receiptsfrom Plantations
1933.
1932.
Mar.
10._ 72,11' 158,7011 93,4771.964,139 1,961,1161.420.753 58,462121,908
1
17-- 48,558 125.715, 63,139 1,932,247 1,908.5101,379,376 16.666 73,109
24_. 78.838130,9681 61,7361,903,091,1,872,8781,349.018 49,682 95,336
31-- 71.916115,587 53,101 1.874,180 1,847,155 1,312,856, 43.00 89,864
Apr.
1
7.. 55,548 93,799 40.426 1,839.2301.812,83211,264,845 20,358 69.476
14-- 56.169 62.040 52,119 1,806.896 1.781.096 1.213.990 24,435 30,304
21-- 80.344 76,159, 33.372 1,772.6951.747,767 1,175,730 46,143 42.830
28- 92,386 86.624 37,729 1.739,0331.710,830 1,136,596, 58,729 49,687
May
5__ 90.027 53,10 31,266 1.709.661 1,664,13, 1.112.5931 60,6
6,407
12..101,074 62.170 27,4811.672,791 1,622,896 1,091,370 64.2
20.931
19__ 118,296 37,5861 20.5161.624.351 1,588.1 1,060,748 69.856 2,745
26.. 79,657 64,9611 18.911 1,566,969 1,654,722 1,037,599, 22.27 21,684
June
2_ - 88.978 64,258 20,902 1,521,226 1,526,191 1,009,2311 43,24 35,716
9_ _ 86,064 30 591 18,6001,478,2081,497,91 973,071 43.046 2,326
1931.
41,083
26,762
31,378
16.939
zia
Nil
37,195
6,731
6.253
Nil
Nil
NI1
Nil
June 10 1933
Julie
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1932 are 8,267,835 bales;
in 1931-32 were 10,123,668 bales and in 1930-31 were 8,857,662
bales. (2) That, although the receipts at the outports the
past week were 86,064 bales, the actual movement from
plantations was 43,046 bales, stock at interior towns
having decreased 43,018 bales during the week. Last year
receipts from the plantations for the week were 2,326
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.
1932-33.
Week.
1931-32.
Season.
Week.
Season.
visible'supply June 2
9,013.571
8,737,579
Visible supply Aug. 1
7,791,048
6,802,001
American in sight to June 9-146.737 13.286,172
86.642 15,275,196
Bombay receipts to June 8..
42,000 2,410,000
42.000 1,927,00G
Other India ship'ts to June 8..
16.000
462,000
2,000
340,000
Alexandria receipts to June 71,000
964.000
4,000 1,414.000
Other supply to June 9*b---484.000
7,000
7,000
501,000
Total supply
Deduct
Visible supply June 9
9.226,308 25,397,220 8,879,221 26,349,290
8,873.142 8.873.142 8,583,138 8,583,138
Total takings to June 9_a---353.166 16.524,078
296.083 17,766,152
Of which American
273,166 12.270,078
220,083 13,245,152
Of which other a
80.000 4.254.000
76,000 4,521,000
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills. 4,360,000 bales in 1932-'33 and 3,982,000 bales in 1931-'22
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners. 12.164 078 bales in 1932-'33 and 13,784,152 bales in
1931-32 of which 7,910,078 bales and 9,263,152 bales American.
S Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from.
Aug. 1, as cabled, for three years, have been as follows:
1932-33.
June 8
Receipts al
Week.
1931-32.
Week.
1930-31.
Since
Aug. 1.
Since
Week. Aug. 1.
42,000 2.410.000 42.000 1,927,000 75,000 3,156,000
Bombay
Exports
from-
Since
Aug. 1.
For the Week.
Since Aug. 1.
Great
Great I Cont- Japan&
Britain) wit. China. Total. Britain.
Conti- 'Japan d
nest. I China. I Toad.
fkunbay
I
I
1932-33._ 2,000 8.000 19,0001 29,000 44,000 261,0001,010,0001,319,000
1931-32._
2,000 22.0001 24,000 17.000 131,000 821,000 969,000
1930-31._
---- 6,000 28,000 34,000 118,000 633,0001,681,0002,432,000
OtherIndia1
1932-33.. 6,000 10,000
16.000 105,000 357,0001
462,000
1931-32__
2,000 93.000 247,000
2,000
340,000
12,000 139,000 441,000
1930-31._ 1,000 11,000
580,000
Total -1
1932-33.. 8,000 18,000 19.000 45,000, 153,0001 618.000 1,010,000 1,781,000
26,000, 110,000 378,000 821,0001,309,000
1931-32_1930-31_ 1:6661 11101 11:" 46,000 257.000 1,074,000 1,681.0003,012,000
According to the foregoing, exports from all India ports
record an increase of 19,000 bales during the week, and since
Aug. 1 show an increase of 472,000 bales.
MANCHESTER MARKET. Our report received by
cable to-night from Manchester states that the market in
both yams and in cloths is quiet. Demand for both yarn
-day below and leave
and cloth is poor. We give prices to
those for previous weeks of this and last year for comparison:
1933.
32s C p
Twist.
March10....
17.....
24....
31.....
April7....
14....
21....
28....
May
5....
12....
19....
26....
June
2....
9....
1932.
83i Lbs. Shirt- Cotton
ings, Common Middrg
Uprds
to Finest.
a. d.
32s Cop
Twist.
8Si Lbs. Shirt- Cotton
ings, Common Middrp
to Finest.
Uprds
d.
it.
s. d.
s. d.
884
934
934
934
8
8
8
8
3
3
3
3
44 8 6
08 6
08 6
66 8 6
5.17
5.26
5.13
5.15
sso§siow
834(4i0(
834010
3110 914
80
80
80
80
08 3
Is 8 3
Is 8 3
66 8 3
5.51
5.51
6.15
4.81
834@ 934
8110 934
8340 934
834010
8
8
8
8
3
3
3
3
08 6
86 8 6
08 6
@I 8 6
5.28
5.37
5.30
5.53
8340
84(4
8340
834(4
934
934
934
934
80
81
81
81
08
Is 8
08
08
3
4
4
4
4.73
5.00
4.95
4.82
834010
93401034
91601034
9 01034
83
85
85
85
08 6
090
090
Is 9 0
5.89
6.19
5.98
6.07
8 Is
7340
7340
7340
934
934
934
934
80
80
80
80
Is 8 3
Is 8 3
08 3
083
4.53
4.58
4.63
4.45
01(01034 87 0 92
9%010% 8 7 66 9 1
8.37
6.12
7340 834 80 0 83
7340 834 8 0 0 8 3
4.10
4.09
d.
81.40
83488
8340
8140
a. d.
d.
ALEXANDRIA RECEIPTS AND SHIPMENTS -We
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
Alexandria, Egypt,
June 7.
Receipts (cantars)This week
Since Aug. 1
1932-33.
1931-32.
1930-31.
5,000
4.911.876
20,000
6.826.741
85,000
6.822,283
4117
Financial Chronicle
Volume 136
Prices of futures at Liverpool for each day are given below:
Export (Bales)-
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
- --- 190,079 4,000 119,120
____ 112,291
4,000 144,253
9,000 536,218 15,000 515,700
-_-- 19,680
---- 43,781
'Thurs.
New Contract. d, d.
July(1933)_October
January (1934)
HOLZMarch
May
DAY.
July
October
December
Jan.(1935)
March
May
d.
d,
HOLTDAY.
d.
6,1'
6.09
6.13
6.16
6.1
d.
6.01
6.00
6.03
6.07
6.11
d.
5.99
5.9
6.02
6.06
6.09
d.
5.
5.93
5.!.
6.11
6.0
__ __ 6.16__ .._ 6.1:
111111
Bales.
2,092
GALVESTON-To Bremen-May 31-Delfshaven, 2,092
951
To Rotterdam- ay 31-De shaven, 951
1,566
-Cody, 1,566
-May 29
To Barcelona
914
To Oporto-June 1-Sahale, 914
102
-June 1--Sahale, 102
To Leixoes
283
To Santander-June 1-Sahale,283
130
To Passages
-June 1-Sahale, 130
To Japan-June 1-Katsuragi Maru,6,447; Asuka Marla.5.586;
-HanJune 2
-Rio de Janeiro Maru, 1.325-__June 7
17,294
over, 3,936
-Mercian.4,069--_June 6-Helmstrath,
-June 2
To Liverpool
14,133
10,064
2 594
To China-June 7
-Hanover,2 594
-Mercian, 3.587-__June 6-HelmsTo Manchester-June 2
6.212
trath, 2,625
6,046
-June 2-Monbaldo,6,046
To Genoa
3,787
-Mar Negro, 3,787
To Barcelona-June 3
826
-Siamese Prince, 826
HOUSTON-To Japan-June 2
2.967
To Hamburg-June 7-Abana,2,967
3,435
Prince, 3,435
China-June 2
To
-Siamese
12.215
To Bremen-June 7
-Werra, 7,315; Neidenfels, 4,900
268
To Lisbon-June 3--Sahale, 268
869
-June 3-Sahale, 869
To Leixoes
1.299
To Oporto-June 3--Sahale, 1,299
94
To Gijon-June 3-Sahale, 94
451
To Passages-June 3-8ahale, 451
2,258
-Mercian, 2,258
To Manchester-June 6
6,799
To Liverpool-June 6-Mercian,6,799
4,009
To Havre-June 7
-West Harshaw, 4,009
20
-West Harshaw, 20
To Antwerp-June 7
81
-West Harshaw, 81
To Rotterdam-June 7
-May 31-San Pedro, 100_ _ _June
-To Dunkirk
NEW ORLEANS
500
2-Narbo,400
-CranTo Havre
-May 31-San Pedro, 412-_ -June 2
2,590
ford, 2.178
100
To Antwerp-May 31-San Pedro, 100
40
To Hamburg-Addl-Alrich,40
10
26-Nosaqueen, 10
To San Juan-May
334
-Cranford, 334
-June 2
To Ghent
584
-Cranford, 4; Leerdam, 580
To Rotterdam-June 2
600
To Antwerp-June 2-Leerdam,600
1,157
To Mexico-May 26-Morazan, 1.157
-FernPrince, 750-__June 6
-Siamese
To Japan-June 3
5,450
dale, 4,700
4,692
-Siamese Prince, 4,692
To China-June 3
500
To Porto Colombia-June 3--earillo, 500
4,228
-West Hobomac,4,228
To Liverpool-June 2
3.093
-West Hobomac,3,093
To Manchester
-June 2
7,877
To Bremen-June 2-Narbo, 7,877
100
To Hamburg-June 2-Narbo, 100
25
To London-June 7
-City of Omaha, 25
3,917
To Genoa
-June 5
-Ida Zo, 3,317 West Ekonk,600
30
To Colon-June 2-Cetalu,30
100
To Trieste-June 5
-West Ekonk, 100
1,150
To Venice-June 5
-West Ekonk, 1,150
25
To Salonica-June 5
--West Ekonk,25
2,588
-June 9-Artigas, 2,588
NORFOLK
-To Manchester
500
To Rotterdam-June 9-Breedijk, 500
3.187
SAVANNAH-To Bremen-June 2-Hartaide, 3.187
23
-June 8-Sundance, 23
BRUNSWICK
-To Liverpool
1,287
-Liberator, 1,287
-To Bremen-June 5
CORPUS CHRISTI
4,488
To Liverpool
-Wanderer, 4,488
-June 6
987
To Manchester-June6-Wanderer, 987
533
CHARLESTON-To Hamburg-June 6-Rudby, 533
48
To Rotterdam-June 6-Rudby, 48
-June 3-Delftclijk, 500
LOS ANGELES
-To Liverpool
862
June 5
-Steel Engineer. 362
-President Hayes, 2,100---June 6
To Japan-June 5
4,538
Mama Maru, 2,438
424
-Cody,424
TEXAS CITY
-To Bremen-June 2
128
To Oporto-June 1-Sahale, 128
118
To Leixoes
-June 1-Sahale, 118
62
-June 3-Plwygia, 62
LAKE CHARLES
-To Ghent
Wed.
I I I a . .1
-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 148,570 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
Tues.
Frt.
12.15 12.30 12.15 4.0012.1, 4.0012.15 4.0012.15 4.0012.151 4.00
p. m.p. m.p. m p. m.p. m.p. m.p. m.p. m.p. m.p. m.D. m.'p. m.
KIR
11 non 713.553 13.000 914.331 19.000 766.791
Total exhorts
Note.-A cants'. is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending June 7 were
5,000 cantars and the foreign shipments 11,000 bales.
Mon.
Sat.
June 3
to
June 9.
at?
.
_ 137,037
To Liverpool
- 108,254
To Manchester, 8ic
To Continent and India_ 11,000 434,231
34,061
To America
d. d. 4.
6.84
6.83
5
6.
5.93 HOLIDAY.
5.9
6.98
6.02
6.03
6.06
6.09
BREADSTUFFS.
Friday Night, June 9 1933.
FLOUR was quiet during the week, with continued slow
demand. Prices fluctuated largely with wheat, although
family flour and Semolina lagged in this respect. The
spreading of the Jewish bakers' strike also hurt the market.
WHEAT, after a rather slow start, gained in activity as
the week went on, due to the damage caused by persistent
high temperatures in the Middle West. There has, however,
been a marked switching of speculative interest from the
commodity markets to stocks recently. On the 3rd inst.
2
1
/
prices closed 1 to 1%c. down,'with a large volume of long
liquidation. Aside from favorable crop and weather news,
the market had to contend with a report from Washington
to the effect that the Secretary of Agriculture viewed the
recent rise in commodity prices with disfavor. Another
report was that this year's crop would not benefit from
the price control and crop production provisions of the Farm
Relief measure. Harvesting has started at several points
in Kansas, and reports were received that there had been
some premature opening of winter wheat in that State and
Oklahoma.
On the 5th inst. wheat again turned upward, and on reports of damage from excessive heat in the Western and
Southwestern parts of the belt closed 1 to 1%c. higher. The
official forecast was for continued hot weather, and there
was considerable talk of reduction of crop estimates because of premature ripening and poor filling. Washington
news was largely ignored, as was the prospective sale of
some 12,000,000 bushels to China to be financed by the Reconstruction Finance Corporation. Primary receipts were
1,515,000 bushels against 743,000 a year ago. On the 6th
Inst. prices were down at the close % to %c., after an early
advance on continued hot weather in the western portion
of the belt. Reports from Kansas were decidedly bullish,
stating that aside from the damage done by the excessive
heat the crop in that State was small and of poor quality.
Prices sagged later with the forecast of cooler weather in
the stricken area and uncertainty as to the attitude in
Washington regarding the present price level.
2
1
On the 7th inst. closing prices were / to 1%c.above those
of Tuesday. The sharp break in the dollar in the foreign
exchange market was supplemented by the continued scorching weather in the Middle West, with official temperatures
in Nebraska as high as 106 and unofficial ones in Kansas up
to 120. Much of the damage done was reported to be
Irreparable. The rainfall in the Western portions of the
belt has been well below normal for the past two months,
which makes the present condition worse than it otherwise
would be. Complaints of grasshopper infestation in the
Dakotas and Montana were also reported. On the 8th inst.
148,570
Total
trading volume fell off, and wheat lost ground in spite of
-Current rates for cotton from
COTTON FREIGHTS.
the declining tendency of the dollar. The close was % to
New York, as furnished by Lambert & Barrows, Inc., are
/4
73c. below the previous day. Except for some scattered
as follows, quotations being in cents per pound'
showers in the Northwest, there was no break in the torrid
High Stand
High Stand.
High Standheat wave which is having a cumulatively detrimental
Density. ard.
Density. ant.
Density. ord.
.75o. .900.
Liverpool .250. .250,
Trieste
effect. The forecost, however, was for cooler weather in
.50e. .650. Piraeus
Manchester.260. .260.
Flume
.800. .650. Elaionica .76o. .900.
Kansas, Nebraska and South Dakota. The feeling in the
.500. .66411
Antwerp .360. .50o.
Barcelona .35e. .600. Venice
• CopenhVen.11so. .83e.
trade, too, is that wheat will be a prominent subject for
.250. .400. Japan
•
Havre
•
Naples
.40s. .66o
Rotterdam .360. .600. Shanghai
*
discussion at the London Economic Conference, and there
Bombayz .400. .550. Leghorn .400. .860.
.400. .66c.
Genoa
is a tendency to clear decks and await the outcome of it.
.350. .600. Gothenbarg.42o. .670
.460. .61o. Bremen
Oslo
Stockholm .42o. .570. Hamburg .350. .800.
To-day, with no relief from the abnormally higher tempera•Rate is open. :Only small lots.
tures in the Southwest. wheat prices advanced sharply 1%
-By cable from Liverpool we have the folLIVERPOOL.
to 2%c. Irreparable damage is believed to have been done
lowing statement of the week's sales, stocks, &c., at that port: to the crop in some sections. Private estimates of the GovMay 19. May 26. June 2. June 9.
ernment report averaged about 347,000.000 bushels on the
z 6 000
58,000
29,000
47,000
Forwarded
theory that the report itself will not reflect the damage done
659,000 649,000 652,000 651,000
Total stocks
366.000 353.000 354,000 356.000
Of which American
since June 1. Final prices show an advance for the week
31,000
48,000
50.000
44,000
Total imports
of 1 to 1%c.
25,000
12,000
26.000
25.000
Of which American
•
140,000
62,000
Amount afloat
Of which American
134,000
60.000
150,000
76,000
186,000
98.000
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,
Market, 1
12:15
P.M.
Mid.Up'Ids
Tuesday, Wednesday, Thursday,
Quiet.
HOLIDAY.
Futures.{
Market
opened
BOLTDAY.
6.37d.
Dull.
6.26d.
Quiet.
6.12
Quiet,
Steady,
Steady,
5 to 7 pta. 2 to 4 pta. 1 to 2 pts.
advance.
decline.
advance,
Steady, Barely Indy
Market,Quiet,
10 pts.
8 to 9 pts 7 to 8 pts
4
decline.
decline.
decline,
P. M. {,
Friday,
HOLTDAY.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
9534 9634 965
% 975% 9634 984
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat, Mon. Tues. Wed. Thurs. Frt.
July
725% 7334 73
7434 7334 75%
September
77%
7434 7531 7434 7534 75
December
7634 7731 7734 785% 7734 7934
Season's High and When Made.
Season's Low and When Made.
July
7534
May 12 1933 July
4334
Dec. 28 1932
May 311963 September ..-4531
September _7734
Jan. 3 1933
May 27 1933 December
December----79%
68%
Apr 28 1933
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
64
62% 62% 6234 64
.4
September
66
6531 6434 6431 64% 665%
October
675% 67
66
66
6534 6734
INDIAN CORN.
-Increased receipts and good crop
weather held corn prices back most of the week, and speculative interest died down. On the 3rd inst. prices closed /
2
1
4118
Financial Chronicle
to %c. lower, on continued favorable weather for planting
and Washington developments. Primary receipts were
1,183,000 bushels against 987,000 bushels a week ago and
303,000 bushels last year. Shipments were 653,000 bushels,
441,090 bushels, and 358,000 bushels, respectively. On the
5th inst. prices had a heavy tone most of the day, but rallied
toward the close and ended / to %c. higher. The weather
1
2
continued fine for planting, and rapid progress has been
made of late in that direction. Primary receipts were
2,027,000 bushels against 271,000 bushels a year ago and the
visible supply increased for the week.
On the 6th inst. closing prices were % to 'the. down, on
continued improved conditions for the crop and liberal receipts at Chicago. After an early break on the 7th inst.
prices rallied with wheat, and closed / to %c. higher. The
1
2
dry hot weather has helped corn. Planting is nearly completed and growth is progressing rapidly. Cash corn has
been in liberal supply, with demand rather slow. The technical position lacks strength, from present indications.
Primary receipts were 1,813,000 bushels against 164,000
bushels last year. Continued large receipts and lack of support weakened corn on the 8th inst. It closed % to %c. off.
The long side of the market has lost its popularity for the
time being, as continued good crop prospects prevail and
receipts become more liberal. Speculative interest of late
has been switching more to oats.
To-day closing prices were 1% to 114c. up. There was
no news of a special nature to have had such a burn&
effect other than the example of wheat and oats. Receipts
were liberal and speculative interest small. The net change
for the week is an advance of % to 114c.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 yellow
57
5734 5631 5734 5634 5834
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
4434 45
4434 4434 4334 4534
September
4634 47% 4634 4734 4634 4834
December
4934 5031 4934 493. 4934 5134
Season's High and When Made.
Season's Low and When Made.
July
May 12 1933 July
25
Feb. 28 1933
4854
September _ _50
May 12 1933 September -2634
Feb. 28 1933
December---52
May 12 1933 December_ __ _3834
Apr. 28 1933
OATS during the week led the grains in the extent of the
gain in price on crop damage reports from the torrid heat
prevailing in Iowa and Illinois. On the 3rd inst. oats were
off lA to %c., following the other coarse grains downward
on favorable weather and bearish Washington news. On
the 5th inst. prices closed % to %c. higher, following the
rally in wheat. Speculative demand increased. On the 6th
Inst. oats went against the general grain trend and closed
14 to %c. higher. Commission house buying broadened,
and there were numerous reports of crop damage from the
high temperatures prevailing. Prices rose on the 7th inst.
12 to 1%c. at the close. The extreme heat is having a
/
1
detrimental effect on the crop, and strength in oats had
much to do with turning the entire grain market upward
in the afternoon. There was strong commission house buying and better speculative demand than has been seen for
some time.
New high prices for the season was reached on the 8th
Inst., before the market turned downward in sympathy with
the other grains. The close was IA to %c. lower. Weather
news from Iowa and Illinois was unfavorable because of
continued high temperatures, with little prospect of immediate relief, and reports of crop damage in those States were
numerous. To-day oats furnished the sensation of the grain
markets, closing 1% to 2e. higher, to make a new top since
.
December 1931. This was the real mainspring behind
wheat's action, and also spread to other grains. Crop damage reports became intensified, especially from Illinois and
Iowa. Some dispatches were to the effect that the latter
State would only produce 75% of a crop. The close was
near the top for the day. Final prices show a rise for the
week of 114 to 3%c.
DAILY CLOSING PRICES OF OATS FUTURES IN NEW YORK.
Thurs.
Wed.
Mon.
Sal.
Fri.
Tues.
No. 2 white
3434-3534 35-Ni 35-36 36-37 3534-3634 38-39
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
2434 2434 25
2634 2531 274
September
25
254 2534 2734 2674 28%
December
2834 3034
2631 27% 2734 29
Season's High and When Made.
Season's Low and When Made
July
June 9 1933 I July
Mar. 3 1933
18
2774
September -.._29
June 9 1933 September _ _ _164
Feb. 28 1933
December_ ___30%
May 22 1933
June 9 19331December_ _ _2534
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
2834 28 34 2734 2731 27'/s 2834
September
2831 2836 2831 2834 287/i
29
RYE lagged behind wheat, and ended the week lower
than it began it. Rumors of an existing corner Which were
prevalent at one time died away, and the tendency has been
to let rye pretty mutt alone except for trade buying and
selling. On the 3rd inst. prices were % to lc. lower. The
trade was inclined to scout the rumors which have been
prevalent recently to the effect that a virtual corner has
existed in rye. About 4,000.000 bushels were delivered on
May contracts, and before the end of July a large amount
of the new crop will be available. On the 5th inst, rye
enjoyed an active market, with a good trade on both sides
of the account. The close was 1 to 1%c. up. Some switching from cash rye to the July delivery was reported. The
visible supply increased 297,000 bushels. On the 6th inst.
/
2
prices closed 114 to 11c. lower, on rather heavy liquidation,
with only small buying orders on hand. None of the selling
June 10 1933
was credited to the large holders. The market acted tired.
On the 7th inst. final prices were % to/ over Tuesday's
1c.
2
close. Rye lost some of its activity, and was more disposed to follow the action of wheat in a sluggish fashion.
Trade buying was good at times on damage reports from
South Dakota and other parts of the West. On the 8th inst.
rye acted very well compared to wheat and corn. In the
early trading it advanced on a good speculative demand,
and light offerings, but later declined with wheat. The
close was %c. lower to %c. higher. To-day prices closed %
to %c. up, lagging to some extent behind the other grains.
There was little speculative interest. Final prices are % to
%c. higher than a week ago.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
603.4 6136 60% 6034 60% 61
September
61% 63
6134 6234 61% 6234
December
6554 6434 64% 6431 644
64
Season's High and When Made.
Season's Low and When Made.
July
82
$
June 2 1933 July
31
Dec. 28 1932
September _83
June 2 1933 September --4134
Apr. 1 1933
DecemberJune 2 1933 December----55
85
May 5 1933
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
49
5034 4954 4931 4834 4934
September
5131 5234 5134 5134 5034 5131
BARLEY closed the week slightly higher in a featureless
market. Continued favorable weather for the new crop was
the main reason for a price decline of % to Tfic. on the 3rd
inst., although Washington developments and the influence
of the decline in other grains were also factors. The market
on the 5th inst. was featureless, with price changes negligible. The close was unchanged to %c. up. On the 6th
Inst. prices were % to %c. off, moving lower in company
with all the other grains except oats. There was no special
news other than the increase in terminal stocks last week
of 400,000 bushels. On the 7th inst. barley closed % to 12
/
1c.
higher on crop damage reports following the other grains.
On the 8th inst. prices held well in a quiet market. The
close was % to %c. lower. To-day, in company with wheat
and oats, prices advanced 1% to 1%c. Final prices show
an advance for the week of 114 to 12
/
1c.
