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The Financial Situation
penalized by fine or imprisonment. This constant
demand on the part of the President for unprecedented grants of power is of course hardly consistent
within the Administration itself, concerning the suc- with his frequently expressed scorn of the dictatorcess, or the lack of it, that the "New Deal" is having ship mania of Europe and his often avowed allegiance
has unmistakably appeared during the past week or to democracy. The plan now proposed is in any case
ten days. On June 7 the Recovery Administration subject to all the weaknesses that have been repeatannounced what was then described as an almost edly revealed in the past by all politically appointed
complete reversal of policy in respect to price fixing, boards for the settlement of labor difficulties. It has
only on June 9 to "explain" the change almost en- proved impossible to assemble such a board with the
political courage necessary to
tirely away.
deal with labor problems acThe Secretary of State on
cording to their merits in
Tuesday last let it be known
Going Back
cases such as those now
that he had suggested to the
The President, in his recent message to
troubling American indusBritish Government, and inCongress designed to set forth a platform
try. Moreover,as long as the
directly to other debtor
coming Congressional elections,
for the
joined a multitude of his followers in
constitutional provisions
governments on war debt
charging those who disagree with him
having to do with freedom of
account, that proposals for
with the desire to return to all the
of the late twenties.
contract and involuntary serabuses and follies
substantial payments in
It is time some one reminded the present
vitude have any meaning,
kind would be given careful
regime and the public that many of the
the agencies of our Governconsideration. The Presimore severe critics of the New Deal
were equally sharp in their condemnation
ment will lack the power esdent the next day hastened
of the excesses and unsound policies of
sential to enforce even a just
to assure the press that no
the Wilson, Harding, Coolidge and Hoover
settlement, for all that Coneras.
payments of consequence
Indeed, a little reflection will show that
gress may say on the subject.
would be acceptable in this
fundamentally much that is under critiform.
in the New Deal is little other than
cism
Best Let Alone
the mistaken ideas of the "New Era" in
A • more than two-thirds
guise, or diverted to new direcdifferent
As a matter of fact, the
majority of the Inter-State
tions and different beneficiaries.
dispassionate observer finds
The securities markets of the 'ate
Commerce Committee of the
twenties were never more systematically
it difficult not to believe
House on Thursday voted
or cunningly "rigged," for example, than
that the situation in the
not to Consider the Administhe market for Government securities is
to-day.
steel industry, which appartration oil bill at this sesWhat passed as prosperity in the older
ently gave rise to this prosion. The action thus taken
period was largely an enormously increased and wholly unwarranted utilizaposal, would not be the
is construed by political
tion of credit in every available form. Yet
sooner mended without Govobservers as virtually endthe wildest of the financiers of that time
ernmental interference. It
were never more radical as inflationists
ing the likelihood of the pasthan those at Washington who control,
cannot be denied that wagesage of the measure at this
or try to control, credit to-day.
earners in that industry have
session despite the fact that
most glaring defects of the
One of the
policies, both governmental and private,
been most generously treatthe President and Mr. Ickes
during the post-war era was that they
have been consistently and
ed with regard to essentials
undertook to deal with basic disarrangements in our economic life by the simple
during the past half-year or
vigorously insisting upon its
expedient of refusing to recognize their
more, and it may well be
passage. The President with
existence. It is upon precisely such a
doubted whether there would
urgent mien on Wednesday
basis that the present Administration is
now attempting to restore conditions to
be real distress among emsent Congress a new and
a more satisfactory status. Many more
hastily drawn measure as a
ployers if the rate of producinstances could be cited.
It would be tragedy of the first magnisubstitute for the Wagner
tion were diminished for a
tude if the politicians were able indefitime. Everyone knows that
bill, in the expectation, acnitely to persuade the rank and file that
those who take exception to present
cording to report, that it
both the steel industry itself
policies are but spokesmen of the false
would expedite a settlement
and the more important
leaders of earlier years.
consumers of steel products
of current labor disputes,
particularly the one now
have for a long while been
threatening the steel indusaccumulating stocks against
try. At other points the program laid out by the just such an emergency. Of course, all this is well
President for this session of Congress appears to be enough known to the rank and file of the workers in
in an uncertain position. It is clear that the Admin- the industry, and it is to be doubted whether any
istration of late has not shown that tenacity and very large percentage of them want a "show-down"
clarity of purpose which are so greatly needed in these at this time. To express the situation in the vernacular, most of the men in all probability are
troublous times.
"bluffing." If they did not have high hopes of help
The President's Labor Plan
from Washington, they probably would shortly
S TO what has been termed the President's quiet down and remain peacefully at work. In any
"Four Point Peace Plan" to take the place of event, neither any amount of protesting against presthe Wagner bill, it is in essence only a proposal to ent policies of management by the men nor any form
authorize and direct the President to proceed, through of Government intervention can place the steel
a board or boards, to do what he thinks wise to settle companies in a position where they can afford to
labor disputes. Violation of orders issued by such treat their employees more handsomely than they
boards with the approval of the President would be are now treating them. The sooner both the unions
of the
of uncertainty on the
EVIDENCEnot awry, of sharp conflictpartifopinion
powers that be in Washington, and, adept
of
observers are
i
Financial Chronicle
3990
'Bnd the Government come to a realization of this
simple fact the better it will be for all concerned.
Holding a Bear by the Tail
predicament of the National Recovery AdminTHEnot so serious. be"Having a were thethe tail,"
issue inistration would
amusing
bear by
volved
General Johnson and the others have evidently
found it embarrassing either to let go or to hold on.
Probably no one realizes more clearly than those responsible for the NRA and its policies that the socalled Darrow reports, regardless of whatever defects
they may have, are the outgrowth and partially an
expression of widespread and growing discontent with
the whole code system, particularly those features of
it that permit, not to say encourage, price-fixing and
favor large and powerful enterprises to the extent
that smaller concerns are unable to compete at all.
That public officials are keenly aware of the inwardness of this situation is demonstrated by the promptness with which the iron and steel code was amended
and the prominence given to the amendments at the
time that they were announced, in order to emphasize that changes in ill-advised measures may
be anticipated from Washington. The countermanding of most of the provisions of the codes for sundry
service industries has similar significance, as have
altered plans of procedure to be followed in connection with the so-called small industries throughout
the country.
These changes of policy and practice were relatively unimportant in a political sense. The situation became decidedly different when the Recovery
Administration let it be known that it was henceforth
to set its face against at least the cruder and more
direct price-fixing practices under the codes. Numerous industries which had yielded much against their
will to various conditions in order to obtain these
price-fixing provisions were prompt in letting their resentment be known in Washington. Only about fortyeight hours elapsed between the original announcement of the change of policy already indicated and
the time at which General Johnson apparently
retracted much the larger part of that announcement by means of an explanation of the earlier statement. He would be prophetic indeed who would
now undertake to say whether the National Recovery
Administration henceforth is or is not to permit
industries under approved codes to continue jointly
to fix prices.
Much Harm Done
Whatever the ultimate decision in this matter, the
public may as well face the fact that much of the
work that has already been done in stimulating
monopolistic practices on the part of industry and
trade in this country can be undone only over a considerable period of time and by use of vigor and skill
far beyond most politicians. The desire to eliminate
"cut-throat" competition has been abroad in the
business community for a long time past. A good
deal of skill in accomplishing this had already been
developed long before the Recovery Administration
ever came into being. But the codes and the procedure necessary for their formulation have not only
greatly stimulated the monopolistic trend but have
given those taking part invaluable experience in
working together, resulting in personal contacts and
organizations whose effect upon competition is likely
to be felt for a long time to come.
June 16 1934
Payment in Kind
HE other strange advance and retreat of the week,
the suggestion of Secretary Hull that the war
debts be paid in substantial part in goods, and the
quick explanation of the President that the Administration had no idea of agreeing to receive any important quantities of goods under any such arrangement,is equally inconsistent. It is of course obvious
that an actual liquidation of these obligations on the
part of most of the countries concerned can be effected
only through the delivery, direct or indirect, of goods
or services. But did not the Administration foresee
that most strenuous opposition would be encountered
from all the tariff-protected industries, and perhaps
from others? Yet if Mr. Roosevelt and his party
were not prepared to overrule such objections, why
did they come forward with the idea in the first place?
Such questions are of course more easily asked than
answered. The net result of this "backing and
filling" on the subject will inevitably leave the Washington Government in an unenviable position.
T
A Remarkable Letter
ROMINENCE was given in the daily press on
Wednesday and Thursday to a letter recently sent
to the President by George N.Peek, special adviser to
the President on foreign trade, and to certain statistical data accompanying it. The figures included have
long been familiar to students of our balance ot
international payments and foreign investments.
Nothing of a factual nature is therefore contributed by
the documents in question, although an impression to
the contrary seems to prevail in some official quarters.
The remarkable features of the letter are to be
found in certain conclusions drawn by Mr. Peek
from his figures. For example, he says at one point:
"The figures in the attached exhibits show that the
trend in our international trade has been cumulatively disadvantageous to us. In our international
commercial relations we have not utilized the simple
device of a balance sheet to discover whether we have
been doing business at a profit or at a loss. As you
have stated a number of times, our exports and our
importh of goods and services must balance. During
the periods covered by the figures these exports and
imports have been grossly out of balance; nevertheless, we have pointed with pride to our 'favorable
balance of trade'."
The years from 1896 to 1933 inclusive are covered
by the figures presented, and they show an excess of
exports of goods and services for the period amounting to $22,645,000,000, which is, according to these
figures, exactly offset by an increase in our holdings
of foreign securities and other investments abroad,
less the increase in foreign ownership of our securities
and property. The precision of the data is of course
wholly fictitious, but the figures may be considered to
furnish a working basis for the questions involved.
P
Favorable Balances Undesired
It is apparently this $22,645,000,000 in American
claims on foreigners that is the subject of Mr. Peek's
criticism of us as traders with the outside world.
Apparently he would have preferred that at the end
of the 38-year period we should have been just where
we started—neither owing the world nor owed by it
a penny more than was on the books in 1896, and not
owning any more property abroad than on the day
we became a nation. Accumulation of capital
abroad and the employment of it there to our profit
Volume 138
Financial Chronicle
seems to be a circumstance never heard of by the
writer of this letter. Some one ought to tell Mr.
Peek that Americans sometimes find it advantageous
to own mines in South America, fruit plantations in
the tropics, public utilities, factories and railroads in
.
various foreign countries, and many other forms of
profit-making enterprises all over the world.
If he has been told, but does not appreciate, as is
suggested in some other portions of his letter, that
American investors during the war and for years
thereafter recklessly bought foreign securities and
other properties, often virtually giving away American goods in payment therefor, his informant ought
now to explain to him that not all foreign investments are worthless, although the situation may reach
such a state if quota systems, tariff restrictions and
exchange regulations continue to multiply, and the
follies of the New Deal reach much greater proportions. As to the follies indulged in during the boom
period ending in 1929 in the name of foreign investment, that is certainly a story well enough known by
now. Indeed, the unsoundness of all this, as well as
its inevitable consequences, was recognized by
thoughtful persons and repeatedly exposed by them
long before that unfortunate era terminated with
startling abruptness.
The intelligent business man can but hope that
the President, despite his warm letter of reply to
Mr. Peek, has not been even indirectly influenced by
this extraordinary analysis of our foreign trade
record.
Drouth Relief
distinctly
drouth areas has
vV ORDitfrom the during the pasttimebeen be certain
encouraging
week or ten days.
Although is
to
impossible at this
of the extent of the damage done, or to anticipate the
amount of precipitation to be expected during the
remainder of the current season, the fact that the
drouth, by and large, has been definitely broken
appears well authenticated. Doubtless irreparable
damage has been done to certain crops, notably spring
and winter wheat. But there is much that the
farmers of these regions can do during the remainder
of the season to help themselves, provided that normal
weather prevails from now on. We may feel assured
that a substantial part at least of the hardships pictured by the President a week or so ago will not under
normal conditions develop. The improved state of
affairs in respect to these matters would be still more
encouraging if definite assurance could be had that
public funds would not be squandered in these areas
during the remainder of this year and next in the
name of relief.
•
A Farcical Examination
MANY had expected, the Senate proved quite.
incompetent in its examination of Mr. Tugwell
for the position of Under Secretary of Agriculture.
The inept conduct of the whole proceeding and the
evident determination to confirm the appointment
combined to give the occasion the appearance of a
farce. The witness proved both astute and evasive.
His questioners either had not the most remote idea
of the course the inquiry ought to pursue or lacked
the ability to divert it from the direction in which the
witness deftly turned it. After all, it is not the vague
philosophic wanderings of the witness's mind in the
past, his experience as "dirt farmer," nor yet his
allegiance to this, that, or the other school of thought
A
3991
about economics, but the program of the Administration and the part he has played and is likely to
play in the future in the formulation and execution
of that program, that is of vital significance. The
Senate might have known in advance of the difficulties it would encounter in trying to condemn Mr.
Tugwell for any part he might have played in the
formulation of policies and plans it itself had formally approved. Of course, the witness was clever
rather than forthright. The public may well feel
critical of him on that score. But after all, many of
the Senators ardently desiring to reject his nomination, their approval or condemnation can not consistently bear much weight so long as they are almost
daily voting for measures in which they express,
in private, the utmost lack of faith.
Germany and Her Debts
HE Minister of Finance of the German Reich and
Dr. Schacht, President of the Reichsbank, on
Thursday announced the program of their country
in respect of its foreign exchange situation. As was
fairly generally expected, Germany chose simply to
default upon all its long-term and medium-term
obligations rather than to abandon the mark to its
fate in the hope that exports would be stimulated
thereby as a good many within Germany are said
to have preferred. The announcements of Dr.
Schacht and of the German Finance Minister include in their terms both the Dawes and Young
bonds, so-called. The standstill credit arrangements
are not affected. Full particulars, so far as they are
available in this country, concerning the moratorium
thus established are presented on other pages of
this issue. The details need not deter us here. In
substance, German debtors, including the German
Government, will make no cash payments in respect
of long- or medium-term external obligations for a
period of six months, although certain offers are
made of funding bonds and certain promises of cash
in part fulfilment of obligations after the expiration
of the moratorium period.
This, however, is proving to be by no means the
full story, and the action thus taken by the German
authorities may prove, according to well-informed
observers, untenable at points. The British have
already let it be known that they intend, if matters
are permitted to stand as they now are, to seize German balances in that country to satisfy claims upon
the German Government and German nationals.
Those close to the situation expect that several other
European countries with whom Germany has a favorable balance of trade to follow the example of Great
Britain should no modification be made in the terms
and conditions now imposed by Germany. A policy
of this sort by the countries in question,if rigorously
effected would seriously drain the foreign exchange
resources of Germany. This,of course,is well understood in Germany. Hence, the belief in a good many
quarters that some compromise agreement between
Germany and at least some groups of her creditors
will presently be reached.
Just how all these matters will actually work out,
the future alone will reveal. Meanwhile, the financial community the world over can only regret, even
if it does not feel surprised, that this further addition to the list of international defaulters has been
made. While a good deal in Dr. Schacht's defense
of the present action of his Government is undeniably true, foreign peoples are not likely to forget
T
3992
Financial Chronicle
June 16 1934
that in substantial part at least the German people dine, falling to $27,876,000 from $28,997,000. Bill
have brought their present exchange difficulties holdings were very slightly lower, at $5,201,000,
upon themselves. Their anti-Semitic activities have while United States Government security holdings
without the slightest question resulted in boycotts also were materially unchanged at $2,430,406,000.
in foreign countries to an extent that is in measur- Federal Reserve note circulation dropped to $3,054,able degree responsible for the heavy loss within the 479,000 on June 13 from $3,068,807,000 on June 6, and
past year or two in the German export trade. Nor a small decrease was registered in Federal Reserve
is there any good reason to doubt that imports of bank note net circulation to $57,340,000. The deposit
materials to be used in rearmament have had some accounts of the banks reflected a decline in those of
appreciable part in the adverse trade balance of that the United States Treasurer on general account to
country, whether or not this factor is as of as great $47,893,000 from $75,758,000, but other deposits adimportance as some critics are inclined to attach to vanced to $246,474,000 from $225,816,000. Although
it. It will be a good many years before the credit total deposits increased more than $100,000,000, the
of Germany, and, for that matter, the credit of the decline in note liabilities was a partial offset, and
other defaulting countries of Europe, will recover this, together with the large increase in reserves,
from the attitude that has of late become popular brought the ratio of total reserves to deposit and note
among them in respect of their solemnly undertaken liabilities combined up to 69.7%, against 69.3% last
obligations to other countries and to other peoples.
week.
The Federal Reserve Bank Statement
REDIT expansion, which is assuredly the least
needful of all financial measures in the United
States to-day, continues to be pushed with the greatest determination by our present monetary authorities. The combined condition statement of the 12
Reserve banks for June 13 reflects the deposit by the
Treasury with these institutions of $81,005,000 gold
certificates in the week since the last report was
issued. The increase in monetary gold stocks occasioned by imports and the production of American
mines was $30,000,000, so that an excess of $50,000,000 of the new certificates clearly represents part
of the so-called gold "profit" resulting from the reduction of the gold content of the dollar to 59.06% of
its former level. There is no observable demand for
additional credit, and it is patent, moreover, that the
potential credit resources are far beyond calculable
requirements. For the time being the artificial
stimulant supplied by the Treasury through its sales
or deposits of gold certificates is accomplishing
nothing more than a vast increase in the excess reserves of member banks with the Reserve institutions.
Lack of demand for commercial accommodations is
forcing the banks to buy ever more eagerly the securities issued by the Treasury itself and the available
obligations of States and municipalities. But the
base unquestionably is being laid for unexampled
and imprudent speculative excesses in the future,
and for further intense disturbances in the economic
life of the nation.
The gold certificate deposits increased the Reserve
bank holdings of these instruments to $4,787,162,000
on June 13, from the total of $4,706,157,000 recorded
June 6. Member bank deposits with the system on
reserve account showed a comparable rise to $3,895,.
108,000 from $3,787,048,000. These totals are, of
course, far in excess of anything ever before witnessed. The reserve deposits of member banks in
excess of requirements are approximately $1,750,000,000, which also is quite unprecedented. It is
well to note, moreover, that the Treasury still has
nearly $900,000,000 of gold in the general fund from
which the certificates in excess of the actual new gold
additions are being drawn. Behind the gold in the
general fund looms the huge stabilization fund.
Total reserves of the System increased even more
than the addition of gold certificates would indicate,
since "other cash" reflected a gain, and the aggregate on June 13 was $5,049,216,000, against $4,959,488,000 on June 6. Discounts continued their de-
C
The New York Stock Market
THOUGH the New York stock market displayed
some irregularity this week, the general tone
was firm, and closing levels yesterday were mostly
better than the figures prevalent a week earlier.
Price movements lacked decisiveness, but the upswings were more pronounced than the declines, and
also more numerous. This may be regarded as encouraging, especially in view of the threat of a widespread strike in the steel industry which threw its
shadow over the market. Reports yesterday were to
the effect that a settlement of this labor dispute quite
possibly will be effected soon, and it is hoped generally that we may shortly witness a slackening of
the demands of labor in all the manifold branches of
American industry. Until this phase of the situation is cleared up to some degree, it is quite obvious
that progress out of the depression will be impeded.
In the stock market these strikes and strike threats
are now an important and, at times, a paramount
influence.
The stock market was firm and fairly active last
Saturday, but when trading was resumed on Monday
the tendency was less favorable. Declines were quite
small in most groups of issues, but motor stocks
dropped more heavily because of omission of the
usual dividend on Auburn shares. Gains were general Tuesday, with metal and aviation corporation
stocks in excellent demand. Steel company shares
improved as reports were received that a compromise might be reached in the strike situation. Dealings on Wednesday resulted only in modest changes,
with more stocks showing gains than losses, but the
more important changes were toward lower figures.
Thursday's trading was influenced to a degree by
concern regarding the international situation, which
was due to the declaration of a complete moratorium
by Germany on long- and intermediate-dated external debt service transfers. Small recessions resuited. The market turned about yesterday, however, and moderate advances in quotations were the
rule. The turnover on the New York Stock Exchange was consistently under 1,000,000 shares, but
it did not drop so law as the figures current two
weeks ago, when the smallest volume in 10 years was
recorded.
Listed bonds were in favor during much of the
trading of the week, with United States Treasury
issues in keenest demand. These issues and the
highest rated bonds of corporations moved to the
best levels recorded in recent years. Speculative
A
Volume 138
Financial Chronicle
bonds also tended to advance in most sessions. German bonds were dull and lower, but occasional rallies furnished partial offsets to the trend. The foreign exchange markets afforded little of interest,
with the exception of new pressure on the German
mark, but this was not regarded very seriously, since
the German authorities reiterated their determination to resist devaluation. Trade and industrial
indices in the United States were not unfavorable,
when seasonal influences are taken into consideration. Steel making operations were estimated at
56.9% of capacity for the week beginning June 11,
by the American Iron and Steel Institute, as against
57.4% last week. Electric power production for the
week ended June 9 was reported by the Edison Electric Institute at 1,654,916,000 kilowatt hours, against
the output of 1,575,828,000 kilowatt hours for the
preceding week, which included Memorial Day. Car
loadings of revenue freight for the week ended June 9
were 615,565 cars, a gain of 6.4% over the previous
week, but here also the increase was due in large
part to the holiday suspension of the earlier period.
As indicating the course of the commodity markets, the July option for wheat in Chicago closed
yesterday at 94%c. as against 9734c. the close on
/
Friday of last week. July corn at Chicago closed
yesterday at 571 2c. as against 56c. the close on
/
Friday of last week. July oats at Chicago closed
yesterday at 4378c. as against 431 2c. the close on
/
/
Friday of last week. The spot price for cotton here
in New York closed yesterday at 12.15c. as against
12.15c. the close on Friday of last week. The spot
price for rubber yesterday was 13.50c. as against
13.63c. the close on Friday of last week. Domestic
copper closed yesterday at 9c. as against 8 c. on
/
1
2
Friday of previous weeks. The silver market this
week was again lacking in activity, and the passage
of the silver purchase bill by the Senate on Monday
had little or no influence on the course of prices.
In London the price yesterday was 19 13/16 pence
per ounce as against 193 pence per ounce on Friday
4
of last week, and the New York quotation yesterday
was 45.10c. as against 45.35c. on Friday of last week.
In the matter of the foreign exchanges, cable trans/
fers on London yesterday closed at $5.051 as against
/
1
$5.062 the close on Friday of last week, while cable
transfers on Paris closed yesterday at 6.60%c. as
/
against 6.6112c. the close on Friday of last week.
One feature of importance among dividend actions
the present week was the omission by the Auburn
Automobile Co. of the dividend on its common stock,
ordinarily payable in July. From April 1 1933 to
and including April 2 1934, the company made quarterly distributions of 50c. a share. On the New York
Stock Exchange, 51 stocks reached new high levels
for the year, while six stocks touched new low levels.
On the New York Curb Exchange, 36 stocks
touched new high levels for the year, while 14
stocks touched new low levels. Call loans on the New
York Stock Exchange remained unchanged at 1%.
On the New York Stock Exchange the sales at
the half-day session on Saturday last were 703,450
shares; on Monday they were 749,300 shares; on
Tuesday, 945,960 shares; on Wednesday, 883,435
shares; on Thursday, 632,276 shares; on Friday)
732,530 shares. On the New York Curb Exchange
the sales last Saturday were 117,380 shares; on Monon Tuesday, 161,500 shares; on
day, 135,415 shares;
Wednesday, 152,475 shares; on Thursday, 129,010
shares, and on Friday, 165,850 shares.
3993
As compared with Friday of last week, prices are
more or less irregularly changed. General Electric
closed yesterday at 2058 against 2078 on Friday of
/
/
/
last week; North American at 181 8 against 18%;
Standard Gas & Elec. at 11% against 11; Consoli/
dated Gas of N. Y. at 3438 against 33%; Pacific Gas
& Elec. at 19 against 17%; Columbia Gas & Elec. at
14% against 13%; Electric Power & Light at 6
against 6; Public Service of N. J. at 37% against 37;
/
J. I. Case Threshing Machine at 53% against 5478;
/
International Harvester at 3278 against 331/4; Sears,
/
Roebuck & Co. at 44 against 4378; Montgomery Ward
/
/
& Co. at 28% against 2814; Woolworth at 515s
against 50%; Western Union Telegraph at 48%
/
/
against 47; Safeway Stores at 5214 against 501 8;
American Tel. & Tel. at 116% against 118%; American Can at 96% against 9814; Commercial Solvents
/
at 24% against 24%; Shattuck & Co. at 10% against
10%, and Corn Products at 68% against 68%.
Allied Chemical & Dye closed yesterday at 140%
against 138% on Friday of last week; Associated
Dry Goods at 13 against 1314; E. I. du Pont de Ne/
mours at 90% against 90; National Cash Register
"A" at 17 against 17%; International Nickel at 26%
against 26%; Timken Roller Bearing at 30% against
30; Johns-Manville at 53 against 51%; Gillette
Safety Razor at 1078 against 11; National Dairy
/
/
Products at 18 against 1814; Texas Gulf Sulphur at
34 against 351/4; Freeport-Texas at 36% against
/
41%; United Gas Improvement at 16% against l61 ;
National Biscuit at 36% against 36%; Continental
Can at 7878 against 78; Eastman Kodak at 98%
/
against 9712; Gold Dust Corp. at 20 against 20%;
/
/
/
Standard Brands at 2078 against 2078; Paramount
/
Publix Corp. ctfs. at 4% against 478; Westinghouse
/
Elec. & Mfg. at 38% against 3678; Columbian Carbon
/
at 7414 against 7038; Reynolds Tobacco class B at 46
/
/
ex-div. against 45%; Lorillard at 18% against 1914;
/
Liggett & Myers class B at 9714 against 96%;Yellow
Truck & Coach at 41 2 against 4/s; Owens Glass at
/
78 bid against 75%; United States Industrial Alcohol at44% against 423 ;Canada Dry at 22% against
/
4
23; Schenley Distillers at 30 against 31; National
Distillers at 26 against 27; Crown Cork & Seal at
26% bid against 26%," and Mengel & Co. at 7% bid
/.
against 814
The steel stocks record modest advances for the
week. United States Steel closed yesterday at 42%
against 42% on Friday of last week; United States
Steel preferred at 87 against 86%; Bethlehem Steel
at 35 against 34%, and Vanadium at 22% against
21%. In the motor group, prices were depressed;
this was particularly true in the case of Auburn
Motors Co., which omitted the dividend on its common stock the present week. Auburn Auto closed
yesterday at 2634 against 36% on Friday of last
/
week; General Motors at 3278 against 33%; Nash
/
/
Motors at 17% against 1812; Chrysler at 4278
/
8
against 431/4; Packard Motor's at 378 against 4y ;
/
Hupp Motors at 3% against 4, and Hudson Motor
Car at 12 against 1414 In the rubber group, Good/
.
year Tire & Rubber closed yesterday at 30 against
30% on Friday of last week; B. F. Goodrich at 1418
/
against 1478 and United States Rubber at 20
/
1
4
/,
against 2038
/
.
The trend of railroad stocks was toward higher
levels. Pennsylvania RR. closed yesterday at 3114
/
against 30% on Friday of last week; Atchison Topeka & Santa Fe at 59% against 59; Atlantic Coast
Line at 41% against 42; New York Central at 31
3994
Financial Chronicle
against 3014; Baltimore & Ohio at 2514 against 2478;
/
/
/
New Haven at 16 against 16½; Union Pacific at
/
1
4
124 against 123; Missouri Pacific at 3% against 33
4;
Southern Pacific at 25% against 2478; Missouri/
Kansas-Texas at 9 against 978; Southern Railway
/
/
1
2
at 273 against 2718; Chesapeake & Ohio at 471 2
%
/
/
against 47%; Northern Pacific at 25% against 26%,
and Great Northern at 23 against 22 .
/
1
4
The oil stocks followed an irregular course.
/
Standard Oil of N. J. closed yesterday at 4718
against 45% on Friday of last week; Sandard Oil
of Calif. at 361 2 against 37, and Atlantic Refining
/
at 27 against 2778 In the copper group, Anaconda
/
.
Copper closed yesterday at 16 against15% on Friday
/
of last week; Kennecott Copper at 22% against 2178;
/
American Smelting & Refining at 421 2 against 41%;
Phelps Dodge at 17% against 17%; Cerro de Pasco
/
1
4
Copper at 39% against 37 , and Calumet & Hecla
at 478 against 41 2
/
/
.
European Stock Exchanges
ULLNESS and uncertainty remained the distinguishing features of securities markets in
the principal European financial centers in most
sessions of the current week. The London Stock
Exchange was fairly firm in early dealings, but the
announcement of the German moratorium on Thursday proved disconcerting even though the action was
anticipated, and a period of uncertainty followed.
On the Paris Bourse small advances alternated with
similarly modest recessions, with net changes quite
unimportant. The German Boerse moved upward
in most sessions, as the moratorium decrees were accepted there as renewed indications that the Government would concentrate on home affairs. Although
the German decision to suspend all external long
and intermediate debt service payments for the time
being was a highly important one, it occasioned no
reactions of any consequence. Dr. Schacht's incidental insistence that the mark would not be devalued was an important offset to the blow. It set
at rest the persistent rumors that the mark would be
devalued to the extent of perhaps 50%. Foreign
trade reports for May, made available in England
and Germany this week, disclose a trend toward improvement, but in both countries imports are advancing faster than exports. Domestic trade and industrial indices in the foremost countries of Europe are
not presently reflecting any important changes.
On the London Stock Exchange trading was quiet
in the initial session of the week, with South African
gold mining stocks the only feature. These shares
moved smartly higher, owing to improvement of the
gold price at London. British funds were unchanged, while most industrial stocks reflected moderate improvement. German bonds were sharply
lower in the international list, but Anglo-American
favorites improved. In further light trading Tuesday, small gains were recorded in British funds and
the industrial section maintained its firmness. Some
profit-taking developed in gold mining stocks. The
international section was lower, with the exception
of German bonds. An increase in activity was noted
Wednesday,with British funds especially in demand.
Industrial issues were steady, but the international
group developed irregularity, with trans-Atlantic
issues higher but German bonds lower. Thursday's
trading was marked by further strength in British
Government stocks. The industrial section was a
bit uncertain and lower prices were registered in the
D
June 16 1934
international issues. German bonds were marked
down heavily on the announcement of the German
moratorium, even though the action was expected.
Gilt-edged issues were again better yesterday, but
industrial stocks were hesitant. German bonds
showed gains.
The Paris Bourse was extremely dull but firm in
the first trading session of the week. Rentes moved
ahead slightly and the tendency soon was joined by
the principal French bank, utility and industrial
stocks. German bonds listed at Paris also showed
a slight measure of improvement. The tendency was
reversed Tuesday, with all groups of issues affected.
Trading was exceedingly modest, but small offerings
sufficed to occasion disproportionately large recessions, in which rentes, French shares and foreign
securities all participated. The tone improved Wednesday, mainly because the Government announced
that it would anticipate the maturity of a short term
loan raised in Amsterdam last March. Rentes were
much better and most French bank and industrial
stocks also improved, but German bonds were very
weak. Little business was done on the Bourse
Thursday, and the trend was uncertain. The German moratorium caused a small loss in Young plan
bonds and a larger recession in the Dawes issue.
Rentes were a little lower and a majority of French
stocks also declined. Rentes advanced slightly in a
quiet session yesterday, but other securities were
dull.
The Berlin Boerse was dull and uncertain in the
initial session of the week,some issues showing small
gains while others declined. The tendency was to
await the promised statement by Dr. Schacht on the
external debts of the Reich and pending some indication of the decision on these obligations little trading was done. Tuesday's trading was again dominated by uncertainty regarding the debt transfer
situation, and most securities suffered. Losses were
substantial only in a few issues, however, as transactions were scarce. On Wednesday the Boerse turned
definitely upward, with the gains amounting to as
much as 8 points in a few instances. Potash stocks
and coal mining issues were in greatest favor, while
advances in industrial securities were nominal. The
Boerse found cause for satisfaction, Thursday, in
the announcement of the complete transfer moratorium and the meeting between Hitler and Mussolini. Dealings were lively and gains were general,
with leading issues moving up about 2 points. After
an uncertain opening yesterday, prices improved on
the Boerse.
Intergovernmental Debts
THOUGH the intergovernmental debt problem
appears to have been advanced not at all by
the international exchange of amenities prior to the
June 15 payment date, it still remains true that at
least one new factor has been introduced into the
situation by the initiative of the United States Government. In reply to the British note of last week,
explaining the British decision to default completely.
Secretary of State Cordell Hull dispatched a communication to London in which the suggestion was
made that some discharge of the British war debt
might be attempted by means of payments in kind,
or in other words,in goods. Since the British argument was based largely on the difficulties of transferring the huge sums due and overdue, this suggestion seems quite pertinent. It is probably not wide
N
Volume 138
Financial Chronicle
of the mark to surmise that Mr. Hull had in mind
possible further payments by Great Britain of silver
metal from the huge stocks known to exist in India.
But the British response to this idea is not likely to
be favorable, as London dispatches indicate that it
received not merely a cold but a positively icy reception. This, despite the comment in the last British
note that "payment of debts implies the willingness
of the creditor to accept goods and services sufficient
to cover the debts due him, over and above those required to cover his exports."
Secretary Hull's reply to the British note was
made public Tuesday. Sympathetic note was taken
of the British arguments, but in three particulars
Mr. Hull felt impelled to enter objections. He
pointed out that Britain was not regarded as in default previous to June 15, by virtue of the President's
personal statements on previous payments of a
"token" nature, and added that Britain would not
have to pay the full instalment due as well as arrears
of previous instalments in order to avoid the stigma
of default. Only the $85,670,765 due June 15 would
have to be paid under the interpretation of the Johnson act supplied by Attorney-General Cummings.
The Secretary of State also took exception to the
linking of debts due the United States and the,debts
due Britain from her creditors. The "complete independence" of such transactions was emphasized,
and Mr.Hull remarked that "the British Government
undertook to borrow under its own name and on
its own credit standing, and repayment was not
made contingent upon the fate of debts due the
British Government." Disappointment was expressed, finally, in the British intimation that further discussion will be postponed until such time as
the President deems "results of value" likely. The
United States Government adheres to the opinion
that a situation of this kind necessarily calls for the
initiation of proposals by the debtor and not by the
creditor, the note stated. The readiness of the
United States to entertain any proposals was reiterated. "For instance," Mr. Hull said, "no proposal has ever been presented to this Government
looking toward payments in kind to an extent that
might be found mutually practicable and agreeable."
The British press and public were completely indifferent to the suggestion made by Mr. Hull, and
the effective refusal of the British Government to
entertain the idea was forecast in London dispatches.
"Another lecture on economics but not a resumption
of payments in any form was foreseen as Great
Britain's most probable response," a report to the
New York "Times" said. In Washington it was
pointed out that President Roosevelt would consider
only a very small payment in kind, if the method
were taken up for further consideration. Default
notices were received at Washington this week from
substantially all the debtor Governments concerned,
excepting Finland, which is again making full payment. France sent a note on Tuesday in which it
was remarked that the situation seems unchanged,
and default was announced at the same time that
the validity of the debt was acknowledged. A Belcrian note on the same day pleaded the impossibility
of effecting the payment due. Czechoslovakia announced the "necessity of discontinuing payments"
and presented a long argument on the fall of world
prices and the need for readjustment of the debts,
payment in goods and
as well as provision for
services. Italy, Poland, Rumania and Hungary sent
3995 1
notes announcing default on Thursday, through
their envoys in Washington.
German Transfer Moratorium
FFICIALS of the German Government and the
Reichsbank issued on Thursday announcements of a complete transfer moratorium "until further notice" on long and medium term external indebtedness of the German Government as well as all
German nationals. By this action the German authorities settled the long debated question whether
the so-called Dawes and Young loans of the Reich
Government would be included in the arrangements
for a substantial moratorium, announced at the conclusion of the Berlin debt conference late last month.
All doubts of the applicability of that settlement
also were disposed of, since Swiss and Dutch objections had made the point debatable. The moratorium followed further exchange restrictions announced over the last week-end and new indications
of a declining export trade. It is accepted here that
the British and French Governments will take
counter measures in order to provide payment to
their nationals who are holders of the German Government's external bonds. The Bank for International Settlements, as trustee for the Young plan
51 0 and agent for the trustees of the Dawes plan
/
7s, made a strenuous protest to Berlin against the
suspension of debt service on these loans. In its
notice of suspension to the B. I. S. the Reichsbank
indicated that full debt service will be maintained in
marks. A lengthy statement by the Reichsbank,
made for general publication, shows that the offer to
pay 3% funding bonds or scrip cashable at 40% of
face value in foreign currencies after a six months'
period also will be extended to holders of German
Government bonds.
Inclusion of the German Government external
loans in the moratorium is the only new feature of
the arrangement, since the debt adjustment imposed
by Dr. Schacht last month provided for an effective
moratorium on medium and long term external debts
for a period of six months. The Reich loans were
not included in the arrangement because the creditors' representatives declined to discuss them. Short
term debts and the standstill credits apparently will
be serviced without interruption. The suspension
of service on the Dawes and Young loans is a matter
of considerable international importance, since the
principal European nations are involved, in a sense.
The Dawes loan was an international flotation,
effected in the sum of 800,000,000 Reichsmarks in
1924,chiefly for the purpose of rehabilitating German
currency. The United States Government maintained its traditional aloofness, but the British,
French and other Governments requested their central banks to aid in the flotation and distribution
of the bonds, and a certain moral obligation thus is
seen. The Young loan of 1930 was in an effective
amount of $300,000,000 and this issue also was international. The American tranche of the Dawes 7s
was $110,000,000, while the issue here of the Young
5y was $98,250,000.
2s
Count Lutz Schwerin von Brosigk, Minister of
Finance in the Hitler regime, announced the complete suspension of interest and amortization on the
German Government loans "until further notice."
Dr. Hjalmar Schacht, as President of the Reichsbank, decreed at the same time a moratorium for the
final six months of this year on all debt service due
O
3996
Financial Chronicle
on medium and long term obligations of German
municipalities, corporations and banks. The suspensions in both cases relate only to transfers, since
mark deposits are to be made as formerly by the
debtors with the German Konversionskasse. The
Reichsbank statement contained a stringent denial of
current rumors that the mark will again be devalued.
Labeling such rumors as "irresponsible babble," Dr.
Schacht declared: "We will keep the German mark
stable and have the power to do so." Forced exports through devalued exchange would not be accepted quietly by other countries, he pointed out,
while Germans in such a case would have to pay
more for raw material imports and thus would lose
the presumed benefit. Lack of German exports and
the old problem of reparations are at the bottom of
the suspension, Dr. Schacht declared. "The transfer
problem of to-day is economically nothing but the
reparations problems of yesterday," he stated. "The
political origin of the transfer problem, however,
never prevented Germany from acknowledging fully
her contractual obligations toward the holders of
German bonds." Berlin estimates indicate that the
amount of foreign exchange Germany will save in
the next six months by reason of the transfer moratorium approximates 300,000,000 marks.
June 16 1934
against mutual trade which have effectively impaired
not only the foreign but also the domestic commerce
of all countries. The restoration of healthier trade
by the removal of mutual impediments will require
time and patience, but progress should be sure from
the beginning and should accelerate." George N.
Peek, special adviser to the President on foreign
trade, issued a report on Wednesday in which the
results of American foreign commerce over the last
38 years were summarized. Mr. Peek declared that
the "trend in our international trade has been cumulatively disadvantageous to us," because the goods
and services we furnished the rest of the world exceeded by $22,645,000,000 in the period the receipt
of goods and services from other countries. The
sum mentioned, as Mr.Peek admits, is now owed by
foreign Governments and their peoples to our own
Government and people. The actual foreign indebtedness is computed at $24,702,000,000, consisting of
$14,398,000,000 investments by United States citizens
in foreign countries, and $10,304,000,000 war loan
advances by the United States Government still outstanding, but an offset of $2,057,000,000 is provided
by foreign holdings of United States securities.
Disarmament Conference
PLE dissolution of the General Disarmament
Foreign Trade Policy
Conference again was avoided by the narrowest
RESIDENT ROOSEVELT signed on Tuesday of margins in discussions of the general commission
the new tariff bill whereunder the Executive of this gathering at Geneva over the last week-end.
receives wide powers to negotiate reciprocal trade After two weeks of acrimonious debates and exploraagreements with foreign nations and to change our tions of the wide gulfs between the European nations
tariffs up to 50% in the process. Enactment of this that plainly make disarmament all but impossible,
measure will make it possible to continue the nego- it was decided last Monday to appoint four subtiations with some eight or ten countries started by commissions to study as many different aspects of
Secretary of State Hull last year. An agreement armaments and security. The usual expedient of
with Colombia actually is ready and generally is postponement, which the general commission has
looked upon as the model for further reciprocal raised to a high art, once more was employed and it
agreements with other countries. The precise terms now appears likely that no further general sessions
of the arrangement with Colombia never have been will be held until next October. The sub-committee
made known, but it was indicated by Mr. Hull on are not expected to accomplish very much. It was
several occasions that the formula of the special the general impression in Geneva that the method
agreements is that of favorable changes in the Ameri- of delay pursued is designed to permit further
can import tariff on products which specific diplomatic conversations among the leading Eurocountries are best able to supply, in exchange for pean Powers, which will have the specific aim of inincreased imports by such countries of American ducing Germany to return to the Conference and
products. The Secretary of State also has declared perhaps to the League of Nations. This is rather in
on occasion that the proposed procedure will not accordance with British views, but the French precause any conflict with the most-favored-nation sented the resolution for the procedure, and it thus
principle that is embodied in almost all our exist- appears that British influence prevented a complete
ing trade treaties. Washington dispatches of Wed- rupture and possible steps by the French and
nesday state that an interdepartmental "tariff bar- Russians toward security pacts aimed specifically at
gaining policy committee" will be formed to direct Germany. Home Governments were consulted bethe negotiation of new reciprocal agreements. There fore the delegates at Geneva acted for postponement
will be two sub-committees to consider details of ar- and it seems quite possible that some decisions on
rangements and to conduct hearings for domestic high policy were made by the foremost European
business interests that might be affected by any pro- chancelleries in the final days of the Geneva meeting. Visits of State now being made in Europe, and
posed rate changes.
In a statement issued after he signed the new others that are projected, perhaps will afford some
measure, President Roosevelt described the act as clues to the real course of political affairs, of which
•one of "broad wisdom." The unprecedented shrink- the General Disarmament Conference is only a pale
age of world trade has been an important element in reflection.
The resolution prepared by the French and
the present world condition, he declared, and the
adopted on June 8 provides for continuance of the
new step should help to reverse the trend and aid
•recovery. "The use of the granted powers will re- Conference, but the actual date of resumption will
quire care to assure that each agreement makes a depend upon circumstances and the date is to be
real contribution to recovery," the President con- named by Arthur Henderson, the President. The
tinued. "Wise reciprocity between countries, each Bureau or Steering Committee is to take steps at
having regard to its own best interests, will be the proper time to insure that when the General Com-needed. Years have been spent in building barriers mission again is convened a draft disarmament con-
p
Volume I3P
Financial Chronicle
vention will be ready for consideration. Four problems were considered of peculiar importance and four
sub-commissions were designated to cope with them.
These groups were set up in the final meeting of the
General Commission on Monday. The first and probably most important is a security committee, composed of Europeans, with Nicolas Politis of Greece
as Chairman. This committee will study regional
pacts as a possible contribution to solution of the
problem of security. Although the British agreed to
serve on this body, they did so with the reservation
that Britain would enter into no new regional agreements. A second committee will study the question
of guarantees of execution of any pact that may result, as well as the work of supervision. Professor
Maurice Bourquin of Belgium was named chairman
of this group. An aerial committee, under Salvador
de Madariaga of Spain, will formulate conclusions
that air attacks on civilian populations should be
prohibited, that military aircraft should be limited
in number and restricted in characteristics, and that
civil aircraft should be regulated. A further committee on manufacture and trade in armaments,
headed by Harald Scavenius of Denmark, was instructed to proceed in the light of American statements made May 30, when Norman H. Davis proclaimed that not only the production of engines of
death but also the profits resulting therefrom must
be controlled.
3997
it is indicated. The visit to Bucharest will coincide
with an important meeting of the Ministers of the
Little Entente countries in that city. Foreign Minister Jeftitch of Yugoslavia arrived in Paris early
this week for a visit in which problems of mutual interest were discussed. Diplomacy, as one correspondent remarks, promises to be Europe's most active
industry this summer.
Russian Diplomacy
USSIAN diplomacy under the astute Maxim Litvinoff, Foreign Commissar of the Soviet regime, continues to make considerable strides in its
avowed aim of securing the Soviet Union against
attack by other States. Adopting an ancient expedient and one currently exemplified by the Little
Entente group in Europe, M. Litvinoff is reported
as forging mutual assistance pacts with clusters of
contiguous countries. These pacts are described in
a Geneva report by Frederick T. Birchall, special correspondent of the New York "Times," as in the
nature of concentric rings which interlock. The
first of these new arrangements apparently was
made early this year with the Little Entente states
of Czechoslovakia, Rumania and Yugoslavia, with
recognition of the Soviets by these countries naturally implied. Formal announcement of recognition
was withheld, however, until a propitious moment
might arrive, and the proper moment seems to have
been reached last Saturday, when Czechoslovakia
and Rumania announced resumption of ordinary
diplomatic relations with Moscow. It is assumed
that Yugoslavia soon will follow suit. A Balkan
entente now is rumored as having been formed by
Turkey, Rumania and Yugoslavia, and M. Litvinoff
is expected to formulate a mutual assistance pact
with this group.
There are persistent reports that France and
Russia may conclude an agreement of this nature,
obviously designed to maintain the present frontiers
in Europe and prevent any endeavor by Germany to
alter the territorial arrangements. Since the Little
Entente is under French domination, such reports
are not lightly to be discredited. Poland, which also
accepts advice from Paris on its foreign policy, is
said in some reports to be contemplating joint moves
with Russia for a series of Central European and
Baltic mutual assistance treaties. M. Litvinoff is
said to have indicated informally during his recent
stay at Geneva that a somewhat similar series of
pacts might be considered in the Far East, where a
check on Japanese territorial expansion is hoped for.
The Russian Minister stopped off at Berlin, Wed
nesd ay, on his return journey from Geneva to Moscow, and a report to the New York "Times" from
the German capital states that he offered to conclude
a mutual assistance pact with Berlin. Foreign Minister von Neurath's reply, however, is said to have
been "highly negative." Thus rebuffed, the dispatch
states, M.Litvinoff proceeded to let it be known that
in such a case Russia, unfortunately and much to her
regret, might find herself compelled to look around
for means of strengthening the treaties she had in
mind by supplementing them with military arrangements.
R
European Diplomatic Conversations
UMEROUS reports from European capitals have
indicated this week that the diplomatic scene
in the Old World will be enlivened this summer by
a series of visits, in which political leaders will endeavor to make bargains in direct conversations or
to resolve some of the numberless difficulties apparent at the present time. Peculiar interest attaches to a meeting between Chancellor Hitler of
Germany and Premier Mussolini of Italy, which was
started Thursday at the castle of Stra, midway between Venice and Padua. It is hardly to be doubted
that the German and Italian leaders decided to confer on the possibility of Germany's return to the
General Disarmament Conference and perhaps to
the League of Nations. Other problems of mutual
interest, such as the Austrian question, also are believed to have brought the two Fascist Premiers together. Foreign Minister Konstantin von Neurath
accompanied Herr Hitler to Italy for this conference, which probably will terminate to-day or tomorrow. Efforts were made in both countries to
Jeep the meeting secret, but admission finally was
made officially on Wednesday that it would take
place.
On the invitation of Premier Mussolini, Foreign
Minister Louis Barthou of France will visit Italy
for a conference with the Italian Premier before long.
It was disclosed in Paris last Saturday that the invitation had been received and that M. Barthou will
accept. Some weeks probably will elapse, however,
before the French Minister departs for Italy, as he
has a number of other visits scheduled. In a Paris
dispatch to the Associated Press it is remarked that
M. Barthou will visit London in the course of the
next few weeks, while invitations also have been acChaco Arms Embargo
cepted for visits to Bucharest, the Rumanian capital,
HERE seems to be a good likelihood that the
and to Belgrade, in Yugoslavia. Only after such
earnest endeavor of the British and American
journeys are concluded is M. Barthou likely to visit
Italy for the proposed conversations with Ii Duce, Governments to halt the Chaco war between Para-
N
T
3998
Financial Chronicle
June 16 1934
guay and Bolivia by means of an international arms with 48.74% a week ago and 47.21%
last year.
embargo will go down into the limbo of forgotten Loans on Government securities rose
£3,665,000
things. The American embargo imposed by Presi- and those on other securities decreased £281,391.
dent Roosevelt is, of course, effective, but no other The latter consist of discounts and advances,
which
country has taken similar steps. Instead, the ac- fell off £386,399, and securities, which increased
tion is being made contingent everywhere upon £105,000. The rate of discount remains 2%.
Beevents that are extremely difficult to bring about low we show a comparison of the different items
for
and the reservations cast much doubt upon the good five years:
faith of some of the Governments concerned. The
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
Chaco committee of the League of Nations issued a
June 13
June 14
June 15
June 17
June 18
1934.
1933.
1932.
1931.
1930.
statement last Saturday to the effect that ten na£
£
£
£
£
tions, among them France, Italy, Belgium, Poland Circulation_
378,572,000 375,021,029 357,425,646 352,265,813 359,247,209
deposits
21,018,000 11.611,297 20.567,650 15,017,431 16,577,610
and Czechoslovakia, have made their acceptance of Publicdeposits
Other
132,870,008 143,477,651 121,532,965 105,126,756
Bankers'accounts- 97,004,895 104,802,420 87,546,253 71,445,689 94,018,787
the arms embargo proposal dependent upon German
Other accounts_ -- 35.865,113 38,675,231 33,986,712 33.681,067 58,331,534
35,687,253
Govt.securities
81,445.807 75.408,503 68,774,656 30,845,906 46.475,547
and Japanese adoption of the plan. Germany had Other securities
16,768,180 24,322,947 38,401,756 37,439,253 23,739,444
Dint.& advances_ 5,741,934 12,961.256 12,690,490 9,395,435 7.098,791
already submitted an informal reply of acceptance
Securities
11,026,246 11,361,691 25,711,266 28,043,818 16.640.653
Reserve notes az
73,559,000 73,225,427 52,794,285 69,720,990 58,242,318
through Prentiss B. Gilbert, the American Consul Coln and bullion coin 192,130,301 188,246,456 135,219,931 161,986,803 157,489,527
Proportion of reserve
to
in Geneva, but .
the need for a formal reply was Bankliabilities
47.79%
47.21%
37.15%
58.03%
52.66%
rate
2%
2%
234%
235%
3%
stressed by the French and their satellite states. The
Bank of France Statement
Japanese made it known that they never had exported arms to Bolivia or Paraguay, but would reHE Bank of France weekly statement dated
fuse to give any formal undertaking to the League
June 8 reveals another increase in gold holdings,
since that would imply taking part in League ac- the advance this time being 368,013,552 francs.
tivities. Thus, the purely technical point that Ger- Gold holdings now total 78,645,114,195 francs, in
many and Japan have resigned from the League ap- comparison with 81,105,942,264 francs a year ago
parently is being used to defeat the whole project. and 80,974,192,885 francs the year before. French
The Bolivian Government made a formal protest commercial bills discounted and creditor current
early this month against the American embargo, but accounts record increases of 251,000,000 francs and
Secretary of State Cordell Hull replied Wednesday 1,017,000,000 francs, while bills bought abroad and
that the embargo would continue,so far as the United advances against securities register decreases of
States is concerned.
1,000,000 francs and 32,000,000 francs, respectively.
Notes in circulation show a contraction of 778,000,000
Discount Rates of Foreign Central Banks
francs, bringing the total of notes outstanding down
HERE have been no changes the present week to 80,788,301,710 francs.
Circulation last year
in the discount rates of any of the foreign aggregated 83,780,762,040 francs and
the previous
central banks. Present rates at the leading centers year 81,737,376,580 francs. The
Bank's ratio stands
are shown in the table which follows:
now at 79.16%, which compares with 78.12% a year
DISCOUNT RATES OF' FOREIGN CENTRAL BANKS.
ago and 74.37% two years ago. Below we furnish
PreRate In
Rate in
Prea comparison of the various items for three years:
Country. Effect
Motu
Date
Country. Effect
Date
oious
BANK OF FRANCE'S COMPARATIVE STATEMENT.
June15 Established. Rate.
June15 Established. Rate.
T
T
Austria__
Belgium.__
Bulgaria...
Chile
Colombia..
Czechoslo-.•akia
Danzig....
Denmark. _
England
.
Estonia
Finland
France_
Germany.
.
Greece
5
3
7
434
4
Mar. 23 1933
Apr. 25 1934
Jan. .3 1934
Aug. 23 1932
July 18 1933
6
334
8
534
5
334
4
234
2
534
434
234
4
7
91.4
Jan. 25 1933
July 12 1932
Nov. 29 1933
June 30 1932
Jan. 29 1932
Dec. 20 1933
May 31 1934
Sept.30 1932
Oct. 13 1933
qont la 1933
434
5
3
234
6%
5
3
5
7%
3
Hungary—
India
Ireland__
Italy
Japan
Java
Lithuania_
Norway.
...
Poland._
Portugal._
.
Rumania.
.
South Africa
Spain
Sweden.._.
Switzerland
4%
3%
3
3
3.65
4%
6
3%
5
5%
6
4
6
234
2
Oct. 17 1932 5
Feb. 16 1933 4
June 30 1932 3%
Dec. 11 1933 3%
July 3 1933 4.38
Aug. 16 1933 5
Jan. 2 1934 7
May 23 1933 4
Oct. 25 1933 6
Dec. 8 1933 8
Apr. 7 1933 6
Feb. 21 1933 7
Oct. 22 1932 534
Dec. 1 1933 3
Jan. 22 1931
Si
Foreign Money Rates
TN LONDON open market discounts for short bills
A
7
I on Friday were 4%, as against 7 % on Friday
of last week and /@15-16% for three months' bills,
A
as against 7 @15-16% on Friday of last week.
Money on call in London yesterday was 4%. At
3
Paris the open market rate remains at 2/%, and
in Switzerland at VA%
Bank of England Statement
HE Bank of England statement for the week
ended June 13 shows an increase of £27,985 in
bullion, raising the total to £192,130,301 as compared
with £188,246,456 last year and only £135,219,931
two years ago. As the gain in gold was attended by
a contraction of £314,000 in circulation, reserves rose
£342,000. Public deposits increased £4,765,000,
while other deposits fell off £1\979,684. Of the
latter amount, £987,532 was from bankers' accounts
and £92,152 from other accounts. The proportion
of reserves to liabilities is at 47.79% in comparison
T
Chances
for Week.
June 8 1934. June 9 1933.
June 10 1932.
Francs.
Francs.
Francs.
Francs.
Gold holdings
+308.013,552 78,645,114,195 81,105,942,264 80,974,192,885
Credit bait, abroad_
No change
14.593,242 2,534,090,222 5,007,611,591
a French commercial
bills discounted
+251.000,000 4,284,438,653 3
,060,788,527
b rims bought abed
—1,000,000 1,123.941,757 1.413.317,153 3,258,275.496
3,334,950,257
Adv. against secure.
--32,000,000 3,138,242,722 2
,708,698,021 2,765,721,774
Note circulation.... —778,000,000 80,788,301,710 83
Credit, current accts +1,017,000,000 18,564.523,910 ,780,762,040 81,737,376,880
20.047.098,959 27,146,625,007
Proport'n of gold on
hand to sight liab_
+0.18%
79.16%
78.120
4
74.37%
a Includes bills purchased In France. b Includes bills
discounted abroad.
Bank of Germany Statement
The Bank of Germany in its statement for the first
quarter of June reveals a further decline in gold and
bullion, the current loss amounting to 18,969,000
marks. The Bank's gold which is now down to
111,135,000 marks, compares with 351,241,000 marks
a year ago and 848,421,000 marks two years ago.
Reserve in foreign currency, notes on other German
banks, and investments record increases of 3,697,000
marks, 4,913,000 marks and 2,378,000 marks, respectively. Notes in circulation show a decrease of
127,523,000 marks, bringing the total of the item
down to 3,507,853,000 marks. Circulation last year
stood at 3,372,600,000 marks and the year before
at 3,889,407,000 marks. The proportion of gold
and foreign currency to note circulation is now at
the low level of 3.4%, in comparison with 12.9%
last year and 25.4% the previous year. A decrease
'appears in bills of exchange and checks of 65,708,000
marks, in silver and other coin of 14,068,000 marks,
in advances of 45,244,000 marks, in other assets of
Volume 138
3999
Financial Chronicle
38,475,000 marks, in other daily maturing obliga- $5,221,000 to $5,201,000. Their holdings of actions of 13,854,000 marks and in other liabilities of ceptances for foreign correspondents also decreased
1,963,000 marks. Below we furnish a comparison from $2,447,000 to $2,093,000. Open market rates
for acceptances are nominal in so far as the dealers
of the different items for three years:
are concerned, as they continue to fix their own
REICHSBANK'S COMPARATIVE STATEMENT.
rates. The nominal rates for open market acceptChanges
June 71934. June 7 1933. June 71932.
for Week.
ances are as follows:
ASSEISRetchsmarks, Retchsmarks. Reichsmarks. Reichsmarks.
Gold and bullion
-18,969,000 111,135,000 351,241,000 848,421,000
Of which depos. abroad
80,254,000
51,583,000
32,059,000
No change
Reserve in foreign curr_
84,408,000 138,163,000
9 423 000
+3.697,000
Bills of each, and checks
:
-65,708000 3.122;101 000 3,124.330,000 3,037,693.000
Silver and other coin_
-14,068,000 214,222.000 238,658,000 236,412,000
Notes on other Ger. bks.
5,686,000
6,925,000
9,561.000
+4,913,000
Advances
74,435,000 129,239,000
79.299,000
-45.244,000
Investments
+2,378,000 845,391,000 320,223,000 364,427,000
Other assets
-38,475,000 588,238,000 332,254,000 758,997,000
Liabilities
Notes in circulation
-127.523,000 3 507 853,000 3,372,600,000 3,889,407,000
Other daily matur.oblig
523:825,000 375,568,000 357,522,000
-13,854.000 '
Other liabilities
-1,963,000 168,623,000 161,155,000 704,683,000
Propor. of gold di for'n
curr. to note circul'n_
25.4%
12.9%
3.4%,
-03sz,
New York Money Market
EALINGS in the New York money market this
week reflected no change from the exaggerated
condition of ease produced by the official easy money
policy. Lack of a general demand for commercial
accommodation is forcing ever larger accumulations
of available short-term Treasury paper and active
bidding for the relatively modest.amounts of short
State and city obligations. The latter are reaching
levels heretofore unknown, the city of New York
having sold this week an issue of $3,000,000 two
months' obligations at an annual interest rate of
only 34 of 1%, while the State of Rhode Island sold
/
$750,000 similarly short instrumenuts at a rate of
only 0.11%. Call loans on the New York Stock
Exchange were again 1% for all transactions,
whether new loans or renewals. In the unofficial
"Street" market, such loans were reported done
every day at 34 of 1%. Time loans remained at the
/
former range of 34
/
(0)1%. Bankers' acceptances and
commercial paper were in keen demand, but small
supply. The total of brokers' loans, reported for the
week to Wednesday night by the Federal Reserve
Bank of New York, advanced $14,000,000 to an
aggregate of $1,011,000,000.
D
New York Money Rates
EALING in detail with call loan rates on the
Stock Exchange from day to day, 1% remained
ruling quotation all through the week for both
the
new loans and renewals. The market for time money
has been practically without movement this week,
as no transactions have been reported. Rates are
nominal at Y
4@1% for two to five months, and 1@,
13.j% for six months. The market for prime commercial paper has maintained a fairly steady pace
throughout the week. Paper has been in good supply and the demand has been fairly strong. Rates
3
are 4% for extra choice names running from four
to six months and 1@13.j% for names less known.
D
Bankers' Acceptances
HE market for prime bankers' acceptances has
been extremely dull this week, as little interest
has been displayed in this class of accommodation.
Rates are unchanged. Quotations of the American
Acceptance Council for bills up to and including 90
days are Yi.% bid and 3-16% asked; for four months,
NA bid and Yi.% asked; for five and six months,
bid and %% asked. The bill buying rate of
the New York Reserve Bank is Y% for bills running
from 1 to 90 days, and proportionately higher for
longer maturities. The Federal Reserve banks' holdings of acceptances decreased during the week from
T
SPOT DELIVERY.
-180 Days- -150 Dolls- -120 Days
Asked.
Bid.
Asked. Bid.
Bid.
Asked.
Prime eligible bills
-90 Days- -60 Days- -30 Days
Bid. Asked.
Bid. Asked.
Bid. Asked.
Prime eligible bills
M
'le
g
34
FOR DELIVERY WITHIN THIRTY DAYS.
34% bid
Eligible member banks
Eligible non-member banks
34% bid
Discount Rates of the Federal Reserve Banks
HERE have been no changes this week in the
rediscount rates of the Federal Reserve banks.
The following is the schedule of rates now in effect
for the various classes of paper at the different
Reserve banks:
T
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Effect on
June 15.
2
114
234
3
3
214
214
3
a
3
2
Date
Established.
Previous
Rate.
Feb. 8 1934
Feb. 2 1934
Nov. 18 1933
Feb. 3 1934
Feb. 9 1934
Feb. 10 1934
Oct. 21 1933
Feb. 8 1934
Mar. 16 1934
Feb. 9 1934
Feb. 8 1934
Feb. 16 1934
214
2
214
334
314
3
3
334
314
314
214
Course of Sterling Exchange
TERLING exchange has ruled this week on average
slightly lower than last week, but fluctuations
have been narrower and trading has been on the whole
more active not only in sterling but in the other major
foreign exchanges. Bankers reported frequent evidence of activity in the market on the part of the
British Exchange Equalization Fund operating almost exclusively in London and Paris. However,
sterling has been weaker in terms of French francs
than has ever before been known. The range for
sterling this week has been between $5.033 and
4
$5.065 for bankers' sight bills, compared with a
4
/
range of between $5.033 and 35.0734 last week.
The range for cable transfers has been between
$5.03 8 and $5.063 , compared with a range of
4
between $5.033 and $5.074 a week ago.
A
The following tables give the mean London check
rate on Paris from day to day, the London open
market gold price and the price paid for gold by the
United States:
S
MEAN LONDON CHECK RATE ON PARIS.
Saturday, June 9
76.562 I Wednesday, June 13
Monday, June 11
76.50 I Thursday, June 14
Tuesday, June 12
76.495 I Friday,
June 15
76.343
76.36
76.43
LONDON OPEN MARKET GOLD PRICE.
Saturday, June 9
137s. 814(1. I Wednesday,June 13_ __1388.
Monday, June 11
137s. 9eid. I Thursday, June 14_ _ _137s.834d.
Tuesday, June 12
1378. 74d. I Friday,
June 15_ _ _137s.830.
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK).
Saturday, June 9
35.00 I Wednesday,June 13
35.00
Monday, June 11
35.00 I Thursday, June 14
35.00
Tuesday, June 12
35.00 I Friday,
June 15
35.00
On Wednesday morning according to Paris dispatches the franc-sterling rate touched the historic
low of 76.30 francs to the pound. In commenting on
this occurrence at the time, well informed European
opinion stated that apparently the British control
had relaxed its defense of sterling in Paris on the
ground that within certain limits more was to be
gained by the depreciation of sterling against dollars
than was to be lost by a concomitant depreciation of
sterling in terms of francs. Throughout the week
4000
Financial Chronicle
and for an even longer period a strong European
demand for dollars appears to have been concentrated in London far in excess of the supply, due
largely to the fact that the balance of payments is
strongly in favor of the United States. This affords
an explanation of the strength of the dollar. The
demand for dollars bearing against the pound arises
in part from the heavy European imports of American
raw materials which followed upon the devaluation
of the dollar. The full effect of these due payments
became apparent a few weeks ago and it is believed
that they will soon subside and that trade will take
a more normal course. In the past under stabilized
exchange the dollar was usually depressed in terms
of sterling and the major European currencies from
the middle of January until the approach of autumn.
Formerly, likewise, sterling and the Continental
Exchanges were under the favorable influences
arising from heavy American tourist requirements.
At the present juncture the tourist demand for exchange is so light as to be practically negligible.
The American export of capital has ceased so that
there is no support for the European exchanges
from this source. On the other hand there can be
no doubt that there has been some repatriation of
American capital from London and the European
centers, stimulated more or less by the disturbed
political and monetary situation in various parts of
Europe. According to London advices both the
British and the United States exchange funds have
been operating freely for the past few weeks, the
former devoting its attention to francs and the
United States fund concentrating on dollars. The
British fund according to London bankers has sold
francs heavily, while the United States representatives have been large scale sellers of dollars. The
United States operations are said to involve heavy
gold purchases in London and the British fund is
presumably selling gold to the Bank of France.
However, the operations of both funds are conducted
with such secrecy that at best market opinion is
virtually nothing more than conjecture.
The German moratorium had practically no effect
on sterling or other foreign exchanges, as this action
has been expected for some weeks. Great Britain
buys more from Germany than she sells. It is expected that the British Government will use diplomatic pressure to have the moratorium suspended
so far as the Dawes and Young loans are concerned,
but that if this effort is unsuccessful, exchange
clearing will be imposed with respect to these two
loans after July 1. The market has been of the
opinion for several weeks that German interests
having claims on London are instructing their British
correspondents to hold their funds for them on balance
in London. How far this can be done successfully in
view of the severity of the Reichsbank restrictions
is problematical.
The flow of French and Continental funds from
London to Paris continues apparently unabated,
although according to well informed opinion in
London the French balances have now been drawn
down to limits consistent only with ordinary business
requirements. As stated here frequently, the London
bankers do not look with disfavor on these withdrawals, as for the most part the funds came to
London seeking safety during the political unrest in
France early in the year and have been regarded as in
the nature of "nuisance" money, a source of market
disturbance because subject to sudden withdrawal.
June 16 1934
Apart from this movement to Paris, funds flow to
London steadily from many parts of the world because
of the great confidence reposed in London as a safe
repository. The abundance of funds continues to be
reflected in money rates, which despite slight variations from day to day continue practically unchanged
for the past year or more. Call money against bills
is comfortable at 4%; two-months' bills at 7 %;
3
A
three-months' bills at"
M% to 15-16%;four-months'
bills at 15-16%, and six-months' bills, 1%.
Despite the fact that American interests have been
bidding up the price of gold in the London open
market, the major part of the metal disposed of this
week seems to have been taken for unknown destinations. Much of this gold is believed to have been
shipped to France, but doubtless a considerable part
was taken by other European interests, of which a
large part was left on deposit with the great London
banks. On Saturday there was available £248,000;
on Monday, £237,000; on Tuesday, £512,000; on
Wednesday, £326,000, all taken for "unknown"
destination. On Thursday £1,250,000 available was
taken for American account and on Friday £372,000
available was believed to have been taken for American account. On Tuesday the. Bank of England
bought £1,635 in gold bars.
The Bank of England statement for the week
ended June 13 shows an increase in gold holdings of
£28,000, the total standing at £192,130,301, which
compares with £188,246,456 a year ago and with the
minimum of £150,000,000 recommended by the Cunliffe committee. At the Port of New York the gold
movement for the week ended June 13, as reported
by the Federal Reserve Bank of New York, consisted of imports of $25,463,000, of which $12,913,000
came from England, $8,890,000 from France, $2,212,000 from Mexico, $1,319,000 from India, and
$129,000 from Holland. There were no gold exports. The Reserve Bank reported a decrease of
$476,000 in gold earmarked for foreign account. In
tabular form the gold movement at the Port of New
York for the week ended June 13, as reported by the
Federal Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEW YORK, JUNE 7
.
-JUNE 13, INCL
Imports.
Exports.
$12,913,000 from England
8,890,000 from France
2,212,000 from Mexico
None
1,319,000 from India
129,000 from Holland
$25,463,000 total
Net Change in Gold Earmarked for Foreign Account.
Decrease: $476,000.
We have been notified that approximately $814,000 of gold was received
from China at San Francisco.
The above figures are for the week ended Wednesday evening. On Thursday, $4,929,600 of gold was
received of which $3,253,600 came from England
and $1,676,000 came from Canada. There were no
exports of gold or change in gold held earmarked
for foreign account. On Friday there were no imports on exports of gold or change in gold held earmarked for foreign account. There were no reports
on Thursday or Friday of gold having been received
at any of the Pacific ports.
Canadian exchange continues at a slight premium
in terms of United States dollars. On Saturday last
Montreal funds were at a premium of %%,on Monday at from 11-16% to 13-16%, on Tuesday at from
3
4% to 4%,on Wednesday at from %% to 15-16%,
7
on Thursday at from Y to 15-16%, and on Friday
i%
at 11-16% to 11-16%.
Volume 138
Referring to day to day rates, sterling exchange
on Saturday last was steady in a dull half-day session.
Bankers' sight was $5.06 5-16@$5.06%; cable transfers, $5.06%@$5.06%. On Monday sterling continued steady but with a slightly easier tone. The
range was $5.05%@$5.063/ for bankers' sight and
$5.05%@$5.063 for cable transfers. On Tuesday
the pound was steady. Bankers' sight was $5.05@
/
$5.05%; cable transfers, $5.054@$5.057 3. On
Wednesday weakness continued to develop. The
range was $5.039@$5.04% for bankers' sight and
$5.03%@$5.05 for cable transfers. On Thursday
exchange was steady. The range was $5.04%@
$5.053 for bankers' sight and $5.04%@$5.05% for
cable transfers. On Friday sterling was steady, the
range was $5.04%@$5.05A for bankers' sjght and
$5.043/2@$5.0534. for cable transfers. Closing quotations on Friday were $5.04% for demand and
$5.053/ for cable transfers. Commercial sight bills
finished at $5.04 8; 60-day bills at $5.04; 90-day bills
at $ .
5 033/2; documents for payment (60 days) at
$5.04, and seven-day grain bills at $5.05 1-16. Cotton
4
and grain for payment closed at $5.047 .
Continental and Other Foreign Exchanges
XCHANGE on the Continental countries presents mixed trends. The United States dollar
continues firm against all other currencies, but the
Continental exchanges are, with the exception of
German marks, slightly firmer than last week. The
French franc has been ruling at levels which make it
impractical to import gold from Paris to New York
on an exchange basis. The present shipment of
approximately $9,000,000, which the Federal Reserve
Bank reports as having been received during the week
from France, was engaged a few weeks ago when for
a short period the franc dipped below the gold export
point from Paris. As it is, the franc was not sufficiently below the gold point for long enough to make
the shipments profitable. The franc continues to
show great buoyancy. Money continues to emerge
rapidly out of hoarding and to find its way into the
Bank of France. According to Paris dispatches the
weakness of the pound in terms of francs is evidently
caused by the return flow of capital from London to
Paris, which has again become a refuge from the
instability of the other exchanges since the franc's
soundness has been placed beyond dispute. The fact
that such transfers of French capital are now effected
only in the form of gold shipments, which were formerly exceptional, proves according to Paris bankers
to what extent the failure to stabilize the two chief
exchanges, the dollar and the pound, has disorganized
the machinery of international settlements, in which
credit plays the principal role. Paris expects that
gold will probably continue to flow in greater or lesser
amounts to the Bank of France for some time. The
Bank of France statement for the week ended June
8 shows an increase in gold holdings of 368,013,552
francs. This makes the 14th successive weekly
increase in gold holdings of the bank, bringing the
aggregate for the period to 4,716,914,749 francs.
The bank's total gold holdings are 78,645,114,195
francs, which compares with 81,105,942,264 francs
a year ago and with 28,935,000,000 francs when the
unit was stabilized in June 1928. The bank's ratio
is at the high point of 79.16%,compared with 78.98%
on June 1, with 78.12% a year ago, and with legal
requirement of 35%.
E
4001
Financial Chronicle
German marks naturally show great weakness because of the new moratorium. Extensive items covering the new moratorium on German loans will be
found in our news columns. The moratorium has
been long expected. The weakness of the mark during the past few weeks has given rise to reports that
the mark will soon be devalued. Responsible banking opinion, however, seems to be that the German
Government will hardly decide to declare officially
another currency bankruptcy. In practice such action would not alter the existing situation, because
by reason of the non-payment of commercial debts
and the severe restrictions placed on exchange transactions, the theoretical value of the mark in relation
to gold is purely illusory. In this connection reference should be made to the communique of the Reichsbank affecting the situation, which will be found in
our news columns.
The following table shows the relation of the leading currencies still on gold to the United States
dollar:
France (franc)
Belgium (beige)
Italy (lira)
Germany (mark)
Switzerland (franc)
Holland (guilder)
Old Dollar New Dollar
Parity.
Parity.
6.63
3.92
23.54
13.90
8.91
5.26
40.33
23.82
32.67
19.30
68.06
40.20
Range
This Week.
6.60% to 6.623
23.37 to 23.44
8.60i to 8.67M
37.97 to 38.75
32.47 to 32.59
67.80 to 68.04
The London check rate on Paris closed on Friday
at 76.43, against 76.53 on Friday of last week. In
New York sight bills on the French center finished
on Friday at 6.60%, against 6.613 . on Friday of
2
A
last week; cable transfers at 6.603 , against 6.613/,
and commercial sight bills at 6.58, against 6.59.
Antwerp belgas finished at 23.39 for bankers' sight
bills and at 23.40 for cable transfers, against 23.43
and 23.44. Final quotations for Berlin marks were
38.18 for bankers' sight bills and 38.19 for cable
transfers,in comparison with 38.74 and 38.75. Italian
lire closed at 8.60 for bankers' sight bills and at
2
8.603/ for cable transfers, against 8.66% and 8.67.
Austrian schillings closed at 18.95, against 19.00;
4
exchange on Czechoslovakia at 4.163 , against
2
4.173/; on Bucharest at 1.013', against 1.01; on
Poland at 18.93, against 18.95, and on Finland at
/
2.231 , against 2.25. Greek exchange closed at
4
0.94% for bankers' sight bills and at 0.943 for
4
cable transfers, against 0.943 and 0.943 .
XCHANGE on the countries neutral during the
war follows pretty much the same trends as in
recent weeks. The Scandinavian exchanges, of
course, follow the swings in sterling to which they are
closely allied. Swiss francs and Holland guilders are
slightly firmer than last week. Both these units were
close to new dollar parity on several occasions in the
past few days. The guilder is the strongest -of the
neutrals. Both Zurich and Amsterdam, especially
the latter, are reported to have been heavy sellers
of marks throughout the past month. In some
quarters it has been surmised that the guilder will be
seriously affected by the unfavorable turn in the
German foreign debts situation. Amsterdam authorities assert that the German situation cannot affect
Holland. A certain loss would be suffered by Dutch
credits in Germany but the total has been cut to a
very small figure in recent weeks, it is said. The total
of German assets held by Dutch banks is not believed
to be large enough to offer a serious problem. The
harm to the German market for Dutch goods, it is
pointed out, already has been done through the use
E
4002
Financial Chronicle
of depreciated forms of marks. Holland is a much
more important market for German goods than
Germany is for Dutch products. Funds are in great
abundance in Holland and Dutch capital continues
to be repatriated from foreign centers. There is no
danger of a flight of domestic capital from Holland.
The Netherlands Bank now has gold reserves in
excess of 805,000,000 guilders against note circulation of slightly over 900,000,000 guilders. Holland
feels that it will be justified in setting up a clearing
system by which imports of German goods would be
limited to the extent of furnishing Germany with
guilder exchange sufficient only to pay for imports
from Holland and debt service in Holland. The
Dutch Government continues in its determination
to maintain the gold standard and is firm against
any form of deflation or devaluation. The Netherlands Bank in a recent report asserts that international trade has been further reduced since the
failure of the London world economic conference.
The report warns against devaluation and asserts
that tl'e formation of the bloc of gold standard
countries is of the utmost importance.
Bankers' sight on Amsterdam finished on Friday
at 67.83, against 67.94 on Friday of last week; cable
transfers at 67.84, against 67.95, and commercial
sight bills at 67.80, against 67.91. Swiss francs
closed at 32.49 for checks and at 32.50 for cable
transfers, against 32.55 and 32.56. Copenhagen
checks finished at 22.55 and cable transfers at 22.56,
against 22.61 and 22.62. Checks on Sweden closed
at 26.03 and cable transfers at 26.04, against 26.10
and 26.11; while checks on Norway finished at 25.36
and cable transfers at 25.37, against 25.43 and 25.44.
Spanish pesetas closed at 13.693/ for bankers' sight
bills and at 13.70 for cable transfers, against 13.71
.
2
and 13.713/
June 16 1934
a rise in the price of silver would eventually force
China off the silver standard. "The principal factor
now," Sir Arthur says, "is the United States silver
policy. It seems important, therefore, that China
(whose real interest in silver is overwhelmingly
greater than that of any other nation) should make
her position clear to the government of that country
[United States]."
Closing quotations for yen checks yesterday were
30, against 30.07 on Friday of last week. Hong Kong
elosed at 36/@36 13-16, against 36 9-16@36 11-16;
Shanghai at 333.@33 5-16, against 33%@33 3-16
Manila at 49.80, against 49.80; Singapore at 593,
5
against 59/s; Bombay at 38, against 38.10, and
Calcutta at 38, against 38.10.
Foreign Exchange Rates
URSUANT to the requirements of Section 522
I
of the Tariff Act of 1922, the Federal Reserve
Bank is now certifying daily to the Secretary of the
Treasury the buying rate for cable transfers in the
different countries of the world. We give below a
record for the week just passed:
P
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922:
JUNE 9 1934 TO JUNE 15, INCLUSIVE.
Country and Monetary
Noon Buying Rate for Cable Transfrre in New York.
Value in Untied Stales Monett.
June 9. June 11. June 12. June 13.1 June 14. June 15.
S
$
$
S
EUROPE$
$
.189341* .189500* .189260* .188641* .188875* .188758*
Austria,schilling
.234100 .234076 .233869 .233641 .233°88 .233646
Belgium, belga
.012625* .012500* .012500* .012500* .012500* .012500*
Bulgaria, lev
Czechoslovakia. krone .041737 .041728 .041696 .041643 .041664 .041640
.226100 .225881 .225683 .224861 .225283 .225353
Denmark, krone
England, pound
5.065250 5.056250 5.054583 5.038416 5.047250 5.047833
sterling
.022400 .022380 .022350 .022280 .022280 .022275
Finland, markka
.066200 .066189 .066089 .066042 .066063 .066028
France, franc
Germany. reichsmark .386518 .385541 .380014 .380221 .380242 .381269
.009481 .009470 .009472 .009450 .009445 .009452
Greece. drachma
.680053 .679700 .679392 .679000 .678771 .677935
Holland, guilder
.297833* .298000* .297666* .297666* .297666* .297666*
Hungary, pengo
.086686 .086343 .086141 .086047 .086111 .086021
Italy, Ilm
254391 .254050 .253983 .252976 .253500 .253541
Norway, krone
189300 .189533 .189066 .188933 .188933 .188966
Poland, zloty
Portugal, escudo
.046417 .046405 .046310 .046240 .046230 .046270
.010018 .010008 .010050 .010012 .010012 .010025
Rumania.leu
.137164 .137139 .136992 .136875 .136926 .136817
Spain, peseta
.261075 .260625 .260608 .259623 .260175 .260215
Sweden, krona
Switzerland, franc._ .325635 .325310 .325153 .324871 .325060 .324739
.022706 .022775 .022708 .022716 .022716 .022716
Yugoslavia, dinar
ASIAChinaChefoo (yuan) dol'r .329791 .329166 .328333 .328333 .330416 .329583
Hankow(yuan) dol'r .329791 .329166 .328333 .328333 .330416 .329583
Shanghla(yuan)der .329062 .328750 .327812 .328125 .330000 .329531
Tientsin(yuan)dol'r .329791 .329166 .328333 .328333 .330416 .329583
.363125 .362500 .360625 .360937 .362812 .363437
Hongkong, dollar
.380300 .379510 .379310 .378220 .378825 .378965
India, rupee
Japan. yen
300495 .299540 .299310 .298725 .298925 .299210
Singapore (5. 5.) dol'r .594125 .593125 .592500 .589375 .591625 .591875
AUSTRALASIA
.
4.037187*4
.029375*4 026875* 4.014062*4.021562* 4.020312*
Australia, pound
•4.041250*4.038760*4.025625*4.038125*4.031875*
New Zealand, pound_ 4.C48750
AFRICA
0
.
South Africa, pound_.5.005000*5.0 0250*4 997500* 4.979500*4.993500•4.992000*
NORTH AMER.
1.007500 1.006692 1.007630 1.009427 1.007812 1.008494
Uanada, dollar
.999800 .999800 1.000200 .999800 .999750 .999600
..uba, peso
.277500 .277500 .277500 .277500 .277500
Mexico, peso (silver). .
Newfoundland, dollar 1.005062 1.004187 1.005312 1.007000 1.005375 1.006062
SOUTH AMER.
.337733* .337100* .336933* .335866* .336466* .336633*
Argentina, peso
Brazil, milreis.....- .085325 .085325* .085325* .085262* .084650• .084650*
.102625 .102225° .102225* .102025* .102125* .102125*
Uhlle, peso
.806583* .806083* .805583* .804066* .804500* 804166*
Uruguay, peso
I .576400* .573100* .571400* .555600* .
Uolombia, pax°
.591700*
XCHANGE on the South American countries
shows no new features.. The official exchange
controls in the Southern capitals shape their policies
very largely with reference to the course of sterling.
The official quotations for these units are, of course,
nominal and show very little change from week to
week but the tendency to enlarge the scope of the
"free" or "unofficial" foreign exchange dealings continues. While exchange on Buenos Aires is nominally steady around 3332 to 34 the "unofficial" or
free rate has fluctuated this week between 24.40 and
25.25.
Argentine paper pesos closed on Friday nominally
at 33.67 for bankers' sight bills, against 339.' on
•Nominal rates: firm rates not available.
Friday of last week; cable transfers at 34, against 34.
Brazilian milreis are nominally quoted 8.42 for
Gold Bullion in European Banks
bank6rs'sight bills and 83/ for cable transfers, against
HE following table indicates the amount of gold
/. Chilean exchange is nominally quoted
83/ and 81
bullion in the principal European banks as of
/,
4,
101 against 103. Peru is nominal at 233 against
June 14 1934, together with comparisons as of the
22.80.
corresponding dates in the previous four years:
XCHANGE on the Far Eastern countries presents Banks of- 1934.
1932.
1933.
1931.
1930.
no new feature of importance. The Indian
Z
Z
Z
Z
Z
157,489,527
192,130.301 188,246,458 135,219,931 161,986,803
rupee, of course, follows sterling to which it is legally England...- 829,160,913 648.847,538 647,793,543 449,107,961 351,199,884
France a_ __
Germany
18,697,800
36,742,000
3,953,800
77,890,650
affixed. The Japanese exchange control is also Spain b. 90,517,000 90,377,000 90,150,000 96,962,000 123,449,950
98,832,000
56,301.00
0
70,606,000
60,905,000
57,461,000
73,983.000
strongly influenced by the course of sterling. The Italy
35,995,00
0
37,498.000
Netherlands
88,273,000
71,536,000
80,572,000
34,281,000
Nat.Belg'm
77,107,000
76,322,000
72,666,000 41,350,000
Chinese units are relatively steady, influenced almost Switzerland. 61,218,000 70,450,000 80,463,000 27,207,000 23,155.000
13,500,000
13,296,000
11,444.000
15,127,000
12,031,000
exclusively by the trend of world-silver prices. Sir Sweden
9,570,00
0
9,551,000
Denmark._
7,397,000
8,032,000
7,397,000
8,144,000
Norway_ _ _
8,132,000
6,581,000
6,577,000
6,589,000
Arthur Salter, who has spent some months in China
Total week- 1,225,442.014 1.259,079,794 1,230,548,474 980,448,414 911,917,361
as adviser to its National Economic Council, in a Prey. week_ 1 222 012 121 1 257 204 550 1 207 577.012 908.751.488 910.917.534
a These are the gold holdings of the Bank of France as reported in the new form
new report "China and Silver" issued by the Economic
the Bank of Germany are exclusive of gold held
York, voices the opinion that of statement. b Gold holdings ofpresent year is £1,602,950.
abroad, the amount of which the
Forum, Inc., of New
E
E
•
Volume 133
Financial Chronicle
4003
The assumption is unsound as a matter of public
in the great
Moved by the threat of a widespread strike in the policy, and its practical application
majority of cases is mischievous. Tke relations besteel industry which a number of union labor leaders
primarily
have seemed bent upon declaring, President Roose- tween an employer and his employees are
a matter for adjustment by the parties immediately
velt rushed before Congress on Wednesday a joint
or
resolution intended to displace, for the time being concerned, not one for Government intervention
decision. The primary business of the Government
at least, the Wagner labor bill, the opposition to
is
which continues so strong as to make its passage in controversies between employers and employees
in that field exdoubtful. The resolution, the purpose of which is to preserve order, and its authority
to
declared to be "to further effectuate the policy of tends equally to lawless acts of employers and
on the part of employees.
Title I of the National Recovery Act," authorizes the lawlessness or violence
President to "establish a board or boards authorized It may also, if the safety or health of the community
interand directed to investigate issues, facts, practices or is threatened by a strike or lockout, rightfully
pose its authority and enforce a settlement, as when
activities of employers or employees in any controversies arising under said Act, or impairing its it acts to insure the maintenance of water or food
effectiveness." Any such board, "when it shall ap- supply or fire and police protection. Beyond these
pear in the public interest," may hold an election by obvious limits it is impolitic, and in the long run
secret ballot "of any of the employees of an em- disastrous, for the Government to go. It has the
ployer" to determine the persons whom such em- same right as have private individuals or organizaployees desire to have as their representatives in tions to tender good offices in aid of conciliation, adorganizing and securing collective bargaining, and justment, or an impartial examination of the quesin connection with the election may summon wit- tions at issue, but the exercise of authority, backed
nesses or order the production of pertinent docu- up with statutory pains and penalties to be adments. The orders of the board are to be enforced ministered by the courts, is beyond its proper
in the same manner as orders of the Federal Trade scope.
The application of the principle of Government
Commission "by any United States Court of comintervention as a primary governmental right has
petent jurisdiction," and violation of an order or
formidable list
interference with a member or agent of the board in little in history to commend it. The
by of strikes which has been recorded in this country
the performance of his duties is made punishable
sura fine of not more than $1,000, or imprisonment for since the New Deal went into operation shows
prisingly few instances in which settlements imnot more than one year, or both.
In comparison with the Wagner bill, the joint posed by Government agencies have been satisfactory
resolution has the superficial appearance of sim- to either party or lasting in their consequences. The
plicity itself. Its text occupies only about one- National Labor Board and its innumerable regional
of
quarter of a newspaper column where the Wagner boards boast that they have "settled" hundreds
there is to-day a greater volume of labor
bill fills several columns. There is no attempt to strikes, but
define and list so-called unfair practices, and instead disturbance than ever. A medical science which,
of elaborate provisions creating a National Labor called upon to deal with an epidemic, could not only
Board and indicating its powers,duties and jurisdic- do nothing to check it but instead saw its ravages
tion, we have a blanket authorization of "a board or spread, would be properly adjudged radically at
boards" to be formed in such manner and number as fault, and there is no reason why a Government
the President may see fit, and granted authority to policy which is unable to prevent the multiplication
see that the right of collective bargaining under the of strikes or other labor disturbances should not be
National Recovery Act is insured to any or all em- equally condemned. The situation is no better, in
ployees. Yet the resolution, for all its apparent either principle or practice, when the intervention
siinplicity, is as vicious in principle as the Wagner takes the form of compulsory arbitration, for that
bill, and as little likely as that measure to prevent term itself is a contradiction, and compulsion is no
strikes, or settle strikes in a way to insure industrial less compulsion when it wears the raiment of arbipeace, or prevent endless dispute and recrimination tration.
The objection to Government interference takes on
about collective bargaining even when the threat of
additional force when the character of most of the
a strike is not seriously made.
The underlying assumption of the emergency joint labor disputes with which the present Administraresolution, as of the Wagner bill which it is intended tion has undertaken to deal is examined. The early
to replace, is that the Federal Government has both history of industrial relations in this country shows
the right and the duty to interfere in disputes be- beyond question many instances in which wages or
tween employers and employees and to indicate, if working conditions were so intolerable that a strike
not actually in all cases to dictate, the terms of settle- was the natural and only remedy. The workers had
ment. Whence comes the power which is assumed to real grievances, and their resort to mass action to
exist it would be difficult to say, unless it be from improve their status made an obvious appeal to inthe assumed application of the "general welfare" telligence and humanity. There are few industries
clause of the Constitution to cover almost anything to-day in the United States in which such conditions
that the Government wishes to do, but the assump- can fairly be said to exist. The strike to-day is
tion itself has given us in the Federal field, and by rarely the result of genuine economic or social innatural extension in the field of the States as well, justice or hardship. In the great majority of cases
demand, formulated
a prodigious mass of legislation, supplemented by a its origin is to be found in the
greater mass of Executive orders and judicial and fomented by labor leaders who themselves are
still
decisions, all making the Government a party to no longer workers, for recognition of a union, or the
of
every labor dispute in which it elects to mix, and establishment of a closed shop, or the destruction
union, or a further shortening of hours
bringing to its decisions the sanction of judicial pro- a company
which are already short, or increases in wages which,
ceedings with penalties to aid in enforcement.
Strikes and Government Policy.
4004
Financial Chronicle
whatever else may be said about them, cannot be
called low. Any interposition by Government, accordingly,no matter how carefully it may be guarded
in the formal phrases of a statute or an Executive
order, becomes in fact, in far the larger number of
instances, an action'by Government directed to enforcing labor union demands.
A scrutiny of the Administration's emergency
resolution which we have cited shows not only how
the Government interposition which is proposed is
tied to the union question, but also how far it is
likely to be from insuring industrial harmony. The
boards which the President is impowered to establish are "authorized and directed" to investigate
such issues, facts or practices of employers or employees as are involved in any dispute arising under
the National Recovery Act or "impairing its effectiveness." To the extent that such investigation was
thorough and impartial, the parties and the public
might be expected to learn what the controversy was
about and be enabled to form an intelligent judgment regarding its merits. Beyond this, however,
the activities of the boards are restricted to ascertaining by secret ballot the "person, persons or organization" which any of the employees desired to
represent them in organizing or in securing collective
bargaining. The language is vague, but there is
clearly no provision for settling or avoiding the strife
between rival labor groups or types of union organization which is at the bottom of most of the recent
strikes or strike threats. The Government will have
intervened and spokesmen for the employees will
have been chosen by ballot, but the company union
will apparently remain as much of a bone of contention as before, and American Federation of Labor
organizers will still be free to keep employees stirred
up. The administrative machinery is simpler than
under the Wagner bill, but it is difficult to discover
any more prospect of industrial peace in the one
measure than in the other.
The weaknesses of the Administration's labor
policy are mainly two. The first is that, having
declared its support of collective 'bargaining without
defining the process or determining how it is to be
June 16 1934
recognized in the event of dispute, it has injected its
agencies into every labor controversy in which collective bargaining could be made to appear as an
issue, with the result that disputes have multiplied
because employees were not agreed about the kind
of collective bargaining they wanted or whether they
wanted it at all. The second is that it has feared
to come to grips with the American Federation of
Labor although professing to be both independent
and impartial. The complete failure of this policy
to develop harmonious relations between employers
and employees is evident to any one who recalls the
strikes or threats of strikes which have followed one
another in an unbroken and swelling procession for
the past few months, or who notes the defiant attitude with which the steel workers are reported to
have met at Pittsburgh. It is probably too much to
hope that the Administration will abandon either
arm of its policy, or that, if its influence for peace
prevails at Pittsburgh, the settlement will be anything but temporary. Nothing is ever settled until
it is settled right, and there is no possibility of right
settlement so long as the present procedure is followed.
Meantime, however, Congress will render a real
service to the country by killing both the Wagner
bill and the Administration's emergency joint resolution, and relegating to the archives the further proposal, in no way essentially different in principle
from either of the measures just mentioned, which
William Green made to the steel workers at Pittsburgh on Friday, if the proposition should be introduced in either House. We should still have the
National Labor Board, but a halt would have been
called in such an enlargement of Government interference as the Wagner bill contemplates, another
series of Federal boards would not have been added
to the unprecedented number already existing, and
the way would have been prepared for the policy of
treating labor controversies as private matters, to be
settled by the parties immediately interested, with
Government interposition confined to the maintenance of order and such services as have a predominant public interest.
Gross and Net Earnings of United States Railroads for the
Month of April.
Results of the operations of United States railroads for the month of April, as reflected in our
tabulations of the grow and net earnings, indicate
some recession from the spring peak, but, nevertheless, a considerable advance over the same month of
last year. The course and character of the monthly
returns now presented are evidence of what may be
anticipated for some months to come, as the leading
statistics of trade and industry have not shown very
great variations from April figures during subsequent weeks. It seems advisable to remark, in this
connection, that the returns of the nation's carriers
reflected in our comprehensive tabulation remain
far under what might be considered normal for these
great properties. But it is evident, on the other
hand, that the managers of the railroads are making
all possible adjustments to the parlous situation in
which they find themselves, along with all other enterprises, and are reducing expenses judiciously.
The ratio of expenses to earnings remains satisfactory, and a substantial part of the gains over last
year's very low earnings thus is translated into net
earnings.
Comparison of the earnings for April with the
same month of last year is quite favorable, but it
must be borne in mind that in April of last year
the country was only beginning the long struggle
out of the deepest throes of the depression. The
bank holiday in March 1933 reduced the trade of
the nation to the barest fraction of the normal requirements, and business transactions of that period
did not represent even the necessities of our people.
A correction of this condition started with some
rapidity after the moratorium ended, but traffic returns for April of last year made only a sorry showing in comparison even with the earlier years of the
depression. The improvement now recorded is of
sufficient importance to indicate that the worst has
been seen. The record for April, compared with the
same month of last year, is a gain of $40,456,313, or
18.02%, in the gross revenues, and a gain of $13,612,958, or 26.36%, in the net earnings before the
Volume 138
Financial Chronicle
4005
with 4,109,492 tons in April 1930 and 4,938,025 tons
in April 1929. .
The coal movement likewise was larger than in
the preceding year, but not to the same extent.
24,772,000 tons of bituminous coal were mined in the
United States in April 1934, against 19,523,000 tons
in April 1933; 20,300,000 tons in April 1932, but
against 28,478,000 tons in April 1931; 36,318,000 tons
in April 1930, and 44,057,000 tons back in April 1923.
The production of Pennsylvania anthracite in April
1934 reached 4,837,000 tons against only 2,891,000
tons in April 1933, but in 1932 the production was
5,629,000 tons; in 1931, 5,700,000 tons, and in April
1923 no less than 7,885,000 tons. Building and contraction work were also on an increased scale, but
still remains far below the totals of a few years ago.
The F. W.Dodge Corp. reports that the construction
contracts awarded during the month of April 1934 in
the 37 States east of the Rocky Mountains involved
an estimated outlay of $131,413,800, as against only
$56,573,000 in 1933, compares with $121,704,800
in April 1932; $336,925,200 in April 1931; $482,876,700 in April 1936, and no less than $642,060,500 in April 1929. The cut of lumber was also
larger, as were shipments and orders. The Lumber
Manufacturers' Association reports that for the fourweeks ended April 28, 638 identical mills showed an
Month of April—
Inc.(+) or Dec.(—).
1934.
1933.
Mlles of road (147 roads)---..
—2,004 0.83%
239,109
241,113
output of 631,871,000 feet the present year as against
Gross earnings
8265,022,239 $224,565,926 +540,456,313 18.02%
426,148,000 feet in the same four weeks of 1932;.
Operating expenses
+26,843,355 15.52%
199.768,766
172,925,411
Ratio of expenses to earnings_
—1.62%
77.00%
75.38%
that is, production was 52% greater than that of
Net earnings
$65,253,473 651,640.516 +513,612.958 26.36%
1933, and 36% above the record of comparable mills
Noteworthy, in our tabulation for April, is the during the same period of 1932.
The Western grain movement, as it happens, fell
fact that railroads in all districts and regions of
the country shared to some degree in the improve- far below that of the previous year, when the imment over the same month of last year. This indi- provement in market values induced farmers to ship
cates a rather general recovery in the agricultural their grain to market with great readiness where
as well as industrial areas of the country. Whether previously it had been withheld because of the low
this gain will be continued over all parts of the prices prevailing. The present year's movement was
United States plainly depends upon the rainfall in on such a greatly reduced basis because of the low
the next few weeks in the drouth regions of the yields due to curtailment of acreage and unfavorable
West and Middle West. Although some rain now conditions. We analyze the grain movement in our
has fallen, more is needed, and it is evident that customary way further below, and need only say
much irreparable damage already has been done. here that for the four weeks ended April 28 1934 the
The improvement for April now reported in com- receipts of wheat, corn, oats, barley and rye at the
parison with last year was foreshadowed, of course, Western primary markets aggregated only 21,628,000
by the favorable showing of leading trade statistics bushels as against 45,642,000 bushels in the correin the same comparison. Automobile production in sponding four Weeks of 1933, 29,243,000 bushels in
April 1934 was about double that of the previous the same period of 1932, 43,582,040 bushels in 1931,.
year and larger than the output in any month of and 43,511,000 bushels in 1930.
The composite result of all this is seen in the
April in preceding years back to 1930. According
to the Bureau of the Census,the production of motor statistics showing the loading of revenue freight on
vehicles in the United States in April 1934 was all the railroads of the United States. This shows
360,620, against 180,713 in April 1933, 148,326 in that while certain movements were considerably
April 1932,336,939 in April 1931, but comparing with larger and the grain movement extraordinarily
small, the whole movement was somewhat better. It
444,024 in April 1930 and 621,910 in April 1929.
The iron and steel statistics also show recovery, appears that for the four weeks in April, 2,334,831
as far as actual production is concerned, and even to cars were loaded with revenue freight on the raila greater degree than in the case of automobiles. roads of the United States in 1934 against 2,025,561
The make of iron in the United States in April 1934, cars in 1933; 2,229,173 cars in 1932, but comparing
'
according to the compilations of the "Iron Age," was with 3,030,011 cars in 1931; 3,653,575 cars in 1930,
1,726,851 tons, which compares with 623,618 tons, the and no less than 4,082,852 cars in the same period
make of iron in the United States in April 1933, of 1929.
Of course, from the foregoing it is seen that the
852,897 tons in April 1932; 2,019,529 tons in April
April 1930, and 3,662,625 tons railroads as a whole show an increase in their gross
1931; 3,181,868 tons in
in April 1929. Steel production also showed a satis- revenues after the heavy losses of preceding years,
factory percentage of increase. in April over the and the same is true with reference to the separate
same month last year and the calculated monthly roads and systems in general. There is not a single
output for April 1934 is put at 2,935,631 tons, against road that has a loss in gross earnings in amount of
1,362,856 tons in April 1933; 1,259,629 tons in April $100,000 or over, and only eight roads reporting
1932; 2,722,479 tons in April 1931, but comparing losses in net earnings in excess of $100,000. The rail.
deduction of taxes. The ratio of expenses (not including taxes) to earnings is 75.38% for April 1934,
as against 77.00% for April 1933. The control over
expenses, notwithstanding increased costs in many
directions, remains one of the most satisfactory
aspects of the situation.
Indicative of the substantial improvement that
must be made over and above what is now recorded,
before the carriers can be regarded as in a thoroughly
comfortable position, is the fact that the advance
of $40,456,313 in gross earnings over last year's
figures approximately equals the decline recorded in
April 1933 from the total for April 1932. The total
for April 1932, however, was $101,649,162 under that
for April 1931, while the loss then recorded over the
preceding April was no less than $81,461,009. The
shrinkage in the net for April 1933 was $3,676,793,
and this loss came on top of a falling off of $22,922,356 in April 1932, a falling off of $23,885,970 in
April 1931, and a recession of no less than $34,815,878 in April 1930. Although a material improvement now is registered,it remains true that the gross
revenues of $265,022,239 for April of this year compare poorly with the $513,076,026 of April 1929,
while the April net, at $65,253,473, for this year
compares with $136,821,660 for April 1929.
4006
Financial Chronicle
roads, having already cut their expenses to the bone,
have not been able to reduce this.item further to
any considerable extent, but most roads present a
fairly favorable showing. The Pennsylvania RR.
shows for the month an increase of $5,439,853 in
gross and of $1,111,038 in net, but this follows a loss
of $5,852,419 in gross and $1,340,646 in net last year.
The New York Central has to its credit a gain of
$4,536,930 in gross and $1,525,714 in net after a loss
of $4,443,992 in gross, but a gain of $714,671 in net
in 1933. The Baltimore & Ohio has increased its
gross by $1,752,065, but has fallen behind $189,669
in net. The Erie reports $998,240 increase in gross
and $528,438 increase in net. The Southern Railway
has managed to enlarge its gross by $565,962 and its
net by $166,875. The Louisville & Nashville shows
$1,081,987 increase in gross and $014,935 in net, and
the Illinois Central has an increase of $851,195 in
gross and $81,792 increase in net.
The Great Northern has enlarged its gross by
$699,572 and its net by $318,030. The Northern Pacific shows an increase in gross of $463,944 and an
increase in net of $534,903.• The roads that show
losses in net in excess of $100,000 are mostly those
roads which have suffered the loss in grain traffic.
In the following we show all changes for the separate
roads for amounts in excess of $100,000, whether
increases or decreases, and in both gross and net:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF APRIL 1934.
Increase.
Increase.
Pennsylvania
85,439,833 Bessemer & Lake Erie_ .. $314,764
New York Central
a4,536,930 Pittsburgh & Lake Erie_
311,649
Southern Pacific Co (2)_ 1,870,738 Los Angeles & Salt Lake_
307,294
Norfolk & Western
1,764.519 Wheeling & Lake Erie..__
288.051
Baltimore & Ohio
1,752,065 Penna Reading SS Lines
260,065
Chesapeake & Ohio
1,526,126 Detroit Toledo & Ironton
259,648
Missouri Pacific
1,143,125 St Louis Southwestern_ _
237,060
Louisville & Nashville_ _ 1,081,987 Seaboard Air Line
228,594
Union Pacific (4 roads) _ 1.057.221 Virginian
198.831
Atch Top & S Fe(3 roads) 1,041,884 Denver & R G Western_
195.643
998.240 Chic R I & Pac (2 roads)
Erie(3 roads)
191,714
861,483 New Orl Tex & Mex (3)_
Reading Co
188,607
Central
Illinois
851,195 Cinc New On ,Sz Tex Pac
180,929
NYNH& Hartford_....
786,989 Spokane Portl & Seattle_
168,270
Chicago &North Western
726,432 Western Pacific
159,883
Wabash
707.827 Central of Georgia
156,885
Del Lack & Western_ _ _ _
705.174 Chic Milw St Paul & Pan
154,656
Northern
Florida East Coast
Great
699,572
151.883
Pere Marquette
654.374 Chic St P Minn & Omaha
143,114
Lehigh Valley
649.269 Clinchfield
139.042
Delaware & 'Hudson_ _ _ _
611.132 Chicago Great Western..
130,997
N Y Chicago & St Louis_
604.106 Minn St P & SS Marie_ _
128,620
Southern
565.962 Texas & Pacific
116,591
Chicago Burl & Quincy_
560,552 Det & Toledo Shore Line
116,235
Grand Trunk Western_ _
528,970 Western Maryland
109.546
Northern Pacific
463.944 Maine Central
107,255
-Texas
Missouri
-Kansas
438,227 Chic & Eastern Illinois
104,176
Elgin Joliet & Eastern_ _
383,189
Boston & Maine
333,842
Total (68 roads)
$38,723,320
Central RR.of NJ
328,411
a These figures cover the operations of the New York Central and the
leased lines-Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern, and Evansville Indianapolis & Terre Haute. Including Pittsburgh & Lake Erie, the result is an increase of $4,848,579.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE I MONTH
OF APRIL 1934.
Increase.
Increase!!
a$1,525,714 Chicago & North Western $194219
New York Central
1,484,076 Det Toledo & Ironton__
Pennsylvania
185,313
Norfolk & Western
1,111,038 Southern
166.875
872,140 Elgin Joliet & Eastern
Southern Pacific Co (2).
166.679
Chesapeake & Ohio
790.842 Virginian
161,772
Louisville & Nashville....
614,935 Central RR of N J
140,931
Lehigh Valley
582.541 St Louis Southwestern__
131,511
Northern Pacific
534,903 Spokane Portl & Seattle..
129,351
Erie (3 roads)
528.438 Western Pacific
121,392
Missouri Pacific
523.622 Florida East Coast
105,273
Del Lack & Western..__
509,189
Wabash
Total (41 roads)
504,596
$14,663,515
Delaware & Hudson Corp
468,136
Decrease.
Atch Top & S Fe(3 roads)
394,559 Chic R I & Pac (2 roads) $527,467
Pere Marquette
393.556 Chic Milw St P & Pac-285,055
375,407 Baltimore Ohio
Grand Trunk Western_ _
189,669
N Y N H & Hartford__ _
353,443 Atlantic Coast Line_ _ _ _
185,557
318.030 St Louis San Fran (3 rds)
Great Northern
162.239
307.666 Chic Burl & Quincy
N Y Chic & St Louis
157.230
Reading Co
268.285 Duluth Missabe & North
122,654
-Texas
246,869 Alton
Missouri-Kansas
102,703
228,942
Los Angeles & Salt Lake_
223,272
Total (11 roads)
Union Pacific(4 roads)__
$1,732,574
a These figures cover the operations of the New York Central and the
leased lines-Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern, and Evansville Indianapolis & Terre Haute. Including Pittsburgh & Lake Erie, the result is an increase of $1,607,.
When the roads are arranged in groups, or geographical divisions, according to their location, the
distinctive feature this time is the fact that each of
the three leading districts, the Eastern District, the
Southern District, and the Western District, and
also each of the different regions grouped under these
districts, repeat the results of last month and con-
June 16 1934
tinue to show gains in gross and net earnings. Our
summary by groups is given below. As previously
explained, we group the roads to conform to the
classification of the Inter-State Commerce Commission. The 'boundaries of the different groups and
regions are indicated in the footnote to the table:
SUMMARY BY GROUPS.
District and Region.
Gross Earning
Month of April.
1934.
1933.
Inc.(+)or Dec.(-)•
Eastern District15
$
$
%
New England region (10 roads).-- 12,107,125 10,673,416 +1,433,709 13.43
54,381,461 43,778,719 +10,602,742 24.22
Great Lakes region (25 roads)
Central Eastern region (18 roads) 55,223,889 44,946,494 +10,277,395 22.87
Total (53 roads)
Southern District
Southern region (28 roads)
Pocahontas region (4 roads)
121,712,475
99,398,629 +22,313,846 22.45
Total(62 roads)
31,606,389
13,030,454
52,103.435
44,636,843
+7,466,592 16.73
27,813,650
41,546,564
21,846,115
24,947.426
36.534,437
19,048,591
+2,866,224 11.49
+5,012,127 13.72
+2,797,524 14.69
91,206,329
Total (32 roads)
Western District
Northwestern region (16 roads)
Central Western region (21 roads)_
Southwestern region (25 roads)
35,585,996
16,517,439
80,530,454 +10,675,875 13.26
+3,979,607 12.59
+3,486,985 26.76
Total all districts (147 roads)
265,022,239 224,565,926 +40,456,313 18.02
District and Region.
Net Earning
1934.
Month of April. -Mileage-1933. Inc.(+)or Dec.(-).
Eastern District- 1934. 1933.
$
$
$
%
7,268 3,082,920 2,748,012 +334,908 12.19
New England region- 7,138
Great Lakes region__ 26.906 27,049 13,939,003 8,633,385 +5,305,618 61.46
Central Eastern reg'n 25,047 25,205 14,197,250 12,080.832 +2,116,418 17.52
59,091 59,522 31,219,173 23,462,229 +7,756,944 33.06
Total
Southern District
39,400 39,745 9.307.897 8,492,192 +815,705 9.61
Southern region
6,042 6.088 6,874,230 4,876,385 +1,997,845 40.97
Pocahontas region
Total
Western District
Northwestern regionCentral Western regSouthwestern region_
Total
45,442 45,833 16,182,127 13,368,577 +2,813,550 21.05
48.527 48,814
53,330 53,905
32,719 33,039
4,589,870
8,731,661
4,530,642
3,547,533 +1,042.337 29.38
7,579,886 +1,151,775 15.20
3,682,290 +848.352 23.04
134,576 135,758 17,852.173 14,809,709 +3,042,464 20.54
Total all districts_ _ _239,109 241,113 65,253,473 51,640,515+13,612,958 26.3
NOTE.
-We have arranged our grouping of the roads to conform to the classifl
cation of the Inter-State Commerce Commission, and the following indicates the
confines of the different groups and regions:
EASTERN DISTRICT.
New England Region.-Thls region comprises the New England States.
-This region comprises the section on the Canadian boundary
Great Lakes Region.
between New England and the westerly shore of Lake Michigan to Chicago, and
north of a line from Chicago via Pittsburgh to New York.
Central Eastern Region.
-This region comprises the section south of the Great
Lakes Region,east of a line from Chicago through Peoria to St. Louis and the Mississippi River to the mouth of the Ohio River, and north of the Ohio River to Parkersburg, W. Va.. and a line thence to the southwestern corner of Maryland and by
the Potomac River to its mouth.
SOUTHERN DISTRICT.
Pocahontas Region.
-This region comprises the section north of the southern
boundary of Virginia, east of Kentucky and the Ohio River north to Parkersburg,
W. Va., and south of a line from Parkersburg to the southwestern corner of Maryland and thence by the Potomac River to Its mouth.
-This region comprises the section east of the Mississippi River
Southern Region.
and south of the Ohio River to a point near Kenova, W. Va., and a line thence
following the eastern boundary of Kentucky and the southern boundary of Virginia
to the Atlantic.
WESTERN DISTRICT.
-This region comprises the section adjoining Canada eying
Northwestern Region.
west of the Great Lakes Region, north of a line from Chicago to Omaha and theme
to Portland and by the Columbia River to the Pacific.
Central Western Region.
-This region comprises the section south of the Northwestern Region, west of a line from Chicago to Peoria and thence to St. Louis, and
north of a line from St. Louts to Kansas City and thence to El Paso and by the
Mexican boundary to the Pacific.
Southwestern Region.
-This region comprises the section lying between the Mississippi River south of St. Louis and a be from St. Louis to Kansas City and thence
to El Paso and by the Rio Grande to the Gulf of Mexico.
AS we have already pointed out, the grain movement over Western roads in April the present year
fell far below that of April 1933. Not only were
the receipts of wheat at the Western primary markets on a greatly reduced scale, but all the other
cereals in greater or less degree contributed to the
shortage. Thus the receipts of wheat at the Western
primary markets for the four weeks ending April 28
1934 were only 8,494,000 bushels as against 15,058,000 bushels in the corresponding four weeks of
1933; the receipts of corn but 7,014,000 bushels
against 16,650,000 bushels; of oats, 2,612,000 bushels
against 7,301,000 bushels; of barley, 3,082,000 bushels against 5,350,000 bushels, and of rye, 426,000
bushels against 1,283,000 bushels. For the five cereals, wheat, corn, oats, barley and rye, combined, for
the four weeks of April 1934, the receipts reached
only 21,628,000 bushels as compared with 45,642,000
bushels in the same four weeks of 1933; 29,243,000
Financial Chronicle
Volume 138
bushels in the four weeks of 1932; 43,582,000 bushels
in 1931, and 43,511,000 bushels in the corresponding
period of 1930. In the following table we give details
of the Western grain movement in our usual form:
WESTERN FLOUR AND GRAIN RECEIPTS.
Rye.
Barley.
Oats.
Corn,
Wheat,
4 Weeks End. Flour.
(Rush.)
(Rush.)
April 28.
(Ruth.)
(Rbis.)
(Rush.)
(Rush.)
Chicago
23,000
723,000
816,000
1934
596,000
604,000 2.440.000
320,000
1933
760,000 1,703,000 4,700,000 1,168,000 1,016,000
Minneapolis
170,000
1934
187,000 1,140.000
2,406,000
299,000
480,000
1933
4,917,000 1.163,000 1,154,000 2,439,000
Duluth
39,000
132,000
1934
1,068,000
186,000
376,000
398,000
1933
171,000
30,000
3,052,000
Milwaukee
7,000
846,000
49,000
1934
336,000
56,000
20,000
62,000
1933
405,000 1,098.000
61,000
997,000
254,000
Toledo
11,000
1934
1,000
122.000
581,000
60.000
1,000
1933
363,000
94,000
183,000
Detroit
23,000
64,000
1934
63,000
40,000
70,000
15,000
1933
64,000
62,000
29,000
59,000
Indianapolis & Omaha
66,000
1934
4,000
535,000
590,000 1,178,000
1,000
1933
11,000
966,000 3.405,000 2,221,000
St. Louis
15,000
1934
38,000
486,000
835,000
486,000
650,000
25.000
1933
194,000
701,000
595,000 1,050,000 2,178,000
Peoria
72,000
126,000
1934
178,000
765,000
169,000
23,000
98,000
1933
421,000
273,000
108,000 1,465,000
Kansas City
1934
106.000
619,000
49,000 1,807,000
296,000
1933
57,000 1,963,000 1,767,000
St. Joseph
62,000
1934
148,000
161,000
265,000
1933
525,000
144,000
Wichita
2.000
1934
90,000
421,000
1,000
2,000
8,000
1933
607,000
Siouz City8,000
6.000
18,000
1934
93,000
2,000
43,000
72,000
289,000
1933
52,000
Total all
1934
1933
426,000
1,356.000 8,494,000 7,014,000 2,612,000 3,082,000
1,757,000 15,058,000 16,650.000 7,301,000 5,350,000 1,283.000
The Western livestock movement also appears to
have been smaller than in April a year ago. The
receipts at Chicago embraced only 10,055 carloads
as against 10,179 carloads in April 1933, although
at Kansas City and at Omaha they aggregated 4,077
carloads and 2,746 carloads, respectively, against
4,016 and 2;720 cars in April last year.
Coming now to the cotton movement in wSouth,
this was much larger so far as int. overland movement of the staple is concerned, and slightly larger,
too, in regard to the receipts at the Southern out.
ports. Gross shipments of cotton overland reached
50,816 bales in April the present year as against
27,095 bales in April 1933 and 27,869 bales in April
1932; but comparing with 67,332 bales in April 1931;
46,607 bales in April 1930; 47,514 bales in April 1929,
and 54,395 bales in April 1928. The receipts of the
staple at the Southern outports during April the
present year aggregated 307,067 bales as against
302,984 bales in April 1933, but comparing with
348,872 bales in April 1932; 184,785 bales in April
1931; 185,664 bales in April 1930, and 230,269 bales
in April 1929. In the subjoined table we give the
cotton movement in April and since Jan. 1 for the
three years 1934, 1933 and 1932:
RECEIPTS OF COTTON AT SOUTHERN PORTS FOR THE MONTH OF
APRIL AND FROM JAN. 1 TO APRIL 30 1934, 1933 AND 1932.
Since Jan. 1.
Month of April.
Ports.
1934.
1932.
1934.
1933.
1932.
106,923
33,664
1,984
385
126,225
15,877
4,404
5,282
3,985
5.795
334
818
1.272
119
65,174
93,338
4,704
4,605
182
8.678
6.446
1,673
3,125
563
48,931 488,366 410,823 737,331
60,657 339,495 720,184 795,812
21,915
26,027
13.321
2,165
679
2,470
10.628
2,975
168,490 423.769 563,315 1,025,232
86,913 201,564
37,127
34,444
9,998
25,969
30,998
6,034
21.946
78,294
24,359
10,306
6,926
5,801
14,347
401
35,791
26,859
24,894
8,126
22,065
25.954
11,956
1,947
11,014
5,543
2,026
15,068
10,479
9,596
9,159
2,072
1,585
298
5,574
2,215
307,067
Galveston
Houston, die
Corpus Christi
Beaumont
New Orleans
Mobile
Pensacola
Savannah
Brunswick
Chariwton
Lake Charles
Wilmington
Norfolk
Jacksonville
Total
1933.
302,984
348,872 1,426.228 1,916.492 2,998,641
97,23$
17.258
RESULTS FOR EARLIER YEARS.
As already remarked further above, the 1934 gain in earnings ($40,456,313 in gross and $13,612,958 in net) comes after
9
$40,180.13 loss in gross and $3,676,793 loss in net in April
1933, which followed $101,649,162 decrease in gross and $22,922,356 decrease in net in April 1932; $81,464,009 loss in gross
4007
and $23,885,970 loss in net in 1931 and $63,195,964 loss in
gross and $34,815,878 in net in April 1930, and these losses
need no explanation beyond the statement that business depression, prolonged, has been responsible for the heavy contraction in the whole four years. On the other hand, in
April 1929, in the period preceding the stock market panic,
which came later in the year, the record was a favorable one,
our compilations then showing $38,291,124 improvement in
gross and $25,937,085 improvement in net. It is to be noted,
however, that the April 1929 gains themselves followed losses
in gross and net alike, not only in April 1928, but also in
April 1927, though losses not of the same extent, the 1929
gains amounting to a full recovery of these earlier losses.
In April 1928 our tables showed $24,437,149 falling off in
gross and $2,910,862 falling off in net. In April 1927 there
was also a falling off, though it was not large, amounting
to only $1,464,574 in the gross and $774,126 in net. In 1926,
on the other hand, the showing was quite satisfactory, our
compilations then revealing $25,818,489 gain in gross and
$11,764,296 gain in net. Going back further, we find that in
April 1925 there was then a small loss in gross, namely, $1,696,103, but $5,389,790 gain in net. In April 1924, however,
there were very heavy losses in gross and net alike-$48,242,116 in the gross and $21,294,242 in the net. It will be
remembered that 1924 was the year of the Presidential election, when trade and industry slumped with frightful rapidity
after the early months of the year, and the earnings statements of the railroads reflected the slump in large losses in
income. It is only proper to note that these large losses in
April 1924 came after prodigious gains in April 1923. The
year 1923 was one of great trade prosperity, and some of the
roads, particularly in the great manufacturing districts of
the East, then handled the largest traffic in their entire
history. As a consequence. our compilation for April of that
year showed an addition to gross in the prodigious sum of
$105,578,442 and a gain in net in the amount of $38,240,343.
However, it must be remembered that these gains followed
not alone from the activity of general trade, but were also
due, in no inconsiderable measure, to the fact that comparison then was with the period of the colossal coal strike
in 1922. That strike began on April 1 of that year and in
the anthracite regions involved a complete shut-down, while
in the bituminous regions all over the country there was
complete abstention from work at all the union mines, though
the non-union mines in most cases continued at work, their
output ranging from 4,500,000 tons to 5,000,000 tons a week.
Speaking of the roads as a whole, coal traffic in April 1922
may be said to (have been reduced fully 50%. Fortunately,
in the net, the loss was offset, and more than offset, by
economies and increased efficiency of operations, with the
result that though the gross fell off $15,866,410 as compared
with the year preceding, the net registered an improvement
of $23,040,083.
And this gain in net in April 1922 was the more impressive
because it came after very striking improvement in gross
and net alike in the corresponding month of 1921. Our compilation for April 1921 recorded $31,075,286 increase in gross,
attended by $24,720,476 decrease in expenses, the two together producing $55,795,762 gain in the net. The country
then was in the midst of intense business depression, but the
carriers were in enjoyment of the higher freight schedules
put into effect towards the close of August the previous year
(1920), and which on a normal volume of traffic would, according to the estimates, have added $125,000,000 a month
to the aggregate gross revenues of the roads. These higher
rate schedules served to offset the loss in revenues resulting
from the shrinkage in the volume of business. The plight
of the carriers was a desperate one and expenses had to be
cut in every direction, and the task was made increasingly
difficult because of the advance in wages promulgated at
the same time that the Commerce Commission authorized the
higher rate schedules already referred to. The wage award
added $50,000,000 to the monthly payrolls of the roads,
figured on a fun volume of business. On the other hand, the
$55,795,762 improvement in net in April 1921 was in comparison with a period in the preceding year (1920), when
the amount of the net had been completely wiped out. The
truth is, expenses had been steadily rising for several successive years prior to 1921, while the net had been as steadily
diminishing, until in 1920 it reached the vanishing point.
Thus in April 1920 our tables showed $59,709,535 augmentation in expenses and $47,592,111 loss in net, while in April
1919 our compilation registered $17,986,895 increase in gross
but accompanied by no less than $63,080,697 augmentation
4008
Financial Chronicle
in expenses, thus cutting net down by $45,093,802, and in
April 1918 our tables, though recording no less than $50,134,914 gain in gross, yet showed $1,696,280 loss in net Even
in 1917 an addition of $37,819,634 to gross revenues yielded
only $60,155 gain in net. It was because of these cumulative
losses in net that the roads in 19'20 fell $2,875,447 short of
meeting bare operating expenses (not to speak of taxes),
whereas in both 1917 and 1916 the total of the net for the
month had run above $93,000,000. In the following we give
Gross Earnings.
eD<DOCCIOCC.Darr5210000CCOCCOCCE
0003434.14112baNt4.: bat° 61 b..1
,
if.CONI.0000•40101 CON.00000VCOCR11 03b21-.00*
,
11111811.1.1.
Month
Of
April.
Year
Given.
Year
Preceding.
the April comparisons back to 1906. The totals are our own
except that for 1911, 1910 and 1909 we use the Inter-State
Commerce figures, the Commission having for these three
years included all the roads in the country, while since then
the smaller roads have been omitted. Prior to 1909 the
figures are also our own, but a portion of the railroad mileage of the country was then always unrepresented in the
totals owing to the refusal of some of the roads in those days
to furnish monthly figures for publication:
Mileage.
Inc. (-I-) or
Dec.(-).
$198,993,104 $175,071,604 +321,921,500
225,856.174 197,024,777 +28,831,397
218,488,587 226,002,657 -7,514.070
220,678.465 216,140,214 +4.538,251
245,170,143 220,981,373 +24.188,770
238,531.800 245,048,870 -8,517,270
237,696,378 241,090,842 -3,394,464
288,453,700 237,512,648 +50.941,052
328,560,287 288,740,853 +37,819,634
369,409,895 319.274,981 +50,134,914
388,697,894 370,710,999 +17,988.895
401,604,695 389,487,271 +12.117,424
433,357,199 402,281,913 +31.075,288
416,240,237 432,106,647 -15,866,410
521,387,412 415,808,970 +105,578,442
474,094,758 522,336,874 -48,242,116
472,591,665 474,287,768 -1,696,103
498,448.309 472,629,820 +24,818,489
497,212,491 498,677,085 -1,464,574
473,428,231 497,865.380 -24,437,149
513,076,026 474,784,902 +38,291,124
450,537,217 515,733,181 -63,195,964
389,106,310 450.567,319 -81,461,009
267,473,938 369,123,100 -101,649,162
227,300,543 287,480,682 -40,180,139
265.022.239 224.565.928 4-40 458 313
Per
Cent.
12.52
14.63
3.32
2.10
10.95
3.48
1.41
21.45
13.10
15.70
4.85
3.11
7.72
3.67
25.39
9.24
0.36
5.46
0.29
4.91
8.07
12.64
18.08
27.54
15.02
16.02
Na Earnings.
Month
of
April.
Year
Year
Given. Preced'g.
224,625
228,973
236,793
236,722
240,740
243,513
247,701
246,615
248,723
233,884
232,708
221,725
220,340
234,955
234,970
235,963
236,864
236,518
238,183
239,852
240,956
242,375
242.632
241,976
241,680
230 109
221,755
223,794
233,082
233,057
236,515
241,547
245,170
245,773
248,120
231.755
233,251
220,918
219,743
234,338
235,839
235,665
236,045
236,526
237,187
238,904
240,816
242,181
242,574
241,992
242,160
241 113
The Course of the Bond Market
Again this week United States Government issues have
been very strong, reaching new high points in the averages.
The Treasury 3%s, 33/es and 3s were at their nighest levels
since they were issued at various dates between 1927 and
1931. The 43s, 4s and 3%s were from one to three points
below their highest prices reached in January 1928.
High-grade corporate issues lost fractionally here and there
early in the week, but reached new highs in Friday's upturn,
to yield 3.91%. Medium and lower-grade issues also showed
a firming tendency. Fundamental factors making for
strength in the bond market remain as before, with Federal
Reserve member bark balances again showing a large increase this week. The dollar in foreign exchange markets
remained firm and money rates continued exceedingly low.
Railroad bonds retained their recent strength, new high
ground being reached by several high-grade issues. Atchison
4s, 1995, reached a new high at 103, and Louisville & Nashville ref. 43/25, 2003, at 98% were up 13 points since a week
%
ago. Gains of several points were witnessed in second and
lower-grade issues. Denver & Rio Grande Western gen. 5s,
1955, closed at 2394, a gain of 2 since last Friday; Erie ref.
5s, 1975, were up 13.4 points, closing at 7534, and New
York, Ontario & Western gen. 4s, 1955, closed at 58, an
advance of a point.
Highest-grade utilities, such as Brooklyn Union Gas 5s,
1945, Kansas City Power & Light 43's, 1961, and Syracuse
Lighting 5s, 1951, reached new tops this weak, thus con-
120
U.S.
120 Domestic Corporals*
1934
Gov. Domesby Raging:.
Daily
ticBonds.
:v
Averages.
Corp.
Aaa.
A.
Baa.
Aa.
108.00
106.02
105.78
105.56
105.49
105.51
99.38
99.04
99.04
98.88
98.88
98.88
115.02
114.83
114.63
114.43
114.63
114.82
s__ 105 52
1.... 105.27
May 25-- 105.13
18__ 105.05
11_ 105.11
104.75
Apr. 27._ 104.21
20-- 103.65
13-- 104.35
104.03
Mar.30__ Stock E
23__ 103.32
16-- 103.52
9._ 103.06
101.88
Feb. 23-- 102.34
16- 102.21
9-- 101.69
101.77
Jan. 26__ 100.41
19__ 100.36
12._ 99.71
a__ 100.42
High 1934 106.02
Low 1934 99.06
High 1933 108.82
Low 1933 98.20
Yr A go.
Jue.1533 103.42
2 Yrs.A go
Jue.1532 98.37
120 Domestic
Corporate* by Groups.
RR.
P.O. Indus.
97.16
97.00
96.85
96.70
96.54
96.54
82.26 100.17
82.02 99.84
81.90 99.84
81.90 99.613
81.90 99.68
81.90 99.68
92.53
92.53
92.39
92.39
92.25
92.25
105.89
105.72
105.54
105.54
105.54
105.54
98 73 114 63 107 14
98.09 114.04 108.78
98.25 113.65 106.78
98.57 113.26 106.60
98.41 112.88 106.42
98.73 112.50 106.42
98.88 112.50 105.89
98.88 112.31 105.89
98.25 111.92 105.54
97.16 111.16 104.68
xchang Close d.
95.93 110.42 103.48
96.70 111.16 104.16
95.63 110.79 103.15
94.88 110.23 101.81
95.18 110.23 101.97
95.33 109.86 101.47
93.99 109.12 100.00
93.85 108.75 99.88
91.53 107.67 98.41
90.55 107.67 97.16
87.69 106.25 95.48
84.85 105.37 93.26
99.36 115.02 107.85
84.85 105.37 93.11
92.39 108.03 100.33
74.15 97.47 82.99
9639
95.78
96.23
96.70
96.85
97.00
97.31
97.31
96.70
95.78
81 54 99 20
80.72 98.57
81.07 98.73
82.02 99.04
81.66 98.88
81.78 99.68
83.48 100.00
83.60 100.33
82.74 99.84
81.18 99.04
92 10
91.53
91.67
92.39
91.96
92.53
92.53
92.39
91.87
90.27
105 37
104.85
104.85
104.68
104.85
104.63
104.51
104.33
103.65
102.81
94.43
95.18
94.14
93.11
93.26
93.26
92.10
91.81
89.31
87.96
84.85
82.02
97.31
81.78
89.31
71.87
79.68 97.47
80.60 98.41
78.88 97.47
78.66 96.54
79.68 97.16
80.37 97.31
78.88 95.33
78.99 95.33
75.50 92.68
74.38 91.39
70.52 88.36
66.55 85.74
83.72 100.33
66.38 85.61
77.66 93.26
53.16 69.59
89.17
89.88
88.50
87.96
88.38
88.36
87.43
87.04
83.97
82.38
78.44
74.25
92.82
74.25
89.31
70.05
101.81
102.47
101.47
100.49
100.81
100.81
100.00
99.88
98.88
98.73
98.00
97.00
105.89
96.54
99.04
78.44
Amours!.
850,787,440
62,409.630
66.709,729
63,888.490
58,082,336
60,024,235
59,266,322
57,396,538
93,257,886
91,678,695
89,943.898
44,716,664
1,883,451
57,474,860
80,386,815
122,974,961
97,471,685
102,920,855
114,417.892
113,818,315
110,884,575
141,939.648
103,030.823
79,185,676
56.261,840
51,640,515
+$11,593,087
A-4,318,286
--1.941,639
--5,927,619
+2,039,889
---825,524
A-8,249,222
A-25,695,857
A-60,155
---1,696,280
---45.093,802
---47,592,111
+85,795,762
+23,040.083
A-38,240,343
--21,294,242
A-5,389,790
A-11,784,296
---774.126
-2,910,882
A-25,937,085
---34,815,878
---23,885,970
---22,922,356
--3,676,793
4-13,612,958
Per Cent.
22.83
6.92
2.91
9.28
3.51
1.04
13.92
82.19
0.06
1.85
50.14
106.43
994.25
40.09
47.57
17.32
5.53
11.43
0.68
2.56
23.39
24.53
23.18
28.95
6.54
28,36
tinuing the upward trend established months ago. Lower
.
grades were erratic but no definite trend was evidenced,
and net results in general showed neither marked gains nor
losses for the week. Kentucky Utilities 5s, 1961, at 623
were unchanged for the week; Nevada-California Electric 5s,
1956, lost 34 point at 7834; Central States Power & Light
53's, 1953, were unchanged at 47, and Associated Gas &
Electric 43-s, 1953, declined % to 393'.
While industrial bond averages showed only small changes
during the week, miscellaneous issues fluctuated more widely.
California Packing 5s, 1940, advanced 13. to a new 1934
high of 1023/8. Chile Copper 5s, 1947, were up 134 to 82.
Paramount issues were strong, with the 6s, 1947, up
134 to 5434. Among the oils, Skelly 53's, 1939, advanced
%
to 963, up 13 . On considerable volume, United Drug
5s, 1953, declined 2 to 8294. National Dairy 534s, 1948,
reached a new high of 97%,against 96 last week.
Germany declared a cash transfer moratorium on payment
of all foreign debts, including the.Dawes and the Young
loans, effective July 1. Such action had been generally
discounted, German dollar bonds having lost several points
ecently. On Thursday the German 53's and 7s sold at new
lows for the year upon announcement of the news but later
53s, 1945, advanced 5
recovered for net gains. Cuba .
points this week. Other foreign issues showed no marked
change, stability being noted in Argentine, Australian and
Japanese issues.
Moody's computed bond prices and bond yield averages
are given in the tables below:.
120 Domestic Corporate
All
by Ratings.
1934
120
Daily
DomesA.
Baa.
As.
Aaa.
tic.
Averages
June 15_
14._
13._
12_
11_
4.79
4.81
4.81
4.82
4.82
4.82
3.91
3.93
3.93
3.94
3.93
3.92
Weekly
86.91 105.03
93.85
83.72
70.81
85.74
82.74
92.68
90.55
76.57
59.87
43.54
55.55
70.43
66.13
63.50
Year
Preceding.
MOODY'S BOND YIELD AVERAGES.,
(Eased on Individual Closing Prices.)
107.85
107.49
107.49
107.49
107.31
107.31
Weekly
Inc.(+)or Dec.(-).
Year
Given.
862,380,527
66,725,898
64,768,090
57,960,871
60.122,205
59,398,711
67,515,544
93,092,395
93,318,041
89.932,415
44,850,098
def2,875,447
57,658,213
80,514,943
118,627,158
101,680,719
102,861,475
114,685,151
113,643,766
110,907,453
136,821,660
107,123,770
79,144,653
56.263.320
52,585.047
85,253,473
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
MOODY'S BOND PRICES.
(Based ors Average Yields.)
June i5.
14._
13._
12_
11_
June 16 1934
8.93
4.83
4.87
3.96
3.98
4.88
4.84
4.00
4.02
4.85
4.04
4.83
Apr. 27-- 4.82
4.04
4.05
20-- 4.82
4.07
13.- 4.86
4.11
4.93
Mar.30- StoOk E xchang
4.15
23-- 5.01
4.11
18- 4.96
4.13
9-- 5.03
4.16
5.08
4.16
Feb. 23- 5.06
4.18
16_. 5.05
4.22
5.14
4.24
5.15
4.30
Jan. 28., 5.31
4.30
5.38
4.38
5.59
4.43
5.81
Low 1934 4.79
3.91
High 1934 5.81
4.43
Low 1933 4.96
4.11
High 1933 6.75
4.91
Yr. Ago4.45
Jue.1533 5.85
2 Yrs.Ago
5.38
Jue.1532 7.93
May 2518.
11
-
120 Domestic
Corporate by Groups.
RR.
P. U.
tt
30
ForIndus. eigns.
4.93
4.94
4.95
486
4.97
4.97
6.02
6.04
8.05
8.05
6.05
6.05
4.74
4.78
4.76
4.77
4.77
4.77
5.24
5.24
5.25
5.25
5.28
5.26
4.40
4.41
4.42
4.42
4.42
4.42
7.53
7.48
7.46
7.39
7.36
7.34
4.98
4.33
5.02
4.35
4.99
4.35
4.96
4.36
4.95
4.37
4.94
4.37
4.92
4.40
4.92
4.40
4.96
4.42
4.47
5.02
.
Close d
5.11
4.54
4.50
5.06
5.13
4.56
5.20
4.84
5.19
4.63
5.19
4.66
4.75
5.27
4.77
5.29
5.47
4.85
5.57
4.93
5.04
5.81
5.19
6.04
4.92
4.29
5.20
6.06
5.04
4.49
6.98
5.96
6.08
6.15
6.12
6.04
6.07
5.96
5.92
5.91
5.98
6.11
4.80
4.84
4.83
4.81
4.82
4.77
4.75
4.73
4.76
4.81
5.27
5.31
5.30
5.25
5.28
5.24
6.24
5.25
5.30
5.40
4.43
4.46
4.48
4.47
4.46
4.47
4.48
4.49
4.53
4.58
7.35
7.29
7.25
7.20
7.14
7.18
7.28
7.21
7.20
7.22
6.24
6.16
6.31
8.33
6.24
6.18
6.31
6.30
6.62
8.73
7.12
7.56
5.90
7.58
6.16
9.44
4.91
4.85
4.91
4.97
4.93
4.92
5.05
5.05
5.23
6.32
5.54
5.74
4.73
5.75
4.83
7.22
5.48
5.43
5.53
5.57
5.54
5.54
5.61
5.64
5.88
6.01
6.35
6.74
5.22
6.74
5.43
7.17
4.64
4.80
4.68
4.72
4.70
4.70
4.75
4.77
4.82
4.83
4.87
4.94
4.40
4.97
4.80
8.35
7.34
7.23
7.25
7.38
7.49
7.52
7.57
7.55
7.97
8.05
4.29
4.31
4.31
4.31
4.32
4.32
3.33
8.55
7.13
8.66
7.23
11.19
5A5
5.90
7.09
5.74
5.98
5.23
9.58
6.52
8.41
11.40
9.05
7.13
7.61
14.16
*These prices are computed from average yields on the basis of one "Ideal" bend (43.1% coupon, maturing in 31 years) and do not purport to show either the averagt
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 o.
yield averages, the latter being the truer picture of the bond market. For Moody's Index of bond prices by month!' back to 1928. see the issue of Feb, 6 1932, page 907e
sv Actual average price Of 8 long-term Treasury issues. t The latest complete list of bonds used in computing these Indexes was published In the issue of Feb. 10 1934.
Page 920 ft Average 0130 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds.
4009
Financial Chronicle
Annual Report of the Federal Reserve Board—Action Taken Incident to Banking
Crisis of 1933—Reserve Requirements Suspended for 30 Days Tax on Defi ient
Reserves—Open Market Operations Reported as Arresting Deflationary Movements—Suspension of Gold Payments—Growth of World Gold Stock—Earning
of Reserve Banks—Recommendations—Credit Agreements with Foreign
Central Banks.
Volume 138
The banking crisis, developments leading to it, and conditions following it, are foremost among the matters discussed in the annual report of the Federal Reserve Board
made public June 12. One of the disclosure in the report has
to do with the temporary suspension during the crisis, of
reserve requirements, as to which the report says:
As a consequence of the simultaneous increase of Federal Reserve notes in
circulation and decrease in gold holdings, the ratio of the reserves of the
Federal Reserve banks to their note and deposit liabilities declined to
45.3% on March 3. In the critical circumstances then existing and in order
to adjust the operating position of the Reserve banks to the situation, the
Federal Reserve Board deemed it advisable on March 3, acting under
authority of Section 11 (c) of the Federal Reserve Act, to suspend reserve
requirements for a period of 30 days and to establish a tax on the amounts
by which reserves were deficient. Little use was made of this suspension
by the Reserve banks because of a marked turn for the better in the banking
situation. In view of the rapid flow of currency and gold to the Reserve
banks, after the re-opening of the banks, the suspension was not renewed
at the expiration of the 30
-day period.
The open market operations of the Reserve System during
the period from 1930-1933 are reviewed in the report, and it
is stated therein that "during the year 1933, taken as a
whole, the Reserve banks purchased $580,000,000 of Government securities." The report also says:
Summing up the open-market operations for the four years 1930-33. the
Reserve banks purchased during those years about $2,000,000,000 of
Government securities with the consequence of reducing indebtedness of
member banks and Reserve bank holdings of acceptances by about $800.000,000 and building up reserves of member banks by $375,000,000, notwithstanding an increase of $940,000,000 in money in circulation. Inasmuch
as reserve requirements had been reduced by $560,000,000 through the
decline in bank deposits, the volume of reserves at the close of the four-year
Period was more than $800,000,000 in excess oflegal requirements. . . .
A review of open-market operations by the Federal Reserve System
during the last four years indicates therefore that the placing of reserve
funds in the market through the purchase of United States Government
securities has been an effective means of preventing exceptional demands
upon the member banks from tightening the credit situation and that these
funds have been a powerful means toward the establishment and maintenance of ease in the short-term money market.
It is added that "although the abundant credit provided
was not effectively employed by business, it would appear
that the maintenance continuously of a substantial volume
of excess reserves through open-market purchases helped
to arrest a powerful deflationary movement and created
conditions propitious to business recovery."
The Board's recommendations to Congress were summarized as follows in United Press accounts from Washington, June 11:
1. Reserve requirements of member banks to be based on the rapidity
of the turnover of bank deposits as well as on their size to prevent possible
credit inflation.
2. Permit directors, officers and employees to serve in two or more banks.
3. Permit extension of credit to member banks on demand notes in
exceptional circumstances at the approval of the Federal Reserve Board.
4. Require publication of reports of conditions of State member banks
on dates fixed by the Reserve Board.
5. Permit banks to count as unimpaired capital the funds advanced to
them in stock or note purchases by the Reconstruction Finance Corporation.
The report shows that gross earnings of the Federal
Reserve banks in 1933 amounted to $49,487,000, or $532,000
less than in 1932. Net earnings of the Federal Reserve
banks for 1933 amounted to $7,957,407 or $917,000 less than
dividend payments during the year. In 1932 net earnings
amounted to $22,314,000 and dividend payments $9,282,000. Only two Reserve banks, New York and Chicago,
were able to earn enough in 1933 to pay dividends in full
without make use of the surplus.
The report summarizes provisions of the Acts passed by
Congress in 1933 amending the Federal Reserve Act or by
their terms affecting the Federal Reserve System;in addition
to the Board's recommendations as to new legislations,
outlined above, its further recommendations to Congress
continued in the report embrace the following:
Paythent of Deposits and Interest Thereon by Member Banks and by Banks
whose Deposits Are Insured.—The inflexibility of the provisions of the last
two Paragraphs of section 19 of the Federal Reserve Act, which relate to
the Payment of deposits and interest thereon, in a number of instances
has affected member banks and their depositors in a manner not believed
to be intended by the statute and has given rise to numerous difficulties
in administration. In view of the undesirable situations created thereby,
amended in a manner which
it is believed that these paragraphs should be
will eliminate these objectionable features and at the same time will further
the purposes of the present law.
The fact that the prohibition upon the payment of any time deposit
before maturity admits of no exception under the law has been the cause of
Much inconvenience to the customers of member banks; and it is the view
prohibition of the law should be relaxed so
of the Board that the-absolute
as to permit the payment of such deposits before maturity in exceptional
circumstances and in order to avoid hardships. Accordingly, it is recom-
mended that the law be amended so as to provide that no time deposit
may be paid before its maturity except upon such conditions and in accordance with such rules and regulations as may be prescribed by the Federal
Reserve Board.
It is also recommended that the provisions of the last two paragraphs
of section 19 of the Federal Reserve Act relating to the payment of deposits and interest thereon be amended so as to apply to every bank whose
deposits are insured under the provisions of section 12B of the Federal
Reserve Act. . . .
Discounts for Individuals, Partnerships or Corporations by Federal Reserve
Banks.,—Section 13 of the Federal Reserve Act was amended by the Act
of July 21 1932 so as to add thereto a new paragraph under which the
Federal Reserve Board, in unusual and exigent circumstances and by the
affirmative vote of not leas than five members, may authorize any Federal
Reserve bank during such periods as the Board may determine to discount
for any individual, partnership or corporation notes, drafts and bills of exchange of the kinds and maturities made eligible for discount for member
banks, when endorsed and otherwise secured to the satisfaction of the
Federal Reserve bank and when such individual, partnership or corporation
has been unable to secure adequate credit accommodations from other
banking institutions. Pursuant to the authority of this amendment to
the law, the Federal Reserve Board authorized such discounts by any
Federal Reserve bank for a 6 months' period beginning Aug. 1 1932. and
has renewed such authorization from time to time so that it has been in
effect continuously and is still in effect. Under this authority, Federal
Reserve banks up to May 2 1934 had discounted for individuals, partnerships and corporations notes, drafts and bills of exchange in the amount
of 31,389,000, of which $343,000 was outstanding on that date.
On account of the requirement that paper so discounted be both endorsed
and secured it has been necessary for the Federal Reserve banks to decline
to make such discounts in cases where it might otherwise have been possible
to do so. It frequently happens that an individual, partnership or corporation which may be desirous of discounting paper directly with a Federal
Reserve bank can furnish satisfactory endorsement of the paper to be
discounted, or satisfactory security, but is unable to furnish both the endorsement and security; and in such cases the discount may not lawfully
be made.
The Board believes that if the law should be changed so as to require,
in the alternative, satisfactory endorsement or satisfactory security, the
Federal Reserve banks would be able to extend credit to individuals, partnerships or corporations in instances where they now have no such authority;
and such a liberalization of this method of affording credit to industry
would seem to be desirable under existing conditions. Inasmuch as it
would still be necessary after such an amendment to the law for the borrowers to furnish either satisfactory endorsement or satisfactory security.
it is believed that the Federal Reserve banks would be adequately protected
in making such advances.
It is recommended,therefore,that the requirement for both endorsement
and security with respect to discounts for individuals, partnerships or
corporations under the third paragraph of section 13 of the Federal Reserve
Act be changed so that either endorsement and(or) security of a satisfactory character will be sufficient under the law . .
Receipt of Deposits by Other than Financial Institutions or Private Bankers.—
The Board also invites attention to the desirability of a clarification of subdivision (2), paragraph (a) of section 21 of the Banking Act of 1933, which
is somewhat uncertain as to meaning. This provision of the statute makes
it unlawful after June 16 1934 for any person, firm, corporation, association, business trust or other similar organization, other than a financial
institution or private banker subject to examination and regulation under
State or Federal law, to engage in the business of receiving deposits, unless
the individual or organization shall submit to periodic examination by
the Comptroller of the Currency or by the Federal Reserve bank of the
district and shall make and publish periodic reports of its condition.
It is not entirely clear whether a person or organization desiring to submit to periodic examination has the right to select for such purpose either
the Comptroller of the Currency or the Federal Reserve bank of the district, or whether it is the intent of the law that the Comptroller of the
Currency or the Federal Reserve bank shall determine which of such authorities shall be selected by a person or organization desiring to submit
to examination thereunder. It should also be noted that neither the
Comptroller of the Currency nor the Federal Reserve bank is given the
right to take action to require the correction of irregularities which may
be disclosed by such an examination, or to exercise regulatory powers over
a person or organization so submitting to examination.
The Federal Reserve Board accordingly recommends that much amendments to this provision of the law be enacted as may be necessary to clarify
its meaning and provide an effective means of supervising or regulating
any person or organization submitting to examination as therein provided
. . .
Treatment of Capital Notes, Debentures, and Subordinated Deposits in
Certification of Banks for Insurance.—Subsection (e) of section 12B of the
Federal Reserve Act requires the Federal Reserve Board, in the case of a
State member bank, or the Comptroller of the Currency, in the case of a
National bank, to certify upon the basis of a thorough examination of a
bank applying for class A stock in the FDIC whether or not its assets are
adequate to enable it to meet all of its liabilities to depositors and other
creditors as shown by the books of the bank. Many banks may not be
eligible to obtain class A stock in the FDIC if the holders of capital notes
and debentures issued by the banks are considered "creditors" within the
meaning of this provision and it is believed desirable that the statute should
make it clear that holders of such capital notes and debentures are excluded
from the term "creditors" as there used. In some cases also banks have
entered into agreements with their depositors under which the depositors
agreed to waive the right to demand payment of a part of their deposit
claims until after other claims against the bank should be satisfied in an
endeavor to provide for the elimination of losses in the bank. In certain
of these cases the bank issued to such depositors deferred certificates under
which the bank agreed to pay the depositors the amount of their deferred
deposits before any didtribution of assets of the bank to its stockholders,
and in the event of the dissolution of the bank the holders of the deferred
certificates are entitled to share in the assets of the bank after claims of
other depositors and other creditors have been provided for. If the owners
of such subordinated deposits are considered as "other creditors" within
4010
Financial Chronicle
the meaning of subsection (e) above mentioned, such banks may not be
eligible to obtain class A stock in the FDIC. Accordingly, it is believed
to be important that the statute should make it clear that the owners of
such subordinated deposits are not to be considered as "creditors" within
the meaning of the provisions in question. The Federal Reserve Board,
therefore, recommends that the law be amended so as to exclude from the
term "creditors" in the provision mentioned the holders of capital notes and
debentures issued by the bank and the owners of subordinated deposits of
the kind described.
Rate of Interest Charged by Branches of Member Banks Located Outside of the
United States.—The Federal Reserve Board also favors the enactment of an
amendment to section 5197 of the Revised Statutes of the United States,
relating to the rate of interest which may be charged by National banks on
loans or discounts, which would permit a branch of such a bank located
outside of the States of the United States and the District of Columbia to
charge a maximum rate of interest on loans or discounts equal to the rate
allowed by the laws of the country, territory, or possession where such
branch is located. . . .
Insurance of Bank Deposits Payable Outside of the United States.—The
Board also recommends an amendment to section 12B of the Federal
Reserve Act, relating to the insurance of bank deposits, which would exclude, in any determination of the insured deposit liabilities of any closed
bank or of the total net deposit liabilities of any bank which is a holder of
class A stock of the FDIC or a member of the fund provided for in subsection (y) of that section, deposits payable only at an office located outside
of the States of the United States and the District of Columbia and which
would render ineligible for insurance under the provisions of section 12B
deposits of any bank so situated, whether or not a member of the Federal
Reserve System. It is believed that such an amendment would be in harmony with the present purposes of section 12B to exclude deposits payable only at an office of a bank located in a foreign country and that it is
not desirable that banks located in the United States should be required
to contribute to the satisfaction of losses incurred by banks located outside
of the United States.
From the report we also quote as follows:
Early in 1933, the year covered by this the 20th Annual Report of the
Federal Reserve Board, banking difficulties, which had been developing
since the beginning of the depression, became greatly intensified. Conditions became so critical in the first week of March as to necessitate a
nation-wide suspension of banking activities by Presidential proclamation,
followed by a re-opening of banks under a general plan of rehabilitation
of the banking machinery of the country. Co-operation with other agencies
ofthe Government in efforts to bring about this rehabilitation ofthe banking
system constituted an important part of the work of the Federal Reserve
System during the year, and the System's participation was an important
factor in this work. Another important part of the System's work in 1933
was the interpretation and administration of banking laws enacted in the
course of the year.
Early in 1933 with the recurrence of bank failures and deposit withdrawals of the Federal Reserve System was called upon to meet large
demands for currency and gold, so that, at the time when all the banks
were closed early in March, member bank reserves had been drawn down
to a low level, and Reserve bank credit outstanding and money in circulation were in the largest volume on record. The ability of the Federal
Reserve banks to meet enormous demands for currency during the crisis
demonstrated the effectiveness of the country's currency system under the
Federal Reserve Act. At no time was there difficulty in converting a balance
with a Reserve bank into currency or in increasing such a balance through
the discount of eligible paper. Under the terms of emergency legislation
passed in 1932 sound assets not ordinarily eligible for rediscount could also
be converted into balances with a Reserve bank and consequently, if
the need existed, into currency. The crisis of February and March 1933.
therefore, was not a currency crisis but a banking crisis, and was occasioned
not by a shortage of currency but by loss of confidence in the solvency
of banks and by a depreciation in bank assets consequent upon the drop in
prices of all classes of property caused by the depression.
After the middle of March, the re-opening of banks and the return of
confidence resulted in a rapid return flow of currency to the Reserve banks.
The demand for Reserve bank credit consequently diminished, discounts
for member banks declined rapidly, and member banks built up considerable
reserves in excess of legal requirements. In the middle of May the Federal
Reserve banks resumed the policy of purchasing United States Government securities for the purpose of encouraging business recovery by increasing the excess reserves of member banks. These excess reserves reached a
level of $800,000,000 in October and remained near that level for the
remainder of the year.
During 1933 changes of a fundamental character occurred in the monetary
system of the United States, the most important of which was suspension
ofgold payments. At the time of the banking crisis gold payments by banks
and the Treasury were suspended by the Government, and the export of
gold was placed under control of the Secretary of the Treasury. In April an
embargo was imposed on gold exports. In May there was legislation
authorizing the President within certain limitations to change the gold
content of the dollar. Further legislation in June prohibited the inclusion
of gold clauses in obligations that might be incurred thereafter, including
obligations of the United States, except currency, and abrogating such
clauses in obligations already outstanding. The value of the dollar in foreign
exchange markets began to decline April 18 1933, and by the end of the
year was more than 35% below its legal parity in terms of gold currencies.
Early in 1934, acting under the terms of the Gold Reserve Act of 1934, the
President redetermined the weight of the gold dollar. It was fixed at 15 5-21
grains of gold nine-tenths fine, compared with the old weight of 25.8 grains.
On Jan. 311934. the country returned to a gold basis at the new level.
Important banking legislation was enacted during 1933 both at the
time of the banking crisis and later in the year, and this legislation is
described in detail elsewhere in this report. The Banking Act of 1933,
enacted in June, included provisions imposing upon the Federal Reserve
banks and the Federal Reserve Board many new responsibilities, including
regulation of the volume of security loans by member banks, and requiring
the Board to exercise special supervision over the foreign relations of the
Federal Reserve banks. Conditions under which member banks are authorized to have branches were made more liberal. Member banks were forbidden to be dealers in securities, required to divorce security affiliates,
forbidden to pay interest on deposits payable on demand, and subjected in
respect to interest on time deposits to limitations to be prescribed by the
Federal Reserve Board. The Act provided for a plan for insuring deposits
up to $2,500 for any depositor in any participating bank,to become effective
at the end of the year. All member banks were required to participate in
the plan and non-member banks were authorized to participate under
certain conditions. The Federal Reserve banks were required to invest an
amount equal to one-half of their surplus in stock of the FDIC.
Industrial and business activity and the level or commodity prices were
at low ebb in the first quarter of 1933. Following the reopening of banks
In the middle of March the volume of production, employment and trade
June 16 1934
showed a considerable advance, and there occurred a rise in commodity
prices. The improvement was particularly marked in industries producing semi-finished products, and the Board's index of industrial production, which is based largely on the output of such products, advanced by
midsummer to a level equal to that prevailing on the average in the 3 Years
1923-25. Subsequently there occurred a recession in production. At the
end of the year industrial output and factory employment were at about
75% of the 1923-25 averages. In the last quarter of the year, as indicated
by figures adjusted for seasonal variation, department store sales were
about 15% larger than in the first quarter, the output of industry about
20% larger, and the number of employees at factories about 25% greater.
Commodity prices at the end of the year were about 20% higher than at
the beginning and at the highest level since the autumn of 1931.
Developments Leading to the Banking Crisis.
The banking crisis early in 1933 was a culmination of developments that
had been under way since the beginning of the depression in 1929 and in
many areas for a considerably longer period.
One of the outstanding
characteristics of the depression had been the successive outbreaks of acute
banking difficulties that began in 1930 and continued to recur from time to
time until March 1933. Between the end of December 1929 and the end
of February 1933 nearly 5,500 banks, or more than one bank in every five,
suspended operations, with deposit liabilities aggregating about $3,500,000,000.
Bank Failures, 1930-33.—The first series of these failures came in the
latter part of 1930 in Kentucky, Tennessee, Arkansas and North Carolina,
followed by suspensions of a large bank in New York and another in Philadelphia. Condition improved early in 1931, but there was another and
even more wide-spread series of failures from the middle of 1931 until
February 1932. This series started with suspension of a large number of
banks in Chicago and the surrounding region and spread to Ohio and other
Mid-Western States, to Pennsylvania and New York, and toward the end
of 1931 to New England.
Following the formation of the RFC in February 1932, the rate of suspensions was substantially reduced. In June and July 1932, however.
banking difficulties again occurred in Chicago and surrounding territory.
During the remainder of 1932, until December, there were relatively few
failures and most of these were among small banks. In December 1932
suspensions began to increase and in the first 6 weeks of 1933 they became
more numerous and more widespread and involved more banks of substantial size. The volume of deposits of suspended banks was particularly
large in southern New Jersey, the District of Columbia, Tennessee, Illinois,
Iowa, Missouri, Nevada and California. Finally, renewed banking difficulties in February 1933 led to the temporary closing of all banks by official
action, first in the State of Michigan, then in other States, and finally.by
Presidential proclamation throughout the country. . . .
Currency Withdrawals.—Withdrawals of deposits in currency, which in
many instances was not redeposited in other banks, began to assume considerable proportions in the autumn of 1930 and thereafter the total amount
of currency withheld from deposit was augmented with each new wave of
bank suspensions. . . .
In January 1933 the post-holiday return flow of currency was less than
usual, indicating that currency was being withheld from deposit, and early
in February substantial withdrawals of currency indicated the development
of another major hoarding movement. In addition to currency hoarding,
there were substantial transfers of deposit accounts from banks in which
depositors had lost confidence to other institutions Involving in many cases
the shift of funds from one section of the country to another. Toward the
end of February there was also some loss of confidence in the prospective
convertibility of the currency, and withdrawals of gold, which had occurred
sporadically during the preceding 2 years, increased in volume. There
were demands for gold both for domestic hoarding and for export. As
these movements developed, the pressure was felt not only by the weaker
member and non-member banks in scattered sections of the country, but
generally by member and non-member banks in the financial centers and
elsewhere throughout the country and by the Federal Reserve banks,
which experienced a large demand both for Federal Reserve notes and for
gold, so that their liabilities increased and their reserves simultaneously
decreased.
Between the early part of February and March 4, money in circulation
increased by $1,830,000,000, of which $1,430,000,000 was in Federal
Reserve notes and $320,000,000 in gold and gold certificates, and at the
same time $300,000,000 of gold was withdrawn through earmarking.
Nearly two-thirds of these demands were concentrated in the week ending
March 4. In order to obtain currency and gold, member banks, between
early February and March 4,increased their bills discounted at the Federal
Reserve banks by over $1,160,000,000 and drew down their reserve balances
by over $500,000,000. At the same time the Reserve banks increased their
holdings of purchased bills by $390,000,000 and of United States Government securities by nearly $100,000,000.
As a consequence of the simultaneous increase of Federal Reserve notes
in circulation and decrease in gold holdings, the ratio of the reserves of the
Federal Reserve banks to their note and deposit liabilities declined to 45.3%
on March 3. In the critical circumstances then existing and in order to
adjust the operating position of the Reserve banks to the situation, the
Federal Reserve Board deemed It advisable on March 3, acting under
authority of Section 11(c) of the Federal Reserve Act, to suspend reserve
requirements for a period of 30 days and to establish a tax on the amounts
by which reserves were deficient. Little use was made of this suspension
by the Reserve banks because of a marked turn for the better in the banking
situation. In view of the rapid flow of currency and gold to the Reserve
banks after the reopening of the banks, the suspension was not renewed at
the expiration of the 30
-day period. . . .
The Bank Holiday, March 4-12.—Declaration of holidays in the various
States had by March 4 closed or placed under restrictions practically all
banks in the country. Federal Reserve banks also observed State holidays
and closed on March 4. All leading exchanges ceased operations and business in general was practically at a standstill. On March 6 the President
issued a proclamation declaring a nation-wide bank holiday to continue
through the four days ending Thursday, March 9. An important purpose
of this action was to attack the problem of bank failures comrrehensively
by reviewing at one time the condition of all banks and reopening only
such banks as could meet all demands upon them. This procedure was
intended both to assure more equitable treatment as between the depositors
who were making withdrawals and those who were not, and to restore
confidence in the banking situation as a whole.
The President's proclamation was issued under the authority of a section
of the "Trading with the Enemy Act" of Oct. 6 1917 as amended Sept. 24
1918, which gave the President power to regulate or prohibit transactions
In foreign exchange and in gold and silver, and also to prohibit the hoarding
ofgold and silver coin and bullion and of paper currency. The proclamation
declared that there had been heavy and unwarranted withdrawals of gold
and currency and extensive speculative activity in foreign exchanges,
which had created a national emergency,and the bank holiday was ordered
to prevent a continuation of such hoarding and speculation and to permit
Volume 138
Financial Chronicle
the application of appropriate measures for protecting the Interests of all
bank depositors and other persons dependent on the banks. During the
holiday banks were not to pay out any coin, bullion, or currency or to
transact any other banking business whatsoever, except as might be permitted by the Secretary of the Treasury. The Secretary of the Treasury
was authorized to permit banks to perform any ar all banking functions,
to require or permit the issuance of clearing-house certificates, and to
authorize special trust accounts for receipt of new deposits.
At the same time the President called a special session of Congress to
meet on March 9 to enact such legislation as might be needed for the
reopening of banks. In the interim attention was devoted not only to
devising measures for reopening the banks but also to effecting arrangements for meeting during the holiday certain essential payments. The
Secretary of the Treasury distributed through the Federal Reserve banks
a series of regulations permitting specified types of transactions, and a
number ofstatements interpreting these regulations. . . .
Program for Re-opening Banks.—After the passage of the Emergency
Banking Act on March 9, the President issued a proclamation indefinitely
extending the bank holiday and on March 10 by Executive order he conferred upon the Secretary of the Treasury power to license members of the
Federal Reserve System found to be in satisfactory condition to conduct a
usual banking business with exceptions as to the paying out of gold and the
furnishing of currency for hoarding. A like power was granted to the
banking authorities of the various States with respect to banks outside of the
Federal Reserve System. The Federal Reserve banks were designated in
this Executive order to act as agents of the Secretary of the Treasury for the
receiving of applications and the issuance of licenses in his behalf and upon
his instructions. On Saturday, March 11,the Reserve banks were authorized
by the Treasury to reopen on the following Monday for the performance
of all usual banking functions, except as to the paying out of gold and the
furnishing of currency for hoarding. On the same date it was announced
that on March 13 banks in the 12 Federal Reser te bank cities would be
reopened, on March 14 banks in approximately 250 other cities having
recognized clearing houses, and on March 15 banks in other places. On
Sunday evening, March 12, the President made a statement by radio in
which he gave an account of what had been done during the crisis, outlined
the program on which banks were to be reopened, gave the assurance that
banks reopened would take care of all needs and indicated that the success
of the whole program was dependent upon the co-operation of the public.
Conditions Following the Banking Crisis.
The measures adopted during the bank holiday and the statement by the
President to the people resulted in a restoration of confidence so that as
soon as the banks were reopened a large volume of currency was redeposited
In the banks. Money in circulation, which reached a peak of over $7,500.000,000 early in March, declined by about $1,250,000,000 during the remainder of that month and by about $2.000,000,000 by the end of August.
The return flow of money was principally from hoards rather than from
active circulation, as is indicated by the fact that the larger part of the
paper currency returned to the Federal Reserve banks after March was in
the larger denominations, $50 and over, which are used relatively little in
day-to-day transactions. Amounts of currency of various denominations
In circulation on end-of
-month dates between October 1930 and December
1933 are shown in the chart [this we omit.—Ed.I.From the end of February
1933 when money in circulation was about $1.000,000,000 less than at the
peak, to the end of July, currency of denominations of $50 and over declined
by about $500,000,000, or 26%, whereas currency of $20 denomination
declined by $185.000,000, or 11%, and the circulation of the denominations
of $10 and under, which are the ones used largely for business purposes,
declined by $75.000,000, or 3%. In the next few months the circulation of
large denominations continued to decrease while that ofsmall denominations
showed a seasonal increase.
There was also a rapid return flow of gold and gold certificates to the
Reserve banks and the Treasury, which continued at a diminishing rate
during the remainder of the year. Between March 4 and March 15. $370.000,000 in gold coin and gold certificates were returned, an amount about
$50.000,000 more than had gone out between the first of the year and
March 4. About $260,000,000 was returned in the second half of March,
about $175,000,000 more in the second quarter of the year, and about
$60,000,000 more in the last two quarters.
With this return flow of currency and gold, banks showed an increase
In their deposits and were also able to reduce indebtedness incurred during
the banking crisis. By the middle of April deposits at the weekly reporting
member banks had increased by about $1,000.000,000 and before the end
of June the increase amounted to more than $2,000,000,000.
Reserve Bank Credit, March to December.—In the first month after the
resumption of operations, member banks reduced their borrowings at the
Federal Reserve banks by about $1,000,000.000, and at the same time
increased their reserve balances by about $300,000,000. In this period
maturing acceptances held by the Reserve banks were also paid off to the
extent of over $150,000.000. Further reductions in member-bank borrowings
and increases in their reservers during the remainder of the year reflected
principally purchase of United States Government securities by the Reserve
banks. In conjunction with this policy of open-market purchases the
Federal Reserve banks also reduced their rates on discounts and on acceptances. At New York the discount rate was reduced from 33 to 3% on
i
,
April 7 to 23i% on May 26, to 2% on Oct. 20, and to 1; % on Feb. 2
1934. Reductions were also made in the discount rates at other Reserve
banks. Rates on acceptances were also substantially reduced and the rate
on the shorter maturities was 3. % in the last quarter of the year. . . .
Rehabilitation of the Banking Structure.
General rehabilitation of the banking structure began with the adoption
and promulgation of the plan for reopening the banks after the banking
holiday. A vital element in carrying this plan into effect was the public
confidence created by the President's radio address on March 12 in which
he gave the people the assurance that the banks reopened would be able
to meet every legitimate call and that the Government was determined
not to have "another epidemic of bank failures."
In accord with the Government's announced policy the Secretary of the
Treasury licensed during the first 3 days after the banking holiday 4,507
National banks and 571 State member banks, or about 75% of all member
banks of the Federal Reserve System, leaving unlicensed 1,400 National
banks and 221 State member banks, By April 12 State banking authorities
had licensed approximately 7,400 non-member banks, or about 71% of
the total number of such banks. The resources of the member banks
licensed at that time represented about 90% of the resources of all member
banks and their estimated deposits approximated $23,000,000.000. By
the end of the year the number of licensed member banks had increased
to 6,011, as a result of the reopening of unlicensed banks, the organization
of now member banks and the admission of State banks to membership in
the Federal Reserve System, while the number of non-member banks
operating without restrictions had increased to approximately 8,200. The
ntunber of unlicensed member banks had been reduced by the end of the
year to 512 and the number of unlicensed non-member banks to approximately 1,400.•
4011
A number of the member banks that were licensed to reopen at the conclusion of the banking holiday, and many of those that were licensed later
In the year, were strengthened in some way before they were licensed,
chiefly with new capital supplied by local interests or with funds from the
RFC. After being reopened, furthermore, a considerable number of banks
were strengthened through additions to their capital. Some additions
were made in the second and third quarter of the year, but most of them
were made in the last quarter when banks in large numbers were being
fortified with funds from the RFC for entrance at the end of the quarter
Into the Federal deposit insurance fund.
An important form of procedure in the administration of unlicensed
National banks, of which there were 1,400 on March 15, was through the
appointment by the Comptroller of the Currency of conservators, in accord
with the Bank Conservation Act of March 9 1933. The Comptroller has
reported the use of conservatorships in 1,088 cases.
The conservator of a National bank may, with the approval of the
Comptroller of the Currency, pay out an authorized percentage of deposits
previously accepted, and is permitted to accept new deposits, to be held
in cash or United States Government securities or on deposit with a Federal
Reserve bank, and to pay out such new deposits. This enables a National
bank to render a limited banking service to its community during whatever
period may intervene before it is reopened or placed in receivership. A
conservator has authority to reorganize a bank on the basis of agreements
other liabilities
signed by creditors representing 75% of total deposits and
or by stockholders owning at least two-thirds of the outstanding capital
stock or by a combination of the two, these agreements to be binding upon
the minority creditors and stockholders. When reopening of the bank
on a sound basis has become possible he may turn the bank over to its
board of directors.
The powers possessed by conservators enabled them in certain communitities to facilitate the prompt release of deposits in a number of closed
Institutions, sometimes to the extent of as much as 50% of these deposits.
through the instrumentality of a new bank organized to take over in effect
a Part of the business of each of the closed banks. In some instances the
conservators of the participating institutions sold the new bank good assets
of the unlicensed institutions. In other cases,funds were provided the new
bank through borrowing on the assets of the old bank from the RFC,
the old institution subsequently going into receivership. This method
was widely used throughout the country and assisted, as, for instance, in
Detroit, in the liquidation of some of the largest of the closed banks.
Release of Deposits.—On April 12 1933, when the first comprehensive
figures became available after the banking crisis, nearly $4,000.000,000
of deposits were tied up in about 4,200 unlicensed or restricted banks,
member and non-member, that had been open prior to the banking holiday.
By a process of reopening restricted banks or placing them in liquidation
the aggregate volume of deposits in restricted banks was reduced by the
end of June to about $2,500,000,000, and by the end of the year to about
$1,225,000,000 in about 1,900 banks, including about 1,400 non-member
banks. Many of the non-member banks classed as operating under restriction were permitted to operate with varying proportions of their deposits
subject to withdrawal.
Receivers and liquidating agents of closed banks, in releasing funds to
depositors, have been able in many cases since February 1932 to borrow
from the RFC. In October 1933, in order to accelerate this process. the
Deposit Liquidation Board was established, which included officials of the
RFO and other Government departments. The primary concern of this
arrangement was with banks which had closed after Jan. 1 1933. After
the creation of the Board and up to the end of 1933,the RFC had authorized
for the purpose specified 776 loans aggregating more than $300,000,000.
At the end of the year approximately $146,000,000 had been disbursed on
these loans and additional disbursements were being made at the rate of
several million dollars daily. By borrowing upon the assets of closed banks
receivers and other liquidating agents have been able to conserve values,
to liquidate in an orderly manner, and to make it possible for a large number of depositors to obtain funds without prolonged delay.
Deposit Insurance.—The plan for the insurance of deposits, included
in the Banking Act of 1933, approved June 18, introduced an important
new element into the process of rehabilitating the banking structure. The
Act provided for a temporary insurance fund to become effective Jan. 1 19341
and for a permanent plan of deposit insurance to become effective on July 1
1934, both to be administered by the FDIC.
The temporary plan provided for the insurance of deposits up to $2,500
for any depositor in any participating bank. Licensed members of the
Federal Reserve System were required to participate in the temporary
Insurance fund, and the Insurance Corporation was not required to examine them. A non-member bank operating on an unrestricted basis was
permitted to apply for participation and was eligible if it was certified by
the State authorities to have assets sufficient to meet its deposits and
other liabilities. .
Suspension of Gold Payments.
General loss of confidence in the solvency of banks that characterized
the acute stages of the banking crisis, leading to the withdrawal of large
amounts of paper currency for hoarding, was accompanied by considerable
but less widespread loss of confidence in the paper currency itself. This
was reflected in demands upon the commercial banks, and through them
upon the Reserve banks, for substantial amounts of gold to be placed in
private hoards, sent out of the country, or otherwise utilized to protect
the holder against possible financial loss. A consequence of these events,
as noted elsewhere in this report, was to reduce substantially the amount
of gold held by the Federal Reserve banks as a basis for currency and
credit. and to build up the amount held in private hands where under prevailing circumstances it could serve no useful public purpose. Official
measures taken during the banking holiday to halt and later to reverse
such developments represented the first of a series of steps that led before
the end of April to a suspension of gold payments in the United States.
Gold Hoarding.—Ileavy withdrawals of gold for hoarding were one of the
factors that led to the proclamation of March 6, declaring a bank holiday.
While the proclamation did not require the return of gold already hoarded,
it characterized the practice of hoarding gold as unwarranted and provided
that during the bank holiday neither any Federal Reserve bank not any
other bank should pay out, export, earmark, or permit the withdrawal of
any gold or take any other action that might facilitate the hoarding thereof.
A regulation issued by the Secretary of the Treasury on March 7, permitting
the Federal Reserve banks to perform certain limited services for their
member banks, provided that the Reserve bank should first require the
member bank to deliver to it all gold and gold certificates held by the member
bank in its own right. On March 8 the Federal Reserve Board requested
the Federal Reserve banks to prepare a list showing the names of persons
who had recently withdrawn gold or gold certificates from a Reserve bank
or a member bank and who had not redeposited the gold or gold certificates
before March 13 (a date later extended). On March 9. by Section 3 of the
Emergency Banking Act, the Secretary of the Treasury was authorized,
•Figures for non-member banks as given throughout this report, except when
otherwise specified, are exclusive of mutual savings banks.
•
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Financial Chronicle
whenever in his judgment such action should be deemed necessary to protect the currency system, to require all persons to deliver to the Treasurer
of the United States all gold coin, gold bullion, and gold certificates owned
by them in exchange for an equivalent amount of any other coin or currency
coined or issued under the authority of the United States. All these measures were taken during the banking holiday, and their effect in promptly
bringing large amounts of gold and gold certificates out of hoards has been
described elsewhere in this report.
The next step was taken on April 5 in an Executive order which prohibited the hoarding of gold coin, gold bullion, and gold certificates, and
required anyone holding such gold or gold certificates in excess of $100 to
deliver the excess to a Federal Reserve bank, either directly or through a
member bank, on or before May 1 1933. A statement to the press issued
at the time by the Secretary of the Treasury stated in effect that in the
emergency the turning in of hoarded gold to the Federal Reserve banks.
which could use it as a basis for currency and credit, was a duty owed by
all citizens; that while many had voluntarily turned in their gold, others
had not done so and that by this order the Government would,as in fairness
it ought, assure performance of this duty by the others. On Dec. 28, the
Secretary of the Treasury issued an order revoking the $100 exemption in
connection with the holding of gold coin by the public, and from that date
no gold coin-excepting coin having a recognized value to collectors of rare
coin-could be legally held.
Control of Gold Exports.
-The proclamation of March 6, declaring the
banking holiday, prohibited the exportation of gold by banks as well as
the paying out of gold,except as authorized by the Secretary of the Treasury.
In this respect the proclamation applied to the Federal Reserve banks as
well as to member and non-member banks. An exception was made,
however, by official authorization on March 7 for gold earmarked prior to
March 6 for foreign governments, foreign central banks, and the Bank
for International Settlements, provided each shipment was specifically
authorized by a license issued by the Secretary of the Treasury. Locenses
for export of gold so held were freely granted by the Secretary. On March
10. the day after the passage of the Emergency Banking Act, the export
of any gold coin, gold bullion, or gold certificates by anyone, except as
authorized by the Secretary of the Treasury, was prohibited.
The order issued on April 5, prohibiting hoarding of gold, provided that
the Secretary of the Treasury might license the Federal Reserve banks
and the member banks of the Federal Reserve System to deliver gold for
proper domestic purposes (not involving hoarding) or for export upon a
showing by the applicant of need for gold for such purposes. On April 13,
upon application of a member bank in New York City, the Secretary of
the Treasury issued a license authorizing a shipment of about $600,000 in
gold bars to Holland, and on April 15-17 licenses were granted for the
export of $9,000.000 in gold bars to France. These exports were authorized at a time when exchange on important European countries was at gold
export point and had the effect for the time being of steadying the value ofthe
dollar in the foreign exchange market. On April 18 applications for licenses
to export were refused, notwithstanding further weakness in the dollar
in the exchange market, and on April 19 it was officially announced that
licenses for the export of gold would no longer be freely granted. On
April 20 an Executive order was issued definitely prohibiting the export
of gold, with specified exceptions including gold previously earmarked for
account of foreign governments, foreign central banks and the Bank for
International Settlements. With these exceptions, the authority of the
Secretary of the Treasury to issue licenses for the export of gold was limited
to such transactions as he might deem necessary to promote the public
interest and in respect to these he was authorized to issue licenses only
with the approval of the President. During the 3 days April 18-20 the
value of the dollar in relation to gold standard currencies declined sharply
to a level considerably below parity.
Abrogation of Gold Clause.
-On June 5 legislation was enacted which
abrogated in respect to all obligations past and future any provision purporting to give the obligee a right to require payment in gold or in an
amount of money measured thereby, and included specific reference to
every obligation of and to the United States excepting currency.
Gold Purchases.
-On Aug. 29 an Executive order was issued in effect
permitting producers of gold newly mined from natural deposits in the
United States to sell such gold on the world market, by consigning it for
the purpose to the Secretary of the Treasury, the sales to be made through
the Federal Reserve banks or other agents designated by the Secretary.
Transactions under this order continued for about two months. On Oct.25
the President issued an Executive order revoking the order of Aug. 29 and
authorizing the RFC to acquire gold and to dispose thereof. The Corporation accordingly offered to take at an announced price,in exchange for its
own 90-day debentures, all gold newly mined in the United States. The
initial price was above the dollar price of gold in London and other centers,
and it was raised daily, almost without interruption, until the middle of
November. From the middle of November to the first of December there
were five changes, and only one change thereafter until the dollar was
devalued on Jan. 31 1934. The RFC also engaged in purchases of gold
abroad. In all these transactions the Federal Reserve Bank of New York
acted as agent.
Gold Reserve Act of 1934.
-At the end of January 1934, Congress passed
the Gold Reserve Act of 1934, which provided that title to all monetary
gold in the United States should be vested in the United States Government,
and that, in case the President should, under authority of the Act of May 12
1933, reduce the weight of the gold dollar, this weight should not exceed
60% of the old weight. On Jan. 31 1934, the President issued a proclamation fixing the weight of the gold dollar at 15 5-21 grains nine-tenths fine,
or at 59.06 of the former weight of 25.8 grains. At the same time he gave
notice that he reserved the right to alter or modify this proclamation as the
interest of the United States may seem to require.
Effective Feb. 1 1934, the United States Treasury undertook to purchase
all gold offered at $35 an ounce, compared with the old statutory price of
$20.67 an ounce, and to sell gold for export to foreign central banks whenever our eschange rates with gold-standard currencies reach the gold export
point.
Growth of World Stock of Gold.
In 1933. as in the previous year, there was a large increase in the amount
of gold available for world monetary use. There was a further movement
of gold from the hoards of the Indian people amounting to about $140,000,000, a release of gold from private holdings in China, the Straits Settlements. and Russia approximating $80,000,000, and a production of new
gold for the world as a whole of 3505,000,000. which was somewhat larger
than production in 1932. Consumption of gold by industry was about
matched by melting down scrap and plate ware. The bulk of the gold coming
from mines and from eastern hoards during the year, amounting to approximately $720,000,000, was absorbed in private or undisclosed holdings
in Europe, almost entirely during the first half of the year and during the
final quarter.
Recorded reserves of central banks and governments increased during
1933 by about $45,000,000. Monetary gold stock of the United States
declined by 3190.000,000, but gold holdings of the Federal Reserve banks
June 16 1934
1
and the Treasury declined by only $30,000,000, the difference reflecting the
turning in of gold by the public in compliance with Executive orders and
Treasury regulations. Recorded central gold reserves increased in England.
$345,000,000; in Italy. $65,000,000; in South Africa, $50,000.000; in the
Union of Soviet Socialist Republics, $50,000,000; in Sweden, $45,000,000;
and in Belgium. Mexico, Greece, and Portugal by an aggregate of $60,000.000. Reserves in France declined $230,000,000; in Germany, $100,000,000;
in Switzerland, $90,000,000; in Netherlands, $45,000,000; in Australia
$40,000,000; and in Siam $30,000,000. . . .
Credit Agreements With Foreign Central Banks.
Credits extended with the approval of the Federal Reserve BoardTbY
the Federal Reserve Bank of New York, in association with other Federal
Reserve banks and other banks of issue, to the German Reichsbank and the
Austrian National Bank under agreements described in the Annual Reports
of the Federal Reserve Board for 1931 and 1932 were completely repaid in
1933. The credit to the German Reichsbank in which Federal Reserve
participation amounted to about $21,500,000 at the beginning of the year
was liquidated on April 13. The credit to the Austrian National Bank in
which Federal Reserve participation amounted to about 3975.000 at
the beginning of the year was liquidated in August and September, the final
payment having been received on Sept. 2. Federal Reserve participation
in two credits extended to the Natoinal Bank of Hungary, also described
in the Annual Reports of the Federal Reserve Board for 1931 and 1932,
were reduced from $44,000,000 to about $3.500,000 on Oct. 18, at which
time they were consolidated for repayment over a period of three
years.
The demand deposit of $10,000,000 which was placed with the Bank
for international Settlements by the Federal Reserve banks in 1931, and
which amounted to about $2,500,000 at the end of 1932, was increased to
about $33,200,000 in March 1933. but subsequently reduced to about
32,900,000 by the end of the year. . . .
Earnings and Expenses of Federal Reserve Banks.
Gross earnings of the Federal Reserve banks in 1933 amounted to $49,487,000, or $532,000 less than in 1932. After deducting current expenses
of 329.223,000
-about $2,900,000 more than for the preceding year
reserves for depreciation on bank premises, and reserves for losses, selfinsurance, &c., there remained net earnings of $7,957,000, or rump()
less than the amount of dividends paid during the year. Earnings, expenses, dividend payments, &c., for all Federal Reserve banks combined
for 1933 and 1932 are shown in the following table:
EARNINGS AND EXPENSES OF FEDERAL, RESERVE BANKS DURING
1933 AND 1932.
1933.
1932.
Total earnings
Current expenses
$49,487,000 $50,019,000
29,223,000 26,291,000
• Current net earnings
320,284,000 $23,728,000
Additions (profit on sales of U.S. Govt. securities, dic.)._ $1,782,000
Deductions (depreciation and other reserves, &c.)
14,089.000
Net deductions from current net earnings
$12,307,000
Net earnings
7,957.000
Dividends paid
$8,874,000
Transferred to surplus
-917,000
Franchise tax paid United States Government
$3,884,000
5,298,000
$1,414,000
22,314,000
$9,282,000
11,021,000
2,011,000
The earnings of only two Reserve banks, New York and Ch cago, were
sufficient during 1933 to pay dividends in full without making any charge
against surplus.
Gross and net earnings during the year 1933 and the distribution of net
earnings of each Federal Reserve bank are shown in the following table:
FINANCIAL'RESULTS OF OPERATIONS OF TEE FEDERAL RESERVE
BANKS DURING 1933.
Total
Gross
Earnings.
Na
Earnings.
Ditidends
Paid.
$2,774,081
17,523,930
4,311,435
4,705,091
1,699,191
1,888,497
8,784,554
1,829,138
1,497,889
1,742,280
1,251,278
3,902.198
$25,617
8,197,727
-318,445
731,883
-328,740
154,971
1,790,493
--90,786
82,085
-288,275
-448,047
429,104
8645,881
3,509.873
950,437
789,058
308,388
281,844
858,127
248,843
171,5139
250.321
227,888
834,833
849.487,318
Federal Reserve Bank.
•
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
$7,957,407
$8,874,262
Transferred
to Surplus.
--S820,084
2,887,854
--1,288,882
--57,375
--837,128
--128,873
932,386
--337,409
--89,484
--518.598 .
--875,935
--205,529
--8916,855
Earnings on total bills and securities were practically the same in the
aggregate as in 1932, an increase of nearly $360,000,000 in average daily
holdings of bills and securities being offset by a reduction from
2.33% to
1.98% in the average rate of earnings. Average daily holdings of bills
and securities, together with average rates and amounts of earnings thereon,
are shown for recent years in the following table:
EARNINGS ON BILLS AND SECURITIES.
[Amounts In Thousands of Dollars.]
Bills and Securities.
BIlls
Total.
counted.
Bills
Bought
in Open
Market.
Witted
States
All Other
Rills and
Gott.
SecuritieS. Securities.
Daily average holdings:
1930
51.056,8958271,727 $213,201 $563,672
8271,727
1931
1.251,058 328,217 245,260
609,013
1031
2,062,446 520,837
70,902 1,401,258
1033
2.421,5138 283,229
82,882 2,052,180
Earnings:
1930
34,385
10,872
(3,081
17,273
1931
27,565
9,821
5,010
12,428
1932
47,992
17,881
2,785
26,924
1933
47,995
9,137
1,238
37,530
A vge. rate of earnings(%):
1930
3.25
3.93
2.85
3.08
1931
2.20
3.01
2.04
1.86
1932
2.33
3.43
3.93
1.84
1933
1.98
3.23
1.49
1.83
$8,295
10,588
9,849
8,295
339
308
402
90
4.09
2.90
4.17
2.74
Current expenses of the Federal Reserve banks in 1933 were $29,223,000,
or $2,932,000 more than in 1932. Owing to the increased demand for
currency prior to the banking holiday and to the cost of printing Federal
Reserve bank notes which were issued after the banking holiday, the cost
of printing and redeeming Federal Reserve currency increased about
Volume 138
Financial Chronicle
$900,000. Current expenses for 1933 also include the tax on Federal
Reserve bank notes amounting to $506,000. Smaller increases were reported for salaries, for postage and expressage, for printing and stationery,
for traveling expenses, for telephone and telegraph service, for assessments
for Federal Reserve Board's expenses, for insurance and for certain other
items. These increases were largely the result of increased work during
and after the banking holiday and to the increased responsibilities and
duties of the Federal Reserve Board and the Federal Reserve banks under
the Banking Act of 1933.