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
3431 3431 3374 3454 3434
September
3534 3531 3534 3634 3634 38
3734
December
3934
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
3734 3734 3654 36
3531 3651
3
September
3934 3874 374 37% 8734 384
Closing quotations were as follows.
GRAIN.
Wheat, New York
Oats. New York
'
No. 2 red, c.i.f., domestic
No. 2 white
9834
38 -39
Manitoba, No. 1. f.o.b. N. Y.. 7234
No. 3 white
36 -37
Rye. No. 2. f.o.b. bond N. V.. 5534
Corn. New York
Chicago, No. 4
nom.
No.2 yellow, all rail
58% Barley
No.3 yellow, all rail
N. Y., 4734 lbs. malting - 4734
6734
Chicago. cash
28-60
FLOUR.
Spring patents high protein.. $4.95-$5.45 city mills
$6.3047.00
Spring patents
4.75- 5.10 Rye flour patents
4.65- 4.90
Clears, first spring
Seminole. bbl., Nos. 1-3
5.10- 5.50
Soft winter straights
3.90- 4.80 Oats goods
1.75
Hard winter straights
4.65- 4.95 Corn flour
1.60- 1.70
Hard winter patents
5.00- 5.25 Barley goods
Hard winter clears
4.55- 4.70
Coarse
2.35
Fancy Minneapolis, patents... 0.30- 7.00
Fancy pearl Nos.2.4.4
4.00- 4.50
For other tables usually given here see page 4040.
WEATHER REPORT FOR THE WEEK ENDED
JUNE 8.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the influence of the weather for the week ended June 8, follows:
In the Eastern States cool weather prevailed during the first part of the
week, but there was a reaction to decidedly above-normal temperatures
the latter part. At the close extremely hot weather prevailed in the midWest. The table shows that the week averaged much warmer than normal
In all Central and Ncrthern States between the Mississippi River
Rocky Mountains, with the greatest plus departures In temperature and
Missouri and Kansas northward, where considerable areas reported from
means from 10 degrees to 13 degrees above normal. In the more weekly
eastern
and southern States the weekly averages were near normal and in
the
area the weather was cooler than normal. The Rocky Mountain Pacific
section
had a decidedly warm week. At the close of the period extremely
high
temperature prevailed in the middle West, the area of greatest
heat
tring in southern Kansas; at points in Iowa and Kansas the highest cenJune
temperatures of record were reported.
The table shows also that considerable precipitation occurred
Atlantic area, and moderate to rather heavy falls over large sectionsin the
of the
Lake region. Elsewhere, as a rule, the week was fair, with practically
no rain from the east Gulf States and western Ohio Valley westward to
the Pacific Ocean.
The generally fair and sunny weather made a decidedly
week
for farm operations in nearly all parts of the country. favorable work
Belated
made rapid advance. Also, except in a few areas where soil moisture is
deficient, the warm weather promoted unusually rapid growth of all vegetation. In central and northern States east of the Mississippi River where
soil moisture is ample, growth was especially rapid, but in some mid-Western districts, mostly in the Great Plains. the hot, dry weather was unfavorable.
In the south Atlantic area, recent showers have improved
materially, but more rain would be helpful over a large section conditions
extending
from southern Virginia to Mississippi. The Southwest is still unfavorably
dry, while rain is needed in Kansas, the eastern third of Nebraska, eastern
South Dakota and the western half of Iowa. From the Rocky Mountains
westward the week was generally favorable,especially for livestock interests.
-In the eastern corn belt, where planting has been seriously deCORN.
layed by continued wetness, the change to fair, warm weather was decidedly
helpful and planting was pushed to the limit, night work being resorted
to in some places; the bulk of the crop is now in. The warmth was favorable
also for late-planted corn, which is germinating rapidly. In Iowa only
15 to 25% remains to be planted in the persistently wet southeastern portion of the State, and seeding is completed elsewhere, but the late-planted
in the central and western parts is lying in dry soil ungerminated. Rain
is also needed in eastern Nebraska, but in other parts of the western belt
present conditions are mostly satisfactory.
COTTON.
-Moderate temperatures and fair weather made a generally
favorable week for cotton. In Texas the crop shows improvement and
is now in good to excellent condition, with cultivation good, except in
some north-central districts, where fields are still weedy. In Oklahoma
stands are mostly satisfactory, and good to excellent progress is reported
in most localities of the central States of the belt. In eastern sections
Volume 136
Financial Chronicle
growth was rather generally good. Blooming is reported from southern
portions of the belt; the first bloom in South Carolina being reported from
near Bamberg on May 30, some two weeks earlier than normal first bloom
and the earliest reported for that State in 20 years.
--The most important feature of the week's weather
SMALL GRAINS.
as affecting small grain crops was the advent of extremely high temperatures
over the Great Plains area. The intense heat, together with an abnormal
amount of sunshine and no rain, caused considerable damage to wheat,
oats, rye and barley from eastern South Dakota southward. In Kansas
the extremely hot weather, coming at a critical period in development,
was decidedly harmful to tile wheat crop, with the highest June temperatures of record occurring in some southern portions of the State near the
close of the week. The crop is headed short, and in the central and southeastern counties is ripening prematurely; harvest has begun in some southcentral sections. In the Ohio Valley and Missouri progress and condition
of winter wheat were mostly fair to very good, except in local areas previously flooded; heading is general and plants are turning color in southern
valley sections. Elsewhere in the East winter cereals are fair to good,
with wheat heading northward to New York and Wisconsin; harvest continues in the Southeast and has extended to North Carolina.
In the spring wheat region, except in South Dakota. the weather was
favorable for growth, with progress and condition mostly good to excellent.
In South Dakota all crops are doing well in most of the western part, but
in the east hot, dry weather caused serious damage. In the Pacific Northwest most spring grains are doing well, with early wheat heading.
The weather during the months of May and June has a decided influence
on the development of spring wheat, the crop usually requiring for best
results that these months be comparatively cool and moist. In North
Dakota,for example,during the past 20 years, the rainfall for May and June
combined was above normal 10 times and 7 of these 10 years had above
average yields, while for the other 10 years, with rainfall below normal.
the yields were below normal 8 times. In North Dakota May this year had
mostly above-normal rainfall and slightly above-normal temperatures.
In general, the month of May was favorable for the spring wheat crop in
most principal producing areas.
The Weather Bureau furnishes the following resume of
the conditions in the different States:
Virginia.—Richmond: Cool first half, but warm latter half; rainfall
moderate, except dry in south. Cotton medium stands. Corn being
cultivated in south; not all planted in north. Wheat fair to good and
ripening; oats good. Transplanting sweet potatoes delayed somewhat by
dry weather. Transplanting tobacco about completed; stands excellent.
Most peanuts planted; stands fair. Southeastern truck, particularly
potatoes, damaged materially by dry weather.
Cool, with beneficial showers first part; fair
North
and much warmer latter half. Generally favorable for crops and farm
work, though more rain needed, especially for recently transplanted sweet
potatoes and tobacco. Progress of cotton fairly good to excellent, but
mostly very good. Harvesting wheat. oats and early potatoes.
South Carolina.—Coltunbia: Showers at end of last week materially
Improved growing conditions and crop cultivation active current week.
Cotton condition and progress very good and chopping good advance and
nearing completion; Mat bloom observed on May 30 near Bamberg, or
two weeks earlier than normal and two days earlier than earliest date in
20 years. Wheat and oat harvests continue, with some threshing. Tobacco
In good condition and curing begun. Corn planting proceeding, with
some stubble land seeding.
Georota.—Atlanta: Cool early part, but warm latter part; local showers
at beginning, but dry thereafter. Mostly favorable, though rain would
benefit most crops. Cultivation good progress and fields clean. Progress
and condition of cotton continues mostly good to excellent; chopping good
progress and well advanced; some bloom appearing on early crop in south.
Progress and condition of corn very good to excellent; rain needed locally;
planting late continues. Truck, sweet potatoes, tobacco, peanuts, cane.
and minor crops mostly good, but rain would help.
Florida.—Jacksonville: Showers scattered; some damage by hail. Cotton condition rather poor; early blooming. Corn and truck dry, but fair.
Peppers, tomatoes, onions and melons being marketed. Tobacco, cane,
and peanuts good. Citrus fair; considerable dropping, but new fruit sizing.
Alabama.—Montgomery: Temperatures averaged about normal; local.
mostly light to moderate showers first 2 days. Cultivation and seasonal
harvesting good progress. Corn planting at standstill in north until more
rain; now unseasonably late. Corn, truck, vegetables, pastures, ranges,
and miscellaneous crops slow progress due to dryness; mostly fair to good
condition, except in southeast and locally in central and west. Planting
cotton practically completed in north where chopping excellent advance;
cultivation good and progress and stands mostly good; condition and
progress fair to good, plants small, and few reports of blooming in south.
Mississippi.—Vicksburg: Generally dry, with moderate temperatures.
Progress of cultivation and growth of cotton fair to fairly good, with seasonal plant development mostly poor. Progress of corn generally poor,
with rain needed, especially in south and central. Progress of gardens,
pastures, and truck poor to fair.
Louisiana.—New Orleans: Moderate temperatures and dry generally
favorable, though cool nights first of week unfavorable for young cotton.
Excellent progress in farm work and much needed cultivation accomplished. Cotton about all chopped and cultivated, except in northeast;
squares forming on early crop to northern limits; progress very good and
condition mostly good, though late in northeast. Progress of corn mostly
excellent, with condition very good, but size very irregular, planting
about finished. Cane, truck, and other crops made good progress.
Texas.—Houston: Quite warm, with widely scattered showers in extreme
west and northwest; moderately warm and generally dry elsewhere. Warm.
dry weather very favorable for crops and field work which made rapid
advance. Cotton improved greatly and now in good to excellent condition
generally, with cultivation good, except in a few northcentral districts
where weedy; some blooming in south portion. Wheat and barley mostly
fair to fairly good; oats generally poor. Corn improved and now mostly
in very good condition. Truck and livestock generally good. Ranges
good, except in extreme west and southwest where rain badly needed.
Oklahoma.—Oklahoma City: Hot last 3 days; maxima 100 degrees to 112
degrees in western half Monday. Light showers at a few scattered stations;
none otherwise. General rain needed badly in much of west and would
benefit uplands in other sections. Planting. replanting and chopping cotton
good advance; stands generally good. Progress and condition of corn
generally fair; some early laid by in south. Progress and condition of
winter wheat poor; much ripening prematurely account heat, but other
effects problematical. Oats poor to good condition; considerable oats and
wheat cut.
Arkansas.—Little Rock: Progress of cotton good to excellent due to
dry weather; about through planting, except where overflowed and very
good advance there as water recedes; very favorable for chopping and
cultivation, but some fields still very grassy; few complaints of soil too
dry. Progress of corn very good to excellent in most portions. Harvesting wheat and oats in some localities.
Tennessee.—Nashville: Dry week mostly favorable, but rain now needed.
Rapid progress in planting corn in previously wet areas and much yet to
be planted: condition mostly very good and well cultivated, except in
spots. Cotton showing good stands, but cool nights unfavorable: chopping
excellent advance, but many fields still weedy; some lowlands not yet
planted. Setting tobacco plants nearly completed. Potatoes looking fine.
Kentucky.—Louleville: Favorable week. Progress in plowing and corn
planting rapid and averages about three fourths done; stands of early
fair, but later plantings good; cultivation good in southeast, otherwise
behind. Tobacco setting more than one-half completed; preparation of
land now ahead and nearly done. Progress and condition of winter wheat
mostly very good; harvest begins in 10 days in southwest. Barley being
harvested.
THE DRY GOODS TRADE
New York, Friday Night, June 9 1933.
Although the warmer weather of the last few days has
served to stimulate retail trade, particularly in summer
apparel and summer home-furnishing specialties, it is still
thought that total May dollar figures will show a small
decline as compared with last year. A number of New York
stores are expected to run ahead of 1932, and as far as the
4119
current month of June is concerned it may safely be
assumed that its sales volume in general will surpass that
of June 1932. Retail trade will then for the first time
join the ranks of other important indices, which for some
time have shown consistent plus signs as compared with
last year's corresponding periods. Whether the fact that
retail business has heretofore lagged behind the startling
improvement in the primary markets, proves the contention
of those who view with some concern the slow rehabilitation in the buying power of the consuming public, may be
left to conjecture. Certain it is that a good many merchants
feel somewhat skeptical as to their ability to pass on prices
on the new higher basis, let alone those levels at which
present inventories must be replaced within two or three
months. Plans for the participation of retailers under the
Industrial Recovery Act began to take shape following the
recent Chicago convention of the controllers' congress of
the National Retail Dry Goods Association which empowered President Hahn to name a committee of retailers which
will draft a code of retail practice, dealing with four
fundamentals—employees, merchandising practices, promotion, and local co-operation on vital issues.
Demand in the primary markets has slackened somewhat
but most mills are sufficiently sold up to keep running
for a considerable period. The markets have apparently
settled down to await passage of the Industrial Recovery
Act, entailing a drastic readjustment of working hours, and,
In its wake, of course, a new alignment of costs which it is
still too early to properly size up. Many lines of goods
remain withdrawn from the market for repricing as soon as
the new law is actually on the statute books. Quite aside
from the problem of prices, the transition to a shorter working week will involve a good many production and merchandising questions which It will take time to iron out. Activity
in the silk industry remains spotty. While some mills are
working night and day, others, particularly those producing novelties, have all but stopped operations. The sharp
advance in raw silk prices has put a halt to the business
developing in greige and finished goods. Raw silk has
advanced about 75% from the extreme low, but price advances in silk goods have been nothing like this proportion.
Unconfirmed reports have been current that a 30% increase
in prices is being discussed by tie silk producers. Following statements that most makers of rayon are already sold
up on all yarns available for August delivery, the official
announcement of price increases of 5c. a pound by a few
producers created no particular surprise. Rayon has shown
very little advance, and is certain to make great strides
In the fabric field next fall. Expansion in demand for 300
denier is a feature of the current market.
DOMESTIC COTTON GOODS.—Buying in gray cotton
cloths has fallen back to a more nearly normal pace of
activity. Second hands came out with fairly numerous
offerings which, on the whole, were promptly taken up.
It is generally felt that no extensive revival of business can
be expected until the details of the new working conditions
In the industry are definitely announced. Print cloths in
first hands were generally unchanged, but there was an
increasing reluctance among millmen to sell future deliveries, except with a protective labor clause which was not
acceptable to most buyers. Some carded lawns moved
briskly, while sheetings continued steady, with sales fair.
There was moderately good business in some fine yarn
cloths, but most buyers were reluctant to contract for
more than actual requirements. Closing auotations in print
c.;
1
/
cloths were as follows: 38%4nch 64x60's, 5% to 52
39-inch 80's, 7% to 7%c.; 38%-inch 60x48's, Sc.; 39-inch
68x72's, 6%c.; 39-inch 72x76's, 7c.
WOOLEN GOODS.—Early orders on clothing and garments are the largest in years, and many retailers have
covered their fall requirements. Most buyers are concentrating on staple and semi-staple goods. Inability to secure
yarns has prevented many mills from expanding production. Spinning plants are working overtime and have sold
their production for eight to nine weeks ahead. Checked
velour overcoatings are reported to be selling in good volume.
All-wool blankets are expected to be quoted at $1.25 a pound
when lines are again offered for sale. This will involve
an advance of more than 55% over the opening price of 80c.
a pound. It is feared that this jump in price may drive
-wool numbers. Women's wear marconsumers to the part
kets were active, with increasing indications that manufacturers of low-priced dresses will be unable to use worsteds if the present price advance continues. Regular merchandise cannot be obtained any longer by these users,
who now are reported to depend entirely upon close-outs
and seconds.
FOREIGN DRY GOODS.—Continued good business was
done by linen importers on spot dress goods and suitings.
Leading centers report a fair amount of repeat orders
from stores, both for staples and fancies. Plans for organizing the linen trade under the pending Recovery Act have
been discussed. Chiefly due to the rise in sterling, burlap
prices remained strong, although demand for both spot and
futures was rather quiet. June shipment in light weights
experienced something like a squeeze, while heavies were
offered in moderate amounts. Total takings in North
America in May were 93.4 million yards against 53.2 million
in April and 50.9 million yards in May 1932. Light weights
are quoted at 4.80c.; heavies at 6.30c.
4120
Financial Chronicle
June 10 1933
State and City Department
MUNICIPAL BOND SALES IN MAY.
A substantial increase in the investment demand for
State and municipal bonds served to make possible the
award of several large issues during May, with the result
that the sales in that period amounted to $44,009,173, as
compared with $10,195,555 in April. Municipal awards in
May 1932 totaled $87,334,298. The figure for the past
month represents the largest total for any month so far this
year. One feature of the month's activities was the fact
that most of the larger issues disposed of bore an interest
rate of 6%. This was true in the case of the $5,000,000
Nassau County, N. Y., $4,677,000 Westchester County,
N. Y., $4,000,000 Buffalo and $2,250,000 Rochester, N. Y.,
flotations. These municipalities, in 1932, were able to
borrow on considerably better terms. Westchester County,
for example, on May 11 1932 sold $12,002,000 43i and 44%
bonds on a net interest cost basis of only 4.37%. The city
of Buffalo, in June of that year, sold $4,000,000 bonds on
a 4.68% cost basis, and in October borrowed a similar
amount at 3.78%. On Jan. 5 1933 an issue of $3,000,000
was awarded on a 3.10% basis. The $4,000,000 loan sold
last month at 6% interest, at par, had failed of sale at a
previous offering on April 20, when no bids were obtained.
Investment bankers reported ready re-sale of the bonds
marketed in May.
The failure of municipalities generally to collect taxes
sufficient to meet both operating and debt service charges
has resulted in the demand by investment bankers that a
more sustained effort be made to effect such collections.
Various States, including New Jersey, Pennsylvania and
Michigan, in an effort to encourage payments, have enacted
legislation reducing the interest penalties heretofore levied
for failure to pay taxes on the legal due dates. The impounding of municipal funds in closed or restricted banks,
necessitating default on debt payments, is another of the
problems confronting numerous municipalities. The New
York State Banking Department,cognizant of that situation,
ruled during May that the default provision in the law governing the legal investments of savings banks and trust funds
in that State may be abrogated if sufficient funds to clear
up a default are on deposit in a bank operating on a restricted basis. The exemption, however, does not apply
where a bank is definitely opened or closed-V.136, p. 3200.
The following is a record of the bond sales of $1,000,000
or more which were made during May:
$5,000,000 Nassau County, N.Y., bonds,comprising 13.3,000,000 emergency
relief and $2.000.000 tax revemie, were awarded as te to the
Guaranty Co. of New York and associates at 100.20. a basis of
about 5.95%. Due annually from 1934 to 1943 inclusive.
5,000,000 State of New Jersey emergency relief bonds, unsuccessfully
offered on May 9 and sold privately on the following day as 5s,
at par,to a group headed by the National City Co.ot New 1r ork.
Due $625.000 annually from 1934 to 1941 incl. At the public
offering on May 9 the City Co. group bid 100.019 for $2,850,000
5s, with a 30
-day option on the balance at the same price. The
Bankers Trust Co. of New York headed a syndicate which offered par for $1,300.000 at 5%, and requested a 30
-day option
on the balance of $3,700,000 bonds at the same terms. These
offers were rejected and the private disposal later made.
4,677,000 Westchester County, N. Y., bonds, consisting of eight separate
Issues, were sold as 68. at 100.10, a basis of about 5.99%, to
the Chase National Bank of New York and associatcs. Due
serially from 1935 to 1960 incl. On May 11 1932 the county
awarded $12.002,000 431 and 43i% bonds on a net interest
cost basis of only 4.37%.
4,074,000 Montana (State of) bonds, due serially frcm 1992 to 1953
incl., were sold as 48. at par, as follows: $3.074.000 to
the State Land Board and $1,000,000 to wagons banks and
Individuals.
4,000,000 Buffalo. N. Y., home and work relief bonds, for which no bids
were obtained at a previous offering on April 20, were reoffered and awarded on May 11 as 68, at par, to a syndicate
managed by the Guaranty Co. of New York. Due on May 1
1943.
3.500,000 Rhode Island (State of) bonds were sold as follows: $3,000.000
33.% unemployment relief, due annually from 1934 to 1938
incl., purchased by Halsey, Stuart & Co. of New York and
associates at 101.15, a basis of about 3.09%. A $500.000 4%
State reformatory issue, due May 15 1983, was sold to a group
headed by the Chase National Bank at 106.84. a basis of about
3.70%.
2,635,000 Tennessee (State of) 6% refunding bonds, which matured on
June 11933. were renewed by the holders. The Chemical Bank
& Trust Co. of New York possesses $2,400,000 of the issue,
while the balance is held by Tennessee banks. The bonds are to
mature in either 2 or 15 years, at the option of the banks.
2,250,000 Rochester, N. Y., tax revenue bonds, part of the total of
$3,750,000 for which no bids were submitted at an offering
on April 27, were sold privately on May 2 as 68, at a price of
par, to the Guaranty Co. of New York and associates. Due
serially from 1934 to 1938 inclusive.
1,470,000 Worcester County, Mass., hospital funding bonds were awarded
on May 10 as 43is, at 100.17. a basis of about 4.47%,to a group
managed by R. L. Day & Co. of Boston. Due serially from
1934 to 1948 Inclusive.
The difficulty experienced by municipalities throughout
the country to find a market for their issues, which gained
momentum recently as a result of the continuous decline in
security values, and the banking disturbances which obtained
in March, continued on a large scale during May. Our
usual compilation shows that 49 municipalities, whose respective offerings amounted in the aggregate to $6,473,513,
proved unsuccessful with their offerings in May. In April
the amount involved was $22,583,680, representing offerings
by 55 political sub-divisions. In that month issues such as
$5,000,000 by Nassau County, N. Y., $4,000,000 by Buffalo, N. Y., and $3,750,000 by Rochester, N. Y., failed of
sale. These issues, however, were sold upon re-offering
in May.
In the table which follows we furnish a list of the unsuccessful May offerings, showing the name of the municipality,
the amount and rate of interest named in the issue, together
with the reason,if any, assigned for the non-sale of the bonds:
RECORD OF ISSUES THAT FAILED OF SALE DURING MAY.
Page.
Interest Rate.
Amount.
Name.
Report.
3755 Akron.Ohio
$165,000 No bids
5%
3201 Allentown S. D.,Pa
4%
75,000 No bids
3755 Anderson County, Tex
not exc. 6%
30,000 Not sold
3755 Annapolis, Md
434%
50,000 Not sold
3755 Belmont County, Ohio
29,360 No bids
6%
3571 a Bloomfield, N. J
314,000 No bids
not exc. 6%
3939 b Brighton, VI
5%
50,000 Re-offered
3939 Burns, Ore
3756 Campbell City S. D., Ohio
3571 Carroll County, Ohio
3386 Cassia County, Idaho
3571 Cuyahoga Falls S. D., Ohio
3939 c Des Moines, Iowa
6%
6%
6%
6%
434%
5%
not exc.6%
8,000 No bids
15,000 No bids
13,900
135,000
25,000
113,324
9,400
1,500
56,000
50,000
126,000
20,900
50.000
52,000
31,143
No bids
No bids
No bids
Bid rejected
Postponed
No bids
No bids
No bids
No bids
No bids
No bids
Bids rejected
No bids
160,000 No bids
3757 Duffy S. D. No. 35, N. Dak
3203 East Fork Irrigation Dist., Ore.-3572 Ellwood City S. D., Pa
°
not exc.6%
3940
e, Pa
not exc. 41(%
3757 Fostoria, Ohio
5%
3572 Guymon, Okla
6%
3388 Jamestown, N. Y
not exc. 531%
3389 Klickitat County, Wash
x
3573 LaPorte County, Ind
not ex0.6%
3204 Linden, N. J
not exc.6%
72,000 Partially sold
3573 Lorain, Ohio
6%
37,185 No bids
3574 Mercersburg, Pa
43%
17.000 No bids
3574 Meridian, Miss
x
267,813 No bids
3574 Montrose W. D., N.Y
x
185,000 No bids
3942 North Olmsted, Ohio
6%
6,740 No bids
3391 North Plainfield, N.J
150,000 No bids
not no.6%
3391 e Pittsburgh, Pa
4%
700,000 No bids
3576 Port Chester, N. Y
200,000 No bids
not exc. 8%
4129 Port of Bay City, Ore
26,000 No bids
6%
3206 f Ramsey County, Minn
400,000 Bid rejected
not exc.6%
3939 Richmond, Vt
5%
50 000 Sale postponed
3576 St. Louis County. Minn
43(%
1,500,000 No bids
3944 4 Selinsgrove, Pa
434%
35,000 Re-offered
3393 Sioux City Ind. S. D., Iowa
380,000 No bids
not exc. 5%
3944 Spink Co.Ind.S.D.No.24.S.Dak_ not exc. 6%
6,000 Not sold
3761 h Swissvale S. D., Pa
125,000 Re-offered
not exc. 5%
3577 Tippecanoe County, Ind
70,250 No bids
not exc. 6%
3207 Valley Stream, N. Y
98,000 No bids
not exc. 6%
3577 Ward Co. Corn, S. 1), No. 2, Tex_
4,000 No bids
8%
3394 Warren, R. I
100,000 No bids
3945 Wasco County, Ore
45,000 No bids
not exc. 5%
3578 Wernersville. Pa
75,000 No bids
5%
3394 1 %V est Seneca, N.Y
28,000 Re-offered
not exc. 6%
3945 Westwood, N. J
215,000 No bids
not exc. 6%
3394 Wilson County, Tenn
100,000 Not sold
I
Rate of interest was optional with the bidder. a Block of $119,000 bonds has
been sold privately as 6.s, at par. b Date of award was postponed from May 25 to
June 9. c Rejected bid was an offer of par tendered by Jackley-Ns iedman Co. of
Des Moines. d Date of sale has been postponed to June 19. e City Council has
voted to re-offer the bonds with the rate of interest increased to 411%. f An offer
of par for the issue at 6% interest, submitted by the National City Co. of New
York and associates, was the bid rejected. 6 The issue is being re-offered at not to
exceed 534% interest on June 9. No bids were obtained at the offering of the
bonds as 414s on May 5. h The bonds are being re-offered for award on June 12.