4013
The average number of officers and employees, exclusive of those assigned
to the RFC unit, increased from 9,283 in 1932 to 10,015 in 1933, largely
in consequence of modifications in hours of employment and to a large
increase in work of some of the departments, notably the Federal Reserve
agent's department, in connection with the licensing and reorganization
of banks. There was also a substantial increase in the volume of work
in the collection and fiscal agency (Treasury) departments. During the
year the Federal Reserve banks had an average of 1,114 officers and employees engaged on work of the RFC.
Text of Corporation Bankruptcy Bill as Enacted into Law—Amends National Law.
The corporation bankruptcy bill became a law on June 7,
when President Roosevelt affixed his signature to the measure. Reference to the signing of the bill appeared in our
issue of June 9, page 3877, at which time also we indicated
the final Congressional action on the new legislation. In
a Washington dispatch June 7 to the New York "Times"
it was stated that the measure is regarded as a major achievement of the present Congressional session and is the result
of long investigation and intensive study. Senator Van
Nuys and Representative McKeown, authors of the bill,
looked on at the signing, said the dispatch, from which we
also quote:
The Act will permit the corporations to reorganize with the consent of
the majority of their creditors, under the guidance of the courts. It will
allow financial compromises in many instances whet the majority creditors
have agreed, but were balked by minorities.
Likewise, long drawn-out aid expensive receiverships will be obviated
and monopolies by professional receivers will be barred.
The new bill differs from other recovery legislation in that it involves
no appropriation by the Government, though affording relief to many
Individuals.
Through voluntary petitions which corporations Inay file for an adjustment of their affairs, the stigma of "bankruptcy" may to all intents be
removed. A feature of NRA labor policy in the new law is a provision
against coercion in the matter of joining this or that labor union.
Provides Approval by Classes.
be
Under the bill a petition for reorganization of a corporation
o in
filed by any creditor or stockholder if approved by holders of
tions
amount of each class of claims and 10% of the whole. When cor.. •
are not really insolvent, but are unable to meet maturing oh igations,
agreement to the petition must come from stockholders representing 10%
of each class of stock and 5% of the total.
Corporations may file petitions without the approval indicated. All
creditors are bound to a reorganization plan sanctioned by the courts and
to which two-thirds of the holders of the total amount of claims have agreed.
Written agreement of holders of two-thirds of the total claims must be
submitted to a court before approval can be secured from the tribunal.
When a company is not actually insolvent, stockholders representing majority holdings must approve.
As a direct result of the Congressional investigations into bankruptcy
"rackets," the bill stipulates that "the District Court or any judge thereof
shall apportion appointments as receiver equitably among all persons,
firms or corporations, within the district eligible thereto."
It is also decreed that:
"No person shall be appointed as a receiver who is a relative of any
Judge of a United States Court,and no person shall be appointed as attorney
for a receiver who is such relative, or who is a member of a law firm any
member of which is a relative of such Judge."
Irving Trust Curb Omitted.
During Congressional debates the Irving Trust Co. was sometimes
characterized as a "monopoly" in bankruptcy receiverships, and efforts
were made expressly to prevent the concern from absorbing a huge amount
of New York business. But later it was determined to leave this to the
discretion of the Federal judges. Judge Knox, it was said, declared the
trust company had done splendid work.
The labor provisions prescribe that "no judge, debtor or trustee acting
under this section shall deny or in any way question the right of employees
on the property under the jurisdiction of the judge to join the labor organization of their choice."
Further, it shall be unlawful for the judge, debtor or trustee to "interfere in any way with the organizations of employees or to use funds under
such jurisdiction, in maintaining so-called company unions, or to coerce
employees in an effort to induce them to join or remain members of such
company unions."
Moreover, the law declares that no judge, debtor or trustee "shall require
any person seeking employment on the property under the jurisdiction of
the judge to sign any contract or agreement promising to join or to refuse
to join a labor organization." and if suck contract has been enforced on the
property prior to the property coming under the judge's jurisdiction, the
employees shall be notified that the contract "has been discarded and is
no longer binding on them in any way."
Transfer of Case Allowed.
Petitions for reorganizations must be filed in the jurisdiction where the
corporation's business or principal assets were situated during the preceding
six months, "or in any territorial jurisdiction in the State in which it was
incorporated."
Upon petition, the court shall "transfer such proceedings to the territorial jurisdiction where the interests of all the parties will be best subserved."
With court approval of a petition, an order of adjudication in bankruptcy
will not be entered, but the court would have exclusive jurisdiction of the
debtor corporation and exercise all the powers of a Federal court which
had appointed a receiver.
Through this plan the need for ancillary receiverships is obviated, and
the court is authorized to continue the debtor corporation in possession
of the business. In such cases the "salaries of officers must be reasonable
and approved by the judge."
"Salaries of officers will likely be less than fees of trustees," it is asserted:
"in some cases officers will likely be willing to work for nothing in order
to preserve the situation and their stock interest therein. Company
officers will also keep down company counsel foes to a point lower than
counsel foes of a trustee."
Claims to be paid in cash in full are specified. Also there are adequate
means provided for executing the reorganization program, "which may
include the transfer, merger or consolidation of all or any part of the property of the debtor" to another corporation or corporations.
Creditors may act through an attorney, and the running of time prescribed under other bankruptcy laws and by the statute of limitations must
be suspended during reorganization proceedings.
If a debtor is a utility, subject to jurisdiction of State regulatory commissions, the reorganization plan must not be confirmed until its details
have been presented to the commissions.
The following is the text of the bill as enacted into law:
(H.R. 58841
AN ACT
To amend an Act entitled "An Act to establish a uniform system of bankruptcy throughout the United States," approved July 1 1898. and
Acts amendatory thereof and supplementary thereto.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled, That the Act of July 1 1898.entitled
"An Act to establish a uniform system of bankruptcy throughout the
United States," as amended by the Acts of Feb. 5 1903. June 15 1906.
June 25 1910, March 2 1917, Jan. 7 1922, May 27 1926, Feb. 11 1932, and
March 3 1933, be, and it is hereby, amended by adding to Chapter VIII.
entitled "Provisions for the relief of debtors," two new sections to read as
follows:
. 77A. Additional Jurisdiction.—In addition to the Jurisdiction
ex used in voluntary and involuntary proceedings to adjudge persons
nkrupt, courts of bankruptcy shall exercise original jurisdiction in profor the relief of debtors, as provided in section 77B of this Act.
"Sec. 77B. Corporate Reorganizations.—(a) Any corporation which could
become a bankrupt under section 4 of this Act, and any railroad or other
transportation corporation, except a railroad corporation authorized to file
a petition or answer under the provisions of section 77 of this Act, and
except as hereinafter provided, may file an original petition, or, before
adjudication in an involuntary proceeding, an answer, or in any proceeding
pending in bankruptcy, whether filed before or after this section becomes
effective, provided the present operations of such corporation do not
exclude it hereunder, and whether or not the corporation has been adjudicated a bankrupt, a petition stating the requisite jurisdictional facts under
this section; the nature of the business of the debtor; in brief description,
the assets, liabilities, capital stock, and financial condition of the debtor;
If a prior proceeding is pending, the name of the court in which it is pending
and the nature of such proceeding; facts showing the need for relief under
this section; and that the corporation is insolvent or unable to meet its
debts as they mature and that it desires to effect a plan of reorganization.
The petition shall be filed with the court in whose territorial jurisdiction the
corporation, during the preceding six months or the greater portion thereof,
has had its principal place of business or its principal assets, or in any
territorial jurisdiction in the State in which it was incorporated. The
court shall upon petition transfer such proceedings to the territorial jurisdiction where the interests of all the parties will be best subserved. The
petition or answer shall be accompanied by payment to the clerk of a filing
fee of $100, which shall be in addition to the fees required to be collected
by the clerk under other sections of this Act. Upon the filing of such a
petition or answer the judge shall enter an order either approving it as
properly filed under this section if satisfied that such petition or answer
complies with this section and has been filed in good faith, or dismissing it. /
If the petition or answer is so approved, an order of adjudication in batik- V
ruptcy shall not be entered and the court in which such order approving the
Petition or answer is entered shall, during the pendency of the proceedings
under this section, have exclusive jurisdiction of the debtor and its property
wherever located for the purposes of this section, and shall have and may
exercise all the powers, not inconsistent with this section, which a Federal
court would have had it appointed a receiver in equity of the property of
the debtor by reason of its inability to pay its debts as they mature. The
corporation shall be referred to in the proceedings as a 'debtor.' Any
corporation the majority of the capital stock of which having power to
vote for the election of directors is owned, either directly or indirectly
through an intervening medium, by any debtor, or substantially all of
whose properties are operated by such debtor under lease or operating
agreement, may file, with the court in which such debtor had filed its
petition or answer, and in the same proceeding, a petition stating that it is
Insolvent or unable to meet its debts as they mature and that it desires to
ion with, or as a part of. the plan of
effect a plan of reorganization in co
nd thereupon such court, if it approves
reorganization of such other debto
jurisdiction with respect to such corporasuch petition, shall have the sa
tion, its property, and its cr
rs and stockholders as the court has with
respect to such other debtor. Three or more creditors who have provable
claims against any corporation which amount in the aggregate, in excess of
the value of securities held by them, if any, to $1,000 or over may, if such
corporation has not filed a petition or answer under this section, file with
the court in which such corporation might file a petition under this section, a
petition stating that such corporation is insolvent or unable to meet its
debts as they mature and, if a prior proceeding in bankruptcy or equity
receivership is not pending, that it has committed an act of bankruptcy
within four months,that such creditors propose that it shall effect a reorganization; and such corporation shall, within ten days after the service of a
copy of such petition upon it, answer such petition. If such answer shall
admit(a) the jurisdiction of the court, and (b) the material allegations of the
petition, the court shall enter an order approving the petition as properly
filed under this section if satisfied that it complies with this section and has
been filed in good faith, or dismiss it if not so satisfied. If such answer
shall deny any material allegation of the petition, the Judge shall determine
summarily the issues presented by the pleadings, without the intervention
of a jury, and if the material allegations of the petition are sustained by the
proofs and the court is satisfied that the petition complies with this section
and has been filed in good faith it shall approve the petition; otherwise the
court shall dismiss the petition; and if any such petition shall be so approved.
the proceedings thereon shall continue with like effect as if the corporation
had itself filed a petition or answer under this section. In case any such
petition or answer or proceedings shall be dismissed in the manner provided
in this subdivision (a) or in subdivision (c), clause (8), of this section. the
4014
Financial Chronicle
June 16 1934
same shall not constitute an act of bankruptcy or an admission of insolvency
the manner provided In section 57, clause (h) of this Act, and if the amount
or be admissible in evidence, without the consent of the debtor, In any
of such value shall be less than the amount of the claim, the excess may be
proceedings then or thereafter pending or commenced under this Act or in
classified as an unsecured claim. The provisions of section 60 of this Act
any Federal or State court. If three or more creditors who have provable
shall apply to claims against the debtor in a proceeding under this section.
claims which amount in the aggregate in excess of the value of securities
For all purposes of this section any creditor may act in person, by an
held by them, if any, to $1,000 or over, or if stockholders holding 5 per
attorney at law, or by a duly authorized agent or committee. Provided,
centum in number of all shares of stock of any class of the debtor outThat the judge shall scrutinize and may disregard any limitations or
standing shall, prior to the hearing provided for in subdivision (c), clause (1),
provisions of any depositary agreements, trust indentures, committee or
of this section appear and controvert the facts alleged in the petition or
other authorizations affecting any creditor acting under this section and
answer, the judge shall determine as soon as may be the issues presented by
may enforce an accounting thereunder or restrain the exercise of any power
the pleadings, without the intervention of a jury, and unless the material
which he finds to be unfair or not consistent with public policy and may
allegations of the petition or answer are sustained by the proofs, the
limit any claims filed by such committee member or agent, to the actual
Proceedings shall be dismissed.
consideration paid therefor. The running of all periods of time prescribed
'(b) A plan of reorganization within the meaning of this section (1) shall' by any other provisions of this Act, and by all statutes of limitations shall
be suspended during the pendency of a proceeding under this section.
include provisions modifying or altering the rights of creditors generally,
or of any class of them,secured or unsecured, either through the issuance of
"(c) Upon approving the petition or answer or at any time thereafter.
the judge, in addition to the jurisdiction and powers else arhere in this
new securities of any character or otherwise; (2) may include provisions
modifying or a'tering the rights of stockho dors generally, or of any class of
section conferred upon him. (1) may, after hearing upon notice to the
debtor and to such others as the judge may determine temporarily continue
them, either through the issuance of new securities of any character or
the debtor in possession or appoint a trustee or trustees of the debtor's
otherwise; (3) shall provide for the payment in cash of all costs of adminisestate, and shall require the debtor, or such trustee or trustees, if appointed.
tration and other allowances made by the court except that compensation
to give such notice as the order may direct to creditors and stockholders
or reimbursement provided for in subdivision (c). clause (9), of this section
and to cause publication thereof to be made at least once a week for two
may be paid in securities provided for in the plan if those entitled thereto
successive weeks of a hearing to be held within thirty days after such apwill accept such payment and the court finds such compensation reasonable;
pointment, or, if no such appointment, within thirty days after the approval
(4) shall provide in respect of each class of stockholders, of which less than
of the petition or answer, at which hearing or any adjournment thereof,
plan (unless the judge shall determine either
a majority shall accept such
or at any subsequent hearing after notice, the judge may make permanent
that the debtor is insolvent, or that the interest of such class of stockany such appointment, or terminate it and restore the debtor to possession,
holders will not be affected adversely by the plan), adequate protection for
or, if no trustee has been appointed, may appoint a trustee or trustees,
the realization by them of the value of their equity, if any, in the property
provided in the plan, (a)
and may remove any such trustee or trustees and continue the debtor in
of the debtor dealt with by the plan, either, as
possession or appoint a substitute trustee or trustees and may appoint
by a sale of the property at not less than a fair upset price, or (b) by
an additional trustee or trustees; (2) shall fix the amount of the bond of
appraisal and payment in cash of the value either of their stock, or at the
every such trustee, and every such trustee, upon filing such bond, shall
objecting stockholders' election, of the securities allotted to such stockhave all the title and shall exercise, subjeca'to the control of the judge
holders under the plan, if any shall be so allotted, or (c) by such methods
and cons
as will do substantial justice to such stockholders under and consistent
judge.1 1:tently with the provisions of this faction, all the powers of a trustee
7
appoin
with the circumstances of the particular case; (5) shall provide in respect
Act,
pursuant to section 44 of this Act, and If authorizedby the
of each class of creditors of which less than two thirds in amount shall
the same powers as those exercised by a receiver in equity to the
accept such plan (unless the claims of such class of creditors will not be
extent consistent with this section, and, subject to the authorization and
affected by the plan, or the plan makes provision for the payment of their
control of the judge, the power to operate the business of the debtor during
such period, fixed or indefinite, as the judge may from time to time preclaims in cash in full), provide adequate protection for the realization by
them of the value of their Interests, claims, or liens, if the property affected
scribe; (3) may, for cause shown, authorize the debtor or the trustee or
trustees, if appointed, to issue certificates for cash, property, or other
by such interests, claims,or liens is dealt with by the plan, either as provided
consideration approved by the judge for such lawful purposes, and upon
In the plan (a) by the transfer or sale of such property subject to such intersuch terms and conditions and with such security and such priority in
claims, or liens, or by the retention of such property by the debtor
ests,
subject to such interests, claims, or liens, or (b) by a sale free of such 'payments over existing obligations, secured or unsecured, as may be lawful
In the particular case;(4) shall require the debtor, or the trustee or trustees
interests, claims, or liens at not less than a fair upset price and the transfer
if appointed, at such time or times as the judge may direct, and in lieu
of such interests, claims, or liens to the proceeds of such sale; or (c) by
of the schedules required by section 7 of this Act, to file such schedules
such interests,
appraisal and payment either in cash of the value either of
and submit such other information as may be necessary to disclose the
claims, or liens, or, at the objecting creditors' election, of the securities
conduct of the debtor's affairs and the fairness of any proposed plan; and
allotted to such interests, claims, or liens under the plan, if any shall be
may direct the debtor, or the trustee or trustees if appointed, to prepare
so allotted; or (d) by such method as will in the opinion of the judge, under
equitably and
(a) a list of all known bondholders and creditors of, or claimants against,
and consistent with the circumstances of the particular case,
the debtor or its property, and the amounts and character of their debts,
fairly provide such protection; (6) may reject contracts of the debtor which
claims, and securities, and the last known post-office address or place of
are executory in whole or in part, including unexpired leases except conbusiness of each creditor or claimant, and (b) a list of the stockholders of
tracts in the public authority; (7) shall, in case any creditor or stockholder
creditor or
each class of the debtor, with the last known post-office address or place
or class thereof shall not be affected by the plan, specify the
of business of each, which lists shall be open to the inspection of any creditor
stockholder or class or classes thereof not affected and contain such provior stockholder of the debtor, during reasonable business hours, upon applisional with respect thereto as may be appropriate, and in case any concation to the debtor, or to the trustee or trustees, if appointed, and the
troversy shall arise as to whether any creditor or stockholder or class
determined by the
contents of such lists shall not constitute admissions by the debtor or the
thereof shall or shall not be affected, the issue shall be
trustees in a proceeding under this section or otherwise; (5) may direct
judge after hearing upon notice to the parties interested; (8) shall specify
the rejection of contracts of the debtor executory In whole or in part;(6)shall
what claims, if any, are to be paid in cash in full;(9) shall provide adequate
determine a reasonable time within which the claims and interests of credmeans for the execution of the plan, which may include the transfer of all
itors and stockholders may be filed or evidenced and after which no such
or any part of the property of the debtor to another corporation or to other
claim or interest may participate in any plan, except on order for cause
consolidation of the properties of the debtor with those
corporations, or the
shown, the manner in which such claims and interests may be filed or eviof another corporation, or the merger or consolidation of the debtor into
denced and allowed, and, for the purposes of the plan and Its acceptance,
or with another corporation or corporations, or the retention of the property
the division of creditors and stockholders into classes according to the
by the debtor, the distribution of assets among creditors or any class thereof,
of liens, indentures, or other similar instrunature of their respective claims and interests; and may, for the purposes
the satisfaction or modification
of such classification, classify as an unsecured claim, the amount of any
ments, the curing or waiver of defaults, extension of maturity dates of outsecured claim in excess of the value of the security therefor, such value to
standing securities, the change in interest rates and other terms of such
be determined in accordance with the provisions of section 57, clause (h),
Securities, the amendment of the charter of the debtor, and the issuance of
of this Act; (7) shall cause reasonable notice of such determination and of
securities of either the debtor or any such corporation or corporations, for
all hearings for the consideration of any proposed plan, or of the dismissal
cash, or in exchange for existing securities, or in satisfaction of claims or
of the proceedings, or the liquidation of the estate, or the allowance of
rights, or for other appropriate purposes; (10) may deal with all or any
fees or expenses, to be given creditors and stockholders by publication or
part of the property of the debtor and may include any other appropriate
stockholder
otherwise; (8) if a plan of reorganization Is not proposed or accepted within
provisions not inconsistent with this section. No creditor or
such reasonable period as the judge may fix, or, if proposed and accepted,
shall, for the purposes of this section be deemed to be affected by any plan
is not confirmed, may, after hearing, whether the proceeding be voluntary
of reorganization unless the same shall affect his interests materially and
or involuntary, either extend such period or dismiss the proceeding under
adversely. The term 'securities' shall include evidences of indebtedness,
this section or, except in the case of a railroad or other public utility or of
either secured or unsecured, stock, certificates of beneficial interest therein,
property. The term 'stockholders'
a debtor which has not been found by the judge to be insolvent, direct the
and certificates of beneficial interest in
estate to be liquidated, or direct the trustee or trustees to liquidate the esshall include the holders of voting trust certificates. The term 'creditors'
tate, appointing a trustee or trustees if none shall previously have been
shall include for all purposes of this section and of the reorganization plan,
appointed, as the interests of the creditors and stockholders may equitably
Its acceptance and confirmation, all holders of claims of whatever character
require; (9) may allow a reasonable compensation for the services rendered
against the debtor or its property, including claims under executory conand reimbursement for the actual and necessary expenses incurred in
claims would otherwise constitute provable
tracts, whether or not such
connection with the proceeding and the plan by officers, parties in interest,
claims under this Act. The term 'claims' includes debts, securities, other
depositaries, reorganization managers and committees or other representathan stock, liens, or other interests of whatever character. For all purposes
tives of creditors or stockholders, and the attorneys or agents of any of the
of this section unsecured claims which would have been entitled to priority
property of the debtor
foregoing and of the debtor, but appeals from orders fixing such allowover existing mortgages if a receiver in equity of the
ances may be taken to the Circuit Court of Appeals independently of other
had been appointed by a Federal court on the day of the approval of the
appeals in the proceeding and shall be heard summarily; (10) in addition
petition or answer under this section, shall be entitled to such priority.
to the provisions of section 11 of this Act for the staying of pending suits
and the holders of such claims, and of other claims, if any, of equal rank,
against the debtor, may enjoin or stay the commencement or continuation
shall be treated as a separate class of creditors. In case an executory contract or unexpired lease of real estate shall be rejected pursuant to direction
of suits against the debtor until after final decree; and may, upon notice
of the judge given in a proceeding instituted under this section, or shall have
and for cause shown, enjoin or stay the commencement or continuance
been rejected by a trustee or receiver in bankruptcy or receiver in equity,
of any juaicial proe...viing to enforce any lien upon tho estate until after
In a proceeding Pending prior to the institution of a proceeding under this
final decree; and (11) may refer any matters to a special master, who may
be one of the referees in bankruptcy, for consideration and report, either
section any person injured by such rejection shall, for all purposes of this
section and of the reorganization plan, its acceptance and confirmation, be
generally or upon specified issues, and allow such master a reasonable comdeemed to be a creditor. The claim of a landlord for injury resulting from
pensation and reimbursement for his services and actual and necessary
the rejection of an unexpired lease of real estate or for damages or indemnity
expenses. The debtor shall have the right to be heard on all questions.
Any creditor or stockholder shall have the right to be heard on the question
under a covenant contained in such lease shall be treated as a claim ranking
of the permanent appointment of any trustee or trustees, and on the proon a parity with debts which would be provable under section 63 (a) of
posed confirmation of any reorganization plan, and upon filing a petition
this Act, but shall be limited to an amount not to exceed the rent, without
for leave to intervene, on such other questions arising in the proceeding
acceleration, reserved by said lease for the three years next succeeding the
as the judge shall determine. In case a trustee is not appointed, the debtor
date of surrender of the premises to the landlord or the date of reentry of
the landlord, whichever first occurs, whether before or after the filing of the
shall continue in the possession of its property, and, if authorized by the
judge, shall operate the business thereof during such period, fixed or inpetition, plus unpaid rent accrued up to such date of surrender or reentry.
definite, as the judge may from time to time prescribe, and shall have
Provided, That the court shall scrutinize the circumstances of an assignall the title to and shall exercise, consistently with the provisions of this
ment of future rent claims and the amount of the consideration paid for
allowed assignee
section, all the powers of a trustee appointedpursuant to this section,
such assignment in determining the amount of damages
hereunder. In the case of secured claims entitled to the provisions of clause
subject at all times to the control of the judge, and to such limitations,
restrictions, terms, and conditions as the judge may from time to time
(5) of this subdivision (b) the value of the security shall be determined in
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Financial Chronicle
impose and prescribe. While the debtor is in possession (a) its officers
shall be entitled to receive only such reasonable compensation as the judge
shall from time to time approve, and (b) no person shall be elected or appointed to any office, to fill a vacancy or otherwise, without the prior
approval of the judge.
"(d) A plan of reorganization which has been approved by creditors
of the debtor, whose claims would be affected by the plan, being not less
than 25 per centum in amount of any class of creditors, and not less than
10 per centum in amount of all the claims against the debtor, or, if the
debtor is not found by the judge to be insolvent, but is found unable to
meet its debts as they mature, by stockholders whose interests would be
affected by the plan, provided said amount is not less than 10 per centum
of any class of stock outstanding and not less than 5 per centum of the
total number of shares of all classes of stock outstanding, may be proposed
by any creditor or by any stockholder, or without such approval by the
debtor, at a hearing duly noticed for its consideration or for the consideration of any other plan of reorganization similarly proposed.
"(e) (1) A plan of reorganization shall not be confirmed until it has been
accepted in writing, whether before or after the filing of the petition or
answer under this section, and such acceptance shall have been filed in the
proceeding by or on behalf of creditors holding two-thirds in amount of
the claims of each class whose claims have been allowed and would be
affected by the plan and by or on behalf of stockholders of the debtor
holding a majority of the stock of each class. Provided, however, That such
acceptance shall not be requisite to the confirmation of the plan by any
creditor or class of creditors (a) whose claims are not affected by the plan.
or (b) if the plan makes provision for the payment of their claims in cash
in full, or (c) if provision is made in the plan for the protection of the interests, claims, or liens of such creditor or class of creditors in the manner provided in subdivision (b), clause (5), of this section. And provided further,
That such acceptance shall not be requisite to the confirmation of the plan
by any stockholder or class of stockholders (1) if the judge shall have determined either that the debtor is insolvent, or that the interests of such stockholder or stockholders will not be affected by the plan, or (2) if provision
is made in the plan for the protection of the interests of such stockholder
or class of stockholders in the manner provided in subdivision (b), clause
(4), of this section. With such acceptance there shall be set forth, verified
in such manner as the judge shall require, what, if any, contracts of the
debtor are executory in whole or in part, and what unexpired leases have
been rejected and surrendered. With such acceptance there shall be filed
a statement, verified in such manner as the judge shall require, showing
what, if any, claims and shares of stock have been purchased or transferred
by those accepting the plan after the commencement or in contemplation
of the proceeding, and the circumstances of such purchase or transfer.
Provided, however, That if the judge is satisfied that by reason of the number
of securities outstanding and the extent of the public dealing therein the
preparation of such a statement would be impractical, he may direct that
it be not filed. If the United States of America is a creditor or stockholder.
the Secretary of the Treasury Is hereby authorized to accept or reject a
plan in respect of the interests or claims of the United States.
"(2) In case the debtor is a utility subject to the jurisdiction of a regulatory commission or commissions or other regulatory authority or authorities, created by the laws of the State or States in which the properties of
the debtor are operated, a plan of reorganization shall not be confirmed
until (a) it shall be submitted to each such commission or authority having
regulatory jurisdiction over the debtor.(b) an opportunity shall be afforded
each such commission or authority to suggest amendments or objections
to the plan, and (c) the judge shall consider such amendments or objections
at a hearing at which each such commission or authority may be heard.
In case the debtor is a public utility corporation wholly intra-State in character no court shall approve any plan of reorganization if the regulatory
commission of such State having jurisdiction over such public utility certifies that the public interest is affected by said plan, unless said regulatory
commission shall first approve of said plan as to the public interest therein
and the fairness thereof. If said regulatory commission shall not within
thirty days or such additional period as the court may prescribe after the
submission of a plan to it file said certificate it shall be deemed that the
public interest is not affected by said plan.
"(f) After hearing such objections as may be made to the plan, the
judge shall confirm the plan if satisfied that (1) it is fair and equitable and
does not discriminate unfairly in favor of any class of creditors or stockholders, and is feasible; (2) it complies with the provisions of subdivision
(b) of this section;(3) it has been accepted as required by the provisions of
subdivision (e), clause (1) of this section; (4) the provisions of subdivision
(e), clause (2), of this section have been complied with; (5) all amounts to
be paid by the debtor or by any corporation or corporations acquiring the
debtor's assets, and all amounts to be paid to committees or reorganization
managers, whether or not by the debtor or any such corporation for services
or expenses incident to the reorganization, have been fully disclosed and
are reasonable, or are to be subject to the approval of the judge; (6) the
offer of the plan and its acceptance are in good faith and have not been
made or procured by any means or promises forbidden by this Act; and
(7) the debtor, and every other corporation, issuing securities or acquiring
property under the plan, is authorized by its charter or by applicable State or
Federal laws, upon confirmation of the plan, to take all action necessary to
carry out the plan,and that,in case the debtor is a utility corporation subject
to the jurisdication of a regulatory commission or commissions or other regulatory authority or authorities, created by the laws of the State or States in
which the properties of the debtor are operated, all authorizations,
approvals, or consents of each such commission or authority required
by the laws of such State or States, have been obtained. Before or after a
plan is confirmed, changes and modifications may be proposed therein by
any party in interest and may be made with the approval of the judge after
hearing upon notice to creditors and stockholders, subject to the right of
any creditor or stockholder who shall previously have accepted the plan
to withdraw his acceptance, within a period to be fixed by the judge and
after such notice as the judge may direct, if. in the opinion of the judge,
the change or modification will be materially adverse to the interest of
such creditor or stockholders, and if any creditor or stockholder having
such right of withdrawal shall not withdraw within such period, he shall be
deemed to have accepted the plan as changed or modified: Provided,
however, That the plan as changed or modified shall comply with the provisions of subdivision (b) of this section and shall have been or shall thereafter be accepted as required by the provisions of subdivision (e),clause (1).
of this section, including acceptances by reason of failure to withdraw as
hereinbefore provided, and the provisions of this subdivision (f), and of
subdivision (e), clause (2), of this section, shall have been complied with
In respect thereof. Upon confirmation of the plan by the judge, the debtor
and other corporation or corporations organized or to be organized for the
purpose of carrying out the plan, shall have full power and authority to
put into effect and carry out the plan and the orders of the judge relative
thereto. The provisions of subdivisions 1, 2. and 3 of schedule A of title
VIII of the Revenue Act of 1926, as amended by sections 721, 722 and 723
of the Revenue Act of 1932 and the provisions of sections 724 and 725 of
the Revenue Act of 1932 shall not apply to the issuance, transfers, or
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exchanges of securities or making or delivery of conveyances to make
effective any plan of reorganization confirmed under the provisions of
this section.
"(g) Upon such confirmation the provisions of the plan and of the order
of confirmation shall be binding upon (1) the debtor, (2) all stockholders
thereof, including those who have not, as well as those who have, accepted
it, and (3) all creditors,secured or unsecured, whether or not affected by the
plan, and whether or not their claims shall have been filed, and, if filed,
whether or not approved, including creditors who have not, as well as those
who have, accepted it.
"(h) Upon final confirmation of the plan, the debtor and other corporation or corporations organized or to be organized for the purpose of carrying out the plan, shall have full power and authority to, and shall put into
effect and carry out the plan and the orders of the judge relative thereto,
under and subject to the supervision and cent'ol of the judge, and the
property dealt with by the plan, when transferred and conveyed by the
trustee or trustees to the debtor or the other corporation or corporations
provided for by the plan, or, if no trustee has been appointed, when
retained by the debtor pursuant to the plan or transferred by it to the other
corporation or corporations provided for by the plan,shall be free and clear
of all claims of the debtor, its stockholders and creditors, except such as
may consistently with the provisions of the plan be reserved in the order
confirming the plan or directing such transfer and conveyance or retention,
and the court may direct the trustee or trustees, of if there be no trustee,
the debtor and any mortgagee, the trustee of any obligation of the debtor,
and all other proper and necessary parties, to make any such transfer or
conveyance, and may direct the debtor to join in any such transfer or
conveyance made by the trustee or trustees. Upon the termination of the
proceedings a final decree shall be entered discharging the trustee or trustees.
if any, making such provisions:
vle
g may be equitable, by way of injunction
or otherwise, and closing the
e. Such final decree shall discharge the
debtor from its debts and li tittles, and shall terminate and end all rights
and interests of its stockh
ers, except as provided in the plan or as may
be reserved as aforesaid." All securities issued pursuant to any plan of
eorganization confirmed by the court in accordance with the provisions
of this section, including, without limiting the generality of the fongoing,
ny securities issued pursuant to such plan for the purpose of raising money
for working capital and other purposes of such plan and securities issued by
the debtor or by the trustee or trustees pursuant to subdivision (c). clause
(3), of this section. and all certificates of deposit representing securities of
or claims against the debtor which it is proposed to deal with under any
such plan, shall be exempt from all the provisions of the Securities Act of
1933, approved May 27 1933, except the provisions of subdivision'(2) of
section 12, and section 17 thereof, and except the provisions of section 24
thereof as applied to any willful violation of said section 17.
"(i) If a receiver or trustee of all or any part of the property of a corporation has been appointed by a Federal, State. or Territorial court, whether
before or after this amendatory Act takes effect a petition or answer may
be filed under this section at any time thereafter by the corporation, or its
creditors as provided in subdivision (a) of this section and if such petition
or answer is approved, the trustee or trustees appointed under this section,
or the debtor if no trustee is appointed,shall be entitled forthwith to possession of and vested with title to such property, and the judge shall make
such orders as he may deem equitable for the protection of obligations
incurred by the receiver or prior trustee and for the payment of such
reasonable administrative expenses and allowances in the prior proceeding
as may be fixed by the court appointing said receiver or prior trustee. If a
receiver or trustee has been appointed by a Federal or State or Territorial
court prior to the institution of a proceeding under this section, and such
proceeding shall be dismissed under subdivision (c), clause (8), of this
section, the judge may include in the order of dismissal appropriate orders
directing the trustee or trustees, or the debtor if no trustee is appointed,
to transfer possession of the debtor's property within the territorial jurisdiction ofsuch court to the receiver or prior trustee so appointed, upon such
terms as the judge may deem equitable for the protection of obligations
Incurred by any trustee or trustees appointed under this section, and for
the payment of administrative expenses and allowances in the proceeding
hereunder. For the purposes of this section the words 'Federal court'
shall include the district courts of the United States and of the Territories
and possessions to which this amendatory Act is or may hereafter be
applicable, the Supreme Court of the District of Columbia, and the United
States Court of Alaska, and the District Court of the United States for the
Territory of Hawaii.
-(J) A certified copy of the final decree or of an order confirming a plan
of reorganization, or of any other decree or order entered in a proceeding
under this section, shall be evidence of the jurisdiction of the court, the
regularity of the proceedings, and the fact that the decree or order was
made. A certified copy of an order directing the transfer of the property
dealt with by the plan as provided in subdivision (h) of this section shall be
evidence of the transfer of title accordingly, and if recorded shall impart
the same notice that a deed,if recorded, would impart.
"(k) If an order is entered directing the trustee or trustees to liquidate
the estate pursuant to the provisions of clause (8) of subdivision (c) of this
section: (1) The case may be referred to a referee as provided in section 22,
who shall be compensated as provided in section 40; (2) the first meeting
of creditors shall be held as provided in section 55, upon notice as provided
in Section 58; (3) a trustee or trustees shall be appointed as provided in
section 44, and be compensated as provided in section 48;(4) claims which
are provable under section 63 may be proved as provided in section 57,
except that the time within which proof may be made shall not expire until
six months after the date of the last publication of the notice of the first
meeting; (5) debts shall be entitled to priority as provided in section 64;
(5) sales shall be made as provided in subdivision (b) of section 70;(7) dividends may be declared and paid as provided in section 66. None of the
sections enumerated in this subdivision (k), except subdivisions (g), (I),
(j), and (m) of section 57, and subdivisions (a) and (e) of section 70, shall
apply to proceedings instituted under this section 77B unless and until an
order has been entered directing the trustee or trustees to liquidate the
estate. All other provisions of this Act, except such as are inconsistent
with the provisions of this section 77B,shall apply to proceedings instituted
under this section, whether or not an order to liquidate the estate has been
entered. For the purposes of such application, provisions relating to
'bankrupts'shall be deemed to relate also to 'debtors:' bankruptcy proceedings' or 'proceedings in bankruptcy' shall be deemed to include proceedings
under this section; the date of the order approving the petition or answer
under this section shall be taken to be the date of adjudication, and such
order shall have the same consequences and effect as an order of
adjudication.
"(1) No judge, debtor, or trustee acting under this section shall deny
or in any way question the right of employees on the property under the
jurisdiction of the judge, to join the labor organization of their choice,
and it shall be unlawful*for any judge, debtor, or trustee to interfere in
any way with the organizations of employees, or to use funds under such
Jurisdiction,in maintaining so-called company unions,or to coerce employees
in an effort to induce them to join or remain membersofsuch company unions.
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Financial Chronicle
"(m) No judge, debtor, or trustee acting under this section shall require
any person seeking employment on the property under the jurisdiction of
the judge to sign any contract or agreement promising to join or to refuse
to join a labor organization; and if such contract has been enforced on the
property prior to the property coming under the jurisdiction of said judge,
then the judge, debtor, or trustee, as soon as the matter is called to his
attention, shall notify the employees by an appropriate order that said.
contract has been discarded and is no longer binding on them in any way.
"(n) Nothing contained in this section shall be construed or be deemed
to affect or apply to the stockholders, creditors, or officers of any corporation operating or owning a railroad or railroads, railway or railways, owned
In whole or in part by any municipality and (or') owned or operated by a
municipality, or under any contract to any municipality by or on its behalf
or in conjunction with such municipality under any contract, lease, agreement, certificate, or in any other manner provided by law for such operation: Provided, however, That this paragraph shall not apply to or affect
any corporation or the stockholders, creditors, or officers thereof, if not
more than 20 per centum of its operating revenue is derived from such
Operations.
"(0) In proceedings under this section and consistent with the provisions
thereof, the jurisdiction and powers of the court, the duties of the debtor
and the rights and liabilities of creditors, and of all persons with respect to
the debtor and its property,shall be the same as if a voluntary petition for
adjudication had been filed and a decree of adjudication had been entered
on the day when the debtor's petition or answer was approved.
"(p) This section shall take effect and be in force from and after the
date of the approval of this amendatory Act and shall apply as fully to
debtors, their stockholders and creditors, whose interests or debts have
been acquired or incurred prior to such date, as to debtors, their stockholders and creditors, whose interests or debts are acquired or incurred
after such date. Proceedings under this section may be taken in proceedings in bankruptcy which are pending on the effective date of this
amendatory Act."
Sec. 2. Section 74,subdivision (e), ofsuch Act of July 11898,as amended.
Is amended by adding a new sentence at the end of the subdivision, to
read as follows: "After the first meeting of the creditors as provided in subdivision (c), the debtor fails to obtain the acceptance of a majority in
number of all creditors whose claims are affected by an extension proposal
representing a majority in amount, the debtor may submit a proposal for
an extension including a feasible method of financial rehabilitation for the
debtor which is for the best interest of all the creditors, including an equitable liquidation for the secured creditors whose claims are affected." Said
section 74, as amended by the Act of March 3 1933. shall include the personal representative of a deceased individual for the purpose of effecting
settlement or composition with the creditors of the estate: Provided, however, That such personal representative shall first obtain the consent and
authority of the court which has assumed jurisdiction of said estate, to invoke the relief provided by said Act of March 3 1933. The first sentence
of subdivision (m) of said section 74 is amended to read as follows: "The
filing of a debtor's petition or answer seeking relief under this section shall
subject the debtor and his property, wherever located, to the exclusive
Jurisdiction of the court in which the order approving the petition or answer
as provided in subdivision (a) is filed, and this shall include property of the
debtor in the possession of a trustee under a trust deed or a mortgage or a
receiver, custodian or other officer of any court in a pending cause, irrespective of the date of appointment of such receiver or other officer, or the
date of the institution of such proceedings: Provided, That it shall not
affect any proceeding in any court in which a final decree has been entered."
Sec. 3. In the administration of the Act of July 1 1898, entitled "An
Act to establish a uniform system of bankruptcy throughout the United
States," approved July 1 1898, as amended, the district court or any judge
thereof shall, in its or his discretion, so apportion appointments of receivers
and trustees among persons, firms, or corporations, or attorneys therefor,
within the district, eligible thereto, as to prevent any person, firm, or corporation from having a monopoly of such appointments within such district.
No person shall be appointed as a receiver or trustee who is a near relative
of the judge of the court making such appointment. The compensation
allowed a receiver or trustee or an attorney for a receiver or trustee shall
in no case be excessive or exorbitant, and the court in fixing such compensation shall have in mind the conservation and preservation of the estate
of the bankrupt and the interests of the creditors therein.
Sec. 4. (a) Section 63 (a) of the Act of July 1 1898. entitled "An Act
to establish a uniform system of bankruptcy throughout the United States."
approved July 11898,as amended,is amended to read as follows: "(a) Debts
of the bankrupt may be proved and allowed against his estate which are
(1) a fixed liability, as evidenced by a judgment or an instrument in writing,
absolutely owing at the time of the filing of the petition against him,
whether then payable or not, with any interest thereon which would have
been recoverable at that date or with a rebate of interest upon such as were
not then payable and did not bear interest; (2) due as costs taxable against
an involuntary bankrupt who was at the time of the filing of the petition
against him plaintiff in a cause of action which would pass to the trustee
and which the trustee declines to prosecute after notice; (3) founded upon
a claim for taxable costs incurred in good faith by a creditor before the filing
of a petition in an action to recover a provable debt; (4) founded upon an
open account, or upon a contract express or implied; (5) founded upon
provable debts reduced to judgments after the filing of the petition and
before the consideration of the bankrupt's application for a discharge, less
costs incurred and interest accrued after the filing of the petition and up
to the time of the entry of such Judgments; (6) founded upon an award
of an industrial accident commission, or other commission, body or officer.
June 16 1934
of any State or Territory having power or Jurisdiction to make awards as
workmen's compensation in case of injury or death for injury prior to
adjudication;(65)the amount of any damages,as evidenced by a judgment
of a court of competent jurisdiction, in any action for negligence instituted
prior to adjudication of defendant in such action in bankruptcy and pending at the time of the filing of petition in bankruptcy, whether voluntary or
involuntary; and (7) claims for damages respecting executory contracts
including future rents whether the bankrupt be an individual or a corporation, but the claim of a landlord for injury resulting from the rejection
by the trustee of an unexpired lease of real estate or for damages or indemnity under a covenant contained in such lease shall in no event be allowed
in an amount exceeding the rent reserved by the lease, without acceleration,
for the year next succeeding the date of the surrender of the premises plus
an amount equal to the unpaid rent accrued up to said date: Provided.
That the court shall scrutinize the circumstances of an assignment of future
rent claims and the amount of the consideration paid for such assignment
In determining the amount of damages allowed assignee hereunder: Provided
further, That the provisions of this clause (7) shall apply to estates pending
at the time of the enactment of this amendatory Act."
(b) The provisions of clause (6) of section 63 (a) of such Act of July 1
1898, as amended by this section, shall apply to estates pending at the time
of the enactment of this Act, and claims provided for in such clause (6)
shall have the priority provided for in clause (7) of section 64 (b) of such
Act of July 1 1898, as amended.
Sec. 5. Section 67 (f) of the Act of July 1 1898, entitled "An Act to
establish a uniform system of bankruptcy throughout the United States."
approved July 1 1898, as amended, is amended to read as follows: "That
all levies, judgments, attachments, or other liens, obtained through legal
proceedings against a person who Is insolvent, at any time within four
months prior to the filing of a petition in bankruptcy against him, and
any bond which may be given to dissolve any such lien so created, shall
be deemed null and void in case he is adjudged a bankrupt, and the property
affected by the levy, judgment, attachment, or other lien, and any nonexempt property of his which he shall have deposited or pledged as security
for such bond or to indemnify any surety thereon, shall be deemed wholly
discharged and released from the same, and shall pass to the trustee as a
part of the estate of the bankrupt, unless the court shall, on due notice.
order that the right under such levy, judgment, attachment, or other lien
shall be preserved for the benefit of the estate; and thereupon the same may
pass to and shall be preserved by the trustee for the benefit of the estate
as aforesaid. And the court may order such conveyance as shall be necessary to carry the purposes of this section into effect: Provided. That nothing
herein contained shall have the effect to destroy or impair the title obtained
by such levy, judgment, attachment, or other lien, of a bona fide purchaser
for value who shall have acquired the same without notice or reasonable
cause for inquiry.
Sec. 6. Conciliation commissioners appointed under section 75 of such
Act of July 1 1898, as amended, shall be entitled to transmit in the mails
free of postage under cover of a penalty envelope all matters which relate
exclusively to the business of the Government,including notices to creditors.
Sec. 7. Proceedings under section 77 of chapter 8. amendment to the
Act of July 1 1898, entitled "An Act to establish a uniform system of bankruptcy throughout the United States," as amended, approved March 3
1933, shall not be grounds for the removal of any cause of action to the
United States district court which was not removable before the passage
and approval of this section, and any cause of action heretofore removed
from a State court on account of this section shall be remanded to the court
from which it was removed, and such order of removal vacated.
Sec. 8. That the first sentence of subsection (a) of section 75 of the Act
of July 1 1898. entitled "An Act to establish a uniform system of bankruptcy
throughout the United States," as amended, is amended to read as follows:
"Within thirty days after the enactment of this Act every court of bankruptcy of which the jurisdiction or territory includes a county or counties
having an agricultural population (according to the last available United
States Census) of five hundred or more farmers shall appoint one or more
referees to be known as 'conciliation commissioners,' one such conciliation
commissioner to be appointed for each county having an agricultural
Population of five hundred or more farmers according to said census: Provided further, That where any county in any such district contains a smaller
number of farmers according to said census, for the purposes of this paragraph such county shall be included with one or more adjacent counties
where the population of the counties so combined includes five hundred
or more farmers, according to said census."
Sec. 9. That the second sentence of subdivision (b) of section 75 of the
Act of July 1 1898, entitled "An Act to establish a uniform system of bankruptcy throughout the United States." as amended, is amended to read
as follows: "The conciliation commissioner shall receive as compensation
for his services, including all expenses, a fee of $25 for each case docketed
and submitted to him, to be paid out of the Treasury."
Sec. 10. That section 76 of the Act of July 1 1898, as amended, is
amended to read as follows:
"Sec. 76. Extensions made pursuant to the foregoing provisions of this
chapter shall extend the obligation of any person who is secondarily liable
for or who may have insured or guaranteed such debt or debts, or any part
thereof, or bonds issued upon the security of same, and a copy of the order
confirming such extension, certified as required by the provisions of law
with reference to judgments and proceedings in courts of the United States.
shall be sufficient evidence that such extension has been confirmed in any
suit or proceeding brought against any such person so liable."
Approved, June 7 1934. 12 o'clock noon.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, June 15 1934.
General trade shows a slight falling off as compared
with the first quarter, but this is the time of the year -vvfhen
a setback can be expected, but it was much better than.in
years immediately preceding. There was another increase
in steel operations and the output of electricity showed a
slight gain, although the increase over last year's figures
was smaller. Furthermore, bituminous coal output showed
an increase and there was a sharp gain in crude oil production. Retail sales, stimulated by warmer weather and
a better demand for summer apparel continue to rise. The
demand for dry goods, men's and women's clothing and'
shoes was larger and the sales of summer rugs exceeded,
those of last year despite higher prices. Sales of electric
refrigerators and automobiles were also larger. The wholesale business steadily increased with most of the activity
In vacation requisites, arch as bathing suits, beach wear
and traveling accessories. The shoe industry was fairly
active. Cotton was moderately active during the week and
prices show only slight losses as compared with last Friday.
There was selling at times influenced largely by lessening
rains in the east and the probability that Texas may get
rains from the storm now in progress in the southwest Gulf..
•
Volume
Financial Chronicle
138
Moody's Daily Index of Staple Commodity Prices
Rises to New 1934 High.
The better feeling which has permeated all markets recently continued to exert a favorable influence on the most
important basic commodities. Moody's Daily Index of
Staple Commodity Prices registered an advance on every
working day of the current week, closing at 140.9, a new
high for the year and the highest figure since the peak reached
in July of last year.
Only six of the fifteen commodities comprising the Index
registered advances, but they were all of a substantial nature.
By far the most important was rise of nearly a dollar a hundredweight in hogs, with sugar, hides, copper,corn and cocoa
following. The losses in wheat,rubber,coffee, silk and silver
were comparatively minor in extent. Steel scrap, lead,
cotton and wool were unchanged.
The movement of the Index number during the week, with
comparisons,follows:
Fri., June 8
137.0 2 Weeks Ago., June 1
136.1
Sat., June 9
Month Ago, May 15
137.2
133.6
Mon.. June 11
137.4 Year Ago,
June 15 '33- -120.1
Tues., June 12
Wed., June 13
Thurs.,June 14
Fri., June 15
139.6
140.2
140.5
140.9
1933 High,
Low,
1934 High,
Low,
July 18
Feb. 4
June 15
Jan. 2
148.9
78.7
140.9
126.0
Revenue Freight Car Loadings in Latest Week Exceeds
Corresponding Period in 1933 by 8.2%.
Loading of revenue freight for the week ended June 9 1934
totaled 615,565 cars, an increase of 37,024 cars, or 6.4% over
the preceding week and 46,408 cars, or 8.2% higher than in
the corresponding period last year. It was also a gain of
113,880 cars, or 22.7% over the comparable week in 1932.
Total loading for the week ended June 2 1934 exceeded the
same period in 1933 by 12.8% and the corresponding week in
1932 by 29.3%. In the week ended May 26 1934 increases over
the like periods in 1933 and 1932 amounted to 14.5% and
19.8%, respectively.
The first 15 major railroads to report for the week ended
June 9 1934 loaded a total of 259,621 cars of revenue freight
on their own lines, compared with 240,228 cars in the preceding week and 248,089 cars in the seven days ended June 10
1933. During the week of June 3 last year these same roads
loaded 223,297 cars. With the exception of the Chesapeake
& Ohio Ry., International-Great Northern RR. and MissouriKansas-Texas RR., all of the carriers in the following table
continued to show increases over the comparable period last
•
year.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS.
(Number of Cars.)
Loaded on Own Miles.
Weeks Ended-
Rec'd from Connections.
Weeks Ended
June 9 June 2 June 10 June 9 June 2 June 10
1934. 1934. 1933. 1934. 1934. 1933.
Atchison Topeka & Santa Fe Ry_
Chesapeake & Ohio Ry
Chicago Sullington dc Quincy RR.
Chicago Milw.St.Paul& Pac.Ry.
Chicago & North Western Ry
Gulf Coast Lines
International-Great Northern RR
Missouri-Kansas-Texas Lines__
Missouri Pacific RR
New York Central Lines
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
Southern Pacific Lines
Wabash Ry
18,876
19,760
14,026
17,361
15,518
1,978
2,640
4,617
13,101
42,835
16,892
57,586
5,615
23,621
5,195
17,182
20,210
12,799
15,632
13,883
z2,340
:2,590
3,867
11,963
38,848
14,476
51,266
4,825
22,672
4,674
18,234
19,855
13,919
17,292
14,683
1.543
74,888
4,736
12,850
41,164
15,889
54,258
4.753
19,149
4,876
10001000N CO
0
1.....000WC4.-. 04....N
N000.-Igt...0C40.00n...mM
4R7 6050..at:rig.0 t:
,
4
1
,
Wheat showed a decline of 31 4 to 34 c. as compared with a
week ago, owing to general liquidation induced by heavy
rains west of the Mississippi river and light rains in other
dry areas. Corn, oats and rye, however, showed considerable firmness despite the weakness in wheat. Reports of
damage to the crop by chinch bugs helped these grains.
Trading on the Chicago Board of Trade, however, was not
large. Coffee, rubber, silk and silver all show declines for
the week. Sugar was more active and higher owing to a
belief that Cuba will be given an increase in the preferential.
Refined was up to 4.65c. Raws were quiet, but late in the
week Puerto Ricos were reported to have sold at 3.03 to
3.05c. Hides also showed more activity and prices show
a rise for the week of 55 to 56 points. Cocoa advanced 5
to 11 points in light trading. The drougth in the grain belt
of this country was broken by good rains during the week
and the weather in the South of late was more favorable
for cotton, although rains were received in some sections
where they were not wanted, while the dry areas could
stand more.
The baked fields and dried forests of New England were
relieved by heavy showers accompanied by thunder and
lightning. Maine received a light rainfall which may result
In the lifting of the ban on stream fishing, smoking and
building fires. Wet soil was an obstacle to the cotton crop
In Louisiana and too much rain fell in the Carolinas. Storms
and an earthquake took a toll of lives in widely scattered
sections of Latin America. Calcutta cabled that a terrific
earthquake shook Afghanistan and Baluchistan on the 14th
Inst. and killed many persons. The weather here was very
warm over the week-end and rather heavy showers fell at
times. The nights were rather cool until the 14th inst., when
the temperatures again began to rise. To-day it was fair
and warm here, with temperatures ranging from 64 to 80
degrees. The forecast was for fair to-night. Possibly showers Saturday. Cooler Saturday. Overnight at Boston it
was 58 to 72 degrees; Baltimore, 66 to 82; Pittsburgh, 56 to
80; Portland, Me., 52 to 64; Ohicago, 68 to 78; Cincinnati,
.
62 to 84; Cleveland, 62 to 74; Detroit, 62 to 80; Charleston,
74 to 86; Milwaukee, 64 to 72; Dallas, 76 to 96; Savannah,
72 to 86; Kansas City, 72 to 86; Springfield, Mo., 68 to 74;
St. Louis, 68 to 86; Oklahoma City, 74 to 94; Denver, 54 to
72; Salt Lake City, 60 to 84; Los Angeles, 62 to 70; San
Francisco, 52 to 64; Seattle, 54 to 74; Montreal, 56 to 72, and
Winnipeg, 38 to 64.
4017
3,967 3,940
7,915 8,376
5.905 5,849
5,621 6,000
7,461 7,789
865
z1.259
z1,807 1,402
2,610 1,981
7,211 7,160
52,096 50,979
3,411 4,010
35,889 34,492
4,136 3,780
x
a
6,481 6.868
259,621 240,228 248.089 153,211 145,769 143,491
Total
Not reported. y Accounted for by large oil movement
a Corrected figure.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS.
(Number of cars.)
Weeks Ended
June 9 1934. June 2 1934. June 101933.
Chicago Rock Island & Pacific Ry
Illinois Central System
St. Louis-San Francisco Ry
20,756
25,407
12,203
20,544
23,941
12,456
58,366
Total
19,317
24.854
11,803
55.974
56.941
The American Railway Association, in reviewing the week
ended June 2, reported as follow3:
Loading of revenue freight for the week ended June 2 totaled 578,541 cars,
a decrease of 46,026 cars below the preceding week, but an increase of
65,567 cars above the corresponding week in 1933, and 131,129 cam above
the corresponding week in 1932. All three years' figures reduced due to
the observance of Memorial Day holiday.
Miscellaneous freight loading for the week of June 2 totaled 229,482 cars,
a decrease of 14,689 cars below the preceding week, but an increase of
31,213 cars above the corresponding week in 1933, and 59,296 cars above
the corresponding week in 1932.
Loading of merchandise less than carload lot freight totaled 143,656 cars,
a decrease of 20,455 cars below the preceding week this year, 4,730 cars
below the corresponding week in 1933, and 11,154 cars below the same
week in 1932.
Grain and grain products loading for the week totaled 27,146 cars, a
decrease of 1,106 cars below the preceding week, 7,159 cars below the
corresponding week in 1933, but an increase of 3,841 cars above the same
week in 1932. In the Western districts alone, grain and grain products
loading for the week ended June 2 totaled 17,263 cars, a decrease of 7,262
cars below the same week in 1933.
Forest products loading totaled 24,396 cars, a decrease of 1,498 cars
below the preceding week, but an increase of 1,327 cars above the same
week in 1933, and 7,977 cars above the same week in 1932.
Ore loading amounted to 30,319 cars, an increase of 487 cars above the
preceding week, 21,318 cars above the corresponding week in 1933, and
28,134 cars above the corresponding week in 1932.
Coal loading amounted to 100,715 cars, a decrease of 8,362 cars below
the preceding week, but an increase of 20,536 cars above the, corresponding
week in 1933, and 37,619 oars above the same week in 1932.
Coke loading amounted to 7,068 cars, an increase of 123 care above the
preceding week, 2,447 cars above the same week in 1933, and 4,057 cars
above the same week in 1932.
Live stock loading amounted to 15,759 cars, a decrease of 526 cars below
the preceding week, but an increase of 615 cars above the same week in
1933, and 1,359 cars above the same week in 1932. In the Western districts
alone, loading of live stock for the week ended June 2 totaled 12,141 cars.
an increase of 575 cars above the same week in 1933.
All districts except the Southwestern reported increases for the week of
June 2, compared with the corresponding week in 1933. All districts, however, reported increases compared with the corresponding week in 1932.
Loading of revenue freight in 1934 compared with the two previous years
follows:
1934.
Four weeks in January
Four weeks In February
Five weeks in March
Four weeks in April
Four weeks In May
Week ended June 2
Total
1933.
2,177,562
2,308,869
3,059,217
2,334,831
2,441,653
578,541
1,924,208
1,970,566
2,354,521
2,025,564
2,143,194
512,974
19 OM A7,
111 1101 n0 1
0
1932.
2,266.771
2,243,221
2,825,798
2,229,173
2,088,088
447.412
Ingo,' Anft
In the following table we undertake to show also the loadings for the separate roads and systems for the week ended
June 2 1934. During this period a total of 51 roads showed
decreases as compared with the corresponding week last year,
when the bank holiday was in effect. Among the larger carriers which continued to show increases as compared with the
same week in 1933 were the Pennsylvania System, the Baltimore & Ohio RR., the Chesapeake & Ohio RR., the New York
Central RR., the Norfolk & Western Ry., the Atchison Topeka
& Santa Fe Ry. System, the Louisville & Nashville RR., the
June 16 1934
Financial Chronicle
4018
Illinois Central System, the Southern Pacific Co. (Pacific
Lines), the Chicago & North Western By., the Chicago Bur-
lington & Quincy RR., the Reading Co., the Great Northern
Ry. and the Erie RR.:
-WEEK ENDED JUNE 2.
REVENUE FREIGHT WADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
1934.
Total
Group B3elaware & Hudson
Delaware Lackawanna & West_
Erie
..ehIgh & Hudson River
..ehIgh & New England
.ahigh Valley
dontour
Vew York Central
iew York Ontario & Western.
'ittaburgh & Shawmut
'Ma. Shawmut & Northern...
Total
Group C1nn Arbor
)hicago Ind. & Louisville
7. C.C.& St. Louis
lentral Indiana
Betrolt & Macklnao
ietrolt & Toledo Shore Line
ietrolt Toledo & Ironton
;rand Trunk Western
dichlgan Central
ionongahela
Zew York Chicago & St. Louis_
'ere Marquette
Ittsburgh & Lake Erie
lttsburgh & West Virginia....
Vabash
Vbeellng & Lake Erie
Total
Wand total Eastern District
Allegheny Districtkron Canton & Youngstown
altimore & Ohio
essemer dr Lake Erie
Walt) Creek & Gauley
entral RR. of New Jersey....
ornwall
umberland & Pennsylvania...
bonier Valley
ong Island
-Read. Seashore Lines
Penn.
ennsylvania System
ending Co
nion (Pittsburgh)
rest Virginia Northern
restern Maryland
Total
Pocahontas Districthesapeake & Ohio
orfolk & Western
orfolk & Portsmouth Belt Line
Irghilan
Total
Southern DistrictGroup AVenda Coast Line
Unchfleld
harleston & Western Carolina
urham & Southern
ainesvIlle Midland
orfolk Southern
ledmont & Northern
ichmond Fred. dc Potomacaboard air Line
luthern System
baton-Salem Southbound-
1933.
1932.
1934.
1,448
2,411
6.123
682
2,241
8,689
540
263
4,268
9,436
2,481
2,219
10,868
917
224
4,036
8,584
2,445
2,038
10,238
855
22,999
22.034
30,452
28,420
4,884
9,658
12,176
135
1,688
7.564
1.468
17,911
1.496
369
278
4,056
6,816
9,619
1C9
1,071
5,976
1,662
16,656
1.423
234
232
4,015
6,180
8,784
124
1,007
5.454
861
14,059
1,725
313
252
6,206
5,774
12,421
1i05
1.099
6,326
102
25,909
2,005
28
1/9
5,618
4,838
11,724
1,415
702
5,837
110
22,599
1,782
25
151
57,627
47,854
42,774
61,754
650
1,122
5,761
23
225
243
1,638
3,319
6.753
2,968
4,810
4,825
5,982
949
4,676
3,401
392
1,048
6,941
25
284
220
1,103
2,839
6,015
2,856
3,817
4,243
4,624
1,089
4,405
3,324
427
1,117
5,994
25
228
132
1,561
2,084
4,868
2,608
3,304
3,687
2.425
263
4,334
1,710
950
1,584
9,812
68
126
1,899
905
' 5.611
7,417
224
7,479
4,136
4.164
1.024
6,481
2,640
47,404
43,225
34,747
54,510
129,535
114,078
99.556
148,716
353
26,5C0
4,246
235
6.517
470
188
86
714
933
51,206
12,242
8,671
67
2,817
450
21.804
1,641
162
4,589
414
175
42
910
1,066
47,760
9,077
4,498
33
2,093
a
19.918
669
106
4,650
6
148
54
938
b
44,539
9,229
2,669
37
2,525
581
13,039
1.829
8
9.458
58
27
34
2.270
883
35,889
13,944
3,666
1
4.665
115,305
94.714
85,488
86,342
71,983
20,210
17,476
909
2,777
17,477
14,588
814
2.917
14,223
11,481
773
2.663
7,915
3,411
1,003
610
7,871
3,703
1,055
460
41,363
35.776
29,140
12,948
13,089
7.397
888
463
144
42
1,119
413
351
6,482
17,999
107
8,572
911
426
151
44
1,890
6b8
324
6,753
18,104
160
7,363
853
469
121
53
1,586
401
249
5,984
15,819
156
3,692
1,432
734
344
79
928
672
3,470
2,611
10,486
539
3,679
1,167
829
157
78
930
775
3,451
2,733
10,429
660
1,551
2,695
6,745
900
2,619
9,430
564
24,504
1934.
1933.
1934.
Group 13
Alabama Tenn. & NorthernAtlanta Birmingham & Coast__
-West.RR.of Ala
Atl.& W.P.
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah....
Mississippi Central
Mobile & Ohio
Nashville Chatt. & St. Louis_
Tennessee Central
1933.
1932.
261
694
536
3,070
221
444
738
318
1,489
17,271
17,407
88
159
1,780
2.924
267
220
670
747
3,731
247
602
793
341
1.349
15,254
15,443
127
164
1,815
2,606
248
193
627
528
2,838
197
478
824
290
1,158
15,660
12,687
85
108
1.630
2,357
301
130
471
955
1,981
206
523
1,106
329
669
8,118
3,455
275
231
1,312
2,014
468
171
615
964
1,982
160
386
1,287
301
610
7,925
3,387
340
207
1,311
2,060
442
47,667
Total
Grand total Southern District.-
44,357
39,961
22,243
22,148
83,072
82,250
73,015
47,230
47,033
1,493
11,423
2,006
12,981
2,753
523
369
2.812
188
6,248
449
a
1,616
3.324
6,568
a
1,059
1,535
7,461
2,053
5,621
2,511
91
299
3,762
103
2,424
290
(lb
1,042
1,947
2,153
180
1,025
1,474
7.332
1.976
5,761
2,476
37
273
3,879
124
1,683
319
49
1,031
1.545
1,828
164
925
53.790
32.562
30,876
15,849
2,565
164
11,163
a
9,985
1,812
645
1,079
160
720
a
487
129
12.284
168
228
8,683
55
928
3,967
1,682
78
6,905
496
5,891
2,007
976
1,634
6
738
885
377
30
3,419
291
839
6,098
6
1,419
3.772
1,426
21
6,570
553
5,690
1,756
788
1,760
19
706
888
207
47
3,011
344
889
5,897
5
1,271
Northwestern District
608
608
Belt Ry. of Chicago
13,626
16,303
Western
Chicago & North
2,157
2,140
54,799
Chicago Great Western
15,740
15,632
Chic. Milw, St. Paul & Pacific.
3,235
2,865
Chic. St. Paul Minn. & Omaha
3,680
8,049
Duluth MIssabe dr Northern_
277
1,352
Atlantic
Duluth South Shore dr
819
3,720
5,662
1,588
Elgin Joliet & Eastern
290
265
9,072
Ft. Dodge Des M.& Southern_
7,221
12,782
Great Northern
52
434
480
129
Green Bay & Western
978
IOW
1,815
Ishpeming.Lake Superior &
1,958
1,460
701
Minneapolis & St. Louis
3,723
4,551
4,806
Minn. St. Paul & 8.S. Marie7.302
7.709
6,819
Northern Pacific
109
271
170
Spokane International
1,386
6,671915
& Seattle....
Spokane Portland
3,576
65,973
82.604
4,468
Total
728
6,312
2,023
Central Western District
15,218
17,182
2,417
2,473
0,749
At Tap. & Santa Fe System&
208
188
Bingham & Garfield
12,451
12,799
132.968
Chicago Burlington & Quincy..
1,162
1,127
& Illinois Midland...- 10,441
Chicago
11,263
Chicago Rock Island & Pacific1,748
2,028
Chicago & Eastern Illinois...530
809
507
Colorado & Southern
1,235
1,651
11,603
Denver dr Rio Grande Western289
185
1,154
& Salt Lake
Denver
1,007
1,000
Fort Worth & Denver City
6
1,991
1,744
8,264
Illinois Terminal
564
542
36
Northwestern Pacific)
96
196
Peoria & Pekin union
17
12,902
18.984
Southern Pacific (Pacific)
17
337
258
2,155
St. Joseph & Grand Island-330
384
Toledo Peoria & Western
788
9,050
9,786
30,893
Union Pacific System
198
159
Utah
12,227
1,159
1,261
1,256
Western Pulite
3,055
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
Railroads.
1933.
.0...mv
Eastern District.
Group ABangor & Aroostook
Boston & Alban/
Boston & Maine
3entra1 Vermont
!Ulna Central
!T. Y. N. H. dr Hartford
Etutland.
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
Railroads.
Total
•
Southwestern District"
Alton & Southern
Burlington-Rock Island
Fort Smith dc Western
Gulf Coast Lines
Internatlonal-Great Northern
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Louisiana Arkansas & Texas
Litchfield & Madison
Midland Valley
.
Missouri & North Arkansas_ _ _
Missouri-Kansas-Texas Lines
Pacific
Missouri
Natchez & Southern
Quanah Acme &Pacific
St. Louis San Francisco
Southwestern
St. Louis Southw
Texas & New Orleans
Texas & Pacific
Terminal RR. Assn. of St. Louis
Weatherford M. W.& Northw.
81,177
74,155
67,082
36,724
34,677
172
127
109
2,340
2,590
120
1,438
1,280
100
262
354
100
3.867
11,963
46
103
7,164
2,093
5,708
4,006
1,518
25
166
131
127
1,751
4,382
161
113
96
2,164
1,577
132
1,368
1,246
a
72
389
55
3,779
10,236
42
87
6,457
1,776
5,005
3,197
1,402
18
3,099
247
207
1,259
1,807
661
1,380
724
299
810
164
210
2,610
7,211
12
116
3,265
2,138
2,066
3,605
1,658
36
3,045
320
124
946
1,442
765
1,088
855
231
609
188
234
1,922
6,963
20
116
3,133
1,512
1,801
3,348
2,138
38
ss
1.518
1,074
143
230
478
80
4,155
11,970
45
98
7,004
1,905
5.294
3,795
1,569
27
30,618
46.023
39.342
45,485
33.584
Total
24.885
24.987
33.014
35.405
37.893
mntst
Seashore RR.. formerly part of Pennsylvania
Luxe include the new consolidated lines of the West Jersey &
a Not available. b Pennsylvania-Reading seashore
and Reading Co.
1932 figures included In Pennsylvania System
RR.. and Atlantic City RD_ formerly part of Reading Co.:
With Slowing Down of .Business Activity During
Month Progress of Recovery Has Met Third Reversal Since Low Point of Depression-Col. Ayres
of Cleveland Trust Co. Cites Three Factors Necessary to Effect Recovery Expansion-Incident to
Silver Legislation Quotes President Cleveland's
Message.
Commenting upon the fact that "business activity and
industrial production have definitely slowed down during
the past mcinth," Col. Leonard P. Ayres, Vice-President of
the Cleveland Trust Co., in the company's "Business
Bulletin," dated June 15 observes that "this is the third
time since the bottom of the depression that the progress of
recovery has been checked by reversal. The first upturn
1932
from the bottom," he states, "began in the summer of
months. The next advance began in the
and lasted four
spring of 1933 and also continued during four months. This
conlatest upward movement started last December and
downtinued four months, and now production has turned
last
ward again without equalling the volume reached
goes on to say, "the amount of recession
year." Col. Ayres
so far is slight, and it would not have serious or even important implications if it were not for the great numbers of
unemployed whose prospects for finding work are now diminished." Continuing he says:
The recovery program of the Administration as explained In the budget
message contemplated the rapid absorption of the unemployed by expanding
of
business and Industry during this year, with a progressive lessening
budget
Federal expenditures that would result in a genuine balancing of the
by the middle of next year.
It now seams clear that the vigorous recovery expansion that would
make possible the realization of that program could only bo attained through
reabsorb
a combination of three powerful factors this year and In 1935. To
idle
Into productive employment within the next 12 months most of the
construction,
workers we should have to have a great expansion of building
by
a very large increase in the industrial output of durable goods financed
growth of
numerous important new security issues, and a considerable
exports.
There is little prospect that these developments will soon take Place.
recent
Hope for a balanced budget appears to be deferred. Meanwhile
become the
developments make it seem likely that the drouth will not
that labor disNational calamity that recently seemed threatened, and
ago.
sensions will not be so serious as appeared in prospect a little while
have the
Probably as a nation we shall spend the second half of 1034 as we
of defirst half in continued efforts to find out whether or not this detour
of a selfpendence on the public treasury will lead us back to the main road
supporting economy.
Volume 138
Other comments by Col. Ayres in the "Bulletin" follow:
Redistribution of Income.
We now have official figures showing how the rethstribution of income
would work out if it could be accomplished. The results indicate that the
increases that would be received by the wage earners would probably prove
disappointing to most of them. The source of the new data is the report on
National income from 1929 through 1932 recently published by the Department of Commerce, and compiled under the able supervision of Dr. Williard
L. Thorp, late director of the Bureau of Foreign and Domestic Commerce.
The results for each of the four years from 1929 through 1932 are shown
In the upright columns of the diagram. (This we omit.-Ed.1. In the first
of the three vertical rows the columns represent the number of dollars per
month that the average wage worker employed by American corporations
actually received. In 1929 the payments amounted to 119 dollars per
worker per month. In 1930 this average dropped to 108 dollars, and in
1931 to 105 dollars, while in the worst depression year of 1932 it fell to only
89 dollars.
The columns and figures in the second row show for the same years what
the average monthly payment to all those engaged in these same enterprises
would have been if they had shared equally among themselves the total
of all the wages, salaries, bonuses, and shares of proprietors that were
disbursed in those four years. These figures show what the results would
have been of a redistribution of the income of Amsrican corporations if all
the sums that were actually paid out for services had been shared equally
among all the workers. The increase to the average wage worker would
have ranged from about 10 to 20% in the different years.
The columns and figures in the third vertical division are based upon the
assumption of dividing equally among all those engaged not only all the
income that was actually paid out in wages, salaries, bonuses, and shares of
proprietors, but all the dividends as well. This results in lifting the figures of
the second division by rather more than 10% in the first three years and by
less than seven in 1932. The figures used are taken from the tables of the
report showing the earnings and disbursements of corporations and Individual businesses engaged in manufacturing, mining, construction, transportation, and trade. They cover most of our corporate business activity.
If the figures of the diagram seem small it is because any redistribution
of income into equal shares for all workers would yield similar disappointing
results. A little mental arithmetic will demonstrate this. In 1929. the peak
year of prosperity, there were less than 50 million gainfully employed
people in the country, and our total National income was about 83 billion
dollars, or an average of some 1,660 dollars per worker, or about 138 dollars
per month. At the bottom of the depression in 1932 our income was about
40 billion dollars, or about 800 dollars per worker, or about 67 dollars per
month.
Taxes.
The National Industrial Conference Board has recently published date
which indicate that the burden of taxation in this country has been rising
during the depression far more rapidly than it has in Europe, and that it is
rapidly overtaking the heavy foreign charges. Moreover our public expenditures are running far ahead of our tax collections, for we are borrowing
huge amounts, and piling up great debts that will have to be paid off by
future taxation. Apparently we are to experience for many years to come
the kind of tax burdens to which the peoples of Europe have long been
accustomed.
-Ed.] shows the
In the diagram the left hand section this we omit.
amount of tax collections in dollars per capita in the United Kingdom, the
each of the six years
United States, in France. and in Germany during
from 1927 through 1932. The date for this country include Federal, State,
and local taxes, and those for the three European countries are arranged
to be similarly inclusive. These per capita taxes are higher in the United
Kingdom than in any of the three other countries, and they vary less from
year to year. The sharp drop in this country after 1930 reflects the decline
In the proceeds of taxation in general, but especially in the returns from the
Federal income taxes on which we rely heavily for governmental revenue.
-Ed.)
The four lines in the right hand section of the diagram this we omit.
show the per cent of the National income collected as taxes. These data
are less accurate than those shown on the left hand side, for estimates of
National income can at beet be only approximations. Nevertheless these
lines showing the per cent of National income going for taxes are of special
significance in that they indicate changes in the burden of taxes rather than
the dollar amounts per capita. The burdens have risen in all the countries
during the depression years, and this has been notably the case in France
and in this country.
The sharp increase in the case of the United States is caused by the great
drop that has occurred in our National income. Our per capita collections
dropped from 83 dollars in 1930 to 64 in 1932, which was a decline of about
23%. but our National income fell from 83 billions in 1929 to only 39 in
1932, or a decrease of 53%.
With income falling off so much faster than tax collections decreased the
per cent of National income going for taxes rose rapidly. In 1932 it had
risen to above 20%, which was nearly twice the pre-depression proportion.
Silver.
Now that we have done something for silver we should do well to read
President Grover Cleveland's message of 1895 on that subject. Two
paragraphs follow:
"All history warns us against rash experiments which threaten violent
changes in our monetary standard and the depredation ofour currency. The
past is full of lessons teaching us not only the economic dangers but the
National immorality that follow in the train of such experiments. I will not
believe that the American people can be persuaded after sober deliveration
to jeopardize their nation's prestige and proud standing by encouraging
financial nostrums. .
"Every dollar of fixed and stable value has through the agency of confident credit an astonishing capacity of multiplying itself in financial work.
Every unstable and fluctuating dollar fails as a basis of credit, and in its
use begets gambling speculation and undertmines the foundations of
honest enterprise."
Industrial Production.
•
The index of industrial production of this bank was 29.0% below normal
in January, 26.3 in February, 22.7 in March, 22.7 in April, and the May
estimate is 24.5. The April figure is still preliminary. The date given may be
used to bring up to date any of the long diagrams of business changes
issued by this bank.
Personal Credit.
Economic planning, and agricultural adjustment, and unemployment
relief, and codes of fair competition, and all similar mass efforts in which
government undertakes to control the economic affairs of citizens, depend
for success on ability to adapt administrative methods to wide ranges of
individual differences among the people affected. In much of the current
discussion of such -matters the assumption seems to be made that once
government has classified people in convenient groups it can deal with them
as impersonal units in matters of work and reward just as it can when they
are units in the Census. Of course this is not so.
An interesting illustration of the existence of group differences is shown
-Ed.] It is not presented because of the
in the diagram. [This we omit.
4019
Financial Chronicle
information it may contain, but as illustrative of the fundamental principle
that the reactions of groups of people to be given set of opportunities and
obligations are conditioned by factors which may prove to be outside the
control ofrules and regulations. The diagram illustrates the credit worthiness
of people of different occupations. The data were recently gathered by
Prof. P. D. Converse of the University of Illinois from a large number of
credit men.
The original ratings compiled by the professor and his students have been
rearranged by the National Association of Finance Companies so as to put
them on a percentage basis in such a way that 100 would represent the
highest possible credit rating. There are some 34 occupations represented in
the diagram, with credit ranging from a high of 92 to a low of 38. It is clear
that a given program of social control involving the extension of credit
might have one set of results if it had to deal with the groups represented
at the top ofthe diagram, and totally different outcomes if it involved those
at the bottom. Probably if its operations were politically controlled by the
votes of the credit recipients the results would fall short of being satisfactory.
"Annalist" Weekly Index of Wholesale Commodity
Prices Increased 1.5 Points During Week of June 12
-Index Highest Since Jan. 20 1931.
An advance of 1.5 points for the week ended June 12
carried the "Annalist" Weekly Index of Wholesale Commodity Prices to 114.4 on June 12, the highest level since
Jan. 20 1931, the "Annalist" said. It continued:
In terms of the old gold dollar it advanced to 67.8, or the highest since
last Oct. 31. The rise reflected two main influences
-the imposition of the
half
-cent processing tax on sugar on June 8 (accounting for a third of the
advance), and higher prices for hogs, eggs, milk, butter, cheese and rye.
reflecting the drouth and the shortage of feed. Cotton was also up on
drouth in the West and excessive rain in the East, copper was advanced
3i cent, while hides and rubber also went higher.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
Unadjusted for Seasonal Variation (1913=100)•
June 12 1934. June 5 1934. June 13 1933.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
z All commodities on old d)Ilaz basis..
* Preliminary. a Revised. z Based on
land, Holland and Belgium.
99.1
84.1
:97.0
113.8
111.1
97.7
*111.2
100.2
al11.4
164.3
95.9
164.3
112.5
111.9
99.5
114.0
107.0
114.0
99.6
99.6
96.2
78.7
90.0
89.8
114.4
112.9
93.7
67.8
67.1
---exchange quotations for France, Switzer-
Further Increase During May Noted in "Annalist"
Monthly Index of Business Activity.
The "Annalist" Index of Business Activity shows a
further gain for May, the preliminary figure being 80.4, as
compared with 79.7,for April and 78.9 for March. The index,
the "Annalist" announced, has now risen for six consecutive
months, the gain for this period amounting to q1.9 points.
The gain from the low of last year amounts to 11.9 points,
while the loss from the high has been cut to 9.1 points. The
"Annalist" further said:
The most important factor in the rise of the combined index was a sharp
increase in the adjusted index ofsteel ingot production. Next in importance
was a gain in the adjusted index of pig iron production. Substantial gains
were recorded in the adjusted indices of electric power production, based
on a preliminary estimate, and cotton consumption. The adjusted indices
of silk consumption and zinc production showed slight gains. Four of the
components of the combined index, for which data are available, declined
in May. Based on preliminary estimates, the adjusted index of automobile
production declined sharply, while the adjusted index of boot and shoe
production showed a more moderate loss. The adjusted index of freight
car loadings showed a further decrease, following a decline in April. A
slight decline was recorded lathe adjusted index of lumber production.
Table I gives the combined index and its components,each of which is adjusted for seasonal variation and where necessary for long-time trend,for the
last three months. Table II gives the combined index by months back to
the beginning of 1929.
TABLE I.
-THE ANNALIST INDEX OF BUSINESS ACTIVITY AND COMPONENT GROUPS.
May.
March.
April.
Freight car loadings
64.7
63.9
Steel ingot production
70.7
78.7
Pig iron production
U.S
63.1
Electric power production
96.1
r96.7
Cotton consumption
90.8
92.0
Wool consumption72.6
Silk consumption
71.6
71.Boot and shoe production
z118.2
z115.3
Automobile production
79.8
c70.5
Lumber production
53.3
51.9
Cement production
54.4
Zinc production
59.1
--59.ti
Combined index
tRil el
707
69.0
60.1
50.9
93.6
89.9
77.4
69.6
115.5
79.0
60.6
51.4
. 62.1
780
TABLE II.
-THE COMBINED INDEX SINCE JANUARY 1929.
1934.
1933.
1932.
1931.
1930.
1929.
January
73.2
112.9
102.1
63.0
81.4
70.1
February
76.8
112.4
102.5
61.7
83.1
68.1
March
78.9
111.9
100.5
58.5
85.1
66.7
A prIl
79.7
115.0
64.1
63.2
86.4
101.8
May
*80.4
115.7
72.5
60.9
85.1
98.5
June
116.6
83.4
82.6
97.1
60.4
July
116.7
93.1
89.5
59.7
83.1
August
115.6
83.6
61.3
78.9
90.8
September
115.0
89.6
65.2
76.3
76.5
October
113.4
72.4
65.4
72.6
86.8
November
106.0
72.2
84.4
68.5
64.7
December
101.2
69.7
64.8
72.1
83.9
• Subject to revision. a Based on an estimated output of 7,795,000,000 kilowatthours as against a Geoglogical Survey total of 7,443,000,000 kilowatt-hours in
April and 7,000,000,000 in May 1933. c Based on an estimated output of 350,000
cars and trucks as against Department of Commerce total of 378,983 cars and trucks
In April and 227,567 cars and trucks in May 1933. z Based on an estimated output
of 30,000,000 pairs, as against an estimated output of 31,000,000 pairs in April,
and as against Department of Commerce total of 832,965,224 In May 1933.
Financial Chronicle
4020
Retail Prices Decrease for Second Consecutive Month
According to Fairchild Retail Price Index of
June 1.
For the first time since early 1933, retail prices declined
for two consecutive months, according to the Fairchild
Retail Price Index. Quotations on June 1 show a decrease
of 0.6 of 1% as compared with May 1. The index on June 1
at 88.9 (Jan. 2 1931=100) compares with 89.4 as of May 1
and 70.4 as of June 1 1933. The low point at 69.4 was on
May 1 1933. The latest index has erased the advances
recorded since Feb. 1. Under date of June 15 it was further
announced:
Despite the decline for two consecutive months,retail prices based on the
index not only show an increase of 26.2% above the corresponding period
a year ago, but also show a gain of 28.1% above the low point. The greatest
change during the month was recorded by women's apparel with a decrease
of 2.6%. Piece goods and infants' wear showed no change, with a fractional
decrease for men's apparel. Home furnishings showed a slight gain.
The trend of individual items in the index was very mixed, although the
number showing declines esceeded those showing increases. The movement
of prices is not as uniform as in previous months, indicating that readjustments will not be uniform. The trend of prices has definitely been easier.
A. W.Zelomek. economist, under whose supervision the index is compiled,
Points out that the trendency for retailers is to reduce quotations to stimulate
increased consumer buying. According to Mr. Zelomek, the present downward readjustment may extend slightly further, although wholesale prices
have recently tended higher. No marked declines are indicated, however.
-JANUARY 1931=100.
THE FAIRCHILD RETAIL PRICE INDEX
Copyright 1933, Fairchild News Service.
1934.
1933.
1932.
Jan. 2. June 1. Jan. 2. June 1. May 1. June 1.
Composite Index
83.5
Piece goods
78.9
Men's apparel
84.9
Women's apparel
86.1
Infanta wear
88.7
Home furnishings
82.6
Piece goods:
Silks
78.0
Woolens
81.5
Cotton wash goods
77.3
Domestics:
Sheets
79.6
Blankets & cornfortables. 82.6
Women's apparel:
Hosiery
82.1
Aprons & house dresses_ 87.7
"orsets and brassieres._ 92.1
Furs
79.8
81.2
Underwear
Shoes
86.6
Men's apparel:
82.4
Hosiery
82.0
Underwear
Shirts and neckwear.... 87.2
85.7
Hats and caps
Clothing,incl. overalls__ 87.6
91.9
Shoes
Infants' wear:
Socks
•
87.1
87.8
Underwear
91.4
Shoes
84.8
Furniture
Floor coverings
83.7
Musicalinstruments
65.2
Luggage
75.9
Elec. household appliances. 90.2
China
92.0
* Revised.
76.8
72.7
77.5
79.4
83.0
77.3
71.8
69.6
74.1
73.0
77.1
73.0
70.4
67.2
72.3
71.0
77.5
71.1
89.4
85.9
91.8
*88.9
93.3
88.5
88.9
85.9
89.5
88.8
93.3
88.7
69.8
74.6
73.7
64.3
70.9
73.7
59.9
69.6
72.0
69.9
*81.9
106.9
69.2
81.8
106.9
74.2
78.6
68.2
74.3
66.5
75.0
96.3
97.4
96.5
97.7
72.8
82.0
88.0
66.2
74.8
81.2
63.4
76.7
84.4
70.4
71.0
78.6
60.1
75.9
83.0
68.3
70.1
76.6
78.8
104.0
95.9
98.5
89.6
84.2
77.7
103.9
95.4
96.1
90.1
84.2
76.8
74.6
81.9
76.6
82.0
84.7
67.5
70.9
77.3
70.0
72.1
80.3
64.9
69.9
75.4
70.1
69.7
70.3
87.5
94.0
91.6
81.2
*88.6
90.8
87.3
94.7
91.2
81.2
88.0
90.8
81.8
80.6
86.6
77.5
82.4
59.6
67.6
81.8
87.4
74.0
74.3
83.0
71.9
80.8
56.2
62.7
77.4
82.2
77.2
74.3
81.0
71.3
80.1
50.4
60.9
72.7
82.1
*94.2
94.6
90.8
96.2
98.3
61.0
80.0
78.1
92.0
94.2
94.6'
91.0
95.8
99.2
60.4
79.4
78.1
93.2
Less Than Estimated Seasonal Increase Reported by
Federal Reserve Board in Department Store Sales
from April to May.
Preliminary figures on the value of department store sales
show an increase from April to May of less than the estimated
seasonal amount. The Federal Reserve Board's index, which
makes allowance for differences in the number of business
days, for usual seasonal changes and for changes in the date
of Easter, was 75 in May on the basis of the 1923-1925 average
as 100, compared with 77 in April and in March. The Board
continued, on June 12:
In comparison with a year ago, the value of sales for May was 12% larger.
Reported increases compared with last year are shown for all districts, the
largest increases being in the Cleveland, St. Louis, Dallas, Richmond and
Atlanta districts. The aggregate for the first five months of the year was
20% larger than last year.
PERCENTAGE INCREASE OR DECREASE FROM A YEAR AGO.
June 16 1934
mail order companies, reported total sales for May 1934 of
$178,214,291 compared with $151,203,017 in May 1933, an increase of 17.86%. The two mail order concerns alone reported total sales for May 1934 of $48,419,583 against $36,298,314 in May 1933, an increase of 33.39%. Excluding the
two mail order compani,s, 22 chain store companies reported
aggregate sales for May 1934 of $129,794,708 against $114,904,703 in May 1933, an increase of 12.95%.
For the first five months of 1934 the compilation shows
that 24 chain store companies, including the two mail order
companies, showed total sales of $797,270,891 compared with
$660,005,466 in the corresponding period of 1933, an increase
of 20.79%. The two mail order companies alone showed total
sales of $204,635,929 for the five months of 1934 compared
with $147,683,016 in the five months of 1933, an increase of
38.56%. Excluding the two mail order concerns, the 22 chain
store companies alone showed sales for the five months of
1934 of $592,634,962, compared with $512,322,450 in the corresponding period of 1933, an increase of 15.67%.
Following is the percentage of increase of the groups for
May and the five months of 1934 over the corresponding
periods of 1933, as compiled by Merrill, Lynch & Co.:
May.
Five Months.
7 Grocery chains
85
-and-10-cent chains
2 Apparel chains
2 Drug chains
2 Shoe chains
1 Miscellaneous chain
4.93%
16.08%
18.24%
16.50%
51.19%
25.95%
7.87%
17.59%
29.36%
19.30%
38.61%
35.88%
Total 22 chains
2 Mail order companies
12.95%
33.39%
15.67%
38.56%
Total 24 companies
' 17.86%
20.79%
Increase of 0.2 of 1% in Retail Prices of Food During
Two Weeks Ended May 22 Reported by United
States Department of Labor.
Retail food prices advanced 0.2 of 1% during the two
weeks' period ending May 22, Commissioner Lubin, of the
Bureau of Labor Statistics, of the United States Department
of Labor, announced June 5. The strengthening in prices
placed the current average of 108.4% of the 1913 average as
compared with 108.2% on May 8, 107.3% on April 24, and
108.5% for March 13, when the index was 109.3, the high point
reached since January 1932. Mr. Lubin, in issuing the announcement, stated:
As compared with the index 93.7 of the corresponding period of a year ago,
present prices are up by more than 15%%. They are 7% over the level of
May 15 1932, when the index was 101.3.
An advance in 17 of the 42 articles carried in the index accounted for
the increase in the combined index for the 51 cities covered by the Bureau.
Nineteen articles showed no change in price, while only 6, pork chops, plate
beef, corn flakes, bananas, onions and canned salmon, showed declines.
Advances were registered in 31 cities, decreases occurred in 17, and there
was no change in Mobile, Rochester and Springfield.
The meat group showed the largest advance and increased by 0.4 of 1%.
or 15% above
The index for this group was 115.3% of the 1913
average,
the average prices of May of last year. As compared with the average of
no change.
two years ago, the index showed
Cereal foods moved upward by 0.2 of 1%. The index for this group is
144.4% of the 1913 average and shows an increase Of nearly 25% over last
year and nearly 18% over May two years ago. No change was shown for
the general average of dairy products, the index remaining at 99.9. Prices
of dairy products are slightly more than 8% above a year ago, and approximately 6% above May 1932.
Continuing, Mr. Lubin's announcement said:
Prices used in constructing the weighted index numbers of the Bureau are
based upon reports from all types of retail food dealers in 51 cities and cover
quotations on 42 important items. The index is based on the average price of
1913 as 100.0. Comparisons of the current index with the indexes for May 8,
April 24, and April 10 1934, May 15 1933 and May 15 1932 are shown in the
following table:
INDEX NUMBERS OF RETAIL PRICES OF FOOD. (1913=100.)
May 22
1934.
May 8
1934.
Apr. 24
1934.
Apr. 10
1934.
May 15
1933.
May 15
1932.
108.2
107.3
101.3
107.4
93.7
144.2
144.0
122.6
144.7
115.8
115.3
114.9
112.6
110.5
100.1
94.3
99.0
99.9
99.7
92.2
97.2
102.4
102.1
102.7
89.0
Federal Reserve districts:
+3
53
+14
28
Boston
Of the 31 cities showing advances, New Haven and St. Paul with an
52
+7
+11
28
New York
Increase of 2.3%, showed the greatest rise. Other cities registering price
+13
33
+13
16
Philadelphia
+24
24
+30
13
Cleveland
advances of 1% or more were Buffalo, Cincinnati, Fall River, Houston, In51
+21
+20
22
Richmond
dianapolis, Los Angeles, New York, Pittsburgh, Portland, Me., Providence,
42
+21
+37
22
Atlanta
Richmond, Seattle, and Washington, D. C.
+29
48
+16
24
Chicago
37
+24
+26
20
St. Louis
The largest decline occurred in Birmingham, where prices dropped' by
+12
+14
80
62
Minneapolis
2.5%. Chicago, Kansas City, Louisville and St. Louis were the only other
+19
22
+23
15
Kansas City
cities showing decreases of 1% or more. Of the 17 cities showing decreases, 0
22
+22
+32
8
Dallas
+1
+14
76
26
San Francisco
declined uy less than / of 1%.
1
4
As compared with May 15 of last year, all of the 51 cities covered showed
mot.t
+12
4-20
540
284
material advances. St. Paul, where food prices have increased nearly 25%,
• May figures preliminary; in most cities the month had the same number of • showed the largest advance. The less than 4% increase that has occurred in
business days this year as last year.
Butte is the smallest reported for any city during the past 12 months. In
Washington, D. C., the increase was nearly 17%.
Compared with the corresponding period of two years ago, 48 of the 51
Chain Store Sales Continue kigher.
cities have ehown an advance in prices, with Butte, Chicago and Portland,
According to a compilation made by Merrill, Lynch & Co., Ore., showing a decrease in the general average. The largest increase for
Investment bankers, 24 chain store companies, including two the two-year period occurred in Detroit, where food prices advanced by
'
May.*
Jan. 1
• to
May 31.•
Number of
Reporting
Stores.
Number
of
Cities.
All foods
Cereals
Meats
Dairy products__
Other foods
108.4
144.4
115.3
99.9
102.7
1 A%. Charleston, with an increase of only 0.2 of 1%,showed the smallest
..71
price rise. During the two-year period food prices in Washington, H. C.,
advanced slightly more than 10%.
The following table shows the per cent, change which has taken place in
each city and in the individual food items between May 8 1934, May 15 1933,
May 15 1932, end May 22 1034:
CHANGES IN RETAIL FOOD PRICES (BY CITIES).
Per Cent Change on
May 22 1934
Compared with
Per Cent Change on
May 22 1934
Compared with
City.
CUy.
May 15 May 15 May 8
1934.
1932. 1933.
May 15 May 15 May 8
1932. 1933.
1934.
Atlanta
+4.9 +16.8
Baltimore
+12.8 +18.8
Birmingham_ _
+2.3 +11.1
Boston
+7.4 +15.8
Bridgeport
+6.6 +17.2
Buffalo
+6.0 +16.8
-2.0 +4.4
Butte
Charleston
+0.2 +14.8
Chicago
-1.7 +7.4
Cincinnati
+10.4 +17.7
Cleveland
+10.4 +21.1
Columbus
+11.2 +19.1
Dallas
+6.0 +14.5
Denver
+6.4 +10.8
Detroit
+17.4 +21.2
Fall River
+6.8 +18.9
Houston
+12.9 +16.4
Indianapolis
+10.2 +22.2
Jacksonville
+6.5 +15.3
Kansas City_
+7.6 +13.2
Little Rock _ _ _
+8.9 +18.8
_ _
Los Angeles
+1.1
+8.3
Louisville
+9.9 +15.7
Manchester____
+8.0 +17.5
Memphis
+5.3 +18.2
Milwaukee
+6.0 +13.2
-0.3
+0.9
-2.5
-0.2
+0.2
+1.0
-0.4
-0.3
-1.4
+1.1
+0.8
+0.9
+0.3
+0.7
-0.7
t1.2
1.0
1.4
+0.5
-1.0
+0.5
+1.2
-1.3
+0.5
+0.1
+0.8
Minneapolis _
Mobile
Newark
New Haven_
New Orleans _
New York
Norfolk
Omaha
Peoria
Philadelphia_ _
Pittsburgh
Portland, Me__
Portland, Or& _
Providence _ _ _ _
Richmond
Rochester
St. Louis
St. Paul
Salt Lake City_
San Francisco,..
Savannah
Scranton
Seattle
Springfield, 111_
Wash'ton, D.C.
United States__
+10.6
+5.2
+6.5
+6.7
+7.2
+7.7
+3.6
+9.1
+7.5
+12.5
+13.1
+3.0
-1.1
+4.9
+11.9
+9.5
+6.1
+11.3
+5.1
+1.4
+8.3
+5.7
+1.0
+6.4
+10.2
+7.0
+22.7
+13.4
+21.1
+19.5
+16.0
+16.7
+19.8
+17.8
+13.0
+23.8
+20.0
+12.4
+8.7
+13.6
+20.6
+20.8
+13.1
+24.8
+12.7
+7.2
+18.7
+15.6
+7.1
+13.3
+16.9
+15.7
-0.2
0.0
+0.2
+2.3
+1.0
-0.2
+0.3
+0.3
-0.1
+1.2
+1.4
+0.8
+1.0
+1.4
0.0
-1.0
+2.3
+1.4
-0.1
-0.2
-0.3
+0.8
0.0
+1.0
+0.2
BY COMMODITIES.
Per Cent Change on
May 22 1934
Compared with
Article.
Article.
-1-± I +++ I +4-
+10.6
+12.2
+3.0
+7.3
+6.7
+16.2
+32.8
+22.1
+29.9
+18.1
+14.0
+13.5
+3.2
+15.3
+5.0
+11.0
+4.6
+4.9
+38.2
+28.6
+21.4
+8.5
-II++ +
I
...4cooc0000
-4.8
-2.8
-7.2
-4.7
-6.7
-2.5
+20.1
+8.8
+11.2
-1.2
-21.2
+21.7
-7.7
+17.0
+17.9
+2.8
-6.8
+4.0
+46.9
+15.4
-10.5
+3.5
Per Cent Change on
May 22 1934
Compared with
May 15 May 15 May 8
1932. 1933. 1934.
May 15 May 15 May 8
1932. 1933. 1934.
Sirloin steak_ _
.
Round steak_ _
.
Plate beef
Chuck roast _ _.
Rib roast
Ham, sliced_ _.
Pork chops_ .._.
Bacon, sliced
Lamb,leg of....
Hens
Salmon, red_ _ _
Lard, pure.- - Veg. lard sub_
Eggs, fresh....
Butter
Milk, fresh....
Milk, evap
Cheese
Flour, wheat._
Corn meal
Rolled oats
Corn flakes.......
4021
Financial Chronicle
Volume 138
Wheat cereal_
Rice
:Macaroni
Bread, wheat
Bananas
Oranges
Potatoes, white
Cabbage
Onions
Raisins
Prunes
Tomatoes,can'd
Corn, canned
Peas, canned
Pork and beans
Beans, navy....
Oloemargarine _
Sugar
Coffee
Tea
Peaches,canned
Pears, canned
0.0
+8.5
+7.6
0.0
+17.9 +36.2
0.0
+1.3 +8.3
0.0
+15.9 +23.1
-4.3 -0.9 -1.3
-0.3 +26.5 +10.8
0.0
+50.0 +58.8
0.0
-43.9 -28.8
-34.3 +12.8 -2.2
0.0
-16.5 +5.5
+22.3 +27.8 +0.9
0.0
+11.6 +21.8
0.0
+4.6 +15.3
+30.2 +32.3 +1.2
0.0
-9.5 +4.7
0.0
+11.8 +11.8
-15.9 .,-0.8 +0.8
0.0
+10.2 t+1.0
-8.0 +2.2 +0.4
+9.0 +0.4
-2.5 ,
.
00
-------____
0.0
_ ___
United States Department of Labor Reports Increase
of 9.3 of 1% in Wholesale Commodity Prices During
Week of June 2.
The Bureau of Labor Statistics, United States Department
of Labor, index number of wholesale commodity prices
showed a slight advance during the week of June 2, and rose
by 0.3 of 1%,according to an announcement made June 7 by
Commissioner Lubin, of the Bureau. "The present increase
represents the second consecutive weekly advance, and places
the index number at 73.9% of the 1926 average," Mr. Lubin
said, "and records a 0.1% advance over the previous high
for the year, reached during the weeks of March 10 and
May 12, when the index was 73.8." Mr. Lubin added:
The present index compares with 73.7 for the week ending May 26, and
73.5 on May 19. As compared with the level of 63.8 for the corresponding
week of last year, present prices are up by nearly 16%. The level is 24%
higher than the post-war low, reached during the week of March 4 1933,
when the index was 59.8. It is 4% above the low of the present year,
reached on Jan. 6, when the index was 71.0.
Advancing prices of items included in the groups of farm products, food,
fuel and lighting materials, and building materials were largely responsible
for the slight rise. The groups of metals and metal products and chemicals
and drugs remained unchanged. On the other hand, the indexes for the
groups of hides and leather products, textile products, housefurnishing goods
and miscellaneous items showed decreases. The level for all commodities
exclusive of farm products and foods remained unchanged.
Mr. Lubin's announcement had the following to say as to
the Bureau's index:
The largest increase for any special group was 0.8 of 1% far farm products, which placed the index at 60.6 as compared with 60.1 for the previous
week and 59.6 for two weeks ago. When compared with the post-war low
reached on Feb. 4 1933, with an index of 40.2, present wholesale prices
%
2
/ above
of farm products have advanced by more than 50%. They are 51
% below
2
/
the low of this year, when the index was 67.4'on Jan. 6 and 21
the 1934 high, on Feb. 17, when the index was 62.1.
2
1
Building materials recorded an advance of / of 1%, reaching the highest
level for the present year. The level for this group is 22% above the corresponding week of last year, 26% over the post-war low point.
Wholesale food' prices, which advanced by 0.4 of 1%, are 67.7% of the
1926 average. This index compares with 67.4 for the previous week and
87.2 for two weeks ago. The level for the group is 11% over last year and
approximately 27% above the low of 53.4 reached on March 4 1933. Food
prices are 8% above the 1934 low and 0.6 of 1% lower than the highest
level reached this year.
The index for the fuel and lighting materials group is now 73.7 and
shows an increase of 0.4 of 1%. As compared with one year ago, present
prices are nearly 21% higher, with an index of 61.1. The level is 21% above
the low point of 1933, nearly 2% higher than the low of this year, and
approximately 1% under the high of the year.
Prices of metals and metal products have shown practically no change for
the past five weeks, with the present level 88.7% of the 1926 average. The
%
2
/
%
present level is 131 above last year and 61 over the low for this year.
2
/
The index is 0.1 of 1% under the high point reached on May 12, when the
index was 88.8.
The index for the chemicals and drugs group has fluctuated but 0.1 of 1%
during the last six weeks. Present prices are 3% higher than a year ago,
and approximately 6% above the low point of last year. As compared with
the high for the present year, the index is 0.7 of 1% lower.
The largest decline recorded for any group occurred in textile products,
2
1
where prices decreased by / of 1%. They have shown a gradual decrease
since Feb. 24, when the highest level of 1934 was reached. The accumulated
more than 5%. As compared with a year ago, present prices are
drop is
% higher. They are approximately 44% above the post-war low and
2
/
261
are at the lowest level reached this year.
The hides and leather products have fluctuated within a narrow range
during the present year. The index for the week is the lowest which has been
reached in 1934 and shows a decrease of 3% below the high reaahed on
Feb. 10, when the index was 90.5. As compared with a year ago, the
present level is approximately 10% higher and is 30% above the low point
of 1933.
Housefurnishing goods registered a decrease of 0.4 of 1% to a level 0.4 of
1% under the high point reached last week. The present level is 2% above
this year's low and 16% over last year.
The miscellaneous group of items showed a minor decline. Present prices
%
2
/ above the low for this year. The
are 0.7 of 1% under the high and 51
%
2
/
index is 171 higher than a year ago.
The special group, all commodities exclusive of farm products and foods,
which has remained practically unchanged for the past five weeks, now
stands 0.3 of 1% under the high and nearly 2% over the low for the current
%
2
/
year. This group is 171 higher than last year.
The index number of the Bureau of Labor Statistics is composed of 784
separate price series weighted according to their relative importance in the
country's markets, and is based on average prices for the year 1926 as 100.0.
The accompanying statement shows tire index numbers of the major groups
of commodities for the past two weeks and for the week of June 3 1933. It
also shows the index for the past-war low, the 1934 high and low, and the
dates on which these levels were reached:
COMPARISON OF INDEX NUMBERS OF WHOLESALE PRICES.
June 2 1934. May 26 1934. June 3 1933.
Groups.
60.6
67.7
87.7
72.7
73.7
88.7
87.6
75.3
83.6
69.6
Groups.
53.2
61.0
79.9
57.5
61.1
78.2
71.8
73.2
71.9
59.2
79.0
67.3
73.9
All commodities
60.1
67.4
88.0
73.1
73.4
88.7
87.2
75.3
83.9
69.7
79.0
Farm products
Foods
Tildes and leather products
Textile products
Fuel and lighting
Metals and metal products
Building materials
Chemicals and drugs
Housefurnishing goods
:Miscellaneous
All commodities except farm products and
foods
73.7
Post-war Low.
1934 Low.
63.8
1934 High.
Index
Index Date Index Date
Date
Feb. 4 1933 40.2 Jan. 6 57.4 Feb. 17 62.1
Farm products
Mar. 4 1933 53.4 Jan. 6 62.7 Mar. 10 68.1
Foods
Mar. 11 1933 67.5 June 2 87.7 Feb. 10 90.5
Hides and leather products
Mar. 4 1933 50.6 June 2 72.7 Feb. 24 76.7
Textile products
June 10 1933 60.8 Mar. 31 72.4 Jan. 13 74.4
Fuel and lighting
Apr. 8 1933 76.7 Jan. 6 83.3 May 12 88.8
Metals and metal products
Aug. 13 1932 69.4 Jan. 6 85.5 June 2 87.6
Building materials
Apr. 15 1933 71.2 Jan. 6 73.3 Mar. 31 75.8
Chemicals and drugs
May 6 1933 71.7 Jan. 27 81.7 May 26 83.9
llousefurnishIng goods
Apr. 8 1933 57.6 Jan. 6 65.9 May 12 70.1
Miscellaneous
All commodities except farm
Apr. 22 1933 65.5 Jan. 6 77.6 Apr. 28 79.2
products and foods
All commodities
Mar. 4 1933 59.6 Jan. 6 71.0 June 2
73.9
Sales of Electricity to Ultimate Consumers Increased
17.1% in April as Compared with Same Month
Last Year-Revenue Showed a Gain of 5.2%.
The following statistics, covering 100% of the electric
light and power industry, were released on June 9 by the
Edison Electric Institute:
P. C.
-Month of April-1033. Change.
1934
3,700,034,000 3,111,627,000 +18.9
3,194,637,000 2,881,170,000 +10.9
x Kilowatt-hours Generated (Net)By fuel
By water power
6,894,671,000 5,992,797,000
S Kilowatt-hours Generated (Net)By fuel
By water power
+35.4
+62.3
182,320,000
+39.6
54,394,000
116,322,000
Total
Total energy for distribution
Energy lost in transmission, distribution, dre.
Killowatt-hours sold to ultimate consumers_
Sales to Ultimate Consumers (kw-hrs.)'-Domestic service
Commercial-Smalllight & power (retail)
Large light 6.-. power (wholesale)
Municipal street lighting
Railroads-Street and interurban
Electrified steam
Municipal and miscellaneous
Total sales to ultimate consumers
Total revenue from ultimate consumers
154,221,000
28,099,000
254,464,000
Total
Deductions from Supply
Energy used In electric railways dents
Energy used in electric and other dents
+15.0
208,847,000
45,617,000
Total kilowatt-hours generated
Additions to SuPpill
Energy purchased from other sources
Net international imports
55,517,000 -2.0
94,745,000 +22.8
150,262,000
170,716,000
6,978,419,000 6,024,855,000
1,136,031.000 1,036,771,000
5,842,388,000 4,988,084.000
+13.6
+15.8
+9.6
+17.1
+4.7
979,905,000
1,025,562,000
+7.6
1,059,320,000
984,169,000
3,118,980,000 2,422,684,000 +28.7
178.564,000 -1.2
176.437,000
318.326,000 +11.8
355,893,000
52,788,000 +12.1
59,151,000
51,648,000 -8.9
47,045,000
5,842,388,000 4,988,084,000 +17.1
+5.2
3149,851,700 5142,511.600
-12 Months Ended April 30- P. C.
1933.
Change.
1934.
50,657.470,000 44,122,286,000 +14.8
+2.7
31,462,203,000 30,629,429,000
82,119,673,000 74,751,715,000
Total kilowatt-hours generated
3,240,608,000 2,628,846,000
Purchased energy (net)
Energy used I n electric ry. k other depts.__ _ 1,957,911.000 1,986,966,000
83,402,370,000 75,393,595,000
Total energy for distribution
Energy last in transmission. distribution. Azc.14,598,297,000 13,662,090,000
Kilowatt-hours sold to ultimate consumers_ .68,804,073,000 61,731.505,000
81.794,903,400 81,777,941.400
Total revenue from ultimate consumers
+9.9
+29.3
-1.5
+10.6
+6.9
+11.5
+1.0
4022
Financial Chronicle
Important Factors
Percent of energy generated by waterpower_
38.3%
Average pounds of coal per kilowatt-hour_ _ _
1.45
Domestic Service (Residential Use)
Average annual consumption per customer
(kilowatt-hours)
609
Average revenue per kwh. (cents
5.42c.
Average monthly bill per domestic customer_
$2.75
Basic Information as of April 30.
41.0%
1.47
Week of+2.2
--2.7
-0.7
596
5.570.
32.77
1933.
1934.
23,982,100 24,048,200
9,002,000 8,968,000
457,400
470,100
Generating capacity (kw.)
-Steam
Water power
Internal combustion
Total generating capacity in kilowatts
33,454,200 33,473,600
Number of Customers
Farms In eastern area (included with domestic)
. (507,362) (503,090)
Farms in western area (included with commercial, large)
(207,167) (203,222)
Domestic service
20,139.047 19,719,228
3.651.827
Commercial-Small light and power
3,687,511
Large light and power
All other ultimate consumers
5
8/:781
5
11.27
,
Total ultimate consumers
24,417,563 23,963,415
x As reported by the U.S. Geological Survey with deductions for certain plants not
considered electric light and power enterprises.
Index of Wholesale Commodity Prices of National
Fertilizer Association for Week of June 9 at Highest
Level Since May 2 1931.
Wholesale commodity prices advanced to a new high level
during the week of June 9, according to the index of the
National Fertilizer Association. When computed for the
week this index showed a gain of three points,advancing from
71.7 to 72.0. During the preceding week the index advanced
three points. A month ago the index stood at 71.5. A
year ago the index was 60.7. The latest index number,
72.0, is at the highest level since May 2 1931, when it stood
at 72.3. (The three-year average 1926-1928 equals 100.)
In announcing the foregoing on June 11 the Association
added:
During the latest week 7 of the 14 groups In the index were active.
Four groups advanced and three declined. The advancing groups were
foods, grains, feeds and livestock, textiles, and fertilizer materials. The
largest gain was shown in the textile group. The declining commodities
were building materials, metals, and fats and oils.
Among the individual commodities 24 showed advancing prices while 22
showed lower prices during the latest week. During the preceding week
there were 33 advances and 17 declines. Two weeks ago there were 12
advances and 31 declines. Cotton advanced 7-10ths of a cent a pound.
Raw cotton quotations were the only commodities in the textile group that
showed price changes. This is extraordinary. Other advancing commodities included butter, cottonseed oil, eggs, sugar, ham, potatoes, beans.
oats, most foodstuffs, hogs, silver, superphosphate, and rubber. The
list of the declining commodities included lard, linseed oil, flour, corn,
wheat, alfalfa hay, sheep, lambs, heavy melting steel, zinc, hides, and
rosin.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100).
Per Cent
Each Group
Bears to the
Total Index.
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
mn n
Group.
Latest
Week
June 9
1934.
Preceding
Week.
Month
Ago.
Year
Ago.
Foods
Fuel
Grains, feeds and livestock- Textiles
Miscellaneous commodities_.
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizers
Agricultural Implements
71.5
70.1
57.8
69.9
69.5
91.3
81.2
83.9
85.8
50.2
93.2
65.9
76.6
92.4
71.1
70.1
57.3
68.4
69.5
91.3
81.3
84.0
85.8
50.6
93.2
65.0
78.6
92.4
71.5
69.5
54.8
68.8
70.7
91.3
81.0
84.4
85.6
49.6
93.0
64.3
76.1
92.4
61.6
48.4
47.3
55.9
62.7
84.4
71.9
73.9
75.2
50.4
87.2
64.7
65.9
90.2
79 n
71 7
71
5
an 7
All vrnrina onrnhinati
Production of Electricity for Week Ended June 9 1934
Higher Than in Preceding Seven Days, But Percentage Gain Over the Corresponding Period in
1933 Continues to Drop Lower.
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 9 1934 was 1,654,916,000 kwh., a gain of 7.3% over the same period last year
when output totaled 1,541,713,000 kwh. This was the
lowest percentage gain over a comparable period in the
preceding year shown since the week ended Dec. 23 1933.
Production for the seven days ended June 2 1934 amounted
to 1,575,916,000 kwh., compared with 1,461,488,000 kwh.
for the week ended June 3 1933, an increase of 7.8%. The
Institute's statement follows:
PER CENT INCREASES (1934 OVER 1933.)
Major Geographic
Divisions.
Week Ended
June 9 1934.
New England
Middle Atlantic
Central Industrial_ _ _ _
Southern States
Pacific Coast
West Central
Rocky Mountain
x2.2
7.0
10.3
4.5
8.6
12.6
12.5
1.9
5.6
10.9
3.2
10.2
14.0
23.5
5.4
9.1
13.4
5.8
15.0
11.3
24.0
8.5
8.6
14.6
5.0
16.5
8.8
21.8
Total United States.
7.3
7.8
10.8
11.2
Jan. 6
Jan. 13
Jan. 20
Jan. 27
Feb. 8
Feb. 10
Feb. 17
Feb. 24
Mar. 3
Mar. 10
Mar. 17
Mar. 24
Mar.31
Apr. 7
Apr. 14
Apr. 21
Apr. 28
May 5
May 12
May 19
May 26
Jane 2
June 9
June 16
June 23
June 30
July 7
1934.
Arranged in tabular form, the output in kilowatt hours of
the light and power companies of recent weeks and by
months since and including January 1931 is as follows:
Week of-
1,583,678.000
1,646,271,000
1,624,846,000
1.610.542,000
1,636,275,000
1,651,535,000
1,640,951,000
1.646,485,000
1.658,040,000
1,647,024,000
1,650,013,000
1,658,389,000
1.665,650,000
1,616,945,000
1,842,187,000
1,672,765.000
1,668.564,000
1,632,766,000
1,643,433,000
1,649,770,000
1.654,903,000
1.575,828,000
1,654,916,000
Jan. 7
Jan. 14
Jan. 21
Jan. 28
Feb. 4
Feb. 10
Feb. 18
Feb. 25
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
Week of-
1933.
x1,425,639,000
1,495,116,000
1,484,089,000
1,469,836,000
1,454.913,000
1,482.509,000
1,469.732.000
1,425,511,000
1,422,875,000
1,390,607,000
1,375,207,000
1,409,655,000
1,402,142,000
1,399,367.000
1,409.603,000
1,431,095,000
1,427,960,000
1.435,707,000
1.468,035,000
1.483,090,000
1,493,923,000
1,461,488,000
1,541.713.000
1,578,101,000
1,598,136,000
1,655,843,000
1,538,500,000
Jan. 9
Jan. 16
Jan. 23
Jan. 30
Feb. 6
Feb. 13
Feb. 20
Feb. 27
Mar. 5
Mar. 12
Mar. 19
Mar.26
Apr. 2
Apr. 9
Apr. 16
Apr. 23
Apr. 30
May 7
May 14
May 21
May 28
June 4
June 11
June 18
June 25
July 2
July 9
1934
Over
1933.
1932.
1.619,265,000
1,602,482,000
1,598,201,000
1,588,967.000
1,588,853,000
1.578,817,000
1,545,469,000
1,512,158,000
1,519,679,000
1,538,452,000
1,537.747,000
1,514,553.000
1.480,208,000
1.465.076.000
1,480,738,000
1.469,810,000
1,454,505,000
1,429,032,000
1,436,928.000
1,435,731,000
1,425,151,000
1,381,452,000
1,435,471,000
1,441,532,000
1,440,541,000
1,456,961,000
1,341,730,000
9.7%
10.1%
9.5%
9.6%
12.5%
11.4%
11.6%
15.5%
16.5%
18.4%
20.0%
17.6%
18.8%
15.5%
16.5%
16.9%
16.8%
13.7%
11 9
.%
11.2%
10.8%
7.8%
7.3%
------------
x Revised figure.
DATA FOR RECENT MONTHS.
Month of-
1934
Over
1933.
1932.
1931.
7,011.736,000
6,494,091,000
8,771,684,000
6,294,302,000
6,219,554,000
6.130,077,000
6.112,175,000
6,310,667.000
6,317.733,000
6.633.865.000
6.507.804.000
6.638,424,000
7,435,782,000
6,678,915,000
7,370.687.000
7,184,514,000
7,180,210,000
7.070,729.000
7,286,576,000
7,166,086,000
7,099,421.000
7,331.380,000
6,971,644,000
7,288,025,000
1933.
1934.
January
7.131,158,000 6,480,897,000
February
6,608,356,000 5,835,263,000
7,108,232.000 6.182.281,000
March..
April
8,978,419,000 6.024,855,000
6,532,686,000
May
6,809,440.000
June
7.058.600,000
July
7,218,675,000
August
September..6.931,652.000
7,094,412.000
October
6.831,573.000
November _ 7.009,164,000
December-
10.0%
13.2%
16.4%
15.8%
„....
__
___.
....._
____
80,009,501,000 77.442.112.000 86,063,969,000
Total
Note.
-The monthly figures shown above are based on reports covering approximately 92% of the electric light and power industry and the weekly figures are
based on about 70%.
Trend of Business in Hotels According to Horwath &
Horwath-Total Sales During May 29% Higher
Than Last Year.
In their survey of the trend of business in hotels, Horwath
& Horwath state that "the gain over 1933, which has been
increasing month by month, was halted in May for the reason
that a year ago the tide was beginning to turn; subsequent
months will also show the effect of this, even if business can
be held at the present levels." The firm continues:
Total sales increased 29% over May 1933; room sales, 15%, and restaurant sales, 49%. The April gains, which represent the record so far, were:
Total, 82%; rooms, 18%; restaurant, 60%
New York, Philadelphia and Texas had slightly larger increases this month
than last, but the others smaller increases, though the changes were very
slight in all the groups excepting Philadelphia and Chicago. The former
benefited by some convention business, while the latter had to reckon with
the heavy business of a year ago incident to the opening of the World's Fair.
It seems quite probable that Chicago hotels will, with the aid of liquor this
year, exceed last year's Century of Progress business, especially in the restaurant department.
The total occupancy in May was 58%, almost equal to that in the same
month of 1931, and whereas there is usually a seasonal decline of 2 to 4
points from April, this year there is a rise of one point. The fact that
higher occupancies did not raise the average of room rates more than 1%
Indicates a continuance of rate-cutting.
The following comparison of total sales with those of five years ago
-1929
-shows that while decreases are rapidly becoming smaller, the sales are
still 39% lower than in that year:
INCREASES AND DECREASES IN SALES FROM FIVE YEARS AGO.
Dec.
Total
Jan.
Feb.
Mar.
April.
May.
%
-41.2
-45.3
-55.4
-25.6
-49.6
-44.8
-47.0
-42.3
New York
Chicago
Philadelphia
Washington
Cleveland
Detroit
California
All others reporting
%
-39.8
-46.6
-54.4
-24.3
-53.8
-46.6
-48.2
-43.4
%
-39.3
-43.1
-57.8
-22.8
-50.0
-49.1
-51.7
-42.4
%
-38.8
-45.5
-59.6
-22.0
-48.3
-40.9
-51.1
-45.7
%
-41.2
-32.1
-54.0
-31.2
-39.8
-41.7
-46.6
%
-33.7
-30.1
-47.4
-23.2
-38.8
- .
37 3
-46.8
-42.8 -43.8
-AR 7 -Ax
n _ea n _20 n
The following analysis by c ties was also issued by Horwath & Horwath:
TREND OF BUSINESS IN HOTELS IN MAY 1934. COMPARED WITH
MAY , 1933.
Sales.
Percentage of Incr ate (+)
or Decrease (-).
Week Ended
Week Ended
Week Ended
June 2 1934. May 26 1934. May 19 1934.
x Decrease from 1933.
June 16 1934
Total.
New York
Chicago
Philadelphia
Washington
Cleveland
Detroit
California
Texas
All other reporting
Total
Room
Rate
Percentage of
Same Inc. (+1
ROOMS. Restatts't. This
or
Month
Month. Last Year Dee.(-)
+41
+27
+28
+31
+32
+41
+15
+10
+27
+24
+7
+19
+18
+18
+20
+11
+9
+14
+73
+62
+34
+40
+58
+78
+19
+10
+48
+29
+15
+49
Occupancy.
59
57
43
61
61
as
5s
as
58
53
46
53
38
51
52
48
50
54
51
-1
-1
+3
-1
+1
51
+1
+2
+1
+2
Financial Chronicle
Volume 133
Business (Corporate) Earnings in First Quarter of 1934
-Federal Reserve Bank of New York Reports Improvement in Earnings as Compared with First
Quarters of 1933 and 1932.
"Reports of first quarter earnings of 308 industrial and
mercantile companies which have been published to date
indicate considerable improvement in earnings over the first
quarters of 1933 and 1932, but profits remained somewhat
below the 1931 level," states the New York Federal Reserve
Bank in its "Monthly Review" of June 1. "The rate of
profits in the first quarter of this year after seasonal allowance was somewhat higher than in the final quarter of last
year, coincident with a renewed pick-up in production and
general business activity, but was somewhat lower than in
the third quarter of last year which marked the high point
for profit* since 1931," says the Bank in presenting a diagram
indicating this, in which a comparison is made of quarterly
net profits of 163 representative corporations over a period
of 6% years. The Bank continues:
All of the groups of companies listed in the table, except aviation companies, reported a better showing than in the first quarter of 1933; with that
exception all groups that had net earnings a year ago had larger net earnings
this year, and all other groups either showed some net profits in place of
deficits, or reduced the amount of their deficits, compared with 1933. Most
of the groups also had better results than in the first three months of 1932.
and some of the groups showed improved earnings compared with 1931 also.
The groups that showed larger profits than in any of the past three years
included the automobile parts and accessories companies, clothing and
textile concerns, coal and coke and miscellaneous mining and smelting
concerns, companies producing household and office equipment, and oil
companies. Of the 308 concerns whose returns are summarized in the
table, 69% had at least some net profit in the first quarter of this year,
compared with only 37% a year ago. 49% in 1932, and 69% in 1931.
Net operating income of telephone companies was moderately larger
than in the first quarter of 1933 and nearly up to the 1932 level, but net
earnings of other public utility companies were virtually unchanged from
the relatively low level of a year ago, despite an increase in the volume
of their business. For the railroads, the first quarter of this year was
distinctly a more profitable period, with net operating income three times
the very small amount earned in the first quarter of 1933. and slightly
larger than in 1931. The rise of operating income to the 1931 level means
that in the aggregate fixed charges of class I railroads are now being fully
earned.
(Net profits in millions of dollars.)
No.
of
Cos.
1931.
1932.
1933.
1934.
15
30.3
2.0
-5.4
27.9
33
11
20
8
7
6
8
38
6
12
4.4
0.3
1.3
26.3
-0.4
0.6
-0.1
7.9
37.2
0.5
1.6
-3.5
1.1
-2.3
17.8
-0.4
-0.6
-1.2
2.1
27.3
-1.2
-2.3
-5.0
0.3
-3.5
11.3
-0.3
-1.1
-2.2
-2.3
20.1
-1.0
-1.9
8.7
-0.6
-0.4
24.6
0.8
1.4
-0.4
2.6
28.0
0.8
0.6
10
6
6
27
6
4
9
20
6
45
4.8
7.0
2.5
-12.9
1.1
5.3
2.8
6.8
1.3
6.4
2.4
1.7
1.7
-4.3
0.1
3.0
-0.8
-29.3
0.6
2.0
2.1
0.9
1.0
-29.0
-0.1
0.8
-2.4
-35.8
0.1
0.1
9.5
3.9
2.8
9.1
0.4
1.4
-0.8
-7.7
0.5
5.9
308
134.8
15.9
-53.3
119.0
Telephone (net operating income) 102
Other public utilities (net earns.) 67
69.3
109.5
50.8
96.8
41.4
81.3
49.1
81.2
169
178.8
147.6
122.7
130.3
Class I railroads (net operating
income)
149
-Deficit.
106.2
65.4
34.5
112.2
Corporation Croup.
Automobile
Automobile parts and accessories
(excluding tires)
Aviation
Building supplies
Chemical and drugs
Clothing and textiles
Coal and coke
Copper
Electrical equipment
Food and food products
Household equipment
Machinery
Mining and smelting (excluding
coal, coke and copper)
Motion picture and amusement...
Office equipment
Oil
Paper
Printing and publishing
Railroad equipment
Steel
Tobacco
Miscellaneous
Total 22 groups
Total public utilities
5
First Quarter.
Steady Level Maintained by General Business Activity
in Canada During May According to S. H. Logan
of Canadian Bank of Commerce-Construction
Contract Awards During Month Largest Since
November 1931.
"General business activity has been maintained at a
steady level' despite the uncertain crop prospects of the
Prairie Provinces and Ontario and continued unsettled
conditions in some important foreign markets," says S. H.
Logan, General Manager of the Canadian Bank of Commerce, in his review of business conditions throughout Canada, issued June 9. Mr. Logan continued in part:
In making this statement we do not disregard official and private reports of a recent slackening, partly seasonal, in certain major industries,
but we have taken into account the operations of numerous plants, individually small but collectively important, whose production is not included in official records. The operations of these plants have assumed
such importance that they should now be considered in conjunction with
those of the so-called key industries, not only because they are relatively
more numerous than in the pre-depression period, but also because, as we
have pointed out in previous issues of the letter, they have broadened
considerably as the business revival spread from three basic export industries, metal mining, newsprint manufacture and lumbering, to -mills
and factories dependent largely upon the domestic market. The activity
in this group as a whole, as well as in construction, forestry, automobile
production and transportation, increased sufficiently in April and May to
4023
offset a slight decline in a few other branches of industry, such as steel and
textiles. . .
Export trade continues the most influential factor in the general economic
situation, a fortunate feature at a time of unfavorable crop prospects.
which would ordinarily act as a severe economic depressant. The May
record of exports is of course as yet incomplete but we have before us reports which indicate a reversal of the downward movement in April. Thus,
there is the welcome development of a marked rise in overseas wheat shipments, following upon several months of disappointing sales; the May
exports were the largest since early last winter and in two weeks of the
past month represented nearly half of world clearances of this commodity.
The American paper market, the main outlet for Canadian manufacturers, has expanded considerably as a result of an upturn in newspaper
circulations and a rising volume of advertising. According to reports
from over 500 publishers, newspaper distribution has gained since the
summer of 1933. the increases ranging from 3%% in morning editions to
8 2-3% in Sunday issues, while there were individual increases of as much
as 44%. Newspaper advertising in about 50 American cities was 18%
greater in the first three months of the current year, while that in National
Periodicals Increased by 20%. From these statistics we estimate that the
consumption of paper In the United States has Increased by at least 25%.
Canadian producers have had the lion's share of this expanded market.
Business Conditions in Philadelphia Federal Reserve
District-Industrial Activity Well Maintained During April, but Recessed Seasonally in May.
According to the Federal Reserve Bank of Philadelphia "industrial activity in the Third (Philadelphia) District continued well maintained during April but showed seasonal recessions in May." The Bank said that "output of manufactures decreased less than usual from March to April, and
since then operations generally have been curtailed as is to
be expected in most instances." In its monthly "Business Review" of June 1 the Bank further stated in part:
Production of coal mines has fallen off materially, after an exceptionally
active season of about five months. Output of crude oil in April reached
a record volume, increasing almost steadily since the spring of last year.
Combining these three industries in proportion of their relative importance,
the total volume of industrial production was slightly smaller in April
than in March but continued about 23% larger than last year.
Construction activity has expanded further and an increase in the value of
contract awards has been due mainly to larger operations in public works
and utilities which account for about two-thirds of all contracts. The
dollar volume of retail trade sales decreased more than usual, while that of
wholesale lines showed some improvement from March to April; early reports for May indicate a fair rate of activity in these mercantile lines. The
falling off in freight car loadings reflects chiefly reduced shipments of coal.
Employment and payrolls in 12 branches of industry and trade, which pro4
/
vide jobs for approximately.23 million workers in Pennsylvania, showed
small declines from March to April, reflecting principally sharp decreases in
the anthracite industry.
Manufacturing.
Demand for factory products was well sustained during April, but slackened seasonally in May. Textile factories, which in this District account for
about 20% of all factory wage earners and 26% of the value added through
the manufacturing process, reported the largest declines in commitments.
Sales of building materials, on the other hand, registered seasonal gains and
the market for heavy iron and steel products continued active. Compared
with last year, sales of semi-manufactured and finished goods were in greater
volume in all lines except textiles where the recent falling off has apparently brought the level below that of last Spring.
Prices generally remained fairly steady, although there was a slight downward tendency, especiallY in such textiles as cotton, hosiery and silk. Manufacturers report a continued resistance to price advances. . . .
Factory employment and payrolls in this District continued to rise in
April, contrary to the usual seasonal tendency. In Pennsylvania, the number
of wage earners showed an increase of 1% and payrolls a gain of more than
3%. These figures compare with an increase of 2% in employment and 4%
in payrolls for the United States as a whole.
A number of factories reported increases in wage rates, the average being about 10%, affecting over 15% of the total number of workers covered
in April. This was the largest number of wage earners receiving increases
since last August when there was a general advance of about 20%. These
latest increases were not spread over as many industries or individual companies as was the case last summer but were confined chiefly to steel works
and rolling mills, foundries, and related industries. . . •
The volume of manufactured goods produced in this District increased further in April, when allowance was made for the number of working days and
seasonal changes. Our index number rose from 68 in March to 70% of the
1923-25 average in April, moving upward for three consecutive months since
January; it reached the highest level since early 1932 with the exception of
last midsummer. Spring factory activity this year thus registered a more
favorable trend than was the case in the previous four years. It also compares well with the progress of manufacturing in the country as a whole, the
rate of increase during April being in about the same proportion. Beginning
with April local productive activity usually shows seasonal recessions until
about midsummer.
Changes in the Cost of Living of Wage Earners According to National Industrial Conference Board
-
Increase During May of 0.03% Reported.
The upward movement in living costs of industrial wage
earners, which was interrupted in April, was resumed in May,
with a rise of 0.3%, according to the monthly index computed
by the National Industrial Conference Board. The increase
was due entirely to advances in food prices and rents. In
May 1934 the cost of living was 9.0% higher than in May 1933,
but 20.5% lower than in May 1929. Under date of June 10,
the Board further announced:
The purchasing value of the dollar, base, 1923 equals 100 cents, was 127.2
cents in May 1934, as compared with 138.7 cents in May 1933.
Food prices in May 1934 were 0.8% higher than in April, and 15.6%
above May 1933, but 29.4% below May 1929.
Rents continued the upward trend begun in February. Rents in May
were 0.8% higher than in April and 1.1% higher than in May 1933, but
30.3% lower than in May 1929.
Clothing prices, as a whole, fell slightly, 0.1% in May, as compared with
April. They were 28.2% above the level of May 1933, and 20.8% below
that of May 1929.
Coal prices showed the usual seasonal decline, 1.5%, from April to May.
Coal prices in May were 6.7% higher than in May 1933, and 7.2% lower
than in May 1929.
No change was shown in the cost of sundries as a whole, a decline in carfares offsetting an increase in the prices of housefurnishings. No changes
were shown in the cost of the other sundry items for which monthly prices
are obtained. The cost of sundries in May 1934 was 3.4% above May 1933,
but 6.0% lower than in May 1929.
Index Numbers of the Cost P. C. Inc.(+)
Relative
Importance of Living, Average Prices. or Dec.(-)
from
1923=100.
in
April 1934
Family
May 1934. April 1934. to May 1934.
Budget.
Item.
Food*
33
74.1
73.5
64.2
20
63.7
Housing
12
77.8
77.9
Clothing
80.8
80.8
Men's
74.8
74.9
Women's
Fuel and light
5
85.7
86.5
82.7
84.0
Coal
91.6
91.6
Gas and electricity
92.4
92.4
Sundries
30
78.4
Weighted avge. of all items_
100
78.6
* Based on food price index of the United States Bureau of Labor
as of April 10, and averages of May 8 and May 22, respectively.
+0.8
+0.8
-0.1
-0.9
-L5
These decreases were in conformity with the usual tendency at this season
of the year, according to Dr. E. B. Patton, Director of the Division of Statistics and Information of the State Labor Department. His statement was that
declines in New York State factory employment and payrolls are customary
in May, but due to somewhat larger than usual seasonal drops in the clothing
and textile groups, the losses this time were a little greater than the average
decreases over the 19 years, 1915-1933.
The decreases in May lowered the State Labor Department's index of employment to 71.9 and the index of total factory payrolls to 58.2. These index
numbers are computed with the monthly averages for the three years ,19251927, taken as 100. Compared with a year ago, employment and payrolls
during the middle of May were 25.9% and 37.3% greater, respectively. Returns from 1,607 representative factories which report each month to the
Division of Statistics form the basis for this analysis. These concerns employed during the middle week of May more than 344,628 persona and paid
out approximately $8,068,000 in wages.
The percentage change in employment from April to May in the last 20
years is shown in the following table:
Increases April to May.
+2.0%
+0.8%
+3.3%
Decreases April to May.
1916
1917
1918
1919
1920
1921
1923
1924
1925
-1.9%
-0.7%
-0.3%
-1.0%
-1.5%
-2.0%
-0.9%
-4.2%
-1.3%
1926
1927
1928
1929
1930
1931
1932
1934
-2.1%
-1.4%
-1.1%
-0.8%
-1.8%
-2.1%
-7.3%
-1.7%
Mixed Trends in Metals.
The metals and machinery group showed opposite tendencies in May, with
employment in the group as a whole recording a net drop from April of
0.7%. The most pronounced' losses occurred in the automobile and automobile parts and instruments and appliances divisions. The sharp reduction in
personnel which occurred in the automotive division was due mostly to curtailment in a large up-State plant. A strike caused the large decrease in
employment in the business machines and other instruments and appliances
division. Employment was also reduced in silverware and jewelry, sheet
metal and hardware, shipbuilding and repairing and structural and architectural iron concerns. These decreases were offset in part by gains in brass,
copper and aluminum, iron and steel, firearms, tools and cutlery, machinery
and electrical apparatus, heating apparatus, and railroad equipment and
repair shops.
•
Seasonal Dulness in Clothing Factories.
Reports from the clothing and millinery group reflected the seasonal dulness which is prevalent in this industry in May. Reporting concerns were
operating with approximately 5,100 fewer persons than in April, a decrease
of 10.7%. Manufacturers of men's and women's clothing reported the largest
numbers of operatives to be laid off. Curtailment occurred also in women's
undergarments, millinary, and men's furnishings concerns. Laundries and
dry cleaning plants showed their usual May increase in activity, and were
adding to their working forces. The miscellaneous sewing division also took
on some help.
Employment Of/ in Textiles.
Textile mills were reporting somewhat larger than usual seasonal declines
in employment during May. In the group as a whole the net loss from April
amounted to 4.2%. Due to an order of the Silk Code Authority curtailing
production during the middle of May, employment in silk and silk goods
mills declined 24.2% from the preceding month. Cotton goods mills also
reported an unusually large decrease amounting to 21.4%. The woolens,
carpets and felts, and rayon and other miscellaneous divisions also were
laying off help. Makers of knit goods went counter to the general trend,
continuing to add large numbers of operatives to their forces.
Employment Mostly Higher in Other Industries.
Food and tobacco concerns were somewhat busier in May than in April,
and showed a gain of 1.0% over the monthly period. Half of the industries
comprising the furs, leather and rubber goods group reported larger working
forces in May, while the remaining industries showed reduced forces, leaving
employment about unchanged from April. Pulp and paper and water, light
and power plants also reported practically the same number of employees as
in April. Printing and paper goods concerns showed a loss in employment
1
2
of a little more than / of 1%. The stone, clay and glass and chemicals, oils
and paints groups of industries continued to report larger working forces
than in preceding months. The wood manufacturers' group showed a net
gain of 4.4% in numbers employed.
Employment and Payrolls Lower in New York City.
Employment and payrolls in New York City factories registered decreases
in May of 2.2% and 2.7%, respectively, as compared with April, due chiefly
to seasonal losses in the clothing industries. In the apparel group decreased
employment was noted in all divisions except laundering and cleaning and
miscellaneous sewing. The most pronounced declines were reported by manufacturers of men's and women's clothing. Cuts in working forces were noted
also in the furs, leather and rubber goods and textiles groups. The metals
and machinery group reported a small net rise in employment. Small gains
occurred in the wood manufactures, chemicals, oils and paints, printing and
paper goods, and food and tobacco indtstries. The stone, clay and glass group
reported employment even with April. A slight decline was noted in water,
light and power plants.
Four Up-State Cities Report Decreases.
Statistics,
Decrease of 1.7% Noted in Employment in New York
State Factories from Mid-April to Mid-May-Payrolls Down 1.4%
-New York City Factories Also
Report Decreases.
Employment in New York State factories dec-eased 1.7%
during the period from the middle of April to the middle of
May, according to a stat•nnent issued June 12 by Industrial
Commissioner Elmer F. Andrews. Total factory payrolls
showed a drop of 1.4% over the same period, the statement
said. It continued:
1915
1922
1933
June 16 1934
Financial Chronicle
4024
Decreases in both employment and payrolls were noted in all major up'
State industrial centers except Buffalo and Albany-Schenectady-Troy. In
Buffalo, the number of persons employed showed a small net increase, with
large gains in iron and steel and chemical plants snore than offsetting a
sharp drop in the automotive division. The gain in Albany-Schenectady-Troy
was due to advances in the metal industries, particularly in concerns manufacturing electrical apparatus and appliances, and to increases in knit goods
mills.
The Rochester district reported large seasonal decreases in the men's
clothing industry. In Syracuse the decline was due largely to a strike in the
business machines and appliances division. In the Utica area gains in the
metal industries were more than offset by sharp cuts in textile mills.
Binghamton reported small net losses in employment and payrolls.
The percentage changes from April to May in employment and payrolls in
each of the industrial centers are given below:
Employment.
City
Albany-Schnectady-Troy
Binghamton
Buffalo
Rochester
Syracuse
Utica
New York City
Payrolls.
+3.3
-0.7
+0.4
-8.2
-8.6
-0.8
-2.2
+4.4
-1.0
+2.9
-6.1
-6.7
-8.2
-2.7
FACTORY EMPLOYMENT IN NEW YORK STATE.
(Preliminary)
Percentage Change
April to May 1934
Industry.
Total State.
Stone. clay and glass products
Miscellaneous stone and minerals
Lime,cement and plaster
Brick, tile and pottery
Glass
Metals and machinery
Silverware and jewelry
Brass, copper and aluminum
Iron and steel
Structural and architectural iron
Sheet metal and hardware
Firearms, tools and cutlery
Cooking, heating, ventilating appliances
Machinery and electrical apparatus
Automobiles, airplanes, ac
Railroad equipment and repair shops
Boat and ship building
Instruments and appliances
Wood manufactures
Saw and planing mills
Furniture and cabinet work
Pianos and other musical instruments
Miscellaneous wood, &c
Furs, leather and rubber goods
Leather
Furs and fur goods
Shoes
Gloves, bags, canvas goods
Rubber and gutta percha
Pearl, horn, bone, Arc
Chemicals. oils, paints.,
tc
Drugs and industrial chemicals
Paints and colors
Oil products
Photographic and miscellaneous chemicals
Pulp and paper
Printing and paper goods
Paper boxes and tubes
Miseellaneous paper goods
Printing and bookmaking
Textiles
Silk and silk goods
Woolens, carpets, felts
Cotton goods
Knit goods, except silk
Other textiles
Clothing and millinery
Men's clothing
Men's furnishings
Women's clothing
Women's underwear
Women's headwear
Miscellaneous sewing
Laundering and cleaning
Food and tobacco
Flour, feed and cereals
Canning and preserving
Sugar and other groceries
Meat and dairy products
Bakery products
Candy
Beverages
Tobacco
Water. light and power
Total
N. Y. City.
+4.6
+4.6
+8.9
+5.2
+1.7
-0.7
-4.5
+1.8
+6.0
-0.4
-3.9
+5.7
+7.8
+1.1
-8.4
+1.7
-0.2
-8.3
+1.4
+16.4
-0.1
-7.3
+2.6
-0.1
+0.6
+5.6
-0.9
+4.3
-1.2
-0.8
+2.9
+4.7
+3.3
+0.8
+2.9
-0.2
-0.6
-1.0
-1.0.
-0.4
-4.2
-24.2
-2.4
-21.4
+5.7
-3.8
-10.7
-22.0
-0.4
-13.9
-1.9
-5.3
+3.3
+2.3
+1.0
+3.7
-3.1
-0.7
+1.0
+0.9
+1.6
+4.2
+1.6
No change
No change
-2.0
+4.3
-3.4
-1.3
+0.2
-1.9
-1.7
-2.2
-f-7477
-115
+5.8
-0.4
+4.1
+0.6
+3.6
+3.1
4-ya
+0.2
+0.7
+3.3
+0.4
+1.3
+0.5
+0.2
+1.6
+0.2
-4.9
-12.1
+15.8
-10.6
-15.1
+2.6
+0.3
+0.4
+1.1
+0.2
+2.2
+3.5
-0.7
Sales of Life Insurance During May of New York Life
Insurance Co. 25% Above May 1933.
The volume of applications for new life insurance received
in May by the New York Life Insurance Co. increased 25%
over May of last year, the company announced June 5.
During the month the company received 22,474 applications
for insurance totading $50,850,000, the announcement said.
The first five months of this year also registered a 25% increase over the first five months of 1933 in the volume of
new paid for insurance upon which the first premium has
been received by the company.
Automobile Financing During April 1934.
A total of 244,384 automobiles were financed in April,
on which $91,777,482 was advanced, compared with 195,196
on which $72,520,725 was advanced, in March, the Department of Commerce reported on June 13.
Volume of wholesale financing in April was $122,905,174,
as compared with $104,597,190 in March.
Monthly statistics on automobile financing, based on data reported to
the Bureau of the Census by 456 identical organizations, are presented in
the table below for January, February, March, and April 1934 and for
July to December 1933; and for 282 identical organizations for January,
February, March, and April 1934 and 1933. The increase in the number
of reporting organizations from July 1933 to April 1934 resulted from the
inclusion of additional organizations. The changes in the number of
organizations included have not greatly affected the totals, as is indicated
by comparisons for the same months appearing in the two summaries.
AUTOMOBILE FINANCING.
Retail Financing.
Year
and
Month.
4025
Financial Chronicle
Volume 138
Wholesale
Financing
Volume.
in Dollars.
Number
of Cars.
Volume
in Dollars.
Summary for 434 Identical Orga nizations. a
1934
January
$36,577,358 109,997 $38,533,359
February
47.623,890
62,551,490 132,485
March •
72,520,725
104,597,190 195,196
April
91,777,482
122,905,174 b244,384
35,691
54.455
86,880
110,856
Volume
in Dollars.
$19,841,711
30,223,621
47,838,975
61,393,771
Total(4 months) $326,631,212 682,062 $248,455,456
1933 c
July
68,522,872
58,793.704 194,552
August_
74,813,725
70,705,795 211,708
September
65,665,515
52,276,214 184,998
October
60,316,106
39,776,604 172,432
November
46.063,578
18,364.889 135,584
December
35,217,934
17,060,916 108,606
dSummary for 282 Identical Orga nizations
1934
January
$35,879,064 101,700 $34,437,380
February
45,377,552
61.513,896 124,349
March *
69,202,632
102,775,967 183,724
April
87.923,187
120,992,736 e231,579
287,882 $159,298,078
Total(4 months)- $321,161,663 641,352 $236,940,751
1933
January
31,280,101
30,133,915
92,083
February
29.188.663
27,514,654
87,512
March
33,546,689
27,706,336 101,456
April
45,337.026
40,840,508 132,088
-Total(4 months)- $126,195,413 413,139 3139,352,479
279,288 $154,612,389
Year
and
Month.
86,926
94,613
80.928
73,002
51,356
33,729
44,69%167
48,860,024
42,166,003
37.940,369
27,077.214
18,486,989
34,426
52.772
84,300
107,790
$19,189,736
29,290.038
46,427,926
59,704,689
35,546
32,609
38,329
55,571
18,327,630
18,842,415
19,463,540
28,225,885
162,055
Used Cars Financed.
Volume
in Dollars.
Summary for 456 Identic at Organizat 10115.5
1934
January
$15,864,438
71.607
February
16.510.453
75,283
March •
23,274,757
104,369
April
28,852,026
129,260
Unclassified.
Number
of Cars.
Volume
in Dollars.
2,699
2,747
3,947
4,268
8827.212
889,816
1,406,993
1,531,685
Total (4 months)
$84,501,672
380,519
1933 c
July
22,538,097
103,554
August
24,580,709
112,917
September
22,231.578
100.265
October
21,323,164
95,947
November
18,116.265
81,550
December
72,279
15,933,279
dSummary for 282 Identic al Organized tons.
1934
January
64,575
14,420,432
February
15,197.698
68,830
March •
21,367,713
95,477
April
119,521
26,686,813
13,661
$4,655,706
2.699
2.747
3,947
4,268
827,212
889,816
1,406,993
1,531,685
Total (4 months)
1933
January
February
March
April
4,072
4,178
3,805
3,483
2,678
2,598
1.288 08
1,372,992
1,267,934
1,052,633
870,099
797,666
348,403
$77,672,656
13,661
34,655,706
54,234
52,796
60,625
73,267
12,173,577
11,725,419
13,335,403
16,106,512
2,303
2.107
2,502
3,250
778.894
620.829
747,746
1,004,629
Total (4 months)
240,922
$3,152,098
353,340,911
10,162
• Revised. a Of these organizations, three discontinued automobile financing in
March and two in April 934. b Of this number 45.4% were new cars, 52.9%
used cars, and 1.7% unclassified. c Data prior to July not available. d Of these
organizations eight discont cued automobile financing in January, two in February.
and two In March 1934. e Of this number 46.6% were new ears. 51.9% used
cars, and 1.8% unclassified.
Employment in Ohio During May Increased for Fourth
Consecutive Month, According to Ohio State
University.
According to the employment report of the Bureau of Business Research of the Ohio State University,"the May increase
of 2.2% from April in employment in Ohio was the fourth
consecutive month of increase since January. The employment index in May," the report said, "indicated a level of
Seasonal Increase in Farm Employment from May 1 to
June 1 Reported-Decrease Noted When Compared
With Year Ago.
A seasonal increase in the number of hired farm hands
from May 1 to June 1 is reported by the Bureau of Agricultural Economics, United States Department of Agriculture,
but the number employed this June was less than last June.
An announcement issued June 13 by the Department of
Agriculture said:
On June 1 this year, 227 family workers and 92 hired hands were employed on every 100 farms operated by crop reporters, compared with 216
family workers and 80 hired hands per 100 farms on May 1. On June 1
last year, 96 farm hands and 234 family workers were employed on every
100 farms operated by crop reporters.
The bureau reports that spring planting of other than emergency feed
crops had been largely completed by June 1 this year, but that farmers were
busy making hay and cultivating row crops. Cotton shopping and harvesting of early vegetables and fall grain crops also required more labor
on June 1.
Gas Revenues Gain in April.
Manufactured and natural gas companies reported revenues of $62,287,300 for April 1934, as compared with
$59,597,000 in April 1933, an increase of 4.5%, it was
announced on June 14 by the American Gas Association,
which further reported as follows:
Revenues of the manufactured gas industry aggregated $32,869,100 for
the month, representing only a slight increase over the corresponding
month a year ago. Revenues of the natural gas industry however, totalled
$29,418,200 for April or 8.9% more than for April 1933.
Sales of manufactured gas in April for domestic uses were 2% below the
preceding year. Sales to industrial-commercial users however, registered
a distinct upturn, manufactured gas companies reporting an increase of
nearly 30% in this class of business, while for the natural gas industry
the gain was nearly 33%.
Large gains were reported by the manufactured gas utilities in sales of
gas for house-heating purposes which increased more than 44% from the
April 1933 figure.
For the four months ending April 30 manufactured and natural gas
revenues aggregated $269,843,300, an increase of 3.4% over the first four
months of 1933. Revenues from domestic consumers were unchanged
for the period. Revenues from industrial and commercial users, however,
Increased 15% over the first four months of 1933.
$82,859.470
Retail Financing.
Number
of Cars.
May employment was almost 39% greater than in May 1933, and was 56%
above the low point of March 1933. The May employment index showed a
gain of 12% from the previous high point reached last September.
Manufacturing employment in May increased 2.1%; non-manufacturing,
0.7%, and construction, 23.5%. Seven of the 11 major manufacturing groups
of industries reported increases in May employment, while all groups were
substantially above May 1933.
All the eight chief cities reported some increase in employment in May
from April. The gains amounted to 2.4% in Akron, 1.2% in Cincinnati,
0.4% in Cleveland, 2.8% in Columbus, 0.9% in Dayton, 8.7% in Youngstown, 0.6% in Stark County (Canton), and 5.1% in Toledo. Since the employment reports to the Bureau are as of May 15, the Toledo report was
made prior to the recent strike development in that city.
New Cars Financed.
Total.
Number
of Cars.
employment which has not been exceeded since August 1930."
The report, issued under date of June 4, continued:
Production of Lumber During the Five Weeks Ended
June 2 1934 Exceeded Corresponding Period Last
Year by 16%-Shipments Off 16%, While Orders
Received Showed a Decline of 26%.
We give herewith data on identical mills for the five weeks
ended June 2 1934, as reported by the National Lumber Manufacturers' Association on June 11:
An average of 619 mills reported as follows to the National Lumber Trade
"Barometer" for the five weeks ended June 2 1934:
Production.
(In 1,000 Feet.)
Shipments.
Orders Received.
1934.
1933.
1934.
1933.
1934.
1933.
753,643
73,013
662,550
49,983
682,625
76,067
795,751
106,422
793,634
70,474
1,028,768
120,907
Total lumber_ - - 826,656
712,533
758.692
902,173
864.108
1.149.675
Softwoods
Hardwoods
Production during the five weeks ended June 2 1934 was 16% greater
than during corresponding weeks of 1933, as reported by these mills and 30%
above the record of comparable mills during the same period of 1932. 1934
softwood cut was 14% above that of the same weeks of 1933, and hardwood
cut was 46% above that of the 1933 period.
Shipments during five weeks ended June 2 1934 were 16% less than those
of corresponding weeks of 1933, softwoods showing loss of 14% and hardwoods of 29%.
Orders received during the five weeks ended June 2 1934 were 25% lets
than those of Corresponding weeks of 1933 and 30% greater than those of
corresponding weeks of 1932. Softwoods showed loss of 23% as compared
with similar period of 1933 ; hardwoods, loos of 42%.
On June 2 1934 gross stocks as reported by 1,658 mills were 5,289,727,000
feet. As reported by 500 mills, stocks were 3,319,436,000 feet, the equivalent of 150 days' average production of reporting mills, es compared with
3,070,356,000 feet on June 3 1933, the equivalent of 138 days' average production.
On June 2 1934 unfilled orders, as reported by 1,658 mills, were 950,597,000 feet. Five hundred and ten mills reported unfilled orders as 640,556,000 feet, the equivalent of 28 days' average production, as compared
with 685,568,000 feet on June 3 1933, the equivalent of 30 days' average
production.
Lumber Movement Continues More Than Seasonally
Low.
Although lumber production during the week ended
June 9,it exceeded that of the previous week, which was the
4026
Financial Chronicle
lowest since early February, lumber orders at the mill and
shipments were lighter than during any week since January,
according to telegraphic reports to the National Lumber
Manufacturers Association from regional associations covering the operations of leading hardwood and softwood
mills. This continued decline is partly seasonal and in the
west is aggravated by labor troubles on the Pacific Coast.
Reporting mills numbered 1,477 for the week ended June
9, with production 170,251,000 feet; shipments, 149,279,000
feet; orders 149,349,000 feet. Revised reports for the previous week were mills 1,473; production, 163,420,000; shipments, 160,910,000 feet; orders 163,030,000 feet. The
National Lumber Manufacturers Association in reviewing
lumber operations for the week ended June 9, added:
Orders were below output in all reporting regions except the West Coast,
Cypress and Northeastern Softwood regions. Southern Pine orders were
only fractionally below output. Total softwood orders were 11% below
production; hardwood orders. 18% below hardwood output.
For the seventh consecutive week, new business fell below that of corresponding week of 1933. all regions recording decline. Total orders were
49% below those of similar week of last year; production was 16% below
that of a year ago and shipments were 42% telow their last year's record.
Unfilled orders on June 9 as reported by identical mills were the equivalent of 28 days' average production compared with 32 days' on corresponding date of 1933. Gross stocks at 1,727 mills on June 9 totaled 5,497,779,000 feet.
Forest products carloadings during the holiday week ended June 2 were
24,396 cars, a decrease of 1,498 cars below the preceding week, but an
increase of 1,327 cars above the same week in 1933 and 7,977 cars above
similar week of 1932.
Lumber orders reported for the week ended June 9, 1934 by 1,011 softwood mills totaled 129,272,000 feet; or 11% below the production of the
same mills. Shipments as reported for the same week were 126.522,000
feet. or 13% below production. Production was 145,829,000 feet.
Reports from 511 hardwood mills give new business as 20,077,000 feet.
or 18% below production. Shipments as reported for the same week
were 22,757,000 feet, or 7% below production. Production was 24,422,000
feet.
Unfilled Orders and Stocks.
Reports from 1,727 mills on June 9 1934, give unfilled orders of 969,891,000 feet and gross stocks of 5.497.779,000 feet. The 532 identical
mills report unfilled orders as 665,033,000 feet on June 9 1934, or the
equivalent of 28 days' average production, as compared with 746,152,000
feet, or the equivalent of 32 days' average production on similar data a
year ago.
Identical Mill Reports.
Last week's production of 423 identical softwood mills was 130.840.000
feet, and a year ago it was 156,325,000 feet; shipments were respectively
114,106,000 feet and 196,945,000; and orders received 119,663,000 feet
and 225.664,000 feet. In the case of hardwoods, 185 identical mills reported production last week and a year ago 12,693,000 feet and 14.112.000:
shipments 12.587,000 feet and 22,541,000 and orders 10,970,000 feet and
28,814,000 feet.
SOFTWOOD REPORTS.
West Coast.
The West Coast Lumbermen's Association reported from Seattle that
for 603 mills in Washington and Oregon. shipments were 15% below production, and orders 7% above production and 26% above shipments.
New business taken during the week amounted to 57.760,000 feet (previous
week 57,973,000 at 600 mills); shipments 45,893,000 feet (previous week
44,302.000); and production 54,054,000 feet (previous week 48,173,000).
Orders on hand at the end of the week at 603 mills were 478,550,000 feet.
The 184 identical mills reported a loss in production of 39%, and in new
business a loss of 53% as compared with the same week a year ago.
Southern Pine.
The Southern Pine Association reported from New Orleans that for
168 mills reporting, shipments were 0.3% above production, and orders
0.5% below production and 0.7% below shipments. New business t ken
during the week amounted to 26,255,000 feet (previous week 27.484,000
at 174 mills); shipments 26,447,000 feet (Previous week 31,911,000); and
production 26,365.000 feet (previous week 23,393,000). Orders on hand
at the end of the week at 168 mills were 94,436,000 feet. The 92 identical
mills reported a loss in production of 21%, and in new business a decrease
of 39%, as compared with the same week a year ago.
Western Pine.
The Western Pine Association reported from Portland, Ore., that for
129 mills reporting, shipments were 22% below production, and orders
36% below production and 18% below shipments. New business taken
during the week amounted to 33.680.000 feet (previous week 40,895,000
at 139 mills); shipments 41,299.000 feet (previous week 48.457.000); and
production 52,822.000 feet (previous week 56,668,000). Orders on hand
at the end of the week at 129 mills were 143,133,000 feet. The 123
identical mills reported a gain in production of 17%, and in new business
a loss of 38% as compared with the same week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis, Minn., reported
production from 24 American mills as 2,148,000 feet, shipments 2,196,000
feet and new business 1,840.000 feet. Orders on hand at the end of the
week were 4,976,000 feet.
California Redwood.
The California Redwood Association of San Francisco reported production from 17 mills as 7,127,000 feet, shipments 5,058.000 feet and new
business 4,781,000 feet. Orders on hand at the end of the week were
34,503,000 feet. Eleven identical mills reported production 216% greater
and new business 45% less than for the same week last year.
Southern Cypress.
The Southern Cypress Manufacturers Association of Jacksonville, Fla.,
reported production from 25 mills as 962,000 feet, shipments 2,223,000
feet and new business 2,147.000 feet. Orders on hand at these mills at
the end of the week were 5,500,000 feet.
Northern Hemlock.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported softwood production from 21 mills as 1.244.000
feet, shipments 1,519,000 and orders 1,050.000 feet. Week-end orders
On hand at 17 mills were 3.693,000 feet. The 13 identical mills reported
June 16 1934
a gain of 49% in production and a loss of 28% in new business, compared
with the same week a year ago.
Northeastern Softwoods.
The Northeastern Lumber Manufacturers Association of New York
reported softwood production from 24 mills as 1.107,000 feet, shipments
1,887.000 and orders 1,759.000 feet. Orders on hand at the end of the
week were 5,170,000 feet.
HARDWOOD REPORTS.
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
production from 340 mills as 20,814,000 feet, shipments 19,861,000 and
new business 17,829,000. Orders on hand at the end of the week at 593
mills were 179,756,000 feet. The 172 identical mills reported production
12% less, and new business 62% less than for the same week last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh. Wis., reported hardwood production from 21 mills as 1,152,000
feet, shipments 1,326,000 and orders 674,000 feet. Orders on hand at
the end of the week at 18 mills were 7,090.000 feet. The 13 identical mills
reported a gain of 39% in production and a loss of 63% in orders, compared
with the same week last year.
The North Central Hardwood Association of Indianapolis, reported
production of 126 mills as 1.495,000 feet; shipments 1,040,000 feet; orders
922,000 feet; unfilled orders 8,150,000 feet.
The Northeastern Lumber Manufacturers Association of New York
reported hardwood production from 24 mills as 961.000 feet, shipments
530,000 and orders 652,000 feet. Week-end orders on hand were 4,934,000
feet.
Increase from 8 to 9 Cents a Bushel in Wheat Benefit
Payments and Reduction of Freight Rates on
Livestock and Feed for Drouth Areas Authorized.
Increase in the second wheat benefit payments from
8 cents, as originally planned, to 9 cents per bushel, and
plans to rush these payments, totaling more than $30,000,000
to farmers in the next few weeks, were among drouth relief
steps announced by the Agricultural Adjustment Administration on June 6. The Administration said:
The largest part of the wheat payments will go to farmers in the drouth
States. Since these payments are based on past production averages
and are not affected by current crop failure, they serve as farm income
Insurance and farmers are assured some cash even if drouth destroys their
crop. The increase of one cent per bushel on the doxnestic allotment
will mean nearly $3,500,000 more for farms.
The Administration stated that other developments in
the drouth situation June 6 were:
1. Co-operating with the AAA relief service and the Federal Emergency Relief and Farm Credit Administrations and the railroads, the
Inter-State Commerce Commission has authorized freight rate reductions on livestock and feed for the drouth areas.
The reductions authorized amount to 33 to 50% below regular rates
and apply to hay, coarse grains, livestock feed and to livestock shipments
into grazing areas. Actual rate reductions are made by the railroads,
themselves, within the authority of the Inter-State Commerce Commission.
2. More than 200 inspectors of the Bureau of Animal Industry, DePartment of Agriculture, are in the field to-day appraising and classifying
cattle in 160 emergency drouth counties in nine States. The appraisal
and classification are part of the cattle-buying operation which will provide an outlet for lower grades of surplus cattle. Meet products will
be distributed for relief uses through the FERA.
Continuing, the Administration also said:
The first year's payments to co-operating wheat farmers are made in
two parts. The second payment of nine cents per bushel on the domestic
allotment, announced to-day (June 6) supplements the first payment
of 20 cents per bushel which was made beginning late last autumn. The
more than $30,000,000, therefore, will be added to over $68,000,000
which already has been paid.
In time of drouth like the present, these payments give the farmers
a continuity of income otherwise impossible, and are a safeguard against
the depopulation and destruction of productive power which otherwise
would be threatened by drouth, Chester C. Davis, Administrator of the
Agricultural Adjustment Act, explained. Similar protection is afforded
co-operating corn and hog owners who will get about $160,000,000 in
payments this summer no matter what happens to their crop, and to
cotton and tobacco contract signers, making the adjustment program
as a whole the greatest crop income insurance plan ever put into effect
anywhere.
The second payment of nine cents per bushel is the one from which
local costs of administering the wheat program are deductible. Estimates
of processing tax collections are sufficient to cover the enlarged second
wheat payment. George E. Farrell, chief of the wheat section, has been
working on speeding up the wheat plan to get the payments out. Cooperating farmers in 40 States are participating in the wheat benefit
Payments.
The railroad rate adjustments are important in relation to both phases
of the program of maintaining sufficient numbers of foundation stock
of dairy and beef cattle so as to preserve the livestock and dairy industries
in the drouth regions.
The lower rates are authorized on shipments of this foundation livestock to available grazing areas, and also on shipments of feed concentrates
and hay into the drouth regions to feed the stock. The rate authorized
on livestock will be 85% of the regular rate to the feeding point, with
the privilege of return shipment at 15% of the regular rate. This is intended to encourage return of foundation stock and future maintenance
of the beef and dairy industries in the drouth region.
On grains and livestock feeds shipped into the drouth counties, the
rate authorized by the Inter-State Commerce Commission will be 66 2-3%
of the regular freight rate; and 50% of the regular rate for hay shipments.
Water shipments are normally intra-State.
Notification of the rate authorizations was received by Philip G. Murphy,
assistant to E. W. Sheets, Director of the AAA emergency drouth service.
The authorizations of rate reductions already are effective for all of
the emergency drouth counties, and for secondary counties except those
most recently designated. Additional orders are expected to include
all counties so designated. . . .
As to the second 1933 wheat payment, approximate amounts which
will go to farmers in important States in the drouth region are: Kansas,
$7,400,000; North Dakota, $4,300.000; South Dakota, $1,500,000; Mon'
Volume 138
Financial Chronicle
tana, $1,800,000; Texas, $1,600,000; Nebraska, $1,700,000; Minnesota,
$560,000; Oklahoma, $2,000,000; Idaho, $1,000,000; Colorado, $640,000.
and Utah, $200,000.
25,424 Short Tons of Raw and Refined Sugar Shipped
from Puerto Rico to United States During Week
of June 9, Compared with 25,383 Same Week Last
Year.
Raw sugar shipments from Puerto Rico to the United
States from January 1 to June 9 totaled 473,333 short tons,
an increase of 4.6% when compared with shipments of
452,512 during a similar period last year, according to cab es
to the New York Coffee and Sugar Exchange. Refined
shipments amounted to 65,510, the Exchange announced
June 12, a 23.6% increase over the 52,977 ton total for the
1933 period. Shipments of raw and refined together for the
week ending June 9 amounted to 25,424 tons against 25,383
in the same week last year, the Exchange said. It added:
About 67.7% of the quota for the United States, under the CostiganJones sugar bill, has been shipped to date. The balance for shipment to
complete the quota figures is approximately 260,000 tons, some of which
has already been sold. The carryover into 1935 is estimated as slightly
in excess of 100,000 short tons.
Refined and Raw Sugar Shipments from Philippines
to United States During Latter Half of May Decreased 65,687 Long Tons as Compared with Same
Period Year Ago.
Shipments of raw and refined dugar from the Philippines
to the United States during the second half of May totaled
45,776 long tons, against 111,463 during the similar period
in 1933, according to cables to the New York Coffee & Sugar
Exchange. An announcement issued by the Exchange on
June 11 further said:
Raw shipments from Nov. 1 1933 to May 31 1934, amounted to 1,025,103
long tons, against 895,195 during the similar period in 1932-33, an increase
of 14.5%. Refined shipments in the same period were 56,706 tons against
39,956 in 1932-33, a gain of 41.9%.
The total shipments since November 1 are equivalent to 1,216,071 short
tons raw value. According to trade estimates, shipments so far exceed by
approximately 150,000 tons the quota under the Costigan-Jones sugar
bill, even when allowances are made for sugar which arrived prior to
Jan. 11934.
2,113,505 Tons of Sugar Produced in Cuba Up to May 31
—Of 754,766 Tons Exported from January 1 to
May 31, 464 637 Tons Shipped to United States.
Production of sugar in Cuba to May 31 amounted to 2,113,505 tons, while exports from January 1 to May 31
amounted to 754,766 tons, according to advices to the New
York Coffee and Sugar Exchange from the Cuban Export
Corp. Stocks on the entire island on May 31, said an
announcement issued by the Exchange June 11, totaled
2,399,058 tons which compares with 2,860,258 at that date
last year. The Exchange's announcement continued:
Of the exports, 464,637 or 61.6% were destined for the United States
and 290,129 for other countries. 53,764 tons of the amount destined for
other countries was from the segregated stocks. Approximately 91% of
the decreed crop, 2,315,000 tons, has been made so far.
Beet Sugar Crop in Poland Reported as Having Made
Good Progress Due to Wide Spread Rainfall—Some
Improvement in Drouth Conditions Noted in Other
European Countries.
Drouth conditions which threatened the beet sugar crop
in most of the countries of Europe have been broken as far
as Poland is concerned by wide spread rainfall, and conditions
have shown some improvement in other countries, according
to a Licht cabled report received by B. W. Dyer and Co.,
sugar economists and brokers. The report states that widespread precipitations have been registered in Poland and
that the beets generally have made good progress. As
issued by the Dyer firm the report also states:
Heavy local showers have occurred in some parts of Germany and
Czechoslovakia, and as far as these parts of the two countries are concerned
the state of the beets is satisfactory. Rains are urgently needed in those
territories which have not received the local showers.
In Great Britain and France only insignificant progress in the crop is
reported. The weather has been very unsettled in these two countries,
and mild good soaking rains are wanted to insure satisfactory development
of the crops.
Processing Tax on Edible Molasses and Syrup of Cane
Juice Reduced—Findings of R. G. Tugwell.
Acting Secretary of Agriculture Rexford G. Tugwell has
made findings that the rate of the processign tax on syrup
of cane juice and edible molasses from the "first domestic
processing" of sugar cane, shall be .125 cents per pound
of the total sugar content, translated into terms of sugar
raw value, it was stated in an announcement issued June 9
by the Agricultural Adjustment Administration. The
announcement said that the findings, made after investigation. and consideration of testimony presented at a public
4027
hearing held in Washington May 28, became effective at
12.01 a. m.,June 8. The following is also from the Administration's announcement:
In the findings it is stated that the reduced rate is necessary to prevent
a reduction in the domestic consumption of such syrup of cane juice and
edible molasses which would result in the accumulation of surplus stocks
of those products or depression in the farm price of sugar cane.
For example, in the case of a syrup of cane juice, or molasses, containing
60% total sugars and weighing 11.7 pounds per gallon, the processing tax
under the findings will amount to slightly over 0.9 of 1 cent per gallon.
Had the Secretary found for no reduction in the rate of the processing tax,
originally set at 0.5 cent per pound of sugar raw value, the same molasses
or syrup of cane juice would have been taxed at the rate of approximately
334 cents per gallon.
Exemption from the tax is allowed upon 200 gallons of syrup of cane juice
or molasses, in the case of a producer whose seasonal sales total less than
500 gallons
Drouth Reported by Bureau of Agricultural Economics
as Reducing Livestock and Lowering Feed Supplies.
Livestock in the worst of the drouth areas are being
reduced by death losses and heavily increased marketings due
to an acute shortage of pasturage, hay, and forage, according
to a report on the drouth situation released June 6 by the
Bureau of Agricultural Economics, United States Department of Agriculture, based on reports from field statisticians.
Even should good rains come immediately, the shortage of
pastures and feed will necessitate a sharp reduction in livestock numbers, says the Bureau. In noting the foregoing,
an announcement issued by the Department of Agriculture
said:
Continuation of the drouth, says the Bureau in its report, is causing uneasiness regarding corn and late forage crops which have been counted on
to make up partially for the marked shortage of oats, barley, and hay
which cannot now be avoided. The drouth, which centers in the Dakotas.
is reported to have hurt early crops seriously not only in nearly the whole
Corn Belt but in a larger area which extends eastward to northeastern
counties of New York and to the Alleghany Mountains;southward into the
northern part of the Cotton Belt; and bending farther to the south,through
the western counties of the Texas Panhandle and to the Rio Grande.
Drouth, accentuated by a shortage of about half of the normal supply of
water for irrigation and by local shortages of water for stock, is affecting
most of the West, south of a line drawn from North Central Montana to
San Francisco.
In this huge drouth area, pastures, spring grains, and early hay crops
have been scorched by the hot weather following months of low rainfall.
A heavy reduction in crop acreage is already in evidence as some land could
not be planted, some crops have failed to grow, and some have of necessity
been pastured, says the Bureau, adding that inasmuch as the present
drouth area ordinarily contributes a large share of the Nation's wheat.
feed grains, and hay, the total production of these will be greatly reduced.
Present indications are that the crops of hay and oats in particular will be
much below the quantities harvested in any of the last 25 years. This
may also be true of wheat, with the possible exception of last year. The
Bureau continues:
As the drouth in many respects has broken all previous records, so the
condition of pastures and some crops will set new low records for June 1 in
a number of States. A few of the States most severely affected will show
lower averages than any State has previously reported on June 1 during
the 40 years for which comparable condition reports are available. The
average conditions of pastures and of some early crops in the country as a
whole are so much below any previous records for this early date that it is
difficult to make comparisons or to forecast results.
Import Restrictions and Production Control Affect
World Hog Situation.
Import restrictions in principal European pork-importing
countries and production control measures in the United
States and leading European pork-exporting countries are
notable features of the international hog and pork situation,
according to the Bureau of Agricultural Economics. The
Bureau says that "under these conditions, ordinary supply
and demand factors have lost much of their significance,"
and that "international trade in hog products is having more
and more to accommodate itself to the resticted outlets in
deficit producing countries." In making the foregoing
available on May 23 the Department added:
Great Britain is reported to be restricting drastically its imports of cured
Pork from non-Empire countries by means of import quotas, "but no restrictions other than a low duty have been placed in the way of imports of
lard which is the principal pork item exported from the United States to
that country. In view of the import quota situation, it appears that the
quantity of cured pork that will be imported from the United States into
the British market in 1934 will be somewhat less than in 1933."
Germany is reported to be attempting to achieve self-sufficiency with
respect to supplies of fat. The import duty on lard has been increased
greatly since early 1933, and now stands at about 18 cents a pound. Lard
is the principal fat imported by Germany, and the most important livestock product exported from the United States to Germany. Germany has
also imposed import quotas on lard. German hog production is reported
as increasing.
Important surplus-producing countries have found it nexcessary to reduce
their hog production sharply, as a result of these and similar restrictive
measures in other importing countries, says the bureau. Hog production
in Denmark has been reduced about 24% within the past year. and a substantial reduction has been made in the Netherlands.
The 1934 spring pig crop in the United States is expected to show a marked
reduction under the spring of 1933 in view of the smaller number of breeding sows on farms last January and the large number of producers who are
co-operating in the reduction program of the Agricultural Adjustment
Administration. The bureau says that"the European demand for American
hog products, particularly cured pork, had been decreasing even before the
drastic restrictions imposed on imports in the last two or three years."
Canada, an important surplus pork producing country, has increased its
exports in recent years, due to the fact, says the bureau, that under the
4028
Financial Chronicle
terms of the Ottawa agreements entered into among the British Empire
countries in August 1932, Canada was assured an outlet in the British
market far larger than it had previously been able to obtain. British
imports of Canadian cured pork in 1933 were almost three times imports in
1932. The bureau reports that"Canadian farmers have registered intentions
to increase hog numbers."
Slowness in Rayon Market Ascribed to Reaction From
Excesses of Purchasing and Consumption Incident
to Start of NRA Program of 1933.
The reaction from the general excesses of purchasing and
consumption indigenous to the beginning of the National
Recovery Administration program of 1933 is blamed by the
"Textile Organon" for the slowness in the rayon market and
in silk, cottbn and woolen goods, hosiery, underwear, outerwear and other divisions of the textile industry. Commenting specifically on conditions in the rayon industry, the
"Organon," published by the Tubize Chatillon Corp.,
states under date of June 8 that the price cut put into effect
on May 24 by the larger viscose producers may be viewed as
a salutary move from the industry's point of view. Indicating that these prices are temporary and designed to clear
the slate was the statement of the producers that advance
business at these new prices would be taken only through
June and July, whereas the normal booking period for the
industry is three months ahead. The publication adds:
Rayon yarn prices to-day are certainly "in balance" with the prices of
the other textile fibers. The fact that this one downward price revision
places rayon in a competitive position with silk, for example, which has
declined from a 1933 high of $2.25 per pound, is a result of the fact that
rayon prices during 1933 were never raised to boom levels; thus there is no
subsequent reason to expect rayon prices to fall precipitously.
Commenting on the decline in wool consumption from its
1933 peak, the "Organon" points out that wool prices showed
no change in May from the quoted 84.5 cents for fine staple
territory. It continues:
We would hazard a guess that wool has "no business" being as high as it
is to-day from a demand point of view, and further that unless this price
comes down to more realistic levels, little increase can be expected in wool
consumption during the next six months.
The advance in cotton prices in May, despite a decline in
consumption in concert with all of the other textile fibers,
is attributed by the "Organon" to the three factors of the
Bankhead Controll Bill, the adverse cotton growing weather
and the continued favorable exports of raw cotton from this
country. A small price advance in silk during May, the
"Organon" points out, was concurrent with a general shut
down of the silk industry during the entire week of May 14
to 21 in all divisions except the tie fabric industry. In this
connection, it compares the principle of the short, complete
shutdown, as used in the silk industry, with the cotton
weaving industry's lengthy, partial shutdown. Continuing,
the publication says:
At this early date, and before the cotton mill curtailment plan is really
working it would seem that the complete type of shutdown is preferable
to the partial type from many angles,including ease of control, effectiveness,
promptness and the general matter of labor difficulties.
The "Textile Organon" indices of rayop deliveries (unadjusted index based upon actual shipments and not adjusted
to a seasonal basis) for May and previous months follow:
(Daily Average 1923-25=100)
May.
1934
1933
1932
1931
1930
1929
1928
1927
1926
1925
1924
1923
April.
March.
Feb.
273
517
148
352
237
254
175
231
98
125
73
73
289
392
186
413
236
266
219
262
110
121
SO
82
344
201
246
347
275
286
219
232
136
140
76
89
423
293
265
376
300
264
221
216
148
156
76
81
Yearly
Average.
*343
385
293
317
244
277
214
214
131
132
93
75
*Average for current year to date.
World Production of Rayon During 1933 Largest on
Record—Output Aggregated 659,600,000 Pounds—
United States Largest Producer with Japan Second.
The world's production of rayon yarns aggregated 659,500,000 pounds in 1933, the largest output on record, according to figures compiled by the "Textile Organon," the official
publication of the Tubize Chatillon Corp. Last year's
output compares with a previous record of 530,220,000
pounds produced in 1932. An announcement issued in the
matter also said:
The United States, as has been the case in each year since 1919, again led
all other countries from the standpoint of total production. The most
Interesting development during 1933, however, was the fact that Japan,
which did not enter the rayon field on a large scale until 1927, jumped to
second place among the largest producers. Japan produced 99.500,000
pounds in 1933. against 84,000,000 pounds produced by Great Britain and
81,800.000 pounds produced by Italy The latter was the second largest
producer in 1932.
June 16 1934
Production in the United States aggregated 207.580.000 pounds in 1933
as compared with 134,815,000 pounds produced in 1932 and 150,880,000
pounds produced in 1931, which was the record year for this country.
prior to 1933.
On a percentage basis the United States produced 32% of the world's
total output in 1933, which was the largest percentage total in the history
of the industry. Japan was second with 15%, Great Britain third with
13% and Italy next with12%.
Production by countries for the years give (in pounds) follows.
1933.
1931.
134,815,000
70,700,000
69,750,000
70,500.000
61,900,000
54,000,000
68,555,000
150,880,000
48,600,000
54,000.000
76,100,000
61.750,000
44,000,000
64,010,000
659.500.000
World's total
1932.
207,580,000
99,500,000
84,000,000
81,800,000
59,400,000
56,000,000
71,220,000
United States
Japan
Great Britain
Italy
Germany
France
All others
530.220.000
499.340.000
World production by years (in pounds) fol ows.
1933 ___659,500,000 1929 ___443,225,000
1932 ___530,220,00011928 ___369,020,000
1931 ___499,340,000 1927 ___298,955,000
1930 ___453,336,000 1926 ___214,840,000
1925 ___186.320,000
1924 ___142,715,000
1923 ___103,555.000
1922 ___ 75,995,000
i921__ 48,200,000
1920 ____33,100,000
1919 ____27,800.000
1918 ____25,900,000
$11,836,345 Paid by AAA to Cotton Growers for
Cooperation in Voluntary Cotton Adjustment
Program-318,000 Checks Sent to Farmers in 16
States.
More than 318,000 rental payment checks totaling 811,836,344.59 had been mailed by the Agricultural Adjustment
Administration as of June 7 to cotton farmers in 16 States
who are co-operating in the voluntary cotton adjustment
program, Gully A. Cobb, Chief of the Cotton Section,
announced June 7. These checks are part of the estimated
$100,000,000 that will be sent co-operating farmers as rental
payments for the approximately 15,000,000 acres taken out
of cotton production this season. Mr. Cobb said. He
added:
This money will be sent out in two installments totaling $50,000,000 each.
The first installment is now being paid. The second installment will be
distributed between Aug. 1 and Sept. 30. In addition to rental payments,
cotton growers also will receive a parity payment of $25.000,000 to $30,000,000 next December.
The accompanying table shows by States the number of
cheeks and amount of money mailed through June 4. Since
that date, Mr. Cobb announced, additional checks lave
brought the number of checks to 318,665 and the total
amount of money to $11,836,344.59. The table is as follows:
State.
Alabama
Arizona
Arkansas
California
Florida
Georgia
Kentucky
74109tIrtna
Checks.
Amount.
48,330 $1,349,609.50
98,574.99
547
842,588.58
25,484
295,925.68
1,677
4,807.86
454
59,811 2,028,096.39
1,993.65
60
10 971
830 398.07
State.
Checks.
Mississippi - - -. 18,877
New Mexico__ _
1,442
North Carolina_
9,115
Oklahoma
2,318
South Carolina_ 30,911
Tennessee
4,199
Texas
49,993
Virginia
841
Amount.
$659,167.00
158,911.46
297,454.65
124,656.66
1,052.753.99
133,115.28
2,275.072.04
21 577.71
Census Report on Cottonseed Oil Production
During May.
The Census Bureau report on cottonseed oil production
during May will be found in our Cotton Department.
Census Report on Cotton Consumed and on Hand,
&c., in May.
This report, issued on June 14 by the Census Bureau,
will be found in the latter part of our paper in the Cotton
Department.
Agricultural Department's Report on Cereals, &c.
The full report of the Department of Agriculture, showing
the condition of the cereal crops on June 1, as issued on the
8th inst. will be found in an earlier part of this issue in the
Breadstuffs Department.
Petroleum and Its Products—House to Vote on Bill for
Inquiry Into Oil Industry—Disney Bill Tabled by
Committee—Hot Oil Output in East Texas Jumps—
Crude Oil Production Rises.
Legislative right-of-way to the Cole resolution, providing
for investigation of the petroleum industry, was voted by
the House Rules Committee yesterday (Friday). The
Committee voted unanimously to give the resolution immediate consideration and early action on the proposed
measure is expected.
Introduced by Representative Cole (Dem., Md.) as a
substitute for the Disney bill, which was rejected by the
House Inter-State and Foreign Commerce Committee
Thursday, the bill would empower the committee or a subcommittee to make a detailed investigation into practices
in the oil industry, including those concerning the shipment
of oil produced in excess of State quotas.
Speaking before the Rules Committee, Representative
Rayburn (Dem., Texas), Chairman of the Inter-State and
Volume 138
Financial Chronicle
4029
Howard Bennett, national co-ordinator of oil refining
Foreign Commerce Committee, said that there was no
in the East Texas oil
enacting oil production control legislation at this operations, was scheduled to arrive
change of
measure in field to-day (Saturday) with a new plan of the industry to
session. Certain epposition to any oil control
of "hot oil." Following abandonment of
the Senate would prevent approval of any such bill in that curb production
hope that the new oil legislation would be passed in the curchamber, Mr. Rayburn stated.
the Planning and Co-ordination
Both Mr. Cole and Mr. Rayburn contended that knowl- rent session of Congress,
which aims to cut
that a Congressional investigation of the industry was Committee developed a substitute plan
edge
production. down production of "hot oil."
under way would act as a "deterrent" to hot oil
The Committee disclosed that Mr. Bennett will offer
Mr. Rayburn also commented that Representative Disney
East Texas independent refineries a plan whereby major
nothing."
"would rather have this resolution than
gasoline held in storage by the
Possibility of a general decline in crude oil prices due to units will purchase surplus
at satisfactory
by the House was cited by independents and will take their excess output
rejection of the oil control bill
out that prices, provided the independents agree not to purchase
Administrator Ickes Friday morning who pointed
action of the Fifth United States Circuit Court of Appeals illegally produced crude oil.
Clarence Darrow. Chairman of the NRA Review Board,
in New Orleans in giving the Amazon Petroleum Corp. and
Board praises the
several other East Texas oil companies until July 6 to file disclosed that the second report of the
control of
21 which upheld the administartion of the petroleum code and favors
an appeal against its decision of May
oil production to keep it in line with demand. Some changes
constitutionality of the petroleum code with the United
of the Oil AdminisStates Supreme Court would practically "nullify" the in the code to strenghten the authority
tration were suggested by the Board which felt that present
Government's effort to control crude oil production.
down produc"We now have no protection against the running of hot code machinery is not strong enough to hold
our bill creates tion of crude oil within the limits of demand. In line with
oil," Mr. Ickes said. "I think rejection of
this suggestion, the Board voiced its approval of the Thomas
a very dangerous situation."
the 13
The practical effect of the "stay order" issued by the and Disney bills. It was interesting to note that of
codes covered in the report, objections were cited to all exFifth Circuit Court of Appeals, Mr. Ickes said, "is that they
can continue to run hot oil." In discussing the possibility cept oil.
Sharp gains in daily average crude oil production in
of lower crude oil prices, the administrator pointed out that
Oklahoma, California and to a lesser degree, Texas, brought
they would naturally follow unrestricted production.
week to 2,571,400 barrels, up 118,000
Administrator Ickes announced Friday that he would the Nation's total last
from the previous week and 41,100 barrels above the Federal
approve the West Coast petroleum marketing agreement
Last week, for the first
and would name a committee of three to observe operation of allowable of 2,528,300 barrels.
with time in several months, production throughout the Nation
the plan. His announcement followed a conference
allowable.
Attorney-General Cummings. Signatories of the agreement was below the Federal
Output in Oklahoma rose 72,000 barrels from the week
petroleum code
were warned to observe all provisions of the
against a Federal allowand to permit no monopolistic practices. Mr. Ickes also of June 2 totaling 548,950 barrels,
prodecree will be so modi- able for the State of 511,700 barrels. In California,
disclosed that the California consent
duction rose 37,800 barrels to 497,800 barrels, although even
fied by the Department of Justice as to permit operation of
with this sharp gain, the total was 2,500 barrels under the
the new agreement.
June figure set by Administrator Ickes for the State. Texas
The House Inter-State and Foreign Commerce Committee
barrels, production rising
Thursday voted 12 to 5 not to consider the Disney oil exceeded its allowable of 1,032,300
from 13,250 barrels to 1,049,100 barrels. These figures, comproduction measure at this session despite a message
do not include
President Roosevelt to Chairman Rayburn (Dem., Tex.), piled by the American Petroluem Institute,
passed during the "hot oil."
the previous day, asking the measure be
The Oklahoma Corporation Commission announced
current session. The Thomas bill, currently on the Senate
Co. $200
calendar after being reported favorably, progressed no Wednesday that it has fined the Harrel Davis Oil
and costs on each of eight counts of having secret pipe line
further toward enactment during the week.