1 Re-offering of the bonds is being made for award on June 12.
Record of Municipal Loans Made by the Reconstruction Finance
Corporation-Additional $500,000,000 Fund Established.
The activities of the Reconstruction Finance Corporation
during the month of May included the making of direct
relief loans to various States in the aggregate amount of
$10,724,598, also the promise to purchase a total of $1,416,500 bonds for self-liquidating projects. In April direct relief
loans totaled $46,615,634, while bond-purchase agreements
were in amount of $5,887,987.
The poor relief advances during May completely exhausted the $300,000,000 fund provided for that purpose
under the terms of the Reconstruction Finance Corporation
legislation. Accordingly, President Roosevelt on May 12
signed the so-called Wagner relief bill establishing a supplemental fund of $500,000,000 for direct relief aid, to be distributed by an agency known as the Federal Emergency
Relief Administration. This body is to be headed by a
Federal Emergency Relief Administrator, to be appointed
by the President, with the advice and consent of the Senate.
The conditions governing the distribution of funds of the
new appropriation are different from those which were
followed by the R. F. C. in the case of the original $300,000,000 relief appropriation. Title (B) of section 4 of the
new law, which has been cited as the Federal Emergency
Relief Act of 1933, sets aside a specific sum of $250,000,000
which is to be advanced to the various States on the basis
of one-third of the amount expended by such States fo
poor relief from their own and private resources. The balance of $250,000,000 is to be made available to the States
at the discretion of the Relief Administrator under the
provisions of Title (F) of section 4. The new law limits the
amount available to any one State under the provisions of
the subsections to 15% of the total amount made available
by such subsections. It also takes the administration of
poor relief activities out of the hands of the R. F. C. The
Corporation, however, is charged with the duty of supplying
the requisite funds. The text of the Wagner bill appeared
in the "Chronicle" of May 27, page 2604.
The 8300,000,000 of loans advanced by the R. F. C. were
made in accordance with Title I, Section 1, subsections
(c) and (e) of the Emergency Relief and Construction Act
of 1932 and are to be repaid to the Government, in most
cases, through the deduction of the sums advanced from
future Federal grants for highway construction development.
In some instances, however, the individual municipality
benefiting from the money is responsible for its repayment.
The States are to pay 3% interest on such advances. Socalled self-liquidating loans are made under the provisions
of Section 201(a), Title II, of the Construction Act. In
the case of these latter, the Corporation, upon investigation
of the improvement contemplated, agrees to finance the
project through the purchase of bonds or notes of the municipality concerned, bearing interest at such a rate and maturing
over a period of years as are mutually agreed upon.
The following tabulation indicates to which States the poor
relief loans in amount of $10,724,598 were made during
May, and a separate record is made of the municipalities
whose bonds the R. F. C. has agreed to purchase in connection with self-liquidating projects. We wish to state
that none of the loans are taken into consideration in our
totals of either permanent or temporary financing by States
and municipalities as compiled by us from month to month.
Page.
stale.
3938 Arizona
3202 California
3571 Colorado
3572 Georgia
3572 Georgia
3388 Georgia
3573 Indiana
3757 Indiana
3573 Iowa
3573 Iowa
3573 Maine
3758 Maine
3204 Maryland
3574 Michigan
3574 Michigan
3758 Michigan
3389 Minnesota
3390 Mississippi
3574 Mississippi
3204 Missouri
4121
Financial Chronicle
Volume 136
Date
Amount
Loaned. Granted.
$1,468 May 29
3,090,074 May 1
100,880 May 13
8,696 May 13
23,000 May 18
34,792 May 6
35,446 May 16
24,599 May 23
14,376 May 13
6,487 May 18
66,900 May 16
42,255 May 23
22,850 May 1
6.263 May 18
2 062,990 May 16
3,443 May 23
57,060 May 6
218,925 May 6
54,732 May 16
5,548 May 1
Date
Amount
Loaned. Granted.
Slate.
Page.
$299,400 May 3
3204 Montana
2.000 May 16
3575 Nevada
2009,291 May 4
3204 New Jersey
2.160 May 4
3205 North Dakota
5,072 May 18
3575 North Dakota
3,203 May 13
3759 North Dakota
230,429 May 3
3205 OhIo
15,000 May 4
3205 Ohio
15,000 May 6
3391 Ohio
47,369 May 11
3391 Ohio
13,080 May 13
3575 Ohio
817 May 10
3391 Oregon
3392 Rhode Island__ 227,500 May 6
508,050 May 4
3207 Tennessee
968.787 May 16
3577 Texas
1,246 May 6
3393 Virginia
8,000 May 13
3577 Virginia
5,060 May 23
3761 Virginia
482,370 May 1
3208 Wisconsin
During May the R. F. C. agreed to purchase $1,416,500
bonds for self-liquidating projects. 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 May are as follows'
In:.
Rate.
Name.
Page.
5li%
3938 Arkansas State Teachers' College, Ark
3939 Deer Lodge, Mont
6%
3940 Gain, Ala
6%
3573 Hot Springs, Miss
5%
3575 Olyphant Pa
3943 Port Royal (James Madison Memorial
6%
Bridge, Inc.), Va
5%
3576 St. Louis, Mo
6%
3577 Sulligent, Ala
6%
3945 Waldo, Fla
the damage wrought by the recent earthquake in Southern
California-V. 136, p. 3202.
Temporary financing negotiated by States and municipalities during the month of May, mostly in anticipation
of tax collections, amounted to $112,282,030. The total of
course was swelled considerably as a result of the sale of
$75,000,000 New York State 3% revenue anticipation notes,
due May 8, 1934. Subscriptions received by State Comptroller Morris S. Tremaine were well in excess of the amount
of the issue. The notes, which were sold at par, were
allotted to 54 banks and investment houses in New York
City and Albany in amounts ranging from $9,000,000 down
to $100,000. At a sale on Jan. 14 1933 of $50,000,000 notes,
also due in one year, the State paid an interest rate of only
1%. In the early part of 1932 it bong:wed $150,000,000
on a temporary basis, of which $25,000,000 was obtained
4
at 4%,$50,000,000 at 33 % and $75,000,000 at 23 %.
4
The total of short-term municipal financing in May also
includes $18,016,530 of such issues sold by the City of New
York. The precarious condition of the city's finances has
again prompted local banks, holding about $200,000,000
of short-term obligations, to extend the maturity date of
such indebtedness in order to prevent default on them.
Report of such action was noted on June 8, when the bankers
are said to have agreed to extend the due date of all of their
4
holdings, at 53 % interest from the June due dates to
Dec. 11 1933. The loans had previously been renewed
when they first became due on April 26 1933.
Canadian long-term municipal bonds disposed of during
the month of May aggregated $2,813,949. The figure
includes $1,569,471 Ottawa, Ont., 4M% bonds which were
awarded on May 26 to Wood, Gundy & Co. and associates
at a price of 98.53, a basis of about 4.69%. A detailed
report of the Canadian municipal bonds in default was
contained in the May 27 issue of the "Financial Post" of
Toronto. It is estimated that of the $1,363,000,000 of such
obligations outstanding, about $80,000,000, or approximately 6%, are in default on either principal or interest
-V. 136, p. 3937.
The Province of Ontario made direct public offering on
June 1 of $25,000,000 bonds, comprising $10,000,000 4s,
due in equal annual installments from 1934 to 1938 incl.,
and $15,000,000 4 2s, due June 1 1950. Subscriptions were
asked to the former issue at prices to yield from 4.25 to 4.40%
according to maturity, while the long-term bonds were
offered at 99, to yield 4.58%. The Provincial Treasurer
reported that the $10,000,000 4% had been fully subscribed
for within six hours following the formal offering, adding
that the long-term loan was going splendidly." On June 2,
however, it was announced that the entire $25,000,000
bonds had been sold. The Province, in offering the bonds
directly to the public, does so through the facilities of all of
the banking institutions and the various bond dealers and
stock brokers. It first used this method of selling its obligations on July 5 1932, when a $20,900,000 53/2% issue, due
July 1 1946, was marketed at a price of 97, to yield 5.81%.
That issue was reported fully sold within two days.
No United States Possessions financing was attempted
during May.
In the following table we furnish a comparison of all the
various forms of obligations put out in May for the last
five years:
MaDate
turity. AMOW11. Granted,
25 years $150,000 May 27
180,000 May 27
61,000 May 27
27,000 May 12
20 years 100,000 May 12
6 years 135,000 May 27
10 years 700,000 May 12
30 years
57,000 May 12
1934-47
6.500 May 27
Further May Reports.
The Corporation during the month is reported to have
purchased an additional block of $6,000,000 bonds of the
total of $62,000,000 which it previously contracted for.
The bonds, bearing interest at 44%, are being issued by
the California Toll Bridge Authority, California, to finance
construction of the San Francisco-Oakland Bay Bridge
V. 136, p. 3756. The Corporation took up the third block
of $400,000 53, % bonds of the Middle Rio Grande Conservancy District, N. Mex., thereby increasing the total
actually purchased to $1,200,000. A loan of $500,000 at
secured by first liens on real estate, was mode to the
Unified Rehabilitation Corp. of Los Angeles, a non-profit
making body that has assumed the task of reconstructing
1929.
1931.
1930.
1932.
1933.
$
$
$
Perm.loans (U. S.). 44,009,173 87,334,298 174,998,521 144,872,096 176,356,781
*Temp.Ins(U. S.)-112,282,030 47,643,000 29,597,000 23,135,500 56,122,000
Can.loans(perm.)
Placed in Canada- 2,813,949 20.939,936 15,944,512 30,315,640 36,305,246
2,144,000 27,000,000 23,000,000
None
None
Placed in U. S___
None
None
1,425,000
None
None
Bds. of U.S. Poss'ns
None 14,800,000 10,100,000
None
None
Gen.fd. bds., N.Y.C.
Total
159,105,152 155,917,234 222,684,033 241,548,236 301,884,027
*Including temporary securities issued by N. Y. City: $18,016,530 In May 1933,
$18,400,000 in May 1932. none in May 1931, $6,750,000 in May 1930 and $14,536.500 in May 1929.
The number of municipalities emitting permanent bonds
and the number of separate issues made during May 1933
were 108 and 137, respectively. This contrasts with 91
and 102 for April 1933 and with 189 and 272 for May 1932.
For comparative purposes we odd the following table,
showing the aggregates of long-term issues for May and the
five months for a series of years.
1933
1932
1931
1930
1929
1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
1913
For the
Month of
Five Months.
May.
$44,009,137 $121,539,791
•87,334,298 439,675,147
b174,998,521 730,576,915
144,872.096 613,897,001
c176,356,781 519,680,721
154,707,953 648,612,959
d216,463,588 723,958,401
137,480,159 608,255,147
190,585,636 612,184,802
117,445,017 546,293,435
95,088,046 423,089,026
106,878,872 536,116.865
63,442,294 356,003.428
37,280,635 277,548,512
46,319,625 205,273.378
33,814,730 123,945,201
23.743,493 193,068,268
29,006,488 235,908,881
42,691,129 213,952,380
34,166,614 303,153,440
83,234,579 179,493,040
1912
1911
1910
1909
1908
1907
1906
1905
1904
1903
1902
1901
1900
1899
1898
1897
1896
1895
1894
1893
For the
Month of
Five Months.
May.
$98,852,064 $196,803,386
33,765,245 195,791,550
18,767,754 143,476,335
27,597,869 145,000,867
25,280,431 137,476,515
93,957,403
15,722,336
80,651,623
14,895,937
92,706,300
16,569,066
55,110,016 113,443,246
62,649.815
14,846,227
59,211,223
20,956,404
47,754,962
14,562,340
58,273.539
9,623,264
33,996,634
7,897,642
34.373,622
7,036,926
56,890,312
8,258,927
30,384,656
10,712,538
41,084,172
11,587,766
50,067,615
14,349,410
30,774,180
4,093,969
•Includes $6,200,000 bonds of New York City. b and c each Include $52,000,003
bonds of New York City, while (d) includes bonds of the city in MO= of
164.W-ill.
4122
Financial Chronicle
Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month's bond sales in detail. It will be given later.
NEWS ITEMS
Arkansas.—Old Age Pension Law Held Void by State
Supreme Court.—In a decision handed down on June 5 by
the State Supreme Court the bill passed by the recent
legislative session to provide pensions for aged and impoverished citizens was declared unconstitutional, according
to Little Rock advices of that date. It was held by the
court that the statute was unconstitutional because it did
not set up an equitable basis of taxation but levied only on
specific property. The act provided that the pension fund
be obtained by collecting a tax of 1% on all warrants
presented against State and county treasuries. The legislation appropriated $1,500,000 a year for persons of 70 years
of age or more who possessed not more than $500 worth of
property.
Arkansas.—Bondholders' Committee Calls for Deposit of
Road and Bridge Bonds.—In calling for the deposit of State
road and bridge bonds, a newly organized bondholders'
committee headed by William L. DeBost, President of the
Union Dime Savings Bank of New York, issued a statement
declaring that the "attempted repudiation of $91,000,000
highway and bridge bonds by the State of Arkansas will be
vigorously protested." According to the statement of the
committee over $500,000 of Arkansas bonds are now held in
trust funds of Pennsylvania, Minnesota and Nevada. In
March the State Legislature passed a law cutting to 3% the
interest on road and bridge and other obligations previously
averaging about 44%—V. 136, p. 3753. A substantial
portion of the bonds is said to be held by banks and insurance
companies. Besides the above named chairman, the committee includes Philip A. Benson, President of the National
Association of Mutual Savings Banks and Henry W. George,
of the Metropolitan Life Insurance Co. The Secretary is
W. D. Bradford, 115 Broadway, N. Y. C.
(The official advertisement of this notice appears on page
vi of this issue.)
Connecticut.—Legislature Passes Municipal Relief Bill.—
A municipal relief bill, drafted by House leaders of both
parties, and sanctioned by the Governor, was passed by the
Senate on June 1 after nearly four hours of debate. It had
been passed by the House on the previous day. The bill
provides that the cities may issue relief bonds and that the
State will guarantee them when necessary. A commission
is created to direct the relief work, and is given power to
demand receivership for any city that may default on its
bonds. The commission also will receive and handle Federal
aid. The Hartford "Courant" of June 2 had the following
to say:
Three Democratic votes thrown with the solid ranks of the Republican
minority in the State Senate Thursday spelled the adoption, after nearly
four hours of frequently bitter debate, of the cities relief bill, providing for
a State guarantee of local bond issues and State receivership for municipalities that default on their obligations. The bill also sets up a reliefcommission
to administer whatever funds are available from the Federal Government
find to supervise relief programs in the municipalities.
The vote on adoption of the bill was 20 to 15 and by the same vote the
Senate rejected three amendments, one of them providing for a State bond
issue for relief, financed by a general sales tax.
Senator Bergin Leads Proponents.
Although only two of his party voted with him. It was Senator F-ank 8.
Bergin, Democratic Senate leader of the Tenth (New Haven) District, who
led the fight for the bill through a welter of proposed amendments, motions
to table and motions to adjourn. Senator W Iliam H. Hackett. Democrat.
of the Eighth (New Haven) District, whose appointment as State Tax
Commissioner Is pending for Senate cont' rinat'on, and Senator Edwin It.
D mock, Democrat. Th rty-f fth, whose Tolland County D strict is made
pp principally of rural towns, followed the lead of Senator Bergin.
June 10 1933
State Municipal Finance Commission by order of Justice
Bodine of the State Supreme Court, actig upon a petition
presented by Walker B. Armstrong of West Orange, who
asserted that both principal and interest on bonds of this
municipalty held by him have not been paid since Nov. 1932.
A Trenton dispatch to the New York "Herald Tribune" of
June 2, carried the following account of the action:
Jtuttic Joseph L. Bodine, of the Supreme Court, signed an order to-day
putting into receivership the City of Garfield, Bergen County. Justice
Bodine, who acted on a complaint by Walter B. Armstrong,of West Orange,
who said that interest on water improvement bonds had been in default since
November 1, issued his order under the provisions of the 1931 law creating
the State Municipal Finance Commission to take charge of the finances of
any municipality in difficult es.
Mr. Armstrong originally held $30,000 of the bonds and when Garfield
offered to exchange them for long term certificates because of its inability
to pay at maturity, Mr. Armstrong refused. The city paid 109 and in
April Mr. Armstrong obtained a judgment for $27,729. representing principal and interest. The total bond issue was $225000.
The State Municipal Finance Commission will be notified to-morrow to
take charge of Garfield's finances. The city has piled up a large debt because of its inability to collect taxes; its chief industry, the manufacture
of woolen goods, has been dormant. County taxes have not been paid by
Garfield for the last half of 1931 and for all of 1932 and will not be paid on
time for the first half of this year. Teachers have received no salaries since
October 1. The police had their last pay checks on December 15.
City Averts Receivership Through Tax Payment.—The city
saved itself from being placed in receivership on June 2,
by paying $27,729, the amount of the judgment obtained
against it, as described above. It is stated that when the
money was paid, Justice Bodine signed an order vacating his
order of the previous day, which had directed that the State
Municipal Finance Commission take over the city. The
money is said to have become available through an unexpected tax payment.
Massachusetts.—Addition to List of!spat Investments for
Savings Banks.—The State Bank Commissioner has added to
the list of securities legal for investment by Massachusetts
savings banks the New York State Gas and Electric Corp.
1st mtge. 5
of 1962. These bonds have been assumed
by the New York State Electric and Gas Corp.
Massachusetts.—House Passes s30,000m0 Bond Issue
Bill for Local Relief.—A proposal to issue $30,000,000 in
State bonds was passed by the House on June 6. The money
is to be reloaned to cities and towns and must be used for
public welfare work and for the purpose of meeting maturing
debt. Revenue is to be provided by an amendment attached
to the measure providing for a 6% tax on intangible property
which is expected to yield about $7,800,000 annually. An
Associated Press dispatch from Boston to the Hartford
"Courant" of June 7 reported as follows on the bill:
The Barnwell $30,000,000 State bond bill to aid municipalities, amended
to provide for $7,500,000 annually in addition through a 6% tax on Intangibles, was passed to be engrossed in the House of Representatives
to-day. it was then sent to the Senate.
The $30,000,000 would be loaned to cities and towns in financial difficulty. Governor Joseph B. Ely has recommended that real estate owners
be given relief from heavy taxation.
The intangibles tax amendment was offered by Representative C. F.
Nelson Pratt of Saugus. An amendment to Prai,t's amendment, offered
by Representative Eben Ramsdell of Winchester provided that the tax
revenue be distributed to towns and cities in propottion to the amounts
provided under the income tax distribution during the years 1933-34-35 In
which the intangibles tax would be effective.
By Pratt's amendment the 6% tax would apply to stock dividends of all
corporations, joint stock companies and banking organizations, except
co-operative banks, building and loan associations and credit unions All
securities, heretofore exempt ftom taxation, would be taxed at the 6% rate
which, Pratt said, would place domestic corporations on the same tax basis
as foreign corporations now are.
Miami Beach, Fla.—City Seeks to Refund $2,711,000
Maturing Debt.—The city is now endeavoring to secure the
assent of bondholders to a plan for refunding the bonds which
mature between June 30 1933 and Dec. 311940, in an aggregate par amount of $2,711,000. The plan asks the bondholders to accept in exchange for the bonds they now hold
an equal amount of 20-year refunding bonds to be dated
July 1 1933
to mature July 1 1953, bearing the
Legislature Passes Minimum Wage Bill for Women and of interest.and is stated that the new 20-year same rate
It
refunding
Minors.—A minimum wage bill for women and minors in bonds will be retired through the operation of a sinking
fund,
industry was finally adopted by the Senate on June 6 after contributions to which will commence in the year
the House had incorporated several amendments to the As funds accumulate, bonds will be retired by call 1935-36.
or open
original measure, according to the Hartford "Courant" market operations at not exceeding par. By
of June 7. The bill was forwarded to Governor Wilbur L. new sinking fund provision, the bonds will inreason of this
effect be reCross for his signature. It is stated to be similar to legislation tired within an average of thirteen and
recommended by President Roosevelt to Governor Cross The First National Bank of Miami will nine-tenths years.
act as
after New York State acted on this matter—V. 136,p. 3200. for effecting the exchange of securities. The new depositary
bond
The Connecticut bill is said to be a measure written by will be validated by the Florida courts and legality issue
will be
Professor Felix Frankfurter of Harvard. In the House passed upon by Caldwell & Raymond of New
York
amendment the sections setting forth a legislative declaration The city will pay the costs arising out of the exchange City.
operaof policy and a statement that the bill is in the opinion of the tion.
Legislature constitutional were eliminated. The office of
Michigan.—Bill Signed Providing State Supervision of
director of the minimum wage division in the State Labor
Department was eliminated and the bill is defined as applying Real Estate Bondholders' Committees.—On May 25 Governor
Comstock signed the Flynn bill, establishing a Public Trust
to sweatshops.
Commission to supervise and control real estate bondholders'
Cook County, 111.—United States Supreme Court Denies protective committees, representing approximately
$600,Hearing on Suit to Enjoin Real Estate Tax Collections.—A 000,000 of these securities. The Governor
dispatch from Washington to the "Wall Street Journal" of have signed the bill with the proviso thatis understood to
the Legislature
June 1 reported that the U. S. Supreme Court denied the will pass an amendatory Act, one of which amendments
petition of a Cook County taxpayer for a review of a lower will specifically exclude municipal bonds from
court decision in favor of the Board of Appeals of Cook of this measure. Mayor Couzens of Detroit the provisions
had
County, in a suit filed to enjoin collection of taxes on real to the Governor that the wrong construction might protested
be placed
estate because of alleged discrimination against real property on the bill and might therefore interfere with
the Detroit
in favor of other personal property. It is said the petition refunding program—V. 136, p. 3756. The Detroit "Free
contended that the stocks, bonds, mortgages, money on Press" of May 26 carried the following
Lansing dispatch
deposit, &c., had either been omitted entirely fom the 1930 on the new law:
assessment roll of the county or had been assessed at only a
Firm State supervision and control of bondholders' protective committees
representing the owners of real estate issues aggregating $600,000,000 was
small proportion of their actual values.
established Thursday when Governor Comstock signed the Flynn bill to
Garfield, N. J.—City Ordered Placed in Receivership.----On establish a Public Trust Commission.
The Governor's action was upon agreement with
June 1 the above named city was placed in the hands of the would sponsor immediately amendatory provisions in legislators that they
a separate Act.
Volume 136
Financial Chronicle
Mayor Frank Couzens of Detroit had protested to Governor Comstock
that the broad general designations might be interpreted to cover municipal
bonds and interfere with the Detroit refunding program.
Municipal Issues Excepted.
The amendments will specifically except municipal bond issues. They
will provide also that the 5% assessment on bonds under the Commission's
supervision might be held in abeyance to prevent foreclosing any owner
unable to pay such a fee.
After the bill had been passed by the Senate, a determined lobby de
scended upon Lansing to block action by the House. and the latter body
refrained from amendments on representations by Representative William
M. Donnelly that Senate concurrence in amendments was impossible
to obtain.
Governor Comstock indicated that Andrew C. Belanger of Detroit would
be named as one of the three members of the Trust Commission. Belanger
was a Democratic candidate for Congress in the Fifteenth District last fall
and also represents that district on the Liquor Control Commission.
Bill Signed Permitting Municipalities to Borrow on SelfLiquidating Projects.—The Flynn-Case bill, permitting
municipalities to borrow funds from the Reconstruction
Finance Corporation to be used on self-liquidating projects,
was signed by Governor Comstock on May 26. The purpose of this measure is to allow Michigan to share in the
pending Federal public works program. It is stated that
bond issues securing the projects may be issued upon approval
of two-thirds of the governing body of the municipality.
Public utility projects are said to have been excluded from the
benefits of the bill. The proposed Federal plan is understood
to call for $3,200,000 of development projects, to qualify
for which the Michigan Trade Recovery Commission has
prepared a program of $40,000,000. Negotiations have
developed the plan of allocating the loans on a population
quota basis, which would entitle this State to about $200,000,000, of which Detroit public works projects would
probably get about $75,000,000.
New York City.—New Revenue Program Would Levy
Taxes on Autos, Impose Bridge Tolls, Taxi Fees and Other
City Activities.—Formal public announcement was made by
Mayor John P. O'Brien on June 5 that $30,812,000 of new
revenue had been authorized by the Board of Estimate for
collection beginning July 1. As reported after the secret
meeting of the Board on June 2, the program includes a
tax on all motor vehicles registered in the city, equal to the
license tax collected by the State. For all cars not licensed
by the city, tolls of 10 cents will be charged for crossing
Harlem River bridges and 25 cents for crossing the East
River. Every taxicab ride will be taxes five cents in addition to the fare. Contrary to popular opinion, there is to
be no option for motor vehicles registered in New York
City. All will be required to pay license fees and thereby
will be exempt from the bridge tolls.