City
Almost simultaneously with the release of Chairman Ray- connections at several of its wells in the Oklahoma
field, through which oil could have been run to boost poburn's announcement disclosing the result of the executive
meeting of the Committee, Administrator Ickes issued a tentials, and with the filing of false affidavits, but the same
statement by the Petroleum Administrative Board, in time announced the dismissal of five charges of filing false
while
answer "to numerous misrepresentations" made before the potential reports. Paul A. Walker, Chairman,
joining other members of the Commission in approving the
House Committee by opponents of the Disney measure.
Among the alleged misrepresentations discussed in the fines stated that he thought they ought to be far heavier,
statement were the claim that production allowables under saying that if companies can plead guilty to such charges
not being
the code had been below market requirements; that with- and escape with small fines, the Commission is
in regulating oil production or enforcing proration.
drawals from storage had been permitted to absorb too effective
Speaking at the commencement banquet of St. Bonalarge a part of the market requirement; that a large part of
venture College, W. R. Boyd Jr., Executive Vice-President
crude oil in storage is imported foreign oil; that excessive
withdrawals of oil from storage have been permitted in of the American Petroleum Institute, said that through its
California and that the Administrator has restricted drilling current participation in the petroleurti industry the Federal
Government has an opportunity to serve the welfare of the
in the Cayuga pool in Texas to seven wells.
The Board's answer to these claims hit primarily at the entire Nation without the handicap of competition so disclause charging that production allowables established under astrous to earlier attempts to balance oil production with
demand. While the industry will support the Government's
the oil code have been below the market demand.
efforts, Mr. Boyd warned that it must maintain and retain
"This position of the opponents of the bill," the PAB said,
"is based upon the false hypothesis that the entire market the confidence of both the country and the industry by its
requirements should be satisfied out of current domestic actions.
Taxes paid by the petroleum industry in 1933 aggregated
production. The code very properly requires that the
amount of imports and withdrawals of crude oil from storage over one-eighth of all taxes, Federal, State and local, remust be considered in determining the amount of current clueing it to a mere tax-collecting agency, J. C. Welliver,
domestic production required to meet market requirements. of the Sun Oil Co., said in an address delivered before the
"If this were not done all imports and all withdrawals Pennsylvania State College Institute of Urban Problems,
of crude oil from storage would represent excessive supplies Wednesday. The industry pays a sales tax of 120%
on the manufacturer's cost of gasoline at the refinery, he
above market requirements," the statement concluded.
A sharp rise in the daily average total of "hot oil"pro- stated.
"The most serious complaint," he continued, "is that as
duced in the East Texas field to an unofficial estimate of
taxes go higher, the temptation to evade them becomes
90,000 barrels daily, compared with approximately 15,000
barrels daily in the past few weeks, accompanied by a high greater. The manufacturer, distributor or dealer who can
rate of drilling operations in this area has been reflected in dodge his taxes can undersell the honest competitor who
weakening of the gasoline price structure in Texas and in pays them. This is the chief cause of the chaotic conditions
the Mid-Continent. Some factors fear that unless this con- in the industry. In order to meet the cut price of the bootdition is remedied quickly by the Federal Oil Administration, legger and racketeer, the honest dealer has to do business
end his balance sheet
it may have an unsettling effect on crude oil prices, which on a margin so close that at the year's
commonly has the fine roseate hue of red ink."
have held steady since the advances last September.
Financial Chronicle
4030
There were no crude oil price changes posted during the
week.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
Bradford, Pa
$2.55 Eldorado, Ark.. 40
31.00
Corning. Pa
1.32 Rusk, Tex., 40 and over
1.08
Muds
1.13 Darst Creek
.87
Western Kentucky
1.13 Midland District. Mich
.90
Mid-Cont., Okla., 40 and above_ 1.08 Sunburst, Mont
1.35
Hutchinson, Tex., 40 and over.... 1.03 Santa Fe Springs, Calif., 40 and over 1.30
Spindletop. Tex..40 and over
1.03 Hwatlngton, Calif., 26
1.04
Winkler, Tex
2.10
.75 Petrolbs. Canada
Smackover. Ark.. 24 and over
.70
REFINED PRODUCTS
-CHICAGO RETAIL GAS PRICES CUT ONE
CENT A GALLON
-MID-WEST BULK MARKET EASIER AS
TEXAS OFFERINGS WEAKEN
-JUNE GASOLINE ALLOWABLE ADVANCED
-MOTOR FUEL STOCKS DIP.
Interest in the refined products markets this week remained centered upon the price-war in the Chicago area,
which celebrated its second week of life with a further cut
of 1 cent a gallon in service station prices of gasoline instituted by the major companies and quickly followed by
the independents.
In the fourth cut in the last 10 days, Standard Oil of
Indiana, on Wednesday slashed service station prices of
regular and third-grade gasoline 1 cent a gallon in the
Chicago area, to 15.3 and 13.8 cents a gallon, respectively,
all taxes included. Premium gasoline was held unchanged
at 18.3 cents a gallon. All major companies met the out,
Shell Petroleum also reducing premium gasoline 1 cent a
gallon.
Thursday brought a further reduction of 1 cent a gallon
on the part of the independents, with the major units stating
that if the latest cut reduced their gallonage they would
promptlylmeet it. Standard Oil of Indiana also reduced
premium gasoline 1 cent a gallon at the service station to
meet competition.
The latest move in the Chicago gallonage battle leaves
third-grade gasoline 3 cents under normal and 1 cent under
the level posted by majors before the "war" started. Regular
and premium grades of gasoline are held 3 cents under normal
and M cent under the "pre-war" price. Thursday's tank
wagon prices on all three grades were 1 cent out of line with
service station postings and it is likely that reductions will
be made in this field to bring quotations into line. Prices
posted by independents are 4 cents a gallon under the normal
level.
Easing off of quotations in the bulk gasoline market in
Chicago were attributed to the weakness of the East Texas
markets where lack of any concerted support has been
reflected in steady slipping off of prices until current offeri
ings are posted at 3V cents a gallon for low octane material
with Oklahoma and North Texas offerings of the same grade
listed at 33A cents to 33 cents a gallon. While some pur4
chases of low octane material were made by major companies
in the East Texas area, fear on the part of the majors that
they may unconsciously purchase gasoline iefined from "hot
oil," has hampered such purchasing activity.
In the local market, the only event of any importance was
a reduction of A-cent a gallon in No. 1 heating oil to 5%
cents by the Standard Oil Co. of New Jersey, effective June
6, at its New York terminals. Prices were not changed at
other terminals nor were any changes made in prices of other
products. Other fuel oils held unchanged as to price.
Gasoline prices held firm in the local market as seasonal
increases in demand aided movements into consuming
channels. While it was recognized that conditions in
Chicago are of a local nature only, the continued pricecutting, coupled withithe weakness of the East Texas gasoline
market, has had a somewhat unfavorable effect on sentiment here.
June gasoline allowable production was boosted to 37,200,000 barrels by Administrator Ickes, an increase of 2,600,000
barrels over the preceding month,"to meet the usual heavy
seasonal increase brought on by the opening of the JulyAugust vacation season." In the announcement, Mr. Ickes
said: "It is further determined that the maintenance of desirable economic levels of gasoline inventories, due regard being
given to the normal seasonal decrease in gasoline stocks
requires that gasoline inventories be reduced 3,690,000
barrels during July 1934."
Stocks of finished gasoline dipped 466,000 barrels during
the week ended June 9 to 52,766,000 barrels, the American
Petroleum Institute reported. In the previous week, a
decline of 1,261,000 barrels was shown. Refinery operations
gained slightly more than 5%, reporting refineries operating
at 68.3% of capacity with daily runs of crude oil to stills
averaging 2,305,000 barrels.
Price changes follow:
June 11.-Third-grade gasoline prices in the Ottawa District were
reduced 3 cents a gallon to 22 cents an Imperial gallon and regular gasoline
June 16 1934
a like amount to 23 cents a gallon, taxes excluded. Premium grades of
gasoline held unchanged.
-Standard Oil of New Jersey posted a reduction of s
June 12.
-cent a
gallon in No. 1 heating oil at New York to 5M cents a gallon, effective
June 5.
-Standard 011 of Indiana reduced service station prices of
June 13.
regular and third-grade gasoline in the Chicago area 1 cent a gallon to 15.3
and 13.8 cents a gallon. respectively, all taxes included. Premium grade
held unchanged at 18.3 cents a gallon. All major companies met the cut
with Shell Petroleum reducing all three grades: 1 cent a gallon.
-Independent marketers reduced service station prices of regular
June 14.
and third-grade gasoline in the Chicago area 1 cent a gallon.
June 14.
-Standard Oil of Indiana reduced premium grades of gasoline
at service stations in the Chicago area 1 cent a gallon.
Gasoline, Service Station, Tax Included.
New York
3.175 Detroit
New Orleans
$.19
$ 19
Houston
Atlanta
22
18
Philadelphia
145
Boston
175 Jacksonville
22
San Francisco:
Buffalo
185 Los Angeles:
Third grade
16
Chicago
Third grade
.153
135
Above 65 octane_ 1754
Cincinnati
Standard
.19
15
Premium
1954
Premium
Cleveland
.19
17
St. Louis
145
Minneapolis
Denver
174
.17
Kerosene, 41-43 Water White, Tank Car. F,0. B. Refinery.
North Texas
New York:
3.0314 New Orleans. ex_$.04si-05
(Bayonne)
8.0554 Los Aug., ex_ .0454-.05 Tulsa
.0314-.0354
Fuel 011, F. 0. B. Refinery or Terminal.
,
N.Y.(Bayonne):
California 27 plus D
Gulf Coast C
$1.15
Bunker C
81.00-1.10 Phila. bunker C
$1.30
1.30
Diesel 28-30 D.- 1.95 New Orleans C
1.15
Gas 01, F. 0. B. Refinery or Terminal.
N. Y.(Bayonne):
Tulsa
Cilicago:
$.0234-.0214
28 plus GO 3.0454-.0454 32-3800 ..8.0214-.0254
U. S. Gasoline, Motor (Above 65 Octane). Tank Car Lots, F. 0. B. Refinery.
•
•
N.
.Y.
Chicago
3.0434-.045i
Standard
011 N. J.:
Shell Eastern Pet.$.0654 New Orleans.0434
Motor, U. S.....-$.0651 New York:
Los Aug., ex
.05-.06
62-63 octane.- .0654 Colonial-Beacon__ .0654 Gulf porta_ -._ .05.14-.06
,
tEitand. 011N. Y..07
z Texas
0654 Tulsa
.05-.05g
*Tide Water 011 Co .065: Gulf
.01354 Pennsylavnia _ .004-.0654
Republic 011
:Richfield 011 (Cal.) .07
.0654
Sinclair Refining_ .01354
Warner-Quin. Co. .07
:
Richfield "Golden." z "Fire Chief." $0.07. • Tydol, $0.07. y "Good
Gulf." 3.0754. t "Mobilgas.'
Daily Average Crude Oil Output Rises 118,000 Barrels
During Week Ended June 9 1934-Inventories Fall
•
Off.
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
June 9 1934 was 2,571,400 barrels, a gain of 118,000 barrels
over the preceding week. The current figure also exceeded
the Federal allowable figure, which became effective on
June 1, by 43,100 barrels, and further compares with a daily
average production of 2,507,850 barrels during the four weeks
ended June 9 and with an average daily output of 2,709,350
barrels during the week ended June 10 1933.
Further details, as reported by the American Petroleum
Institute, follows:
Imports of crude and refined oil at principal United States ports totaled
1,109,000 barrels in the week ended June 9, a daily average of 158,429 barrels, compared with a daily average of 132.000 barrels in the preceding week
and a daily average of 150,000 barrels over the last four weeks.
Receipts of California oil at Atlantic and Gulf ports totaled 381,000 barrels
in the week ended June 9, a daily average Of 54,429 barrels, compared with a
daily average of 95,000 barrels in the preceding week and a daily average
of 73,214 barrels over the last four weeks.
Reports received for the week ended June 9 from refining companies
owning 89.7% of the 3.760,000 barrel estimated daily potential refining
capacity of the United States indicate that 2,305,000 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 34,437,000 barrels of finished
gasoline, 6,945,000 barrels of unfinished gasoline and 103,559,000 barrels
of gas and fuel oil. Gasoline at bulk terminals, in transit and in pipe lines
amounted to 18,329.000 barrels. Cracked gasoline production by companies owning 95.6% of the potential charging capacity of all cracking
units averaged 432,000 barrels daily during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION.
(Figures in Barrels)
Actual Production.
Federal
Areraue
Agency
4 Weeks
Allowable Week End. Week End. Ended
Effective
June 9
June 2
June 9
1934.
June 1.
1934.
1934.
Oklahoma
Kansas
611,700
130.300
Total Louisiana
Total Rocky Mtn.States
New Mexico
California
476.950
132,150
5113,400
130,250
454,950
106,450
59,150
58,100
27,100
143,650
51,350
478,550
55,500
47,700
58,100
56,000
27,100
143,800
51,350
480,850
53,700
47,800
42,950
46,900
18,000
158,700
58,450
836,800
65,200
50,100
118,550
116,750
118,200
117.300
1,032,390 1,049,100 1,035,850 1,036,900 1,394,400
North Louisiana
Coastal Louisiana
Arkansas
Eastern (not incl. Mich.)
Michigan
Wyoming
Montana
Colorado
548,950
127,200
54.800
56,100
27,100
144,950
51,850
496.750
51.850
47,150
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not including Conroe)
Total Texas
Week
Ended
June 10
1933.
25,400
65,800
25,300
64,100
25,650
61,000
25.300
41,050
83,000
91,200
89,400
.86,650
66.350
33,000
108,900
32,800
30,000
8,500
3,500
30.900
101,650
31.800
34,900
7,950
2.850
30,900
103,900
34.750
32,850
7,900
2,850
30,750
101,700
32,900
32,800
7,550
2,900
29.960
91,650
15,700
30,450
5,600
2,550
48,000
45,700
43,600
43,250
38.600
48,000
500,300
47.100
497,800
45,900
460,000
46,200
482,850
36.
000
475,300
Total United States__ 2,528,300 2,571.400 2,453,400 2,507,850 2,709.350
Note.
-The figures indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
Volume 131
Financial Chronicle
CRUDE RUNS TO STILLS FINISHED AND UNFINISHED GASOLINE AND
GAS AND FUEL OIL STOCKS, WEEK ENDED JUNE 9 1934.
(Figures in thousands of barrels of 42 gallons each.)
Daily Refining
Capacity of Plants.
District.
East Coast-Appalachian_
2nd., III.. Ky
Okla., Kan.,
Missouri__
Inland Texas
Texas Gulf__
La. Gulf...-.
-Ark.
No. La.
Rocky Mtn_
California__
PotenNW
Rate.
Stocks a Stocks
Stocks
of
of b Stocks of
FinGas
of
LinReporting
Daily P. C. ished finished Other
and
Aver- Oyer- Gaso- Gaso- MOW? Fuel
Total. P. C. age. ated. line.
Fuel.
OM
line.
Crude Runs
to Stills,
582
150
446
582 100.0
140 93.3
422 94.6
476 81.8 16,688
84 60.0 1,809
316 74.9 8,256
965
335
1,229
461
351
566
168
92
96
848
386
167
552
162
77
64
822
241
85
472
111
51
34
435
750
297
1,909
248
82
184
946
83.7
47.6
97.5
96.4
83.7
66.7
96.9
62.4 5,459
50.9 1,186
85.5 4,492
68.5 1,329
66.2
296
53.1 1,120
52.9 12.331
191
157
48
7,325
892
2.955
566 3.177
313 1,683
170 5,984
____ 1,053
416
30
43
674
2,832 79,400
Totals week:
June 9 1934 3.760 3,374 89.7 2.305 68.3 c52,766 6,945 4.350103.559
June 2 1934 3.760 3.374 89.7 2.127 63.0 d53 232 6.895 4.350 104.224
a Amount of unfinished gasoline contained In naphtha distillates. b
Includes unblended natural gasoline at refineries and plants, also blendedEstimated.
motor fuel
at plants. c Includes 34,437,000 barrels at refineries and 18,329,000 barrels at bulk
terminals, In transit and pipe lines. d Includes 34.810,000 barrels at refineries and
18,422,000 barrels at bulk terminals, In transit and pipe lines.
Large Copper Tonnage Sold as Price Is Raised-Lead
Market Shows Increased Activity-Zinc Steady.
"Metal and Mineral Markets" in its issue of June 14
reported that interest in non-ferrous metals centred in the
action of the domestic copper market, which suddenly
came to life on evidence that leading producers and fabricators were in sympathy in establishing a 9
-cent Valley
quotation for "Blue Eagle" metal. The foreign quotation
for copper moved upward only slightly on the strength of
the rise here. Lead buyers became a little excited over the
advance in copper and purchased a good tonnage without,
however, disturbing the price level. Zinc was in fair demand and held about steady until June 13, when prime
Western sold at 4.20c., St. Louis, a decline of five points.
Tin was inactive, with traders not concerned about the hint
from Washington that Great Britain might pay her war-debt
obligations in commodities, including tin. Silver advanced
moderately, chiefly on limited offerings. "Metal and
Mineral Markets" further stated:
Copper Price Advanced.
Announcement early last week of an upward movement in the price of
copper sent the sales total for the seven-day period well above the 40,000
ton level; this business, with the exception of the relatively small tonnage
sold on June 12 and June 13 after the higher price became generally effective,
was booked on the basis of 8)ic., delivered Connecticut. About half of
the week's total tonnage changed hands on June 8, the day on which Phelps
Dodge and Nichols Copper filed a 9c. price schedule with the Code Authority. Sales of almost equal total volume were made on June 11, and on
that day Anaconda Copper, American Smelting & Refining, Kennecott
Copper. American Metal, Calumet & Hecht and Adolph Lewisohn & Sons
also filed a 9c. price schedule. Magma Copper and United Verde did not
file any price changes in their respective schedules, and the latter company
sold a lot of 6() tons at 8)4c. on June 12, which business accounts for the
slight recession below the9c. basis in the quotations for the day. A daily
record of sales for the week beginning June 6 follows: June 6. 1.812
tons;
June 7. 164 tons; June 8, 20,232 tons; June 9, 908 tons; June 11. 19.870
tons; June 12, 927 tons; a total for the seven-day period of 43,913 tons.
Few in the trade view the particularly heavy buying of the past week as
representing any marked change in basic conditions affecting the industry,
but rather consider it as being a logical development under the new method
of marketing prescribed by the code for the industry. Total sales since
March 22, when the current sales plan became effective, up to and including June 12. were 123.925 tons.
Sales abroad last week were in fair volume, although slightly less in total
volume than those for the preceding week. Some disappointment was
apparently prevalent in the trade here owing to the fact that the foreign
market did not react more favorably to the upward movement of the domestic price of the metal. Prices abroad ranged during the week from 8.10c.
to 8.25c., c.i.f.
The Ministry of Economics in Germany issued a decree June 11 prohibiting the export of raw copper.
Effective June 12, the American Brass Co. announced an advance in
prices for copper and brass products of one-quarter to one-half cent per
pound. This establishes quotations on the basis of 9c. copper, delivered
Connecticut Valley.
Lead Buying Active.
Though a good tonnage of lead was purchased during the last week, the
price remained unchanged on the basis of 4c., New York, the contract
settling quotation of the American Smelting & Refining Co., and at 3.85c.,
st. Louis. Much of the activity in lead was inspired by what took place in
copper, though some consumers entered the market because they were not
well covered against their July requirements and nothing appeared to be in
sight to bring about a downward revision in the price. Inasmuch as the
lead buying, involving about 7,000 tons for the week, left some doubt as
to whether the demand would continue in sufficient volume to support a
higher price, producers appeared to be pursuing a conservative price policy.
The undertone at the close June 13 was firm.
Zinc Sells at 4.20c.
Zinc was in good demand last week, the total sales volume being about
double that for the preceding seven-day period. The metal was quoted
generally at 4.25c.. St. Louis, up until June 13, when business for a fair
tonnage was booked at 4.20c. Although concentrate production in the
Tri-State district declined slightly during the calendar week, output continued to exceed 8,000 tons, encouraging the belief that a further decline
In the price of concentrate is probable. Sales of zinc for the calendar week
ended June 9, according to statistics circulating in the Industry, totaled
3,628 tons.
4031
Tin Unsettled.
The buying of tin was in limited volume, with the price unsettled and
slightly lower toward the close. The London market declined moderately.
influenced largely by the news of labor trouble in the steel industry here.
The fact that automobile operations are tapering off also had a depressing
influence.
Chinese 99% tin was quoted nominally as follows. June 7, 51.60c.;
June 8, 51.10c.; June 9, 51.10c.; June 11, 50.70c.; June 12, 50-35mi June 13.
50.20c.
Shipments of Finished Steel Products Increase.
The United States Steel Corp. reports a total of 745,063
tons of finished steel products shipped by its subsidiaries
in May. This is an increase of 102,054 tons over the previous
month and the largest amount shipped in any month since
May 1931. In April 1934 shipments aggregated 643,009
tons,and in May 1933 only 455,302 tons. Below we tabulate
the shipments, by months, since January 1930:
TONNAGE OF SHIPMENTS OF STEEL PRODUCTS BY MONTHS FOR
YEARS INDICATED.
Month.
January
February
March
April
May
June
July
August
September
October
November
December
Year 1930. Year 1931. Year 1932. Year 1933. Year 1934.
1,104,168
1,141,912
1,240,171
1,188,456
1,203,916
984,739
946,745
947,402
767,282
784,648
676,018
579,098
800,031
762,522
907,251
878,558
784,178
653,104
593,900
573,372
486,928
476,032
435,697
351,211
426,271
413,001
388,579
395,091
338,202
324,748
272,448
291,688
316,019
310,007
275,594
227,576
285,138
275.929
256,793
335,321
455,302
603,937
701,322
668,155
575,161
572,897
430,358
600,639
Yearly adjustment_ a(40.259)
a(6.040)
a(5,160)
6(44,283)
Total for year
11.624.294
a Reduction. b Addition.
7.676.744
3.974.062
331,777
385,500
588,209
643.009
745,063
5.805.235
Steel Activity Increased to 61% of Capacity, According
to the "Iron Age"
-Scrap Prices Firm.
A speeding up of mill operations to meet the delivery deadline on second quarter contracts and to forestall possible
strike interruptions has raised raw steel output from 60 to
61% of capacity, a rate reached only once before this year,
reports the "Iron Age" of June 14, which further says:
Although the preponderant view in the trade is that the strike threat has
been a minor factor in stimulating mill activity, gains in output have been
mainly in sections where organized labor has been most vocal. At Pittsburgh, where the Amalgamated Association will convene on June 14, the
ingot rate has risen three points to 52%, a high for the year. In the nearby
Valley district, operations have advanced one point to 66%, also a high for
1934. Other changes are confined to an increase of one point to 46% in
the Philadelphia area and a loss of one point to 58% at Buffalo.
The labor situation, however, has had no effect on scrap prices. The "Iron
Age" scrap composite is unchanged at last week's low of $10.67 a ton, and
old materials markets generally show greater stability. It is possible that
scrap, at present levels, has discounted both strike contingencies and the
expected lull in mill activity in the third quarter. A settlement of Labor
difficulties, therefore, might be followed by an upturn in this sensitive
commodity.
Protective orders for finished steel have been heaviest in tin plate and
sheets, products most likely to be affected by a walkout of the Amalgamated union. Tin plate demand has been heavy since the first of the year,
not even receding in the face of drouth conditions, and production is bolding at 71% of capacity. The forehandedness of large consumers, especially
the can companies, is reflected in the size of their present stocks, which in
some instances are equal to three month' requirements.
In the case of sheets and strips the price advances due to go into effect on
July 1 probably have influenced specifications to a greater extent than the
labor situation. Buyers generally are taking virtually all the sheets and
strip steel covered by their second quarter contracts. In some cases this
steel will represent a liberal stock accumulation, while in others it will
merely take care of early requirements. In the automobile industry only one
large producer is building up inventories, having ordered a sufficient tonnage
of cold-finished and cold-rolled sheets and cold-rolled strip to take care of
its needs through the entire third quarter.
In the heavier products, particularly in the case of contracts not limited
to the calendar quarter, production is tending downward rather than upward,
since producers wish to spread their backlogs through the summer months.
In line with this policy rail mill operations have been reduced at Chicago.
Structural, plate and sheet piling awards promise to lend their weight to
railroad requirements in keeping the industry going after the present period
of unusual stimulation has passed. Structural steel awards, at 16,200 tons,
compare with 29,325 tons last week and 11,800 tons a fortnight ago. Plate
lettings total 3,200 tons, while 2,500 tons of sheet piling was placed. Pending piling business includes 15,000 tons for the Grand Coulee dam in Washington and 1,000 tons for a Lake Erie breakwater.
The amended steel code, which went into effect June
lip Is already subject to conflicting interpretations. Although the new provisions are generally construed as barring price advances after they have been once filed
for a calendar quarter, this viewpoint will undergo a severe test if a steel
strike should occur. In the pre-code period, a shortage of steel, whether created by artificial conditions or not, ordinarily resulted in premium prices.
Pig iron shipments continue to mount, and in the Chicago district are
expected to be twice as large as in May. In pig iron, as in steel, third quarter
business is negligible since incentives for forward covering are lacking.
New prices just announced on lapweld steel boiler tubes are on a per 100foot basis instead of a discount basis. The designation for the product has
been changed to "pressure" tubes, covering tubes for marine or stationary
boilers, superheaters, cracking stills, locomotives, condensers, heat exchangers or evalopators, and tubing for refrigeration and air-conditioning equipment. There is no separate schedule for locomotive tubes.
The "Iron Age" pig iron composite is unchanged at $17.90 a gross ton.
The finished steel composite, adjusted in line with code recognition of pipe
preferentials, is 2.199c. a pound.
4032
Financial Chronicle
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
June 12 1934. 2.1990. a Lb.
Based on steel bars, beams, tank plates.
One week ago
2.1990. wire, rails, black pipe and sheets.
One month ago
2.199o. These products make 85% of the
One year ago
1.892o. United States output.
High.
2.199c. Apr. 24
2.0150. Oct. 3
1.9770. Oct. 4
2.037e. Jan. 13
2.2730. Jan. 7
2.317c. Apr. 2
2.286c. Dec. 11
2.4020. Jan. 4
1934
1933
1932
1931
1930
1929
1928
1927
Low.
2.0080. Jan. 2
1.867c. Apr. 18
1.9260. Feb. 2
1.9450. Dec. 29
2.0180. Dec. 9
2.2730. Oct. 29
2.217c. July 17
2.2120. Nov. 1
Pig Iron.
Based on average of basic Iron at Valley
June 12 1934, $17.90 a Gross Ton.
One week ago
$17.90 furnace foundry irons at Chicago.
One month ago
17.90 Philadelphia. Buffalo. Valley. and Sirmingham.
One year ago
15.01
Low.
High.
516.90 Jan. 2
1934
$17.90 May 1
13.56 Jan. 3
1933
16.90 Dec. 5
13.58 Dec. 6
14.81 Jan. 5
1932
14.79. Dec. 15
15.90 Jan. 6
1931
15.90 Dec. 16
18.21 Jan. 7
1930
18.21 Dec. 17
1929
18.71 May 14
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 stem
June 12 1934, $10.87 a Gross Ton.
x$10.67 quotations at Pittsburgh, Philadelphia
One week ago
One month ago
11.67
and Chicago.
9.92
One year ago
Low.
High.
x$10.67 June 5
$13.00 Mar. 13
1934
12.25 Aug. 8
6.75 Jan. 3
1933
6.42 July 5
1932
8.50 Jan. 12
11.33 Jan. 6
8.50 Dec. 29
1931
15.00 Feb. 18
11.25 Dec. 9
1930
14.08 Dec. 3
1929
17.58 Jan. 29
16.50 Dec. 31
13.08 July 2
1928
15.25 Jan. 11
1927
13.08 Nov.22
Revised figure.
The American Iron and Steel Institute on June 11 announced that telegraphic reports which it had received indicated that the operating rate of steel companies having
98.1% of the steel capacity of the industry would be 56.9%
of the capacity for the current week, compared with 57.4%
last week and 56.6% one month ago. This represents a
decrease of 0.5 point, or 0.9% from the estimate for the
week of June 4. Weekly indicated rates of steel operations
since Oct. 23 1933 follow:
1933
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov.20
Nov.27
Dec. 4
Dec. 11
Dec. 18
1933
31.6% Dec. 25
26.1% 1934
25.2% Jan. 1
27.1% Jan. 8
26.9% Jan. 15
26.8% Jan. 22
28.3% Jan. 29
31.5% Feb. 5
34.2%
1934
31.6% Feb. 12
Feb. 19
29.3% Feb. 26
30.7% Mar. 5
34.2% Mar. 12
32.5% Mar. 19
34.4% Mar. 26
37.5% Apr. 2
Apr. 9_
39.9%
43.6%
45.7%
47.7%
46.2%
46.8%
45.7%
43.3%
47.4%
1934
Apr. 16
Apr. 23
Apr. 30
May 7
May 14
May 21
May 28
June 4
June 11
50.3%
54.0%
55.7%
56.9%
56.6%
54.2%
58.1%
57.4%
56.9%
June 16 1934
Iron and steel exports in April-201,539 gross tons-were 22% lower than
March, but 121.4% higher than in April last year. Imports for the month
26,862 tons
-were down 30.1%.
gains in steelworks operations in the Chicago and
In addition to the
Pittsburgh districts, Youngstown advanced 3 points to 66%; Wheeling,
5 to 79%; Buffalo, 2 to 55%; eastern Pennsylvania, 1 to 46%%. Detroit
held at 100%; Birmingham, 55%, while Cleveland was off 1 to 78%, and
New England, 6 to 70%.
"Steel's" iron and steel price composite in unchanged at $34.77, and the
finished' steel composite $54.80. Scrap shows more stability, with a decline
In the composite of only Sc. to $10.25.
Steel ingot production for the week ended June 11 is placed
at a shade over 60% of capacity, according to the "Wall
Street Journal" of June 12. This compares with a little above
59% in the previous week and with a fraction under 573%
two weeks ago. The "Journal" adds:
U. S. Steel is estimated at 48%, the same as in the preceding week. Two
weeks ago the Corporation was at 46%. Independents are credited with a
rate of 70%, against 68% in the week before and 67% two weeks ago.
The following table gives the percentage of production for the nearest
corresponding week of previous years, together with the approximate change
from the week immediately preceding:
Industry.
1933
1932 x
1931
1930
1929
1928
1927
46
__
39 -2
71
96%-1-14
76 -334
75 -134
Time factors intensified steel demand last week, consumers' eagerness to
obtain material before July 1, when iron and steel prices move to a higher
level, and closer approach of the date set for a contest over unionizing the
mills lifting steelworks operations 2 points to 62%.
At Chicago the rate went up 5 points to 70%; at Pittsburgh, 4 to 54%,
Sheet mill operations as a national average rose 2 points to 70%, influenced largely by releases from automobile manufacturers.
Steelmakers attribute the bulge in specifications more to the proximity
of higher prices than to strike threats. Many now have orders for all
the tonnage they can produce this month, this being particularly true of
sheets and strip.
This artificial stimulus is believed to be obscuring the real trend of consumption, which normally is downward at this time. Automobile manufacturers made 15,000 more cars last week than in the week preceding, but
have not recovered from the resistance built up by their price advances
earlier in the year, and the effect of over-production.
These manufacturers are speculating as to the possibility for expanding
markets. After the strike in their industry a wave of confidence swept
over the country, freeing considerable buying power. If the threat of a
strike in the steel industry is dissipated they believe another barrier to
recovery will be overcome, and expect a revival in purchasing, accelerated
by last week's reductions in the f.o.b. prices of automobiles.
Drouth conditions are cutting in seriously on steel demand from agricultural implement manufacturers, and prospects for a much smaller vegetable
and fruit pack this year have reduced canmakers' requirements, tin plate
mill operations dropping 10 points to 70%.
Railroads are taking bids on third-quarter miscellaneous steel requirements, estimated to be lower than the tonnages they bought in the second
quarter. Pennsylvania RR. has awarded 500 additional automobile loading
devices; Missouri Pacific, 300. Wheeling & Lake Erie is in the market for
four locomotives.
Structural shape awards last week increased to 16,000, but remained
below the weekly average for the year. The Tennessee Valley Authority
is about to purchase 4,000 tons of structural shapes for transmission towers.
Six thousand tons of concrete reinforcing bars were placed for the Government dam at Bonneville, Ore. The navy has finally approved plans for 24
vessels which will require considerable steel, possibly 50,000 tons.
Because of the provisions in the revised steel code relating to prices,
contracting is expected to develop slowly; so far there has been a dearth
of orders for that period. The NRA's new open-pricing plan is not expected
to affect the fundamentals of the present steel code. Sellers expect its openprice clause to exert a stabilizing effect, even though reductions are no
longer subject to group sanction.
Steel ingot production in May averaged 125,807 gross tons daily, 7.1%
over April. The rate of gain was much slower than In the preceding
months this year, February increasing 25% over January; March 12% over
February, and April 13.3% over March. Total output in May-3,396,783
tons-compares with 2,935,631 tons in April, and was the largest of any
month since June 1930. Five months' output this year totals 13,338,035
tons, 109% over the period last year.
U. S. Steel.
Independents.
3745 +1
40
75
100
79
78
53 +2
-2
3846-144
67 - %
94% ÷2%
73 -3
70
+ Is
-33
-234
:Not available.
May Anthracite Shipments 80% Higher Than a
Year Ago.
Shipments of anthracite for the month of May 1934,
as reported to the Anthracite Institute, amounted to 4,491,418 net tons. This is an increase as compared with shipments during the preceding month of April of 318,308 net
tons, or 7.63%, and when compared with May 1933, shows
an increase of 1,996,468 net tons, or 80.02%. Shipments
by originating carriers (in net tons) are as follows:
May
1934.
Month of-
1,014,461
Reading Co
679,583
Lehigh Valley RR
364,806
Central RR. of New Jersey
Delaware Lackawanna & Western RR.. 531.163
450,334
Delaware & Hudson RR. Corp
412,847
Pennsylvania RR
565.786
Erie RR
238,193
New York Ontario & Western By
234,245
Lehigh & New England RR
April
1934.
May
1933.x
April
1933.x
960,802
556,416
368,253
544,906
498,103
421,151
412,394
211,251
199,834
584,336
373,458
169,032
278,305
278,961
238,716
269,112
177,871
125,159
462,587
393,910
189,216
280,282
273,376
284,278
256.610
195,409
124.257
4,491,418 4,173,110 2,494,950 2,459,925
Totals
"Steel," of Cleveland, in its summary of the iron and steel
markets, on June 11 stated:
+144
x Revised.
Decline in Bituminous Coal and Anthracite During
Week Ended June 2 1934 Due to Observance of
Memorial Day Holiday.
According to the United States Bureau of Mines, Department of the Interior, production of soft coal during the week
ended June 2 1934 was estimated at 5,850,000 net tons, as
against 6,362,000 tons in the preceding week and 4,931,000
tons in the corresponding period in 1933. The decline in output for the week-512,000 tons, or 8%
-was due to the occurrence of the Memorial Day holiday on May 30. The average
daily rate was 2.2% higher than that in the week ended
May 26 1934 and 18.6% above that for the week ended
June 3 1933.
Production of Pennsylvania anthracite during the week
ended June 2 1934 amounted to 1,115,000 net tons, as against
1,234,000 tons in the preceding week and 594,000 tons in the
corresponding period last year. The total output for the week
ended June 2 1934 declined 9.6%, because of the holiday (a
full holiday in the hard coal fields), but showed a gain of
8.4% in the average daily rate over the preceding week.
During the calendar year to June 2 1934 there were produced a total of 157,895,000 net tons of bituminous coal and
28,985,000 tons of anthracite, compared with 122,388,000 tons
of bituminous coal and 18,826,000 tons of anthracite during
the calendar year to June 3 1933. The Bureau's statement
follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COS:E (NET TONS).
WeekEnded
June 2 I May 26
1934.c
1934.d
Calendar Year to Doe.
June 3
1933.
1934.
1929.
1933.
•
Bitum.coals
Weekly total__ 5,850,0006,362,0004,931,000 157,895.000 122,388,000221,878,000
Daily average e 1,083,000 1.060,000 913.
1,217,000
939,000 1,702,000
Pa. anthracitellWeekly total__ 1.115,0001,234,000 594,000 28,985,000 18,826,000 31,012.000
Daily average_ 223,000, 205,700 118.800
241,300
225,600
146,500
Beehive coke
11,200, 10.400
Weekly total__
10,800
480,100
359,000 2,750.000
1.80ff
Daily average.
1,867
1.733
20,833
3,637
2.720
a Includes lignite, coat made into coke, toes sales and colliery fuel. b Includes
Sullivan County, washery and dredge coal, local sales and colliery fuel.
c Subject
to revision. d Revised. e Based on 5.4 working days.
403
.
3
Financial Chronicle
Volume 138
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES(NET TONS).a
Week Ended.
May 27
1933.
Alabama
217,000 221,000 136,000
Arkansas and Oklahoma
17,000
8,000
10,000
Colorado
67,000 62,000 82,000
Illinois
529,000 515,000 468,000
Indiana
191,000 188,000 183,000
Iowa
31,000 36,000 46,000
Kansas and Missouri
30,000
38,000 66,000
Kentucky-Eastern
585,000 572,000 465,000
lis Western
134,000 112,000 88,000
Maryland
22,000
20,000 22,000
Michigan
1,000
3,000
3,000
Montana
26,000
27,000
21,000
New Mexico
20,000
15,000
16.000
North Dakota
13,000
20,000
16,000
Ohio
334,000 288,000 294,000
Pennsylvania (bituminous)._ 1,807,000 1,805,000
d
Tennessee
76.000 72,000 53,000
Texas
19,000
11.000
13,000
Utah
29,000
25,000 26,000
Virginia
173,000 183.000 129,000
Washington
18.000 22,000 23,000
West Virginia-Southern b
1,490,000 1,457.000 1,114,000
Northern c
d
493,000 456,000
Wyoming
55,000
55,000 55,000
Other States
2,000
5,000
7,000
May
1923
May 28
1932. Average. a
ww
.W
WwW.400eb0.4wW
May 19
1934.
0,q1
WWwN0WwWwWW
May 26
1934.
!*rw°5 , 4PM.7'5".P.P 0.4.
, "
4P!
.. 404
, 24"
§§§§§§§§n§§§§§§§§§§§§§§§I
•
State.
398,000
66,000
168,000
1,292,000
394,000
89,000
131,000
679,000
183,000
47,000
12.000
42,000
57,000
14,000
860,000
3,578,000
121,000
22,000
74,000
250,000
44.000
1,380.000
862.000
110,000
5.000
Total bituminous coal
6,362,000 6,225,000 5.115,000 4.306,000 10,878,000
Pennsylvania anthracite
1,234,000 1,111,000 688,000 736,000 1,932,000
P itfti
Total coal
7696,000 7,336.000 5.803,000 5,042.000 12,810,000
a Figures for 1923 and 1932 only are fins. b Includes operations on the N.as W.;
C.& 0., Virginian, K.& M., and B. C.& G. c Rest of State, including Panhandle,
Grant, Mineral and Tucker Counties. d Original estimates in error; figures being
revised.,,e Average weekly rate for entire month.
April Decline in Stocks of Bituminous Coal in Hands
of Consumers • Seasonal-Anthracite Inventories
Increased-Consumption Falls Off.
According to the United States Bureau of Mines, Department of the Interior, industrial stocks of bituminous coal declined during April, as they customarily do at this season of
the year. The total consumption for the month amounted to
21,642,000 tons, a decrease of 11.8% in comparison with the
24,550,000 tons consumed in the month preceding. This decrease was shared by each of the major groups of consumers
with the exception of the cement mills, which registered a
sharp seasonal increase. The most pronounced loss was reported by the beehive coke ovens. Relatively sharp decreases
likewise occurred in consumption at electric power utilities,
steel works and rolling mills, other industrials, and by railroads, declining 15.0%,13.7%,13.5% and 13.4%, respectively.
Consumption at byproduct coke ovens fell 3.0%, and coal gas
retorts 3.6%, while cement mills rose 17.3%. The Bureau
also stated, in part:
The month was featured by a draft on industrial reserves. From 23,961,000 tons on April 1, the total stocks of bituminous coal in the hands of
industrial consumers dropped to 22,920,000 tons on May 1, a decrease of
1,041,000 tons, or 4.3%.
Except for electric power utilities and other industrials, all classes of
industrial consumers drew on their stock piles during April. Stocks of
railroad coal declined 13.9% during the month, while a decrease of 8.6% is
shown in stocks of coking coal at byproduct coke ovens and a decrease of
7.5% in the tonnage on hand at steel works and rolling mills. Small withdrawals were also reported by the coal-gas retorts and cement mills. On the
other hand, the electric power utilities increased their stocks 1.2%, and
other industrials increased their reserves 3.1%.
Production of bituminous coal also declined sharply in April; in fact, the
fall in production of 35.1% was considerably larger than the decline in
consumption, which resulted in a draft on stock piles. However, the industrial stocks of bituminous on May 1 1934 were 28.1% higher than on
May 1 1933.
Compared with the corresponding month of last year, industrial consumption of bituminous coal in April shows an increase of 27.1%. The most important factor contributing to this upturn is the marked improvement that
has occurred in the heavy industries which is reflected in a gain of 61% in
consumption of gas and steam coal at steel works and also largely accounts
for an increase of more than 75% in consumption at byproduct coke ovens
and a gain of almost 30% at beehive ovens. All other classes of industrial
consumers report significant gains. Consumption by the cement mills was
52.9% higher than in April 1933, and other industrials show an increase of
18.5%. Electric power utilities and railroads increased their consumption
15.8% and 15.3%, respectively, while the increase by coal-gas retorts
amounted to only 3.4%.
Stocks of hard coal in the ham% of industrial consumers were increased
slightly in April. From a total of 1,309,000 tons on April 1, stocks at
electric public utility plants increased to 1,316,000 tons on May 1. Stocks
of anthracite held by the Class I railroads on May 1 amounted to 150,000 tons,
as against 148,000 tons at the beginning of the previous month.
The daily rate of anthracite consumption by the public utility plants also
decreased in April, being 7.9% lees than in March. Consumption by the
railroads, likewise, was lees than in the month preceding.
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 13, as reported
by the Federal Reserve banks, was $2,444,000,000, a decrease of $26,000,000 compared with the preceding week
and an increase of $235,000,000 compared with the corresponding week in 1933. After noting these facts, the
Federal Reserve Board proceeds as follows:
On June 13 total Reserve bank credit amounted to $2,472,000,000, a
decrease of $3,000,000 for the week. This decrease corresponds with
decreases of $78,000,000 in Treasury cash and deposits with Federal
Reserve banks and $29,000,000 in money in circulation and an increase of
$30,000,000 in monetary gold stock, offset in part by increases of $108,000,000 in member bank reserve balances and $22,000,000 in non-member
deposits and other Federal Reserve accounts and a decrease of $4,000,000
in Treasury and National bank currency.
The Systems holdings of bills discounted declined $1,000,000 and of
United States Treasury notes $13,000,000, while holdings of Treasury
certificates and bills increased $13,000,000.
The statement in full for the week ended June 13 in comparison with the preceding week and with the corresponding date last year will be found on pages 4090 and 4091.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
June 13 1934, were as follows:
June 13 1934.
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
28.000,000
6,000,000
2 430,000,000
8,000,000
TOTAL RES'VE BANK CREDIT 2,472,000,000
Monetary gold stock
7 820,000,000
Treasury and National Bank currency2,361.000,000
Money in circulation
5,313,000,000
Member bank reserve balances
3,895,000,000
'Treasury cash and deposits with Federal Reserve banks
2 956,000,000
Non-member deposits and other Federal Reserve accounts
489,000,000
Increase (+) or Decrease (-)
Since
June 6 1934. June 14 1933.
-1,000,000
-2,000,000
-226,000,000
-5.000,000
+498,000,000
-7.000,000
-3,000,000 +260,000,000
+30.000,000 +3.789,000,000
-4,000,000
+66,000,000
-29.000,000 -123,000,000
+108.000,000 +1,614.000,000
-78,000,000 +2,640,000,000
+22,000,000
-15,000,000
Returns of Member Banks in New York City and
Chicago-Brokers' Loans.
Below is the statement of the Federal Reserve Board for
the New York City member banks and that for the Chicago
member banks for the current week, issued in advance of
the full statement of the member banks, which latter will
not be available until the coming Monday. The New York
City statement also includes the brokers' loans of reporting
member banks, which for the present week shows an increase
of $14,000,000, the total of these loans on June 13 1934
standing at $1,011,000,000, as compared with 8331,000,000
on July 27 1932, the low record since these loans have been
first compiled in 1917. Loans "for own account" increased
from $825,000,000 to $840,000,000, while loans "for account
of out-of-town banks" remained even at $164,000,000 and
loans "for account of others" decreased from $8,000,000 to
$7,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
June 13 1934. June 6 1934. June 14 1933.
Loans and investments-total
7,144,000.000 7,141,000,000 6,993,000,000
Loans-total
On securities
All other
Investments-total
U.S. Government securities
Other securities
3.280,000,000 3,277,900,000 3,517,000,000
1728,000,000 1.727,000,000 1,840,000,000
1,552,000,000 1,550,000,000 1,677,000,000
3,864,000,000 3,864,000,000 3,476,000,000
2,802,000,000 2,791,000,000 2,398,000,000
1,062,000,000 1,073,000,000 1,078,000,000
Reserve with Federal Reserve Bank_ - _ _1,354,000,000 1,304,000,000
Cash in vault
40,000,000
39,000.000
907,000,000
40,000,000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
6,225,000,000 6,150,000,000 5,869,000,000
682,000,000 679,000,000 687,000,000
511,000,000 539,000,000
76,000,000
85,000,000
87,000,000
77,000,000
1,663,000,000 1,642.000,000 1,474,000,000
Borrowings from Federal Reserve Bank_
Loans on secur. to brokers & dealers:
For own account
840,000,000 825,000,000 754,000,000
For account of out-of-town banks__ _ _ 164,000,000 164,000,000
22.000,000
For account of others '
7,000,000
8,000.000
6,000.000
Total
On demand'
On time
Loans and Investments
-total
Loans-total
1,011,000,000
997,000,000
782,000,000
680,000,000 678,000,000 588,000,000
331,000,000 319,000,000 194,000,000
Chicago.
1,416,000,000 1,453,000,000 1,198,000.000
587,000.000
596,000,000
641,000,000
282,000,000
305,000.000
282,000,000
314,000,000
333,000,000
308,000,000
829,000,000
857,000,000
557,000,000
529,000,000
300,000,000
562,000,000
295,000,000
351,000,000
206,000,000
Reserve with Federal Reserve Bank- 427,000,000 413,000,000
Cash in vault
42,000,000
41,000,000
Net demand deposits
1,351,000,000 1,339,000,000
Time deposits
349,000,000 348,000,000
Government deposits
23,000,000
26.000,000
Due from banks
190,000,000 178,000.000
Due to banks
409,000,000 403,000,000
Borrowings from Federal Reserve Bank
217.000,000
33,000,000
On securities
All other
Investments-total
U. S. Government securities
Other securities
928,000,000
359.000.000
6,000,000
238,000,000
280,000,000
Financial Chronicle
.4034
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements of the New York and
Chicago member banks are now given out on Thursdays
simultaenously with the figures for the Reserve banks
themselves and covering the same week, instead of being
held until the following Monday, before which time the
statistics covering the entire body of reporting member banks
in 91 cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on June 6.
The Federal Reserve Board's condition statement of weekly reporting
member banks in 91 leading cities on June 6 shows increases for the week of
$71.000,000 in loans, $20,000,000 in investments and $73,000,000 in net
demand deposits, and a decrease of $16,000,000 in time deposits.
Loans on securities increased $81,000.000 at reporting member banks in
the New York district and at all reportngi member bank. "All other'
loans declined $9,000,000 in the New York district, $5,000,000 in the Dallas
district and $10,000,000 at all reporting banks.
Holdings of United States Government securities increased $34.000,000
in the New York district, $24,000,000 in the St. Louis district and $14,000,000 at an reporting member banks, and declined $31,000,000 in the Chicago
district and $7.000,000 in the Kansas City district. Holdings of other
securities declined $13,000,000 in the St. Louis district, and increased $8.000,000 in the Chicago district and $6.000,000 at all reporting banks.
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 $1,026,000,000 and net
demand, time and Government deposits of $1,149,000,000 on June 6,
compared with $1.006,000,000 and $1,158,000,000, respectively. on May 30.
A summary of the principal assets and liabilities of the reporting member
banks, in 91 leading cities, that are now included in the statement, together
with changes for the week and the year eneded June 6 1934. follows.
Increase (-I-) or Decrease (—)
Since
June 7 1933.
June 6 1934. May 30 1934.
$
+91,000,000 +912,000,000
Loans and Investments—total__ _17,397,000,000
+71,000,000
+81,000,000
—10,000,000
—414,000,000
—185,000,000
—229,000,000
Loans—total
On securities
All other
8,097,000,000
3,557,000.000
4,540,000,000
Investments—total
9,300,000,000
+20,000.000 +1,326,000,000
U. S. Government securities_ - 6,276,000,000
Other securities
3,024,000,000
+14.000,000 +1,263,000,000
+63,000,000
+8,000,000
Reserve with F. R. banks
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F.R.banks
2,808,000,000
243,000,000
—3,000.000 +1,172,000,000
—3,090,900
+49.000,000
12,499,000,000
4,439.000.000
955,000,000
+73,000.000 +1,516,000,000
—16,000,000 +164,000,000
+774,000,000
1,580,000,000
3,733,000,000
+54,000,000
+133,000,000
+129,000,000
+764,000,000
5,000,000
—3.000,000
—55.000,000
Honorary Degree of Doctor of Laws Bestowed on
W. McGarrah by Colgate University.
Gates
Gates W. McGarrah, honorary President of the Bank for
International Settlements, received the honorary degree of
Doctor of Laws at the annual commencement exercises of
Colgate University, Hamilton, N. Y., held on June 11,
according to the "Wall Street Journal" of that day.
Communique Issued by Bank for International Settlements with Respect to Germany's Moratorium on
Foreign Debts—Protest Against Germany's Action
as to Dawes and Young Loans.
As we note in another item in this issue of our paper,
the German Government on June 14 declared a moratorium
on its long-term and medium-term foreign debts, including
the Dawes and Young loans. On the same day the Bank for
International Settlements protested against the moratorium
on Dawes and Young loan payments as being in violation
of the agreements of The Hague and Lausanne. Leon
Fraser, American President of the Bank, made the protest.
Basle Associated Press advices June 14 stated:
It was regarded as probably the first of a string of separate protests from
signatories to the two treaties.
The Bank for International Settlements, as trustee of the Young loan
and fiscal agent of the trustees of the Dawes loan, is empowered by the
Central Banks to take suitable action to protect its bondholders.
June 16 1934
situation in the meantime will not be worsened through forcible measures
taken against German exports, the German Government is ready to enter
Into discussions with the places participating in the Reich's loans prior to
the effective resumption of the transfer of any middle or long-term external
obligation, for the purpose of considering by what modalities the transfer
of the service of the Reich loans can be resumed.
"The difficult economic situation which has necessitated this step has been
thoroughly discussed during the transfer conference in which the President
of the Bank took part as Chairman. The German Government will to-day,
in a note to the interested governments, give more fully the reasons leading
to this step and will inform you of its communication to the governments.
The Bank for International Settlements, in its capacity as trustee of the
German Government International 534% Loan of 1930, has immediately
protested to the German Government against the proposed non-compliance
with the terms of the general bond providing for the punctual payment of
the interest and sinking fund in foreign currencies, and has stated that it
Intends, to the full extent of ots powers under the general bond, to defend
the rights and privileges of the bondholders, and that all of such rights
and privileges are expressly reserved. In addition, the trustee has entered
Into communication with the various creditor governments signatory to
The Hague Agreements, informing them, in conformity with the provisions
of Article 19 ofthe Trust Agreement with the Bank,concerning the situation
which has arisen under the international treaties relating to these two
external loans of the Reich.
In Associated Press advices June 11 from Basle, it was
stated that Leon Fraser, President of the Bank for International Settlements, was empowered that day to protect
the interests of the Bank and of certain other holders of
Young and Dawes loan bonds in the event Germany suspends
payments on those obligations. These advices added:
In view of the uncertainty of the situation regarding the bonds, of which
the bank is trustee, Mr. Fraser postponed a return to America in order
to be available at any conference of Germany's creditors.
Mr. Fraser has been granted "certain powers in case the plan for servicing
the interest on the Dawes and Young loans is modified," said an announcement issued here to-day, following the monthly meeting of the bank's
directors. These powers are understood to provide for Mr. Fraser's partipation in any conference of the Governors of European Central Banks,
with full authorization to protect interests not safeguarded by those bank
heads.
A Basle wireless message June 11 to the New York "Times"
said:
•
An informal meeting between Dr. Hjalmar Schacht, President of the
Reichsbank, and Montagu Norman, Governor of the Bank of England.
assisted by Mr. Fraser and Dr. Ernst Hulse, an administrative official of
the World Bank, took place yesterday near Basle on German territory,
but no light could be obtained on the attitude of the Reichsbank toward the
Dawes and the Young loans,
Statement of Bank for International Settlements for
May—Total Assets May 31, 680,820,730 Swiss Gold
Francs, Compared with 669,712,590 April 30.
As contained in Associated Press advices from Basle,
Switzerland, June 4, the balanced statement of the Bank
for International Settlements as of May 31 shows total
assets of 680,820,929.50 Swiss gold francs, against 669,712,589.91 on April 30. It is also noted that cash on hand
and on current account with banks amounted to 10,359,729.24 francs on May 31, compared with 4,611,858.82 francs
the previous month. The statement, issued at Basle,
June 4,follows (figures in Swiss gold francs at par):
I.
II.
III.
IV.
ASSETS.
May.
28,029,772.80
Gold in bars
Cash on hand and on current account with banks 10,359,729.24
11,983,238.33
Sight funds at interest
Rediscountable bilis and acceptances:
1. Commercial bills and bankers' acceptances 163,110,741.59
196,190,134.14
2. Treasury bills
April.
28,176,330.05
4,611,858.82
11,763,308.64
160,986,052.18
195,248.892.69
Total
Time funds at interest:
Not exceeding three months
VI. Sundry bills and investments:
I. Maturing within three months:
(a) Treasury bills
(b) Sundry investments
2. Between three and six months:
(a) Iresusury bills
(b) Sundry Investments
3. Over six months:
(a) Treasury bills
(b) Sundry investments
359,300,875.73 356,234,944.87
Total
222,091,369.24 220,511,079.20
9,798,040.05
9,626,617.11
V.
VII. Other assets
8
41,429,129.05 38,817,030.2
25.619,947.97 20,190,523.78
42,511.189.56 63,831,805.65
55,922.940.03 64,466,639.26
52,472,454.06 31,457,519.18
9,592,897.50 4,804,962.94
35,971,940.12 35,959,628.39
680,820,729.50 869,712,589.91
Total assets
LIABILITIES.
I. Paid-up capital
11. Reserves:
1. Legal reserve fund
2. Dividend reserve fund
3. General reserve fund
125,000,000.00 125,000,900.00
2,672,045.12
4,866,167.29
9,732,334.56
2,021,691.48
3,894,823.45
7,789,646.89
17,270,546.97 13,706,161.82
The text of the Communique issued by the Bank for
International Settlements was made public as follows on
June 14 by J. P. Morgan & Co.:
Total
111. Long-term deposits:
I. Annuity trust account
2. German Government deposit
3. French Government guarantee fund
The Bank for International Settlements, Trustee of the German Government International 534% Loan of 1930, and fiscal agent of the trustees of
the German External Loan 1924. has to-day received the following letter
from the Minister of Finance of the German Reich:
"The Reichsbank has to-day informed the German Government that
It is compelled to the conclusion that after July 1 1934, until further notice.
maturities of German
it will be unable to provide any more devisen for thekind.
external, middle and long-term obligations of any International
Settle"In communicating this conclusion to the Bank for
to
ments, the German Government, to its regret, is obligedwill declare that
be
form the above date until further notice no more devisenof 1924,available
and the
for the instalments of the interest of the e(terns! loan first-mentioned
International Loan of 1930, or for the sinking fund of the
will, in the meanloan. The Reichsmark equivalent of this loan service the Reich Loan of
while as was hitherto the case with the sinking fund of
1930, be paid into the account of the Bank for International Settlements
rights and the
at the Reichsbank for the disposition ofthe trustee. The legal
through
special position of the two loans will be in no way prejudiced that the
above outlined transfer arrangement. In the anticipation
the
271,283,919.65 270,899,788.02
Total
IV. Short-term and sight deposits (various currencies):
I. Central banks for their own accounts:
107,176,407.38 106,063,380.65
(a) Not exceeding three months
57,164,569.82 45,804,050.06
(b) Sight
Total
2. Central banks for the account of others:
Sight
3. Other depositors:
Sight
V. Sight deposits (gold)
VI. Profits allocated for distribution July 1:
I. Six per cent divided to shareholders
2. Participation by long-term deposito
Total
VII. Miscellaneous items
Total liabilities
153,640,000.00 153,640,000.00
76,820,000.00 76,820,000.00
40,823,919.65 40,439,788.02
164,340,977.18 151,867,430.70
9,160,848.07
9,335,404.12
1,025,570.13 1.044,303.17
0 06
25,681,411.41 28.176,33 .
7,500,000.00
1.942,687.67
---- —
9,442,687.67
57,614,768.42 69,683,172.03
680.820.729.50 669,712,689.91
Financial Chronicle
Volume 138
Comparative Figures of Condition of Canadian Banks.
In the following we compare the condition of the Canadian
banks for April 30 1934 with the figures for March 31 1934
and April 30 1933:
STATEMENT OF CONDITION OF THE BANKS OF THE DOMINION
OF CANADA.
Assets.
Apr. 301934. Mar.31 1934. Apr. 30 1933.
$
39,928,171
9.159,554
Notes of other banks
United States & other foreign currencies
Cheques on other banks
Loans to other banks in Canada,secured,
including bills rediscounted
Deposits made with and balance due
from other banks in Canada
Due from banks and banking correspondents in the United Kingdom_ _ _ _
Due from banks and banking correspondents elsewhere than in Canada
and the United Kingdom
Dominion Government and Provincial
Government securities
Canadian municipal securities and
British, foreign and colonial public
securities other than Canadian
Railway and other bonds, debs. & stocks
Call and short (not exceeding 30 days)
loans in Canada on stocks, debentures,
bonds and other securities of a sufficient marketable value to cover__
Elsewhere than in Canada
Other current loans & disc'ts in Canada
Elsewhere
Loans to the Government of Canada
Loans to Provincial Governments
Loans to cities, towns, municipalities
and school districts
Non-current loans, estimated loss provided for
Real estate other than bank premises.-Mortgages on real estate sold by bank
Bank premises at not more than cost
less amounts (if any) written off
'
Liabilities of customers under letters of
credit as per contra
Deposits with the Minister of Finance
for the security of note circulation
Deposit in the central gold reserves—.
Shares of and loans to controlled cos
Other assets not included under the
foregoing heads
Total tweets
49,132,883
56,404,704
125,669,994
10.213
126,897.423
11.618
128,540,497
Total
3
44.740,981
11,663,720
128,526.422
14,072
Total
Dominion notes—
In Canada
Elsewhere
$
39.235,912
9,896,966
49,087,727
Current gold and subsidiary 001n—
In Canada
Elsewhere
125,680,207
126,909,044
12,482,245
19,520,214
98,511,694
12,572,459
20,449,983
74.013,262
10.658,923
23.340.536
85,903,308
5,542,885
5.274.124
4,471,139
15.029,160
11,699,396
16,622,481
66,678,901
74,439.176
78,473,381
659,668,240
649,805,775
599,245,693
138,228,656
39,514,298
138,690,895
48,143,414
163,240,419
43,407,014
100,525,217
119.536,926
877.447,651
136,759,838
103,102,791
106.209.509
874,774,952
138,381,385
94.060.371
82.221,152
913,022,937
150,431.888
27,591,199
26,492,252
32.074,546
138,842,143
127,451,098
142.419,136
13,808,937
7,624.862
6,062,944
13,824.306
7.678,593
6,092,603
14,237,474
7,873.646
6,283,137
78,327,282
78,236,643
79.032,712
51,440,639
51,262,098
46,846,370
6.516,039
18,681,732
13,494,528
6.513,162
21,681,732
13,489,101
6,615.338
20,581.732
13.400.641
1.603,937
1,738,557
1.681,205
2 831,068,488 2,784,830,458 2,819,257,026
Liabilities.
Notes in circulation
133,083,185 140,910,153 134,272,610
Balance due to Dominion Govt. after de10,299.721
28,360,435
ducting adv. for credits, pay-lists &e.
31,551,831
39.344,000
40.144,000
Advances under the Finance Act '
38,944,000
19,536,053
29,539,603
Balance due to Provincial Governments
26,116,938
Deposits by the public, payable on demand in Canada
510,170,806 470,182,368 484,223,105
Deposits by the public, payable after
notice or on a fixed day in Canada... 1,375,862,015 1,366,528,536 1,399,541,563
Deposits elsewhere than in Canada__
322,228,994 320,785,536 308,585,587
Loans from other banks in Canada,
secured, including bills rediscounted_
Deposits made by and balances due to
11.513,848
11,527.211
14,816,259
other banks in Canada
Due to banks and banking correspond4,836,549
6.167,072
5.937,548
ents in the United Kingdom
Elsewhere than in Canada and the
37.157,056
26,800.810
26,355.766
United Kingdom
339.247
844,795
749,563
Bills payable
46,846,370
51,262,098
51,440,639
Letters of credit outstanding
2,194,923
2,358,716
2,347,865
Liabilities not Incl. under foregoing heads
998,746
630,284
956,341
Dividends declared and unpaid
132,500,000 132,500,000 162.000,000
Rest or reserve fund
144,500,000 144,600.000 144.500,000
Capital paid up
2 817.561.799 2.771.041.684 2.806.189.424
Total liabilities
Note.—Owing to the omLasion of the cents in the official reports, the footings in
the above do not exactly agree with the totals given
'
World Disarmament Conference Adjourns Indefinitely
—Appoints Four Committees to Carry on Investigations Pending Meeting of General Commission
in October.
The World Disarmament Conference on June 11 voted to
adjourn indefinitely, after appointing four committees to
carry on investigations of various armament problems until
the General Commission meets again in October. These committees will study the proposed European security pacts,
aerial bombardments, the -arms traffic and guarantees for
the execution of a possible arms treaty. United Press advices
from Geneva on June 11 described the final session of the
Conference as follows:
The final session was typical of the lack of co-operation and confidence
which has marked these futile efforts of the world's statesmen to dispel suspicion and reach an arms control treaty. All agreed such a pact would be
the best way to insure peace—but none would agree to disarm without so
many reservations as to make a pact useless.
In deference to the French, one of the committees into which the parley
broke up was one to study security and how it could be put into an arms control pact. But the delegates, on adjourning sine die, doubted the committees
would do'very much prior to the next scheduled meeting of the Commission
in October, because they have little or no authority and little assurance that
their rep nts ever will be read, if made.
Even the efforts of Norman H. Davis, chief American arms delegate, to
get a Traffic in Arms Committee working was blocked by the absence of a
Chairman. Italy and Hungary announced they would only "observe" the
work of the Security Committee. The British said they would aid the Committee, but wouldn't sign pacts.
4035
Maxim Litvinoff proposed the Security Committee also consider general
pacts which would not restrict the work of European regional accords. The
others believed the Moscow diplomat wished to include the Far East within
the general system of arms accords, despite Japan's withdrawal from the
League last year.
Arthur Henderson, presiding over the General Arms Commission, refused
to admit complete collapse. He indicated he still hoped to get Germany
back in the parley and revive it, commenting:
"I fervently hope the governments will do something (about Germany's
return). If they are too slow, I'll call the Steering Committee to consider
action."
His reference was to the fact the governments of the Powers concerned
were asked to arrange Germany's return, outside the Geneva meetings, and
in private assure the Reich's participation if and when the Commission meets
again.
United States Reply to British Notice of Suspension
of War-Debt Payments Suggests Obligations Might
Be Partially Liquidated in Goods—Secretary of
State Hull's Note Rejects Three Contentions Made
by Great Britain—Points Out Loans Were Made
"On Own Credit."
Secretary of State Hull, in a note addressed on June 13
to the British Ambassador in Washington, replied to the
British Government's announcement that the June 15 payment on its war debt to the United States would be suspended, by proposing that Great Britain might discharge
its obligation to thi • country through payments in "kind."
President Roosevelt explained at a press conference on June
14 that this suggestion did not relate to the entire sum due
from Great Britain and that any payments of war debts
in goods rather than gold ould only cover a portion of the
indebtedness.
Mr. Hull in his note pointed out that "any proposals
of this or a similar character" would need the approval of
Congres3 before they could be accepted. With respect
thereto he said:
Should His Majesty's Government wish to put forward proposals for the
resumption of payments, this Government would be glad to entertain and
discuss them informally. For instance, no proposal has ever been presented to this Government looking toward payments in kind to an extent
that might be found mutually practicable and agreeable.
The British note announcing the intention to suspend
further payments was given in our issue of June 9, 3861-63.
Secretary Hull in his reply rejected three of the reasons
given for defaulting. His answers to these contentions were:
1. That Great Britain would not have been in default on June 15 had
she paid $85,670,765.05 due on that date, and not the larger sum of $262,000,000 cited in the British note.
2. The United States sees no connection between debts owing to Great
Britain by other Nations, and the British debt to this country. "The
British Government," Mr. Hull said, "undertook to borrow under its own
name and on its own credit standing, and repayment was not made contingent upon the fate'of debts due to the British Government."
3. It is not for the United States, as the creditor, to initiate debt proposals. This should rather be done by Great Britain, the debtor. "A
situation of this kind," Mr. Hull said, "calls for the initiation of proposals
by the debtor and not by the creditor."
The Secretary concluded by referring to President Roosevelt's statement that the American people "would not be
disposed to place an impossible burden upon their debtors,
but are, nevertheless,in a just position to ask that substantial
sacrifices be made to meet these debts."
The text of Secretary Hull's note to the British Ambassador, Sir Ronald Lindsay, follows:
Excellency.
The observations contained in your note of June 4 1934, concerning
the indebtedness of His Majesty's Government to the United States have
been studied with close attention.
This Government is sensible of the elements of the situation set forth
by His Majesty's Government, the heavy war expenditures undertaken
In its own behalf and in behalf of its allies, the burden of taxation that has
been borne by the British people, and the transfer difficulties that under
certain circumstances may arise in the foreign exchanges.
With certain observations, however, and the inference drawn therefrom.
I regret that the American Government is unable to concur, and in three
Instances it feels that, for the purpose of record, it should make its own
attitude clear.
First, His Majesty's Government states in effect that, unless payments
were made in full in the sum of $262,000,000 as set forth in the conununication from the United States Treasury dated May 25 1934, the United
Kingdom would fall within the effects of the recent legislation mentioned
in Paragraph 7 of your note, so that the payment of this amount is regarded
as the only alternative to suspension of all payment.
The Attorney General has advised me that, in his opinion, the debtor
Governments which, under the ruling of his office of May 5 1934, are not
at present considered in default because of partial payments made on earlier
instalments, would have to pay only the amount of the instalment due
June 15 1934—for Great Britain 385,670,765.05—in order to remain outside the scope of the act.
Second, in regard to the record cited by the British Government of its
loans to its allies and the fact that His Majesty's Government has given
up great sums due to it under those loan contracts, this Government must
emphasize the complete independence between the afore-mentioned transactions and the debt contracted by His Majesty's Government to this
Government.
The British Government undertook to borrow under its own name and
on its own credit standing, and repayment was not made contingent upon
the fate of debts due to the British Government.
Third, this Government notes with disappointment the declaration of
His Majesty's Government that "while suspending further payments
until it becomes possible to discuss an ultimate settlement of inter-govern-
4036
Financial Chronicle
mental war debts with a reasonable prospect of agreement, they have no
intention of repudiating their obligations, and will be prepared to enter
upon further discussion of the subject at any time when, in the opinion of
the President such discussion would be likely to produce results of value."
Debtor Should Initiate Proposals.
In effect, this Government reads the declaration of His Majesty's Government to mean that it will fail to meet any further payments on the debt
due to the United States as evidenced by the settlement of June 19 1923,
until this Government shall first scale down this debt to an unascertained
sum to which His Majesty's Government might be willing to accede.
This declaration appears to represent insistence by His Majesty's Government that before it makes any payment whatsoever it must be assured
of a settlement satisfactory to it and not necessarily in accordance with
any accepted standards of payment or readjustment of the amounts due.
The only indications before this Government of the extent to which
His Majesty's Government has proposed to meet its obligations are the
small fractions of the sum due, mentioned by His Majesty's representative
in the course of discussions in the spring and autumn of last year, referred
to in your note of June 4.
Adhering to the opinions so often expressed by the United States Government, a situation of this kind necessarily calls for the initiation of proposals by the debtor and not by the creditor.
Should His Majesty's Government wish to put forward proposals for
the resumption of payments, this Government would be glad to entertain
and discuss them informally.
For instance, no proposal has ever been presented to this Government
looking toward payments in kind to an extent that might be found mutually practicable and agreeable.
Any proposals of this or a similar character which promise mutual benefit would be carefully considered for eventual submission to the American
Congress.
In conclusion, may I refer to the statement made by the President in
his message to the Congress on June 1. "The American people would not
be disposed to place an impossible burden upon their debtors, but are,
nevertheless, in a just position to ask that substantial sacrifices be made
to meet these debts."
Accept, Excellency, the renewed assurances of my highest consideration.
CORDELL HULL.
His Excellency,
The Honorable Sir Ronald Lindsay, P. C., G. C. M. G., IC C. B., C. V.0..
.
British Ambassador.
A Washington dispatch of June 12 to the New York
"Times" commented upon the suggestion that debts might
be paid in kind, in part, as follows:
The proposal that debt payments be made in kind has never figured
prominently in negotiations, and not at all in recent years. During the
original funding negotiations ten years ago it was mentioned but passed
over and attention was concentrated on terms for cash payments.
One reason for this lack of attention to payments in kind has been the
attitude of the public and Congress in this country, which have thought
only in terms of payment in cash. State and Treasury officials have long
realized the force of the argument that the transfer problem handicaps
the cash payment method, and they are now encouraged to hope that
Congress and the public will come to a similar realization.
One reason for this attitude, which contributed to the proposal made
to-day, was the reception given in the press of the United States to the
British note. The sympathy expressed for Great Britain has come as a
surprise to officials and a welcome one in that it may point the way to a
debt settlement along new lines.
Just how the payment-in-kind method could be applied has not been
worked out here. Broadly, it would mean taking British goods or services
in discharge of the debt obligation. This might leafl to some increase in
British exports to this country through commercial channels, or it might
more reasonably mean an increase in such exports outside of commercial
channels.
Conceivably it might even mean the taking of goods by a Government
corporation for disposal in domestic channels as opportunity offered, but
such details are for the future and are not being studied intensively at
present.
Officials emphasized to-day that the payment-in-kind method proposed
had no connection with the tariff problem and should not be confused with
the tariff negotiations that may before many months be initiated with
Great Britain under authority of the bill signed by President Roosevelt
to-night.
South Africa Pays Great Britain,
Canadian Press advices June 12 from Pretoria, South
Africa stated:
Disregarding the war-debts controversy abroad, the Union of South
Africa is continuing her payments to Britain. She has just paid the last
six-month instalment of £178.8.50 and intends paying the next instalment
In December, regardless of whether the British Government reaches a
final settlement with the United States by that time.
United States International Trade Account for Period
1896-1933 Shows Loss of $22,645,000,000—Study by
George N. Peek Reveals "Favorable" Trade Balance
Actually Unliquidated in Cash—Foreign Trade
Adviser Makes Report to President Roosevelt.
The United States has failed to balance its international
trade accounts by $22,645,000,000 over the period 1896 to
1933, according to a survey prepared by George N. Peek,
special adviser to President Roosevelt on foreign commerce,
which was made public at the President's suggestion on
June 13, The amount mentioned was listed as the net increase in foreign indebtedness to this country during the past
38 years. In addition to computing actual merchandise imports and exports during that period, Mr. Peek also took into
account tourist expenditures abroad, American investments
abroad and war debts owed the United States by foreign governments. In 1896, the report showed, the net foreign investment in this country totaled about $2,000,000,000, and the deduction of this amount would make the present foreign indebtedness to the United States about $20,645,000,000.
June 16 1934
During the period 1896-1933 United States exports were
valued at $121,250,000,000, while imports amounted to $84,604,000,000, revealing an apparent favorable trade balance of
$36,646,000,000. During the same period American tourists
and immigrants to the United States, charitable organizations and others sent abroad $19,249,000,000. This reduced
the favorable trade balance to $17,217,000,000. Shipping and
other services rendered abroad by the United States, including dividend payments on American foreign investments, interest and similar items amounted to $26,461,000,000, while
similar services rendered to the United States by foreign
countries totaled $18,938,000,000, and net gold imports into
the United States amounted to $2,095,000,000. Offsetting
these various items against each other gave the United States
a total paper trade balance of $22,645,000,000.
There is given below the text of the letter to President
Roosevelt from Mr. Peak, as made public on June 13:
Office of the Special Adviser to the President on Foreign Trade.
Washington, May 23 1934.
The President,
The White House.
Dear Mr. President: Pursuant to our conversations, I have caused certain studies to be made with respect to foreign trade problems. In the
course of these studies we have set up a tentative international balance
sheet to see what the present situation is with respect to our foreign business
and to attempt to ascertain from the records some reasons for the prevailing
conditions.
The figures in the attached exhibits show that the trend in our international trade has been cumulatively disadvantageous to us. In our international commercial relations we have not utilized the simple device of a
balance sheet to discover whether we have been doing business at a profit
or at a loss. As you have stated a number of times, our exports and our
imports of goods and. services must balance. During the periods covered by
the figures these exports and imports have been grossly out of balance;
nevertheless, we have pointed with pride to our "favorable balance of trade."
We have no adequate National bookkeeping system for our foreign financial relations. The statistical bases for the balance of payments estimates
since 1922 are the figures published annually by the Department of Cornmeree. For earlier years extensive use was made of the studies by the Harvard University Committee of Economic Research which compiled estimates
for a number of years, ending with 1921. The basic data are unsatisfactory
In some respects and in some instances represent estimates, but they serve
to indicate the necessity for developing exact balance sheets between this
country and each of the countries with which we are now dealing, or with
which we propose to deal.
From these data we have assembled the figures covering the years from
1896 to 1933, inclusive, in order to show the commercial and financial trends
of this country with the rest of the world. Thus assembled, they indicate
that in this thirty-eight-year period—
We sold to the world goods to the amount of
We bought from the world goods In the amount of
$121,250,000,000
84,804,000.000
Thereby placing the world in debt to us for goods in the amount of_ 838,646,000,000
Thus, the value of our imports of goods Ls, on the face of these
figures, less than 70% of our exports.
As against this export excess we must in fairness deduct the amounts
which our toursists spent abroad, and which our immigrants,
charitable organizations and others sent abroad
19,420,000,000
Leaving an apparently favorable balance of
$17.217,000,000
Services rendered by us to the world, such as shipping and freight
services, together with Interest and dividend paymeits on our
foreign investments, interest and principal payments on war
debts, miscellaneous and other items, Placed the world in debt
to us for an additional
26,461,000,000
Making a total owed to us of
843,678,000,000
Services rendered to Us by the world, such as
shipping and freight services, together with our
Interest and dividend payments on foreign investment in the United States, miscellaneous and
other items, in the amount of
818,938,000,000
Together with net gold Imports of
2,095,000,000
Reduced the world debt to us by
21.033,000,000
Resulting in a net Increase during the 38-year period In the debt
owing to us amounting to
822,645,000,000
This Increase in debt is represented by foreign securities and other investments in foreign countries bought by United States citizens, net $14,398,000,000, and war loans advanced by the United States Government, $10,304,000,000, making a total of $24,702,000,000.
From these figures must be deducted United States securities and other
investments made by foreigners in the United States, net $2,057,000,000, resuiting in the above net increase in debt of $22,645,000,000.
Our National assets will be diminished by the amount of this debt which
is not paid. (These figures represent net capital movement, and should be
added to the estimated $2,500,000,000 which foreigners had invested in the
United States in 1896, and the estimated $500,000,000 which we had invested in foreign countries in that year, to reflect the approximate present
position.)
For* the purpose of better comparison, and in order that the account for
the war period may be set off by itself because of its special features, the
accounts have been set up for four separate periods within the total period
of thirty-eight years covered by these studies. The first period is from
1896 to 1914, during which a relatively satisfactory state of commercial intercourse existed throughout the world; the second from 1915 to 1922, in
which our trade with the world was distorted by the World War; the third
from 1923 to 1929, during which the foundations for present conditions in
world trade were laid; and the fourth from 1930 to 1933.
I invite your attention to certain outstanding items of each of these
periods, namely:
Period 1896-1914.
1. The value of the goods we exported exceeded by the sum of 38,853,000,000 the goods we imported.
2. Our tourists and immigrants spent or sent abroad funds to the extent
of $6,080,000,000.
3. Our own foreign investments increased from $500,000,000 at the beginning of the period to $1,500,000,000 at the end of the period.
Volume 138
Financial Chronicle
4. At the beginning of the period foreign investments in the United States
amounted M $2,500,000,000, and at the end of the period they had Increased to the new high of $4,500,000,000.
Period 1915-22.
1. The value of the goods we exported exceeded by the sum of $21,186,000,000 the goods we imported.
2. Our tourists and immigrants spent or sent abroad funds to the extent
of $3,500,000,000.
3. Our own foreign investments (private) increased by $6,779,000,000 during this period, and we acquired obligations of foreign governments (the
war debts) in the sum of $10,304,000,000.
4. At the beginning of the period foreign investments in the United States
amounted to $4,500,000,000, and at the end of the period these were reduced to about $2,250,000,000.
Period 1923-29.
1. The value of the goods we exported exceeded by the sum of $4,976,000
the goods we imported.
2. Our tourists and immigrants spent or sent abroad funds to the extent
of $7,021,000,000.
3. We took new foreign investments to a grand total of $7,140,000,000.
4. During the period foreign investments in the United States increased
by the sum of $4,568,000,000.
Period 1930-33.
1. The value of the goods we exported exceeded by the sum of $1,631,000,000 the goods we imported.
2. Our tourists and immigrants spent or sent abroad funds to the extent
of $2,828,000,000.
3. Our investments abroad were decreased by the net sum of $521,000,000.
4. Foreign investments in the United States were decreased by the net
sum of $2,289,000,000.
I am transmitting with this letter certain summary sheets for the periods
discussed and a recapitulation, in detail, for the entire period. During
these preliminary studies I have become convinced that a change is necessary
In our approach to foreign trade activities and their relation to our domestic
problems. We must develop complete balance sheets between this country
and each of the countries with which we are now dealing or with which we
propose to deal. Certain information necessary in preparing these new
balance ',beets is not now available to the Government—I have particular
reference to capital movements. To understand the past and to prepare for
the future we must get the facts.
Faithfully yours,
GEORGE N. PEEK, Special Adviser.
A letter of acknowledgment from President Roosevelt to
Mr. Peek read as follows:
The White House.
Washington, June 12 1934.
Hon. George Peek,
Special Adviser to the President on Foreign Trade.
Washington, D. C.
My Dear Mr. Peek:
Your letter of May 23 and the figures you have presented are of tremendous interest to me and I am sure will be to others. I suggest that you
make them public.
Very sincerely yours,
FRANKLIN D. ROOSEVELT.
A Washington dispatch of June 13 to the New York
"Times" noted President Roosevelt's comments on the foreign
trade figures in part as follows:
The compilation was described by Mr. Roosevelt as the first of its kind
ever undertaken. Its apparently unexpected conclusions were reached by
taking into account not only the movement of commodities in international
trade, but also such invisible items as tourists expenditures abroad, and the
large items included in our foreign investments and the war debts owed us
by foreign governments.
The report WAS discussed at length by the President at a press conference, and although it was held to support a stand for larger acceptances of
goods and services from foreign countries as a means of liquidating their
combined debt, he said that no "moral" was intended to be left by the
figures it contained.
The report was intended, said President Roosevelt, simply to get people
interested and to make them think. He had no idea, he said, what effect it
might have on the administration's program of trade reciprocity and he
declined to discuss the often-heard argument that debts owing the United
States could only be paid in goods and services.
Sees Foreign Exchange Involved.
The President remarked' in passing, however, that whereas most people
had an idea that, because of our favorable export balance we had made
much money in foreign trade, the fact was that we had sent $22,000,000,000
abroad for which we now held only evidences of indebtedness.
These evidences of indebtedness, the President said, were in the form
of foreign securities and other investments of American citizens in foreign
countries, both of a public and private nature. Some of it represented
balances of American concerns abroad Which could not be withdrawn due
to various restrictions.
The whole foreign exchange situation was involved, the President said.
Canadian Transfer Tax Not to Be Imposed on Transfer
of Shares When Change of Ownership is Made
Outside of Canada—Ruling of Department of
National Revenue Conveyed to New York Stock
Exchange.
In a communication from thel Toronto General Trusts
Corp. to the New York Stock Exchange,it is announced that
the Dominion of Canada Transfer Tax will not be imposed
on the transfer of shares when the actual change of ownership takes place outside of Canada. The communication,
dated May 25, was made public as follows on June 7 by
Ashbel Green, Secretary of the Stock Exchange:
In connection with the Dominion of Canada Stock Transfer Tax we beg
to advise that we have now received word from the Department of National
Revenue that there will not be any Dominion of Canada Transfer Tax on
4037
transfer of shares when the actual change of ownership takes place outside
of Canada. Any certificates sent in for transfer which come under the above
heading will be transferred without Dominion tax providing they have either
of the following two certifications thereon:
(1) In the case of shares sold on a recognized stock exchange outside of
Canada,a certificate by a member ofsuch exchange similar to the following:
"We hereby certify that the shares represented by this certificate were
Stock Exchange.
bought by us for account of our client on the
(Signed)
Date
(2) In the case of shares sold apart from any exchange, a certificate by
any recognized bank, trust company or member of a recognized stock
exchange similar to the following:
of shares
"We hereby certify that the change of ownership to
represented by this.certificate, took place outside of Canada, the vendor
being resident at the time of sale in
(Signed)
Date
the
The above certificates must be signed by duly authorized officers of
with
various institutions referred to and certified copy of the authority
understand of course
specimen signatures must be filed with us. You will
that any officers authorized to endorse stock certificates for purpose of sale
tax
or transfer will be accepted without extending special authority to sign
certifications.
would care to
We are passing this information on to you in case you
extend same to the members of the Exchange.
Secretary Green said that it will be noted that the above
applies to transactions made in the United States in Canadian
corporation stocks where transfer is effected in Canada.
Return From Berlin of Laird Bell and Other American
Representatives At Conference of Germany's
Creditors.
Laird Bell, Vice-President of the Foreign Bondholders'
Protective Council, returned on June 8 on the Cunard liner
Aquitania, following the conclusion of the recent negotiations in Berlin on the problem of long and intermediate term
German debt service transfers. R. S. Lamont and W. W.
Cumberland, who represented the American houses of issue
in Berlin, also returned on the vessel, it was stated in the
New York "Herald Tribune" of June 9, from which the
following is taken:
American efforts at Berlin were directed toward obtaining some further
cash transfers after expiration of the current agreement on June 30. Mr.
Bell indicated. This thought was impressed on the Reichsbank authorities
from the very start and the offer of 40% cash payments, to begin after the
lapse of six months, was due to the American efforts, he remarked. At
the same time endeavors were made to obtain the best possible offer of
funding bonds for the benefit of bondholders who would prefer not to make
a sacrifice for the sake of a cash payment against coupons. . . .
"Dr. Schacht, in speeches on the eve of the Conference, asserted flatly:
that there would have to be a complete moratorium on all transfers for the
present," Mr. Bell declared in a prepared statement.
This was sufficient indication of the plight in which the bondholders
would be left if some specific undertakings were not given by the Reichsbank, both with respect to cash transfers and to funding bonds.
In the end the Reichsbank's undertaking was: First, to give funding
bonds for interest falling due over the next twelve months, payment of
principal, interest and sinking fund to be made in the currency of the
coupon, to be guaranteed by the German government and to be free of any
transfer restrictions; second, to agree, at the option of the bondholders, six
months after the date of the coupons to purchase for cash either the coupon
or the funding bond which may have been accepted for it. The cash offer,
while revocable, as lathe case of the offer for the purchase of scrip in 1933,
was fixed by the Reichsbank at 40%, being an amount which it believed
possible to pay.
Against a background of world trade improvement Germany's situation
has been worse instead of better. Her export surplus for 1933, amounting
to more than 600,000,000 Reichsmarks, was turned into a substantial
deficit for the first four months of 1934. In the judgment of the American
delegates the time is not ripe for anything more than temporary treatment
of the German transfer problem.
A reference to the Conference appeared in these columns
June 2, page 3687.
Germany Declares 6 Months' Moratorium on Foreign
Debts, Including Dawes and Young Loans—Presi—
dent Schacht of Reichsbank Says Mark Will Be
Kept Stable.
A moratorium was proclaimed by Germany on June 14
on that country's long term and medium term foreign debts,
including payments on the Dawes and the Young loans. In
a wireless message June 14 the Berlin correspondent of the
New York "Times" stated that this drastic action which was
accompanied by charges that the creditor nations themselves
were responsible for it because their commercial and financial
policies had wrecked Germany's foreign trade and thus depleted her gold reserves, consisted of two steps. The latter
were indicated in the "Times" account as follows:
Schacht Issues Decree.
First, at a meeting of the Central Committee of the Reichsbank, President Hjalmar Schacht. acting on his own authority, put into effect by decree
the compromise formula proposed by the recent transfer conference, although the conditions for its acceptance by a majority of the creditors
have not been fulfilled. This formula, affecting all private long and
medium-term debts, provides for a six months' moratorium and a choice
for the creditors in respect to interest payments between 3% funding bonds,
available immediately and at full value, or 40% in cash after the six month's
moratorium.
Second, the German Finance Minister notified the Bank for International
Settlements at Basle that temporarily the debt service on the Dawes and
the Young loans would have to be suspended as well because of lack of
foreign exchange. Official notes to this effect will be delivered to-morrow
to all countries in which these loans were raised, but these notes will also
express Germany's willingness to negotiate regarding "practical measures'
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Financial Chronicle
for resuming payments. They will suggest payment in kind through increased German exports and will appeal to creditor nations to assist in promoting them.
It was pointed out in the account that in announcing the
moratorium on private debts, Dr. Schacht merely repeated
the exact provisions of the compromise formula announced
at the end of the transfer conference on May 29. Details
of this conference were given in our June 2 issue page 3687.
To qoute again from the Berlin advices June 14 to the
"Times", Dr. Schacht began with a long statement in which
he sought to justify the German step and pleaded for understanding and co-operation by the creditors in solving the
problem. At the same time he rather forcefully reiterated
his oft expressed thesis that Germany has already paid
what she borrowed for herself and the remaining debt represents merely reparations.
A further extract from the wireless message to the "Times"
June 14 follows:
Action Not Unexpected.
The German action was not unexpected. The way had been carefully
prepared by the Reichsbank statement showing that Germany's note
coverage had dropped to 3.4% and by the foreign trade figures rushed into
print yesterday revealing a trade deficit of 178,000,000 marks during the
first five months of this year.
Nevertheless, the sweep of the moratorium fulfilled the worst fears of
the creditors, some of whom had hoped Germany would pay, at least in
part, the interest on the Dawes and the Young loans, first, because France
and Great Britain have protested against any tampering with these loans
and second, because disregard of this protest hampers validation of the
transfer conference's compromise formula by the British, the French and
the Spanish delegations. Since the Dutch and the Swiss had previously
rejected it and are now negotiating for separate agreements to obtain more
favorable terms, the Americans are the only ones still to be heard from.
Of both private and Governmental loans by far the largest share is
held in the United States.
Fraser Sends Protest.
To protect the rights of holders of Dawes and Young loan bonds, for
which he is trustee, Leon Fraser, President of the World Bank, immediately protested to the German Government against the suspension of
interest payments on the ground that this violated the bonds' contract
and international treaties, particularly The Hague Agreement of January
1930, and the Lausanne Agreement of August 1932. Whether the signatory governments will renew their protests remains to be seen.
The United States is not a signatory to the treaties under which the
Dawes and the Young loans were issued and has not therefore, joined in
the protests regarding them, although it could do so on the ground of protecting the interests of its nationals. It has protested against discrimination in favor of other nationals and this protest still stands. At the
same time excluded from the moratorium is approximately $15,000,000
due the United States Government for occupation costs and mixed claims.
Despite its sweeping nature, however, the moratorium will not be completely airtight. Dawes bondholders will be able to obtain half the coupon
value falling due on Oct. 15 and Young bondholders will be able to obtain
one-sixth the coupon value falling due Sept. 1 because that money has
already been paid by Germany to the World Bank and is now in New York.
This anomaly has come about because the German Government has
been paying the interest on these loans monthly in advance, although
it is due only semi-annually. The last due date under the Dawes loan was
April 15, so three more months will be paid up by the time the moratorium
becomes effective. The last due date on the Young loan was June 1, so
only one additional month will be paid up by July 1.
Two other loans are likely to profit by the special conditions attached
to them. One is the potash loan, the debt service on which is met by the
proceeds of German potash sales abroad even before these proceeds reach
Germany. The other is the North German Lloyd loan because German
ships entering American ports are pledged as security for service on the
loan and they can be attached. Several attachment warrants served in
New York have already brought prompt payment, it Is learned here.
From portions of Dr. Schacht's statement of June 14 as
contained in the Berlin advices to the "Times" we take the
following:
•
When Germany, a year ago, placed the first limitations on the transfer
of debt service payments, it was still possible to hope that the London
World Economic Conference would settle the transfer problem, which is
not alone a German problem. However, a series of conferences since that
time with representatives of Germany's private creditors have brought no
basis for a solution of the transfer problem nor have they indicated any way
out of this problem.
Reparations Blamed.
It is accordingly necessary to call attention once again to the fact that
our foreign indebtedness as it exists to-day is entirely the result of the
reparation payments that Germany was forced to make. It is unable to
make these payments out of its own resources and it has become necessary,
accordingly, to pay them with the proceeds of loans placed outside the
country. The so-called Layton report of the international conference at
Basle in August 1931,states categorically that more than one-half, 10,500,000,000 marks,of the money borrowed abroad was employed to pay reparations. This sum has, therefore, already been transferred and now for good
measure all of the interest shall be transferred once again. The German
transfer problem of to-day is from an economic standpoint nothing more
than the reparation problem of yesterday.
The political origin of the transfer problem has not kept Germany from
recognizing its contracted duties to holders of German bonds. It is dishonorable to speak of German repudiation. Germany has never refused to
recognize these debts and it has bound each and every debtor to pay into
a conversion fund the full interest and amortization. I know of no debt
of any importance that is not being paid because of the incapacity of the
debtor to pay. For this reason the delegates to the private creditors' conferences have always recognized that they were dealing not with a case of
Incapacity to pay, but purely and simply with a transfer problem.
Germany is ready to co-operate in a solution of this problem by every
means available, but it is not capable ofsolving this problem alone. Never
before has a State made such sacrifices in order to fulfill its foreign obligations. The gold and exchange reserve has been reduced to an almost humorous percentage, although a year ago the representatives of the creditors
saw it at such a low figure that further reduction would seriously impair
June 16 1934
the Reichsbank's ability to function as a central bank of issue. They accordingly approved a slow increase in the reserves as a means of supporting
the Reichsbank in its successful effort to preserve the stability of the German currency.
Reserve Inadequate.
In its present form the gold and exchange reserve has lost almost entirely the character of a bank of issue reserve and is only useful now as a
basis for the technical settlement of exchange transactions. In view of
the complicated nature of such transactions it is insufficient even for this
purpose.
Voices have been raised again and again in foreign countries proposing
a cure. Germany, it is proposed, should either engage in a systematic
deflation or let her currency drop. The counselors expect from such
measures an increase in German exports and,in consequence, of the German
capacity to transfer.
In answer to this argument I can only draw attention to the fact that
Germany engaged in a deflation policy in the year 1931 to 1932, which
the report of the special commission at the International Conference in
Basle referred to as unrivaled. That policy did not prevent, however.
a further reduction in German exports, simply because foreign countries
answered our sinking export prices with quotas, tariffs, devaluated currencies and so on. The Basle report also indicates that the tax burden had
become so heavy that no place was left for further increases.
Caused Rise of Jobless.
On the other hand, the exaggerated deflation policy and the barriers
In the way of German exports brought the unemployment figures up to
6,000.000 and threatened the social order. With all respect for international
contracts and with all the desire in the' world to do its utmost to meet
Its obligations, the German people is not prepared to run the risk once
again of having every third German worker on the street jobless.
It is not true, however, that Germany is not doing even now all that
it can to preserve its exports by careful attention to prices. When statements are heard in foreign countries regarding the supposed inflationist
employment program in Germany, then I draw attention to the fact that
the total currency circulation in May of this year was about the same
as in the final months of 1933 and lower than in the deflation year 1932.
These figures are the best proof that every form of deflation has been
avoided.
We reject absolutely a devaluation policy. Furthermore there is not
the slightest reason to believe other countries would accept calmly a forced
export policy based on the devaluation of our currency. In any case devaluation would not increase our supply of exchange and we would be
forced to pay out a great deal more than now in order to obtain necessary
supplies of foreign raw materials.
Will Keep Mark Stable.
Ever reappearing reports in the foreign press regarding inflation or
devaluation in Germany are irresponsible gossip. We intend to keep the
mark stable and we have the power to do it. The Government and the
Reichsbank will act with the same energy and the same success as in 1924.
No transfer will be possible without a reawakening of international
business. There is no other means of accomplishing this than for industrial
countries to purchase more raw materials, thereby placing the countries
producing raw materials in a position to purchase more manufactured
goods. When it becomes more difficult in the future for Germany to
appear on the markets as a purchaser of raw materials then the blame cannot
be laid to Germany.
A Communique issued by the Bank for International
Settlements is given under another head in this issue of
our paper.
Germany Limits Commercial Payments Abroad to 50
Marks Monthly Per Person—France Protests
Against Two Weeks' Suspension of Payments.
Commercial payments abroad by Germans are limited
strictly to 50 marks ($18.38) monthly a person in an order
made public by the official Exchange Office of the Reichsbank, said Associated Press advices from Berlin June 10,
which also had the following to say. A communique issued
by the Devisen Office (foreign exchange) Friday explained
that many German business firms had incurred liabilities in
excess of this 50-mark limit, which was imposed originally
on April 17.
Questioned concerning reports from abroad that the Reichsbank had decreed a two-weeks suspension of commercial debt payments, a spokesman
said that nothing beyond the foregoing had been decreed.
The Exchange Office communique of Friday said that business firms
which had incurred liabilities beyond the 50
-mark limit had expected to be
able to secure foreign exchanges under facilities previously existing.
Such facilities, said the communique, may be granted If the applicants can
produce proof that the liability was incurred prior to issuance of the original
order last April.
If not then exchange facilities will be refused, as will further similar
applications. Entering into commitments exceeding the limit of 50 marks
a person monthly renders persons liable to prosecution. The new order
provides for rejection of applications from firms which hitherto held no
general permit for making payments abroad.
The last weekly report of the German Institution for Business Research
said interruption of interest and service payments by Germany on its foreign
obligations was "definitely certain."
"The foreign exchange situation of the Reichsbank makes such a step
necessary," the Institute declared.
Paris advices (Associated Press) June 10 had the following
to say:
French financial quarters were informed to-day that payment of German
commercial debts abroad had been suspended for two weeks by a decree
of the Reichsbank. The Reichsbank was reported to have refused to
transfer foreign money from the exchange fund to French and other foreign
agencies which handle commercial payments.
France was said to have protested on June 12 to Germany
over the Reichsbank's action in ceasing further payments
to the French exchange clearance fund. Advices to this
effect were reported in the New York "Times," which
went on to say:
It is understood that Francois Poncet, French Ambassador in Berlin,
said at the Wilhelmstrasse that France considers that such arbitrary action,
Volume 138
German Import Prohibition Prolonged on Wool and
Woolens—Terminated on Other Textile Materials.
An announcement (June 1) by the Department of Commerce at Washington said:
A German Government decree has prolonged until June 30 1934, the
prohibition of purchases abroad of wool and woolens, according to a cablegram received in the Department of Commerce from Acting Commercial
Attache Douglas Miller, Berlin. (The import prohibition on other textile
raw materials, which is to expire on May 31 1934, has not been prolonged.)
Germany Temporarily Prohibits the Importation of
Oil Seeds, Except Copra.
The German Monopoly Administration has announced
that for an indefinite period it will refuse to accept imported
oil seeds except copra, according to a cablegram received
in the Department of Commerce from Acting Commercial
Attache Douglas Miller, Berlin. The Department in making this known (June 1) said:
The order exempts deliveries against contracts which were registered
with the monopoly board on or before May 31 1934.
It is stated that the import prohibition was motivated by the necessity
to make effective measures under which, in the future, foreign oil seeds
will only be bartered against German export goods.
Saar Plebiscite to Be Held Jan. 13 1935—Cost Will Be
Shared by France, Germany and League of
Nations—League Committee Will Organize and
Supervise Voting.
A plebiscite will be held on Jan. 13 1935 to decide the
future of the Saar population, it was announced by the
League of Nations on June 3. The League Committee,
which will arrange for the plebiscite and recommend measures to safeguard the freedom, secrecy and dependability
of the voting, issued its report on the agreement made with
France and Germany to insure against reprisals against
voters. Pending the holding of the plebiscite next January
there will be set up from July 1 a Plebiscite Commission of
three members, under the authority of the League Council,
to organize and supervise the vote, which will be taken by
unions of communes, or, where the commune is not part
of a union, by separate communes. France and Germany
will each pay 5,000,000 French francs and the League of
Nations will pay 1,000,000 francs to cover the cost of the
plebiscite.
A Geneva dispatch of June 3 to the New York "Times"
described the report of the League's Committee as follows:
A supreme plebiscite tribunal having eight divisional tribunals will be set
up to decide any dispute over the right to vote, offenses against the plebiscite and breaches of ordinary law connected with it. For police Purposes,
the Committee recommends that the Saar Government Commission shall
have authority to recruit as many police as it may feel necessary to maintain order, preferably from among inhabitants of the territory.
To finance all this, the German and French Governments are invited
to advance 5,000,000 French francs each, which the Plebiscite Commission
will disburse.
The League of Nations Council will decide later whether and how these
advances should be paid.
Both Sides Promise Freedom.
As to the French and German attitudes toward the plebiscite, these are
covered by notes addressed to Baron Pompeo Alois!, Chairman ofthe Committee, by Foreign Ministers Louis Barthou of France and Constantin von
Neurath of Germany on behalf of their respective Governments. The two
Governments undertake to abstain from pressure of any kind, direct or
indirect, likely to affect the voting; to abstain from "any proceedings,
reprisals or discriminations" against persons because of their political attitude toward the plebiscite; to take all necessary steps to prevent, or to
punish, any attitude by their nationals contrary to these undertakings.
In a case of a difference between either Government and the League
over these pledges, it is to be submitted to The Hague Court. In the
meantime, the Plebiscite Tribunal will be kept in existence for one year
after the voting to deal with all complaints. In the event of prosecutions
being brought outside the Saar territory, the Plebiscite Tribunal is to have
the right to require their abandonment if they are contrary to agreements
now made.
Finland Only Nation to Make June 15 War Debt Payment to United States—All Others Default—
Czechoslovakia Suggests Future Payments in
Goods and Services—France and Belgium and
Other Nations Repeat Previous Statements of
Inability to Pay.
Finland is the only European nation to meet its June 15
war debt instalment to the United States, it was revealed
on June 14, that the State Department had been notified
by other countries that they would be unable to make any
payment. France, Belgium, Rumania and Czechoslovakia
all informed Secretary of State Hull in formal notes made
public on June 13 that the instalments due from them would
be defaulted, although the Czechoslovak note contained the
specific proposal that permission be given to allow the debt
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Financial Chronicle
taken less than a week before Franco-German commercial negotiations
are expected to reopen, is certain to make those discussions particularly
difficult. The Ambassador, it is reported, requested the Reichsbank to
state clearly its position so that France can decide what action to take.
to be paid in goods and services. Italy, Poland and Hungary
joined the ranks of defaulting nations on June 14, when notes
from Ambassadors of those nations were delivered to the
State Department.
The notes from France and Belgium repeated statements
made in similar previous communications that they were
unable to resume suspended payments. The Czechoslovak
note stressed "the impossibility of transfer of large payments
without present consideration or any present equivalent in
manufactured goods, raw materials and services." The note
said that it is indispensable "that an attempt be made to
find means of allowing the debtor country to effectuate any
future payments through the medium of goods and services,
the only existing means of payment under the present
system of international economic intercourse."
From the Washington account, June 14, to the New York
"Herald Tribune" we quote:
Of the $174,647,439 due to-morrow the United States will collect only
$166,538. Finland's full payment, or less than 1-10th of 1% of the amount
due from the debtor nations. The debtors had already been in arrearages
to the extent of $304,155,582. The collapsed debt structure involved
$11,000,000,000 in promises to pay.
At the same time, German notice, to-day of a moratorium on service
charges of the Young and Dawes loans left American holders of$100,000,000
worth of the German bonds with no prospect of a payment, token or otherwise. American lenders of about $600,000,000 of other long-term loans had
previously been warned by Germany that payments would be suspended
from July 1 to Dec. 31. Hans Luther, German Ambassador, conferred at
the State Department to-day, presumably on the debt question.
Italy joined the parade of those nations previously making token payments on the war debts which now refuse to pay anything. Like Great
Britain, Italy pointed to the Johnson Act as attaching the stigma of default
to those countries which made partial payments. The Italian note declared
there was no hope that the reparation payments due it from Germany could
be collected and argued that the conditions which prevailed full payments
on the debt to the United States on the last two payment dates still continued.
Situation Worse, Says Italy.
"This situation, both in the economic and financial fields, not only
has not improved since then, but has become even worse," the Italian note
said.
The countries which gave notice to-day of default and the amounts due,
but uncollectable from them to-morrow, follow:
Italy, $14,741,598; Hungary, $32,665; Estonia, 332,850; Poland, $4.039,039; Latvia, $134,883.
The Rumanian notes, made public to-day, but handed to Cordell Hull,
Secretary of State, yesterday, announced the default also of the $1,248,750
Rumania owes to-morrow. Lithuania, which owes $147,864, and Jugoslavia, which owes $300,000, had not yet sent in their notes. There were still
rumors current that Lithuania might make a very small partial payment.
Hungarian Government's Offer.
The Hungarian Government made at least a gesture of offering a payment
in that it informed the United States it would deposit to-morrow to the
foreign creditors' account at the Hungarian National Bank a Hungarian
treasury certificate in the pengo equivalent of the amount due bearing
interest at 2%. There will be no present transfer of any funds, however.
Like Italy, the Rumanian Government ended its token payments with a reference to the Johnson Act, which, it said, rendered impossible another
declaration by the President that he did not consider a token payer to be in
default.
Estonia lamented that the "courageous policy adopted by the United
States and the steps taken elsewhere have not yet brought about an improvement in the fields of international co-operation between nations." Its
decision not to pay was prescribed "by necessity," Estonia state d.
Polish Note Brief.
The Polish note was the briefest of any yet delivered. Stanislaw Pate.k,.
Polish Ambassador, left with Mr. Hull a memorandum stating that conditions were changed from the time of previous note exchanges and Poland
was obliged "to request similarly a deferment of payment."•
Arthur B. Lule, Consul General of Latvia in charge of Legation, presented
a note declaring that its previous practice of making a token was "no
longer practicable in view of a changed situation" and "on account of a
modified viewpoint of the United States Government" as a result of thefl
Johnson Act, The Consul General said Latvia would enter further debt
discussions whenever agreeable to the United States.
Uruguay to Ship Wheat—Will Sell 11,000,000 Bushels
to Relieve Shortage of Exchange.
The following from Montevideo, Uruguay, May 22 is
from the New York "Times":
The Bank of the Republic announced to-day that Uruguay would export
11,000,000 bushels of wheat. The law requires that exporters sell exclusively
to the State bank all drafts arising from export sales. The bank announced
it would sell in open market the exchange arising from the wheat exports.
This is designed to relieve the serious shortage of exchange which is
hindering import operations.
Australian Wheat Acreage 10% Below Year Ago
According to Official Report—Placed at 13,500,000
Acres.
The wheat acreage now being planted in Australia is
officially reported to be 13,500,000 acres, 10% less than a.
Year ago and 14% less than it was two years ago, according
to information received by the Foreign Agricultural Service
of the Bureau of Agricultural Economics, it was announced
on May 29 by the United States Department of Agriculture.
Unfavorable seeding conditions, particularly in the eastern
regions together with prices for wool relatively more favorable than prices for wheat have helped to make for the
, the announcement said. It added:
4040
Financial Chronicle
Should wheather and seeding conditions continue unfavorable during
June a further reduction in acreage is in prospect. Reductions is some
sections of Australia are believed to he as much as 25%.
Australia is the third of the four overseas wheat exporting countries to
show an important reduction in acreage for the 1934 harvest. In the
United States and Canada there has been a considerable reduction in wheat
acreage and, with yield prospects much below average, crop outturne are
expected to be well below the 15% reduction called for by the World Wheat
Agreement. The Danube Basin has also reduced its wheat acreage and
present prospects point to a crop markedly less than that of last year.
No official report has yet been received on the wheat acreage now being
sown in Argentina.
Moscow Cuts Taxes of Private Farmers—Move to
Combat Effects of Drouth Seen.
A cablegram from Moscow, June 2 to the New York
"Times," said:
The reduction of taxes and the lightening of restrictions on the remaining
individualist farmers and the return in a considerable measure of freedom of
action to these individualists and to small craftsmen have been announced
in a decree of unusual importance.
The most significant concession is one permitting individualist peasants
and craftsmen to use certain machinery in their production or to hire labor
without danger oflosing their citizenship or being subjected to higher taxes.
The decree, however, does not permit them to use both machines and
hired labor.
Peasants in the categories in which taxes are reduced include former
solders and persons holding Soviet decorations. Livestock privately owned
by collective farmers also will be less heavily taxes, and collective farmers
will be permitted greater faculties for free trade through the abolidon of
taxes on all produce that they sell on the open markets. Taxes also are
abolished in certain newly settled regions of Eastern Siberia,to which former
Kulake were sent as colonists.
The moves are intended to strengthen the economic position of the rural
districts and to foster village culture, the newspaper "Izvestia" says
editorially. It is probable also that the government wishes to encourage
farmers to avoid a food shortage at a time when sections of the Southern
grain belt have suffered seriously from drouth and hot winds.
China to Try to Relieve Farmer—Proposed Convention
to Work Out Plans.
From the New York "Times" we take the following (Associated Press by mail) from Nanking, May 16:
Oppressed Chinese farmers, some of whom have just finished paying
taxes on their lands up to year 1951, are to get some consideration from the
government.
The farmer, prey of the war lords and victim of provincial and local
officials, has long been China's "forgotten man." The government at last
has called a convention of national and provincial financial authorities
which next month will try to work out relief plans.
An example of how farmers have suffered is provided by Tselihsien, a
small place in Hunan Province, where taxes have been paid 27 years in
advance. The larger part of the tax revenues goes to the support of local
armies, which turn about and draw further on the slender resources of the
farmers.
Increase of 198,767 Long Tons Noted in Sugar Consumption in 13 Countries from September to April 1934
as Compared with Same Period Year Before.
Consumption of sugar in the 13 principal European countries during the first eight months of the current crop year
(Peptember 1933-April 1934) totaled 4,756,961 long tons,
raw sugar value, as against 4,558,194 tons consumed during
the similar period last season, an increase of 198,767 tons,
approximately 4.4%, according to European advices received by Lamborn & Co. Under date of June 15 the firm
also announced:
Sugar stocks on hand for these countries on May 1 1934, approximated
3,540,000 tons as compared with 3,767,000 tons on the same date last year,
a falling off of 227,000 tons.
The 13 countries included in the survey are Austria, Belgium, Czechoslovakia, France, Germany, Holland. Hungary, Irish Free State, Italy,
Poland, Spain, Sweden and the United Kingdom.
New Treaty Between United States and Cuba, Abrogating Platt Amendment, Effective with Exchange
of Ratifications.
•
United States and Cuban officials in Washington, on
June 9, exchanged ratifications of the new treaty between
the two countries, under which the United States s,.rrenders
its right of armed intervention as defined in the Platt Amendment. The treaty became effective with the exchange of ratifications. It was signed on behalf of this country on May 29,
was ratified by the Senate on May 31, and was ratified by
the Cuban Cabinet on June 4. Previous references to the
treaty were contained in our issues of June 2(pages 3689-90)
and June 9 (page 3861). United Press advices from Havana,
June 9, said, in part:
Formal exchange of ratifications of the new treaty by which the United
States renounces the right of intervention marks a rebirth of Cuban independence, President Carlos Mem:lets told a radio audience. Dr. Cosmo de la
Torriente, Secretary of State, was unable to hold back his tears when he
followed the President at the microphone.
Dr. de la Torriente and Under-Secretary LeBlanck then called on United
States Ambassador Jefferson Caffery to exchange congratulations. Cables
were sent to President Roosevelt, former Ambassador Sumner Welles and to
Marquez Sterling, Cuban Ambassador at Washington, where the formal ceremonies took place.
"It is our duty to preserve the fatherland's independence and maintain a
Government able to protect life, property and liberty," President Mendieta
said after asserting that abrogation of the Platt Amendment imposed greater
June 16 1934
responsibilities on Cuba. The good-neighbor policy coincides with Cuban
aspirations, he said.
Inaugurating three days' celebrations, an amnesty was decreed, plans for
a monument were made, and the naming of a street after the date the treaty
was signed—Avenida 29 de Mayo. Guns at Cabanas and Punts fortresses
boomed a salute of 21 guns.
The protocol of exchange, signed on June 9, reads as
follows:
The undersigned plenipotentiaries have met for the purpose of exchanging
the ratifications of the treaty of relations signed at Washington, May 29 1934,
between the United States of America and the Republic of Cuba, and the
ratifications of the treaty aforesaid having been carefully compared and
found exactly conformable to each other, the exchange took place this day
in the usual form.
In witness whereof they have signed the present protocol of exchange and
have affixed their seals thereto.
Done at Washington, this ninth day of June, one thousand nine hundred
and thirty-four.
CORDELL HULL,
SUMNER WELLES,
H. MARQUEZ STERLING.
Argentine Invites Tenders for Partial Amortization of
Argentine Republic 5% Internal Gold Loan 1909
Bonds.
J. P. Morgan & Co., New York, have been advised by
Baring Brothers & Co., Ltd., that the Argentine Government
is inviting tenders for the amortization here on or before
Sept. 29 of 838,300 Argentine pesos (£167,660) face amount
of Argentine Repubhc 5% Internal Gold Loan 1909 bonds.
Tenders of such bonds, with March 1 1935, and subsequent
coupons attached, should be made at a flat price below $973
per 1,000 Argentine pesos (£200) face amount of bonds, not
later than noon on June 30 at the Morgan offices. An
announcement issued in the matter said:
Such tenders must be accompanied by a deposit of bonds of the abovementioned loan in a face amount not less than 10% of the face amount,
of bonds tendered. Notice of the acceptance of the tenders will be given
by Baring Bros. & Co., Ltd., and in the event any tender is accepted the
balance of the bonds so tendered must be delivered to the Morgan offices
not later than the close of business, Sept. 29, or the deposit will be forfeited. The London bankers also have advised the Morgan firm that
tenders are being advertised for in London and Buenos Aires.
Bonds Offered by Argentina-2% Treasuries Tendered
to American Interests Who Have Peso Accounts.
From the "Wall Street Journal" of June 12 we take the
following:
Exchange of peso balances for Argentine Treasury bonds is being offered
to American interests which have accumulated peso accounts between
Nov. 30 1933 and Feb. 1 last. The proposal is similar in principle to the
offer made last November when American firms exchanged something over
60,000,000 pesos, which previously had been blocked, for bonds.
It is officially estimated that there are foreign claims in Argentina amounting to about 150,000,000 pesos which, because of the shortage of exchange,
cannot be transferred. Private estimates place the amount smaller, at
about 100,000,000, of which 80,000,000 is believed to be American.
American exporters are free at any time to transfer their peso accounts
Into dollars by selling the pesos in the "free" market. In the past, however,
this has not always been practical inasmuch as the market is very thin and
the holder of the pesos would suffer a loss of roughly 30% because of the
spread between the free and official rates.
2% Issue Offered.
To avoid this transfer difficulty, it is proposed to exchange the Peso
balances for 2% 5
-year Argentine Treasury bonds for the balances accumulated between Nov.30 and Feb. 1. The bonds are to carry amortization of
10% semi-annually. Interest will run from July 1 and first amortization
payment is due Jan. 1 1935.
In effect, the plan will mean that if American firms accept the proposal
they will become creditors of the Argentine Government,instead of owners
of peso accounts in Argentina. Bankers believe that the majority of exporters to the Argentine are not financially able to have their funds tied up
so long.
Some Bonds Registered.
Some of the bonds which were accepted last November are now being
registered under the Securities Act for resale in order to realize upon them
Immediately. It is possible, it is said, that a market for this type of Paper
eventually may be created.
Italy Gets Argentine Bonds.
From Milan, Italy, advices to the "Wall Street Journal"
of June 9 stated:
Negotiations have been concluded between Argentina and Italy for the
freeing of Italian balances hitherto tied up in the Argentine. Settlement
takes the form of 5
-year 2% Argentine bonds.
Ratification is expected shortly of an Argentine-Italian commercial
convention granting reciprocal customs facilities on certain products.
Interest Adjusted on Province of Santa Fe (Argentine)
7% Bonds in Default.
The following is from the New York "Times" of June 9:
In connection with the readjustment plan for Province of Santa Fe
(Argentina) external 7% bonds, due on Sept. 1 1942, which have been in
default since Sept. 1 1932, as announced earlier in the week by the Provincial authorities, it was explained here yesterday that no cash payment
was to be made on the coupons due from Sept. 1 1932, to March 1 1934,
inclusive, but that the rate for the two years was to be reduced to 534%
and the amount of the two coupons, 11%, was to be added to the principal
amount of the bonds.
The coupon due from Sept. 1 1934, to March 1 1939, are to be paid in
cash at the rate of 4%. The Manufacturers Trust Co. Is agent.
Volume 138
Financial Chronicle
Republic of Colombia Regarded in Favorable Position
to Meet External Debt Service—Views of Bondholders' Committee.
With a peace treaty signed with Peru bringing to an end
the exependiture of some $20,000,000 by the Republic of
Colombia, the South American republic is in an excellent
position to settle the problem of its external debt, aided by
increased price for its substantial gold production and by
materially higher prices for its chief export, coffee. This is
the view of the Bondholders' Committee for Republic of
Colombia dollar bonds which urges immediate action by the
bondholders in the presentation of their claims. It is added
that the annual production of Colombian gold at the present
increased price or the additional amount the Republic is now
receiving for its bags of coffee would pay the entire interest
on the Colombian external debt. The Committee is headed
by Richard Washburn Child,now absent in Europe,and Fred
Lavis is acting Chairman. Douglas Bradford, 120 Wall
Street, is Secretary.
•
Crop Loans for San Juan—FCA Allots $2,000,000 at
Low Rates for Puerto Ricans.
On June 3 it was stated in San Juan P. R. advices to
the New York "Times" that after refusing for three years
all farm loans, the Federal Land Bank began that week to
admit applications for new loans. The message to the
"Times" added:
At the same time nine production credit corporations—one each for
fruit, coffee and tobacco and six for sugar—have been organized as units
of the Farm Credit Administration with an aggregate capital of $2,000,000.
providing crop credits at approximately half the cost farmers formerly paid.
Ecuador Moderates Decree Temporarily Prohibiting
Certain Imports.
New Ecuadoran regulations, dated May 28, specifically
to provide that merchandise ordered prior to May 2 and paid
for in advance or manufactured especially for the Ecuadoran
market shall be exempt from the provisions of the decree of
April 30, which temporarily prohibited the importation of a
long list of articles including wheat flour, lard, preserved
milk, passenger automobiles, certain textiles and radios
valued at more than $60.00, according to a cable of May 29
from Minister William Dawson, Quito. These exemptions
are in addition to those affecting shipments in transit and
those covered by irrevocable bank credits.
The new regulations also provide for limited imports of
flour and lard under special import licenses.
National Coffee Department of Brazil Says Rumors
That Country Will Place Sacrifice Quota on July 1
Coffee Crop Are Unfounded.
Brazil will not place a sacrifice quota on the next crop
which starts to move from plantation on July 1 and all
rumors to the contrary are unfounded, according to a cable
recaived from the National Coffee Department by the New
York Coffee and Sugar Exchange. The Exchange announced
June 11 that during the current 1933-34 crop, a 40% sacrifice quota was collected by the National Coffee Department, most of which has already been destroyed. It
amounted to about 11,000,000 bags, the Exchange said.
In our issue of June 2, page 3679, we referred to the plans
of the National Coffee Department of Brazil for control
of the July 1 crop.
•
Nicaragua Regulates Coffee Exports.
From Managua, Nicaragua, June 13, the New York
"Times" reported the following:
The Government has issued a decree permitting coffee exporters to
retain 20% of the foreign exchange derived from the exportation of coffee,
but the other 80% must be delivered to the National Bank and other banks
and be disposed of under the direction of the commission in control of
foreign exchange. The exportation of dyes and hard woods is encouraged.
Exporters of those products are permitted to retain 95% of the exchange.
San Paulo (Brazil) to Remit Weekly Instalments on
7% Coffee Realization Loan of 1930—First Instalment Received by American Fiscal Agents.
Speyer & Co. and J. Henry Schroder Banking Corporation, United States ofAmerica, fiscal agents for the State
of San Paulo 7% Coffee Realization Loan of 1930, have
been authorized by the San Paulo Government to announce
that, in lieu of the remittances required under the loan
agreement, the Government, in conjunction with the Brazilian Federal authorities, has arranged that the amounts
required under decree No. 23,829 of the Federal Government of Brazil, in respect of interest and amortization on
the State of San Paulo 7% Coffee Realization Loan 1930,
shall be remitted by weekly instalments. In stating this,
an announcement issued June 12 by the fiscal agents, said:
4041
The first remittances for the sterling and dollar tranches have been received. These and future remittances will be applied in accordance with
the above decree.
In connection with the above, an adjustment of the stocks of pledged
coffees has taken place and such stocks are now as follows: 1,911,893
bags Government coffee, 9,702,316 bags planters coffee. It is not proposed to release any coffees against the weekly remittances for amortiza-yearly
tion mentioned above, but further adjustments will be made at half
or yearly intervals.
The U. S. A. fiscal agents call the attention of bondholders to the fact
that while the general bond provided for redemption of $3,500,000 bonds
annually by drawings at par, the new decree provides (during its duration)
for redemption of $1,750,000 bonds annually by purchase in the market,
if obtainable at or below par, or, if not so obtainable, by drawings at par.
The decree also provides that coupons and bonds of the dollar tranche can
only be collected in United States currency.
Bulgaria to Pay 321 2% of July 1 Interest Coupon on
7% Settlement Loan of 1926.
Speyer & Co. and J. Henry Schroder Banking Corporation, as American fiscal agents, announced June 11 that they
have been informed by the trustees of the Kingdom of Bulgaria 7% Settlement Loan of 1926, that the Bulgarian
Government has transferred sufficient sums in foreign exchange to provide for payment of 32M% of the interest
coupon due July 1, 1934. The announcement also said:
As directed by the trustees, Speyer & Co. and J. Henry
Schroder Banking Corporation will be prepared to pay to
the holders of the July 1 1934 coupons of the dollar bonds,
on or after that date, $11.37 for each $35 coupon and $5.69
for each $17.50 coupon, upon surrender of such coupons at
either of their offices, accompanied by a letter of transmittal, forms of which may be obtained at the office of either
of the fiscal agents.
Congress Approves Bill to Reimburse Philippine Government $23,862,750.78 for Losses in Deposits Here
Suffered by Dollar Devaluation.
An Administration bill to reimburse the Government of
the Philippine Islands .with $23,862,750.78 for losses sustained when the United States reduced the gold content
of the dollar was passed by the House of Representatives on
June 14 and sent to President Roosevelt for his signature.
The Senate approved the measure unanimously on June 13.
On June 11 the same bill had failed of passage in the House
when it was brought up under suspension of the rules, requiring a two-thirds affirmative vote. At that time 191
members favored the measure, with 123 opposed. President Roosevelt and Cabinet members had urged passage of
the bill.
International Tanker Pooling Scheme Now in Effect.
A pooling arrangement for tank ships embracing practically
the entire fleets of the European maritime countries has just
been placed in operation, it was made known in a report to
the Commerce Department from Commercial Attache
Lynn W. Meekins, London. The Department's announcement in the matter, issued May 17, said:
The fundamental features of the arrangement, Mr. Meekins pointed
out, are the formation of the International Tanker Owners Association
and the payment by its members of a percentage of all freights received on
and after May 4 into a fund for the compensation of owners of unemployed
vessels.
Special arrangements have been made by the organizers of the Association
to include oil and other companies operating their own tankers. When
such companies charter on the market they will pay the regular pool contribution: otherwise their constribution will be on a special reduced bsasis.
Payments to the laying-up fund will be on the same basis for both steam
and Diesel vessels, but the benefits will apply to only 70% of the tonnage
of steamers as compared with 100% of the tonnage of motor tankers.
The maximum proportions of gross freight earnings to be paid into the
fund within 14 days of receipt are 33 1-3% under time charters of not
less than nine months and under charters where the vessel's owner defrays
Port charges, canal dues and fuel costs and 45% on any other freights.
Within those limits the Council of the Association may fix the percentage
payable from time to time by any class of pool member. It 113 understood
that the initial recommendations will be from 10 to 15%. Payments to
owners of laid-up vessels are not to exceed four shillings per gross ton per
month.
Advocates of the plan, according to Mr. Meekins, contend that it should
result in an automatic increase in rates beneficial to all members and that
the advances should be not only in the gross freights but in the net amounts
received after the pool percentage has been deducted because owners are
not likely to accept rates less profitable than the laying-up allowance to
which they are entitled.
Effective Dates of Provisions of Securities Exchange
Act of 1934.
The New York Stock Exchange, in issuing to its members
pamphlet copies embodying the text of the Securities Exchange Act of 1933 (signed by President Roosevelt on
June 6), states that "all the provisions of the Act are effective
July 1 1934, except those having a marginal note indicating
a later effective date." These marginal notes, and the
provisions they affect, are as follows (the text of the Act
was given in our issue of June 9, page 3841):
4042
Financial Chronicle
Sec.5.
-Transactions on Unregistered Exchanges. Effective Oct. 1 1934.
Sec. 6.
-Registration of National Securities Exchanges. Effective
Sept. 1 1934.
Sec. 7.
-Margin Requirements. Effective Oct. 1 1934.
Sec. 8.
-Restrictions on Borrowing by Members, Brokers, and Dealers.
Effective Oct. 1 1934.
Sec. 9.
-Prohibition Against Manipulation of Security Prices. Provision (a)(6) effective Oct. 1 1934.
Sec. 10.
-Regulation of the Use of Manipulative and Deceptive Devices.
Effective Oct. 1 1934.
Sec. 11.
-Segregation and Limitation of Functions of Members, Brokers,
and Dealers. Effective Oct. 1 1934.
Sec. 12.
-Registration Requirements for Securities. Provision (a)
effective Oct. 1 1934; remainder of section effective Sept. 1 1934.
-Periodical and Other Reports. Effective Oct. 1 1934.
Sec. 13.
Sec. 14.
-Proxies. Effective Oct. 1 1934.
Sec. 15.
-Over-the-counter Markets. Effective Oct. 1 1934.
-Directors, Officers, and Principal Stockholders. Effective
Sec. 16.
Oct. 1 1934.
-Accounts and Records, Reports, Examinations of Exchanges,
Sec. 17.
Members, and Others. Effective Oct. 1 1934.
Sec. 18.
-Liability for Misleading Statements. Effective Oct. 11934.
-Powers with Respect to Exchanges and Securities. Effective
Sec. 19.
Oct. 1 1934.
-Foreign Securities Exchanges. Effective Oct. 1 1934.
Sec. 30.
Richard Whitney, President of N. Y. Stock Exchange,
to Hold Weekly Press Conferences.
Richard Whitney, President of the New York Stock Exchange, will hold weekly conferences with financial reporters
every Thursday, inaugurating a new publicity policy of the
Exchange, it was announced. This will mark the first time
in the history of the Stock Exchange that its President has
made himself available for periodical conferences. It was
plained that the discussions will include interpretations of
Exchange rules. The first conference will be held June 21.
Seven Members of Association of Stock Exchange Firma
Establish Service Fees for Carrying Non-Revenue
Producing Accounts.
Inauguration of a system of service charges on July 1 by
seven firms, members of the New York Stock Exchange, for
brokerage accounts that produce no revenue, was announced
on June 8 by Frank R. Hope, President of the Association
of Stock Exchange Firms. The charges, which range from
$12.50 per annum to $25, will apply only to those accounts
which pay the brokerage houses.less than $6.25 in commissions during a quarter. A letter sent by Mr. Hope to members of the Association from whom we learn the foregoing,
follows:
June 8, 1934.
To the Members of the
Association of Stock Exchange Firms.
Many of our members are carrying accounts that produce no revenue
Such accounts increase operating expenses. They add to clerical costs,
auditing, insurance, questionnaire and mailing expense.
To meet this situation we suggest the following charges.
Per Annum.
1. Accounts carrying securities with no money balances (debit or
credit)
$25.00
2. Accounts with average debit or credit balance of less than $1,000 25.00
3. Accounts with average debit or credit balance between $1,000 and
$5,000
12.50
All charges to be made at the end of each quarter. No charge if account
pays commission of $6.25 or more during the quarter.
This plan will be adopted on July 1st by the following houses.
Dominick & Dominick
Hornblower & Weeks I
Paine, Webber & Co.
Post & Flagg
E. A. Pierce & Co.
E. F. Hutton & Co.
Livingston & Co.
We are told that many other houses will adopt this plan promptly.
We will welcome criticism and suggestions.
Yours very truly,
FRANK R. HOPE. President.
June 16 1934
Ltd.) and the firm of Morgan & Cie., Paris, which are separate houses.
Our interest in Morgan Grenfell & Co., Ltd., is now represented by shares,
of which £3,300,000 are 5% ordinary shares one-third paid.
License Issued to Brown Brothers Harriman & Co. by
New York State Banking Department to do Business as Private Banker.
Brown Brothers Harriman & Co. announced yesterday
(June 15) that a license to do business as a private banker,
subject to examination and regulation under the banking
law of the State of New York, had been granted to it yesterday by the Superintendent of Banks of the State of New
York. In applying for the license the firm filed the certificates required by law and submitted a balance sheet
showing capital and surplus in excess of $10,000,000. The
announcement by the firm continued:
As required by law, this has been segregated into "permanent capital,"
which has been arbitrarily fixed at $2,000,000, and "surplus" which is in
excess of $8,000,000. It is expected that, having subjected itself to examination and regulation, the firm will make public its statement of condition
at such times as calls are issued by the State Superintendent of Banks in
the case of State banks and trust companies. The firm will continue as a
co-partnership with unlimited personal liability of the partners. The partners will be: Thatcher H. Brown, Prescott S. Bush, Louis Curtis, Moreau
Delano, E. Roland Harriman, W. Averill Harriman, Robert A. Lovett, Ray
Morris, and Knight Woolley.
The decision of Brown Brothers Harriman & Co. to continue in a general banking business was referred to in our
issue of June 9, page 3869.
Kuhn, Loeb & Co. to Remain in Investment and Banking Business But Discontinues Receipt of Deposits
in Complying with Banking Act of 1933.
On June 14 Kuhn, Loeb & Co., New York, announced that
in.
order to comply with the Banking Act of 1033 it will
discontinue the business of receiving deposits after June 16.
The firm, it was stated, will continue its investment and
banking business. Following is the announcement as issued
by the firm:
Kuhn, Loeb & Co. announce that they will continue their investment and
banking business in all its phases except that in order to comply with the
Banking Act of 1933 they will not on and after June 16 1934 engage in
the business of receiving deposits as defined in Section 21-A of that Act.
A. Iselin & Co. to Continue Banking Business Under
Supervision of New York State Banking Depart-Iselin Securities Corp. Formed.
ment
The firm of A. Iselin & Co., which was established in 1853,
will continue after to-day (June 16) its banking business
under the supervision of the Superintendent of Banks of the
State of New York, as provided by the Banking Act of 1933.
In addition to receiving deposits, dealing in foreign exchange,
and the collection of coupons and dividends in connection
with their safekeeping accounts, the firm will retain its memberships in the New York Stock Exchange and New York
Curb Exchange, and continue its commission brokerage
business. The partners of the firm will be Adrian Iselin,
Ernest Iselin, John J. RudoLf, Ernest Iselin Jr. and B. de
Charnace. It is further announced:
As of June 16 1934, a new company will be formed under the name of
Iselin Securities Corp., with offices at 40 Wall Street, to engage in underwriting, distributing, dealing and conducting a general business in securities for its own account.
R. M. Youngs, who resigned as a member of the firm of A. Iselin & Co.,
on June 4 1934, will become President of the Iselin Securities Corp., and
Henri F. Berthoud, formerly with A. Iselin & Co., will become Vice-President of the Corporation.
The Iselin SeCurities Corp. will have representatives in Paris, London,
Berlin and Amsterdam, taking over the personnel of these offices, which
were formerly connected with the firm. of A. Iselin & Co.
J. P. Morgan & Co. Licensed by New York State Banking Department to Transact Private Banking Business-Capital Placed at :325,000,000.
J. P. Morgan & Co. has been authorized by the New York Various Banking Firms Licensed ByliNew York State
Banking Department to Conduct Private Banking
State Banking Department to transact business as private
Business.
bankers, it was announced yesterday (June 15). The intenIn addition to banking firms not elsewhere referred to
tion of this firm, and Drexel & Co., of Philadelphia, to conin these columns to-day, it was announced yesterday (June
tinue as private bankers, subject to State examination, was
15, that the New York State Banking Department has authorIndicated in our issue of June 9, page 3868. The action is
ized the following to transact business as private bankers:
taken in compliance with the Banking Act of 1933. AccordHeidelbach Ickelheimer & Co., with capital of $3,000,0
00;
ing to a statement issued jointly by the two banking houses
•Huth & Co., with capital of $1,250,000; Laidlaw & Co., with
dated to-day (June 16), capital funds as of June 1 totaled
capital of $1,500,000, and Robert Winthrop & Co, With
$57,607,114.90, made up of capital of $25,000,000 and surplus
capital of $350,000.
and partners' balances of $32,607,114.90. Total assets as
shown in the statement amount to $344,251,626.53; deposits Kidder, Peabody & Co., New
York, To Open Philaamount to $271,823,364.66, of which $224,128,079.22 are dedelphia Office Under Management of Orus J.
mand deposits and $47,695,285.44 are time deposits. Of the
Matthews, President of Philadelphia National Co.
-Latter Company to Be Dissolved in Accordance
total assets, $59,957,872.67 represents cash on hand and on
with Banking Act of 1933.
deposits in bank, and $169,509,469.58 consists of United
Kidder, Peabody & Co. will open an office in Philadelphia
States Government securities, at face value. With the
on Monday, June 18, under the management of Orus J. MatIssuance of the figures it is stated:
thews, President of the Philadelphia National Co., it was
foregoing statement is exclusive of our interest in the assets and
The
liabilities of Morgan Grenfell & Co., London (now Morgan Grenfell & Co.,
announced June 14. The Philadelphia National Co. will be
Volume 138
Financial Chronicle
dissolved in compliance with the provisions of the Banking
Act of 1933, and its capital and surplus returned to the
Philadelphia National Bank, the announcement said. We
also quote from the announcement as follows:
4043
in conformity with the Banking Act of 1933. More than
78% of the shares of the corporation were represented at the
meeting in person or by proxy, it was said. The steps, it
was announced, were taken as follows:
The new Philadelphia unit of Kidder, Peabody & Co. will take over the
offices of the Philadelphia National Co. in the Philadelphia National Bank
Building, at 1416 Chestnut Street.
Two Vice-Presidents of the Philadelphia National Co., Erwin A. Stuebner
and Alfred Rauch, will become associated with the Kidder, Peabody & Co.
Philadelphia office as Assistant Managers, and a majority of the Philadelphia National Co.'s personnel will become associated with the new
office. J. Paul Crawford, another Vice-President of the Philadelphia
National Co., will enter the employ of the Philadelphia National Bank.
The Philadelphia National Co. was organized in April 1929 by the Philadelphia National Bank, with a capital of $2,000,000. It has been one of
the few investment affiliates to have a successful career, and in addition
to the original capital will return to the bank an undivided profits account.
Kidder, Peabody & Co., formed in Boston more than 67 years ago, has
long played an important role in the investment banking of the country
and has initiated and been associated in syndicates which have marketed
many major issues of securities. The concern has always been particularly
active in the distribution of the securities of the American Telephone &
Telegraph Co.
Principal offices are at 17 Wall Street, New York, N. Y., and at 115
Devonshire Street, Boston, Mass. The firm also maintains offices at
Lowell, New Bedford and Springfield, Mass., and at Providence, R. I.
1. Amendment of the certificate of incorporation to eliminate all provisions relating to joint transfer of shares of the stock of the Chase Corp.
and the Chase National Bank, respectively, so that separate transfers can
be made, effective June 15.
2. Change of corporate title of The Chase Corp. to Amerex Holding
Corp.
3. Reduction in the number of the directors of the corporation from 10
to 7, and amendment of the by-laws reducing the number of directors constituting a quorum.
4. An increase in the par value of the corporation's stock from $1 to $10,
and a corresponding reduction in the number of shares from 7,400,000 to
740.000, with provision for the issuance of fractional strip certificates.
Speyer & Co. to Continue As Investment Bankers—
Will Discontinue Handling of Deposits Under
Provisions of Banking Act of 1933.
Speyer & Co., New York, will discontinue receiving
or holding deposits after to-day (June 16) in accordance
with the provisions of the Banking Act of 1933, the firm
announced June 14. The announcement follows:
Arrangements will be made for the gradual replacement of the existing
certificates with new certificates and shareholders Win be notified accordingly
in due course. Except when transfers of ownership are in prospect, shareholders need not send in their present certificates for exchange at this time.
When certificates of the Amerex Holding Corp. are issued they will be on the
basis of one share of $10 par value for each 10 shares of the Chase Corp.
stock of $1 par value each.
The present directors of Amerex Holding Corp. are Chandler P. Anderson
Jr., William H. Eddy, Henry Hargreaves, Frederick P. Small and Ralph
Reed. The present officers are: President, Chandler P. Anderson Jr-;
Vice-President, William H. Eddy; Secretary and Treasurer, Henry Hargreaves; Assistant Secretary, William H. Semon; Assistant Treasurer,
Harry J. Fitzell.
The balance sheet of The Chase Corp. at the close of business. June 7,1934,
adjusted to give effect to prices on that date of marketable securities, as
well as an estimated valuation of other assets at amounts not in excess of
fair values, showed total resources of $38,114,866.88, made up of cash
$744,391.72, bills and accounts receivable $2,034,879.90, securities $5,479,017.76 and investments in subsidiaries $29.856,577.50.
As to liabilities, the corporation showed bills and accounts payable of
$16,842,145.84, suspense $18.331.05, tax and other reserves $2,027,002.80
and capital, surplus and profits $19,227.387.19.
These figures would indicate a per share value on the new stock of $IO
par value of Amerex Holding Corp. in an amount of approximately $26 per
share.
The reserves are believed to be adequate to cover other known liabilities
and certain contingent liabilities. It is impossible to estimate at this time
the extent. of every contingent liability, and the reserves, accordingly, do
not purport to make complete provision therefor.
Speyer & Co. have informed their clients in the United States and abroad
that the firm will continue its investment banking business. In calling
attention to the provisions of the United States Banking Act of 1933, the
firm has further advised them that from and after June 16 it will discontinue receiving or holding deposits not permitted to be held by investment
bankers under the new law.
Although since its establishment in 1837 Speyer & Co. have at times
held substantial deposits, they have not for many years engaged in commercial banking or the acceptance business and have always concentrated
on investment banking as their main field of activity. In connection therewith, the firm announces that it will retain its membership in the New York
Stock Exchange.
In our issue of June 9, pages 3868 and 3869, we referred
to the action of J. P. Morgan & Co., Brown Brothers Harriman & Co., the City Company of New York, and others,
in complying with the provisions of the Banking Act of
1933.
Dillon Read & Co. to Discontinue Private Banking
Business to Meet Requirements of Banking Act of
1933.
Announcement was made on June 13 by Dillon, Read &
Co., New York, that it will continue to do a general securities business and that after June 15 it will relinquish its
private banking business to meet the requirements of the
Banking Act of 1933. The firm has advised its clients
that it will not accept or hold deposits after that date, and
that it will only hold funds for customers, in accordance
with the Act, temporarily while awaiting investment. Dillon,
Read & Co. will continue to act as agent for governments
and for corporations in paying bonds and coupons, as permitted under the law, according to the announcement.
Lazard Freres Complies with Banking Act of
To Continue in Investment Business.
1933—
In an announcement issued June 12 indicating compliance
with the Banking Act of 1933, Lazard Freres, New York,
said that the firm will continue in the investment business.
The announcement was issued as follows:
For some time past the private banking firm of Lazard Freres has been
studying the problems involved in bringing its business into compliance
with the Banking Act of 1933. The firm will continue in the investment
business. It will retain its membership in the New York Stock Exchange.
and, in view of the importance of its connections abroad, its foreign exchange business and the issuance of travelers' letters of credit are being
discontinued. It will not engage in the business of receiving deposits.
While this action might indicate an intention to abandon commercial
banking activities in favor of investment banking, it is not taken by the
well-informed friends of the firm to be necessarily a final decision. It is
regarded merely as the selection of one of the alternatives offered during
the present period of business transition subject to review in the light of
future developments.
Termination of Affiliation Between Chase National
Bank of New York and Chase Corp.—Corporation
Changes Name to Amerex Holding Corp.—To
Reduce Shares of Stock by 7,000,000 to 740,000
Shares and Increase Par Value from $1 to $10.
The shareholders of the Chase Corp., New York, at a
special meeting held June 14 voted their approval of several
steps which formally completed the process that has been
going forward for more than a year to terminate the affiliation between the corporation and the Chase National Bank,
The termination of the joint transfer arrangements approved by shareholders, said an announcement issued in the
matter, means that the owner of a present unit certificate
representing an equal number of shares of stock of the Chase
National Bank and the Chase Corp. may exchange that unit
certificate for separate certificates representing shares in the
Bank and shares in the Amerex Holding Corp. (the new
name for the Chase Corp.), respectively. The announcement continued:
In our issue of May 12, page 3193, we referred to the progress made by the Chase National Bank in divorcing its
affiliates in compliance with the Banking Act of 1933.
Analysis by Administrative and Research Corporation
of Purchasing Power of Dollar Invested in Common
Stocks and in Average Bonds.
The purchasing power of the dollar invested in common
stocks recently experienced a sharp recession, while the
buying power of the dollar invested in average bonds retained its previous favorable position, according to the
monthly analysis of Administrative and Research Corporation made public June 13. The analysis states:
Commodities, as measured by the Bureau of Labor's Wholesale Commodity Index, continued their advance from 70.8 on Dec. 30 1933 to 73.9
on June 2 1934, thus decreasing the purchasing power of the dollar held
in cash by 4.2% over this period.
Average common stocks, as recorded by the Dow Jones Industrial
Averages, declined sharply from 99.9 on Dec. 30 1933 to 91.41 on June 2
1934 with the result that the purchasing power of the common stock dollar
showed a decline of 12.4%.
Bonds, as measured by the Dow Jones bond averages, rose during the
same period from 84.60 to 93.89, thus registering a gain of 6.3% in the
purchasing power of the dollar invested in average bonds for the five
months.
Election of Officers of Chicago Stock Exchange—
Michael J. O'Brien Re-elected President.
At the annual election of the Chicago Stock Exchange, held
June 4, Michael J. O'Brien was re-elected President for a
second term. Paul B. Skinner was re-elected Treasurer at
the annual election. The following were elected members
of the Governing and Nominating Committees of the Exchange:
Members of the Governing Committee to serve three years.—Arthur M.
Betts, Morton D. Cahn, Robert J. Fischer, Leeds Mitchell, Charles C. Renshaw, Joseph A. Rushton and Edwin T. Wood.
Members of the Governing Committee to serve one year.—M. Ralph Cleary,
Kingman Douglass and Richard W. Phillips.
Members of the Nominating Committee for 1935.—Walter S. Brewster,
Chairman; Clyde H. Bidgood, William J. Fitzsimons, Harry M. Payne and
Virgil O. Webster.
Three of the members elected to the Governing Committee
are new members: Joseph A. Rushton, Edwin T. Wood and
Richard W. Phillips. The three retiring Governors are:
Thomas F. Furness, Charles Swift and Virgil C. Webster.
4044
Financial Chronicle
At the first meeting of the new Governing Committee, held
June 6, Wallace C.' Winter was renamed Vice-President of
the Exchange. Other officers reappointed were:
Harvey T. Hill, Executive Vice-President; Charles T. Atkinson, Secretary
Emeritus; Jess Halsted, Secretary Martin E. Nelson, Assistant Secretary
and Assistant Treasurer; Kenneth L. Smith, Assistant Secretary, and Sidney
L. Parry, Assistant Secretary.
June 16 1934
7%. In 1929 it paid a special dividend of 8%, in addition to the regula
4% rate.
Deposits of the bank, it is understood, have shown a substantial increase
from the $6,582,000 reported as of last Jan. 1.
Importance of Non-Payment of Interest on Demand
Deposits
-White, Hodge & Co. on Possible Effect
on Earnings of New York City Banks.
G. Hamilton Beasley was appointed Assistant Secretary,
The importance of non-payment of interest on demand
and the firm of Scott, MacLeish End Falk was named counsel
deposits in its possible effect on the net earnings of New York
for the Exchange.
City banks cannot be over-emphasized in the opinion of
White, Hodge & Co., who have prepared a study showing
Rewards for Labor and Expense Never as Meagre as
Now Says Samuel Knighton, President of New the approximate gross and net savings per share for 18
leading New York City banks. The largest average indicated
York Produce Exchange, in Annual Report.
Samuel Knighton, President of the New York Produce net saving per share, according to the study, will be effected
Exchange,in his annual report delivered May 29 to members by Guaranty Trust Co. with a saving of $6.50 per share.
of the Exchange, in addition to giving a historical outline The firm says:
From 1921 to the close of 1932 the average interest rate paid by New
of the past year's trade developments, discussed recent legisYork City banks on demand deposits
However, as a
lation and codes affecting the members. "The continuous for computation the following table iswas 1.98%.on the average fair basis
calculated
rate paid
in 1932 which stood at 0.67%, therefore, such approximate gross savings as
legislation menacing our very existence has hung over us
shown below are comparatively conservative.
like a cloud, and never have the rewards for labor and expense been more meagre," Mr. Knighton said. He
Approx. Gross
Saving Through
continued:
P. C. of Net
The year just closed began with a feeling of optimism, born of new courage
after the bank holiday and the Government's announcement of its intention
to make public the stocks of the Grain Stabilization Corporation, and to
liquidate these stocks which had been a depressing influence on the grain
markets. With this disastrous adventure of the Government into
grain
marketing about closed, prices advanced towards more normal levels,
from a point reported to have been the lowest in the recorded history of the
United States.
Then followed exaggerated confidence in grain values, aided by the crop
failure in the Southwest and the announcement from Washington that the
Government would advance farm prices to the levels of 1926, either by
monetary inflation or by any other method at the command of the United
States Government. The public participated in this great speculation in
grain futures, regardless of the heavy supplies which were not moving into
consumption. A consequent result of this over-confident enhancement in
prices, without the actual grain disappearing into consumptive channels,
was a severe decline in the markets, until prices reached a level where constructive buying was resumed.
Notwithstanding the extremists' continuous efforts to hamper the
exchanges by restrictive legislation, the grain marketing system of the
United States has again demonstrated its soundness, which should bring
about a more friendly attitude and tolerance from our legislators.
While the outcome is still uncertain, there is unquestionably a trend
toward rehabilitation.
In commenting on the activities of the Securities Market
on the New York Produce Exchange, Mr. Knighton said:
During the calendar year 1933, transactions in the securities market
showed an increase of more than 100% over the previous year, In spite
of a change in the basis of taxation under the New York State Transfer
Tax Law which became effective June I, 1933. Such change resulted in a
tax on stock selling under $20 per share of 1M cents per share, plus an
emergency tax of 1% cents per share, a total of three cents per share.
Statistics show that in the case of the very low priced stocks, with markets
on exchanges outside of New York State, the business practically left
New York. Such a tax is practically prohibitive on stocks selling at very
low prices. While attempts to obtain a change have not been successful,
our efforts will be continued, as it is generally admitted that a 3% tax
on a one dollar stock is not conducive to keeping the business in New York.
The effect of the so-called "Federal Securities Act" adopted in 1933
has also been to restrict the Issuance of new securities, the market for which
naturally Is made in the securities market on the New York Produce Exchange. However, efforts to amend the law have been undertaken by those
most interested and the outlook appears favorable. •
Proposed Federal legislation with respect to regulation of National
securities exchanges of a decidedly restrictive nature has also been of
considerable concern and vigorous efforts have been made to present the
situation with respect thereto.
Regarding trading in cottonseed oil futures, Mr. Knighton
said:
Despite the numerous handicaps placed upon trading in all commodities,
our cottonseed products trade has functioned to a gratifying extent, so
much so that we are able to report that the volume of business doubled
over that of last year.
It is interesting to note that again this year, as last, several large concerns applied for and received licenses to act as licensed warehouses under
the cottonseed products rules.
Westchester County Savings Bank, Tarrytown, N. Y.,
Desires to Maintain 4% Interest Rate Contrary to
3% Rate Ruled by State Banking Board.
The Westchester County Savings Bank, of Tarrytown,
N. Y., which according to the "Wall Street Journal" of
May 24,is the only mutual savings bank in New York State
to pay interest at the rate of 4% last year (other banks have
paid from 234% to 3%), may have to reduce the rate to 3%
because of a resolution adopted by the State Banking Board
last September. The paper quoted continued:
The officials of the bank, however, prefer to continue the 4% rate,
stating that earnings thus far in the current half have been at the highest
rate in history, and market value of securities and surplus have shown a
considerable rise since the opening of the year, both of which would justify
the continuance of the 4% rate, in their opinion.
At the end of last year the bank sought, and obtained, permission to
pay at the 4% rate on Jan. 1, last. Its trustees are scheduled to meet in
the early part of June on dividends, and an application is expected to be
filed with the State Banking Department to continue the 4% rate. The
bank has never paid less than 4% during the past 81 years, states Isaac
Requa, its President, whereas in its early years it paid as much as 6% and
Elimination of Approx. Aver- Average
Interest on
age Premium
Indicated
Demand Dep'ts Paid to FDIC. NC Salving.
Per Share.
Per Share.
Per Share.
Saving
to Current
Dividend.
Per Share.
Bank of Manhattan
$0.86
20.08
20.78
39%
Bank of N.Y.& Trust
•
9.33---aa66%
Bankers Trust
1.33
0.02
1.31
43%
Central Hanover
•
050%
Chase National
0.98
3.530.03
05.
87%
Chemical Bank & Trust
0.87
0.03
0.84
46%
Commercial Bank & Trust
2.93
0.08
2.85
35%
Corn Exchange
1.51
0.26
1.25
41%
Continental Bank & Trust
0.43
•
a53%
---First National
25.66
a25%
Guaranty Trust
6.60
0.10
*67io
32",
0.44
Irving Trust
0.02
0.42
424,
0.99
Manufacturers Trust.-0.16
0.83
83‘,"
National City
0.92
0.05
0.87
877;
New York Trust
*
2.61
____
052%
Public National
0.87
058%
U.S. Trust
x3.25
0.65
"ilia
3%
Emnfre
x0.67
0.09
0.58
58%
•Did not report. a Before FDIC premiums. x Est.
-Demand deposits not
published.
Group of San Francisco Banks Reduce Interest on
Savings Deposits from 3% to 234% Effective July 1.
Reduction in the rate of interest paid on savings deposits
from 3% to 234% was announced on May 29 by a group of
San Francisco banks, according to the Los Angeles "Times"
of May 30. The institutions which will put the new rate
into effect beginning July 1 are:
Bank of California, N. A.; Wells Fargo Bank dr Union Trust Co.; Crocker
First National Bank; Crocker First Federal Trust Co.; Canadian Bank or
Commerce (California), and Bank of Montreal (San Francisco).
We further quote as follows from the paper mentioned:
Other San Francisco banks have made no announcement as yet but it Is.
understood that no change is contemplated just now.
All of the banks are members of the Federal Deposit Insurance Corporation
and the maximum rate allowed on savings is 3%. Reductions In this rate.
however, can be made at any time.
Although no announcement has been made by Los Angeles banks, it is
understood that they have been considering the possibility of reducing the •
interest rate on savings accounts. The Los Angeles banks are Paying
3%•
A recent survey disclosed that Los Angeles and San Francisco banks are
paying higher interest rates on their term deposits than the banks in other
cities in the 12th District and In eastern cities. Denver banks were reported
as paying 2%. while a 2% rate was shown for Philadelphia, Chicago,
Portland and Seattle.
Member banks of the Chicago Clearing House Association
lower their interest rates on savings accounts from the
234% rate to 2% on July 1; reference to this having been
made in our issue of May 12, page 3192.
it ill
Interest Rates on Savings Deposits Reduced from 3 to.
234% by Four Mansfield, Ohio, Banks.
Associated Press advices from Mansfield, Ohio, May 31,
said that four Mansfield banks on that day announced a
reduction of interest rates on savings deposits from 3 to
234%, effective July 1. Interest payments are made semiannually, the advices said. They continued:
Approximately 16,000 persons who have more than
$5,500,000 in time
deposits in the banks will be affected. The unusually large
amount of cash
on hand, a lack of demand for commercial loans considered
the
additional expense involved in insuring deposits up to 32,500 safe, and
are some of the
reasons advanced by bankers for the reduction.
Manitowoc, Wis., to Receive %% from Banks of City
Instead of 134% on Daily Balances.
Banks of Manitowoc, Wis., notified the municipality on
June 1 that thereafter M% instead of 134% would be paid
on daily balances, it is noted in Manitowoc advices to the
Milwaukee "Sentinel" of June 2. The advices said:
The city must continue to pay the State 2% for safety of
Its funds.
The city also was advised a charge of 4 cents will be made on its checks.
Every local check cleared will cost the city 1 cent.
City officials estimate the new rulings will cost the municipality about.
$1,000 a year.
Financial Chronicle
Volume 138
Continued Drop in Volume of Outstanding Bankers'
Acceptances—Total May 30 et $568,790,514 Represents Decline in Month of $44,338,623.
For the fourth successive month, bankers' acceptances,
yielding, it is stated, to the current stagnation in the demand
for money and credit, fell off sharply during the month of
May. The survey of the American Acceptance Council on
the volume of bankers'acceptances outstanding as of May 31
(made available last night, June 15), reveals a shrinkage in
'volume amounting to $44,338,623. This reduction, says
Robert H. Bean, Executive Secretary of the American Acceptance Council, brings the total volume of acceptances to
$568,790,514, bringing the volume $100,020,814 under the
total outstanding at the end of May 1933 and breaking
through the previous low of $582,634,000 in August 1926.
Mr. Bean adds:
The greater part of the reduction from last year's figures comes in the
drop in the volume of bills based on foreign transactions which are now
$73,000,000 below last year's total.
The survey under review shows a reduction of $26,585,397 in bills created
for the purpose of financing goods stored in domestic warehouses. The
second largest reduction is in export acceptances which went off $13,789,975. Acceptances based on goods stored in or shipped between foreign
countries declined $6,698,305 and acceptances created for the purpose of
financing imports declined $2,264,157.
Slight increases were noted in the volume of acceptances covering domestic shipments and for the purpose of creating dollar exchange.
The causes behind the drop for export acceptances and for warehouse
acceptances are identical and may be definitely traced to temporary conditions resulting from abnormally low yields on bills and on acceptance
credit costs which does not make it profitable for credit takers to use the
acceptance market at this time. The fact that the volume of commercial
paper identified with domestic financing and the volume of exports of
merchandise both show an increase in recent months, at the time the
volume of bankers' acceptances for these two purposes show a sharp decline substantiates the point that during this abnormal period commercial
financing is diligently seeking the lowest possible cost.
As in recent months, the discount market suffers from a severe bill
drouth. The Federal Reserve System with only about $5,000,000 in bills,
with practically no bills held for the account of foreign correspondents
and a dealers portfolio of less than $3,000,000, establishes a condition which
has not existed in the American discount market in 20 Years.
On May 31, the accepting banks alone held a total of $507,303,923,
made up of $281,169,423 of other banks bills purchased and $226,134.500
of their own bills. This unusually heavy volume of bills locked up by
accepting banks amounts to nearly 90% of all the outstanding volume.
It would be to the very great benefit of the discount market and of the
banks themselves, if there were released each day a moderate proportion
of the banks holdings of their own bills, purchasing in return an equal
amount of other banks bills. The present tying up of the discount market
is a severe penalty on the discount market dealers, whose operations in
bills are now at the lowest point on record.
Detailed statistics supplied by Mr. Bean follow:
TOTAL OF BANKERS' DOLLAR ACCEPTANCES OUTSTANDING FOR
ENTIRE COUNTRY BY FEDERAL RESERVE DISTRICTS.
May 31, 1934. Ayr. 30, 1934. May 31. 1933.
545,523,707
840,254,051
537,015,280
546,104,773
485,275,826
455,042,525
10,038,266
15,091.472
13,763,206
1,211,745
1,717,568
1,709,621
1,346,562
608,567
615,320
4,686,087
6,644,204
5,639,423
34,070,275
32,070,250
28.716,321
1,410,421
2,050,071
1,026,692
2,443,686
2,315,511
2,263,215
1,150,000
1.000,000
1,242,359
783,913
402,557
19,583,447
25.317,704
22,596,354
Federal Reserve District.
1
2
3
4
5
8
7
8
9
10
11
12
Grand total
Decrease for month
year
$568,790,514
544,338,623
1613,129,137
5668,811.328
$100,020,814
De1781180 for
CLASSIFIED ACCORDING TO NATURE OF CREDIT.
May 31, 1934. Apr.30, 1934. May 31, 1933.
Imports
Exports
Domestic shipments
Domestic warehouse credits
Dollar exchange
Based on goods stored in or shipped
between foreign countries
$100,385,405
149,950,172
14,923,095
148,628,923
3,348,870
$102,649,562
163,740,147
10,586,317
175,214,320
2,686.437
876,541,570
173,628,571
11,218,237
173,468,492
9,094,299
151,554,049
158.252,354
224.860,159
CURRENT MARKET QUOTATIONS ON PRIME BANKEREPACCEPTANCES
JUNE 15 1934.
Days—
30
60
en
Dealers'
Dealers'
Buying Rate. Selling Rats.
Si
Si
ti
3-16
3-16
3-16
Days120
150
180
Dea era'
Dealers'
Buying Rats. Selling Rate.
Si
Si
34
Si
St
4
Establishment of State Deposit Insurance Fund by
New York Savings Banks—To Become Effective
July 1—Unnecessary for Mutual Banks to Contribute Toward Federal Fund With Creation of
Their Own Fund.
The mutual savings banks of New York State announced
on June 15 the completion of their plans for a State deposit
insurance fund to protect the deposits in the participating
banks throughout the State. The plan, which becomes
effective July 1, is similar to that adopted in Massachusetts
last January. In our issue of April 28, page 2839, we
noted the signing by Governor Lehman of a bill authorizing
the savings banks of the State to establish a corporation
to insure deposits. According to an announcement by
4045
Henry R. Kinsey, President of the Savings Banks Association of the State of New York, "such a fund has now been
established by the mutual banks and has been approved
by the Superintendent of Banks." The participating
banks, he says, "will contribute annually until the fund
amounts to over $100,000,000." Mr. Kinsey's announcement regarding the plan, issued yesterday, follows:
For the past two years mutual savings banks in New York State have
been developing plans further to strengthen the mutual savings bank system. The first step was to build up a large fund for the purpose of liquidity,
which was accomplished in 1933 by the creation of the Savings Banks Trust
Co. through the use of funds contributed by all mutual banks in New York
State and with additional funds advanced by the Federal Fovernment.
The Institutional Securities Corp. was also created for the purpose of purchasing mortgages from individual mutual savings banks. These two institutions provided what is akin to a "reserve system" for mutual savings
banks. A further step in the co-ordinated program of the mutual savings
banks contemplated the establishment of a central fund for the purpose of
insuring deposits and otherwise protecting depositors.
At the time Federal deposit insurance went into effect, however, the
complete program of the mutual savings banks had not been effectuated,
as there was no State legislation at that time authorizing the creation of
a State fund. There was also a desire on the part of mutual banks to
contribute to the undertaking of the Federal Government to stabilize the
whole banking structure. For these and other reasons the mutual banks
decided to participate in the Federal temporary fund for its original life of
six months, with the expectation, however, that their complete Program
would be expedited and that at the expiration of the six months' period
they would have available a fund of their own.
Early this year the State Legislature enacted a law which permitted
the mutual banks to establish their own fund, designed not only to insure
deposits but also to accomplish the more important purpose of maintaining
in their present condition and even improving the status of all mutual
savings banks in the State of New York. Such a fund has now been established by the mutual banks and has been approved by the Superintendent
of Banks. The participating banks will contribute annually until the
fund amounts to over $100,000,000.
The State fund includes only mutual savings banks. These banks have
enjoyed a long and noteworthy record for safety and stability, all operating
under the same law and all subject to the same rigid State supervision over
investments, surplus and other policies. The New York mutual banks
also have a strong and active State association: frequent conferences are
held on their common problems and well co-ordinated policies have been
developed.
It is felt that the establishment of a State-vride fund to protect the interests of depositors in those institutions is a constructive move on the part
of the mutual savings banks and that it will supplement the Federal fund
and so make a further contribution to the strength of the whole banking
structure. Obviously, it will be unnecessary for the mutual banks to contribute longer to the Federal fund when their own fund is now available.
Federal deposit insurance has served a highly important and useful
function, as it has restored public confidence in banking generally. We
believe that it will continue to serve as a strong basis of public confidence
in banking. In withdrawing from the Federal deposit insurance, the
mutual banks express sincere appreciation for the co-operative attitude of
the officials of the Federal fund and their eminently fair administration
of the Federal law. They also announce their intention of continuing to
co-operate fully in every helpful and constructive way with the Federal
Government in attaining a banking system that will truly perform the greatest public service in the best possible way.
Federal Reserve Member Banks Required to Obtain
Permits from Board in Order to Act as Correspondents Incident to Dealings in Tax-Exempt
Securities—Announcement by J. H. Case of New
York Federal Reserve Bank.
The Federal Reserve Board has ruled that member banks
must obtain permits from the Board to act as correspondent
for underwriters or dealers in obligations of the United
States Government, States or their political subdivisions,
Farm Loan bonds, obligations issued by the Federal Home
Loan Banks, Home Owners Loan Corp. or other securities
classified as tax exempt, according to an announcement
dated June 9, which was sent to member banks in the New
York Federal Reserve District by J. H. Case, Federal
Reserve Agent. Mr. Case quoted the ruling of the Federal
Reserve Board, made pursuant to Section 32 of the Banking
Act of 1933, and gave an explanation of the procedure to
be followed in applying for the necessary permits. It was
said at the Federal Reserve Bank of New York on June 12
that some banks acting as correspondents for dealers in
recent municipal financing had applied for permits while
others, which were ignorant of the requirements of the law,
had failed to do so. The announcement follows:
FEDERAL RESERVE BAN K OF NEW YORK
[Circular No. 1390—June 9 1934.1
RELATIONSHIPS WITH DEALERS TN SECURITIES.
To all Member Banks in the Second Federal Reserve District:
The Federal Reserve Board has requested me to advise you with respect
to a ruling which it recently communicated to me as follows:
"The Board recently considered applications of a member bank under
Section 32 of the Banking Act of 1933 for permission to act as correspondent
bank for certain dealers in securities, in order that the member bank might
participate in a syndicate which was being formed to bid for an issue of
bonds of a State.
"After full consideration of the questions of policy involved, the Board
decided to issue permits authorizing the member bank to act as correspondent bank for the dealers in question, in connection with dealing in and-or
underwriting the following types of securities: obligations of the United
States, general obligations of any State of any political subdivision thereof.
obligations issued under the authority of the Federal Farm Loan Act,
obligations issued by the Federal Home Loan Banks, and-or obligations
issued by the Home Owners Loan Corp. These are the securities speci-
4046
Financial Chronicle
fically excepted in Section 5136 of the Revised Statutes from the restrictions
upon dealing in or underwriting securities."
In view of the foregoing ruling and at the suggestion of the Federal
Reserve Board, I am calling the attention of member banks in the Second
Federal Reserve District to the necessity for obtaining permits covering
correspondent relationships with dealers in securities even in connection
with dealing in or underwriting the types of securities described in the
Federal Reserve Board's ruling.
The text of Section 32 of the Banking Act of 1933 referred to in the above
quoted ruling is contained in Section I of Federal Reserve Board Regulation R, Series of 1933, effective Nov. 1 1933, a copy of which was transmitted to you with our Circular No. 1302, dated Oct. 311933. Regulation
R also contains a definition of the term "correspondent bank," as used
In Section 32 and in the above quoted ruling of the Federal Reserve Board,
and describes the procedure to be followed and the forms to be used in
making applications for permits authorizing member banks to act as correspondent banks of dealers in securities in connection with dealing in or
underwriting securities. In requesting forms for making applications for
permits please advise us of the names of all of the member banks and dealers
In securities involved in order that we may determine the kind and number
of forms to send you.
J. H. CASE, Federal Reserve Agent.
Opposition to Permanent Plan of Federal Deposit
Insurance Voiced by New York State Bankers'
Association.
At the annual convention of the New York State Bankers'
Association at Upper Saranac, N. Y., on June 12, a resolution was adopted which read:
We recognize the helpful influence of the plan for the temporary Insurance of bank deposits in restoring confidence. It should be regarded only
as a temporary measure designed to meet extraordinary conditions existing
at the time of its enactment.
We reaffirm our opposition to the insurance of bank deposits as a permanent part of our banking policy. It is unsound in principle.
Value of Commercial Paper Outstanding as Reported
by Federal Reserve Bank of New York $141,500,000
on May 31, Compared with $139,400,000 on April 30.
The Federal Reserve Bank of New York issued the following announcement on June 13 showing the commercial
paper outstanding on May 31:
Reports received by this Bank from commercial paper dealers show a
total of $141,500,000 of open market commercial paper outstanding on
May 31 1934.
Below we furnish a record of the figures since they were
first reported by the Bank on Oct. 31 1931:
1934—
May 31
Apr. 30
Mar. 31
Feb. 28
Jan. 31
$141,500,000
139,400,000
132,800,000
117,300,000
108,400,000
1933—
Dec. 31
Nov.30
Oct. 31
Sept.30
Aug. 31
July 31
1933—
June 30
May 31
Apr. 30
Mar. 21
Feb. 28
Jan. 31
$72,700,000
60,100,000
64,000.000
71,900,000
84,200,000
84,600,000
108,700,000
133,400,000
129,700,000
122,900,000
107,400,000
96,900,000
1932—
Dec. 31
Nov.30
Oct. 31
Sept.30
Aug. 31
1932—
July 31
June 30
May 31
Apr. 30
Mar. 31
Feb. 29
Jan. 31
$100,400,000
103,300,000
111,100,000
107,800,000
105,606,000
102,818,000
107,902,000
81,100,000
1931—
109,500,000 Dec. 31
113,200,000 Nov.30
110,100,000 Oct. 31
108,100,000
117.714,734
173,684,384
210,000,000
June 16 1934
other disposition of the Treasury bills shall be allowed as a deduction, or
otherwise recognized, for the purposes of any tax now or hereafter imposed
by the United States or any of its possessions.
Subscriptions to Treasury's June 15 Financing—
$4,931,780,600 Tendered for 23/8%, Five-year Treasury Notes, of Which $528,591,700 Was Allotted—
Cash and Exchange Subscriptions of $3,003,620,600
Received for 3% Bonds—$824,816,550 Accepted—
Exchange Subscriptions of $489,069,600 for 3%
Bonds Allotted in Full.
Secretary of the Treasury Henry Morgenthau Jr. announced on June 12 the final subscription and allotment
figures with respect to the June 15 offering of $300,000,000
or thereabouts of 12
-14-year 3% bonds of 1946-48, and
$500,000,000 or thereabouts of five-year 23/8% Treasury
notes of Series A-1939. The securities were offered on
June 4(reference to which was made in our issue of June 9,
page 3870), and the subscription books were closed the
following day (June 5), excepting books for the 3% bonds
for the receipt of subscriptions for which payment was
tendered in X% Treasury certificates of indebtedness of
Series TJ-1934, which matured June 15, and 2H% Treasury
notes of Series B-1934, maturing Aug. 1. The holders of
these two issues had the privilege of exchanging them for
the new 3% Treasury bonds, and the right was reserved
to the Secretary of the Treasury to increase the offering
by an amount sufficient to allot in full all such exchange
subscriptions. The books for the receipts of the exchange
subscriptions were closed on June 8.
The total amount subscribed to the offering of 3% Treasury
bonds and 23' % Treasury notes, according to Secretary
Morgenthau's announcement of June 12, aggregated $7,935,401,200, of which $1,353,408,250 was allotted. The
subscriptions to the 23.'% Treasury notes totaled $4,931,780,600, of which $528,591,700 was accepted, while those
tendered for the 3% bonds amounted to $3,003,620,600;
$824,816,550 having been accepted. Of the subscriptions
tendered and allotted for the 3% bonds, $489,069,600
represented exchange subscriptions. Holders of $171,978,500 of 4% Treasury certificates of indebtedness, of which
about $175,000,000 matured June 15, tendered them in
exchange for the new 3% Treasury bonds, and of about
$345,000,000 of the 23/8% Treasury notes which mature
Aug. 1, $317,091,100 were tendered in exchange. Secretary Morgenthau's announcement said that the subscriptions
and allotments were divided among the several Federal
Reserve districts and the Treasury as follows:
3% TREASURY BONDS OF '943-48.
New Offering of $75,000,000 or Thereabouts of 182
-Day
Treasury Bills—To Be Dated June 20 1934.
A new offering of 182-day Treasury bills to the amount
of $75,000,000 or thereabouts was announced on June 14
by Henry Morgenthau Jr., Secretary of the Treasury. Tenders to the offering will be received at the Federal Reserve
Banks, or the branches thereof, up to 2 p. m., Eastern
Standard Time, Monday, June 18. Tenders will not be received at the Treasury Department, Washington, Secretary
Morgenthau said that the new bills will be dated June 20
1934, and will mature on Dec. 19, and on the maturity date
the face amount will be payable without interest. The bills
will be sold on a discount basis to the highest bidders. An
issue of similar securities, amounting to $100,110,000, matures on June 20, and the new bills will be used to meet part
of the same. The Secretary's announcement of the offering
also said in part:
They (the bills) will be issued in bearer form only, and In amounts or
denominations of $1,000, $10,000, $100,000, 8500,000 and $1,000,000
(maturity value).
No tender for an amount less than $1,000 will be considered. Each tender
must be in multiples of 51,000. The price offered must be expressed on the
basis of 100, with not more than three decimal places, e. g., 99.125. Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a
deposit of 10% of the face amount of Treasury bill applied for, unless the
tenders are accompanied by an express guaranty of payment by an incorporated bank or trust company.
Immediately after the closing hour for receipt of tenders on June 18 1934,
all tenders received at the Federal Reserve Banks or branches thereof up
to the closing hour will be opened and public announcement of the acceptable prices will follow as soon as possible thereafter, probably on the following morning. The Secretary of the Treasury expressly reserves the right
to reject any or all tenders or parts of tenders, and to allot less than the
amount applied for, and his action in any such respect shall be final. Those
submitting tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds on
June 20 1934.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt, from all
taxation, except estate and inheritance taxes. No loss from the sale or
Federal
Reserve
District.
Exchange
Exchange
Subsea:rens Subscriprns
Total
Total
Total
Received
Received
Cash
Subscriptions Subscriptions
Subscriptions
(June
(August
Received,
Allotted.
Receired.
Certificates) Notes).
$
$
$
$
$
Boston
•
147,178,300 1,284.000 5,556,500 154,017,800 27,941,800
New York
1,099,970,9.50 123,040.500 247,674,400 1.470,685,850 495,259,900
Philadelphia _ _ _ 108,315,350
799,500 2,804,000 111,918,850 18.171,350
Cleveland
148,941,800 1,113.500 2,043,000 152.098.300 26,670.800
Richmond
73,129,950
205,000 1,401,800
74,738,750 12,955,250
Atlanta
111,458,750
775 000
821,000 113,054,750 16.168,750
Chicago
299,215,950 35.426,000 38,798,100 373,440,050 119,281,850
St. Louis
77,459,750 3,678,500 4,291,700
85,427,950 22,892,350
Minneapolis—.
609,000 4,143,600
24,797,000
29,549,600 10,278,600
Kansas City_ __
45,273,850 2,950.000 2,772,400 50,996,250 17,347.900
Dallas
125,996,250
892,500 1,591,000 128.479,750 22,246,800
San FrancLseo
240,552,700
284,000 1,088,600 241,925,300 29,289,800
TreligUry
12„
923,000 4,108,000
260 400
6,322.400
17,289,400
Total
2,514,551,000 171.978.500 317,091,100 3,003,620,600 *824,816.550
• Includes $171,978,500 allotted on exchange subscriptions
and $317,091,100 allotted on exchange subscriptions (August (June certificates)
notes).
2% TREASURY NOTES OF SERIES A-I939.
Federal
Reserve
District.
Total
Total
Subscriptions Subscripens
'aired.
Allotted.
$
$
Boston
261,781,000 30,139,100
New York... 2,41 1,373,400 235,910,300
Philadelphia
2 1,277,100 27,721,500
Cleveland...- 271,261,100 28,434,200
Richmond_ _. 1 3,524,200 20,209,400
Atlanta
231,141,500 28,918,300
Chicago
561,442,500 65,893,000
St. Louis__ _ _ 131,727.000 18.029.500
Federal
Reserve
District.
Total
Total
Subscriptions SubscriOrns
Allotted.
Received.
S
$
Minneapolis__
67.570,000 9,170,500
Kansas City._
99,854,700 14,795,600
Dallas
215,679,700 26,381,900
San Francisco 225,840,400 22,980,400
Treasury
8,000
8,000
.
Total
4,931,780,600 528,591,700
oth the new 3% bonds and 2H% notes are dated June 15
4, The Treasury bonds will mature on June 15 1948,
but may be redeemed at the option of the United States
on and after June 15 1946, while the Treasury notes will
mature on June 15 1939 and will not be subject to call for
redemption prior to that date.
Receipts of Hoarded Gold During Week of June 8
$701,808—$51,348 Coin and $650,480 Certificates.
Figures issued by the Treasury Department on June 11
indicate that gold coin and certificates amounting to $701,808.26 was received during the week of June 6 by the
Financial Chronicle
Volume 138
Federal Reserve banks and the Treasurer's Office. Total
receipts since Dec. 28 1933, the date of the issuance of the
order requiring all gold to be returned to the Treasury, and
up to June 6 amount to $88,541,739.94. The figures show
that of the amount received during the week ended June 6
$51,348.26 was gold coin and $650,460 gold certificates. The
total receipts are shown as follows:
Cold Certificates.
$631,760.00
58,164,840.00
858,796,600.00
247,994.00
Total to June 6 1934
Received by Treasurer's office:
Week ended June 6 1934
Received previously
Gold Coin.
$51,348.26
27,887,997.68
$27,939,345.94
Received by Federal Reserve banks:
Week ended June 6 1934
Received previously
813,700.00
1,539,100.00
83,557,800.00
5247,994.00
Total to June 6 1934
Nom.— Gold bars deposited with the New York Assay Office to the amount of
8200,572.69 previously reported.
Treasury Purchases of Silver Totaled 200,897.37 Fine
Ounces During Week of June 8.
According to figures issued June 11 by the Treasury
Department, 200,897.37 fine ounces of silver was received
by the various United States mints during the week ended
June 8 from purchases made by the Treasury in accordance
with the Presidents' proclamation of Dec.' 31 1933. The
proclamation, which was referred to in our issue of Dec. 23,
page 4440, authorized the Department to buy at least
24,000,000 ounces of silver annually. Of the amount purchased during the week of June 8, 151,272.30 fine ounces
were received at the Philadelphia Mint, 44,284.07 fine
ounces at the San Francisco Mint, and 5,341 fine ounces
at the mint at Denver. During the previous week ended
June 1, the Treasury purchased 295,511.17 fine ounces.
The total weekly receipts since the issuance of the proclamation are as follows (we omit the fractional part of the
ounce):
Week Ended—
Jan. 5
Jan. 12
Jan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Ounces.
1,157
547
477
94.921
117,554
375,995
232,630
322,627
271,800
126,604
832,808
369.844
Week Ended—
Mar.30
Apr. 6
Apr. 13
Apr. 20
Apr. 27
May 4
May 11
May 18
May 25
June 1
June 8
Ounces.
354,711
569,274
10.032
753.938
436.043
647.224
600,631
803.309
885.056
295,511
200,897
Recent Amendments to Securities Act of 1933 Aid in
Making Law Workable and in Facilitating Reopening of Capital Markets,in Opinion of R. E. Christie,
Jr., President of Investment Bankers Association.
Robert E. Christie Jr. of Dillon, Read & Co., President of
the Investment Bankers Association of America, expressed
the opinion this week that the recent amendments to the
Securities Act of 1933 represented a real step forward in
making the law workable and in facilitating the reopening of
the capital markets. Mr. Christie said:
better understanding
A further study of the amendments will lead to a
more unworkable provisions
of the substantial extent to which certain of the
While imperfections and unduly
of the original Act have been modified.
burdensome provisions still remain,some of these may be clarified and made
workable by the rulings and interpretations which the amended Act permits
he Commission to make.
Mr. Christie called attention to Section 7 of the Securities
Act, which gives the Commission considerable discretion in
determining what information must be included in registration statements, and to Section 19(a), which gives the Commission special powers to make, amend and rescind the rules
and regulations necessary to carry out the provisions of the
Act. Mr. Christie expressed the confident hope that Commissioners Landis and Matthews and their associate Commissioners would be able, by constructive interpretation of
the law as amended,to pave the way for much-needed capital
financing.
by Treasury
No Government Securities Purchased
Department in Open Market During Week of
June 9—Purchase of Securities in Amount 'of
$60,000,000 from New York Federal Reserve Bank.
in the open
No purchases of Government securities
market for the investment accounts of the various GovernTreasury Department
ment agencies were made by the
during the week of June 9—the usual weekly statement of
entirely any reference to such purthe Treasury omitting
the second consecutive week that the
chases. This is
in the
Treasury has not bought any Government securities supSince the inception of the Treasury's
open market.
bond market last November,
port to the Government
which was made in our issue of Nov. 25, page
reference to
have been as follows:
3769, the weekly purchases
4047
6.900.000
$8,748,000 Mar. 10 1934
Nov.25 1933
7.909,000
2,545,000 Mar. 17 1934
Dee. 2 1933
37.744.000
7,079,000 Mar. 24 1934
Dec. 9 1933
23.600.000
16,600,000 Mar. 31 1934
Dec. 16 1933
42,369.400
16.510,000 Apr. 7 1934
Dec. 23 1933
20,580.000
11,950.000 Apr. 14 1934
Dec. 30 1933
30,500.000
44,713,000 Apr. 21 1934
Jan. 6 1934
4,885.000
33.868,000 Apr. 28 1934
Jan. 13 1934
5,001.500
17.032,000 May 5 1934
Jan. 20 1934
500.000
2.800.000 May 12 1934
27 1934
Jan.
4.000.000
7.900,000 May 19 1934
Feb. 5 1934
5.000,000
*22,528.000 May 26 1934
Feb. 13 1934
7,089,000 June 2 1934
Feb. 17 1934
1,861,000 June 9 1934
Feb. 24 1934
810.208.100
Mar. 3 1934
•In addition to this amount, 5538.400 of bonds held by the Treasury as collateral
security for postal savings deposits purchased Feb. 9 by FDIC.
On June 11 Henry Morgenthau Jr., Secretary of the
Treasury, announced, according to Associated Press advices
from Washington, that while the Treasury purchased no
Government obligations for investment accounts in the
open market during the week of June 9, it did make a $60,000,000 direct purchase from the Federal Reserve Bank of
New York for the postal savings account. The advices
continued:
The direct purchase was composed of June 15 certificates and Aug. 1
notes for which the Treasury last week offered 12 to 14-year 3% bonds in
exchange. The New York bank had a large block of these two maturities.
Their sale to the postal savings account would enable the postal savings
to exchange them for new 3% bonds. The New York bank, in turn,
ra-Invested the proceeds of the sale in other Government securities.
List of Companies Filing Registration Statements with
FTC Under Securities Act—Refinancing of Saenger
Motion Picture Theater Interests,
The Federal Trade Commission announced, on June 11, the
filing for registration under the Securities Act of issues totaling more than $17,500,000, made up largely of investment
trust endowment shares and certificates, and certificates of
deposit issued in financial readjustment matters. A New
York investment trust filed the largest single issue, amounting to $11,220,000 in trust endowment units. A Boston investment house proposed a million dollar issue in diversified
shares of banks, insurance and trust comp nies. Companies
filing statements operate or have headquarters in New York,
Chicago, Boston, Washington, Jersey City, Columbus, Ohio,
Baltimore County, Md., and Gentry County, Mo. The list of
registration statements (920-928) announced June 11 follows:
Protective Committee Stratford Arms Hotel, Buffalo, N. Y. (2-920, Form
D-1), 165 West 46th Street, New York City, calling for deposit of $200,000
face value first mortgage 6% serial gold loan certificates of Stratford Arms
Corp., Buffalo, now under foreclosure. No market value is listed for the
bonds. Owners of the property securing the first mortgage certificates defaulted in payment of principal, interest, amortization, and taxes. The first
mortgage, dated July 1 1925, was originally in the amount of $200,000,000,
but has since been reduced to $146,500. Members of the protective committee are: C. H. Clifford, S. J. Wallach and F. J. H. Ludwig, all of New York
City; and Charles C. Porter, Chicago.
Bondholders' Protective Committee of Albany Drainage District, Gentry
County, No. (2-921, Form D-1), 1009 Baltimore Avenue, Kansas City, Mo.,
calling for deposit of drainage district bonds now outstanding in the amount
of $213,800, for which no market value is listed. The district defaulted in
payment of interest and principal, which it is now desired to liquidate. The
Committee rtports that bondholders desire "to make some composition of
the defaults and of the whole original issue, to the end that the district may
eventually pay its obligations so composed, compromised or refunded." Members of the Committee are: C. Thorp Jr., Henry Stern and Howard H. Fitch,
all of Kansas City, Mo.
Corponite Equities. Inc. (2-922, Form 0-1), 30 Broad Street, New York
City, on investment trust proposing to issue 2,000,000 trust endowment shares
in units at an aggregate price of $6,300,000 and trust endowment agreements
calling for total payments of $4,920,000, the total aggregate offering price
of the issue being $11,220,000. Trust endowment agreements are described
as contracts for purchase of the shares in varying amounts ranging from total
payments of $1,200 in 120 monthly payments to higher multiples thereof
under a "trusted systematic thrift plan." Securities of a selected group of.
corporations comprise a unit. Officers of Corporate Equities, Inc., are as
follows: James W. Stewart, President; Rogers Flynn Jr., Vice-President;
Charles C. Smith, Secretary, and George F. Wodlake, Assistant Treasurer,
all of New York City. (See Registration Statement 2-23, Effective July 27
1933.)
American Insurance Union Building First Mortgage Bondholder/ Committee (2-923, Form 0-1), 810 South Michigan Avenue, Chicago, calling for
deposits of 6% first mortgage gold bonds, dated May 6 1926, and due serially
on or prior to May 5 1941, of an original issue of $3,800,000 principal
amount, now reduced to $3,455,000 face value, with a market value of
$777,375. The bonds, which are an obligation of the American Insurance
Union, a fraternal insurance company, are secured by a first mortgage on
the entire block bounded by Broad, Front, Lynn and Wall Streets, Columbus,
Ohio. Because of default in performance of terms of the trust indenture,
the trustee, for protection of the interest of bondholders, filed a bill in
Federal Court at Columbus, Jan. 3 1934, to foreclose the first mortgage.
Subsequently a receiver was appointed. Members of the Committee are:
George W. Rossetter and Jay C. McCord, both of Chicago, and Charles J.
Kurtz, Columbus,
Century Shares Trust (2-924, Form A.1), 10 Post Office Square, Boston,
a Massachusetts trust organized March 15 1928, to purchase, sell and hold
for investment a diversified list of shares of domestic and foreign insurance
companies, banks and trust companies. The company proposes issuing 50,000
participating shares at $20.63 a share, or an aggregate of $1,031,500, the
proceeds to be used for investment and reinvestment. Units consisting of
one participating and one ordinary share will be sold at liquidating value
to Brown Brothers Harriman & Co., Boston, the underwriters. The liquidating value is 93% of the offering price, and the spread between that value
4048
Financial Chronicle
and offering price is 7% of the offering price, according to the statement.
Trustees are Charles Francis Adams, Mai
-lea P. Curtis Jr., Louis Curtis,
Robert H. Gardiner and Donald C. Watson, all of Boston, and Prescott S.
Bush, of New York City. William H. Davies, of Boston, is Secretary. (See
Registration Statement 2-96, effective Aug. 10 1933.)