The tax schedule was announced by Mayor O'Brien in a
5,000-word statement outlining the 'acute emergency" of
the city's financial position, with $236,148,000 of shortterm debts falling due, and arguing it was "apparent that the
resources available to the city for improving its finances
through further reduction in expenditures are very limited."
Unemployment relief, he explained, was a great burden
which had to be financed by short-term borrowing, and
amounted to more than the new taxes.
In addition to the major taxes given above, which will
yield the greater part of the revenue, it is planned to increase
the fees of various inspection and licensing services, and new
taxes are imposed on motion picture operators, elevators,
vaults, street canopies, electric signs, laundries and various
other aspects of city life.
The following is the complete schedule of the new sources
of revenue:
1. New license fees on motor vehicles of every kind except taxicabs. The collection of these is planned to begin July 1. The
estimate of probable yield from this source is predicated upon
the total collection made by the State Commissioner of Motor
Vehicles in 1932 of $16,296,475.08. The plan is to exact
license fees equal in amount to those imposed by the State
Motor Vehicle Department. Allowance is made for a falling
off in the number of licenses sought this year
$15,000,000
2. Tolls on bridges, to be collected only from the owners of
motor vehicles who do not possess city license. There will be
a charge of25 cents per vehicl.,for the East River bridges and
10 cents per vehicle on the Harlem River bridges. It is difficult to estimate how many of these out-of-town owners of
vehicles will use the East River or Harlem River bridges, but
from the number of out-of-city cars daily using New York
City streets, the estimated amount would seem reasonable_ - - 2,500,000
3. Fee of 5 cents on each and every taxicab trip
.
4,000.000
4. Beer taxes. (City's share of tax on beer and wine mannfactur.d in the City of New York and imported into the State,
and on licenses issued—estimated)
3.000,000
5. Department of Water Supply, Gas and Electricity.—Motion
picture operators' examination, $5 each; motion picture operators' license fee. $10 per annum
60,000
Inspection service fees (wiring motors, generators, &c.,
based on various fees for different types of service)
225.000
8. Borough Presidents' Administration.—Fees in connection
with the construction of new buildings and alteration of old
buildings, filing of plans and supervision of construction (a
sliding scale of rates per $1,000)
500.000
Elevators (mandatory inspection). A $10 annual fee per
elevator, quarterly inspection
300.000
Searches for violations of ordinances
50.000
Value permits (annual charge) based on kind or size of
value
1,000.000
Canopies over streets ($1 per square foot)
500.000
Fees for inspection service in fire prevention
500,000
(The above figures are estimated upon building operations
under present day conditions. In normal years this estimate
trebled or quadrupled.)
will be
7. Department of Licenses.—Licenses of storage warehouses,
laundries, wardrobe checkers, canvassers, collection agencies,
business brokers, &c
677,000
8. Board of Aldermen and City Clerk.—Electric sign permits_ _
100,000
500,000
9. Health Department.—Inspection and license fees
Police Department.—I icense inspections fees
600,000
10.
1.1. Department of Markets.—Market wagons, extension and
creation of new markets, stoop stands in markets, food
inspection, &c
200,000
4123
12. Register's Office.—Additional Register's fees for filing
chattle mortgages, &c
13. Department of Sanitation.—Disposal of trade waste, fees
from ashes delivered at dump boards, &c
Total
100.000
1,000.000
$30,812,000
Board of Aldermen Adopts Car fax and Bridge Tolls—Taxicab Levy Deferred for Week.—By a vote of 52 to 2, the Board
of Aldermen passed on June 6 the local law imposing the
above described auto registration fee and charging tolls for
all non-resident cars crossing the East River and Harlem
River bridges. Joseph Clark Baldwin 3d, sole Republican
Alderman, vainly endeavored to hold up the motor tax,
which was speeded by an emergency message from the Mayor;
under parliamentary rules, however, his objection served to
delay equally hasty action on the five-cent taxi fare tax.
It was laid over for one week in accordance with the rules.
There was no action taken by the Board at this private meeting on the aforesaid various increases in city license fees,
and new inspection fees, some of which are said to have been
levied already.
Numerous protests were voiced by citizens' organizations
and others throughout the city on the action of the Board of
Aldermen in approving these new taxes. It is said that
court suits are planned against the levies.
Board of Estimate Defers Action on Taxes.—At a meeting
held on June 9 the Board of Estimate adopted Comptroller
Berry's amendment providing that .all revenues from the
above described automobile tax and bridge toll bill be used
exclusively for unemployment relief costs, but it deferred
direct action on the bill itself until June 12. It was explained by Mayor O'Brien that on that date the Board will
hear not only all objections to the automobile tax, but also
any tax suggestions anyone may have to make.
Ohio.—Booklet Issued Showing Financial Statistics of
Counties and Cities.—A booklet compiled by Wm.J. Morioka
& Co., Inc., municipal bond brokers of New York City,
shows in a concise form the financial set-up of the 88
counties and all of the cities of Ohio. The information
presented, which is said. to have been obtained from official
sources, includes gross and net debts, assessed valuations,
ratio of debt to assessment, &c. The statistics given are the
latest available and should be useful to those interested in
Ohio securities.
Texas.—Legislature Adjourns.—After a session lasting
143 days, the longest on record, the 43rd regular session of
the State Legislature came to an end on June 1. It was
stated by Governor Miriam A. Freguson that although this
Legislature cut governmental costs by 25%,it failed to provide sufficient revenue to meet a heavy deficit and place
the State on its feet financially. At this session only one
major piece of tax legislation was passed. This levied a
tax of 2 cents per barrel on the production of oil and placed
oil pipe lines under the intangible assets tax law. The
administration's proposal to levy a sales tax was defeated.
Among other proposals to be submitted at a special election
Aug. 26 is a $20,000,000 bond issue for unemployment relief
—V. 136, p. 3570. An Associated Press dispatch from Austin to the Fort Worth "Record" of June 2 reported on the
session as follows:
The 43rd Texas Legislature to-day finished one of the longest continuous
terms any lawmaking body ever was in session. The session was only a
week short of five months in length.
It cut the appropriations of the last Legislature by one-fourth and liberalized the blue laws to permit betting on horse races, made prize fights permissible and submitted propositions to legalize the manufacture and sale of
3.2% beer and repeal of the 18th Amendment.
The prohibition propositions will be submitted to the electorate at a
special election Aug. 26.
Among other proposals submitted at that election will be a $20,000.000
bond issue, proceeds of which would be used to relieve unemployment and
to supplement funds of the United States Reconstruction Finance Corporation.
In event the bond issue should carry it would be necessary for the Legislature to meet in special session to pass legislation putting the relief legislation into effect.
A strong effort to modify or suspend operation of the Texas anti-trust
laws to allow Texas industries greater freedom to participate in the proposed
national program failed at this session. Fear that the action would have
the effect of nullifying a suit filed by Attorney-General Allred, charging
15 oil companies and two oil associations with violation of the anti-trust
laws, was largely responsible for failure of the movement. Allred alleged
the defendants conspired to effect a monopoly in the marketing of refined
petroleum products.
The Legislature had planned to quit at noon. but was forced to resort
to the custom of turning back the legislative clocks while the odds and ends
incident to closing were gathered togeteher. The House adjourned at
4:42 p.m. The Senate adjourned shortly afterward. The Legislature
had been in session 143 days.
Although the Legislature cut governmental costs 25%,it failed, according
to Governor Miriam A. Ferguson, to provide sufficient revenue to meet a
heavy deficit and place the State on its feet financially.
Much legislation was rushed through in the closing hours.
Both Houses adopted a free conference report to combine the offices
of tax assessor and tax collector, the change having been authorized by a
constitutional amendment adopted last November.
A conference report on a bill to pay miscellaneous claims was adopted after
an appropriation of $500,000 to reimburse West Texas farmers for losses
incurred in pink bollworm eradication, another $500,000 to pay East Texas
counties for money expended in cattle tick eradication and $122,000 to
pay farmers in Galveston. Harris and Chambers counties had been eliminated.
Conference reports on bills to increase tuition fees at State institutions of
higher education and to permit the institutions to retain their local funds
also were adopted.
Only one major piece of tax legislation was passed. This levied a tax
of 2 cents per barrel on the production of oil and placed oil pipe lines under
the intangible assets tax laws. It was estimated the law would yield
between $12,000,000 and $14.000.000.
Sales Tax Rejected.
The Legislature rejected the administration's proposal to levy a sales tax.
The Legislature also declined to pass bills to establish an elective Highway Commission and to establish a Natural Resources Conusission to relieve the Texas Railroad Commission of its duties in that respect.
In addition to the questions that will be submitted Aug. 26, the Legislature approved eight other proposed constitutional amendments to be decided
en at the general election in 1934.
4124
Financial Chronicle
Relief legislation played a prominent part in the session. Banks, insurance companies and mortgaged property owners were the recipients of
moratoria legislation.
Adjournment of the session left Mrs. Ferguson free to appoint a Chairman of the Texas Highway Commission without submitting her appointee
to the Senate for confirmation unless a special session is called. Her appointment of Frank L. Denison of Temple as Chairman was twice rejected
toy the Senate.
The case was appealed to the courts and the Supreme Court yesterday
decided Denison had no right to the office.
United States.
-Municipal Debt Relief Proposal Again
Amended.
On June 2 the House Judiciary Committee took up consideration of a new draft of the Wilcox Municipal Refinancing Bill
(H. R. 5267), designed to amend the Federal bankruptcy
laws so as to include municipal corporations in their provisions
-V. 136, p. 3200, according to Washington advices
of that date. The new bill is understood to have been prepared by the Administration and to have been approved by
the President. The most important of the new provisions
in the bill are said to be that the act be in effect for only a
two-year period and that the approval of the Governor of the
State in which the defaulting municipality is located be
secured before confirmation of a debt settlement plan.
It is stated that the bill was reported out of the House
Judiciary Committee by a 13 to 9 vote and on June 7 the
bill in its new form was introduced by Representative
Sumners of Texas, Chairman of the House Committee.
The new bill does not differ in its essential characteristics
from the Wilcox bill. Chief among the changes that
have been made are: Requirement that one-third of the
creditors assent to filing a petition is reduced to 30%.
The approval of two-thirds of creditors of any class and
three-quarters of all creditors was originally required. It is
now changed to two-thirds of any class and two-thirds of all
creditors. A new requirement has been incorporated that in
States having a fiscal regulatory body exercising authority
over local units, any debt composition plan would have to
be approved by that body, as well as by the court and a
majority of the creditors.
BOND PROPOSALS AND NEGOTIATIONS
AKRON, Summit County, Ohio.
-NOTICE OF PAYMENT OF
DEFAULTED INTEREST.
-The following announcement of the intention
of the city to make payment of defaulted April 1 1933 interest on the city
of Akron and village of Kenmore general obligation and water works bonds
was addressed to bondholders on June 1 by E. C. Galleher. Director of
Finance:
"Funds are now available for April 1933 general obligation and water
works interest. April general obligation or water works coupons payable
In New York should be presented at Chase National Bank. April general
obligation or water works coupons payable at Akron or Kenmore, Onto,
should be presented at First Central Trust Co., Akron. Ohio.
"General obligation bonds can generally be construed to cover all other
forms of improvements not included in water works improvements or
special assessments (special assessments consisting of street improvements
usually indicated by the name of the street, followed by the nature of the
improvement, such as Ackley Street paving or a general heading of Akron
Street improvement).
"Examine your coupons carefully and present general obligation or water
works coupons at New York or Akron, as the coupons may specify, for
payment.
"We hope soon to havb a further announcement covering payment of
special assessment April coupois."
ALBANY COUNTY (P. 0. Albany), N. Y.
-BOND OFFERING.
-Felix Corscadden, County Treasurer, will offer for sale at auction at
2 . m.(daylight saving time) on June 12 a total of $700,000 not to exceed
6V interest coupon or registered bonds, divided as follows:
$30,00O work relief bonds. Due $35,000 on June 1 from 1934 to 1943 incl.
200,000 tax revenue bonds of 1931. Due $40,000 on June 1 from 1934 to
1938 incl.
150,000 tax revenue bonds of 1930. Due $30,000 on June 1 from 1934 to
1938 incl.
Each issue will be dated June 1 1933. Denom.$1,000. Rate of interest
to be named by the bidder in a multiple of I of 1%. Principal and interest
(June and December) will be payable in Albany. Each bidder before
bidding must deposit a certified check in amount of $14,000, payable to
the order of the County Treasurer. The successful bidder will be furnished
with the opinion of Reed, Hoyt & Washburn of New York that the bonds
are valid and binding obligations of the county.
Financial Statement (June 6 1933).
Temporary tax loans
5950.000
Bonded debt June 6 1933, including this issue
8.546,000
Assessed valuation Dec.311932
-Real estate. incl.spee'l french 332,279,521
Population. Census of 1930
211.953
ALBANY, Albany County, N. Y.
-BOND OFFERING.
-Lawrence J.
Ehrhardt, City Comptroller, will receive sealed bids until 2 p.m. (daylight
saving time) on June 21 for the purchase of $1,461,800 not to exceed 5%
interest coupon or registered bonds, divided as follows:
3782.000 refunding bonds. Due June 1 as follows: $78,000 from 1934 to
1941, incl. and $79,000 in 1942 and 1943.
310,000 water refunding bonds. Due $31.000 on June 1 from 1934 to
1943, incl.
300,000 emergency relief bonds. Due $30,000 on June 1 from 1934 to
1943, mei.
40,000 municipal equipment bonds. Due $5,000 on June 1 from 1934 to
1941, incl.
29.800 local improvement bonds. Due June 1 as follows: $2,800 in 1934
and $3,000 from 1935 to 1943, incl.
Each issue is dated June 1 1933. One bond for $800, others for MOW.
Rate of interest to be named by the bidder in a multiple of 3.1 of 1% and
must be the same for all of the bonds. Principal and interest (June and
Dec.) are payable at the First Trust Co., Albany. A certified check for
*29.236. payable to the order of the City must accompany each proposal.
The successful bidder will be furnished'
with the opinions of George A.
Reilly. Corporation Counsel, and of Reed, Hoyt & Washburn,of New York,
that the bonds are valid and binding obligations of the City,for the payment
of which a general ad valorem tax may be levied upon all the taxable property therein without limitation as to rate or amount. Bonds will be ready
for delivery about June 26.
p ALLENTOWN SCHOOL DISTRICT, Lehigh County, Pa.
-BOND
-The issue of *75.000 4% coupon funding bonds for which no
SALE.
bids were obtained at an offering on May 1-V. 136, p. 3201-was sold
later at par to the Sinking Fund Commission. Dated May 1 1933 and due
$5,000 on May I from 1934 to 1948 incl.
ALPENA, Alpena County, Mich.
-BOND OFFERING.
-George R.
Nicholson, City Clerk, will receive sealed bids until 12 m. on June 12 for
the purchase of $15.000 5% water works refunding bonds. Denom. $100.
Due March 15 as follows: *1,500 in 1934 and 1935 and $2,000 from 1936 to
1941, incl. Interest is payable in March and Sept.
ANDOVER, Essex County, Mass.
-LOAN OFFERING.-Thaxter
Eaton, Town Treasurer, will receive sealed bids until 11.30 a.m. on June 12
for the purchase at discount basis of a *50.000 temporary loan, dated
June 10 1933
JUDO 12 1933 and due on Nov.4 1933. The notes will be ready for delivery
on or about June 16. when certified by the Commonwealth.
Uncollected Taxes.
DateLast Levi,.
Previous Levi,.
June 1 1933
$65,996.00
$24,548.38
Jane 1 1932
70,673.81
15,160.08
Notes outstanding
100,000.00
ARKANSAS, State of (P. 0. Little Rock).
-BOND SUIT CONTEMPLATED.
-According to Little Rock advices to the "Wall Street
Journal" of June 5, the holders of $463,000 bonds assumed by the State
when it purchased the White River bridge at Devalls Bluff two years ago
may bring suit for receivership or foreclosure following default of $13,080
interest due May 1. In the purchase agreement the State is said to have
contracted to meet maturities and interest from toll collections and to
hold such revenue in a sinking fund.
The Ellis bill for refunding road and bridge bonds
-V. 136. p. 3568
which makes no specific appropriation for payment of tne bridge bonds,
in effect impounds sll highway revenues, including toll bridge collections
for payme_rt of the proposed refunding bonds.
-NOTE ISSUANCE CONASHEVILLE, Buncombe County, N. C.
TEMPLATED.
-The city is said to be planning to issue $25,000 revenue ,
anticipation notes through the Local Government Commission.
ATLANTA, Fulton County, Ga.-BOND SALE CANCELED.
-It is
stated by B. Graham West, City Comptroller, that the sale of the $477,000
issue of 4
coupon or registered semi-ann. redemption bonds, scheduled
for June 2-7. 136. p. 3938
-was withdrawn. Dated July 1 1933. Due
from July 1 1934 to 1943, incl.
In connection with this action we quote in part as follows from the Atlanta
'Constitution" of June 2:
"Bond attorneys late Thursday withdrew their approval to sale of
$558,000 worth of municipal bonds to refund securities due this year. The
decision fell like a bombshell in the finance committee, meeting at the
city hall to formulate the June budget. The committee adjourned until 10
o'clock this morning, the time set for receiving bids on the refunding securities. In the interim, the matter will be submitted to Mayor JamesIC. Ley.
Although the city can sell the bonds to the bond sinking fund commission
without approval of the bonding attorneys, or might be able to dispose of
them at private sale, it was said that withdrawal of the opinion of Storey.
Thorndike, Palmer & Dodge. Boston, attorneys, might react to cause lower
bids. Notice of withdrawal or at least of the intention to withhold the
opinion that the bonds were legal was given by Lawrence James acting
Comptroller, who exhibited a telegram from the Boston firm addressed to
CRT attorney James L. Mayson.
The bids will be received by officials this morning as planned, but a
recommendation as to the award of the sale will be withheld temporarily
in an attempt to iron out the legal wrinkles incurred. James said. Action
of the firm came as municipal employees and citizens were looking to the
June sheet for relief
-employees for restoration of at least 5% of salary
cuts made to balance the January/ budget, and citizens who hoped for
further reductions in assessments. In the event there is not an open market
for the refunding securities, an effort will be made to have the bond sinking
fund commission absorb them, it was said in the finance committee.
"The bonding attorneys claimed that under Section 461 of the Georgia
code, refunding bonds cannot be issued by a municipality if the debt were
contracted after the adoption of the constitution. Mayson holds that
amendments passed in August 1927. removed this inhibition. Only
5477.000 of the $588.000 were offered for sale this morning, the remaining
amount already has been absorbed by the sinking fund commission, James
announced. Over *1.000.000 in other securities is in the branches."
-RECONSTRUCTION FINANCE
AUBURN AND ELLSWORTH, Me.
CORPORATION GRANTS EARTHQUAKE AND FIRE LOAN-The
following is the text of an announcement issued by the R. F. C. on Jure 7:
"The Directors of the Reconstruction Finance Corporation to-day
allocated $1,000.000 of the $5,000,000 earthquake and fire reconstruction
funds autnorized by Congress to the cities of Auburn and Ellsworth.
Maine, two communities partially destroyed by fire this spring. The
money is to be loaned by the R. F. C. through the Auburn Rehabilitation
Corporation and the Ellsworth Rehabilitation Corporation, two non-profit
making corporations which have been formed to undertake the work of re
construction in the two cities.
"'The loan will be made on first mortgages which the R. F. C.'will hold as
security for the purpose of rebuilding houses destroyed by fir e. The money
will ba disbursed on the certification of the two rehabilitation corporations
and the presentation of collateral.
"Of the amount authorized by the R. F. C.. *600,000 is to be allocated to
,
Auburn and 5400.000 to Ellsworth.
-BOND SALE.
-The
BALDWINSVILLE, Onondaga County, N. Y.
-were awarded
*12,000 water fund bonds offered on June 5-V.136, p.3755
as 6s at a price of par to the First National Bank & Trust Co. of Baldwinsville. Three other bidders named the same price for the issue. Due
31.000 annually from 1934 to 1945 inclusive.
BALTIMORE,Md.-PENSION SYSTEMSECURITIESAPP11OVED.H. Walter Graham, City Comptroller, on June 3 made public the report of a
committee of bankers who verified and counted the bonds held in the
municipal pension system fund. The bankers, it is said, praised the high
quality and diversity of the bonds, whose par value is $10,446,900. This
total consists of: Federal bonds. $561.521.88; Dominion of Canada bonds,
$79,806.25: municipal and State bonds, $3.715,075.89: railroad bonds,
$3,869,870.67: bonds of public service corporation, $1,737,458.75; industrial bonds. 8483,166.56.
-BONDS AUTHORIZED.
BARRON COUNTY (P 0. Barron), Wig.
The County Board of Supervisors reported to have voted recently to issue
$100,000 in 5% semi-ann. current expense bonds. Denom. $1,000. Dated
July 15 1933. Due $25,001 from July 15 1936 to 1939, incl.
BELMONT COUNTY (P. 0. St. Clairsville), Ohio.-/iOND SALE.
The $50,000 6% coupon poor relief bonds offered on June 1-V. 136, fr•
3571-were awarded to the First National Bank, of Barnesville, at par plus
a premium of $45, equal to 100.09, a basis of about 5.99%. Dated May 1
1933 and due on March 1 as follows: $8,900, 1934: $9,400, 1935; $10.000.
1936; $10,500, 1937, and $11,200 in 1938. The BancOhio Securities Co., of
Columbus, bid a price of par for the issue.
BERGEN COUNTY (P. 0. Hackensack), N. J.
-TEMPORARY
-In accordance with a resolution adopted by the Board of
FINANCING.
Freeholders on May 24, County Treasurer Robert S. Tipping negotiated a
loan of $300,000 at 6% interest, which was supplied in equal amounts by
the Palisades Trust & Guaranty Co., of Englewood, and the Peoples' Trust
& Guaranty Co., of Hackensack. Re-payment of the loan is to be made on
June 19 1933 from tax money due the County. Funds were used to meet
bond principal and interest charges, it is said.
-BOND SALE.
BERKS COUNTY(P.O. Reading), Pa.
-The $950,000
coupon or registered refunding and funding bonds offered on June 6V. 136. p. 3755
-wire awarded as 4 gs to a group composed of E. H. Rollins & Sons, A. C. Wood Jr. & Co., Janney & Co. and R. M. Snyder & Co.
all of Philadelphia, at par plus a premium of $12,074.50, equal to 101.27,
a basis of about 4.14%. Dated June 1 1933 and due annually on Dec. 1
as follows: $100,000 from 1944 to 1951 incl. and $150,000 in 1952. Public
re-offering of the securities is being made at prices to yield 4%. The
bankers describe them as being legal investment for savings banks and
trust funds in Pennsylvania, New York and other States. They are also
said to be direct and general obligations of the county, payable from unlimited ad valorem taxes levied on all taxable property therein.
BETHEL, Clermont County, Ohio.
-BONDS AUTHORIZED.
The Village Council has adopted an ordinance authorizing the issuance of
$335,000 6% water works bonds, to be dated Jan. 1 1933 and to mature
$1,000 on Jan. 1 and none on July 1 in the years 1935 and 1936; $1,000
semi-annually from 1937 to 1951, incl.; $1,000 Jan. and $2,000 July 11952.
Prin. and int. to be payable at the Village Treasurer's office. On March 7
of this year the Reconstruction Finance Corporation agreed to purchase
the bond issue
-V. 136. p. 1749.
-The
BILLINGS, Yellowstone County, Mont.
-BONDS CALLED.
following water bonds aggregating $50.000. are reported to be called for
payment at the Chase National Bank in New York City on July 1: Nos. 21
to 30 of 6% bonds, issue of Jan. 1 1920. and Nos. 411 to 450 of 5% bonds,
issue of July 11914.
BIRMINGHAM, Jefferson County, Ala.
-BOND OFFERING.
Sealed bids will be received by C. E. Armstrong, City Comptroller, until
noon on June 20, for the purchase of a $320.000 issue of public impt. gold
refunding bonds. The bidder shall specify the rate of interest which the
Volume 136
p.
Financial Chronicle
bonds are to bear, not exceeding the legal rate of interest in this State.
The bonds may not be sold for less than 95% of par value, plus accrued
interest to date of delivery of the bonds and payment thereof. Denom.
$1,000. Dated July 1 1933. Due $32,000 from July 1 1936 to 1945 incl.
Prin. and int. payable in gold at the Central Hanover Bank & Trust Co.,
New York. The approving opinion of Thomson, Wood & Hoffman of Newt
York,will be furnished. Said bonds will be delivered to the successful bidder
or bidders on July 1 1933, unless a later date should be mutually agreed
upon. A certified check for 1% of the bonds bid for, payable to the city, is
required. Said bonds are secured by the full faith and credit of the city of
Birmingham, Ala., and by the taxing powers of said city heretofore, now
or hereafter conferred upon it bylaw. Said refunding bonds are also secured
by subrogation to the respective liens which the bonds refunded by said
refunding bonds respectively have on the respective sinking funds and local
improvement assessments securing the issues of which the refunded bonds
form a part. Said refunding bonds and the interest thereon are exempt
from State, county and municipal taxation, and after the maturity thereof
arerecelvablein paymentof all taxes and dues to the city of Birmingham,Ala.
-$.3.000,000 BONDS
BOSTON METROPOLITAN DISTRICT, Mass.
SOLD.
-Joseph Wiggin, District Treasurer, made award on June 7 of
$3,000,000 bonds as 33is to a syndicate composed of Halsey, Stuart & Co.,
-P. Murphy &
Inc.; Bancamerica-Blair Corp.; Phelps, Fenn & Co.; G. M.
Co.; Darby & Co., and Graham. Parsons & Co., all of New York; also
Washburn, Frost & Co., Inc.of Boston, at a price of 99.31, a basis of
about 3.74%. The group had'originally submitted an offer of 100.721 for
the issue at 4% interest and later made the bid on the 334% basis, which
was accepted. The bonds bear date of June 1 1933 and will matureon June 1
1936. The district sold this particular issue under the provisions of Chapter 235 of the Laws of 1933 for the purpose of purchasing a like amount of
bonds of the Boston Elevated Ry. Co., maturing June 1 1936. The railway
company, in turn, applied the money received from the district to the
retirement of $3,000,000 bonds which came due on June 1 1933.
-Halsey, Stuart & Co. and associates
BONDS PUBLICLY OFFERED.
made public offering of the bonds at a price of 100 and accrued interest.
The Boston Metropolitan District, it is noted, was incorporated by Act
of the Massachusetts Legislature and comprises the territory within and the
inhabitants of the municipalities of Boston, Cambridge, Arlington, Belmont, Brookline Chelsea, Everett, Malden, Medford, Milton, Newton,
Revere, Somerville and Watertown. The population of the district.
according to the 1930 Federal Census, was 1,468,364, or 34% of the entire
population of the Commonwealth. The assessed valuation of property
in the district as last established for State tax purposes was $3,245,535,250.
or about 43% of the entire assessed valuation of Massachusetts. The
bankers state that the bonds, in the opinion of Ropes, Gray, Boyden &
Perkins of Boston, are general obligations of the district secured by its full
faith and credit, and taxes on behalf of the district are to be levied on an
ad valorem basis through the Treasurer of the Commonwealth of Massachusetts. The Act incorporating the district expressly provides that the
"territory and inhabitants shall be jointly and severally liable for the debts
and obligations thereof.' The issue is in denoms. of $10,000, $5,000 and
$1,000, registerable as to principal. Bonds and semi-annual interest
(June and December) are payable in New York and Boston. (The corporate body was originally created by the Legislature as the Metropolitan
Transit District. However, Governor Ely signed a bill on April 12 1932
changing the title to the Boston Metropolitan District. This was done.
It was said, on the advice of bankers, who expressed the opinion that the
new name would be more likely to aid M financing the district's obligations.
,
On April 21 of last year $24,000,000 bonds, consisting of $20,855,000 41 4s
and $3,145,000 450, were awarded to the Chase Harris Forbes Corp. and
associates at 94.57, a basis of about 5.17%. This sale was delayed for
about a week and was effected only after the bankers had made certain
changes in the terms of the proposal originally submitted-V.134, p.3133.)
-HOUSE APPROVES
BRIDGEPORT, Fairfield County, Conn.
BOND ISSUE BILL.
-By a vote of 148 to 59 on June 1. the House of the
State Legislature approved a bill authorizing the city to issue $1,862,000
refunding bonds.
-PROPOSE $750.000 BOND
BRISTOL, Hartford County, Conn.
ISSUE.
-The Board of Finance and Control is planning to retire all of the
outstanding short-term debt through the sale of $750.000 bonds. Notes
in amount of $500.000 held by the Bankers Trust Co. of New York mature
% 1 to 15
In July. The city on May 22 sold $750,000
-year bonds to
Putnam & Co. of Hartford and Estabrook & Co. of Boston, jointly, at 98,
a basis of about 5.81%. That loan was for the purpose of taking up temporary indebtedness and to finance municipal expenditua es until the beginning of the new fiscal year on July 1 1933-V. 136,9.3755.
BOND SALE ARRANGED -It was announced on June 7 that the Board
had arranged to sell the entire $775,000 bonds, bearing interest at 5 %,
as follows: $520.000 jointly to Putnam & Co. and Estabrook & Co. and
$255.000 to Moses Fox, of Hartford. Proceeds of the sale will be applied
to the payment of notes issued on account of poor relief. The issue will
mature annually on Dec. 1 as follows: $40.000 from 1936 to 1947 incl.;
$35.000 in 1948 and 1949: $30.000 from 1950 to 1954 incl. and $25,000 in
1955. 1956 and 1957. The sale, it is said, was consummated on the same
terms at which the $750,000 5 % funding issue was disposed of on May
22. That loan was sold at a price of 98, a basis of about 5.81%. Mr. Fox
purchased $250,000 bonds of the issue, while the remainder went to the
banking houses.
-V. 136, 913755.
BRUNSWICK, Cumberland County, Me.
-LOAN NOT SOLD.
S. L. Forsaith, Town Treasurer, reports that no bids were obtained at the
offering on June 7 of a $30,000 temporary loan, to mature in five months.
Tenders were asked on a discount basis.
-BONDS VOTED.
BURLINGTON, Coffey County, Kan.
-At the
election held on June 1-V. 136. p. 3571-the voters approved the issuance
of $118,000 in 4% light plant bonds. Due serially in 20 years. It is
stated that no date of sale has been set as yet.
CALIFORNIA, State of (P. 0. Sacramento).
-$30.000,000 VETERANS BOND BILL SIGNED.
-It is reported that Governor Rolph has
signed the $30,000,000 bond authorization bill, recently approved by the
Legislature
-V. 136. p. 3571
-and it will be placed on the ballot at the
1934 general election.
CALIFORNIA., State of (P. 0. Sacramento).
-EARTHQUAKE
DAMAGE REPAIR BILLS SIGNED.
-Bills authorizing the State to
borrow funds from the Reconstruction Finance Corporation for the replacement of public buildings destroyed or damaged in the Southern California
earthqualce area, and prescribing certain structural safeguards against
future quakes, were signed by Governor Rolph on May 27. The San
Francisco "Chronicle" of May 28 reported in part asfollows on these bills:
"One of these bills, introduced lay Assemblyman Samuel M. Greene,
establishes a Board of Public Building Construction, to consist of the State
directors of education, finance and public works, the State Comptroller
and the chief of the division of schoolhouse planning.
Not to Exceed $15,000,000.
"Whenever the R. F. C. shall offer funds for replacement of public
buildings the Governor is authorized to accept not to exceed $15.000,000.
payable to the State Treasury and to the credit of the newly authorized
board. The money is to be expended for replacement or partial reconstruction of public buildings wholly or partially destroyed by earthquakes
since January 1933.
"The governing board of a city, county or a district would request the
Board of Public Building Reconstruction to replace or reconstruct certain
structures within their jurisdiction.
Provides for Repayment.
"The board would advance moneys for such purposes, and the loans
be repaid to the State through rentals or budgetary allocations.
would
The State would repay the R. F. C.
"The other bill relative to the same subject was introduced by Assemblyman Harry B. Riley. It specifies technical architectural requirements
necessary to provide the maximum safety against horizontal stresses, the
unusual force largely responsible for damage or destruction of many buildings in Los Angeles and Orange Counties during the March earthquake."
-Governor
GOVERNOR SIGNS ACT AIDING TAX DELINQUENTS.
Rolph signed bills on May 30 providing relief for owners of properties in
irrigation districts and increasing the share of gasoline tax refunds to small
counties. The Governor signed Senator Charles Deisel's bill reducing
penalties on delinquent irrigation district assessments from 10 to 5%,
providing, however, that when assessments are made payable in two
Installments 10% penalty shall be added for delinquency on the first and
5% on the second installment.
-BONDS NOT SOLD.
CASS COUNTY (P. 0. Logansport), Ind.
Marion Flory, County Auditor, reports that no bids were obtained at the
4125
-V. 136. p. 3571.
offering on June 3 of $70,000 6% poor relief bonds
Dated May 15 1933 and due $7,000 on May and Nov. 15 from 1934 to
1938, incl.
-BONDS NOT SOLD.
CEDAR COUNTY (P. 0. Tipton), Iowa.
The $10,000 issue of 5% semi-ann.funding bonds offered on June 1-V.136.
p. 3939
-was not sold as no bids were received, according to the County
Treasurer. Dated Jan. 16 1933. Due from May 1 1936 to 1938.
PRIVATE SALE.
-It is stated by the County Treasurer that practically
all of the above bonds have been sold privately.
-0. 3. Taylor.
-WARRANT CALL.
CHICAGO, Cook County, 111.
President of the Board of Education, has called for payment on or before
June 9 1933 variously described tax anticipation warrants. Certain outstanding tax anticipation warrants of the city have also been called for
payment on that date.
-M. S. Scymczak,
PLAN RETIREMENT OF REFUNDING BONDS.
City Comptroller, announced on June 5 that $633.675.91 was available in
the special fund created by ordinance for the purchase from time to time,
of outstanding 6% refunding bonds of 1933. and advised holders thereof
that the money on hand would be used to pay off bonds equal to that
amount.
-The
-TEMPORARY LOAN.
CHICOPEE, Hampden County, Mass.
National Shawmut Bank of Boston has purchased a $50.000 revenue anticipation loan at 5ii% discount basis. Due on Dec. 18 1933.
-BONDS
CHOUTEAU COUNTY (P. 0. Fort Benton), Mont.
CALLED.
-It is reported that Nos. 1 to 34 of 5;i% funding bonds, for
$1,000 each, Will be called for payment at the National City Bank in New
York on July 1 on which date interest shall cease. Dated July 1 1918 and
optional on July 1 1933.
-Henry
-BOND SALE.
CINCINNATI, Hamilton County, Ohio.
Urner, City Auditor, advises that the issue of $50,000 43f,% park and play-V.136. P• 3939
ground bonds authorized during May by the City Council
-will be purchased at a price of par by the Sinking Fund Commission.
Dated July 1 1933 and due $10,000 on Sept. 1 from 1934 to 1938. incl.
BONDS AUTHORI7ED.-The City Council has adopted an ordinance
providing for the issuance of $19,000 4 % city's portion improvement
bonds, to be dated July 1 933 and mature $1,900 on Sept. 1 from 1934 to
1943, incl.
-BOND OFFERING.CLAREMONT, Sullivan County, N. H.
H. V. Daley, Chairman of the Board of Selectmen, will receive sealed bids
until 12 m.(standard time) on June 13 for the purchase of $100,000 4 %
coupon refunding bonds. Dated May 15 1933. Denom. $1,000. Due
$5,000 on May 15 from 1934 to 1953, incl. Prin. and int. (May and
Nov. 15) will be payable at the First National Bank of Boston. This
institution will supervise the engraving of the bonds and certify as to their
genuineness. Legal opinion of Ropes, Gray, Boyden & Perkins of Boston
will be furnished the successful bidder.
Financial Statement (June 1 1933).
$15,846,510.00
Last assessed valuation
564,722.74
Total bonded debt, not including this issue
224,920.00
Water debt, included in total debt
100,000.00
Floating indebtedness to be refunded by this loan
Population (1930). 12.377.
COAL TOWNSHIP SCHOOL DISTRICT (P. 0. Shamokin), North-Edward J. Dane, Sec-BOND OFFERING.
umberland County, Pa.
retary of the School Board. will receive sealed bids until 7 p. m. on June 9
for the purchase of $250.000 59 funding bonds, dated July 1 1933 and
due $10,000 on July 1 from 1939 to 1963 incl. Denom. $1,000. Interest
is payable in Jan. and July.
-BOND ISSUANCE PROCOLORADO, State of (P. 0. Denver).
POSED.
-A program has been outlined by Governor Johnson, providing
for the employment of every able-bodied man in the State now out of employment for more than a year, which will entail the approval of the people
on the issuance of approximately $35,000,000 in bonds. Federal Government, under the Public Works bill, would provide the other $15,000,000
for the Governor's proposed $50,000,000 public works program. It will
be proposed that the bonds be retired by the enactment of a small sales tax.
-R. J.
-BOND OFFERING.
CONRAD, Ponders County, Mont.
Kelly, City Clerk, will offer for sale at public auction on June 26 at 7:30
p.m. a $20,000 issue of refunding public sewer bonds. Interest rate is not
to exceed 6%.payable J.& J. Said bonds shall be payable on the amortization plan as defined by Chapter 38 of the Session Laws of 1923, if bonds in
this form can be sold and disposed of at a reasonable rate of interest: otherwise, serial bonds will be issued. Amortization bonds will be the first
choice of the City Council in considering bids. In case serial bonds are
issued,such bonds shall mature annually on Jan. 1 1934,and one bond each
year thereafter until Jan. 1 1953. with option of prior payment in case of
either bonds after 15 years from date. Prin. and int. payable at the office
of the City Treasurer or at the Irving Trust Co., New York. A certified
check for $500 is required. (These are the bonds that were offered for sale
without success on Sept. 26-V. 135, p. 2686.)
CRAWFORD COUNTY (P. 0. Prairie du Chien), Wis.-BOND
SALE.
-The $175.000 issue of 5% coupon semi-ann. county bonds offered
-was purchased by John Nuveen &
for sale on June 3-V. 136. p. 3756
Co. of Chicago at par. Dated May 1 1933. Due from 1934 to 1943.
There were no other bids received.
DAIRYDALE SCHOOL DISTRICT NO. 1 (P. 0. Cedar Rapids),
-NEW BOND ELECTION.
-BONDS DEFEATED.
Linn County, Iowa.
-the proposal to issue $15,000
-At the election on May 27-V. 136. p.3756
In 57,, school building bonds failed to receive the required majority.
It is stated that another election will be held on June 27 in order to
have the voters again consider this proposal.
DES MOINES, Polk County, lowa.-REPORT ON BOND DEFAULT.
-The following report on a bond default by this city on principal payment
due June 1 is taken from the Des Moines"Register" of June 1:
"The city will default to-day on payment of a $38,000 block of southwest sewer bonds, City Treasurer Robert Bailey said Wednesday. Assessment reductions of $231.235.20 ordered by the courts after property owners
protested special levies on the project, completed in 1925, have left the city
without funds to take up the outstanding bonds as they fall due. Bailey
declared.
Further Default.
"This will mean the city must default also on payment of the remaining
$295,000 block which falls due in June, 1934, he said. The issue floated in
payment for the southwest sewer in 1926 was for $640,643.15. A funding
bond of $265,000 was issued in 1929 to meet payments when they were due,
and a second issue of $38,325, representing a judgment, was included last
year in the $188,000 block of bonds approved to take up bank tax funds
and other outstanding indebtedness.
Two Ways.
"Sufficient cash is on hand in the fund to meet the interest on the $38,000
block falling due to-day, Bailey said. City Solicitor Van Liew said there
may be two ways in which bondholders can obtain payment. Because the
city has far exceeded its legal bonded debt limit as a result of the 20% reduction in assessed valuations, no more city bonds can be issued.
Bonds in Payment.
"There is a possibility, however, Van Liew said, that bondholders in
getting judgment for the unpaid debt could force the city to issue bonds
to cover, charging that in issuing the bonds the city failed to perform its
statutory duties by failing to provide sufficient funds for payment. In
such event, bonds could be legally issued to take up the judgments.
Mandamus Action.
"A mandamus action forcing the city to levy a sufficient millage in the
judgment fund to pay off the bonds would probably be the other alternative to bondholders. he said. Shortages through assessment reductions
ordered by courts are eliminated under the city's new system of paying for
public improvements, Van Liew explained. Court approval is asked under
the present plan before the assessments are actually levied."
DETROIT, Wayne County, Mich.
-BONDHOLDERS' REFUNDING
COMMITTEE FORMED-$368,000,000 OF BONDS AND NOTES AFFECTED.
-Official announcement was made on June 7 of the formation of
a Bondholders' Refunding Committee which will act for all investors in
the city's bonds in connection with the proposed extension of the maturities
of the entire $368.000,000 of bond and note indebtedness publicly held.
The Chairman of the committee is B. A. Tompkins, Vice-President of the
Bankers Trust Co. of New York, who recently returned from Detroit after
completing a tentative draft of the projected refunding operation. Details
4126
Financial Chronicle
of the proposal appeared in V. 136. p. 3939. The advertisement of the
bankers announcing the selection of the committee members appears on
page 0000 of this issue. In connection with the announcement the following statement was Issued.
"Members of the committee, who themselves own or represent a substantial amount of the bonds, are B. A. Tompkins, Vice-President Bankers
Trust Co., New York, Chairman; Philip A. Benson, President of the Dime
Savings Bank of Brooklyn and President of the National Association of
Mutual Savings Banks; Frederick W.Ecker, Treasurer of the Metropolitan
Life Insurance Co., New York; George C. Hannahs of Hannahs, Bailin &
Lee, New York; Fred P. Hayward, Second Vice-President and Treasurer
John Hancock Mutual Life Insurance Co., Boston: George W. Hodges,
Standard Statistics Co., Inc., New York; Frederick W. Walker, VicePresident the Northwestern Mutual Life Insurance Co., Milwaukee. It Is
expected that two residents of the State of Michigan will later be added
to the committee.
"A plan providing for the refunding of Detroit's debt, which will amount
to approximately $368,000,000 after the cancellation of bonds held in the
city's sinking fund, has been developed with the city administration and
will shortly be available for distribution to bondholders. In due course
bondholders will be asked to deposit their bonds with Bankers Trust Co.
of New York, and in the meantime they are requested to file a list of their
holdings with the Secretary of the committee, W. Laud Brown, at 16 Wall
Street, New York.
"The City of Detroit has not paid any of the principal or interest of the
debt of the city ,with the exception of interest on bonds issued for Detroit
Street Railway, since Feb. 1 1933.
"Thompson, Wood & Hoffman of New York have been appointed con sel
for the committee."
-The State Senate on June
REFUNDING BILLS SENT TO GOVERNOR.
6-passed the three bills providing for the refunding of the $368,000,000 of
city indebtedness publicly held. Two of the measures have been sent to
Governor Comstock for his signature, while the third must be returned to
the House for concurrence in Senate amendments. Approval of the measures, it is said, will make possible early consummation of the gigantic
refunding project and will serve to stabilize the finances of the city. One
of the bills provides for the reduction of the budget for the fiscal year
beginning July 1 1933 from $68,000,000 to about $52,000,000, through the
elimination of provisions for debt service charges normally due in that
period. This action is provided for in the tentative refunding details
mutually agreed upon by city officials and large holders of municipal
securities.
ANON All
-BOND SALE --A
DUBUQUE COUNTY (P. 0. Dubuque), Iowa.
$20,000 issue of poor relief bonds is reported to have been purchased by the
White-Phillips Co. of Davenport as 5s at par. Due as follows: $5,000 in
1934,$8,000 in 1935,and $7,000 in 1936.
DULUTH, St. Louis County, Minn.
-BOND OFFERING-Sealed
bids will be received until 2 p. m. on June 19, by C. D. Jeronimous, City
Clerk, for the purchase of two issues of permanent impt. refunding bonds
aggregating $200.000, as follows:
$100,000 5% bonds. Dated July 1 1932. Due 525,000 from July 1 1935
to 1938 incl.
100,000 6% bonds. Dated July 1 1933. Due $25,000 from July 1 1936
to 1939 incl.
Denom. $1,000. Prin. and int. (J. & J.) payable in such fluids=are
then legal tender for the payment of debts due to the United States, at the
Irving l'rust Co. in New York City. Bonds to be sold at not less than par.
The approving opinion of Chapman & Cutler of Chicago, will be furnished
the purchaser. A certified check for 27. of the par value of the bonds,
payable to the city, must accompany the bid. (A report on the authorization of the 6% bonds was given in V. 136, p.3757.)d
DULUTH INDEPENDENT SCHOOL DISTRICT (P. 0. Duluth),
St. Louis County, Minn.
-BOND SALE.
-The 557n.000 Issue of funding
bonds offered for sale on June 7-V. 136, p. 3939
-was Purchased by
Halsey, Sturart & Co. of Chicago, as 4j4s, paying a premium of $2,245.
equal to 100.39, a basis of about 4.42%. Dated June 1 1933. Due from
June 1 1935 to 1942.
-At
DYERSVILLE,Dubuque County,Iowa -BONDS DEFEATED.
the election held on June 1-V. 136, p. 3387
-the voters rejected the proposal to issue $17,000 in park purchase bonds by a small margin.
- Mr
Erg
RPOOL,Coibianat.m=ity i5L7c=irri ND uFlet:R/R6F.
-S. J. Overdorf, City Auditor, will receive sealed bids until 12 M. on
July 6 for the purchase of $60,558 6% bonds, divided as follows:
$53,850 special asst. impt. bonds. Due 510.770 annually on Sept. 1 from
1934 to 1938 incl. Denoms.$1,000 and $770.
6,708 special asst. impt. bonds. Due $2,236 annually on Sept. 1 from
1934 to 1936 incl. Denoms. $1,000 and $236.
Each issue will be dated April 1 1933. Interest is payable in March and
Sept. Bids for the bonds to bear interest at a rate other than 6%,expressed
In a multiple of % of 1%, wW also be considered. A certified check for 2%
of the bonds bid for, payable to the order of the city, must accompany
each proposal.
-Joseph
-BOND OFFERING.
EDDYSTONE, Delaware County, Pa.
J. Higler, Borough Secretary, will receive sealed bids until 6:30 P. M.
(Eastern standard time) on June 12for the purchase of$335.000 4%% bonds,
dated June 1 1933 and due on June 1 as follows: $5,000 in 1938 and 1943;
$10,000 in 1948, and $15.000 in 1953. Bonds and interest will be payable
without deduction for any tax or taxes, except succession or inheritance
levies, now or hereafter levied or assessed thereon under any present or
future law of the Commonwealth of Pennsylvania or of the United States
of America. A certified check for 2% of the bonds bid for, payable to the
order of the Borough Treasurer, must accompany each proposal. The
bonds are being issued subject to the favorable legal opinion of Townsend,
Elliott & Munson, of Philadelphia.
-BOND LEGALELMORE COUNTY (P. 0. Mountain Home), Ida.
ITY QUESTIONED.
-It is stated by F. M. Hobbs, County Auditor, that
definite action is being continued, pending the decision of the Supreme
Court as to the constitutionality of the law, authorizing the Commissioners
to issue $42,000 in 6% warrant funding bonds without the approval of the
vntnni.-V 136. P. 3939.
-BONDS AUTHORIZED.
-The
ESCANABA, Delta County, Mich.
City Council on May 26 passed a resolution providing for the issuance of
536,000 5% refunding bonds.
-BOND SALE.
ESSEX COUNTY (P. 0. Elizabethtown), N. Y.
Charles W.Straight, County Treasurer, made award on June 8 of $3300,000
coupon or registered general !ponds as 5)0,at a price of par, to a syndicate
headed by Lehman Bros., of New York City, the only bidder
Dated
May 15 1933. Denom.51.000. Due $30,000 on May 15 from 1934 to 1943
Incl. Principal and interest(May and Nov. 15) are payable in lawful money
of the United States at the Bank of Ausable Forks, Ausable Forks, or at the
Chemical Bank & Trust Co., New York,at holder's option. Legal opinion of
Clay, Dillon & Vandewater, of New York. In addition to Lehman Bros.,
the group Included Batchelder & Co., the Manufacturers & Traders Trust
Co., of Buffalo, and Hemphill, Noyes & Co.
Financial Statement.
Assessed valuation:
Real estate and special franchise, 1932-33
$28,321,150.00
Bonded debt:
Total bonded debt June 1 1933
51,328,000.00
This issue
300,000.00
Total bonded debt, including this issue
$1,628,000.00
Floating debt, not including that part to be refunded by
this bond issue
Nil
Tax Data1931-32.
1930-31.
1932-33.
1929-30.
Total levy
$878,387.79 $921,260.04 $932,735.81 $997,596.17
Amount unpaid as of
June 1 1933
*
$18,552.77
None
None
Approximate percentage collected
*
100%
98%
100%
Population, Federal Census: 1920, 31,871; 1930. 33,959.
* Figures not available as collection period ends June 1. and collectors'
reports are not complete. Returns to date indicate collection ratio comparable to the 1931-32 levy.
FAIRFIELD, Fairfield County, Conn.
-BOND SALE.
-The town
has arranged to place on the market. through Mocks Bros.& Co.of Bridgeport, an issue of $100,000 5% bonds.
June 10 1933
FLATHEAD COUNTY SCHOOL DISTRICT NO.27(P.O. Kalispell),
Mont.
-BOND OFFERING.
-It is reported that bids will be received until
2 p. in. on June 24, by I. Mae McPeak, District Clerk, for the purchase
of an issue of $1,000 school bonds. A certified check for $100 must accompany the bid.
FOND DU LAC, Fond du Lac County, Wis.-BONDS AU THORIZED
-A resolution is reported to have been passed by the City Council recently
authorizing the issuance of $100,000 in relief bonds.
-OFFERED.-BONDS RE
GARDEN CITY, Nassau County, N. Y.
The ISM)of $50.000 coupon incinerator plant bonds previously offered on
-is being
Feb. 27, at which time all bids were rejected-V. 136, p 1595
re-offered for award on June 20. Sealed bids will be received until 8 p.
by Eugene R. Courtney, Village Clerk,
(daylight saving time) on that date
Bonds bear date of July 15 1933. Bidder is asked to name a single interest
rate for all of the bonds, expressed in a multiple of % of 1%. Issue will
mature on July 15 as follows: $2,000 from 1935 to 1938 incl. and $3,000
in 1939. Interest is payable on Jan. and July 15. A certified check for 2%
of the bonds bid for, payable to the order of the Village Treasurer, must
accompany each proposal. The approving opinion of Thomson, Wood &
Hoffman, of New York, will be furnished the successful bidder.