De Sales Chambers, Inc. (2-925, Form A-1), 1733 De Sales Street, Washington, D. C., a Delaware corporation organized May 4 1934 to operate the
apartment building at the above address now under foreclosure under a deed
of trust securing first trust notes. The company expects to acquire title
to the real estate through the process of the property being bid in by an
agent for first trust note holders who elect to exchange their notes for the
company's first preferred stock, of which 1,500 shares of $150,000 par value
will be offered. The notes are held by approximately 70 persons, and have a
face value of $150,000. One share of stock will be offered in exchange for
each $100 face value of notes. The company also proposes offering 600
shares second preferred and 100 shares common stock to owners for an undivided three-fourths interest in furniture and furnishings valued at $15,000.
Among company officers are: Dr. Harry Hurtt, President; George R. Linkins, Treasurer, and William H. Linking, Secretary, all of Washington.
Mutual Management Co. (2-926, Form 0.1), Jersey City and New York
City, an investment trust proposing to offer mutual investment trust sertificates at an aggregate price of $892,500. According to the registration
statement, the investment fund shall at all times contain the securities of at
least 30 different corporations or other organizations. Among officers are:
Herbert J. Lyall, President and Treasurer; Lawrence Chamberlain, VicePresident; P. V. R. Van Wyck, Vice-President, and Charles S. Whitman,
John F. Russell Jr., and William Hand, directors. (See Registration Statement 2-103, effective Aug. 16 1933.)
Owings Mills Distillery, Inc. (2-927, Form A-1), Baltimore County, Md.,
a Maryland corporation organized Nov. 25 1933, to manufacture and sell
whiskey and other distilled spirits, proposes to offer 60,000 shares of common stock "at the best price obtainable," the market price as of June 1 1934
having been $1.75 per share, the proceeds to provide additional working
capital. There are no underwriters. Among officers are: J. J. Laneburgh,
President, and Henry M. White, Secretary-Treasurer, both of Baltimore. (See
Registration Statement 2-591, effective Jan. 30 1934.)
Committee for the Protection of Holders of First Mortgage Bonds Sold
through Leight & Co. (2-928, Form D-1), Room 1654, 38 South Dearborn
Street, Chicago, calling for deposit of $300,000 face value (no market value
listed) first mortgage real estate bonds of La Porte Building Corp., now
under foreclosure, owner and operator of an apartment building at 4039-51
La Porte Avenue, Chicago. The company defaulted in payment of interest
Jan. 1 1930, and in failure to remove mechanics liens in excess of $40,000.
The Committee contemplates organization of a new company having 3,000
shares of common stock, holders of certificates to receive one share of stock
for each $100 bonds. Committee members are: Adolph Kempner, George S.
Ballard, Gerald J. Caraher, John P. Dickes, Charles E. Fox, E. L. Pulfrey,
Finlay P. Mount and John A. Swanson, all of Chicago; and A. H. Berger,
La Porte, Ind. The bond issue was originally underwritten by Leight & Co.,
Chicago.
The FTC announced, June 11, that provision for the refinancing of the Saenger motion picture theater interests
operating in Louisiana, Texas, Mississippi, Albama and
Florida, and now in receivership, is made in statements (929931) filed with the Commission for registration under the
Securities Act by protective committees for holders of three
Saenger bond issues. These statements cover certificates of
deposit for bonds totaling $2,464,000 face value, or $1,436,500
market value of Saenger Theatres, Inc., New Orleans, and
Saenger Realty Corp., Inc., New Orleans. Two statements
were filed by the committees for the realty corporation bondholders for issues secured by its New Orleans and Mobile
theaters. The Commission further said:
Reorganization of the two companies involves several claims of indebtedness against the Saenger interests, principal among which is that of Paramount Publix Corp. for $532,723.64, which claim is now owned by Charles
D. Hilles, Eugene W. Leake and Charles E. Richardson, trustees in bankruptcy for Paramount. Under the plan, it is proposed that this claim be
assigned to the reorganized Saenger Theatres, Inc., along with capital stock
of Arklamiss Theatres, Inc., which also has claims of indebtedness against
Saenger. If the plan is adapted, the Paramount trustees will cause Paramount Pictures Distributing Corp. to grant the company a film franchise and
will make other considerations.
In turn, the Paramount trustees will receive from the reorganized Saenger
Theatres, Inc., a compensatory amount of the reorganized company's threeyear 6% notes, all of its capital stock, and other stock considerations, according to the plan.
The protective committee for holders of first mortgage and collateral
trust sinking fund 6%% gold bonds of Saenger Theatres, Inc. (2-929, Form
D-1), is calling for deposit of $1,550,000 face value (market value $775,000)
of these bonds. Members of the committee are: C. P. Ellie Jr., T. J. Fiebleman, 0. E. Meriwether, George H. Nusloch, Ernest Villere, and H. E.
Vincent, all New Orleans business men.
70
A total of $674,000 in first mortgage guaranteed 6%, serial gold bonds
of the Saenger Theatre, New Orleans, dated July 1 1926 (2-930, Form D-1),
is being called for deposit by the protective committee for holders of the
bonds issued by Saenger Realty Corp., Inc. Market value of the bonds is
listed as $505,500. Members of the committee are: T. L. Airey, Joseph K.
Blum, A. Q. Petersen, George E. Williams and W. G. Wilmot, all New Orleans
business men.
First mortgage guaranteed 6%% serial gold bonds of Saenger Realty
Corp., Inc., for its Mobile theater (2-931, Form D-1), are being called for
deposit in the amount of $240,000 face value or a market value of $156,000.
Members of the committee are: A. P. Smith Jr., New Orleans; E. J. Caire,
Edgard, La.; James J. Manson and Robert Moore Jr., of New Orleans, and
E. B. Peebles, of Mobile, Ala.
On June 14 the Commission announced that additional
security issues totaling about $6,730,000, representing eight
proposed registrations of stock issues,'have been filed with
it under the Securities Act. Largest among the group is the
New England Grain Products Co.'s $3,200,000 exchange of
atm* involving change of incorporation from Massachusetts
to Maine. A California distillery's issue aggregates $1.-
June 16 1934
250,000. Two companies have Mexican interests, four are
engaged in mining, while Automatic Signal Acceptance Corp.,
a Delaware corporation, deals in municipal and governmental bonds and other financial paper issued through the sale
of traffic dispatching equipment by the Automatic Signal
Corp. A Baltimore department store proposes a $200,000
stock issue. The list of registration statements (932-939)
was made public, as follows, by the Commission:
Morada Mining Co. (2-932, Form A-1), Spokane, Wash., a Washington
corporation, organized December 1928, and owning stock in a Mexican mining corporation. The company proposes issuing 500,000 convertible notes at
par, or an aggregate of $15,000, the proceeds to be used to pay accrued
debts, carrying charges, and for contingencies. The notes are convertible
at par into common stock of $1 par at 3 cents a share. Among officers are:
A. W. Witherspoon, Spokane, Vice-President, and H. W. Fairbanks, Seattle,
Secretary.
California Standard Gold Mines Corp. (2-933, Form A-1), 208 South La
Salle Street, Chicago, a Delaware corporation, organized Feb. 2 1933, to
develop and operate gold mining property in Tuolumne County, Calif. The
company expects to issue 300,000 shares of capital stock at $1 each, proceeds to be used for construction and working capital. When an underwriter is selected, his commission will be not more than 50% of the selling
price to the public. Among officers are: A. F. Muter, Los Angeles, President, and A. Yung, Chicago, Secretary-Treasurer.
Automatic Signal Acceptance Cot-p. (2-934, Form A-1), Dover, Del., a
Delaware corporation; organized Sept. 25 1930, to deal in municipal, State
or county bonds, short-term receivables and long-term lease contracts received
by Automatic Signal Corp. through the sale or lease of its "Electro-Matic
and Traffo-Matic Vehicle Actuated Traffic Dispatching Equipment" and
accessories to towns, cities, counties and States. The company is empowered
to loan money to and discount notes and receivables for other corporations,
to invest in their securities, and to buy and sell securities of other companies, and to finance companies through purchase of their securities. The
company expects to issue 20,000 shares of common stock at $45 a share, or
an aggregate of $900,000. Stockholders of Automatic Signal Acceptance
Corp. and of Public Service Holding Corp. will be offered common stock
at $43 a share. Among officers are: Alfred Kelsey, President and Treasurer, and Malcolm McConnell, Vice-President and Secretary, both of New
York City, and Oliver S. Simmons, Scarsdale, N. Y., Assistant Secretary and
Assistant Treasurer.
Strong Leasing and Mining Co. (2-035, Form A-1), Defter, Colo., a Colorado corporation proposing to mine and market ore and minerals in Colorado, expecting to issue 2,917,730 shares of common capital stock in an
aggregate amount of $648,705.50, the proceeds to be used for general corporate purposes. Among officers are: George J. Weissbaum, President; Mark
T. Snodgrass, Secretary, and D. N. Weissbaum, Treasurer, all of Denver.
Bender's Department Stores, Inc. (2-936, Form A-1), 112-122 North Eutaw
Street, Baltimore, a Delaware corporation, organized May 21 1934, to conduct a wholesale and retail department store. The firm expects to issue
2,000 shares of cumulative 7% preferred stock at $100 a share, one share
of Class A common stock to be offered as a bonus with each share of preferred, the dividend rate of this common stock to be 25% of net profits
after the preferred dividend. The officers, directors and management expect
to retain 2,000 shares of Class B common stock, having a dividend rate of
50% of net profits after the preferred dividend. Proceeds will be used for
setting up the business. Sale of stock is not expected to entail an expense
In excess of 15% of the issue. Among officers are: Samuel Bender, Springfield, Mass., President and General Manager; Jacob Rosenbloom, Kew Gardens, L. I., N. Y., Vice-President, Director and Publicity Director; Siegfried
Kahn, New York City, Treasurer, Director and Merchandise Manager.
Donlevy Distilling Corp. (2-937, Form A-1), San Diego, Calif, a Delaware
corporation, organized Sept. 30 1933, proposing to issue 500,000 shares of
common stock at an aggregate price of $1,250,000. The company expects
to manufacture and sell whisky and other alcoholic beverages, continuing
to supervise and direct activities of its subsidiary company, Deetileria Be
Tecate, S. A., a Mexican corporation owning and operating a distillery at
Mexicali, Baja California, Mexico; proceeds to be used for working capital
and general corporate purposes. The underwriter, Duelly, Pearce & Co., Inc.,
120 Broadway, New York City, expects to receive 50 cents a share commission on sales, no commission to be paid until at least 150,000 shares of
common stock shall have been sold. Among officers are: William C. Allen,
President; John 0. Donlevy, Treasurer, both of San Diego, and Clarence M.
Eubanks, Secretary, New York City.
Anchor Mountain Mining Co. (2-938, FOTT11 A-1), Deadwood, S. D., a
South Dakota corporation, organized May 5 1919, to engage in gold mining
In the Black Hills of South Dakota. The company expects to issue 216,000
shares of common stock at $1 a share, proceeds to be used for corporation
purposes and working capital. The underwriter, W. M. Harvey & Co., Grand
Central Annex, New York City, will have option to purchase the entire
Issue at 50 cents net to the corporation, with the understanding that it
will be resold to the public at $1 a share. The underwriter expects to furnish
the company with a minimum of $10,000 monthly after the first 30 days.
Among officers are: Thomas Houlette, President; G. C. Kenworthy, VicePresident and Treasurer, and Ray L. Ewing, Secretary, all of Deadwood, S. D.
New England Grain Products Company (2.939, Form A-1), Portland, Me.,
A Maine corporation, a holding company holding stocks of 24 subsidiary
grain companies in New England and proposing to issue 200,000 shares of
common stock and 2,000 shares of employees' preferred stock in an aggregate amount of $3,200,000, representing the exchange, share for share a,.d
class for class, of the new Maine corporation stock for that of the Massachusetts corporation, the purpose being to change the place of incorporation. Corn Products Refining Company, New York City, Is listed as owning
54.8% of the outstanding stock. Other stockholders are: Charles M. Cox,
Melrose, Mass.: Frank J. Ludwig, Brookline, Mass.; IIerbert L. Hammond,
W. Roxbury, Mass.; Harry N. Vaughn; Melrose, Mass. William 0. Wise,
St. Albans, Vt.; Walter S. Little, Bridgewater, Mass.; Monroe J. Lorimer,
Boston, Mass.: C. Forrest Dowe, St. Albans, Vt.: Egan & Co.. New York
City; and Thomson & McKinnon, New York City. Basic salaries of the
President, Treasurer and three Vice-Presidents are listed for the Past year
at $30,993.02 but during the ensuing year at $20,000. These officers also
share in the profits when they exceed $675,000. Among officers are: Charles
B. Cox, President; Frank J. Ludwig, Harry N. Vaughn, William 0. Wise and
Walter S. Little, Vice-Presidents, and Herbert L. Hammond, Treasurer.
In making public the above the Commission said:
In no case does the act of filing with the Commission give to any security
Its approval or indicate that the Commission has passed on the merits of the
Issue or that the registration statement itself is correct.
Financial Chronicle
Volume 138
The last previous list of registration statements was given
in our issue of June 9, page 3873.
Total Value of Registration Statement Filed in April
$115,568,625
-New High Figure Reached in Number
and Value-Figures for First Four Months of 1934.
Registration statements filed with the Federal Trade
Commission and becoming effective during April reached
a new high, both in the number of statements and the total
value of securities proposed to be issued, the Commission
announced on May 8.
Exclusive of reorganization issues the number of statements
becoming effective in April was 56, with a total value of
$115,568,625, said the Commission; it added:
'These figures are exclusive not only of reorganization issues. but also
of certificates of deposit. This figure compares with 23 effective statements during March, with a total value of $24,717,219. Prior to April,
November 1933 was the record month, with a total of 51 statements effective, representing new capital issues with a total value of $76,129,977.
Beginning with October, the first month in which the Commission
issued monthly statements segregating new issues from reorganization
issues and certificates of deposit, the monthly record of' registration statements becoming effective and the amounts of securities proposed to be
issued is as follows:
Number.
-October
1933
November
December
-January
1934
February
March
April
Amount of
Securities.
44
51
41
35
35
23
56
$39,154,601
76,129,977
62.542,175
66,769,138
75,940,093
24,717,219
115,568,625
The above figures do not include any filings for reorganization issues
or certificates of deposit.
Under the Securities Act of 1933, a registration statement must be
on file with the Commission 20 days before it may become effective so
that the above statement of April effectives does not include any statements filed with the Commission after April 10.
Figures made public by the Federal Trade Commission
on May 16 show that during the first four months of 1934,
a total of 148 registrations of new capital issues (excluding
reorganization securities) filed under the Securities Act of
1933 became effective -or a total volume of $280,490,627.
Of this amount, slightly in excess of 216,000,000 or 77%
was represented by common stocks. This figure compares
with 76.7% for the last quarter of 1933. The Commission's
announcement of May 16 added:
Short-term notes and mortgages and mortgage bonds accounted together for less than 1.5% of the total and after deducting these issues, the
balance was quite evenly divided between preferred shares, debentures
and certificates of beneficial interest and participation, each of which
accounted for about 7% of the grand total.
Nine major kinds of business are presented by the registration effective
for the first four months.
DISTRIBUTION BY TYPE OF SECURITY OF TOTAL GROSS PROCEEDS
OF 148 SECURITY REGISTRATIONS EFFECTIVE, JANUARY
-APRIL
1934,EXCLUDING REORGANIZATION SECURITIES* IS AS FOLLOWS:
Per Cent.
Of Total.
nabs of Security.
No. of Units.
Common stocks
Preferred stocks
Certificates of participation, beneficial
interest and warrants
Mortgages and mortgage bonds
Debentures
Short-term notes
97,518.819
2,815,037
$216,015,402
20,796,386
77.0
7.4
5,148,946
19,483,100
2,495,739
21,000,000
700,000
6.9
.9
7.5
.3
Total
105,482,802
•Stop orders and withdrawals deducted.
$280,490,627
100.0
Amount.
Registrations Under Federal Securities Act in March
Totaled $24,717,219
-Amount Registered in First
Quarter of 1934 $164,922,002-Total Since July
1933, $927,588,958.
During March, 23 registration statements filed with the
Federal Trade Commission under the Securities Act of 1933,
became effective, representing proposed security issues with
a total gross value of $24,717,219. These figures are exclusive of registration statements becoming effective during
March covering reorganization issues and certificates of
deposit. The Commission in announcing this on April 15,
added:
Including reorganization issues and certificates of deposit, the number of
registration statements becoming effective during March was 68, involving
total offerings of $48,711,239.
It is stated that since July 7 1933, the date the first
registration statements were filed, the number of statements
filed with the Commission is 801, the offerings involved
totaling $927,588,958.
From the Commission's summary issued April 15, we quote:
For the first quarter of 1934, January to March, a total of 92 registration
statements, excluding reorganization securities, became effective, with
proposed issues amounting to $164,922,002. This amount is slightly below
the total for the last quarter of 1933. when effective registrations aggregated
$177,510,593 for 132 companies. In the original statements for the last
quarter of 1933, there were excluded from the tabulations the companies
and figures representing securities registered by two companies for the
account of others as well as certain bonus securities issued by two other
4049
companies to be given away as bonuses with the securities of other companies.
The reason for this exclusion was that the issuers obtained no net proceeds
from these four issues which could be distributed. One of these companies,
however, also registered other securities so that the original tabulations for
this quarter showed effective registrations of 129 companies, only, for a
total of $173,455,093 as reported in a Commission statement of Feb.14
1934. It was decided, however, that the tabulations should be expanded
to include the total of effective securities, regardless of the account for
which they were registered or whether or not net proceeds figures were
available.
Type of Securities.
The following table, therefore, presents a comparison by type of security
of the gross registrations for the last quarter of 1933 and the first quarter
of 1934. This has involved increasing the figures reported for the last
quarter of 1933 to include three companies registering securities solely for
the account of others than the issuer, and $4,055,500 of such securities.
132 Companies*
October-December 1933.
No. of
Units.
Estimated Percent
Gross
of
Proceeds E. Total.
Common stock_ __ _ 51,441,201 135,623,728
Preferred stock.. _ _ 4,300.506 14,755,340
Ctfs. of participa-n
& beneficial int.
dr warrants
2,079,388 9,290,525
Mortgages & mortgage bonds
10,566,700
Debenture bonds_ _
7,274,300
Short term notes-
92 Companies
January-March 1934.
Ns. of
Units.
Estimated Percent
Gross
of
Proceeds S. Total.
76.4 74,660,598 124,965.428
8.3 2,479,319 18,967,774
5.2
144,164
6.0
4.1
75.8
11.5
5,038.800
3.1
250,000
15,000,000
700,000
.1
9.1
.4
Total
57,821,095 177,510,593 100.0 77.284.081 164,922,002 100.0
* Two companies registered 1,883,953 shares of preferred stock to the amount of
$18,840 and certificates of participation and bene iclal interest to the amount of
$225,000 to be given as a bonus with the securities of other companies, and two
companies registered 324,250 shares of common stock to the amount of $2,611,660.
and 80,000 shares of preferred stock to the amount of $1,200,000, to be disposed of
for the account of others, one of these latter companies also having registered other
stock. This then represents 3 companies, and a total of $4,055,500 securities shown
In these gross figures which are not represented in the totals shown for this
quarter
In the Commission's release dated feb.4 1934.
The distribution of the amounts of various types of securities does not
show a very great difference for the two quarters. In both, common stock
accounts for about three-quarters of the total. Preferred stock is somewhat
higher in the later quarter, debentures appreciably so, while certificates of
participation and mortgages and mortgage bonds are lower.
Gross Proceeds.
The following table shows the total gross proceeds of effectives, the
registrations for the account of others and total net proceeds. As three
companies in the last quarter of 1933 registered securities to be disposed of
by others than the issuer and for which the issuer received nothing, the net
proceeds figures are for 129 companies instead of 132 companies.
132 Cos.
Oct.
-Dee.
1933.
92 Cos.
Jan.
-Mar.
1934.
Total gives proceeds of securities registered
177,510,593 164,922,002
Total gross proceeds of sec. registered for acct. of others__. x4,055,500
105,000
129 Cos.
92 Cos.
Total gross proceeds of sec. registered for acct. of issuer- 173,455,093 164,817,002
Total net proceeds of sec. registered for acct. of issuer
149.443,574 150,384,457
Difference between gross and net
24,011,519 14,432,545
I See footnote v above.
In this table is shown a sharp decline in the difference between the gross
and net proceeds figure from the last quarter of 1933 to the first quarter of
1934. This figure fell from nearly 14% to less than 9% of the gross proceeds.
Interest attaches to this figure chiefly because it is composed primarily
of the costs of selling and distributing the securities, the gross proceeds
representing the selling price of the securities offered and the net proceeds
what is reported by the companies as their realization from sales. It also
includes, however, various other items such as differences in gross and net
on securities under option, but not now being sold.
Partly because of this situation, new "breakdowns" were begun the first
of this year to show the actual spreads between the gross and net proceeds
In tne case of those securities to be disposed of only for cash and selling
expenses.
The difference between the total gross and net for the account of the
Issuer in the first quarter of 1934 was $14,432,545, whereas the difference
between the total gross and net on effective securities to be disposed of only
for cash and selling expenses was $13,973,795, a difference of $458,750.
Gross and Net Proceeds.
The following table shows the distribution of gross and net proceeds of
securities registered and securities to be disposed of for cash and for selling
expenses for 92 registration statements effective, January-March 1934,
excluding reorganization securities.
Jan.
-Mar.
1934.
Total gross proceeds of securities registered
Total gross proceeds of securities registered for account of others--
$164,922,002
105,000
Total gross proceeds of securities registered for account of issuer-- $164,817,002
Total net proceeds of securities registered for account of issuer
150,384,457
$14,432,545
Total gross proceeds reserved for subsequent issue
Total gross proceeds issued for other than cash
$23,303,390
11,886,771
Total gross proceeds, securities not now offered for sale
Total net proceeds, securities not now offered for sale
$35,190,161
34,731,411
Total gross proceeds, securities to be disposed of for cash & selling exp 8129.626,841
Total net proceeds, securities to be disposed of for cash & selling exp- - 115,653,046
Cost of selling, distribution, &c
$13,973.795
The difference between the gross and net of the total effectives registered
for the account of the issuer, however, is equal to only 8.7% of
the growl
proceeds of $164,817,002. In the case of the securities to be disposed of
for cash and selling expenses, however, the difference between the gross and
net is nearly 11% of the gross proceeds of $129,626,841.
Type of Company.
The following table shows for the two quarters the distribution of total
gross proceeds under effeCtive registration statements, according to the
type of company registering the securities.
Financial Chronicle
4050
132 ComyantestOctober-December 1933.
92 Companies
January-March 1934.
June 16 1934
penses for 23 security registration statements effective in March, 1934.
excluding reorganization securities.c
Type of Industry.
No.
of
Cos.
Extractive industries
Manufacturing industries_
Financial it investment cos
Merchandising
Real estate
Construction
Transport. & communica'n
Service
Electric lighting, power,
gas & water companies_ _
Miscellaneous
Total
Percent No.
of
of
Total. Cos.
Amount.
30
59
30
$12,933,908
52,331,514
100,188,680
700,000
150,000
560,840
25,000
.3
.0
8,727,500
1,293,151
22
34
28
4
6.5
14.2
58.0
.2
1.5
2,274,000
4.9
.7
3
Amount.
510,749,643
23,339,389
95,700,970
300,000
2,538,060
20,000
1.4
30,000,1300
7.3
29.5
56.8
.4
.1
2
Percent
of
Total.
18.2
.0
92 $164,922,002 100.0
132 5177,510,593 100.0
• The totals for 129 companies which exclude bonus stock issued by one company
to be distributed free with securities of another company and companies rmistering
securities to be disposed of for the account of others will be found in the statement
in the Commission's release of Feb. 4 1934.
The financial and investment company group is outstanding in both
quarters, accounting for between 55 and 60% of the total. Manufacturing is second in the last quarter of 1933, with just short of 30% of the total.
In the first quarter of 1934, however, this fell off to less than 15% of the
total. Most of the manufacturing total in the last quarter of 1933 was
represented by the brewing, distilling and spirituous liquor industry. This
group in the first quarter of this year fell off to less than half the total of
the last quarter of 1933.
The only other important group from the standpoint of volume of securities is electric lighting, power, gas and water companies, which increased
from about 8( million dollars or 4.9% of the total in the last quarter of
1933 to,.30 million dollars and 16.2% of the total in the first quarter of
1934.
The total net proceeds of the security registrations effective in the last
quarter of 1933 and the first quarter of 1934, excluding reorganization seThe proportions decurities, are about 150 million dollars in each case.
voted to various purposes are about the same. The amount reserved for
subsequent issue shows a sharp appreciation from only 3.6% in the last
quarter of 1033 to almost 15% in the first quarter of 1934.
Investment Issues Predominate.
More than half of the total (between 53 and 57%) In both quarters goes
to investment uses and between 7 and 12% for working capital and for
funding, refunding and conversion.
lop Comparative distribution of the net proceeds of security registration
statements effective October-December, 1933. and January-March, 1934,
excluding reorganization securities, is shown as follows:
Percent
of
Total.
Amount.
Investment
Reserved for subsequent issue
Miscell., unclassified & unaccounted for
$1,543,598
7.474,673
4,108,231
859,000
9,048.716
16,675,686
11,719,310
84,356,586
5,424,687
8,233,087
1.0
5.6
Percent
of
Total.
Amount.
2.8
.6
$1,321,423
6,306.329
8,926,443
255,833
.9
4.2
5.9
.2
6.1
11.2
7.8
56.4
3.6
5.5
1,284,045
10,847,743
18,060,872
80.121,717
22,457,630
796,422
.9
7.2
12.0
53.3
14.9
.5
Total net proceeds, securities regis8149.443,574 100.0 $150,384,457 100.0
tered for the account of issuer
Y See footnote • in table above for difference in number of companies.
The following table shows the distribution by type of security of total
gross proceeds of 23 security registrations effective in March, 1931, excluding reorganization securities.a
No. of
Units.
Type of Security.
Total gross proceeds of securities registered for account of Issuer_ _ $24,717,219
22,768,576
Total net proceeds of securities registered for account of issuer
$2,008,643
Difference between gross and net proceeds
Percent
of
Total.
Amount.
10,217,845 314,947,671
Common stock
430,000 8,805,048
Preferred stock
ertificates of participation & beneficial Interest
264,500
2,300
& warrants
mortgages an.., mortgage bonds
bonds
Debenture
700,000
hort term notes
60.5
35.6
1.1
Total gross proceeds, securities to be disposed of for cash & selling ex p_
'Total net proceeds, securities to be disposed of for cash & selling exp_ _
As in the effective figures of the last few months, the most important use
et the net proceeds of effective securities is for investment, this accounting
for a little over 41% of the March figures. This figure compares with
39.27% of the February total and 56.4% in the October-December 1933
figures. The only other uses which represent more than 10% of the total
are the acquisition of assets of other companies which represents 16.8%
of the total, and working capital which represents 16.9% of it.
In the following table is shown the distribution according to proposed
use of the net proceeds of securities registered for the account of the issuer
In 23 security registrations effective in March. 1934, excluding reorganization securities.d
No. of
Companies.
Amount.
9
9
4
$3,606,005
6,159,907
12,413,307
1
2,538,000
Percent
of Total.
14.6
24.9
50.2
10.3
100.0
23
324.717.219
rm.!
b These figures are also without deductions for withdrawals and stop orders on
elective registrations.
No securities were registered for the account of others during March,
use $24.717,219 gross proceeds under the effective statements representing proceeds to the issuers. Nearly 5 million of the gross registered, however, is not now offered for sale, leaving $19,904,222 as the total amount
registered to be disposed of either for cash or for selling expenses. The
total net proceeds of these securities is estimated by the issuers to be $17,895.579. leaving $2,008,643 as the costs of selling, distribution, &c., for
March, or 10% of the gross. This is approximately the same rate as preveiled in January and February.
Distribution of Proceeds.
The following table shows distribution of gross and net proceeds of securities registered and securities to be disposed of for cash and for selling ex-
Percent
of Total.
Amount.
Organization and development
New company plant construction, die
Acquisition of assets
Acquisition of capital stock of other companies
Old company plant & equipment additions & betterments_
Working capital
Funding, refunding and conversion
Investment
Reserved for subsequent issue
Miscellaneous, unclassified and unaccounted for
5403,735
2,036,842
3,806,753
115,000
947,045
4,303,005
1,236,657
9,347,155
502.384
10,000
1.8
9.0
16.8
.5
4.2
18.9
5.4
41.2
2.2
.0
Total net proceeds, securities registered for the account
100.0
$22,708,576
of Issuer
d These figures are also without deductions for withdrawals and stop orders on
effective registrations.
Registrations Under Federal Securities Act in February
Total $75,940,093-Increase of 13.7% as Compared
With January.
The Federal Trade Commission's monthly summary of
security registrations for February, made public March 18,
shows that 35 registration statements became effePtive
during the month, covering proposed security issues amounting to $75,940,093. The figures are exclusive of reorganization securities. This is an increase of 13.7% in the volume of
financing as compared with January, when there were also
35 statements becoming effective, with total value of $66,769,138. The Commission's summary of March 18 added:
For the first two months of 1934. the total value of proposed issues
permitted to become effective was $142,709.231, as compared with $134.860,492 for the last two months of 1933. an increase of nearly $8.000,000.
Of the February effective registrations, common stocks represented
approximately 68% of the total, bonds 20%, preferred stocks a little less
than 8% and certificates of beneficial interest and participation a little
more than 4%.
-DISTRIBUTION OF TYPE OF SECURITY OF TOTAL GROSS
TABLE 1.
PROCEEDS OF 35 SECURITY REGISTRATIONS EFFECTIVE IN
FEBRUARY 1934, EXCLUDING REORGANIZATION SECURITIES.
Type of Security.
Type of Industry.
These securities represented only four industrial groups-extractive,
imalufacturing, financial and investment, and real estate. The four financial and investment companies accounted for about 50% of the total securities.
The following table shows the distribution by type of Industry of total
brass proceeds of 23 registration statements effective in March, 1934,
excluding reorganization securities.b
tractive industries
At mufacturing industries
Firlands' and investment companies
Real estate
519,904,222
17,895,579
$2,008,643
Cost of selling, distribution, &c
c These figures are also without deductions for withdrawals and stop orders on
emotive registrations.
2.8
a These figures are also without deductions for withdrawals and atop orders on
effective registrations.
Type of Industry.
$4,812,997
4,812,997
Total gross proceeds, securities not now offered for sale
Total net proceeds, securities not now offered for sale
Amount.
10,650,145 324,717,219 100.0
Total
$502,384
4,310.613
Total gross proceeds reserved for subsequent issue
fetal gross proceeds, issued for other than cash
92 Companies
-Mar. 1934.
Jan.
129 Companies yCrt.-Der. 1933.
Organization and development
New company plant construction, &c__ _
Acquisition of assets
Acquisition of capital stock of other cos_
Old co. plant & equipment additions &
betterments
Working capital
Funding, refunding & conversion
Amount.
$24.717,219
Total gross proceeds of securities registered
'Fetal gross proceeds of securities registered for account of others_ _ _ _
Common stock
$51,634,668
Preferred stock
5,980,425
Certificates of participation and beneficial interest and
warrants
3.075,000
Atortgages, debenture and mortgage bonds
15,250,000
Short-term notes
Total
475 940.0s3
Percent of
Total.
67.99
7.88
4.05
20.08
100.00
Seven kinds of business were represented in the February effective registration statements as compared to only four in the January figures. In
February financial and invmtment companies failed to take first place in the
total amount of securities effective for the first time since October. The
electric lighting, power, gas and water company group assumed leadership
for the month with 39.50% of the total as compared to 38.32% for financial
and investment companies. However, the total for the former group Is
represented by the securities of only a single company.
-DISTRIBUTION BY TYI'E OF INDUSTRY OF TOTAL GROSS
TABLE 2.
PROCEEDS OF 35 SECURITY REGISTRATIONS EFFECTIVE IN
FEBRUARY 1934, EXCLUDING REORGANIZATION SECURITIES.
Type of Industry.
Extractive industries
Manuni-turing industries
Einar el il and investment
Merchandising
Construction
Service
Electric lighting, power, gas and water
Total
Percent. of
No. of
Cos.
Amount.
Total.
5
12
13
1
1
2
1
56,174,499
8,626,786
29,101,158
300,000
20,000
1,717,650
30,000.000
8.13
11.37
38.32
.39
.03
2.26
39.50
35
875.940.093
100.00
None of the securities effective in February was registered for the account
of others, hence the entire estimated gross proceeds of these issues, $75,940,093 belongs to the issuer. The estimated not proceeds to be obtained
from these securities was $69,558.149.
Volume 138
TABLE 3.—DISTRIBUTION OF GROSS AND NET PROCEEDS OF SECURITIES REGISTERED AND SECURITIES OFFERED FOR SALE FOR
35 SECURITY REGISTRATIONS EFFECTIVE IN FEBRUARY 1934,
EXCLUDING REORGANIZATION SECURITIES.
Amount.
$75,940,093
Total gross proceeds of securities registered
Total gross proceeds of securities registered for account of others
Total gross proceeds of securities registered for account of issuer
Total net proceeds of securities registered for account of issuer
$75,940,093
69,558,149
$15,233,100
4,192.000
Total gross proceeds, securities not now offered for sale
Total net proceeds, securities not now offered for sale
$19,425,100
19,425,100
Total gross proceeds, securities to be disposed otter cash and selling
expenses
$56,514,993
Total net proceeds, securities to be disposed of for cash and selling
expenses
50,133,049
Cost of selling, distribution, eze
$6,381,944
More than 15 million of these securities were reserved for subsequen1
issue and over four million were to be issued for other than cash. Deductng these figures from the total gross proceeds of the effective statements
leaves $56.514.993 as the total gross proceeds to be disposed of for cash
and selling expenses. Of this sum it is estimated that the issuers will obtain
an actual net of 550,133,049, leaving 56,381,944 as the cost of selling and
distributing of these securities, or 12.7% of the gross total offered for sale
and selling expenses. This is a slightly higher expense rate than in January.
when the cost was between 10 and 11%, but both the January and February
rates were very much below those for October or November.
As in the immediately preceding months, the largest proportion of the
net proceeds to be devoted to any one use is for investment (39.27%).
About 21.5% of the total net is reserved for subsequent issue and 19.10%
was registered for funding, refunding and conversion. New company plant
construction and equipment accounts for 5.81% of the proceeds, working
capital for 6.40%. and the acquisition of assets for 6.52%.
TABLE 4.—DI5TRI13UTION ACCORDING TO PROPOSED USE OF THE
NET PROCEEDS OF SECURITIES REGISTERED FOR THE ACCOUNT
OF ISSUER IN 35 SECURITY REGISTRATIONS EFFECTIVE IN
FEBRUARY 1934, EXCLUDING REORGANIZATION SECURITIES.
Amount.
Per Cent
of Total.
$695.900
4,041.398
4,533,765
100.000
117.000
4,450,573
13,287,011
27,313,002
15,000,000
19,500
1.00
5.81
6.52
.14
.17
6.40
19.10
39.27
21.56
.03
Total net proceeds, securities registered for the account
of issuer
569.558.149
100.00
The figures of registrations in January were pubrshed in
our issue of Feb. 10, page 967.
Passage of Silver Bill Will Be Harmful to China According to Sir Arthur Salter, British Economist.
Passage of the Silver Bill in this country will strike a direct
blow at the recovery of China, says Sir Arthur Salter,
British economist, in his report, "China and Silver." The
report is a condensed version of his official document to
Chinese authorities and will be issued by Economic Forum,
Inc. of New York. It was written after Sir Arthur had spent
some months in China as adviser to its National Economic
Council. According to Sir Arthur those economists who
argue that a rise in the silver price level would benefit China
by increasing the value of her silver stocks, are deluded.
He contends that the slight gain from this source would be
overwhelmingly offset by "blocking her exports and spreading
deflation." He says he does not think China's primitive
mechanism of trade could withstand such deflation without
catastrophe. As proof of his contention, Sir Arthur cities the
fact that China's real economic hardships date, not from the
beginning of the world depression in 1930, but two years
later, as a result of the rising silver price level which occurred
when other nations began to abandon the gold standard.
Sir Arthur says:
During the first two years of the world depression. China was less affected
by it than any other great country . . . because unlike the rest of
the world, her currency was silver not gold. Silver was depreciated in terms
of gold as much as (in fact rather more than) gold appreciated in terms of
commodities. The consequence was that China's internal prices either
remained stable in terms of her own currency, or showed some tendency to
increase, while remaining, nevertheless, on a favorable competitive basis in
terms of gold for external trade. The reduction of external purchasing power
caused some falling off in China's exports, but to a less extent than those of
most other countries. And internal trade WU not depressed, and indeed
tended to expand and thus offset the relatively slight loss on exports.
There can be no doubt that, during this period, the net result of the steady
depreciation of silver was (in spite of arguments of the silver group to the
contrary) of great advantage to China.
A rise in the price of silver would injure, not only China,
but the very silver producers who favor the price increase, he
believes. The reason for this, he points out, is the likelihood
that China eventually would be forced off the silver standard
entirely if the price goes up. He adds:
The principal factor now is the United States's silver policy. It seems
important, therefore, that China (whose real interest in silver is overwhelmingly greater than that of any other nation) should make her position
clear to the Government of that country.
Sir Arthur also assails the idea that China might offset
the evils of a silver price rise by such devices as a suspension
of export duties, and embargo on luxuries, the creation of an
equalization fund, or the substitution of a paper currency.
Other portions of the book deal with the disastrous economic
effect of China's military struggles with Japan and her own
communists.
$6,381,944
Difference between gross and net proceeds
Total gross proceeds reserved for subsequent issue
Total gross proceeds issued for other than cash
Organization and development
New company plant construction, ace
Acquisition of assets
Acquisition of capital stock of other companies
Old company plant & equipment,additions & betterments
Working capital
Funding, refunding and conversion
Investment
Reserved for subsequent issue
Miscellaneous, unclassified and unaccounted for
4051
Financial Chronicle
Final Congressional Approval Given Administration's
Silver Bill—House Concurs in Minor Senate
Amendments, Including Provision that 50% Tax
Applies Only to Refined Silver in Bullion Form—
Move to Add Soldier Bonus Bill as Rider Defeated.
Final Congressional approval of the Administration's silver
bill, providing for a permissive increase in the nation's
monetary stocks so that silver would represent one-fourth
of the value of our monetary reserves, was given on June 13,
when the House, without a record vote, concurred in Senate
amendments to the measure and sent it to President Roosevelt for his signature. The House had originally approved
the bill on May 31 by a vote of 263 to 77, as noted in our
issue of June 2, pages 3699-3700. On June 9 the Senate
agreed unanimously to limit debate after 3 p. m. June 11 to
15 minutes each, and on June 11 the Senate passed the bill
by a vote of 54 to 25.
The most important amendment adopted by the Senate,
and later (June 13) accepted by the House, was that sponsored by Senator Pittman, making the 50% tax on silver
profits apply only to refined silver in bullion form. The
tax, as defined in the original version of the measure, would
have applied to all profits on silver trading. Representative Doughton explained on June 13 that this amendment
was intended to protect those who used silver in commercial
transactions. Another Senate amendment, proposed by
Senator McCarren, provides that silver certificates to be
issued under the bill shall be placed in actual circulation.
Representative Doughton. quoted Herman Oliphant, counsel
to Secretary of the Treasury Morgenthau, as stating that
according to legal phraseology the word "issue" means to
place in circulation. The House concurred in these and
other minor Senate amendments on June 13.
A Washington dispatch on June 11 to the New York
"Times" summarized the chief features of the bill as follows:
Principal Terms of Bill.
The bill's principal provisions are:
1. Authorizes and directs the Secretary of the Treasury to buy silver
at home and abroad at such rates, times and terms as he deems reasonable
and most advantageous to the public interest. Such purchases not to be
made at a price in excess of the monetary value, and in the case of silver
in the United States at a price of not more than 50 cents a fine ounce.
2. Authorizes the Secretary of the Treasury, with approval of the President,to sell silver acquired under the terms of the Act whenever the market
price exceeds the monetary value, whenever the government stocks are
more than 25% of the monetary stocks of gold and silver: provided the
sales do not reduce the silver required as security for outstanding silver
certificates.
3. Authorizes and directs the Secretary of the Treasury to issue silver
certificates in such denominations as he may prescribe, the face value of
the certificates to be not less than the cost of all the silver bought under
the terms of the Act. Makes all silver certificates legal tender and redeemable on demand of the Treasury in standard silver dollars.
Penalties Are Provided.
4. Vests in the Secretary of the Treasury, with approval of the President,
power to investigate, regulate or prohibit the acquisition, importation, exporation or transportation of silver and to require reports as to the facts
involved. This authority can be exercised only when necessary to effectuate the policy of the law. Violations of licenses, orders, rules and regulations issued under this provision are made criminal offenses.
5. Authorizes the President, by executive order, to require the delivery
of silver to the mints regardless of who the owner or holder of the metal
may be or where the silver may be situated. Silver withheld in violation
of this provision to be forfeited to the government and the person withholding the metal to be subject to a penalty equal to twice the monetary
value of the silver. This is the anti-hoarding clause.
6. Amends the stamp Act provisions of existing law to provide a transfer
tax on silver equal to 50% of the difference between the cost of the transfer
or plus allowed expenses and the price received. The Pittman amendment
adopted to-day would make this provision apply only to refined silver in
bullion form.
An appropriation of $500,000 is authorized to carry out provisions of
the legislation.
Indicating the Senate action on the bill June 11, the same
account said:
All efforts toward major amendments, including one to tack on the Pat..
man Full Bonus Payment Bill as a rider, failed by decisive majorities. . . .
The final hours of debate disclosed the Administration forces holding
their lines with substantial Republican support. On the vote to pass the
bill, the regular Republicans voted as a unit against the bill and the Progressives stood with the Democrats.
Six Democrats, including Copeland and Wagner of New York, voted
against the bill. The others who cast negative votes were Senators Glass
of Virginia, Gore of Oklahoma, Brown of New Hampshire and Walsh
of Massachusetts.
An amendment that would have exempted liquors from the provisions
of the reciprocal tariff bill and permitted the President to lower duties to
any extent he desired was proposed by Senator Gore and defeated without
a roll-call.
4052
Financial Chronicle
Senator Long of Louisiana offered a sixteen-to-one amendment. It was
rejected, 59 to 18. Two amendments were adopted. One was by Senator
Pittman of Nevada to make the tax provision apply only to refined silver
In bullion form. The other, by Senator McCarren, also Nevada, provides
that silver certificates issued under the provisions of the Act shall be placed
In actual circulation.
Thomas Proposal Is Defeated.
Both were adopted without roll-calls and the House is expected to raise
no objection to them.
The first test of Administration strength came on an amendment by
Senator Thomas of Oklahoma to require the silver to be taken into the
reserves on the basis of its market value instead of its monetary value, as
the bill provides. This would have increased materially the amount of
silver that could be bought. The amendment was defeated 65 to 17.
The "free silver" proposal came up next. The amendment provided
for free coinage of silver between any ratio the President might fix provided
it was not greater than 70 to 1 and not less than 16 to 1.
Senators voting for it were Adams, Ashurst, Bone, Caraway, Costigan,
Erickson, Long, McGill, Overton, Thomas of Oklahoma and Wheeler.
Democrats, and Borah, Cutting, Frazier. La Follette, Norbeck and Nye,
Republicans. The other affirmative vote was cast by Senator Shipstead,
Farmer-Labor, of Minnesota.
After the amendments by the Nevada Senators were agreed to, Senator
Shipstead of Minnesota proposed the amendment to add the Patman
Bonus Payment Bill as a rider.
The vote on the bonus amendment was 31 in favor to
51 against it.
Treasury Reports Unprecedented Demand for Small
Silver Coins—Interpreted as Reflecting Improvement in General Business.
The Treasury on June 11 reported an unusual demand for
quarter-dollars and half-dollars which has sprung up within
the last few months,and which is unprecedented for this time
of the year. The Treasury interpreted the demand as
reflecting improvement in general business, particularly in
small business.
"Shipments of subsidiary coins, including half dollars, quarters, dimes,
nickels and cents, from the mints amounted to $3,603,000 from January of
this year to May 31, which exceeds by more than $1,300,000 all the shipments in the same five months for the 13 years prior to this
year," the
Treasury statement said.
"The extraordinary demand for 'change' has put the Philadelphia
mint
on a three-shift basis and coinage operations have been speeded up
at the
Denver and San Francisco Mints.
"The greatest demand is for quarter-dollars. Shipments in 1934 from
the mints of quarters alone up to May 31 have amounted to
$1,465,000,
while for the same months in the 13 prior years shipments of quarters had
amounted only to $435,000.
"Production of copper cents, of which 82.650,000 ($826,500) have been
shipped since Jan. 1. is just keeping abreast of the demand. Of quarters
there is a real shortage and orders are being rationed instead of being shipped
In full.
"Lost Friday night there was only $1,000 in quarters at the Philadelphia
Mint, but Treasurer Julian had orders for immediate shipment of $392,000
of them. A rush order from Detroit was filled by shipment from Denver,
though ordinarily Detroit's supply comes from Philadelphia.
"The demand is also heavy for half
-dollars. Although the Treasury's
records show $435,000 in half
-dollars as having been shipped from the
mints this year, the New York Federal Reserve Bank supplied to banks in
Its territory and shipped to other Federal Reserve regions $1,580,000 of
them, drawn mostly from its own reserve stocks. Distribution from the
mints in the first five months of the previous 13 years combined had been
only $670.000 of these coins."
Silver Bought in London "Largest Single Shipment
of Its Kind" Says Secretary Morgenthau.
Associated Press advices, June 11, from Washington
stated:
The Treasury has imported 5.000,000 ounces of silver from London and
has it stored at the New York Assay Office.
Secretary Morgenthau described it as "the largest single shipment of its
kind." The metal came on the President Harding and was taken directly
to the Assay Office last week.
The silver was presumed to be part of the metal referred to by President
Roosevelt in his message to Congress advocating the Silver bill. The
President said at that time that some silver had been purchased. It was
understood to have been paid for in gold out of the stabilization fund.
Senate Agricultural Committee Approves House Bill
Providing for Control of Tobacco Production
Through Penalty Tax.
The Senate Agricultural Committee on June 12 approved
a House bill designed to control tobacco production through
taxation. The Committee made no changes in the measure,
which is similar to the Bankhead Cotton Control bill passed
earlier in the current session. The bill authorizes the
Secretary of Agriculture to impose a tax of 33 1-3% of the
selling price on tobacco growers who refuse to abide by
quotas assigned by the Agricultural Adjustment Administration. At his discretion, the Secretary could lower the
tax to 25%. The AAA would issue tax exemption warrants
to growers who signed agreements to limit output to the
quotas. In certain countries where the production agreements did not provide an equitable distribution the Secretary could increase quotas by 5%. The tax would be
applied on all tobacco harvested in the crop year 1934-35,
except Maryland tobacco, Virginia sun-cured and cigar-leaf
tobacco.
June 16 1934
Senate Approves Bill Granting"New Deal" to Indians—
Sets Up $10,000,000 Revolving Fund to Make Loans
to Tribes as Business Corporations—President
Roosevelt Urges Enaction of Measure.
The Senate on June 12 approved an Administration bill
designed to provide for "a new standard of dealing between
the Federal Government and its Indian wards," and to
establish a $10,000,000 revolving fund to make loans to
Indian tribes. The bill, sponsored by Senator Wheeler
and Representative Howard, was then sent to the House
for its consideration.
The measure provides that Indian tribes may organize
as business corporations for the purpose of purchasing land,
preventing its sale, and carrying on general business. In
addition to the $10,000,000 revolving fund, the bill would set
aside $2,000,000 annually to allow the Secretary of the Interior to acquire land and water rights for the Indians, and
would provide a sum of $250,000 each year to defray tuition
of Indians in high schools and colleges. The Department of
the Interior is authorized to formulate regulations under
which Indians may enter the Indian Service, from which
they have hitherto been barred. A committee report on
the bill said that under the operation of the so-called "allotment system," the land holdings of Indians have steadily
declined and many Indians have become entirely landless.
President Roosevelt on April 28 wrote to Senator Wheeler,
describing the bill as "a measure of justice that is long overdue." After expressing his hope that the measure would be
approved at this session of Congress, the President said:
The continuance of the allotment laws, under which Indian wards have
lost more than two-thirds of their reservation lands, while the cost of Federal
administration has mounted steadily, must be terminated.
The purposes of the bill were set forth as follows in the
Committee report:
(1) To stop the alienation, through action by the Government or the
Indian, of such lands, belonging to ward Indians, as are needed for the
Present and future support of these Indians.
(2) To provide for the acquisition, through purchase, of land for Indians, now landless, who are anxious and fitted to make a living on such
land.
(3) To stabilize the tribal organization of Indian tribes by vesting such
tribal organizations with real, though limited, authority, and by prescribing conditions which must be met by such tribal organizations.
(4) To permit Indian tribes to equip themselves with the devices of
modern business organization, through forming themselves into business
corporations.
(5) To establish a system of financial credit for Indians.
(6) To supply Indians with means for collegiate and technical training
in the best schools.
(7) To open the way for qualified Indians to hold positions in the Federal
Indian Service.
House and Senate Approve Conference Report on
Administration's Communications Control Bill—
Measure Creates Seven-man Commission to Assume
Regulatory Control of All Wire and Radio Services.
Congressional approval of the Administration's Communications bill was completed on June 9, when the Senate and
House both approved a conference agreement and sent the
measure to the White House for President Roosevelt's signature. The bill was originally approved by the House on
June 2, as noted in our issue of June 9 (pages 3876-77) after
the Senate had passed a similar measure on May 15. As
finally approved on June 9, the bill creates a new Federal
Communications Commission to assume the regulatory functions over communications which were formerly exercised by
the Federal Radio Commission and the Inter-State Commerce
Commission.
The new Commission (to be known as the Federal Communications Commission) will be composed of seven members, and is designed to regulate inter-State and foreign commerce in wire and radio communications so as to make available to the people of the United States "rapid, efficient,
nation-wide and world-wide wire and radio." Charges were
made before the conference report was adopted that the Administration was seeking through the bill to control the radio
and was violating the freedom of the press.
A Washington dispatch, June 9, to the New York "Herald
Tribune" noted final congressional approval of the measure
as follows:
Acceptance of the agreement, which in effect amounted to the Dill bill as
passed by the Senate and embodying important radio amendments, was accomplished in the House only after a vigorous fight. After Representative Schuyler Bland, Democrat of Virginia, Chairman of the House Merchant Marine
Committee, had sought unsuccessfully to hold up the conference report on a
point of order on the ground that it amounted to amendment to the Radio
Act of 1927 that the House had never considered, the members heard the
charge that the Administration was attempting to control the radio.
McFadden Assails Bill.
It came from Representative Louis T. McFadden, Republican of Pennsylvania, who agreed with Chairman Bland that the conference report had
turned out to be a radio bill which had not been considered by the Merchant
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Financial Chronicle
Marine Committee, the House group heretofore charged with consideration of
radio measures.
Mr. McFadden further charged that the communications bill had been
"railroaded" through the House after scant consideration by the Inter-State
Commerce Committee, with the intention of actually writing the measure in
conference.
Mr. McFadden told of the introduction of the bill simultaneously with a
message from the President. It was delivered to the Committee on InterState and Foreign Commerce, of the House, and a similar committee of the
Senate.
"The Inter-State and Foreign Commerce Committee of the House," he said,
"had never had jurisdiction over the question of radio. The Merdaant Marine,
Radio and Fisheries Committee had. It is only fair to say the members of
that Committee did not have time to fairly consider this bill; notwithstanding the assurance of the Chairman, Mr. Rayburn, that there was nothing in
the House bill that affected the present radio law—and by that statement
he was giving the House assurances that nothing in this bill was to change
existing law."
Interrupting, Chairman Rayburn asked:
_
"The gentleman does not undertake to say that I said there would not be
anything in the conference report."
"No, I did not say that, but the gentleman was in close enough touch with
this general situation," continued Mr. McFadden, "to know in advance practically what was to be done in the conference.
"So here we find ourselves in the predicament of considering one of the
most important bills that could possibly come before this House, without any
consideration on the part of the House, putting it through here in a few
minutes. It is fair example of what we may expect under the administration
of this communications law.
The effect of the amendments, he said, was to restrict home financing to
the building and loan associations and to frustrate the attempt of the Administration to obtain a free flow of capital into home building at reasonable
costs.
Important Changes Made.
Three important alterations were made by the House Committee. One
eliminated the privately-financed hut Federally supervised national mortgage
associations whose creation would have been authorized for the purpose of
buying mortgages. Mr. Daiger scouted the fear of the small building and
loan associations that these mortgage associations would put them out of
business.
•
Another change struck out the authorization given to member banks of the
Federal Reserve System to carry insured mortgages. Mr. Daiger explained
that the Administration program removed the old objections to the issue of
mortgages by banks by setting up a ready market for mortgages to be
amortized over a fixed period of years in place of the old short-term bank
mortgages.
In Washington advices, June 9, to the New York "Times"
It was stated:
The bill re-enacted, with modernizing revisions, practically all of the
Radio Act of 1927, and likewise took over from the Inter-State Commerce
Commission Act, with revisions, the part dealing with regulations of the
telephone and telegraph.
A new provision is the assertion of full control over all wire and radio
communications by the Government in case of war or "public peril." Under
this section the President would have authority to take over all wire and
radio offices and stations with just compensation to persons entitled thereto.
The provision referred to above was accepted by the conference committee
from the Senate bill as one of the many swaps required to bring the two
measures together. In its long and involved form the bill contained many
differences between the House and Senate versions.
From the same account we quote:
By signing the Communications Act, Mr. Roosevelt will decree the end of
the Federal Radio Commission and transfer to a new seven-member board,
known as the Federal Communications Commission, all the duties now performed by the former relating to radio and all control now exercised by the
Inter-State Commerce Commission over telephonic and telegraphic communications.
The new Arrangement, according to the declaration of Congress as set
forth in the bill, is for the purpose of regulating inter-State and foreign
commerce in wire and radio communications, so as to make available, so far
as possible, to all the people of the United States a rapid, efficient, nationwide and world-wide wire and radio.
A further aim is service with adequate facilities at reasonable charges
and the maintenlance of an arm of national defense. A more effective execution of this policy is sought by centralizing authority, heretofore granted
by law to several agencies, and by granting additional authority with respect
to inter-State and foreign commerce in wire and radio communications.
Between $5067Construction—
States Must Appropriate an Additional $250,000,000
The House and Senate on June 9 both approved a conference report on the Cartwright bill, designed to provide funds
for a three-year program of road construction. The measure
as sent to the White House authorizes Federal appropriations
of between $500,000,000 and $600,000,000, together with another $250,000,000 to be appropriated if individual States together appropriate an equal amount. Chairman Cartwright,
of the House Roads Committee, who originally introduced the
bill, said on June 9 that the measure as approved was "far
beyond our expectations." His bill had originally called for
$460,000,000 to be expended as Congress saw fit, without the
necessity of States appropriating any matching funds. Associated Press Washington advices of June 9 described the final
form of the bill as follows:
Congress Approves Bill Appropriating
000,000 and $600,000,000 for Road
Although that figure was pared down to $224,000,000, Congress went muds
further in providing for continuing the normal Federal aid program in the
1936 and 1937 fiscal years. To that end, the measure carried authorization
for $125,000,000 to be appropriated each of those years, upon condition the
States match it with an equal amount.
In addition, for each of the same two years, $10,000,000 is provided for
forest highways, $2,500,000 for main roads through public lands, $7,500,000
4053
for roads and trails in national parks, and $4,000,000 for Indian reservation
roads.
The $224,000,000 that does not have to be matched includes $200,000,000
for roads in States, 25% of which must be spent on socalled "feeder" roads
unless State laws prohibit, and $24,000,000 for national park and other
Government land roads.
House Passes Housing Bill—Restores Provision for
National Mor gage Association Which Had Been
Eliminated in Committee—Bond Issuing Power
of HOLC Increased from $2,000,000,000 to $3,500,000,000—Provides for Creation of HCIC.
The Administration's Housing Bill was approved by the
House of Representatives on June 13 by a vote of 176 to 19,
after it had restored to the measure by a vote of 147 to 90
a section providing for privately financed National mortgage associations. This section, considered one of the most
important parts of the bill, was eliminated by the House
Banking and Currency Committee before the bill was favorably reported on June 8.
Although the restoration of this section was regarded as
an Administration victory, the House retained in the bill
the Committee's provision increasing the borrowing power
of the Home Owners' Loan Corporation by $1,500,000,000,
of which $500,000,000 is set aside for loans to building and
loan associations and Federal savings and loan associations.
The Senate Banking and Currency Committee on June
14 favorably reported a Housing bill which differed in several
important respects from the measure which was passed by
the House. It was anticipated that these differences might
necessitate sending the bill to conference after Senate approval.
The bond-issuing authority of the HOLC in the bill as
passed by the House is $3,500,000,000, instead of $2,000,000,000 as originally proposed by Administration spokesmen.
We quote below in part from a Washington dispatch cf
June 13 to the New York "Times," describing final House
action on the measure and its principal provisions:
A motion to restore the controversial Title II, which contained the
original plan for a series of gigantic National mortgage associations, each
with a capital of not less than $5,000,000. was offered by Representative
Sisson of New York.
The result, however, was that the measure, as it went to the Senate.
contained two "Titles II." The original Administration provision called
for the government-supervised, independent associations through which
relief would be offered to home-owners, while the Committee plan set up
Federal machinery to lend money to building and loan associations and
other such agencies through the purchase of stock, notes, and so on.
House leaders said they expected the Senate to reject the Committee
plan, and if the Senate did not do so, they felt certain the proposal would
be eliminated in conference.
The term "home mortgage" was defined, on motion of Representative
Sabath of Illinois, as that applying to a leasehold under renewable lease
upon which there are situated one or two dwellings for occupancy by not
more than six families. The dwelling or dwellings shall have a value of
not more than $20,000.
The tax-exemption feature of the Administration Title II, which eliminated all Federal taxes of the National mortgage associations, was stricken
out on a viva voce vote on motion of Representative Brown of Michigan.
The House voted rapidly against many other amendments, and at times
when discussion threatened to be prolonged, debate was shut off by one
of the members in charge of the bill.
The other major sections of the housing measure, in brief, are as follows.
Home Credit Insurance Corporation.
An HCIC would be set up with a board of directors of from 5 to 7 members selected from existing boards, commissions or executive departments.
The Corporation would have a capital of $200,000,000 subscribed by the
Treasury, the notes and debentures to be fully guaranteed by the Government.
The Corporation would insure financial institutions, such as banks,
insurance companies and finance corporations, against loss on loans to
real estate owners for the purpose of making alterations and improvements,
but such loans would be limited to $2,000, and the Government insurance
would be limited to 20% of the total of such loans carried by any lending
institution. This insurance would be confined to obligations made for
the above purposes, entered into after the passage of the Act and prior to
Jan. 1 1936.
Insurance for Mortgages.
Insurance also would be provided on amortized mortgages on "owner
occupied buildings" and for low-cost housing projects. The owner-occupied
buildings would be limited to an appraised value of $20,000 and the lowcost housing projects to $5,000,000.
No mortgage on existing buildings occupied by the owner could be in
excess of 60% of appraised value and new buildings would be limited to
80% of the appraised value.
h.The bill proposes to furnish additional funds to the HOLC and to building and loan associations, through the expansion of the HOW capital
from $2,000,000,000 to $3,500,000,000.
Is Of this amount, $500,000.000 would be earmarked for the use in the
modernization of existing homes, refinancing of mortgages and so on
through the investment of Federal funds in building and loan associations,
savings banks and insurance companies. None of these funds, the bill
Provides, could be used by the institutions to which they were advanced
for the purpose of paying off depositors or investors, or to most any other
credit obligations.
The rest of the expanded funds, or $1,000,000,000, would be used by the
HOLC to carry on the purpose of the Act creating the agency "for the
relief of distressed home owners."
To Insure Savings Deposits.
The bill provides for the insurance of deposits in building and loan
associations, along lines analogous to the Bank Deposit Insurance Act.
An insurance corporation would be set up with a capital of 3100.000.000
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Financial Chronicle
subscribed and paid for in the bonds of the HOLC. All Federal savings
and loan associations and all building and loans, savings and loans, homestead associations and co-operative banks organized and operated under
the laws of any State or Territory would be eligible.
No account would be insured for more than $2,500. and each insured
Institution would pay A of 1% for all its accounts until a reserve shall have
been accumulated which totals 5% of all insured accounts, plus other
creditor obligations of all insurance institutions.
In addition, the Corporation could assess insured institutions an annual
premium of M of 1% on all accounts to meet losses and expenses.
BankDeposit Insurance Bill Ready for President
Roosevelt's Signature as House and Senate Approve Conference Report—Temporary Insurance
Extended One Year, with Maximum Amount Raised
to $5,000.
President Roosevelt is expected to sign the bank deposit
insurance bill in the near future, it was announced in Washington yesterday (June 14). The measure was sent to
the White House on June 12 when the Senate adopted the
conference report which had been accepted by the House
on the preceding day (June 11). Agreement by conferees
on the most important controversial features of the bill was
noted in our issue of June 9, page 3876. The bill extends
the temporary Federal deposit insurance law for one year
from July 1, covering deposits as large as $5,000, as compared with a maximum of $2,500 in the original law. It
also authorizes the RFC to purchase and lend on assets
in banks closed between Dec. 31 1929 and Jan. 31 1934,
with assets appraised "in anticipation of an orderly liquidation over a period of years rather than on the basis of
forced selling values in a period of business depression."
The bill provides that banks which are members of the
FDIC but not of the Federal Reserve System may have
until 1937 to become members of the latter. The deposit
insurance plan is extended to include Alaska and Hawaii,
and a separate fund is established for the insurance of
deposits in mutual savings banks.
Presidentlf Roosevelt's Message to Congress Outlining
Program Involving Housing, Old Age and Unemployment Insurance, National Planning for Use
of Land and Water Resources.
Since we were unable to make room for it a week ago, we
are giving here the message addressed by President Roosevelt to Congress on June 8, in which he outlined a program of
social reform which embraces, as we noted in our issue of
June 9, page 3880:
(1) Provision for adequate housing facilities, to be obtained through cooperation of the Federal Government with private agencies.
(2) National planning to direct the use of the nation's land and water
resources so that people may locate their homes where they can engage in
productive work.
(3) Security against the hazards and vicissitudes of life.
As to the last-named, the President stated that"next winter
we may well undertake the great task of furthering the
security of the citizen and his family through social insurance." With respect thereto, the President told Congress that
"I am looking for a sound means which I can recommend to
provide at once security against several of the great disturbing factors in life—especially those which relate to unemployment and old age. I believe there should be a maximum
of co-operation between States and the Federal Government."
In part, the President also said:
I believe that the funds necessary to provide this insurance should be raised
by contribution rather than by an increase in general taxation. Above all, I
am convinced that social insurance should be national in scope, although the
several States should meet at least a large portion of the coat of management,
leaving to the Federal Government the responsibility of investing, maintaining and safeguarding the funds constituting the necessary insurance reserves.
I have commenced to make, with the greatest care, the necessary actuarial
and other studies for the formulation of plans for the consideration of the
Seventy-fourth Congress.
Reference was made by the President in his message, as
was observed in our item last week, to the pending housing
bill, as to which he expressed the hope that it be approved
before the adjournment of Congress. In full, the President's
message follows:
To the Congress of the United States:
You are completing a work begun in March 1933, which will be regarded
for a long time as a splendid justification of the vitality of representative
government. I greet you and express once more any appreciation of the
co-operation which has proved so effective.
Only a small number of the items of our program remain to be enacted,
and I am confident that you will pass on them before adjournment. Many
other pending measures are sound in conception, but must, for lack of time
or of adequate information, be deferred to the session of the next Congress.
In the meantime, we can well seek to adjust many of these measures into
certain larger plans of governmental policy for the future of the nation.
You and I, as the responsible directors of these policies and actions, may,
with good reason, look to the future with confidence, just as we may look to
the past 15 months with reasonable satisfaction.
On the side of relief we have extended material aid to millions of our
fellow citizens.
June 16 1934
On the side of recovery we have helped to lift agriculture and industry
from a condition of utter prostration.
But, in addition to these immediate tasks of relief and recovery, we have
properly, necessarily and with overwhelming approval determined to safeguard these tasks by rebuilding many of the structures of our economic life
and of reorganizing it in order to prevent a recurrence of collapse.
It is childish to speak of recovery first and reconstruction afterward. In
the very nature of the processes of recovery we must avoid the destructive
influences of the past. We have shown the world that democracy has within
it the elements necessary to its own salvation.
Less hopeful countries where the ways of democracy are very new may
revert to the autocracy of yesterday. The American people can be trusted
to decide wisely upon the measures to be taken by the Government to eliminate the abuses of the past and to proceed in the direction of the greater good
for the greater number.
Our task of reconstruction does not require the creation of new and strange
values. It is rather the finding of the way once more to known, but to
some degree forgotten, ideals and values. If the means and details are in
some instances new, the objectives are as permanent as human nature.
Among our objectives I place the security of the men, women and children
of the nation first.
Security for Individual and Family.
This security for the individual and for the family concerns itself primarily
with three factors. People want decent homes to live in; they want to
locate them where they can engage in productive work; and they want some
safeguard against misfortunes which cannot be wholly eliminated in this
man-made world of ours.
In a simple and primitive civilization homes were to be had for the
building. The bounties of nature in a new land provided crude but adequate
food and shelter. When land failed, our ancestors moved on to better land.
It was always possible to push back the frontier, but the frontier has now
disappeared. Our task involves the making of a better living out of the
lands that we have.
So, also, security was attained in the earlier days through the interdependence of members of families upon each other and of the families within
a small community upon each other. The complexities of great communities and of organized industry make less real these simple means of security.
Therefore, we are compelled to employ the active interest of the nation as a
whole through government in order to encourage a greater security for each
individual who composes it.
Problem of Hovering.
With the full co-operation of the Congress we have already made a serious
attack upon the problem of housing in our great cities. Millions of dollars
have been appropriated for housing projects by Federal and local authorities,
often with the generous assistance of private owners. The task thus begun
must be pursued for many years to come. There is ample private money for
sound housing projects; and the Congress, in a measure now before you, can
stimulate the lending of money in the modernization of existing homes and
the building of new homes. In pursuing this policy we are working toward
the ultimate objective of making it possible for American families to live as
Americans should.
National Policy for Development of Land and Water Resources.
In regard to the second factor, economic circumstances and the forces of
nature themselves dictate the need of constant thought as to the means by
which a wise Government may help the necessary readjustment of the population. We cannot fail to act when hundreds of thousands of families live
where there is no reasonable prospect of a living in the years to come. This
is especially a national problem. Unlike most of the leading nations of the
world, we have so far failed to create a national policy for the development
of our land and water resources and for their better use by those people who
cannot make a living in their present positions. Only thus can we permanently eliminate many millions of people from the relief rolls on which
their names are now found.
The extent of the usefulness of our great natural inheritance of land and
water depends on our mastery of it. We are now so organized that science
and invention have given us the moans of more extensive and effective attacks
upon the problems of nature than ever before. We have learned to utilize
water power, to reclaim deserts, to recreate forests and to redirect the flow
of population. Until recently we have proceeded almost at random, making
many mistakes.
There are many illustrations of the necessity for such planning. Some
sections of the Northwest and Southwest which formerly existed as grazing
land were spread over with a fair crop of grass. On this land the water
table lay a dozen or 20 feet below the surface, and newly-arrived settlers put
this land under the plow. Wheat was grown by dry farming methods. But
in many of these places to-day the water table under the land has dropped
to 50 or 60 feet below the surface, and the top soil in dry seasons is blown
away like driven snow. Falling rain, in the absence of grass roots, filters
through the soil, runs off the surface, or is quickly reabsorbed into the atmosphere. Many million acres of such land must be restored to grass or trees if
we are to prevent a new and man-made Sahara.
At the other extreme, there are regions originally arid which have been
generously irrigated by human engineering. But in some of these places
the hungry soil has not only absorbed the water necessary to produce magnificent crops but so much more water that the water table has now risen
to the point of saturation, thereby threatening the future crops upon which
many families depend.
Human knowledge is great enough to-day to give us assurance of success
In carrying through the abandonment of many millions of acres for agricultural use and the replacing of these acres with others on which at least a
living can be earned.
The rate of speed that we can usefully employ in this attack on impossible
social and economic conditions must be determined by business-like procedure.
It would be absurd to undertake too many projects at once or to do a patch
of work here and another there without finishing the whole of an individual
project. Obviously, the Government cannot undertake national projects in
every one of the 435 Congressional districts, nor even in every one of the 48
States. The magnificent conception of national realism and national needs
that this Congress has built up has not only set an example to large vision
for all time but has almost consigned to oblivion our ancient habit of pork.
barrel legislation ; to that we cannot and must not revert. When the next
Congress conrenes I hope to be able to present to it a carefully considered
national plan, covering the development and the human use of our national
resources of land and water over a long period of years.
In considering the cost of such a program it must be clear to all of us that
for many years to come we shall be engaged in the task of rehabilitating many
hundreds of thousands of our American families. In so doing we shall be
decreasing future costs for the direct relief of destitution. I hope that it
will be possible for the Government to adopt as a clear policy to be carried
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Financial Chronicle
out over a long period, the appropriation of a large, definite, annual sum
so that work may proceed year after year, not under the urge of temporary
expediency but in pursuance of the well-considered rounded objective.
Social Insurance.
The third factor relates to security against the hazards and vicissitudes
of life. Fear and worry based on unknown danger contribute to social
unrest and economic demoralization. If, as our Constitution tells us, our
Federal Government was established, among other things, "to promote the
general welfare," it is our plain duty to provide for that security upon
which welfare depends.
Next winter we may well undertake the great task of furthering the
security of the citizen and his family through social insurance.
This is not an untried experiment. Lessons of experience are available
from States, from industries and from many nations of the civilized world.
The various types of social insurance are interrelated; and I think it is difficult to attempt to solve them piecemeal. Hence, I am looking for a sound
means which I can recommend to provide at once security against several
of the great disturbing factors in life—especially those which relate to
unemployment and old age. I believe there should be a maximum of cooperation between States and the Federal Government. I believe that the
funds necessary to provide this insurance should be raised by contribution
rather than by an increase in general taxation. Above all, I am convinced
that social insurance should be national in scope, although the several States
should meet at least a large portion of the cost of management, leaving to
the Federal Government the responsibility of investing, maintaining and
safeguarding the funds constituting the necessary insurance reserves.
I have commenced to make, with the greatest care, the necessary actuarial
and ether statues necessary for the formulation of plans for the consideration
of the Seventy-fourth Congress.
These three great objectives—the security of the home, the security of
livelihood, and the security of social insurance—are, it seems to me, a minimum of the promise that we can offer to the American people. They constitute a right which belongs to every individual and every family willing to
work. They are the essential fulfilment of measures already taken toward
relief, recovery and reconstruction.
This seeking for a greater measure of welfare and happiness does not indicate a change in values. It is rather a return to values lost in the course
of our economic development and expansion.
Ample scope is left for the exercise of private initiative. In fact, in the
process of recovery, I am greatly hoping that repeated promises that private
Investment and private initiative to relieve the Government in the immediate
future of much of the burden it has assumed will be fulfilled. We have not
Imposed undue restrictions upon business. We have not opposed the incentive
of reasonable and legitimate private profit. We have sought rather to enable
certain aspects of business to regain the confidence of the public. We have
sought to put forward the rule of fair play in finance and industry.
It is true that there are a few among us who would still go back. These
few offer no substitute for the gains already made nor any hope for making
future gains for human happiness. They loudly assert that individual liberty
Is being restricted by government, but when they are asked what individual
liberties they have lost they are put to it to answer.
We must dedicate ourselves anew to a recovery of the old and sacred
possessive rights for which mankind has constantly struggled—homes, livelihood and individual security. The road to these values is the way of
progress. Neither you nor I will rest content until we have done our utmost
to move further on that road.
FRANKLIN D. ROOSEVELT.
The Whit: House, June 8 1934.
Message of President Roosevelt to Congress Asking for
Appropriation of $525,000,000 to Finance Drouth
ReNef—Outlines Seven-point Program to Dispense
Funds Through Government Agencies—Plans Include Purchase of Livestock, Funds for Seed
Purchases, Emergency Work Camps, &c.—Senate
Committee Cuts Fund to $450,000,000.
President Roosevelt, in a special message to Congress, on
June 9, requested an appropriation of $525,000,000 to be used
for purposes of drouth relief. In discussing the drouth situation, the President pointed out that a serious problem has
arisen because of a threatened shortage of animal feed over a
wide area. He said that the Federal Government has already
taken "prompt and vigorous action" to meet the emergency,
but added that future rainfall cannot restore more than a
small part of the damage to crops and livestock. He outlined
a program of relief to be carried out by the existing agencies
of the Department of Agriculture, the Federal Emergency
Relief Administration and the Farm Credit Administration,
and sought the funds for use in the following seven
categories:
.
......... $125000000
For human relief ......
of livestock..— ..-.........----- -.
."
75 )
."
Distribution of purchased cattle and beef------------------------------ 100.000,000
-------100,000,000
Loans to farmers to finance teed purchases
50,000.000
Ile-locating destitute farm families
Work camps in drouth areas
60.000.000
25,000.000
Seed purchases
Purchase
Total
S528.000,000
The President assured Congress that only such portion of a
relief appropriation would be used as proved absolutely necessary. He concluded by stating that the Administration is
dealing with "a rapidly changing problem," and that the
authorization "should be flexible so that funds can be allotted
to the several Federal agencies as required." A reference
to the President's plans for drouth relief appeared in our
June 9 issue, page 3882. The President's message of June 9
follows:
To the Congress of the United States:
Unforeseen drouth has visited disaster upon a large part of our country.
Prompt and vigorous action to meet the emergency has been taken by the
Federal Government through Its various agencies. But the situation has
become more grave as rainfall shortage has continued. Future rainfall cannot
4055
restore more than a small part of the damage to crops and live stock. An
especially serious problem has developed because, while there is no prospect
of shortage of human food, a shortage of animal feed threatens over a wide
area. This is causing losses to farmers and regions dependent upon the live
stock industries. Large-scale assistance by the Federal Government is necessary to protect people in the stricken regions from suffering, to move feed to
live stock, and live stock to feed, and to acquire and process surplus cattle
to provide meat for relief distribution.
Organizations already exist in the Department of Agriculture, the Federal
Emergency Relief Administration, and the Farm Credit Administration to
carry on the emergency program.
To finance operations of the magnitude planned, further funds are needed.
After a conference with members of Congress from the affected regions, a
program along seven lines has been devised to meet the situation. These
proposals and the funds required, as estimated at this time, are:
1. $125,000,000 for special work program and human relief.
2. $73,000,000 for live stock purchase in addition to the funds already
available under the Jones-Connally Act.
3. $100,000,000 for shipping, processing and relief distribution of purchased cattle.
4. $100,000,000 for loans to farmers to finance emergency feed purchases
and shipments.
5. $50,000,000 for emergency acquisition of submarginal farms and assistance in relocating destitute farm families.
6. $50,000,000 for work camps to afford employment in the drouth area
for young Iran principally from cities and towns.
7. $25,000,000 for purchase of seed for 1935 plantings, and for loans to
get seeds into farmers' hands.
These wholly tentative estimates have been made upon the basis of present
and probable conditions. I believe the present emergency can be effectively
met by the appropriation of $525,000,000. Only such portion, of course, will
be used as becomes absolutely necessary. We are dealing with a rapidly
changing problem, and it is important that the authorization should be
flexible so that funds can be allotted to the several Federal agencies as
required.
FRANKLIN D. ROOSEVELT.
The White House, June 9 1934.
Drouth relief funds were reduced to $450,000,000, a de375,000,000from the amountrecommended by Prescrease of.
ident Roosevelt,in the deficiency bill reported by the Senate
Appropriations Committee on June 13. The measure, which
provideslfunds for carrying out the Federal public works
and relief programs, specified total appropriations of $1,653,000,000 as reported by the Senate Committee. This is
$475,000,000 more than provided in the House bill.
Harry L. Hopkins, Federal Emergency Relief Administrator, on June 10 allocated $1,300,000 to relief drouthstricken farmers in five States.
Reciprocal Tariff Bill Signed by President Roosevelt—
Executive and Secretary of State Hull Both Express
Hope Measure Will Aid in Restoring International
Trade—Warn That Patience Is Required—Penalty
Duties Ended.
President Roosevelt on June 12 signed the reciprocal tariff
bill, giving him authority to conclude trade agreements with
other nations, under which he may lower or raise any existing tariff rates by as much as 50%. Final Congressional approval of the measure was noted in our issue of June 9 (pages
3874-75). The bill was signed at 0.15 P. M. and became effective immediately, automatically repealing a number of
the so-called "penalty" rates imposed under the Tariff Act of
1930 against countries which had charged higher rates on
certain American exports than the United States collected
against similar products. The late hour for signing the
measure was fixed, it was explained at the White House, in
order that all customs houses might be closed for the day, so
that all could begin operations under new administrative
regulations on June 13. Secretary of State Hull, Chairman
Harrison of the Senate Finance Committee,Chairman Doughton of the House Ways and Means Committee, and Francis B.
Sayre, Assistant Secretary of State, were present when the
President signed the bill.
President Roosevelt issued the following statement after
signing the tariff bill:
The adoption by Congress of the policy of expanding the markets of
products of the United States by negotiated agreements reciprocally, affording market opportunities for the products of other countries, is an act of
broad wisdom.
The unprecedented shrinkage of world trade has been an important element
In the present world condition. This step should help to reverse the trend
and thereby to assist recovery.
The use of the granted powers will require care to assure that each
agreement makes a real contribution to recovery. Wise reciprocity between
countries, each having regard to its own beat interests, will be needed.
Years have been spent in building barriers against mutual trade which
have effectively impaired not only the foreign but also the domestic commerce of all countries.
The restoration of healthier trade by the removal of mutual impediments
will require time and patience, but progress should be sure from the beginning and should accelerate.
Secretary Hull also issued a statement on June 12 in which
he said that the authority granted the President would be
"exercised with the utmost care, fairness and intelligence."
He added that the primary object would be to benefit, "and
not to injure, every important American interest," and
4056
Financial Chronicle
warned that some time would be required to bring about "a
return to true economic policies." Intimating that currency
stabilization might eventually result from efforts about to
be made, Mr. Hull said that a restoration of international
trade "would in turn facilitate the eventual stabilization of
currencies and improve the operation of the international
financial mechanism." Other portions of his statement follow:
The new act of Congress giving to the President authority to enter into
reciprocal commercial agreements with other Governments for the purpose
of promoting international commerce rests upon the broad policy of mutually
profitable trade.
If human experience has taught any lesson during the past four and a
half years, it has demonstrated with certainty that the difficulties of international finance and the decline of international commerce have been among
the most destructive factors in the most destructive depression.
It is to be hoped that sufficient stability has been reached by virtue of
national emergency programs, brought into effect by different Governments
and by the natural adaptation of peoples, to permit concurrent action between countries to restore international trade which has been destroyed.
This would in turn facilitate the eventual stabilization of currencies and improve the operation of the international financial mechanism.
Nothing will be done blindly or recklessly; the fullest possible information will be first assembled and the needs of business studied, and the negotiations will be conducted step by step in the light of this information.
With respect to the new tariff legislation United Press accounts from Washington June 12 to the New York "Journal
of Commerce" said in part:
Passed by Congress last week, the measure empowers him to raise or lower
tariffs 60% for bargaining purposes, a desire long cherished in the hope
It would stimulate the nation's foreign commerce.
It embarks the country on a new type tariff policy, under which State
and Commerce Departments will draft proposed reciprocal trade pacts.
More than twenty nations already have indicated readiness to begin negotiations. Informal conversations have been held with a few. .It will be
some time, however, before negotiators get down to cases. The State Department still has to complete the staff necessary to handle the projected pacts.
Sets Three-Year Limit.
As revised by the Senate, industries affected by planned Executive tariff
changes will receive advance notice and be permitted hearings before duties
are revised. Trade agreements are limited to three years.
The measure was classified as an emergency act to safeguard it from
attacks on its constitutionality.
The President proposed the legislation at a special session a year ago but
Congress turned thumbs down.
Administration leaders advocated it to compete with nations which adopted
similar trade weapons under stress of the depression, and it swept through
the House in twenty hours.
A filibuster threat delayed it three weeks in the Senate and minority
members sought to emasculate it with amendments.
The attack was led by Senator Hiram Johnson (Rep., Calif.), who offered
an amendment exempting agricultural and horticultural products. It was
defeated by a close vote.
Republicans already are planning to inject the new tariff into the fall
campaigns.
Fear Peril to Small Industries.
Minority leaders have charged it will wipe out various small industries.
They have taken the keynote of their assault from Agriculture Secretary
Henry Wallace's testimony before Congressional committees. He termed it
the first tariff policy "in the broad general interest of the nation."
He said that under it inefficient industries could be kept from expanding
and efficient ones stimulated.
Signing of the bill was delayed for two reasons:
1. The bill culminates twenty years efforts by Secretary of State Cordell
Hull toward tariff reform and Secretary Hull was most anxious to be present
at the ceremony of signing the bill. He had gone to William and Mary
College to attend commencement exercises there yesterday and did not return to the city in time for the signing to take place last night.
2. The bill automatically eliminates penalty tariff rates on a number of
articles from countries which have a higher tariff duty on the same articles
Imported from the United States than is provided in the basic United States
tariff rates. Hence the President considered it necessary that signature be
delayed until customs houses in all parts of the United States had closed
for the day. They will reopen for business to-morrow with the lower, uniform tariff rates in effect.
Plan Liquor Pact.
Tariff reductions to bring down the price of good whiskey likely will be
one of the Administration's first moves under the new law.
Utmost official secrecy is being maintained as to the commodities to be
dealt with, but many Administration leaders feel liquor probably will be one
of the first.
President Roosevelt Signs Air Mail Bill Limiting
New Contracts and Providing for Committee of
Five to Formulate National Policy of Commercial
Aviation—Temporary Contracts Not Affected.
President Roosevelt on June 12 signed the McKellarBlack air mail bill which creates a commission of experts
designated to draft a policy of national commercial aviation.
The new Act prescribes limitations on air mail contracts,
which the Postmaster-General is authorized to conclude for
a period of one year, and authorizes the President to appoint
a committee of five persons who will conduct a study preparatory to formulating an aviation policy. It was stated
in Washington that the new law will not have any effect
on temporary air mail contracts already let by PostmasterGeneral Farley.
A Washington dispatch of June 12 to the New York
"Times" summarized the chief provisions of the law as
follows:
June 16 1934
New contracts are to be awarded to the lowest responsible bidders
tendering sufficient guarantee for faithful performance. A bidder disbarred by the Postmaster-General may appeal to the Controller-General,
whose decision shall be final.
The base pay shall in no case exceed 333 cents per airplane mile for
transporting a mail load not exceeding 300 pounds. The rate will be increased to a maximum of 40 cents per airplane mile for heavier loads.
After contracts are let the Postmaster-General is authorized to give
successful bidders 30 days in which to qualify.
The Inter-State Commerce Commission is authorized, after notice and
hearing,to alter rates on a fair basis but not in excess of the rates established.
Any contract which has been satisfactorily performed during the initial
and extended period shall be continued for an indefinite period, in accordance with the changes in rates that may be made by the Inter-State Commerce Commission, but any contract so continued may be terminated by
the Inter-State Commerce Commission upon 60 days' entice and after a
hearing. It may be terminated by the contractor on the same terms.
Holding companies are prohibited. It is declared unlawful for any
person holding an air mall contract to buy an interest, directly or indirectly,
in any other aviation properties except landing fields, hangars and ground
facilities. Interlocking directorates are likewise forbidden. Officers'
salaries are not to be in excess of $17,500 annually.
The Secretary of Commerce is authorized to prescribe the maximum
and minimum flying hours for pilots and the speed and load capacity
and safety features for planes.
The price of air mail postage shall be 6 cents for an ounce or fraction
thereof.
The completion of Congressional action on the bill was
indicated in our June 9 issue, page 3876.
President Roosevelt Suggests 4 Point Resolution as
Substitute for Wagner Labor Bill—Proposed
Legislation Would Establish Mediation Boards
with Broad Powers in Settlement of Labor
Disputes.
President Roosevelt on June 13 informally sent to Con..4; a joint resolution containing a four-point program
UT'sFiner1g the settlement of labor disputes throughout
the country. This was intended as a substitute for the
pending Wagner Labor Bill, which it appeared it would
be impossible to push through Congress without a long
delay in adjournment. The proposed new measure would
authorize the President to establish boards throughout the
country to mediate in labor disputes. These boards would
be directed to order and conduct elections among employees
to determine representatives for collective bargaining under
the provisions of the National Industrial Recovery Act.
The orders of these boards would have the same weight as
orders of the Federal Trade Commission and would be
enforceable by Federal courts. The President would be
the highest authority of this mediation system, and violations of Presidential rules and regulations would be punishable by fines of not more than $1,000 or imprisonment of
not more than one year, or both. The text of the proposed
resolution as submitted to Congress on June 13 follows:
To effectuate further the policy of the National Recovery Act.
Section 1. In order further to effectuate the policy of Title 1 of the
NIRA, and in the exercise of the power therein and herein conferred, the
President is authorized to establish a board or boards authorized and
directed to investigate issues, facts, practices or activities of employers
and employees in any controversy arising under said Act or impairing its
effectiveness.
Section 2. The board so established is hereby empowered, when it shall
appear in the public interest, to order and conduct an election by a secret
ballot of any of the employees of an employer to determine by what person
or persons or organization they desire to be represented in order to insure
the right of employees to organize and select their representatives for the
purpose of collective bargaining as defined in Section 7a of the said Act.
For the purpose of such election such a board shall have the authority
to order the production of such pertinent documents or the appearance
of such witnesses to give testimony under oath as it may deem necessary
to carry out the provisions of this resolution. Any order issued by such a
board under the authority of this section may be enforced in the same
manner as an order of the Federal Trade Commission by any United States
court of competent jurisdiction.
Section 3. Any such board, with the approval of the President. may
prescribe such rules and regulations as may be necessary to carry out the
provisions of this resolution.
Section 4. Any person who shall violate any rule or regulation authorized
under Section 3 of this resolution, or impede or interfere with any member
or agent of any board established under this resolution in the performance
of its duties, shall be punished by a fine of not more than $1,000 or by imprisonment for not more than one year, or both.
Opposition to Wagner Labor Bill Registered By Chicago Association of Commerce and Illinois Manufacturers Association.
Despite minor changes in the Wagner labor disputes bill
which the Illinois Manufacturers' Association has branded
as the "Wagner labor union dictatorship bill," the revised
measure in general "is just as bad as the original," James
L. Donnelly, Executive Vice-President of the organization
asserted on June 1. In the Chicago "Journal of Commerce"
Mr. Donnelly is quoted as saying:
The net result of the bill in its present form will be the domination
of industry by a board controlled by organized labor and by bureaucrats
who are not sympathetic with industry. Anyone who has had experience
with the National and regional labor boards will understand that this
measure is calculated to promote universal strife and effect widespread
unionization of industry
•
Volume 138
Financial Chronicle
The Chicago Association of Commerce has also declared
its opposition to the bill, according to the Chicago "Daily
Tribune" of June 2, which had the following to say:
Mr. Young Calls Bill Vicious.
George W.Young, President of the Association of Commerce,voiced his
organization's opposition against the measure. He characterized it as
"as vicious as its predecessor," and a certain breeder of strife between
workers and employers.
"The new Wagner bill," he declared, "destroys the rights of individuals
and minorities guaranteed under National Industrial Recovery Act, in
section 7-A. In addition, it would give the Labor Board power without
limitation. Imagine how recovery will be promoted by an act which, in
total, is an open invitation for further conflict and strife. Instead of
being an act to allay and compose disputes, it is a vehicle to assure their
multiplication. It ias as unwise and unwarranted as an attempt to put
out fire by throwing on more combustibles.
Lists Fifteen Objections.
Mr. Young listed 15 specific objections to the bill and urged Chicago
business men to send their protests to their representatives in Congress.
Young's statement was sent to the Illinois delegation in Washington.
Among the specific objections voiced were that it would give the independent employee no protection against labor unions and would enable
National unions to insure destruction of the company unions.
In the same paper is was stated that both trade groups
agreed that enactment of the measure is certain to lead to
further industrial strife, and each was emphatic in declaring
that the amended bill was no better and perhaps worse than
the original draft. The two groups, it is added, acted independently in voicing their views.
Providence R. I. Chamber of Commerce Declares
Against Wagner Labor Bill.
Declaring even the amended Wagner labor bill is likely
to be "provocative of industrial strife instead of allaying
it," the Providence R. I. Chamber of Commerce on June 5
sent telegrams to the two United States Senators from
Rhode Island strongly opposing the measure and issued aform
etter to business and industrial leaders throughout the
State asking them to restate their opposition to it in letters
and telegrams to Washington. This is learned from the
Providence "Journal" of June 6, which gave as follows the
telegrams sent United States Senators Jesse H. Metcalf and
Felix Hebert:
The modified version of the Wagner bill, now known as industrial adjustment bill, still is open to fundamental objections. Its provisions appear likely to be provocative of industrial strife instead of allaying it. We
are strongly opposed to its passage and urge you use your influence for
its defeat.
From the "Journal" we also quote:
Only Employers Restrained.
The bill is constructed on the principle, according to the official stand
taken by the Chamber of Commerce, "that only employers should be restrained, and the effort to strip them and their employees of any opportunity to defend themselves against organized coercion and attack."
There is nothing in the bill, the Chamber maintains, to protect the worker
from "the most notorious form of coercion—from persons who do not hold
any employment in the industry and who act in behalf of organizations of
workers in the employ of concerns other than the workers' own employer."
The bill attempts to hinder an employer in his right to protect himself
against boycott and affords no protection for the satisfied employees of
a concern or an industry from coercion by others seeking to force them into
a "sympathetic" strike or a general strike, the Chamber declares.
4057
"c. Section 10 (a) empowers the Board at its discretion to designate
representatives of the majority exclusively to represent all workers in a
department or plant and to that extent would deny to minorities the right
to bargain for themselves either individually or collectively.
"2. Nor does the revised bill reflect Senator Wagner's own agreement
that the original bill should be so amended that'any intimidation or coercion
from whatever source it might come would be an unfair labor practice'
in that
"a. Section 3 would continue to restrain employers from influencing
a worker's choice of representative, but in no way would restrain any type
of organized labor from any form of coercion to increase its membership
or further its ends.
"b. The bill still requires all employers to observe strictly all orders
from the Labor Board, court decrees and voluntary arbitration awards.
while it in effect exempts the union from obedience to these same orders,
decrees and awards by Section 14 which legalizes the strike."
Costigan-Jones Sugar Act Affords Hawaii Opportunity
for Economic Stability, According to R. G. Tug
well, Acting Secretary of Agriculture.
Following a conference with Governor Poindexter of the
Territory of Hawaii and Acting Secretary of Agriculture
R. G. Tugwell and officials of the Agricultural Adjustment
Administration, the following statement was issued June 2
by the Acting Secretary:
There has been a great deal of misunderstanding as to the value of the
Costigan-Jones Sugar Act to the Territory of Hawaii. It has been assumed
that the reduction of the tariff under the Presidential proclamation of
May 9 1934,following the investigation and recommendation of the United
States Tariff Commission and the fixing of a quota of 917,000 tons under the
provisions of the Jones-Costigan Act, would work hardship and injury to
the Hawaiian sugar producers.