GRAND FORKS INDEPENDENT SCHOOL DISTRICT NO. 1
-CERTIFICATE
(P. 0. Grand Forks), Grand Forks County, Minn.
SALE.
-The $30,000 issue of certificates of indebtedness offered for sale
purchased by the Red River National
-was
on June 5-V. 136, p. 3757
Bank & Trust Co. of Grand Forks at 7%. Due on or before Nov. 11934.
No other bids were received.
-OF-BONDS RE
GREENE COUNTY (P. 0. Waynesburg), Pa.
FERED.
-The issue of $300.000 coupon or rmistered funding bonds previously offered at 4% interest on Feb. 27, at which time no bids were
-Is being re-advertised for award on July 10.
submitted
-V. 136. P. 1595
On this occasion, however, biddeis are permitted to name an interest rate
of either 43,43,43 or 5%. Sealed bids will be received until 2 p. m.
(Eastern standard time) on the 10th by Sarah M. Howard, Clerk of the
Board of County Commissioners. Bonds are to mature $25,000 annually
on March 1 from 1934 to 1945 Incl. Bidder to name a single coupon rate
for all of the bonds. Interest is payable in March and September. The
obligations, it is said, are free of present and future taxes of the Urited
States and the Commonwealth of Pennsylvania, except succession and
Inheritance levies. P.Incipal and interest will be paid at the County
Treasurer's office. A certified check for 1% of the bonds bid for, payable
to the order of J. C. Cole, County Treasurer, must accompany each proLegality to be approved by Reed, Smith, Shaw & McClay of
Pittaburgh.
-BOND OFFERING.-Lester M.
HAMBURG, Sussex County, N. J.
Drew, Borough Clerk, will receive sealed bids until 8 p. m.(Eastern standard time) on June 19 for the purchase of $96,000 6% coupon or registered
water bonds of 1933. Dated July 11933. Denom. $1,000. Due July 1
as follows: $2.000from 1934 to 1938 incl.; $3,000 1939 to 1966, and $2,000
In 1967. Principal and interest (January and July) are payable at the
Hardyston National Bank, Hamburg, or at the National City Bank, New
York. No more bonds are to be awarded than will produce a premium
of $1.000 over $96,000. A certified check for 2% of the bonds bid for,
payable to the order of the borough, must accompany each proposal. The
approving opinion of Hawkins, Delafield & Longfellow of New York will
be furnished the successful bidder.
HAMILTON, Pembina County, N. Dak.-PROPOSED BOND ELECTION.
-It is reported that an election will be held in the near future to
vote on the proposed issuance of $15,000 in street improvement bonds.
-TEMPORARY
HAMPDEN COUNTY (P. 0. Springfield), Mass.
LOAN.
-The $100,000 tax anticipation loan offered on June 7-V. 136,
discount
p. 3940
-was awarded to the Shawmut Corp. of Boston at 2.07% the loan
basis. Dated June 8 1933 and due on Nov. 8 1933. Bids for
were as follows:
Discount Basis.
Bidder2.07
Shawmut Corp.(Purchaser)
2.37
W.0.Gay & Co
2.48
Springfield National Bank
2.97
Lincoln It. Young,Hartford
3.84 o
R.L. Day & Co
-The two
-BONDS NOT SOLD.
HARRIMAN, Roane County, Tenn.
Issues of bonds aggregating $10,000 offered on June 6-V. 136, p. 3573
received. The issues are as follows:
were not sold, as no bids were
& S.
55.0005% refunding bonds. Dated Mar. 1 1933. Int. payable M. & 0.
5,000 53% refunding bonds. Dated Apr. 1 1933. Int. payable A.
Due in 20 years, redeemable on any interest payment date. It is stated
that an exchange will be made with the holders of matured bonds.
-BOND
HERKIMER (P. 0. Herkimer) Herkimer County, N. Y.
-Floyd C. Harter, Town Supervisor, will receive sealed bids
OFFERING.
June 16. for the purchase of 575.000
until 2 p.m.(daylight saving time) on
not to exceed 6% interest coupon or registered welfare bonds. Dated
June 1 1933. Denom. 51,000. Due March 1 as follows: 55,000 in 1936
and $10,000 from 1937 to 1943, incl. Rate of interest to be named to the
bidder in a multiple of 31 of 1-10th of 1% and must be the same for all of
the bends. Principal and interest (June and December) are payable in
lawful money of the United States at the First National Bank, Herkimer,
the order
In New York exchange. A certified check for $1,500, payable toapproving
of the Town Supervisor, must accompany' each_proposal. The
York, will be furnished the
f Clader. M
d y, Don & Vandewater, of New
,
successful bidder.
-BONDS
HOLiON SCHOOL DISTRICT, Muskegon County, Mich. cast in
VOTED.
-At an election held on May 31 a vote of 72 to 27 was
favor of the proposed issue of $2,000 6% school construction bonds, to
mature $400 annually in from 1 to 5 years.
-BOND
HUNTINGTON COUNTY (P. 0. Huntington), Ind.
-Ned F. Brown, County Auditor, will receive sealed bids
OFFERING.
6% bonds in denoms. of $500 and
until July 1 for the purchase of $60,000
due $6,000 semi-annually on May and Nov. 15 from 1934 to 1938, incl.
-John C. Martin, State
-BOND OFFERING.
ILLINOIS (State of).
Treasurer, will receive sealed bids until 10 a.m. on July 5 for the purchase
due on
of $1.000.000 4% coupon waterway bonds, dated Jan. 1 1920 and thereto
Jan. 1 1940. Denom. $1.000. Coupons due July 1 1933 and prior
will be detached from the bonds. The bonds constitute the unsold portion
of an issue of $20,000.000 authorized under Senate Bill No. 290, approved
June 17 1919. The sale will increase to $7,000,000 the total of such bonds
outstanding, the balance of $13,000,000 having been retired at their
respective maturities. Bonds of the current offering will be registerable
as to principal only and payable as to both principal and interest (January
and July) at the State Treasurer's office. Successful bidder to pay accrued
Interest to date of delivery. Proposals must be accompanied by a certified
check for $20,000. payable to the order of the State Treasurer. It is contemplated that the proceedings authorizing the bonds will be prepared
under the supervision of Charles B. Wood,of Chicago, whose final approving
opinion will be furnished at the expense of the purchaser.
Financial Statement.
$8,424183;295177:508201
Assessed valuation 1930
Total bonded debt (incl. present issue)
Population, 1930 census, 7,630,654.
-BOND
INTERBAY DRAINAGE DISTRICT (P. 0. Tampa), Fla.
COMPROMISE PROPOSED.
-It is reported that property owners of the
district have voted to ask the Legislature to pass a bill that would authorize
and make effective a compromise with bondholders.
-OFFERED.-BONDS RE
IRVINGTON, Essex County, N. Y.
The Issue of $150.000 coupon or registered school bonds previously offered
at not to exceed 6% interest on March 7, at which time no bids were
obtalned-V. 136, P. 1933-is being re-advertised for award on June 20.
Sealed bids will be received until 8 P. M.(daylight saving time) on that
date by W. H. Janouneau, Town Clerk. Bonds bear date of March 1 1933
and will mature $10,000 annually on March 1 from 1934 to 1948 ind.
Denom. $1.000. Principal and interest (March and Sept.) will be payable
in lawful money of the United States at the Merchants & Newark Trust
Co., Newark. Rate of interest is 6%. Bonds cannot be sold at less than
a price of 99 and the amount required to be obtained at the sale is 5148.500.
A certified check for 2% of the bonds bid for, payable to the order of the
Town,must accompany each proposal. The approving opinion of Hawkins,
Delafield & Longfellow,of New York, will be furnished the successful bidder.
Volume 136
Financial Chronicle
-BONDS NOT
JACKSON COUNTY (P. 0. Gainsboro), Tenn.
SOLD.
-The $20,000 issue of 5% semi-ann. refunding bonds offered on
May 13-V. 135, 13. 3016
-was not sold as there were no bids received,
according to the Chairman of the County Court. Dated April 1 1933.
Due on April 1 1963, optional on April 1 1953.
JACKSONN ILLE,Duval County,Fla.
-BOND REFUNDING AUTHORIZED.
-The city is reported to have secured the necessary authority
from the City Council on May 31 to enable the refunding of $200,000 bonds
or any part of the total maturing on Aug. 1, in the event that a tax strike
develops or sufficient funds are not available.
-BORROWS 12,500.000
JERSEY CITY, Hudson County, N. J.
TEMPORARILY.
-The city obtained a loan of $2,500,000 from local
banks for the purpose of meeting municipal payrolls and other obligations
which fell due on June 1 1933. It was arranged that re-payment be made
from tax receipts as follows: One-half of the advance to be due on June 5.
and the balance in equal installments on June 12 and June 27.
Commissioner William B. Quinn announced on June 6 that one-half of
the loan had been repaid two days prior to the due date, resulting in a
saving in interest costs.
-At an
-BONDS VOTED.
JERSEY COUNTY (P. 0. Jerseyville), 111.
election held on June 5-V. 136. p. 3573-a vote of 1.264 to 458 was cast
In favor of the proposal to issue $40,500 5% debt retirement bonds, to
mature in from 1 to 5 years. The bonds will be sold shortly.
-The $1371:710 Ziire7f
KENT, King County, Wash.
-BOND SALE.
coupon sewer bonds offered for sale on May 15-V. 136, P. 3016 was
ue in from 2 to 20 years from
purchased by local investors. as 6s at par.
I .1 tat -1.1 .1 I
yid 4
date of issuance.
-NOTICE OF BOND
LAKE COUNTY (P. 0. Crown Point), Ind.
DEFAULT.
-William E. Whitaker, County Treasurer, has issued the
following notices in connection with the default on bond principal and
Interest charges:
Due to the fact that Lake County has over One Million Dollars impounded in 33 closed banks and that the 1932 Gravel Road Bond and Coupon levies payable in 1933 were reduced by the Lake County Tax Adjustment Board, we will be in arrears in the payment of Gravel Road Bonds
and Coupons. Interest will be paid on past due maturities in accordance
with the opinion of the Attorney General of the State of Indiana when funds
are available.
Our refunding Bond iSSUe, authorized for the purpose of obtaining funds
to meet 1933 maturities of County Debt Bonds and Coupons, did not sell.
We will be in arrears in the payment of these maturities until such time as
we are reimbursed out of closed banks or the County Officials authorize
additional levies to enable us to catch up on this matter.
-BONDS AUTHORIZED.
I LANCASTER, Fairfield County, Ohio.
-The City Council passed an ordinance on May 22 providing for the issuance of $1,200 3% Fire Department bonds, dated April 1 1933. Principal
and interest (April and October) will be payable at the City Treasurer's
ffice.
add
LOS ANGELES COUNTY (P. 0. Los Angeles). Calif.
-BONDS NOT
SOLD.
-The S31.862.71 issue of 6% semi-ann. County Street Opening
District No. 95 bonds offered on May 29-V. 136, p. 3758
-was not sold
as there were no bids received. Dated March 11 1933. Due from July 2
1933 to 1952 incl.
LOS ANGELES COUNTY (P. 0. Los Angeles), Calif.
-BONDS
NOT SOLD.
-The $5,636.52 issue of 6% semi-ann. County Street Opening
District No. 100 bonds offered on June 5-V. 136. p. 3941-was not sold
as there were no bids received. Dated April 28 1933. Due from July 2
1934 to 1953 incl.
LOUISVILLE, Jefferson County, Ky.-CORRECTION.-We are
informed by the City Clerk that the report appearing in V. 136. p. 3941.
of the sale of $250.000 5X 70 refunding library bonds, is erroneous as no
bonds of this character have been sold recently.
LOVELAND, Larimer County, Colo.
-BONDS CALLED Nos Ito
15 of water extension bonds, for $1,000 each, are called for payment at the
City Treasurer's office on July 1, according to report. Dated July 1 1923.
LUCAS INDEPENDENT SCHOOL DISTRICT (P. 0. Lucas), Lucas
County, Iowa.
-BONDS VOTED.
-At the election held on May 16V. 136, P 3204
-the voters are reported to have approved the issuance
of $8,000 In school construction and equipment bonds.
LUDDEN SCHOOL DISTRICT (P. 0. Ludden), Dickey County,
N. Dak.-BOND SALE.
-The 55.000 school building bonds that were
voted recently
-V. 136, p. 3204
-were purchased by the State of North
Dakota. as Seat par. Denom.$500. Due in 1944. Interest payable June 1.
MARBLE, Itasca County, Minn.
-BOND ISSUANCE CONTEMPLATED.
-According to report the village will issue $108.000 in bonds to
establish itself on a cash basis. The Village Council is said to be endeavoring to negotiate the loan through the Reconstruction Finance Corporation.
MARSHALL TOWNSHIP SCHOOL DISTRICT (P.O. Warrendale),
Allegheny County, Pa.
-J. D. McKrell, Secretary
-BOND OFFERING.
of the Board of Directors, will receive sealed bids until 730 p. m.(Eastern
standard time) on June 17 for the purchase of $10,000 5% school bonds.
Dated May 11933. Denom.$500. Due Nov. 1 as follows:$500from 1936
to 1945 incl. and $1,000 from 1946 to 1950 incl. Interest is payable in
May and November. A certified check for $500 must accompany each
proposal.
MARYLAND (State of).
-John M. Dennis,
-BOND OFFERING.
State Treasurer, will receive sealed bids until Aug. 9 for the purchase of
the first block of $7,000,000 4X% emergency relief bonds of the $12,000,000
issue authorized at the recent session of the State Legislature
-V. 136.
p. 3941.
Bids will be received on the same date for the purchase of $881,000 general
construction bonds.
MASSACHUSETTS (State of) -$2,175.000 LOANS SOLD.
-Charles
.
F. Hurley, State Treasurer, on June 7 awarded loans in amount of $2,175,000 to the First of Boston Corp. as follows:
notes, issued under the provisions of Chapter 49 of the Acts
$2,000,000
of 1933, relating to advances to be made to cities and towns
against tax titles. This loan was sold at an interest rate of
1.38%, plus a premium of $13. Dated June 13 1933 and due
on May 15 1934. The current sale increased to 15,000,000
the indebtedness incurred by the State in accordance with the
foregoing legislation-V. 136, p. 1747.
175.000 notes, issued under the provisions of Sections 4 and 13, Chapter 420 of the Acts of 1930, as amended, relative to the construction of a parkway or boulevard in the West Roxbury
section. This loan was sold to bear interest at 0.84%. Dated
June 13 1933 and due on Nov. 22 1933.
NOTES ALL SOLD.
-The First of Boston Corp. reported that all of the
notes had been sold privately within 15 minutes following the award. The
$2,000,000 issue was priced to yield
%, while the $175,000 was offered
to yield 0.75%.
The following is a list of the other bids submitted for the note issue:
Bidder$2,000.000
$175,000
Discount Basis
First National Bank of N.Y.; F. Moseley & Co.; Kidder, Peabody & Co.;
Brown Bros. Harriman & Co.; and
1.23%
1.46%
Arthur Perry & Co
1.41% plub $ 2.25 1.03V
National Shawmut Bank
$1
1.60 plus 24.00
Salomon Bros. & Hutzler
1.65% plus 11.00
Guaranty Co. of N. Y
Halsey Stuart & Co.; Bancamerica Blair
& Co.; Chemical National Bank; R. W.
Pressprich & Co.; Blyth & Co.; and
1.45%
Darby & Co
2.04%
0. M.
-f'. Murphy & Co
.93% Plus $7
Boston dee Deposit & Trust
1.50%
Faxon, Gade & Co
-BOND OFFERING.
-Charles F. HurMASSACHUSETTS (State of).
ley, State Treasurer and Receiver-General, will receive sealed bids until
12 m. (daylight saving time) on June 14 for the purchase of $3.150,000
bonds, divided as follows:
4127
$3,000,000 Metropolitan Additional Water' Loan, Act of 1926. bonds.
Due 5100.000 annually on Jan. 1 from 1934 to 1963 incl. Interest is payable in January and July.
150.000 Metropolitan Sewerage Loan. South System, bonds. Due on
Sept. 1 as follows: $8,000 from 1933 to 1942 incl. and 57.000
from 1943 to 1952 incl. Interest is payable in March and
September.
The $3,000,000 issue will be in coupon form in $1,000 denoms. and may
be exchanged for fully registered bonds any time after July 1 1933. These
bonds when put into registered form cannot be re-issued as coupon bonds.
The $150.000 issue will be in registered form. Bidders are asked to name
the rate of interest on each loan, expressed in a multiple of X of 1%. Separate bids must be made for each of the bonds and each loan will be awarded
Individually. A certified check for 2% of the amount bid for, payable to
the order of the Treasurer and Receiver-General, must accompany each
proposal. The successful bidder will be furnished with a copy of the
opinion of the Attorney-General affirming the legality of the bonds.
-ADDITIONAL
MECKLENBURG COUNTY (P.O. Charlotte) N. C.
DETAILS.
-The $40,000 6% bond anticipation notes that were sold recently
-V. 136, P. 3941-were purchased at par as follows: $15,000 by the
American Trust Co. of Charlotte. $15,000 by the Union National Bank of
Charlotte, and $10,000 by the Commercial National Bank of Charlotte.
Dated June 1 1933. Due on Oct. 1 1933.
-John J. Ward,
-BOND SALE.
MEDFORD, Middlesex County, Mass.
City Treasurer. informs us that F. L. Putnam & Co., of Boston, purchased
on May 26 an issue of 530.000 53V coupon water main bonds at a price of
. Dated May 1 1933 and due $2,000 annually on May 1 from 1934 to
4 incl. Interest is payable in May and November. (Thls report corrects
r8
that given in V. 136, P. 3941.)
-The
-BOND SALE.
MERCHANTVILLE, Camden County. N. J.
$14,000 coupon or registered street assessment bonds offered on June 5
-were sold privately as 6s at a price of par. Dated
-V. 136, p. 3758
March 1 1933 and due on March 1 as follows: $2,000 from 1934 to 1937
Inclusive and $3.000 in 1938 and 1939.
MILWAUKEE, Milwaukee County, Wis.-BABY BONDS OFFERED
-At 8 a. m. on June 1 the city put on sale over-the-counter
FOR SALE.
a total of $3.500,000 out of a $5,000,000 authorized issue of 5% "baby
bonds," to be used not only as an investment but also can be applied
for the payment at any time of delinquent taxes of 1932 and earlier.
MILWAUKEE COUNTY(P.O.Milwaukee), Wis.-BOND INTEREST
-On May 31, Governor Schmedeman signed a bill perBILL SIGNED.
mitting this county to advance its own funds to make up deficiencies in
taxes levied to pay principal and interest on metropolitan sewerage district
bonds. The law applies only to this year and next. It is said to have been
sought by the county because of local tax delinquencies.
The Milwaukee "Sentinel" of June 3 reported that on June 1 and 2 the
sale of the above "baby bonds" aggregated $38,000. On the other hand,
the sales campaign is said to have stimulated the redemption of delinquent
taxes by scores of property holders.
-SALES TA% NETS
MISSISSIPPI, State of (P. 0. Jackson).
$2.379,312 IN FIRST YEAR.-Tbe following report on the tales tax
collections for the first year of operation in this State is taken from a Jackson dLpatcn to the Memphis "Appeal" of June 1:
"Twelve-month collections of the budget balancing sales tax ended tonight with receipts surpassing anticipations by approximately 5400.000.
according to Chairman Alf H. Stone.
'"The tax was one year old last month, but collections for the 12 months
were not completed until to-nignt. The tax during its first 12 months of
operation netted the State $2.379.312, as against anticipations of $2,000,000
or $166.600 per month. The monthly average was battered down every
month.
"The eight months of 1932 netted 51.749,104, with the first four months
of 1933 netting $630,217. Another feature of the tax which opponents
said would come to pass but failed of realization is that business was not
driven out of the State. Total collections by Chairman Stone since be took
office May 1, including sales, tobacco, amusement, malt, income and
"
franchise taxes, reached $4.664,325 to-night.
-ADDITIONAL BONDS
MISSISSIPPI, State of (P. 0. Jackson).
-In connection with the sale of the $760.000 bonds to a local bankSOLD.
-we give the following report on
group on May 20-V. 136. p. 3758
ing
the sale of an additional block of bonds, as it appeared in the New Orleans
"Times Picayune" of June 2:
"Additional Mississippi bonds moved to market to-day, just 10 days
following the sale of $760,000 of state securities, when the purchasing
syndicate took up $780.000 bonds under option.
"Last of the $760,000 worth of issues sold outright were formally handed
to buyers yesterday and cash dropped in the state treasury, there to take
up $500,000 worth of old warrants, and $260.000 worth of certificates issued
to contractors building the new state asylum in Rankin County.
"To-day the Union and Planters' Bank of Memphis took an additional
550.000 worth of bonds and the First National Bank of Memphis $28.000
worth, while a third member of the 12-firm syndicate announced it wanted
more bonds in the next day or two.
"Under terms of the sale, the syndicate took $760,000 in bonds for cash.
with an option until August 1 on the remaining 52.897,000 of deficit and
hospital completion bonds.
-BOND OFFERING.
MISSOURI, State of (P. 0. Jefferson City).
It is announced by Richard R. Nacy, State Treasurer, that sealed bids
will be received by the Board of Fund Commissioners, until 11 a. m. on
June 15, for the purchase of a $5,000,000 issue of 4% road Series V bonds.
These bonds are coupon bonds, in the denomination of $1,000. registerable
as to principal, or as to principal and interest, and are exchangeable for
fully registered bonds, in the denomination of $5,000, $10,000. 550.000
and $100,000, which fully registered bonds may again be exchanged for
coupon bonds in the denomination of 31,000 on the payment of $1.00 per
thousand. Dated June 15 1933. Due $1,000.000 from June 15 1950 to
1954 incl. Prin. and int. (J. & D.) payable at the Chase National Bank
in New York. The approving opinion of Roy McKittrick, Attorney
General, and Benj. H. Charles, of St. Louis. will be furnished the purchaser. The full faith, credit and resources of the State are pledged to
the punctual payment of the principal and interest of these bonds, which
are payable by an unlimited ad valorem tax authoriz d by th Constitution
of Missouri, to be levied upon all of the taxable property in the State.
Each bid must be submitted on a form to be furnished by the State Treasurer.
Bids for any one or more of said bonds will be considered, and the Board
reserves the right to allocate to any bidder any number of said bonds less
than the number bid for. No bid at less than 95% and accrued interest
will be considered, and the right is reserved to reject any or all bids. Delivery
of the bonds will be made on or before July 20 1933, at St. Louts, Kansas
City, Chicago. or New York City, at the option of the purchaser or purchasers, provided notice shall have been given the State Treasurer on or
before July 1, stating at which of the said places delivery will be desired
and the aggregate of bonds and the number there of which will be required
at each of said places, otherwise delivery will be made at the State Treasurer's office. Payment of the purchase price of said bonds will be required
to be made in Federal Reserve funds. A certified check for 1% of the
amount of bonds bid for, payable to the State Treasurer, is required.
-WARRANT PAYMENT
MONTANA, State of (P. 0. Helena).
NOTES.
-In connection with the notice given in V. 136, p. 3758. of the call
for payment on the $4,000,000 State warrants issued prior to Jan. 1 1933.
It is now reported by the State Treasurer that on May 18 1933 all the general
fund warrants registered up to and including Jan. 31 1933, were due and
payable. It is said that some time in June or early in July another general
fund call is expected, which would take in the warrants for Februari. March
and April.
MONTROSE WATER DISTRICT (P. 0. Peekskill), Westchester
• County, N. Y.
-BOND SALE.
-The issue of $185,000 coupon or registered
water bonds offered on May 16, at which time no bids were submitted-V.
-was sold privately on June 1 as 6s to Batchelder & Co. and
136, p. 3574
oth of New York,jointly, at par plus a premium
M.F. Schlater & Co.,
of $20, equal to 100.01, a 3asis of about 5.997 Dated May 1 1933 and due
Inc.,f
0.
$5,000 on May 1 from 1937 to 1973 incl. The bankers offered the issue for
public investment on June 5 at prices to yield 5.50% on all maturities.
They describe the securitis as being legal investment for savings banks and
trust funds in New York State and general obligations of the Town of
Cortlandt, New York.
MUNICIPAL UNIVERSITY OF WICHITA (P. 0. Wichita), Sedir
-BOND SALE.
wick County, Kan.
-The two issues of 6% semi-annual
refunding bonds aggregating $156,250 offered for sale on June 5-V. 136.
Vt
4128
Financial Chronicle
-were purchased by a syndicate composed of the R.H.Middlekauff
3750
Co., the Dunne-Davidson-Ranson Co., Inc., the Wheeler Kelly Hagny
Trust Co. and the Brown-Crummer Investment Co., all of Wichita, at par.
The oonds are divided as follows:
$101,750 series A bonds. Due from Aug. 1 1935 to Feb. 1 1948.
54,500 series B bonds. Due from Aug. 1 1935 to Feb. 1 1948.
No other bids were received.
NEW MEXICO, State of (P. 0. Santa Fe).
-REFERENDUM
PETITION APPROVED.
-At the 1933 legislative session the issuance of
$2,000,000 in State highway debentures was authorized. We are informed
by our Western correspondent that through the circulation of petitions
there have been obtained sufficient signatures of voters to have the measure
referred to a referendum vote at the next general election, to be held in
1934.-V. 136. p. 3575.
NEW PHILADELPHIA SCHOOL DISTRICT, Tuscarawas County,
Ohio.
-BONDS NOT SOLD.
-No bids were obtained at the offering on
May _31 of $3,000 5 1 school bonds, dated June 9 1933 and to mature
$1,000 each on June 9 In 1935, 1936 and 1937-V. 136, p. 3390.
A block of $2,000 bonds was sold locally later.
-BOND SALE.
-Francis
NEWTON, Middlesex County, Mass.
Newhall, City Treasurer, on June 9 awarded an issue of $75,000 3X%
-P. Murphy & Co., of Boston, at a price of
coupon sewer bonds to G. M.
102.631, a basis of about 3.25%. Dated May 1 1933. Denom. $1,000.
Due $3,000 on May 1 from 1934 to 1958 incl. Bonds, with the exception of
those within one year of maturity, may be exchanged for fully registered
instruments. Principal and interest (May and Nov.) are payable at the
First National Bank, of Boston. Legality approved by Ropes, Gray,
Boyden & Perkins, of Boston. Bids obtained at the sale were as follows:
Rate Bid.
BidderG. M.
-P. Murphy & Co.(Purchaser)
102.631
102.59
Jackson & Curtis
102.276
Brown Bros., Harriman & Co
101.90
Newton Trust Co
101.69
Stone & Webster and Blodget, Inc
-The
NEW YORK, N. Y.-$18,016,530 BORROWED DURING MAY.
city effected temporary financing during May in amount of $18,016.530,
of which $3,016,530 was obtained from property owners through the sale
to them of 44% revenue bills of 1933, constituting advance payment of
May and November taxes. The balance of $15,000.000 was obtained from
% certificates of
the bankers and consisted of the sale of $10.000,000
indebtedness, due June 10 1933, and $5,000,000 4% special corporate stock
notes, due May 18 1934. The city, according to report, must obtain another extension from local banking groups holding more than $200,000,000
of revenue bills and other loans which mature during June 1933. The loans
originally came due on April 26 1933 and had to be renewed until June 10,
as the city had not sufficient funds to retire them. The June date was set
-year's levy
In the belief that tax collections on account of the first half
would be in sufficient volume to take care of the maturities. Such collections, however, are said to have fallen considerably below expectations
and another extension is necessary. The bankers have announced that
they will continue to hold the various issues until Dec. 11 1933. The
necessity of obtaining additional revenues has resulted in the adoption
by the city administration of local laws designed to increase the annual
income by approximately $30,000,000 through the levying of new taxes.
This subject is discussed at considerable length in an article on a preceding
page of this section.
Mayor O'Brien on June 5 issued a statement in explanation of the necessity for his proposed $30,000,000 new tax plan. The heavy requirements
for unemployment relief, plus the decline in tax revenues as a result of
unsatisfactory business conditions, were cited as two of the reasons which
make imperative an increase in the annual income of the municipality.
The report, after referring to the co-operation afforded the city by large
holders of its temporary obligations, points out that between June 10 and
the 20th short-term indebtedness in amount of $236,146,000 becomes due,
and expresses the belief that the banks and large insurance companies,
which hold the bulk of that total, will again agree to an extension of the
securities. The total of $236,146,000 consists of $127646,000 revenue
bills, $58.500,000 corporate stock notes, $25,000,000 relief certificates of
indebtedness and $10,400,000 special revenue bonds. The Mayor's statement referred to the present bonded indebtedness of the city and the status
of tax collections as follows:
The City's Funded Debt.
"The total funded indebtedness of the city under its constitutional debt
incurring power at Jan. 1 1933 was $1.340,075,692. This amount was
less by $621,617,799 than the city's authorized debt-incurring capacity,
this debt-incurring capacity being one-tenth of the total assessed valuation
of real property in the city. Service on the city debt, which must be paid
from the tax levy budget, amounts to $160,000000 per annum.
"There are two kinds of indebtedness, in addition to the funded debt,
which are not covered in the above figures. One is the debt incurred for
revenue-producing improvements, which may be issued up to certain limits
without reference to the city's debt-incurring capacity. The other is the
short-term indebtedness.
"Included partly in the funded debt and partly in the exempt (from
the constitutional limit) indebtedness are three very large items. One of
these is the indebtedness on account of improvements in docks, amounting
to $159,396,559, which are held by the public. Against this amount the
-approximately
city received in 1932 on account of rent, &c., $7,082,368
4% on the investment.
Return of 8% on Water Supply Investment.
"The second classification of indebtedness is that for the city's water
supply, amounting to $332,641,000, against which the city received on
account of water rates in 1932 $24,137,903, or nearly 8% on the investment. All of these securities are exempt from the debt limit.
"The third classification is represented by indebtedness on account of
rapid transit developments, amounting to $576,132488, of which amount
$51.013,724 is exempt from the debt limit. Against this indebtedness,
which represents the present operating subways and also the investment
in those not yet completed, the city received in 1932 $6,332,952, or a little
over 1% on the investment. It should be pointed out, however, that it is
the considered policy of the city government, frequently sanctioned by
the people at the polls, to meet deficits on account of this rapid transit
investment from real estate taxes.
"It is the deliberate decision of the people of this city that the five-cent
fare should be preserved in the city's transit facilities. The additions to
the value of real estate, especially in the outlying boroughs, arising from
the ability of the people to reach by rapid transit their homes at distant
pointsfrom the centres of business activity, creates assessable taxable values
which are sufficient normally to meet the deficits on account of rapid
transit indebtedness.
'The city is now engaged in negotiations with the private holders of
securities in the rapid transit companies, as a result of which negotiations
it is expected that a plan of unification will be worked out which will ultimately add substantially to the city's returns from its rapid transit developments.
Uncollected Taxes.
"The present complication in city finances arises from the fact that due
to the depression there has been a serious falling off in the payment of
taxes. These delinquencies have had to be financed by additional shortterm borrowing. There has also been a serious drain upon the city's
finances due to the necessity of financing heavy expenditures for relief
purposes. these likewise having to be covered by short-term borrowings.
"The total uncollected real estate taxes on Dec. 31 1932 amounted to
$190,237,967. From Jan. 1 to June 1 1932 collection of taxes in arrears
amounted to $52,801,060, so that as of June 1 the total outstanding uncollected taxes amounted to $137,436,907. It should be pointed out, as
a gratifying fact, that collections of arrears and interest for the first five
months of 1933 were $7,778,400 in excess of collections of arrears for the
similar period in 1932.
$55,477,851 in Arrears on Local Improvements.
"In addition to the foregoing, there were, on Dec. 31 1932, total uncollected assessments on account of local Improvements amounting to
$59,327,275,of which amount $3,849,424 has been paid in up to June 1 1933,
leaving a balance on that date still due of $55,477,851.
'Thus, the city held first liens against real estate on account of uncollected taxes and assessments as of June 1 1933 amounting to a total of
approximately $192,914,758.
The actual collections of taxes for the current year to June 3 1932
amounted to$156,200,000. Included in this amount is the sum of $19.-
June 10 1933 -
402,893 paid in on account of taxes due the second half of the year. Thus'
on June 1 total collections on account of the 1933 tax levy equaled 33.82%
of the total levy for this year.
"The fact that uncollected taxes have behind them security and undoubted value, and many times the value of the taxes due, does not alter
the proposition that the liquid cash which should be forthcoming against
this security and essential to carry on the government of the city, is not
immediately available. Some means must be devised effectively to finance
this deficiency and reduce bank borrowing to the minimum, pending the
time all the sums due cane be collected."
-Mayor O'Brien received a letter
$200,000,000 LOANS RENEWED.
from Winthrop W. Aldrich, President of the Chase National Bank on
June 8 advising him that the Clearing House banks, acting on the basis of
the city's intention to raise $30,000,000 additional revenue and to further
reduce expenditures in 1934, had agreed to extend the maturity date of the
more than $200,000,000 of municipal indebtedness held by them. This
amount is part of the aggregate of $236,146.000 in loans which mature in
June. The obligations held by the banks have been renewed until Dec. 11
1933 at 54% interest. The carrying charges on the financing will amount
to about $5,800000, according to report. Under the arrangement with
the banks, the city will pay off $34,000,000 of the maturing indebtedness,
consisting of $14,600,000 tax notes, $10,400,000 special revenue bonds and
89,000,000 revenue bills. The balance of $202,146,000 of the June issues,
comprising $118,646,000 revenue bills, $58,500,000 corporate stock notes
and $25,000,000 relief certificates of indebtedness, will be renewed until
December. Although Mr. Berry stated that new funds in amount of
$80,000,000 will he needed during the present year, the bankers are reported to have made no commitments asto financing future needs ofthe city.
NORFOLK, Norfolk County, Va.-BONDS AUTHORIZED.
-The
City Council is reported to have decided to build a bridge at a cost of $125,000. It is said that the bridge is to be financed by short-term bonds due
1934-35, to be retired with funds received from the State's highway fund
allotments in the next two years.
NORTHAMPTON COUNTY (P.O. Easton), Pa.
-BOND OFFERING.
-Ellwood T. Bauman, County Comptroller, will receive sealed bids until
10 a.m. (Eastern standard time) on June 19 for the purchase of $350,000
not to exceed 57 interest coupon or registered bonds. Dated June 15
0
1933. Denom.31,000. Due June 15 as follows: $50,000 in 1939 and 1940:
$40,000. 1941: $20,000. 1942 and 1943: $40,000, 1944; $35,000 in 1945 and
1946 and $30,000 in 1947 and 1948. Bidders are to name a single rate of
interest for the entire issue. The rate will be either 4,4 X 4 X ,4 or 5% •
Interest will be payable in June and December. Both principal and interest, it is said, will be payable without deduction for any tax or taxes, except
succession or inheritance levies, now or hereafter levied or assessed thereon,
under any present or future law of the Commonwealth of Pennsylvania
or of the United States of America. All of such taxes the county assumes
and agrees to pay. A certified check for 2% of the issue bid for, payable to
the order of the County Treasurer, must accompany each proposal. The
bonds are being issued subject to the favorable opinion of Townsend,Elliott
8c Munson of Philadelphia as to their legality.
-BOND OFFERING.
NORTH ARLINGTON, N. J.
-Charles H. Jenkins, Borough Clerk, will receive sealed bids until 8 p.m. (daylight saving
time) on June 15 for the purchase of $133,754.58.not to exceed 6% interest
coupon or registered sewer funding bonds. Dated April 18 1933. One
bond for $254.58, others for $1,000 and $500. Due annually on April 18
as follows: $5,254.58 in 1934; $5,000 from 1935 to 1937, incl.; $6,000, 1938
to 1940: $7,000, 1941 to 1944, and $7,500 from 1945 to 1953, incl. Prin.
and hit. (April and Oct. 18) will be payable in lawful money of the United
States at the First National Bank, Lyndhurst, or at the Guaranty Trust
Co.
,.New York,at holder's option. No more bonds are to be awarded than
will produce a premium of $1,000 over the amount of the issue. A certified check for 2% of the bonds bid for, payable to the order of the Borough,
must accompany each proposal.
-BOND OFFERING.
NORTHPORT, Suffolk County, N. Y.
-Calvin
Van Pelt, Village Clerk, will receive sealed bids until 8 p.m. (daylight saving time) on June 29 for the purchase of $147,000 not to exceed 6% interest
coupon or registered sewer bonds, divided as follows:
$115,000 series B bonds. Due $5,000 on Nov. 1 from 1935 to 1957, incl.
32,000 series A bonds. Due $1,000 on Nov. 1 from 1935 to 1966,incl.
Each issue is dated May 1 1933. Denom. $1,000. Bidder to name a,
single interest rate for all of the bonds, expressed in a multiple of X or
1-10th of 1%. Principal and interest(May and Nov.) are payable in lawful money of the United States at the Northport Trust Co., Northport,
or at the Chase National Bank, New York City. A certified check for
$3,000, payable to the order of the village, must accompany each proposal.
The approving opinion of Clay, Dillon & Vandewater of New York will be
furnished the successful bidder. This issue wsa previously offered on May
17, at which time no bids were obtained-V. 136. p. 3575.
-PAYS 8100,000 BOND ISSUE.
NUTLEY, Essex County, N. J.
-A
$100,000 tax revenue bond issue which matured on June 1 was fully paid,
although the Town Commission had authorized Raleigh S. Rife, Director
of Revenue and Finance, to negotiate for its renewal, in whole or in part,
until Dec. 31 1933. The bonds were held by the Bank of Nutley. In
reply to a question as to why an extension was not obtained, Mr. Rife said
that he was advised that the bank desired its money.
-MATURITY.
OGDEN, Weber County, Utah.
-The $250,000 issue
of 6% tax anticipation notes that was purchased by the Commercial Security Bank and the First National Bank, both of Ogden-V.136, p.3760
is due on Dec. 30 1933.
Oklahoma City).
-DEBT TO BE PAID
OKLAHOMA, State of (P. 0.
OFF IA SIX YEARS.
-The following report is taken from the Oklahoma
City "Daily Oklahoman" of June 4, regarding the payment of the State
debt:
"First apportionment of gasoline tax funds toward payment of the State
deficit indicates the State government will pay out of debt in six years, Ray
0, Weems. State Treasurer, said Saturday.
"The apportionment of $230,000 for May is in line with estimates made
by State officials, he said. The deficit is estimated at $12,000,000.
"The collections will make possible the payment of $1,000,000 every six
months and pay the interest,' he said.
"Non-payable warrants for 1932 and previous years will be called June 15
When the first treasury notes, as authorized by the last legislature, will be
issued."
OSSINING, Westchester County, N. Y.
-BOND OFFERING.
-Lewis
H. Acker, Village Clerk, will receive sealed bids until 8 p. m. (daylight
Raving time) on June 20 for the purchase of $51,000 coupon bonds, to
bear interest at such rate as may be named in the offer of the successful
bidder. The offering includes:
$22,500 fire house bonds. Due June 1 as follows: $1,500 in 1935, $2,000
from 1936 to 1938 incl. and $1,000 from 1939 to 1953 incl.
15,000 sewer bonds. Due $1,000 on June 1 from 1938 to 1952 incl.
13,500 street widening bonds. Due June 1 as follows: $3.000 from 1935
to 1937 incl. and $4,500 in 1938.
Each issue is dated June 1 1933. Denoms. $1,000 and $500. Principal
and interest (June and December) are payable at the First National Bank
& Trust Co., Ossining. A certified check for $1,000 must accompany
each proposal. Legality approved by Clay, Dillon & Vandewater of
New York.
PACIFIC COUNTY CONSOLIDATED SCHOOL DISTRICT No.
125 (P. O. South Bend), Wash.
-BOND SALE.
-The $16,000 issue of
6% refunding bonds that was voted on April 8-V. 136, p. 2833
-was Purchased by the State of Washington. according to report.
PARMA CITY SCHOOL DISTRICT, Cuyahoga County, Ohio.
ADDITIONAL INFORMATION.
-The $36,000 delinquent tax bonds
purchased recently by the State Teachers' Retirement System at Columbus
-V. 136, p. 3760
-bear interest at 6% and were sold at a price of par.
Due on Oct. 11943.
-BONDS RE
-The issue
PASSAIC, Passaic County, N. J.
-OFFERED.
of $612.000 not to exceed 6% interest coupon or registered improvement
funding bonds previously offered on June 6-V. 136, p. 3576
-at which
time no bids were obtained, is being readvertised for award on June 20.
Sealed bids will be received until 3 p. m. (daylight saving time) on that
date by A. D.Bolton, City Clerk. Issue will be dated July 1 1933. Denom.
$1,000. Due July 1 as follows: $50,000 from 1934 to 1938 incl. $62,000
in 1939 and $75,000 from 1940 to 1943 incl. Principal and interest(January
'
and July) are payable in lawful money of the United States at the Passaic
National Bank & Trust Co., Passaic. No more bonds are to be awarded
than will produce a premium of $1,000 over $612,000. A certified check
for 2% of the bonds bid for, payable to the order of the city, must accom-
Volume 136
Financial Chronicle
pany each proposal. The approving opinion of Hawkins, Delaffeld
Longfellow of New York will be furnished the successful bidder.
PATRICK COUNTY (P. 0. Stuart), Va.-MATURITY-The $5.000
issue of 6% semi-annual refunding bends that was purchased privately
at par by T.J. George of Stuart
-V.136, p.3943-is due in June 1938.
PHILADELPHIA, Pa.
-SINKING FUND PURCHASES PART OF
-COUNTER.
$10,000,000 ISSUE
-BALANCE OFFERED OVER-THE
The Sinking Fund Commission on June 5 voted to purchase Immediately
a olock of $1,750,000 bonds of the $10,000,000 5% issue ofered on June 5,
when only two bids for $3,500 worth of the bonds were submitted-V.136.
IL 3943. Additional purchases will be made by the Commission. The
remainder of the issue is being offer ad for purchase by local investors.
They are priced at par. A large port on of the loan is expected to be disposed of through the acceptance by holders of mandamus and other claims
against the city of 50% in cash and the remainder in bonds.
-OBTAINS $500,000
PHILADELPHIA SCHOOL DISTRICT, Pa.
-The Board of Education obtained a loan of $500.000 at 4% interest
LOAN.
payable in 60 days. from the Philadelphia National Bank. for the purpose
of paying June 5 school employees' salaries. Tax receipts, which have
been very small lately, are expected to be received in sufficient volume in
June to retire the loan.
-BONDS AUTHORIZED.
PITTSBURGH, Allegheny County, Pa.
Three ordinances providing for the issuance of $900.000 bonds at 43i%
were given final passage by the City Council on June 5 and sent to the
Mayor for his signature. The total consists of $800,000 for home and work
relief and $100.000 for water system improvements. Each loan Is to mature
in 20 years. The City offered $500,000 public welfare and $200,000 water
bonds, at 4% interest, on May 9 and no bids were submitted. Later it
was decided to increase the interest rate to 4Si%.-V. 136, p. 3943.
-BONDS PARTIALLY
PORTLAND, Multnomah County, Ore.
-Of the $300.000 issue of 6% public work bonds offered for sale on
SOLD.
May 31-V. 136. p. 3576-a block of $120.000 bonds was purchased at par
by Williams Adams, City Treasurer, No other bids were received for the
bonds. Dated June 1 1933. Due from June 1 1939 to 1953, incl.
PORT OF BAY CITY (P.O.Garibaldi), Tillamook County, Ore.
BONDS NOT SOLD.
-The $26.000 issue of 6% semi-ann. refunding bond
-was not sold as no bids were received.
offered on May 31-V.136, p. 3760
according to the Secretary of the Board of Commissioners. Dated May 1
1933. Due on May 11940.
-It is
REMSEN, Plymouth County Iowa.-BONDS OFFERED.
reported that bids were received until 8 p.m. on June 6, by M.M. Griepenburg, Town Clerk, for the purchase of a $75,000 issue of electric light plant
bond.,. Due in not to exceed 20 years.
-BOND OFFERING -Bids
RHEA COUNTY (P. 0. Dayton),Tenn.
will be received until 2 p. m. on June 20, by J. G. McKenzie, County
Judge,for the public sale of four issues of coupon funding bonds aggregating
$300.000. divided as follows: $195,000 general county; $55,000 elementary
-way bonds. Interest
school:$25,000 high school, and $25.000 road rights-of
rate not to exceed 6%, payable J. & J. Denom. $1,000. Dated July 1
1933. Bonds are to be either serial or term in form,optional with purchaser.
Prin.and lot, payable at a bank to be agreed upon by county and purchaser.
A certified check for 5% of the amount of bonds bid for, payable to T. 0.
Wasson, County Trustee, is required.
The purpose of the original indebtedness to be funded was for building
roads, road rights-of
-way, school buildings, and other improvements
principally, and the debt has never in any way been questioned.
The bonds were issued under Private Acts of the State Legislature of
1931 as amended by Private Acts of 1933, and there has never been, or is
there now, pending or threatened any litigation whatever affecting, in any
manner, these issues.
No previous issues of bonds have been contested.
Financial Exhibit.
$6,705.146.84
Assessed value for taxation (latest appraisement) 1932
15,000.000.00
Estimated actual value of taxable property
970,000.00
Total bonded debt
The next assessed valuation will be available Oct. 1 and will approximate
16.750,000.
The regular taxes are collected from Oct. 1 to March 1.
There has never been any default in the payment of any Rhea County
obligation. There is no limitation of indebtedness and no limitation of
taxes to pay same.
Bonds will be paid by taxation. No levy has been made for this issue,
but will be by the Oct. 2 session of the County Court.
No other ISSUee of bonds are contemplated or authorized.
Bonds will not be prepared and ready for delivery, due to the fact that
the kind and dates of maturity are optional with purchaser, but can be
ready within a very short time.
-Malcolm D.
RICHMOND, Chittenden County, Vt.-BOND SALE.
Dimick, Town Treasurer, reports that the $55,000 4Si% coupon refunding
-were sold to local investors.
bonds offered on June 3-V. 136, P• 3943
Dated March 1 1933 and due on March 1 as follows: $3,000 from 1934 to
1948, incl. and $2,000 from 1949 to 1953, incl.
-BOND SALE.
-Charles S.
ROCHESTER, Munroe County, N. Y.
Owen. City Comptroller, made award on June 8 of $3,000.000 bonds as
4s. at a price of 100.089, a basis of about 4.70%, to a syndicate composed of the Guaranty Company of New York, First of Boston Corp.,
Estabrook & Co., Manufacturers & Traders Trust Co.(Buffalo), Roosevel
& Son, Stone & Webster & Blodget, Inc., Dewey, Bacon & Co.. Edward
B. Smith & Co., R. W. Pressprich & Co., George B. Bibbons & Co., Inc.,
R. L. Day & Co., and Wallace & Co. Award of these bonds at a coupon
rate of4 % clearly demonstrates the remarkable recovery that has occurred
In the municipal bond market during the past two weeks. The City,it will
be remembered, offered $3,750,000 bonds of virtually the same type as
those Just sold on April 27 and failed to receive a bid. The rate of interest
was limited to 6%. On May 2 a block of $2,250,000 was sold privately
as 6s, at par, to a group managed by the Guaranty Company of New York.
The current sale of $3,000,000 bonds comprised the following:
$1,500,000 tax revenue bonds of 1932. Due July 1 as follows: $500,000
in 1934 and 1935, and $250,000 in 1936 and 1937.
800.000 special local impt. bonds. Due July 1 as follows: $150,000 in
1934 and 1935, and $100.000 from 1936 to 1940, incl.
350,000 tax revenue bonds of 1930. Due $175,000 on July 1 in 1934
and 1935.
350,000 tax revenue bonds of 1931. Due July 1 as follows: $225.000
in 1934, and $125,000 in 1935.
Each issue Is dated July 11933. Principal and interest (Jan. and July)
are due at the paying agent of the City in New York City. Legality approved by Read, Hoyt & Washburn, of New York.
-Members of the successful group
BONDS PUBLICLY OFFERED.
offered the Issues for public investment on June 9 at prices to yield 3.50%
for the 1934 maturity; 1935, 4%; 1936. 4.25%; 1937. 4.50%, and 4.60%
for the maturities from 1938 to 1940. incl. The bonds, according to the
bankers, are legal investment for savings banks and trust funds in New
York State and general obligations of the City, payable from unlimited
ad valorem taxes to be levied on all taxable property therein. In addition
to the accepted bid, two other banking groups submitted offers for the
bonds as follows:
BidderInt. Bale. Amount Bid.
National City Co.; Chase National Bank: Chemical
Bank and Trust Co.; Marine Trust Co.; L. p.
Rothschild & Co.: Kean, Taylor & Co.: Hannahs,
Bailin & Lee: R. H. Moulton & Co.: Darby & Co.;
Foster & Co.; First of Michigan Corporation: Lee
• Higginson Corporation; by Uilion Trust Co. of
5Si% 3,005,097.00
Rochester
Lehamn Bros.•, Salomon Bros. & Hutzler; Banc• america-Blair Corporation: Blyth St Co., Inc.:
-P. Murphy & Co.;
Phelps. Fenn & Co.; G. M.
Rutter & Co.; Sage, Wolcott & Steele: Graham,
5% 3.006.666.00
Parsons & Co
ROYAL OAK DRAINAGE DISTRICT, Oakland County, Mich.-We are advised that the district
BOND AND INTEREST DEFAULT.
is in default on both bond principal and interest charges, adding that the
drains for which the indebtedness was incurred are involved in litigation.
-TEMPORARY FINANCING.
RYE, Westchester County, N. Y..
Certificates of Indebtedness in amount of $150,000 with interest at the rate
were sold on May 24 as follows: $100.000, due June 28 1933, to
of 6%
It. W. Pressprich & Co. of New York, and $50,000, due Nov. 1 1933, to
George B. Gibbons & Co., Inc., of New York.
4129
ST. LOUIS COUNTY (P. 0. Clayton), Mo.-BOND OFFERING.
It is stated by Walter E. Miller, County Clerk, that he will imeive sealed
bids until noon on June 14, for the purchase of a $900,000 issue of road
bonds.
(These are the bonds that were originally scheduled for sale on Feb. 28
8
y i
the fe p of wh
- of 3reg . 159 ish was postponed because of unsettled market conditions.
-BONDS TO BE
ST. LUCIE COUNTY (P. 0. Fort Pierce), Fla.
-Machinery whereby the taxACCEPTED FOR PAYMENT OF TAXES.
payers of this county may effect a saving of from 15 to 40% in paying their
current and delinquent taxes has been set up by the Board of County
Commissioners under the authority of a special legislative Act. Under the
terms of the resolutions adopted at a special meeting of the Board, matured
bonds, interest coupons and other evidences of debt may be used in the
payment of a large portion of current taxes and all taxes levied prior to
1933 except State and navigation districts.
SALEM CITY SCHOOL DISTRICT, Columbiana County, Ohio.BONDS NOT SOLD-No bids were submitted for the issue of $10.500 6%
refunding bonds offered for sale on June 1-V. 136. p. 3576. Dated April 1
1933 and due on Oct. 1 as follows: $1,000 from 1934 to 1942, incl. and
$1.500 in 1943.
FOND
SAN MATEO COUNTY (P. 0. Redwood City), Calif. -Sealed bids will be received until 2 p. m. on June 19. by
OFFERING.
E. B. Hinman, County Clerk, for the purchase of an issue of $114,000
poor relief bonds. Interest rate is not to exceed 6%, payable J. & D.
Rate of interest to be in a multiple of SI of 1%. Different rates may be
named, and it shall not be necessary that all bonds of the issue bear the
same rate of interest. Dated Dec. 1 1932. Due $19,000 from Dec. 1 1949
to 1954 incl. Prin, and int. payable at the County Treasurer's office. The
approving opinion of Orrick, Palmer & Dahlquist of San Francisco. will
be furnished. These bonds are part of a $350.000 issue authorized at the
general election in Nov. 1932-V. 136, p. 2467. The bonds will be awarded
to the bidder offering to pay par and accrued interest and naming the
interest rate or rates which will result in the least interest cost to the county.
A certified check for 5% of the amount bid is required.
-CERTIFICATE
SCHENECTADY, Schenectady County, N. Y.
-Leon G. Dibble City Comptroller, will receive sealed bids
OFFERING.
until 1 P. M.(daylight saving time) on June 15 for the purchase of $340,000
not to exceed 6% interest certificates of indebtedness, issued in anticipation of the receipt of taxes and other revenues of the current fiscal year.
Authority is contained in Section 78 of the Second Class Cities Law and in
an ordinance adopted by the City Council on June 6 1933. The issue will
be dated June 16 1933 and be payable on July 18 1933 at the Chase National
Bank, New York, or at the office of the City Treasurer, as the successful
bidder may elect. Denoms. to suit the purchaser. Proposals must be
accompanied by a certified check for 1% of the certificates bid for. The
offering notice states as follows with respect to the loan:
Such certificates of indebtedness to be legal and binding, general, direct
obligations of the City of Schenectady, payable from and out of taxes and
revenues collected, the opinion of Messrs. Reed, Hoyt & Washburn of
New York as to legality, etc.. to be furnished the purchaser if desired.
otherwise the opinion of the Corporation Counsel of said City, together
with certified copies of the ordinance authorizing the loan and the resolution approving it.
City taxes for the year 1933 are payable in quarterly installments without interest or penalty during the fifteen days following the first business
-day period interest
day in January, April, July and October, after which 15
Is added at the rate of Si of 1% per month,the tax levy for County purposes
with the first installment of City taxes, making the percentage
being payable
of the total levy for all purposes, $5,306.746.09, payable In the January
installment 34.87%, and the remaining three installments 21.71% each;
total collections at the close of business June 7, 1933, aggregated 44.07%
of the total levy. There are no tax anticipation obligations now outstanding except $300,000.00. issued under authority of an ordinance adopted
by the Common Council May 16, 1933, and maturing July 18, 1933.
-BOND
SCHENECTADY COUNTY (P. 0. Schenectady), N. Y.
SALE-The $550.000 coupon or registered emergency relief bonds offered
-were awarded as 4.40s to the Marine Trust
on June 6-V. 136, p. 3944
Co. of Buffalo and Barr Bros. & Co., Inc. of New York, Jointly, at par
plus a premium of $1,083.50, equal to 106.197, a basis of about 4.36%.
The sale consisted of two issues as follows:
$400,000 series B bonds. Due May 1 as follows: $43,000 from 1935 to
1942 incl. and $56,000 in 1943.
150,000 series A bonds. Due May 1 as follows: $17,000 from 1935 to
1942 incl. and $14,000 in 1943.
Each issue is dated May 11933. Public re-offering of the bonds is being
made at prices to yield 3.75% for the 1935 maturity: 1936. 4%: 1937. 1938
and 1939. 4.10%, and 4.15% for the maturities from 1940 to 1943 incl.
The following is an official list of the bids submitted at the sale:
Int. Rate, Amt. Bid.
BidderMarine Tr,Co.and Barr Bros.& Co.,Inc.(purchasers)4.40% 8551.083.50
& Co.and Graham,
Phelps, Fenn & Co., F. S. Moseley
551,650.00
450%
Parsons & Co
551.589.50
4.50%
Manufacturers & Traders Trust Co., Buffalo
551,094.50
4 50%
Salomon Bros. & Hutzler
550.852.50
Halsey, Stuart & Co.and Bancamerica-Blair Corp_ _ --4.50%
550,769.95
4 50%
Guaranty Company of New York
Hemphill, Noyes & Co., E. H. Rollins & Co. and
550,778.00
4.60%
& Co
Wallace
First of Boston Corp., R. L. Day & Co. and First of
550,242.00
4.90%
Michigan Corp
Geo. B. Gibbons & Co., Inc., Roosevelt & Son and
550,770.00
5 00%
Eldredge & Co
-BONDS AUTH• SCOTT COUNTY (P. 0. Davenport), Iowa.
Supervisors is reported to have authorized
-The County Board of
ORIZED.
recently an issue of $45,000 county funding bonds to take up outstanding
county warrants.
-H. L. Collier,
-BONDS CALLED.
SEATTLE, King County, Wash.
City Treasurer, is reported to have called for payment at his office from
May 25 to June 6. various local impt. district bonds.
-The fol-LIST OF BIDS.
SWAMPSCOTT, Essex County, Mass.
lowing are the bids submitted for the $300,000 revenue anticipation loan
due Dec. 20 1933 awarded on June 2 to Paine, Webber & Co. of Boston
2 2 eatBid,
5 discount-V. 136. p. 3944:
.d
Discount Basis.
26
32. 5
2
Paine, Webber & Co. (purchaser)
Security Trust Co
Jackson & Curtis
-P. Murphy & Co
G. M.
:%
2.74
Second National Bank of Boston
2.8.1%
Newton, Abbe & Co
Faxon, Gade & Co
-REPORT 0.1". BOND
TAYLORSVILLE, Alexander County, N. C.
-The following statement was sent to us on
DEFAULT SITUATION.
June 7 by H. P. Felmster, Town Clerk & Treasurer, in response to our
inquiry regarding the bond situation in this community:
Statement of Defaulted Bonds and Interest of the Town or Taglorscille.
,
Designation
Int. Rate When Due
Date of Issue
Jan. 1 1933 (P). $4,000.00
6%
Nov. I 1924 St. Improvement
450.00
July 1 1932 (I)
Interest
Jan. 1 1933 (I)
Interest
570.00
11,000.W
Nov. 1 1931 (P)
6%
Nov. 1 1924 St. improvement
11,000.00
Nov. 1 1932 P)
6%
Nov. 1 1921 St. Improvement
480.00
Nov. 1 1931
1)
Interest
May 1 1932 ')
Interest
Nov. 1 1933 (I)
Interest
00
June 1 1931 (P)
0 2
,
11, 910:
7.21000.
June 1 1924 St. Improvement
June 1 1932 (P,
7,000.00
St. Improvement
Dee 1 19 1
June 1 19 3 (A)
.
330.00
.
)
31
Interest
450.00
Interest
540.00
June 1 1932 (I)
Interest
s
Dec. 1 1932 (I)
1.7772002
Intere t
Dec. 1 1932 (1)
June 1 1922 Water & Sewer Int.
$4.7i.n7tleOres.00t
defaulted
Total
On June 11933. June 1 1924 $7.000.00 St. Imp, bonds
on same $1,140.00.
On June 1 1933, June 1 1922 $2,000.00 Water & Sewer bonds defaulted,
Interest on same $1,770.00.
II. P. Feimster, Clerk & Treas.
4130
Financial Chronicle
SPOKANE COUNTY SCHOOL DISTRICT NO. 102 (P. 0. Spokane),
Wash.
-BOND OFFERING.
-Paul
Kruesel, County Treasurer, states
that he will teceive sealed bids unti June 30, for the purchase of a $10.000
issue of school bonds.
(An issue of $2,500 school bonds was offered for sale without success on
March 3.-V. 136, p. 2104.)
TEXAS, State of (P. 0. Austin).
-PROPOSED CONSTITUTIONAL
AMENDMENT ON BONDS FAVORED.
-The following report is taken
from an Austin dispatch to the "Wall Street Journal" of June 3:
"The House committee on constitutional amendments has reported
favorably a joint resolution which provides for submitting to a vote of the
people of a proposed amendment to the constitution authorizing the issuing
of $112,000,000 State road bonds. The bonds,should they be voted, would
be used to retire county and district road bonds which were issued to aid
in the construction of State designated highways. In support of the
measure it was stated that while these road bonds are now being paid off
in part from a fund created by diverting 1 cent of the sales tax on gasoline,
the amount thus derived is not sufficient for this purpose."
THAYER CONSOLIDATED SCHOOL DISTRICT (P. 0. Thayer),
Union County, lowa.-BOND OFFERING.
-It is reported that bids will
be received until I p. m. on June 12 by Lew McKimson, Secretary of the
Board of Directors, for the purchase of a $52,000 issue of refunding bonds.
Interest rate is not to exceed 5%, payable semi-annually.
TOLEDO, Lucas County, Ohio.
-JUNE 1 MATURITIES PAID
IN CASH.
-Carl C. Tillman, Acting Director of Finance, has stated that
June 1 bond principal and interest charges are being paid in cash. Previously it had been reported that the interest was being paid in full, with
payment of maturing bonds being made on the basis of 25% in cash and
the balance in 4% refunding bonds
-V. 136, p. 3945.
TOPEKA, Shawnee County, Kan.
-BOND OFFTRING.-Sealed
bids will be received until 2 p. m.on June 20. by Chester Woodward, Chairman of the Finance Committee, Board of Education, for the purchase of a
3587.703.06 issue of 4;i% school bonds. Denoms. $1,000 and $500. and
one bond of odd amount. Dated July 1 1933. Due on July 1 as follows:
$41.703.06 in 1935 and $42,000. 1936 to 1948 incl. Prin. and int. (J. & J.)
payable at the State Treasurer's office. Bids should be submitted on blank
forms furnished by the above Chairman. The approving opinion of Thomson. Wood & Hoffman of New York, will be furnished. No other bonds of
this issue will be sold for 90 days subsequent to June 20. A certified check
for 2% of the bonds bid for, payable to the Treasurer of the Board, is
required:
TROY, Rensselaer County, N. Y.
-BOND SALE.
-Lawrence J.
Collins, City Comptroller, on June 9 awarded $1,233.700 coupon or registered bonds as 4s, at a price of 100.42, a basis of about 4.44%, to a
syndicate composed of Lehman Bros., the Manufacturers & Traders Trust
Co., Kean. Taylor & Co., G. M.
-P. Murphy & Co. and R. H. Moulton
& Co. The second high bid was an offer of 100.40 for 44s, tendered by
a group consisting of E. H. Rollins & Sons, Hemphill, Noyes & Co.,
Wallace & Co., Batchelder & Co. and Otis & Co. The sale comprised:
$650.000 emergency relief bonds. Due April 1 as follows: $75,000 from
1935 to 1940 incl. and $100,000 in 1941 and 1942.
500,000 public improvement bonds. Due $25,000 on April 1 from 1934
to 1953 incl.
72,700 tax title bonds. Due April 1 as follows: $7,000 from 1934 to
1942 incl. and $9,700 In 1943.
11,000 street improvement bonds. Due $1,000 on April 1 from 1934 to
1944 incl.
Each issue will be dated April 1 1933. Denom. $1,000. Principal and
interest (April and Oct.) are payable in lawful money of the United States
at the City Treasurer's office. Legality approved by Clay, Dillon & Vandewater, of New York. Other bids submitted for the bonds included an offer
of 100.60 for 5115, submitted by Roosevelt & Son, Stone & Webster and
Blodget, Inc., George B. Gibbons & Co., Inc., Estabrook & Co., Myth
& Co. and Dewey, Bacon & Co., jointly. The Manufacturers & Traders
Bank of Troy bid a price of 100.49 for the issues at
% interest.
Financial Statement (June 11933):
General funded debt
$4.991.504.00
Water debt
940,250.33
Temporary Improvement notes
1.045,000.00
Emergency relief certificates of Indebtedness
400,000.00
Public improvement certificate of indebtedness
19,000.00
Anticipation of taxes and revenues:
Certificates ofindebtedness
1931 and 1932
Taxes
$198.000.00
Revenues
187,000.00
383,000.00
1933
164,000.00
Real estate assessed valuation for 1933
71,794,085.00
Franchise assessed valuation for 1933
3.584,309.00
Personal property atisessed valuation for 1933
28,000.00
Total assessed valuation for 1933
75,406,394.00
Population (1930 census)
72,756
Note.
-$911.000.00 of the proposed $1,233.700.00 bond issue will not
affect the debt margin as this sum is to fund short term loans.
TUCKAHOE, Westchester County, N. Y.
-NOTE SALE.
-The First
National Bank & Trust Co. of Tuckahoe has purchased an issue of $15.000
5% tax anticipation notes, due on Oct. 1 1933.
UTAH, State of (P. 0. Salt Lake City).
-BOND SALE -It is rereted
the $2,000,000 issue of 4j4% funding bonds authorized by the
Legislature In Feb.
slate
-has since been sold to the State's
-V. 136, p. 3577
sinking funds.
VIRGINIA,State of(P.O. Richmond).
-CERTIFICATE OFFERING.
-It is announced by J. M. Purcell, State Treasurer, that he will otter
for sale on or about June 15, an issue of $1,000,000 refunding highway
certificates. Interest rate to be named by the bidders. Dated July 1
1933. Due in 1939.
WASHINGTON, State of (P. 0. Olympia).
-UNEMPLOYMENT
RELIEF BONDS HELD VALID BYSUPREME COURT.
-We are Informed
by Otto A. Case, State,Treasurer, that the State Supreme Court has held
valid the $10,000,000 unemployment relief bond issue. The appeal to
the Supreme Court was filed by the Attorney General from a similar
favorable opinion by the Thurston County Superior Court, in order to
fully determine the validity of these bonds.
-V.136, p. 3578.
WASHINGTOM SUBURBAN SANITARY DISTRICT, Md.-BOND
'
OFFBRING.-T. Woward Duckett, Chairman of the Sanitary Corn'
,
will receive sealed bids until 3 p.m. on June 16, at his office 804
Bldg.. 1 ith and K Ste.. N. W. Washington, D.C.,for the purchase
mice BB water bonds. Dated une 11933. Due in 50
'r
oitionsiin.10 years. These bonds,It is said, carry all the exemptions
,
.
lames of Maryland municipal 'bonds, and are guaranteed uncondi- itAto 00th principal and interest by Montgomery and Prince
°unties by endorsement on each bond. A certified check for
V.4*'! 1...V. aocontpany each proposal. The bonds are being issued under
A MI
,
l'hapter 122, Acts of 1918 and amendments thereto, and will
-.0,1 as to legality by Masslich & Mitchell, of New York. Applica• ,,
haS be,n made to the Public Service Commission of Maryland for
approval of he issue.
WATERB IRY, New Haven County, Conn.
-RETIRES $1,500,000
NOTES.
-Tae anticipation notes in amount of $1,500,000. which matured
on June I last; Were fully retired, according to Joseph P. Kelly, Executive
Secretary to Mapyr Frank Hayes. The Bank of Manhattan Co., New
York, owned $1 000.000. while the balance of $500,000 was held by the
Central Hanovur Bank & Trust Co.. New York. Payment of the notes
left a balance bf $500.000 still outstanding. This latter issue does not
mature until June 15 of this year, and sufficient funds are already on hand
,
to meet it. 'The cotes are held by the Bank of Manhattan Co., New York.
WATERTOWN, Jefferson County, N. Y.
-The
-BOND SALE.
$335,000 rout on or registered bonds offered on June 7-V. 136, p. 3945
wore awarded as 4.30s to the Bancamerica-Blair Corp. and Halsey, Stuart
& Co., both pf New York, jointly, at ipar plus a premium of $170.85, equal
to 100.05. a basis of about 4.29%. Included in the award were:
5275.000 emergency relief bonds. Due July 1 as follows: $5,000 in 1934;
$30.000from 1935 to 1939 incl. and $40,000from 1940 to 1942 incl.
00,000 general city bonds. Due $10,000 on July 1 from 1934 to 1939 incl.
Each issue is dated July 11933. Public re-offering of the bonds is being
made at pric.s to yield from 3.50 to 4.10%. according to maturity. They
are described as being legal investment for savings banks and trust funds in
New York State and general obligations of the City, payable from unlimited
June 10 1933
ad valorem taxes against all taxable property therein. An official list of
the bids submitted at the sale follows:
Amount
Int.
BidderBid.
Rate.
E. H. Rollins & Sons
% 3335,747.05
Roosevelt & Son; Dewey, Bacon & Co., and Geo. B.
Gibbons & Co
335,100.50
4 70
Kean. Taylor & Co. and Lehman Bros
335,301.50
4 60
Jackson & Curtis and Graham. Parsons & Co
336,068.65
4 50
Solomon Bros. & Hutzler
335,368.50
4 60
Wertheim & Co. and Phelps, Fenn & Co
335,770.50
4.90
National City Co
336,105.17
4 50
Bancamerica-Blair Corp. and Halsey, Stuart & Co_ __ _4.30
335,170.85
No. N. Y. Trust Co
335,324.95
4.60
M.& T. Trust Co
4.40
335,536.00
Batchelder & Co
336,105.50
4.50
N. W. Harris & Co
335,569.50
4.50 o
WELD COUNTY SCHOOL DISTRICTS (P. 0. Greeley), Colo.
BONDS CALLED.
-The County Treasurer is reported to have called for
payment at his office on May 26. various school district bonds.
WESTCHESTER COUNTY (P. 0. White Plains), N. Y.
-CERTIFICATE ISSUE SOLD.
-Lehman Bros., of New York, are reported to have
purchased an issue of $750.0006% certificates ofindebtedness,dated June 8
1933 and due on June 5 1934.
WESTFIELD, Hampden County, Mass.
-LOAN RENEWED -The
City Council voted on June 5 to extend the maturity date on a $150,000
temporary loan which was marketed in anticipation of 1932 tax collections.
This action was only a formality, it Is said, as the Boston banks holding
the loan had previously agreed to the renewal. The Council also authorized
the collection of 1933 taxes in advance of the regular dates.
WEST KITTANNING (P. 0. Kittanning), Armstrong County, Pa.
-BONDS APPROVED.
-The Pennsylvania Department of Internal Affairs on June 1 approved of an issue of $45,000 water system bonds.
WHEELER COUNTY (P. 0. Fossil), Ore.
-BONDS OFFERED.
Sealed bids were received until 4 p.m. on June 10 by Scott Sasser, County
Clerk, for the purchase of a $7,000 issue of 6% coupon refunding bonds.
Denom. $1,000. Dated July 1 1933. Due $1,000 from July 1 1935 to
1941,incl. Prin. and int.(J. & J.) payable at the fiscal agency of the State
in New York or at the office of the County Treasurer. Bids of less than
par value not acceptable.
-BOND SALE.
WICHITA, Sedgwick County, Kan.
-A $63,582.79
lame of 4)4% coupon refunding bonds has been purchased recently by the
Harris Trust & Savings Bank of Chicago. Denom.$1.000, one for $582.79.
Dated June 1 1933. Due on June 1 as follows: $9.582.79 in 1934: $9,000.
1935: $10,000. 1937. 1938 and 1940: 3.9000. 1941 and $6,000 in 1943.
Prin. and in (J. & D.) payable at the State Treasurer's office in Topeka.
Legality to be approved by Bowersock, Fizzell & Rhodes of Kansas OM
FINANCIAL STATEMENT.
(As officially reported by Director of Finance as of June 11933).
Assessed valuation for taxation
$132.522,356
Total Debt (this issue included)
7,244,595
Population, 1930 census, 111.110. Population, 1920 census. 72,217.
WINSTON-SALEM,Forsyth County, N. C.
-BONDS AUTHORIZED.
-The Board of Aldermen is said to have passed a resolution recently authorizing the issuance of $542,000 refunding bonds.
County, N. Y.
YONKERS, Westch
-BONDS PARTIALLY
SOLD.
-At the offering on June 6 of $600.000 coupon or registered general
-award was made of $500,000 worth as 68
bonds of 1933••-.V. 136, p. 3762
at a price of par to the Yonkers National Bank & Trust Co. of Yonkers,
the only bidder. The partial sale comprised the following:
8300,000 series A bonds. Due March 1 as follows: $25,000 from 1935 to
1937, incl.; $35,000 from 1938 to 1940. and 140,000 from 1941 to
1943, inclusive.
200,000 series B bonds. Due March 1 as follows: $15.000 from 1935 to
1937, incl.; $30,000 from 1938 to 1940; 825.000 in 1941 and
820.000 in 1942 and 1943.
Each issue is dated March 1 1933. The $100.000 series 0 bonds due from
1935 to 1943, incl., offered at the same time, were not sold.
CANADA, its Provinces and Municipalities
-The Nova Scotia Bond Corp.
DARTMOUTH, N. S.
-BOND SALE.
and Fry. Mills, Spence & Co.. jointly, were awarded an issue of $93,500
5% bonds at a price of 99.18, a basis of about 5.07%. Due on July 2 1953.
Bids for the issue were as follows:
BidderRate Bid.
Nova Scotia Bond Corp. and Fry, Mills, Spence & Co.(Purchasers)_ _ 99.18
Royal Bank of Canada and the Royal Securities Corp.. jointly
99.07
Eastern Securities Corp. and Associates (same tender as above)
99.07
W. C. Pitfield & Co. and Johnston & Ward,jointly
98.82
Dominion Securities Corp
97.08
ESSEX, Ont.-ASKS FOR BOARD OF CONTROL.
-The Town Council
decided to make application to have its affairs placed under the supervision
of a Board of Control, following a conference with H. L. Cummings of the
Ontario Municipal Board, according to the June 2 issue of the "Moretary
Times" of Toronto, which further stated:
"Mr. Cummings told the Council that the real cause of their present
difficulty Was failure to collect taxes, and that unless the town went Into
default, it would take a 60
-mill rate this year to clear. Such a rate would
be high enough to insure a sufficient percentage of the taxes be paid that
the town could meet obligations.
"But Mr. Cummings advised that the town apply for supervision and
put the mill rate within the reach of the taxpayer, create a better feeling
and gradually work out of its difficulties. He said it was better to go into
default and try and work out than to try and overcome the difficulty
and go In deeper."
HULL ROMAN CATHOLIC SCHOOL COMMISSION, Que.-BOND
SALE.
-A. E. Ames & Co. of Toronto purchased during May an issue of
$150,000 534% school bonds at a price of 95, a basis of about 6.58%. Due
serially in from 1 to 10 years. The Provincial Bank of Canada also bid
95 for the issue.
MARKDALE, Ont.-BOND SALE.
-.I. Lucas, Village Clerk, reports
that the $59,710.54 534% improvement bonds offered on June 1-V. 136,
P. 3762-were awarded to R. A. Daly & Co., of Toronto, at a price a
98.50, a basis of about 5.69%. Due serially in from 1 to 20 years.
ONTARIO (Province of).
-BONDHOLDERS DEMAND PAYMENT
IN GOLD.
-A New York law firm, acting for clients holding $50,000 of
bonds, on June 5 preserted a demand to the Provincial Government that
payment of interest due on the obligations soon, be made In gold,according
to a dispatch from Toronto to the "Herald Tribune" of June 6, which
referred to the probable action in the matter as follows:
"E. A. Dunlop, Provincial Treasurer, intimated that there was no likelihood of Ontario's acquiescing. The official reply on the matter will be sent
from the Minister of Justice's department at Ottawa, it is expected.
"Mr. Dunlop was in Ottawa last week end, when he discussed the
question with W. C. Clark, Deputy Minister of National Revenue and
Secretary of the Treasury Board. No similar demands have been made yet
on the Dominion in connection with its loans flotations in New York.
"The New York lawyers, it is reported, intimated they were ready to
make a test case of the matter, Mr. Dunlop said that even if Ontario were
ready to hand over the gold, the Dominion export ban on gold and the
United States law against hoarding would prevent payment in that form.
The New York law firm, he said, could get no better than legal tender of
the gold, and Ontario had always paid is obligations In legal tender."
$25,000,000 BONDS ALL SOLD.
-The 325.000.000 of bonds offered for
purchase by the public on June 1 were entirely sold at 3 o'clock on June 2.
Provincial officials announced. The offering comprised $10,000,C00 4%
bonds, due from 1934 to 1938. Incl., and $15,000,000 4M5' bonds. due
June 1 1950. Applications to the former issue were received at prices to
yield from 4.25 to 4.40%, according to maturity, while the 4 ti% loan was
priced at 99, yielding 4.58% to maturity. The smaller issue had been fully
sold within six hours following the formal offering. V. 136, p. 3946.
PETROL1A, Ont.-BOND SALE.-Tho Midland Securities Corp., of
London, Ont., purchased at private sale an issue of $25,000 5ti %. 10
-year
bonds and is making public re-offering at a price of par. Price paid for the
loan has not been made public.
@FedFRASER