Actually, the returns to Hawaiian producers have decreased year by
year despite tariff increases during the last ten years. The average
duty-paid price of raw sugar at New York, upon which payments to Hawaiian sugar producers is based, declined from 7.020 cents per pound during the year 1923 and 5.964 cents per pound during 1924 down to an average
of 2.925 in 1932 and 3.208 in 1933. Thus it is apparent that the increase in
tariff rates in 1922 and again in 1930 did not operate to satisfactorily
maintain the returns to Hawaiian sugar producers.
Under the new legislation, funds derived from processing taxes on sugar
coming into the United States will be employed for the benefit of the
Islands. On the quota of 917,000 tons just announced for Hawaii, adequate funds should be available for distribution to compensate for any
sacrifice entailed by the quota.
Moreover, the quota arrangements which aim to adjust to consumption
needs the supplies of sugar entering the United States from various producing areas should establish a very desirable stability in the industry. Producers will know in advance the extent of the market outlet for their sugars
and the previous uncertainty with relation to marketing will thus be removed. There exists a real opportunity for a definite improvement of the
economic situation of the Islands through the operation of this legislation.
Certainly, this orderly arrangement of marketing and shipment affords
greater opportunity for stable economic situation in Hawaii than would
have been the case under the previous competitive situation. Hawaiian
sugars coming to the West Coast have been forced to meet the competition
of beet sugars and Philippine sugars in that territory and that part of the
Hawaiian production which has been shipped in recent years to Eastern
ports met similar competition from Cuban, Puerto Rican, Philippine and
other sugars. Overproduction and surpluses were threatening chaos to
the entire sugar industry and Hawaii would have suffered together with all
other sugar producing areas. The operation of the Jones-Costigan Act
brings opportunity for a stable situation that should be welcomed by the
Territory of Hawaii.
Following the conference with Governor Poindexter,
said an announcement issued by the AAA,it was stated that
the AAA would send a representative to assist the Governor
in the administration of the Act. The Governor had previously been designated by the Secretary of Agriculture to
Executive Committee of Philadelphia Chamber of Com- administer the provisions of the Act for the Territory of
merce Voices Objections to Revised Wagner Labor
Hawaiia.
Bill.
The fixing of a quota of 917,000 tons under the provisions
According the Executive Committee of the Philadelphia of the Jones-Costigan Act for Hawaii was noted in our issues
Chamber of Commerce, "it would be far better to carry on • of June 9, page 3863, and June 2, page 3690.
under existing regulations and arrangements and to place
no such legislation permanently on our statutes until this Jones-Costigan Sugar Bill Seen by New York Trust Co.
so-called Wagner bill is reopened to adequate public hearings
as Basis for United States Participation in More
and is so amended or rewritten as to make it more plainly
Comprehensive Program for Sugar Production
Control.
fair, constructive and workable."
Enactment of the Jones-Costigan usgar bill may be taken
With this statement, said the Philadelphia "Inquirer"
of June 6, the Committee concluded a study of the amended as a basis for American participation in a more compreWagner labor disputes bill at a meeting on June 5, the hensive program for control of sugar production, states
report being furnished to the Philadelphia delegation in the "The Index," monthly publication of the New York Trust
House and Senate in Washington. From the "Inquirer" Co., in its June issue, made available June 11. The opinion
is further expressed that international action must be the
we also quote:
After listing objectionable provisions, the Chamber points out that
ultimate solution of continued overproduction of sugar and
"as long as such provisions remain in the bill, it seems conclusive that the
of resultant demoralization in the sugar market. The
bill would not only be palpably one-sided and undemocratic, but would
trust company states:
encourage the very discord, disputes and unemployment that it ought to
reduce; nor is confidence increased by the reported intention of its sponsors
to press passage of the revised bill at this session without public hearings."
in listing its objections to the revised bill, the Chamber says:
"We still believe that the provisions of the bill are so utterly at variance
with its stated objectives and the public declarations of its sponsors as to
throw into grave question both the intent and workability of the measure.
For example:
..1. It continues inconsistent with the President's declaration in the
automobile settlement that the Government's duty 'is to secure absolute
and uninfluenced freedom of choice, without coercion, restraint or intimidation from any source' in that
"a. Section 3 (4) would seem to encourage majority agreements.
"b. Proposed amendment 11 expressly would delete the provision that
'each unit may be given representation in proportion to its membership'
while
Insofar as this country is concerned,"The Index" points out that marked
Increases in production both of beet sugar in continental United States and
of cane sugar in our insular possessions have been bringing American production constantly closer to American consumption, with consequent demoralization of the sugar industry in Cuba. For 1933-34 it has been estimated that our percentage of world production will be 19.74%, while our
domestic requirements will approximate 21% of world production. Enactment of the Jones-Costigan bill will afford some relief to Cuba by curtailing further production in the United States, and "The Index" finds that,
while the law may not wholly satisfy any of the various groups involved in
the problem, "it represents a distinct improvement over the situation prevalling prior to enactment of the law."
The quotas established for sugar growing, the article declares, represent
a "compromise between the views of those who do not consider the beet and
cane sugar industry in this country entitled to protection, on the ground
Financial Chronicle
4058
that the tariff costa the consuming public $200,000.000 annually in the
interests of a sugar crop valued at only $60,000,000, and of those who would
encourage sugar production in this country whatever its effect upon Cuba
or upon our export trade to that country."
Forthcoming Offering of Federal Land Bank Bonds—
Proposed Redemption of Approximately $131,381,000 of 4%% Land Bank Bonds.
W. I. Myers, Governor of the Farm Credit Administration, announced June 14 that plans had been completed by
the 12 Federal Land Banks for providing funds for the retirement of approximately $131,381,000 of Federal Land Bank
bonds, representing all the outstanding issues bearing 43 %
4
interest. These bonds have been called for payment July
1. According to Mr. Myers, a group headed by Alex. Brown
& Sons of Baltimore, composed of the following managers,
will shortly offer on the part of the Federal Land Banks a
new issue of consolidated Federal Land Bank bonds bearing
4% interest:
Alex. Brown & Sons.
The Chase National Bank of the City of New York.
Brown Harriman & Co., Inc.
Guaranty Trust Co. of New York.
The National City Bank of New York.
Edward B. Smith & Co.
The First Boston Corporation.
Lee Higginson Corporation.
The new bonds which will be offered at a premium will
mature in 12 years, will be callable after 10 years, and will
carry the same tax exemptions as the called bonds. The
announcement of the FCA added:
Governor Myers stated that the refunding of the outstanding 0.4%
individual Land Bank bonds with a consolidated 4% issue will effect an
interest saving of $985,000 a year. He also stated that the banking group
In charge of the sale of the new issue will give preference,so far as practicable
In the allotment of the new bonds to holders of the called issues who give
notice before the closing of the subscription books of their desire to tender
their bonds toward payment of the subscription price of the new issue.
The Issues that have been called for redemption July 1 1934 comprise
the following:
$43,284,360, dated July 1 1923 due July 1 1953:
55,789,200. dated Jan. 1 1924 due Jan. 1 1954;
32,308,280, dated July 1 1924 due July 1 1954.
The called bonds may be presented for redemption at any Federal Reserve
Bank or branch thereof.
•
Claire Glaeser Succeeds C. R. Fay as Registrar of
Federal Land Bank of New Orleans.
Announcement was made at Washington June 9 by W. I.
Myers, Governor of the Farm Credit Administration, of the
resignation of C. R. Fay as Registrar of the Federal Land
Bank of New Orleans and the appointment of Miss Claire
Glaeser of New Orleans, La., to succeed him. Mr:Myers'
announcement said:
Miss Glaeser, who became connected with the Federal Land Bank of
New Orleans in 1920 was appointed Deputy Registrar during 1922 and has
been serving in that position since that time.
Miss Glaeser will take up the duties of Registrar of the Federal Land Bank
of New Orleans on June 16.
—4 ,
3% Bonds of 1944-49 of FFMC Admitted to List of New
York Stock Exchange at Request of New York
Federal Reserve Bank.
In accordance with a request made by letter June 6 by
the Federal Reserve Bank of New York, the Committee on
Stock List of the New York Stock Exchange recommended
on June 11 to the Governing Committee of the Exchange that
the Federal Farm Mortgage Corporation 15-year 3% bonds,
dated May 15 1934, due May 15 1949, be admitted to the
list. The Federal Reserve Bank said that it made the request
in accordance with instructions received from the United
States Treasury Department. The Bank also stated that it
has been advised by the FFMC that at the present time
there are authorized $150,000,000 bonds.
Rental and Benefit Payments of $19,209,639 Disbursed
by AAA Up to June 1 to Growers Participating in
1934 Adjustment Programs for Cotton, Tobacco
and Corn Hogs.
A total of $19,209,639 has been disbursed in rental and
benefit payments to growers participating in 1934 adjustment programs for cotton, tobacco and corn-hogs, it was
announced June 1 by the Agricultural Adjustment Administration. The distribution of payments, the Administration
said, which are now going out to contracting producers at the
rate of almost $1,000,000 per day, between commodities,
010,883, and
is as follows: Cotton, $9,155,515; tobacco,
corn and hogs, $2,043,241. In its announcement the Administration further stated:
To date 620,000 contracts from cotton growers have been received and
recorded by the contract records section, and of these 211,330 have been
administratively approved and released for disbursement.
June 16 1934
The distribution of checks for cotton contracts, is as follows:
State
Alabama
Arkansas
Arizona
California
Florida
Georgia
Kentucky
Contracts
Amount
38,699
21,184
473
1,238
334
53,602
54
51,223,207
814,112
98,574
295,925
4,807
2,014,037
1,993
State
Contracts
Mississippi
12,657
New Mexico
1,179
North Carolina_ _ 4,914
South Carolina__ _ 26,674
Tennessee
2,250
Texas
33,072
Virginia
781
Amount
516,711
158,911
133,674
949,946
47,351
2,039,035
21,677
1Y,G1:1
Payments to signers of burley tobacco contracts amount to $833,526.
Checks have been written to cover 18,420 of the 39,504 contracts which
have thus far been administratively approved for payment.
Growers of flue-cured tobacco have received $7,143,005, of which $4,091,048 consisted of rental payments on 91,171 contracts, and $3,051,957
was to cover 36.762 applications for price-equalizing payments.
Growers of fire-cured tobacco have received $10,350 on 771 contracts to
date released for disbursement, while checks have been written for a total
amount of $23,966 to producers of Maryland type tobacco.
Some 13,288 checks,representing $2,043,241 have gone out to contracting
corn and hog producers in Iowa, Michigan and Minnesota.
Farm Taxes in 16 States Show Decrease of 13% on
Average from 1932 to 1933 According to Bureau
of Agricultural Economics.
Farm real estate taxes per acre decreased 13% on the average from 1932 to 1933 in 16 States on which surveys have
been completed by the Bureau of Agricultural Economics,
United States Department of Agriculture. These States are
widely scattered over the country, and from their previous
farm tax records appear reasonably representative of the
United States as a whole. The list includes the following
States: Pennsylvania, Maryland, Virginia, South Carolina,
Ohio, Kentucky, Tennessee, Alabama, Mississippi, Iowa,
North Dakota, Nebraska, Kansas, Texas, Montana and California. Under date of June 2 the Bureau of Agricultural
Economics further announced:
Farm real estate taxes on all land in farms rose from 22c. per acre in
1913 to a peak of 54c. in 1929 for the 16 States. This represented an
increase of 148%. Corresponding figures for the country as a whole are 24c.
and 58c., or an increase of 141%.
Year-to-year changes from 1929 to 1932 have been closely parallel for the
average of the 16 States on the one hand and the United' States average on the
other. So it is believed that the 13% decrease for the 16 States between
1932 and 1933 is a good indication of the average change to be expected for
the country as a whole.
Although farm taxes per acre declined 22% in the period from 1929 to
1932, the tax burden of farmers rose sharply, because both the farm land
values against which these taxes were levied and the incomes of farmers fell
more rapidly than did taxes. For the United States, farm real estate values
fell 37% between the payment of the farmers' 1929 and their 1932 taxes.
Thus taxes in relation to land values increased by about a quarter from
1929 to 1932. In relation to gross farm income, farm taxes nearly doubled
during the same period.
Tax payments decreased in relation to land values from 1932 to 1933 for
the first time since 1918-1919. Farm real estate values increased 4% for the
country as a whole between March 1 1933 and March 1 1934. Farm prices
of the things farmers sell rose about 11% between the annual averages for
1932 and 1933. They stood approximately 50% higher March 1 1934 than at
the same time in 1933.
Secretary Wallace Believes Current Drouth May Effect
System Whereby Produce Would Be Stored in
Boom Years to Meet Future Scarcities—Outlines
Suggestion for Government Loans with Provision
for Sale of Crops at Fixed Prices.
Possibility that this year's prolonged drouth might ultimately result in a future benefit to the country as a whole
was indicated by Secretary of Agriculture Wallace, in an
interview on June 10 after he had returned to Washington
from a Western tour in which he visited most of the drouthstricked regions. Adding that the drouth was a "tragedy"
to individual farmers, he said that it might force the adoption of a system under which the farmers' produce in boom
years would be stored on the farm or nearby. Under such a
system, Mr. Wallace said, the Government would make loans
to farmers on the basis of current prices, but the loan contracts would contain a provision that when a scarcity arose
and the price of farm products advanced sharply, the farmer
would be required to sell to the Government at fixed prices,
making a profit, but being unable to withhold his products
from the market in the hope of speculative profits.
A Washington dispatch of June 10 to the New York "Times"
quoted from the interview with Secretary Wallace as follows:
"In this way," Secretary Wallace said, "the farmer would be protected
In years of bounty and the consumer in years of scarcity. It would eliminate
the speculator's growing rich and would also eliminate gouging the consumer."
lie pointed out that the best place to store surplus products was on or
near the farm where storage costs were not high and where in many cases,
as in that of corn, there would be no transportation cost to pay to bring
the produce hack for the use of livestock.
Cites North Dakota Case.
Mr. Wallace cited the case of Ceres wheat grown in North Dakota, where
he said the farmers will not get enough wheat crop for seed for next year.
"Under the old system, what wheat was raised would be bought by the
millers," he said, "and the farmers would be facing a problem for seeds for
next year. With the allotment of $25,000,000 for the purchase of seed, we
Financial Chronicle
Volume 138
will he enabled to store it on the farms and let them have it next year. We
could do it as a form of relief, but I think that some way will have to be
worked out whereby they will pay for it."
In any case, the wheat purchased for seed would be stored on the farm
or near it, Secretary Wallace said.
The Secretary divided the drouth area into three sections—the Western
mountain area, the Great Plains area and the corn belt area. Of these, he
said, the most tragedy lay in the Great Plains area, where conditions were
"Just terrible."
Livestock dying of thirst and of starvation, cattle with dust pneumonia,
and livestock refusing to eat the dust-covered gram made the human problem
there a tragic one, Mr. Wallace asserted.
However, even this situation, although a "terrible" one for the people of
the region, might react to the advantage of the country's agricultural situation as a whole, he added, because of the future effect exercised by it on the
Administration's cattle-buying program.
The wholesale purchase by the Government of distressed cattle would
result in improvement of the breeds of cattle, the Secretary said, and also
reduce the 3,000,000 head of surplus range cattle and the 5,000,000 head, of
surplus market cattle, thus placing the beef industry on a more efficient
basis.
In the corn belt region, Mr. Wallace said, the situation depended largely
upon the future weather, but it was not without hope.
In the Western mountain region, Secretary Wallace added, trouble was
caused largely from the lack of normal winter snows, cutting down the
supply of water for irrigation and endangering the sugar beet crop, which is
also used for feeding cattle.
Selected Income and Balance Sheet Items of Class I
Steam Railways for March.
The Bureau of Statistics of the Inter-State Commerce
Commission has issued a statement showing the aggregate
totals of selected income and balance sheet items of Class I
steam railways in the United States for the month of March.
These figures are subject to revision and were compiled from
144 reports representing 149 steam railways. The present
statement excludes returns for Class I switching and terminal companies. The report in full is as follows:
TOTALS FOR THE UNITED STATES(ALL REGIONS).
For the Month of March For the Three Months of
1933.
1934.
1933.
1934.
Income Items.
Net railway operating Income— - 52,037,641 10,805,519 112.247,527 34,524,303
14,648,246 14,431,460 40,410,024 41,273,760
Other income
Total Income
66,685.887 25,236.979 112,657,551 75,798.063
11,064,453 10,724,573 33,006,172 32,289,156
Rent for leased roads
Interest deductions
43,371,087 44,231,498 130,212.687 132,479,961
Other deductions
1,900,901 1,959,309 5,473,934 5.909,271
Total deductions
56,336,441 56,915,380 168,692,793 170,678,388
Net income
10,349,446 d31,678,401 d16,035,242 d94,880,325
Dividend declarations (from Income and surplus):
792,376 19,441.677 13,226.739
5,617,641
On common stock
524.707 3.296,100 3,300,165
On preferred stock
Balance at End of March
Balance Sheet Items.
1934.
1933.
Selected Asset Items-Investments in stooks, bonds, &c., other than those
of affiliated companies
752,537,129 568.964.859
Cash
Demand loans and deposits
Time diens and deposits
Special deposits
Loans and bills receivable
Traffic and car-service balances receivable
Net balance receivable from agents and conductors
Miscellaneous accounts receivable
Materials and supplies
Interest and dividends receivable
Rents receivable
Other current assets
302,372,772 256,155,966
31,099.395 33.665,852
42.076,369
19,216,453
47,389,677 37,958,306
7,353,125
11,275,580
60.933,446
46.188,994
42,304,099 38.250,784
142,255,032 138,048,722
299,829,860 311,923,442
37,401.863 38,556,782
2,680,191
2,761,603
4,146,715
4,314.081
Total current assets
1.019,842.544 938.316,545
Selected Liability Items—
Funded debt maturing within six montha_a
264,057,184
Loans and bills payable_b
'traffic and car-service balances payable
Audited accounts and wages payable
Miscellaneous accounts payable
Interest matured unpaid
Dividends matured unpaid
Funded debt matured unpaid
Unmatured dividends declared
Unmatured interest acoured
Unmatured rents accrued
Other current liabilities
340,509.600 320,938,031
72,623.999 59,865,369
203,047,060 207,898,893
47,809,043 59.550,278
263,129.995 189,431,079
15,517,512
16,007.583
112,161,338 59,922,646
833.191
588,721
105,215,729 106,869,656
29,983,538 27,972,191
19,866,682
14,394,377
155.692,467
1,211,186,758 1.062,948,753
Total current liabilities
a Includes payments which will become due on account of principal of long-term
(other than that in Account 764, funded debt matured unpaid) within six
debt
months after close of month of report. b Includes obligations which mature less
than two years after date of issue.
d Deficit.
Regional Directors Named for Land Policy Section of
AAA—Nine Regions Designated for Development
of Land Use Program.
Appointment of regional directors of the Agricultural
Adjustment Administration'sland policy section,and designation of nine regions into which the country has been divided
for the development of a land use program were announced
June 4 by Chester C. Davis, Administrator. The States
included in the nine regions, the regional directors and
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their headquarters, as contained in Mr. Davis's announcement, are:
Region I.—New England States, New York, Pennsylvania, New Jersey,
Maryland, Delaware. Director, A. W. Manchester, Storrs Agricultural
Experiment Station, Storrs, Conn.
Region IL—Michigan, Wisconsin, Minnesota. Director, Noble Clark,
Wisconsin Agricultural Experiment Station, Madison, Wis.
Region III.—Ohio, Indiana, Illinois, Iowa, Missouri. Director, L. A.
Schoenmann, temporary headquarters. State Department of Conservation.
Lansing, Mich.
Region IV.—Virginia, West Virginia, Kentucky, Tennessee, North
Carolina. Director, Carr C. Taylor, Washington, D. C.
Region V.—South Carolina, Georgia, Alabama, Florida. Director,
W. A. Hartman, State College of Agriculture, Athens, Ga,
Region VI.—Mississippi, Louisiana, Arkansas, Oklahoma, Texas.
Director. R. L. Thompson, State Agricultural Experiment Station, Baton
Rouge, La.
Region VIL—North Dakota, South Dakota, Nebraska, Kansas, Montana, Wyoming. Director, S. E. Johnson, Nebraska Agricultural Experiment Station, Lincoln, Neb.
Region VIII.—Washington, Oregon, Idaho. Director, R. E. Willard,
State Agricultural Experiment Station, Pullman, Wash.
Region IX.—California, Nevada, Utah, Colorado, New Mexico, Arizona,
Director, P. V. Carden. State Agricultural Experiment Station, Logan,
Utah.
Mr. Davis's announcement continued:
The regions were designated with a view to grouping areas in which
there is general similarity of land use problems so that a long-time program
of land utilization can be readily put into effect. Such a program is being
developed by the program planning division of the AAA, of which the land
policy section is a part.
The regional directors are establishing contacts between Federal and
State agencies so that the long-time programs of each may be directed
towards the same objectives. They are initiating preliminary investigations for a definite program of land utilization in each of the regions, and
are aiding the agencies in the several States in finding new opportunities
for farmers who may desire to leave sub-marginal land, and in working out
problems involved in utilization of such lands.
The services of the directors also have been loaned to the sub-marginal
land committee which is directing the expenditure of 825,000,000 appropriated through the Federal Surplus Relief Corporation for Government acquisition of sub-marginal land.
Combination of Building Material Dealers in Pittsburgh-Cleveland Area Charged by FTC in Violation
of Law.
Charged with forming a combination to compel distribution
of building material in the Pittsburgh-Cleveland trading area
through "recognized" dealers affiliated with the Building
Material Dealers' Alliance, that Alliance and its organizers,
four Pittsburgh and Cleveland organizations of dealers in
building supplies, are named as respondents in a formal complaint issued by the Federal Trade Commission. In issuing
an announcement to this effect, on June 11, the Commission
added:
The complaint charges violation of Section 5 of the Federal Trade Commission Act.
In addition to the Building Material Dealers' Alliance, respondents named
are:
Pittsburgh Builders Supply Club of Pittsburgh.
Western Pennsylvania Builders Supply Alliance of Pittsburgh.
Building Material Institute of Cleveland. Ohio.
Allied Construction Industries of Cleveland, Inc., of Cleveland, Ohio.
Also the following officers, agents or employees of the already-mentioned
aksociations and organizations are named as respondents:
Lawrence MacQueen, George Lana. and Elliot Keller, all of Pittsburgh; S. D
McFarland
Ritchey of Ambridge, Pa.; W. H. Shaffer of Kittanning, Pa.; W. R. McAllister,
of Greensburg. Pa., and B. E. Reid, George W.Denison and Charles H.
Ohio.
all of Cleveland. and E. J. Holway of Youngstown,
Dealers in the western Pennsylvania and northern Ohio area to the number
of several hundred are said to be affiliated with the respondent associations,
of whom 75 or more such firms or their representatives are specifically mentioned in the formal complaint.
The Commission has fixed July 13, at 2 p. m., at its offices in Washington, D. C., as the time and place for a hearing on the charges set forth in
the complaint, at which hearing the respondents will have opportunity to
show cause why an order should not be issued requiring them to cease and
desist from the violations of the Federal Trade Commission Act charged in
the complaint.
Paragraph 8 of the Commission's complaint seta out that the respondent
associations and organizations are "a large and important part of the dealers
in building materials and builders' supplies" in the Pittsburgh-Cleveland
trade area constituting a "group so large and influential in the trade as to
be able to control and influence" the flow of trade in building material and
supplies to and from that area.
In Paragraph 9, it is alleged that the respondents are "banded and allied
together" in the associations named as respondents to adopt, enforce and
maintain for the Pittsburgh-Cleveland area a program in effect as follows:
To establish members and dealers approved by the respondent associations
as a class of "recognized" dealers in that area, and to confine to and require
the sale and distribution of such materials and supplies through the medium
of such "recognized" dealers exclusively;
To induce, require or compel manufacturers and producers of such materials and supplies to refrain from selling or distributing such materials
and supplies to non-recognized competitors, or to dealers, contractors, consumers or other purchasers who are not members of the respondent associations or are not "recognized" dealers ;
To prevent other dealers, contractors and purchasers from participating
with respondent organizations and "recvglazed" dealers in pool car shipments of such materials; to require manufacturers and producers of building
materials to "confine and limit their distribution thereof to carload quantities
and to shipments by railroad only," and thus compel such manufacturers
and producers "to refrain from and to refuse to permit such distribution
of their materials and supplies to be made by motor truck or motor vehicle"
and thus eliminate the use of motor vehicles for such transportation as well
as eliminate the actual or potential competition to respondent members and
"recognized" dealers furnished by ccrntractors, dealers, consumers or other
L 4060
Financial Chronicle
purchasers who may desire to have their requirements as to such supplies
delivered by motor transportation because of "economy of operation, lack
of railroad, storage or other facilities" or for other good reasons on the part
of the seller or purchaser;
To interfere with the business of dealers who are not members of respondent
associations, or are not "recognized" dealers;
To prevent manufacturers of cement blocks and building materials of
similar types Irons purchasing supplies direct from manufacturers and producers, and to require them to purchase their raw materials and other supplies exclusively from respondent members and "recognized" dealers at
"prices which include or afford such dealers and members an allowance,
commission or profit upon such purchases";
To require and compel the sale and distribution of all cement requirements
for all buildings and other private construction, as well as for highway,
bridge and culvert construction and maintenance, and the cement requirements for cities, counties and all other political subdivisions to be made
through the medium of the respondents and "recognized" dealers and at
prices or conditions of sale which include or afford such members and "recognized" dealers an allowance, commission or profit, and to induce or compel
manufacturers and producers of cement to cease and desist from making any
sales of such cement direct to contractors, States, counties, political subdivisions thereof, or to non-recognized dealers or purchasers, and "to cease
and desist from making sales in any way which does not afford such 'recognized' dealers or respondent members a commission, allowance or profit on
the purchase of such cement";
To exclusively warehouse, promote, advertise and advance the sale and
use of building materials and builders' supplies of the respective manufacturers and producers who confine and limit the marketing and distribution
of their products to or through the medium of respondent members and
"recognized" dealers, and who refrain from selling their products to competitors of respondents;
To eliminate and destroy the business and competition of those engaged or
desiring to engage in the building materials and supplies trade as jobbers or
brokers, and to "eliminate, lessen, restrain and control actual and potential
competition among or with such respondent members and 'recognized'
dealers."
Paragraph 10 of the complaint charges that the "capacity, tendency and
effect" of said alleged foregoing agreement, combination and conspiracy
are to:
Monopolize the business of dealing in and distributing building materials
and supplies;
To unreasonably lessen and suppress competition and deprive the public of
advantages in price, service and other considerations they would enjoy under
normal free and fair competition;
To substantially increase the cost to purchasers of such building materials
and supplies, and thus increase the cost of homes, dwellings, highway and
other kinds of construction work;
To oppress, eliminate and discriminate against small business enterprises;
To restrain or restrict employment in the construction and building industry, and also in the business of the manufacture, sale and use of motor
vehicles, and
To obstruct, hamper and interfere with the normal and natural flow of
trade to the prejudice of the public and such manufacturers, dealers and others
engaged in the building materials and supply business who do not conform to
the respondents' program.
The acts alleged and complained of "are monopolistic practices and are
methods of competition which are unfair" and constitute unfair methods of
competition in commerce in violation of Section 5 of the Federal Trade Commission Act, the complaint charges.
Paper Money Not Wanted—Promise to Pay in Gold
Broken, So None of It Is Worth Printing.
The following letter to the Editor of the New York
"Times" is from the June 9 issue of that paper:
To the Editor of the New York Times:
31 1 notice in a dispatch from Washington that the Treasury is to issue
'
new paper money to replace that in circulation. It is stated that the reason
Is to eliminate the promise to redeem the paper in gold.
Why should the Government go to such an expense? It has repudiated
Its promise to redeem in gold and the whole world knows it. The dispatch
does state, however, that the new paper money will contain the statement:
"This note is legal tender for all debts, public and private, and is redeemable in lawful money at the United States Treasury or at any Federal
Reserve Bank."
What is lawful money? If I obtain a Federal Reserve note bearing
the statement that it Is "redeemable in lawful money" and I go to a Federal
Reserve Bank and ask for lawful money, what will they give me? Another
piece of paper? Since when is paper money? The paper the Government
has issued has always been a convenience for the people to carry. It
carried a promise that on demand you could obtain metal—usually gold.
I also notice that gold Certificates remain legal tender, in spite of the
fact that their possession is illegal. Those gold certificates were given
by the Government to a person who actually deposited with the Government
for safe keeping a certain amount of gold. The Government promised
to give that gold back to the bearer on demand, and the law provides that
the gold covered by the gold certificates be set aside in the Treasury and
not used until the gold certificate comes hack to the Treasury and is duly
canceled. In other words, the Government today refuses to give to the
holder of a gold certificate the gold it is holding for the holder, and which
gold is today valued at $35 a fine ounce. The Government does not even
attempt to offer a holder of a gold certificate the present-day value of the
gold.
Under the Silver Act the Government is promising to pay holders of
silver 50 cents an ounce, although one may have obtained the silver for
25 cents an ounce. Is it possible that the Government is willing to pay
a profit to the holder of silver because it involves votes and it attempts
to confiscate the gold certificate of one who has it and offers him $20 for
a gold certificate when it is actually worth $33.86 because there are no
votes involved in doing so?
According to Treasury statistics, there are still outstanding about $300,000,000 in gold certificates. Apparently some people are holding them
In the hope that some future administration will redeem these certificates
In gold according to the promises made by previous administrations which
never anticipated that any administration would repudiate the promise
of the United States Government.
NORMAN C. NORMAN.
New York, June 7 1934.
The Treasury Department's plans for the issuance of new
paper money were noted in these columns June 9 page 3872.
June 16 1934
World Gold Base Favored by Ogden L. Mills, Former
Secretary of Treasury—Early Return to It "Highly
Desirable," He Says, Urging Currency Stabilization
Ogden L. Mills, former Secretary of the Treasury, declared
in a radio address from Station WJZ, on June 8, that "at not
too distant a date a return to an international gold standard
is highly desirable."
Mr. Mills maintained that currency stabilization is the
most effective way of attacking the obstacles standing in the
way of resumption of international trade. The New York
"Times" of June 9, from which we quoted, further reported
as follows what Mr. Mills had to say:
"The United States," he added, "as one of the world's principal monetary
centers, and with its immense supply of gold, has not only a great responsibility in the matter, but a great opportunity to render world service."
Mr. Mills presented his views on "World Monetary Stability" in an address
under the auapices of the Intercollegiate Council and the National Advisory
Council on Radio and Education.
He took note of the contention of some observers that we cannot afford
to return to a gold standard because the world gold supply is inadequate to
support an increased price structure. He said the facts do not support
such a view.
"Aside from the increasing economies in the use of gold," he continued,
"devaluation has enormously increased available monetary supplies, as witness the practical doubling of our monetary gold in terms of dollars through
the recent enactment of the Gold Reserve Act of 1934.
"The fear of an inadequate gold supply can be definitely dismissed.
"It is urged that stabilization on the basis of an international gold standard would preclude domestic manipulation of the currency in the interest
of internal economic policies. Far from being an objection, this is decidedly
a virtue. I have no faith in currency tinkering as a means of economic betterment. I am fearful of the constant altering of the basic unit of value.
The human factor is altogether too uncertain, particularly in a democracy
where public servants are only too apt to yield to the sentiment of the hour."
Mr. Mills pointed out that. the United States could come closer to selfsufficiency than any other nation, but that complete loss of export markets
would entail a vast transfer of population "with all the human suffering
that would result."
"It this be true in our case," he added, "what a frightful oost must such
an effort entail to other nations less fortunately situated, and, applied cumulatively throughout the world, to all mankind.
"Such a process calls for a thorough readjustment and reorientation of
national economies. This means a degree of planning and control that can
only be exercised by authoritarian governments. Democratic institutions are
Ill-adapted to such a task.
"To me, this whole conception of self-contained countries, of limited intercourse between nations, of a reduced, stabilized and controlled production,
Isn't progress; it's retrogression; it isn't victory, it's surrender."
H. I. Harriman Urges Balanced Budgetlby 1936—
President of United States Chamber of Commerce,
in Letter to Senator Glass, Warns of "Disastrous
Inflation" if Expenditures Are Not Curtailed—
Group of 150 Sends Letter to President Roosevelt
Asking $10,000,000,000 for Public Works in Next
Two Years.
Henry I. Harriman,President of the Chamber of Commerce
of the United States, in a letter addressed to Senator Glass,
on June 11, urged Congress to seek to obtain a balanced budget for the fiscal year ending June 30 1936. Declaring that
it is imperative to balance the Federal Budget at the earliest
opportunity, he said that this is essential "to the recovery of
business and to orderly fiscal operations of the Federal Government." Continued large expenditures in excess of receipts, he asserted, carry a threat of "disastrous inflation" as
a means of meeting expenses which cannot be covered by
current taxation.
On the same day (June 11) a group of more than 150 welfare and labor leaders, headed by John Dewey, Chairman of
the Joint Committee on Unemployment, sent a letter to President Roosevelt, urging the expenditure of at least $5,000,000,000 annually for the next two years on public works projects. Mr. Harriman, in his letter to Senator Glass as Chairman of the Senate Committee on Appropriations, warned
against the emergency relief and deficiency bill, which he
said made possible discretionary expenditures of at least
$3.000,000,000 in addition to definite appropriations of
$1,172,000,000.
Mr. Harriman's letter to Senator Glass follows:
Last January, as you are aware, the President, in his
budget message,
stated that if Congress did not appropriate in excess of the
amounts reconrmended in the budget, expenditures and receipts could be
brought into balance during the fiscal year 1936.
On May 15, as you also know, the President sent a
message to Congress
asking that Congress appropriate only the total amount
requested in the
budget message. The President at that time stated:
"In my judgment an appropriation in excess of the
above amount would
make more difficult, if not impossible, an actual balance of
the budget in
the fiscal year 1936, unless greatly increased taxes are
provided. The present
estimates should be sufficient as a whole to take care of the emergencies of
relief and of orderly re-employment, at least until the
early part of the
calendar year 1935. If at that time conditions have not improved as much
as we to-day hope, the next Congress will be in session and
will have full
opportunity to act."
The deficiency appropriation bill recently passed by the House and now
before your Committee makes possible expenditures much in excess of those
requested in the budget. Any excess of this kind will operate against a balance of the budget in 1930, even if taxes are somewhat increased.
Volume 138
Financial Chronicle
House bill for
It is true that the definite appropriations carried in the
recommendaemergency purposes ($1,172,000,000) coincide with the budget
discretionary
tions. In addition to this amount, however, the bill authorizes
Corporation funds
transfer of all unobligated Reconstruction Finance
to the
(whether derived from borrowing, sales of assets, or reimpursements)
The
Emergency Relief Administration and the Public Works Administration.
for these
exact amount of additional funds which might thus be expendable
a minimum of
purposes cannot be definitely stated, but it is estimated at
expen$1,500,000,000 and a maximum of about $3,000,000,000. While new
to $500,ditures authorized by the bill for public improvements are limited
used for
be
000,000, there is no limitation placed on the amount which can
relief.
the purpose
Up to the present much of the RFC funds have been used for
consequently been
of making reimbursement loans. The Government has
money
accumulating assets which sooner or later can be liquidated and the
received, turned into the Treasury.
$9,300,000,000 in
It has been estimated that after the debt increase of
Government
1934 and 1935, as contemplated in the budget message, the
to
would have about $5,000,000,000 of assets which could be realized upon
may
discharge debt. But under the bill the purposes for which RFC funds
-reimbursable exbe used is greatly extended. These uses contemplate non
be
penditures with no possible recompense to the Treasury. It must also
Govrecalled that, in addition to the large increase in the public debt, the
ernment has acquired contingent liabilities of about $6,000,000,000.
The imperative necessity of balancing the Federal budget at the earliest
opportunity is well known to you. It is essential to the recovery of business
large
and to orderly fiscal operations of the Federal Government. Continued
expenditures in excess of current receipts carry a serious threat of resort to
disastrous inflation as a means of meeting Government charges too heavy
4061
system? Surely, among the chief influences responsible for the problems
their
we are considering, we must admit the fact that the United States, in
so quickly won position as financial leader have become a creditor nation
while retaining the policy of a debtor nation, and we must also recognize
continuance in Europe and elsewhere, of hostility and bitterness, thanks to
a bad peace.
Fourth Interim Report of Van Schaick Lays Plans for
Aid to Investors—Agencies to Lend on Mortgage
Certificates Tentatively Arranged, Lehman Told—
Billion Loss Is Denied—Warning Against Sacrifice
of Holdings, Official Says Real Values Lie Behind
Them.
Plans are being made to establish agencies from which
holders of guaranteed mortgage certificates may borrow on
their investments, George S. Van Schaick, State Superintendent of Insurance of New York, disclosed June 8 in his
fourth interim report to Governor Lehman. The report
says that substantial progress is being made on behalf of
the 275,000 owners of certificates issued by the 17 title and
mortgage companies now in rehabilitation under the direction of the Insurance Department.
In discussing the outlook for certificate holders of the 17
companies in rehabilitation, his report says:
"This report will fulfill iss purpose if it succeeds in making plain that there
are substantial equities behind most of the outstanding guaranteed mortgage certificates of the companies in rehabilitation and that there are adequate methods of preserving these equities for certificate holders. Regardless of the ability of the companies to meet in full the guaranty liabilities which they assumed, there is no justification for the assertion which
frequently has been made that investors in guaranteed mortgage certificates have lost a billion dollars and that the certificates have become worthless.
"It is true that investments of this class are frozen. Certificates for
The letter to President Roosevelt, proposing increased Fed- the most part cannot be converted into cash except at a sacrifice. It is
eral expenditures on behalf of the unemployed, said, in part: equally true that hundreds of millions of dollars of these same certificates
is
are intrinsically worth a full 100 cents on the dollar, irrespective of the guarWith violence raging or impending in a dozen States in our country, it
anty, including to the last penny any interest payments which may be
a menace to the right of American citizens to decent maintenance or employuncollected. In the case of more than a hundred million dollars of these
ment at adequate wages to rely further upon experimentation in currency
commercial
certificates the normal income is currently being received by the holders.
manipulation and to the assumed altruism of those financial and
At most it is a few days late because of the added detail in handling trust
Interests whose primary motives are overacquisitiveness and the search for
funds. Several hundred millions more of certificates are yielding some Part
excessive profits.
of their regular income. There remain, of course, many millions of dollars
In our judgment the time has come when America must cease to think of
of certificates upon which the holders are receiving no income. In some
the unemployed in terms of relief and must begin to think of those who work
cases the mortgages and properties behind these certificates are in serious
In terms of work and wages. Work and wages can come in only two ways,
default. It is not intended to minimize the existence of many bad CaSee,
either through private enterprise or public enterprise. To the degree that
but it is too soon to give up hope.
private enterprise fails, the Federal Government, with the co-operation of
"No guaranteed mortgage certificate should be abandoned as worthless.
State and other governments, must come to the support of the people.
Behind each certificate is an undivided interest in one or more pieces of
We believe that at least $5,000,000,000 a year for the next two years
real estate. These properties have value. Sometimes such value may be
should be provided for the construction program, and we also ask that you
at present below the face amounts of the certificates. It is reasonable to
request Congress to make available sufficient funds to maintain those who
expect that, generally, these values will increase as economic conditions
cannot obtain gainful employment.
continue to improve. In addition, such an improvement will be reflected
Signers of this letter included Dr. Dewey, the Rev. Dr. In the value of mortgages and real estate owned by the companies which.
in rehabilitaextent, comprise the
John A. Ryan, Washington; Bishop Francis J. McConnell, to a considerabledirectly benefit those assets of the companies have a claim
certificate holders who
This will
New York City; Rabbi Stephen S. Wise, Free Synagogue, tion. proved at the appropriate time upon their contracts of guaranty.
to be
New York City; D. B. Robertson, President Brotherhood Lo- If the assets of any company are insufficient to pay all claims in full, at
obtain his full share ofsuch assets.
comotive Firemen and Enginemen ; E. J. Manion, President least each of these certificate holders will
"Meanwhile, the Insurance Department is trying to conserve existing
of Railway Telegraphers; W.
.D. Tracy, President In- values for certificate holders and to help them plan wisely for the future.
Order
The efforts in these directions which are described in this report are yieldternational Brotherhood of Electrical Workers.
ing favorable results. They will be continued."
Tentative new arrangements were revealed by the Superintendent's
certificate holders
Restoration of Pre-Depression Monetary System Seen report for the creation of lending agencies from which the use of some of
as Step Best Calculated to Revive International may borrow on their certificates. These plans include
and mortgage companies in rehabilitation in conjunctitle
Trade—J. Henry Schroder & Co. of London Denies the assets of the
assistance to be furnished by the Reconstruction Finance CorNeed for Radical Changes, Pointing to Material tion with The report reviews attempts made within the year to provide
poration.
Advances During Century Before War as Evidence funds for certificate holders which the report characterizes as "one of the
of Soundness of Gold Standard.
most serious hardships which have arisen," and adds:
"It is hoped that certain banking groups will be willing, in the public
Restoration of the international monetary system which
the requisite lending facilities available, despite the failure
functioned prior to the depression, "with modifications to interest, to make which you requested from the Legislature (the Alger-Cook
of the idislation
suit fresh conditions," is urged by J. Henry Schroder & Co. program). If these plans materialize, it may be unnecessary to carry
Otherwise, court
the Superintendent of
of London in their current Quarterly Review of International through the plan ofwill shortly be sought. Insurance.
A further report will be made
approval of his plan
Conditions, as the solution most likely to revive international to you at an early date upon this phase of the problem."
trade. Referring to arguments of those who wish to make
In the opening paragraphs of his report the Superintendent teviews
informational character
radical changes in the monetary system on the ground that progress made in rehabilitation and stresses themade since rehabilitation
of the report, which is by far the most complete
the present system tends to separate immense productive began last August:
"Substantial progress is being made on behalf of guaranteed mortgage
capacity and unlimited consumptive demand, the Review
companies now in rehabilitaholders in the title
denied that the present dislocation "is due to any scarcity certificate the direction of the and mortgage
Insurance Department. This has a decided
tion under
of money-tokens." The Review said that proof that present bearing upon the value of their certificates, which generally are of greater
world problems are not monetary in origin can be found in value than the current prices offered by speculators indicate. briefly yet
you undertakes to review
"This fourth
the fact that our monetary system worked so well in the comprehensivelyinterim report to
the guaranteed mortgage certificate situation.
pre-War period. Pointing to the "immense material adof certificate holders, it is important not only
"From the point of view
the
vance in the standard of like of a greatly increased population that they should know what is being done for them bythey Superintendent
can and ought
of Insurance, but that they should understand what
in all civilized countries in the century before the war," the to do for themselves and for each other. This report is designed to be as
upon this point. Intelligent co-operation from
article said:
informative as possible
certificate holders is needed in order to secure from them maximum results."
"At that time, there was no difficulty about maintaining a reasonable
The Superintendent then proceeds to present the results of a survey
balance between production and consumption; and the alleged impossibility
conducted for the purpose of presenting more accurate information about
of providing enough purchasing power for buying the product of industry
the magnitude of the rehabilitation program.
did not make itself felt. The recent increase in productive capacity cerAs of Dec. 31 1933, the 17 companies in rehabilitation had $804.000,000
tainly makes a greater volume of purchasing power necessary. As we have
mortgage certificates outstanding. Of this amount, $663,000,000 were in
seen, this greater volume of money is available; and the monetary system,
specific certificate series—that is, a series in which all the certificates were
if worked as it was in the period of prosperity, and improved in the light
sold against a single mortgage. The remaining $171,000,000 were group
of recent experience, should still provide any further expansion that may
series. In this connection the report explains:
be required. There is the money waiting to be used; but, owing to political
"When the Insurance Department took over the mortgage companies
and other reasons, the owners are not making the use of it that is ready to
for rehabilitation, very few statistics were available to show the size of the
their hands. They have ceased to lend to one another to the extent of
problem and the condition of the mortgages as a whole. The research
£300 millions to £400 millions a year; and the Governments have, in the
necessary to develop data of this character is costly. To obtain some items
pursuit of economic self-sufficiency, set up a series of barbed-wire entangleit is necessary to examine thousands ofseparate mortgages and other documents across the trade routes of the world and closed the channels of
ments. In some companies this requires the services of several men over a
international payment. Can these facts be laid at the door of the monetary
to be met by taxation.
We urge that the Senate limit expenditures authorized by the deficiency
bill, or any other appropriation measure, to an amount that will permit the
realization of a budget balance in 1936. If the power to transfer RFO funds
for relief and public works is not removed entirely from the bill, it would
appear advisable for Congress to fix the limits of such transfers at an
amount which will permit maintenance of a program for a balance of receipts
and expenditures in the fiscal year ending with June 30 1936.
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Financial Chronicle
considerable period of time. Effort has been made to keep down the expense of compiling these statistics by limiting the gathering of information
to the more vital matters and by accepting approximate figures where they
seem sufficiently accurate to indicate the true proportions of the items to
which they refer."
The report then turns to an audit of the actual number of certificates outstanding. Here, again, the commonly accepted figure of 500,000 certificate holders is found to be too large. There are 325,000 certificates outstanding, and a count shows about 275,000 certificate holders. This figure
cannot be obtained exactly, because the same person may hold several
certificates in different series or different companies, or, on the other hand,
a trustee may represent several beneficiaries.
Again, the commonly accepted figure as to the number of certificated
issues has been 22,000 issues. A careful check here shows only 8,542
specific series and 1,034 group series, a total of 9,576, or considerably
less than half the estimate.
TABLE SHOWING COMPARATIVE CONDITION OF MORTGAGES AS OF
DEC. 31 1933.
Specific Series.
Group Series.
Totals.
Classes of Mortgages.
Amount.
No arrears or transitory ar$
rears,owner in possession 139,000,000
Non-transitory arrears,
294,000,000
owner in possession
Under assignment of rents.. 137,000,000
Under foreclosure
66,000.000
Foreclosed
25,000,000
Amount.
%
Amount.
21
$
26,000,000
$
15 165.000,000
20
44
21
10
4
54,000,000
39,000,000
19,000,000
35,000,000
31 348,000,000
23 176,000,000
11 85,000,000
20 60,000,000
42
21
10
7
%
%
661.000,000 100 173,000,000 100 834,000,000 100
Totals
Note.—These figures are approxima e only. They were obtained by a special
survey made in each company. In the case of the Bond & Mortgage Guarantee
Co. the physical task of examining the housands of records has been so tremendous
that estimates have had to be accepted In certain instances. It Is believed, however,
that any error in these estimates will not materially detract from the correctness of
the figures as a whole. The separate company reports which will be forwarded to
you In a short time, as they are completed, will of course be more accurate.
Non-transitory arrears, for purpose9 of this survey, were taken as unpaid taxes
and miscellaneous Items of more than one year and unpaid interest and (or) principal for more than six months.
Another accurate index to the condition of the property is now available
in figures on interest payments to certificate holders and tax payments.
From August 1933 (rehabilitation date) through April 1934. more than
$15,000,000 collected upon certificated mortgages had been sent out to
certificate holders. This has involved the issuing of more than 600,000
checks. Aside from these interest payments, over the same period a very
considerable sum was paid out of the interest collected for taxes where
the arrears had become so serious that it was deemed necessary to pay the
taxes to preserve the property which stands a ssecurity for the investment.
TABLE SHOWING INCOME PAID TO CERTIFICATE HOLDERS.
Amount of Interest
Number of Cheeks
and
Paid to
Months, 1934—
Certificate Holders.
Drafts Issued.
January
68,001
$1,846,836
February
63,131
1,527,524
March
1,727,740
83,635
April
87,813
1,930.307
Total
302,580
87,032,407
"Normally," says the report, "$14,700,000 would have been remitted
to certificate holders during these four months. Therefore it is evident
that an amount roughly equal to 48% of the earned interest currently
payable to certificate holders was remitted to them. Of course much of
the interest paid during these four months was due at some earlier time,
so that the percentage cannot be accepted as an absolute guide to the
amount paid when due."
The Superintendent's third interim report, in April,
dealt with the filing of suits against directors of the old
companies for the recovery of dividends and other funds,
allegedly wasted. Suits of this character against directors
of eight companies are now in the courts.
Rexford G. Tugwell Confirmed by Senate as UnderAgriculture—Nomination
Secretary
of
Was
Opposed by Foes of "Brain Trust"—Hearing of
Nominee by Committee.
The nomination of Dr. Rexford G. Tugwell as UnderSecretary of Agriculture was approved by the Senate on
June 14, after a debate of more than a day in which opposition to confirmation was led by Senator Smith of South
Carolina, Chairman of the Senate Agriculture Committee.
The vote to approve the nomination was 53 to 24. Dr.
Tugwell's appointment was favorably reported by the
Agriculture Committee on June 12 by a vote of 16 to 2, with
Senators Smith and Hatfield casting the only votes in
opposition. On the preceding day (June 11) the Senate
Agriculture Committee held an open hearing, in which Dr.
Tugwell, who has been acting as Assistant Secretary of
Agriculture, was subjected to a cross-examination designed
to elicit his views regarding national planning, Communism,
"regimentation" in agriculture and business, and his knowledge of practical farming.
Dr. Tugwell's opinions, as given at the Committee inquiry, included a condemnation of national planning as
fixed by "rigid blueprints." He said that the only planned
economy he advocated was such as is now being carried
on by the National Recovery Administration, the Agricultural Adjustment Administration, and similar Government
agencies. He added that he was "a conservative," who
wanted to "conserve all those things in American life I grew
up to respect and love and do not want to see destroyed."
Dr.'Tugwell's nomination had been sent by President
Roosevelt to the Senate Agriculture Committee on April 24,
but no report was made to the Senate because of the opposi-
June 16 1934
tion of the Chairman, Senator Smith, who had several times
said in interviews that he opposed Dr. Tugwell because he
was a Professor and was not acquainted with the practical
problems faced by the American farmer. On June 8, however, Senator Robinson, the Democratic leader, moved to
discharge the Committee on Agriculture from consideration
of the nomination, thus bringing it directly before the
Senate. This motion was followed by a debate of more
than two hours. Finally it was not pressed by Senator
Robinson, who instead succeeded in obtaining Senate approval of a motion which referred the motion to discharge
to the Agricultural Committee and directed that Committee
to report on the nomination to the Senate on June 12.
From United Press accounts June 12 from Washington
to the New York "Journal of Commerce" we quote:
The Agriculture Committee voted 16 to 2 to-day to report favorably
to the Senate the nomination of Rexford G. Tugwell to be Under-Secretary
of Agriculture.
Chairman Ellison D. Smith (Dem.)-, S. C., and Senator Henry D. Hatfield (Rep.), W. Va., cast the only votes against him.
Committee Acts Promptly.
Committee action required about a half hour, compared to the four hours
and 23 minutes devoted yesterday to an examination of Dr. Tugwell.
Supporting the nomination were:
Burton K. Wheeler, Montana; George McGill, Kansas; John H. Bankhead, Alabama; William J. Bulow, South Dakota; Hattie B. Carraway,
Arkansas; Home T. Bone, Washington; Louis Murphy, Iowa; James P.
Pope, Idaho, and Carl A. Hatch, New Mexico, Democrats; and George W.
Norris, Nebraska; Arthur Capper, Kansas; Peter Norbeck, South Dakota;
Lynn J. Frazier, North Dakota; Bronson Cutting, New Mexico, and
Charles L. McNary, Oregon, Republicans; and Hendrick Shipstead,
Minnesota, Farmer-Laborite.
Senator McNary, who could not be present, voted favorably by Proxy,
with the.privilege of opposing the nomination on the floor.
Committeemen said there was little debate over the nomination.
The controversy over Dr. Tugwell's nomination had
particular significance because he has often been referred
to as the head of the so-called "brain trust." When questioned by the Senate Agricultural Committee, Dr. Tugwell
denied the existence of any such group as the "brain trust."
We quote, in part, from United Press advices of June 11
to the New York "Journal of Commerce," describing the
Committee inquiry:
Dr. Tugwell outlined his views as follows:
He believes the Constitution flexible enough to take care of any necessary
economic changes in the country.
He is flatly opposed to American copying of Soviet planning.
He believes himself fitted for the Under-Secretaryship by reason of experience on his father's farm and theoretical research.
He believes in national planning on a voluntary basis and in making it
Possible for all people to co-operate, but "if you consider planning as a
kind of blueprint laying out for years ahead everything that must be done.
I don't believe in it at all."
He believes in "economic as well as political democracy."
He favors anything wanted by the great majority of Americans.
He is interested in democratizing of industry rather than the political
institution of a dictator.
He does not believe in nationalization of farms.
Cooly parrying the questions of Senator Smith and Senator Harry F.
Byrd (Dem., Va.), Tugwell denied he favored any sweeping or revolutionary changes in American government.
Bard Takes Floor.
At the start, Senator Byrd sought to picture Tugwell as an "extreme
liberal" who, as Assistant Secretary of Agriculture was seeking to make
Secretary Wallace a "Hitler over agriculture."
"So far we have no reason to believe the Constitution isn't flexible
enough," Tugwell said.
"Do you believe in the Constitution?" Tugwell was asked. "Yes,"
replied Tugwell; "why shouldn't I. I grew up under it."
Senator George W. Norris (Rep., Neb.) objected to some of Ityrd's
questions, which were concerned particularly with a speech made by Tugwell in 1931 before the American Economic Association.
Byrd insisted that Tugwell favored a planned economy, such as he said
would lead necessarily to constitutional changes.
"The whole speech was an effort to show it would not work." Tugwell
replied. Explaining his views of government, Tugwell said:
"If you consider planning as a kind of blueprint laying out for years
ahead everything that must be dono. I do not believe in it at all."
Backs President's Program.
"I believe in the kind of planning the President speaks about.
"My conception is that we move from thing to thing because we have
to move and assess each thing as we go along, not because of any plan laid
down in advance."
Byrd kept asking what changes Tugwell would advocate.
"I think the change was made in the election of 1932." Tugwell
said. . . .
Tugwell also said he was flatly opposed to any American
copying of
planning system adopted by Soviet Russia.
"I don't think there's any ono in America more opposed to that than I
am," he said.
Questioned minutely about a speech he made in 1931 before the American
Economic Association convention in Philadelphia in which he advocated
changes in the Constitution to fit a planned economy, Tugwell said many
changes in the nation's social order already had occurred.
He cited Supreme Court decisions upholding "new deal" policies, and
added:
..The Court has gone much further than I anticipated when I made
that speech."
Tugwell said he "believed" in the Constitution, but emphasized his
opinion that it was sufficiently flexible to meet the emergency through
which the nation is passing.
The speech to which Byrd objected was a review of the world economic
situation, and referred to possibilities that might occur unless changes
occurred.
Volume 138
Financial Chronicle
Tugwell made it clear he was not advocating revolution or any copying
of Russian planning methods.
"Do you favor a highly centralized form of government?" Byrd asked.
"That is a hard question to answer, for one who is only a candidate for
Under-Secretary of Agriculture," Tugwell said. . . .
Referring to the AAA amendments, Tugwell said earlier:
"It has been said that we've tried to minimize their importance. We
said they were 'clarifying.' These amendments are to make it unquestionably clear that what we are doing has been clearly defined by Congress.
Denial Is Made.
He denied he ever had indorsed a doctrine calling for the elimination of
profits in business and emphasized that he had worked hard to raise the
profits of agriculture. . . .
Tugwell refused to answer only one question. That related to the theory
that the crop allotment program is, in effect. Government control of
agriculture.
Tugwell's economic theories concerning a planned economy were carefully
explored. He explained he favors long-term planning, but that any changes
in the nation's industrial or agricultural life should be effectuated through
orderly processes.
Senator Burton IC. Wheeler (Dem., Mont.), who appeared chiefly in the
role of "defense counsel," asked Tugwell if he favored adoption of the
Russian form of government.
"No, sir," the witness exclaimed forcefully.
"You say that if a planned economy were inaugurated it would mean
destruction of the Constitution," Byrd said. "Do you still believe that?"
"Yes, sir."
"I would not have a part in that. My ideas of the Constitution are from
the Supreme Court. I believe in the American Constitution. I've already
told you I don't favor the planned economy you spoke of. I believe the
Constitution is flexible enough to allow us to meet exigencies such as we've
been going through.
"It has been done so far without the need of amendment."
In 1931, Tugwell said, the Government was "not doing nearly enough"
to combat the depression.
"I felt strongly that it ought to do more," he said, "and it has done so
now."
"Do you repudiate what you said in your speech?" Byrd asked.
"I repudiate nothing," Tugwell replied,sharply. "I was speaking purely
as a scientist and I recommend nothing. It was perfectly understood by
my audience."
"I've had experience on my father's farm," Tugwell said in answer to
Smith. "I have'nt had much experience with conditions in the South.
I've been writing and studying the subject of aviculture for twenty-five
years."
"Oh,I know that," Smith said. "But do you think you could qualify?"
"I think I could," Tugwell replied, firmly.
New Resident Members of New York State Chamber of
Commerce.
A number of leading business executives were elected
resident members of the Chamber of Commerce of the State
of New York at the monthly meeting held June 7. The
new members, 17 in all, follows:
Colby M. Chester, Jr., President, General Foods Corp.; John E. Hoffman, President, American & Foreign Insurance Co.; William DelCrafft,
Vice-President, United States Rubber Co.; Rowe B. Metcalf, President,
Metcalf Bros. & Co.; Charles H. Watts, President, Beneficial Management
Corp.; Vincent P. Whitsitt, Executive Manager, Association of Life Insurance Presidents; Maurice L. Farrell, F. S. Smithers & Co.
Phineas B. Blanchard, Turner & Blanchard; Dr. H. Parker Willis,
Fenton L. Gilbert, Ernst & Ernst; Howard A. Flynn, C. D. Mallorn &
Co.; Thomas B. Pratt, Pratt, Weed & Co.; John B. Baragwacatb• President, Pardners Mines Corp.; Julian Lucas. Davis, Dorland & Co.; Rudolph
Reimer, Dr. A Hamilton Rice, John Demarest Howell. Howell, Stone &
Fulton.
Warren T. Thayer Resigns Seat in New York State
Senate as Legislature Is Called to Decide Whether
He Should Be Removed Incident to Inquiry into
Relations with Utility Corporations.
New York State Senator Warren T. Thayer, whose negotiations with a public utility corporation were being investigated
by the State Senate, resigned his seat on June 11. On the
preceding day Governor Lehman issued a call for the Legislature to meet in a special session on June 19 to decide if
Senator Thayer should be permitted to continue in office.
In a statement issued on June 11, Senator Thayer said that
after the public hearing on the charges against him "it is a
matter of common public knowledge that there was no corruption on my part." He said that he had previously announced
that he would not be a candidate for renomination. He added
that he was resigning because he wished to avoid "any misunderstanding which might in any way be detrimental to the
professional interests of my associates in the Senatorial districts which they represent."
Paul McCauley, former Assistant United States AttorneyGeneral, who acted as counsel for the Senate Judiciary Committee, had charged that Senator Thayer violated his oath
of office by acting for a utilities corporation, and had also
violated the State election law by accepting money from a
utilities company to be used in an attempt to elect trustees
of the village of Chateaugay, N. Y., who would favor the
Chasm Power Co. Senator Thayer's statement of June 11
follows:
I am reliably informed that some of my associates in the Senate feel that,
although there was no official misconduct on my part, the vote cast by them
to that effect would be construed by some of their constituents as a vote
04 approval of my attitude on power legislation, and that this might be
detrimental to their political future and to the political interests of the
party in their district.
4063
I am also informed that they feel that in view of the fact that I have had a
public hearing so that it is now a matter of common public knowledge that
there was no corruption on my part, and that I announced prior to the publication of the letters which were the basis of the investigation that I would
not be a candidate for renomination, and in view of the fact that both
legislative sessions of my present term have been completed, I should tender
my resignation to the Senate at this time. This I have done in deference
to them and for the purpose of avoiding any misunderstanding which might
be in any way detrimental to the professional interests of toy associates in the
Senatorial districts which they represent.
The conclusion by the New York State Senate Judiciary
Committee of its inquiry into the relations of Senator Thayer
with one of the utilities was noted in our issue of May 19,
page 3375.
Nine New York Banks Reported Ready to Pay Their
New
Share in Deposit Deficiency of Harriman National
Bank & Trust Co.—Agreement Said to Cover
$2,835,000 of Original Loss of $6,300,000.
Nine of the 20 banks of the New York Clearing House Association are preparing to sign a conditional agreement to pay
their share of the $6,300,000 deficiency in the deposits of the
Harriman National Bank & Trust Co. at the time it closed,
according to newspaper reports on June 12. It is said that
these banks are ready to pay about $2,835,000, or approximately 45% of the original deficiency. The deficiency now
amounts to about $9,000,000, and the Federal Government has
brought suit against all the member banks of the Clearing
House Association in an effort to recover the entire loss. The
New York "Herald Tribune" of June 12, in reporting the
agreement, said:
The agreement, however, must be submitted for the approval of James F. T.
O'Connor, Comptroller of the Currency, and 90% of the 11,000 depositors
before it becomes effective. The other 10 member banks of the New York
Clearing House Association have elected to have their alleged obligations to
the depositors determined by the suits which the Government has started in
an effort to compel these banks to make good the depositors' funds 100%.
Trial of these suits is expected to come up in the fall.
Frederick V. Geese, receiver for the bank, acting under the Comptroller
of the Currency, declined to make any comment on the action of the nine
banks yesterday, saying: "All statements on the subject will have to come
from the Comptroller of the Currency at Washington."
At the office of Alfred A. Cook, counsel for the receiver, it was said that
"all the papers had not yet come in, and that nothing will be said until they
are complete."
The nine institutions said to favor the individual cash settlements are:
Bank of New York & Trust Co., Manufacturers' Trust Co., Central Hanover
Bank & Trust Co., Corn Exchange Bank Trust Co.. Irving Trust Co., Chase
National Bank, Marine Midland Trust Co., New York Trust Co., Commercial
National Bank St Trust Co.
The figure of $6,300,000 used as the basis of the present proposed agreements was alleged to be the deficiency existent in May 1933, when the Comptroller began actions against the 19 member banks to compel them to make
good the full deposits which he asserted they obligated themselves to do in
July 1932, when they induced Henry E. Cooper to accept the Presidency of
the bank with the assurance they would not permit the bank to fail. It will
not now, however, provide the depositors with 100% of their deposits, 98
the assets of the Institution have since dwindled and the deficiency is now
calculated at more than $9,000,000.
It was explained, however, that possibility of realizing further sums lay
in the pending suits against the 10 member banks who are holding out for
court trials of their obligations and suite now in preparation against the
directors and stockholders of the bank. The latter are liable to an assessment of 100% of the par value of stock in the institution held by them at
the time of its closing in March 1933, of which there was $2,000.000 worth
outstanding. At the time of the bank's closing it held $24,670,000 deposits.
New York Supreme Court Returns Judgments of
$28,743,653 Against 12 Directors of Defunct Bank
of United States—Decision Finds Officers Approved
Unsecured and Improvident Loans Which Resulted
in Heavy Losses
-25 Directors Have Already
Effected Settlement.
Justice Louis A. Valente, of the New York Supreme Court,
on June 11 directed judgments aggregating $28,473,653
against 12 of the officers and directors of the defunct Bank
of United States in the $60,000,000 suit by Joseph A. Broderick, State Superintendent of Banks. The court decided
that the directors approved unsecured and improvident loans
which caused heavy losses to the bank and its depositors.
It said that the principal losses had been incurred through
unsecured loans made to the Bankus Corp., an affiliate which
had extended large loans to real estate interests. The decision concluded the trial, which began last January. The
number of original defendants was 40, but this was reduced
to 12 as a result of settlements effected by 25 officers and
directors and the withdrawal of the case against three who
left New York State before papers could be served on them.
Justice Valente said in his ruling that those against whom
judgments are directed might still effect settlement. The
ruling said:
The amount secured in settlement, either by present payment or by
assured promise of payment, is $1,600,000. The entry of judgment against
those directors who have not settled does not necessarily foreclose them from
any efforts to make an adjustment, although it may make their road harder.
4064
Financial Chronicle
The New York "Times" of June 12 reported the decision,
in part, as follows:
The amount of the judgments against the 12 who failed to settle are as
follows:
$12,760,773.—Bernard K. Markus, Saul Singer, Joseph C. Brownstone,
John F. Gilchrist, Jac L. Hoffman, Reuben Sadowsky, George C. Van Tuyl Jr.,
former Superintendent of Banks, and Israel H. Rosenthal.
$7,640,500.—William Fischman.
$7,672,380.—Harry Ii. Revman.
$400,000.—Morris H. Weinberg.
Thirteen defendants who settled before the case went to trial were:
Arthur W. Little
Robert Adamson
The late Herman A. Metz
George Le Boutellier
Charles H. Silver
Joseph Hurst
David Tishman
Isaac Gilman
Alexander C. Walker
Frank Hedley
Max Weinstein
Eugene B. Kline
Edward B. Lewis
After the trial began, settlements were effected by the following:
George S. Carr
Isidor J. Kresel
A. Milton Napier
Henry W. Pollock
Estate of Frederick G. Hobbs
Max H. Friedman
Joshua L. Cowen
Simon H. Kugel
Estate of Julius Blattner
Irwin S. Chanin
C. Stanley Mitchell
Albert Rosenblatt
In each case a settlement was made for a sum the Banking Superintendent
considered acceptable in the interest of the bank's depositors and other
creditors.
The method of making the settlements( was set forth in the last ones to
be approved, those of Messrs. Mitchell and Carr, which were authorized
yesterday by Justice Valente before he handed down his decision. The Banking Superintendent accepted $110,300 from Mr. Mitchell, which includes an
assessment of $85,300 on his 3,412 shares of bank stock, and $4,000 from
Mr. Carr.
The petition of the Banking Department said that while Mr. Mitchell
owned securities worth $3,500,000 on Jan. 1 1929, and had a $500,000 estate
at Sharon, Conn., he had nothing now except his home in Yonkers, which
is of no value because of mortgages, and 500 acres of unimproved real estate
adjoining the country place at Sharon, now valued at $30,000, but which,
it is believed, can be sold for $100,000 if the real estate market improves.
The realty is accepted in part settlement, with the understanding that a
total of $110,300 will be received. Mr. Mitchell gave his Sharon home to
his wife as a Christmas gift in December 1929.
The settlement with Mr. Carr for $4,000 was accepted bemuse he has no
property except his $9,000 salary from the Corn Exchange Bank St Trust Co.,
by which he is now employed. The sum is to be paid in instalments until 1938.
The three directors against whom the suit was dropped because they could
not be served were Henry Loeb, Stephen Stephan° and Joseph Brown.
Death of Representative Thomas C. Coffin.
Representative Thomas C. Coffin, of the Second Idaho
Congressional District, died in Washington, June 8, from
injuries received When he walked against a moving automobile. Mr. Coffin was born in Pocatello, Idaho, Oct. 25 1887.
He practiced law in Boise, Idaho, and from 1931 to 1933 was
Mayor of the City of Pocatello. He was elected to Congress
in 1932 and was serving his first term at the time of his
death.
$5,286,717,658.63 Advanced by RFC During Period from
Feb. 2 1932 to May 31 1934—Repayments Total
$1,449,389,242—Cash Loans of $1,681,357,085 Made
to Banks and Trust Companies, of Which $967,959,623 Has Been Repaid.
The Federal Government has made cash advances through
the Reconstruction Finance Corporation of $3,895,868,109.63
(excluding $1,390,849,549.00 disbursed to other Government
agencies and for relief of destitution as required under provisions of existing statutes) since that agency began operations on Feb. 2 1932 to close of business May 31 1934, according to a report made available June 7. Total disbursements
amount to $5,286,717.658.63. The report shows that repayments of $1,449,389,242.36 have been received (including
$1,423,555-1932 Relief Act). Excluding allocations required
under the provisions of existing statutes to be made to other
Government agencies and for relief of destitution, the Corporation has authorized loans and other advances of funds
totaling $5,390,627,414.54'since it began operations. Of this
amount $458,970,291.81 was canceled or withdrawn and
$1,035,789,013.10 remain to the credit of the borrowers. The
report continued:
In addition to the above authorizations, the Corporation had conditional
agreements, outstanding on May 31, to make loans and other advances of
funds in the amount of $142,323,070.57. Authorization of these commitments
is awaiting compliance with conditions.
The balance outstanding (excluding allocations to Government agencies and
for relief of destitution) as of May 31 1934 aggregates $2,447,902,422.27.
Banks and trust companies were the largest class of borrowers. Loans
authorized to 7,169 institutions aggregated $2,026,934,699i31. Of this
amount, $243,460,059.20 was canceled or withdrawn, $202,117,555.03 remain to the credit of the borrowers, and $1,581,357,085.08 has been disbursed
in cash, of which $967,959,623.08, or 61%, has been repaid. In addition to
these authorizations, the Corporation has made conditional agreements to
loan $13,601,295.70 to banks and trust companies.
Since the passage of the Emergency Banking Act, the Corporation has
authorized or made conditional agreements to purchase $678,511,820.00 of
preferred stock in 3,469 banks and trust companies, of which $24,739,023.33
was canceled or withdrawn and $413,885,746.67 has been disbursed. Retire.
June 16 1934
moot of preferred stock aggregates $412,300. A conditional agreement has
been made to purchase $100,000 preferred stock in one insurance company.
The Corporation has authorized or made conditional agreements to purchase $166,667,000 of capital notes in 186 institutions, of which $1,205,000
was canceled or withdrawn, and $108,515,500 has been disbursed; and $229.320,800 of debentures in 2,473 institutions, of which $8,122,000 has been
canceled or withdrawn and $163,105,300 has been disbursed. Retirement
of capital notes and debentures aggregates $120,000.
The Corporation has authorized or made commitments to make loans,
secured by preferred stock, aggregating $36,715,450, of which $3,679,350
was canceled or withdrawn, to 900 borrowers for the purchase of preferred
stock in banks and trust companies; and $19,375,000 to six borrowers for
the purchase of preferred stock in insurance companies.
The Corporation has authorized loans, or made conditional agreements to
make loans, for the reorganization or liquidation of closed financial institutions aggregating $794,747,283.70 to 2,164 institutions. Of this amount,
$63,001,173.19 was canceled or withdrawn, $210,888,652.43 remain to the
credit of the borrowers, $520,857,458.08 has been disbursed, and $162,023,118.68 has been repaid.
Under Section 36 of the Emergency Farm Mortgage Act of 1933, providing
for loans to refinance the indebtedness of drainage, levee and irrigation districts, the Corporation has authorized loans to 218 districts, aggregating
$40,988,137.77, of which $490,065.31 has been canceled or withdrawn, and
$4,156,097.43 has been disbursed.
For the purpose of assisting business and industry in co-operation with
the National Recovery Administration program, the Corporation has authorized to banks, trust companies, and mortgage loan companies, 125 loans
totaling $15,009,675 to 41 institutions, of which $2,122,675 was canceled
or withdrawn and $1,864,827.77 has been disbursed. In addition to these
authorizations, the Corporation has made conditional agreements aggregating
$4,368,200 to 53 institutions. Authorization of funds on these conditional
agreements is awaiting compliance with conditions.
The report showed cash advances to be as follows:
To Government agencies under provisions of existing statutes:
Secretary of the Treasury to pay for:
Capital of Federal Home Loan banks
$80,945,700.00
Capital of Home Owners' Loan Corporation 114,000,000.00
Farm Loan Commissioner to make loans:
• 145,000,000.00
To farmers
2,600,000.00
To Joint Stock Land banks
Federal Farm Mortgage Corporation
55,000,000.00
Secretary of Agriculture for crop loans to
115,000,000.00
farmers (net)
Governor of Farm Credit Administration.—
40,500,000.00
Regional Agricultural Credit corporations:
Capital
44,500,000.00
5,339,539.73
Expenses (since May 27 1933)
Federal Relief Administration (1933 Act)__.... 487,979,310.27
To States, Territories and political subdivisions of States for relief purposes under
the Emergency Relief and Construction
299,984,999.00
Act of 1932
31,390,849,549.00
To the following classes of borrowers under
Section 5 of the RFC Act:
Banks and trust companies
$1,581,357,085.08
Railroads
402,610,981.49
Mortgage loan companies
280,345,186.53
Federal Land banks
193,618,000.00
Regional Agricultural Credit Corporations— 170,691,839.43
Building and loan associations
114,390,272.15
Insurance companies
89,332,463.45
Joint Stock Land banks
15,196,548.06
Livestock Credit Corporations
12,668,733.05
Federal Intermediate Credit banks
9,250,000.00
State funds for insurance of public moneys_
5,887,715.88
Agricultural Credit Corporations
5,261,130.27
Credit unions
580,854.21
Processors or distributors for payment of
processing tax
14,150.38
2,861,204,959.98
Purchase of preferred stock in banks and trust companies
413,885,746.67
Purchase of capital notes in banks and trust companies
108,515,500.00
Purchase of debentures in banks and trust companies
163,105,300.00
Loans secured by preferred stock of:
Banks and trust companies
$19,760,800.00
Insurance companies
15,875,000.00
35,635,800.00
To the Secretary of Agriculture for purchase of cotton
3,300,000.00
For refinancing drainage, levee and irrigation districts under
Section 36, Emergency Farm Mortgage Act
4,156,097.43
To aid in financing self-liquidating construction projects (Including
$8,271,348.48 for repair and reconstruction of buildings damaged by earthquake, fire and tornado)
93,003,642.08
To aid in financing the sale of agricultural surpluses in foreign
markets (Section 201-c)
13,340,413.03
To finance the carrying and orderly marketing of agricultural
commodities (Section 201-d):
To the Commodity Credit Corporation for:
Loans on cotton
3101,470,374.57
Loans on corn.
90,691,334.46
To other institutions
$192,161,709.03
7,558,941.41
199,720,650.44
Repayments, according to the report, were as follows:
By borrowers under Section 5 of the RFC Act:
Banks and trust companies
3967,959,623.08
Regional Agricultural Credit Corporations
160,002,289.71
Mortgage loan companies
68,952,628.73
Building and loan associations
68,895,633.53
Railroads
57,895,024.67
Insurance companies
53,403,282.80
Livestock Credit Corporations
10,991,404.97
Federal Intermediate Credit banks
9,250,000.00
Agricultural Credit Corporations
4,460,780.30
Joint Stock Land banks
4,873,386.23
State funds for insurance of public moneys_
3,929,637.97
Credit unions
96,721.68
Processors or distributors for payment of
processing tax
5,428.00
By the Secretary of Agriculture
Repayments continued:
13y borrowers for relief purposes (1932 Act)
By borrowers—self-liquidating projects
By borrowers to finance the sale of agricultural surpluses in foreign markets (Section 201-c)
By borrowers to finance the carrying and orderly marketing of
agricultural commodities (Section 201-d):
By the Commodity Credit Corporation.., $24,216,861.10
By other institutions
3,469,549.19
By borrowers on loans secured by preferred stock of banks and
trust companies
By retirement of preferred stock In banks and trust companies.
By retirement of capital notes In banks and trust Comoasies.-_
By retirement of debentures in banks and trust companies
1,410,715,841.67
3,300,000.00
1,423,555.0
0
4,444,127.31
588,313.89
27,686,410.29
898,694.20
412,300.00
40,000.00
80,000.00
The loans authorized to each railroad, together with the
amount disbursed to and repaid by each are shown in the
following table (as of May 31 1934):
Financial Chronicle
Volume 138
Authorized.
$127,000
Aberdeen Sr Rockfish RR. Co
275,000
Alabama Tennessee & Northern RR.Corp.
2,500,000
Alton RR. Co
634,757
Ann Arbor RR.(receivers)
400,000
Ashley Drew & Northern Ry. Co
Baltimore & Ohio RR. Co
72,125,000
41,300
Birmingham & Southeastern RR. Co.7,569,437
Boston & Maine RR. Co
53,960
Buffalo-Union Carolina RR. Co
549,000
Carlton & Coast RR. Co
3,124,319
Central of Georgia Ry. Co
Central RR. Co. of New Jersey
500,000
Chicago & Eastern Illinois By. Co
5,916,500
Chicago & North Western By. Co
35.094,133
Chicago & Great Western RR
1,289,000
Chicago Milwaukee St P.& Pao. Ry. Co- 8,000,000
Chicago North Shore & Milw. RR.Co..1,150,000
Chicago Rock Island & Pacific Ry. Co
13,718,700
Cincinnati Union Terminal Co
10,398,925
Disbursed.
$127,000
275,000
2,500.000
634,757
400,000
72,096,000
41.300
7,569,437
.53,960
477.037
3,124,319
464,298
6.500,000
2,550,000
100,000
1,488,504
6,843,082
100,000
23,134,800
99,200
785,000
1,070,599
25.000
27,499,000
18,200.000
700,000
29,500,000
Pere Marquette Ry. Co
Pioneer & Fayette RR. Co
Pittsburgh & West Virginia By.Co
Puget Sound & Cascade Ry. Co
St. Louis-San Francisco RR. Co
St. Louis Southwestern Ry. Co
Salt Lake & Utah RR.(receiver)
Sand Springs Ry. Co
Southern Pacific Co
Southern Ry. Co
Sumter Valley Ry. Co
Tennessee Central Ry. Co
Texas Oklahoma & Eastern RR. Co
Texas & Pacific Ry. Co
Texas South-Eastern RR.Co
Tuckerton RR. Co
3,000.000
10,000
3,975,207
300,000
7,995,175
18,790.000
200,000
162,600
23,200,000
14,751,000
100,000
147.700
108,740
700,000
30,000
45,000
Wabash Ry. (receivers)
Western Pacific RR. Co
Wichita Falls & Southern RR.Co
Wrightsville & Tennille RR. Co
15,731,583
4,366,000
400,000
22,525
230,027
1464,300
'
1' 35,702
1
155.632
3,159,000
838
5.916,500
34,687,633
1,289.000
8,000,000
1,150,000
252,661
13,718,700
8,300,000 f 8,300,000
1•2,098,925
*60,000
53,500
500,000
7,712,300
2,189
13,403,000
*3,000
*90,000
627,075
227,434
Columbus & Greenville Ry. Co
60,000
Copper Range RR. Co
53,500
Denver & Rio Grande Western RR.Co
8,300,000
Erie RR. Co
13,403,000
Eureka Nevada Ry. Co
3,000
Florida East Coast Ry. (receivers)
717.075
Ft. Smith Sr Western Ry. (receivers).....
227,434
Fredericksburg & Northern Ry. Co
15,000
Gainesville Midland Ry. (receivers)
Galveston Houston &Henderson RR.Co_
1,033,000
0
1,061,0 0 '
354,721
Georgia & Florida Ry. (receivers)
354,721
Great Northern Ry. Co
6,000,000
6,000.000
13,915
Green County RR.Co
13,915
Gulf Mobile & Northern RR.Co
520,000
520,000
6,346,333
Illinois Central RR.Co
13,863.000
Lehigh Valley RR.Co
Maine Central RR. Co
Maryland & Pennsylvania RR. Co
Meridian & Bisbee River Ry.Co
Minneapolis St. Paul & S.Ste. M.Ry.Co.
Mississippi Export RR. Co
Missouri Pacific RR. Co
Missouri Southern RR. Co
Mobile & Ohio RR. Co
Mobile & Ohio RR.Co.(receivers)
Murfreesboro-Nashville Ry. Co
New York Central RR. Co
New York Chicago & St. Louis RR. Co
New York New Haven & Hartford RR.Co.
Pennsylvania RR. Co
Repaid.
$4,000
5,500,000
2,550,000
100,000
*10,539
6,000,000
915
520,000
66,666
1•16,667
•1,000,000
59,975
*744,252
468,152
6,843,082
100,000
23,134,800
99,200
785,000
785,000
193,000
1,070,599
25,000
25,078.737
2,688,413
18,191.040
578,224
28,900,000 128,900.000
1 *600.000
3,000.000
3,975.207
300,000
7,995,175
18,672,250
200,000
162,600
22,000,000
14,751,000
100,000
147.700
2,805,175
790,000
246,000
*108,740
700,000
30,000
39.000
15,731,583
4,366,000
400,000
22,525
f
81
156,000
1,303,000
$420,699,930 $402,610.981 $57,895,024
•Denotes amount canceled or withdrawn instead of repayment.
(Total cancellations, $4,827,784.)
Downward Trend in Business, Says National City
Bank of New York, Partly Seasonal-Viewed Also
as Reflecting Influences Which Caused Production
to Run Ahead of Consumption.
Pointing out that the spring rise of business evidently
passed its peak about the first of May, and the trend since
has been moderately downward, the National City Bank of
New York, in its June "Monthly Review" adds that "it is
usual for a decline in industrial activity to get under way in
May, running until August, and the recession therefore is
partly seasonal in character." "However," the bank goes on
to say,"it also reflects the passing of special influences which
had helped to make the rise after the first of the year more
pronounced than usual, and had caused production temporarily to run ahead of consumption in some industries." In
part, the bank continued:
Such influences were apparent in both the automobile and steel industries,
which were the leaders of the upward movement in the early spring. Field
stocks of automobiles at the beginning of the season were far below requirements, and there was every inducement, in view of the natural business improvement, the disbursement of Government funds to farmers and others, and
prospective labor troubles, for manufacturers to build up their dealers' stocks
as rapidly as possible. Hence, with some exceptions, production during the
first four months exceeded sales by more than the customary margin. By
the end of April dealers were once more well supplied. Moreover, sales
reports have been less satisfactory. Most companies .made less than the
expected spring sales after the higher prices were put into effect in April,
and preliminary estimates for May show a decline. For both reasons curtailment of output has followed during May.
In the steel industry the temporary stimulating influence was the price
advance announced at the beginning of April, which brought in heavy buying during the period before the new prices took effect. Operating on these
orders, mill output expanded from 43.3% of capacity in the first week of
April to 56.9% in the second week of May, which may have marked the peak.
Buyers in many cases covered requirements well into the third quarter, and
In filling these contracts production evidently is outrunning consumption.
Hence, there are stocks to be absorbed, and with automobile takings falling
off, a more than seasonal curtailment in July and August is in prospect.
In the lighter industries snaking goods of every-day consumption there is
also evidence that the expansion earlier in the year was overdone. The cotton
mills, whose unfilled orders have been steadily declining, have followed the
example of the silk mills in adopting organized curtailment, under direction
of the Code Authority and with the approval of General Johnson. The silk
mills closed entirely for one week in Hay the cotton mills will reduce
4065
machine hours by 25% for 12 weeks beginning June 4. The rayon industry
has continued to slow down, and yarn prices have generally been cut be, a
pound, following the reduction initiated by one company in April. Wool
goods sales have been light and operations are at a very moderate rate, though
the fall goods season should soon be getting under way.
Summer Recession Generally Expected.
With industrial curtailment so uniform, the likelihood that the recession
will last well into the summer is generally conceded. Not much in the way
of improvement is looked for until the crop movement and preparations for
fall and winter trade supply their usual fresh stimulus.
Another factor in the recession is the drouth news from the grain States.
The possibility of a loss of farm purchasing power through crop failure has
slowed up both retail and wholesale trade in the areas worst affected, and
naturally leads to business hesitation elsewhere. The situation is disastrous
in the spring wheat belt, and generally serious over the North Central area,
though in other regions the damage may not be irrecoverable. . . .
Influences on Purclia.sing Power.
The current declines in industrial operations, in so far as they are a
natural offset to the preceding rise, should not be greatly disturbing to
business sentiment. Such fluctuations arc inevitable. General forward movements of business induce overbuying, overproduction, and other mistakes of
judgment, and it is the usual thing for a reaction to take place after an
upswing of five to six months. Moreover, a decline in the indexes during
the summer to levels below one year ago, which is plainly to be expected,
will mean little, in view of the special stimulating factors last year.
Nevertheless, there is unquestionably a feeling of disappointment that
trade has not been more vigorous, and that purchasing power has not appeared
in the markets in the degree that merchants hoped for. Much of the improvement both last year and this began on the farm, and the Department of
Agriculture, which makes monthly calculations of farm income, is not encouraging in its latest statement. It estimates April income, including benefit
payments, at $300,000,000, compared with $311,000,000 a year ago, and
considering that the upward movement had hardly begun in April last year
the comparison is wholly unfavorable. The Department also states that farm
income during the next few months is "not likely to exceed that of the
corresponding months last year," which will be recognized as a conservative
opinion in view of the active demand for cotton, wheat and other farm
products in June and July last year at, in some cases, higher prices than
to-day.
General Johnson Asks Labor and Capital to Keep
Industrial Peace-Attacks Policy Declaration by
Republican National Committee--Recovery Administrator Cites "Unreasonable" Labor Demands.
Labor and capital were urged to preserve industrial peace
and to avoid the recurrence of disputes, in a speech on June 8
by General Hugh S. Johnson, Recovery Administrator, delivered by long-distance telephone to the convention of the
International Ladies' Garment Workers' Union, meeting in
Chicago. General Johnson, in the course of his address,
stated that the new National Recovery Administration policy
with regard to price-fixing does not apply to codes which have
already been approved. (A statement by General Johnson
with regard to this policy, issued on June 9, is given elsewhere in this issue). The Recovery Administrator also took
occasion to refer to the recent meeting of the Republican National Committee, in Chicago, and to the "declaration of
policy" adopted by the Committee at that time. The text of
this declaration was given in our issue of June 9 (pages
3885-86). Commenting on this pronouncement of policy,
General Johnson said that "these pirates are not only going
to have a social program, but they have reached back into the
dark ages of the old deal and pulled out Mr. Fletcher to head
it up."
Referring to the Republican National Committee, General
Johnson said, in part:
According to the papers, they went into a huddle to try to decide what they
were going to present to the American people as their proposed substitute
for the New Deal. Some of them wanted to debate it in the open, but that
didn't suit the Tories in that gang. It was too much like our goldfish bowl.
They don't believe in goldfish bowls.
What they did was to go into the purple silence and produce a kippered
herring in a dark can. You know, a kippered herring is one that smells and
hasn't got any-well
-insides.
They got out what they call a social program. They are going to produce
all the New-Deal results-but not with New-Deal methods. They say those
methods interfere with the rights of property. They want to produce these
results in the good old way-just the way they produced them in all the
years after the war (you know how that was)
-and, so far as the great mass
of farmers and working people in this country are concerned, just the way
they always have produced them, which is the way that a mother tiger produces humming birds.
They say they don't like dictatorships. The fact is that, on their system, we had a dictatorship in this country almost all the time since the
Civil War and up to Franklin Roosevelt-only it was a concealed dictatorship, and all it aimed at was skimming the cream off of American prosperity for a bunch of Brahmins in the pious hope that something would
trickle down through fat fingers to the mass of people below.
In discussing various recent industrial disputes, General
Johnson said :•
Labor has rights and management has rights, but it is the business of NRA
to see to three very definite things: One, that management does not exploit
labor; two, that labor does not exploit management; three, that neither,
singly, nor both, jointly, exploit the consuming public.
When textile workers come in and demand a 331 increase in hourly
/
2
%
wages in a situation in which textile costs and prices have already impaired
consumption, it is our duty to oppose such practical impossibilities. . . .
Smilarly, when inexperienced leaders or others activated by motives of
communistic politics rather than of practical advocacy of the interests of
their own people come to NRA with a demand for a 30-hour week at $1 an
4066
Financial Chronicle
hour for the minimum rate of common labor in the steel industry—and
threaten a strike on that ground—the American people will have an opinion
on such unreasonableness.
There is too much confusion of terminology in these disputes. It is being
currently said that the words "recognize the union" means a closed union
shop—that is, a shop where no man can be employed unless he first joins a
particular union. It does not mean any such thing.
•
Retailers Warned Against New Burdens in Unemployment Insurance—at Chicago Convention Huge
Expansion in Installment Selling is Predicted.
Retailers were warned to prepare for a rising tide of State
unemployment-insurance laws by J. L. Whittet, Assistant
Comptroller of Schuster & Co., Milwaukee, in an address
before the annual midyear convention of the National Retail
Dry Goods Association held in Chicago on June 7. The
Chicago "Daily News"reported the speaker as saying:
The recent staggering expense of unemployment to various Governmental
units, he declared, has naturally resulted in a search by legislators for ways
and means of shifting the burden and of preventing, if possible, the recurrence of a similar condition in the future.
"Legislators reason that industry is too prone to expand the number of
its employees in good times and too willing to reduce its force in bad times
without assuming any direct responsibility of the unemployment which it
thereby creates," he said. .
Insurance Bills Favored.
"The logical and natural step, therefore, is to pass unemployment legislation which compels the employer to assume all or a share of the cost of
unemployment. In Wisconsin such legislation already has been passed."
Discussing the Federal unemployment bill introduced in
Congress by Senator Robert Wagner, of New York, Mr.
Whittet according to advices (United Press) from Chicago,
June 7 to the New York "Herald Tribune," said:
"The theory of the bill is to equalize the cost of productionso asto protect
the manufacturers and merchants of one State against the manufacturers
and merchants of other States. It is a tax on pay roll and is not based on
ability to pay. It taxes the business being operated at a loss at the same
rate as the business operated at a profit. It will undoubtedly accelerate
merchanization wherever it is possible because the tax is based on pay
roll and not machines.
"It will affect the price of goods. On lower priced articlesthe manufacturer or retailer will possibly have to absorb the cost, while on higher
priced articles the additional expense will be passed on to the consumer.
It really becomes a sales tax, with all the vices but none of the virtues.
"The bill, if enacted on the retailer, will be another increase in the cost
of his merchandise, which he must either absorb or pass on to the consumer,"
Mr. Whittet said.
"It has been stated that this proposed Federal unemployment legislation, if it enacted and in operation for a period of time, will have such
far-reaching effects that it will result in a political issue as bitter as any
we have experienced in the last 20 years."
In United Press advices June 7 from Chicago to the New
York "Journal of Commerce," Charles G. Martin, Lowell,
Mass., Merchants, was reported as predicting a huge expansion of installment selling by department stores. He was
quoted as saying:
"We have already made arrangements to meet the demand for the extension of credit on a time payment basis, a demand we feel will be greatly
Increased in the near future," Mr. Martin said.
"We have evolved a budget plan of buying. The customer is given a
credit card, good for from $15 to $25 worth of any merchandise selected.
"With the card the customer is given a metal plate embossed with his
name and address. For the plate, which serves as identification, we charge
charge $1.
"If the customer makes the payments as agreed we refund the dollar
when payments are completed."
Service Industries Exempted from Fair Practice Provisions of NRA Codes—Executive Order by President Roosevelt Says Local Pacts May Be Continued
—Wage and Hour Provisions Retained—General
Johnson Exempts Seven Industries in Accordance
with Order—President's Statement and Executive
Order.
President Roosevelt, in an Executive Order issued May 27,
authorized the exemption of service trades and Lidustries
from some of the price-control and fair-practice provisions of
NRA codes. The exemption does not cover provisions governing child labor, maximum hours of work and minimum wages,
nor the mandatory provisions of Sections 7(a) and 10(b) of
the NIRA. The President provided in his order that in any
locality in which 85% of the members of a service trade or
Industry propose to abide by any local code of fair trade practices for that locality, an agreement to that effect may be
made by the Recovery Administrator. In a statement issued
along with the Executive Order, the President said service
industries are those "engaged in the sale of services rather
than goods."
Acting in accordance with the Executive Order, General
Hugh S. Johnson, Recovery Administrator, On May 28 suspended fair trade practice sections of codes for seven industries. These included cleaning and dyeing, motor vehicle
storage and parking, barber shops, shoe rebuilding, bowling
and billiards, advertising display installation and advertising
distribution.
The President, in his statement, said that "a trial period
of some months has shown that while most industries, after
June 16 1934
organization for this work and a little experience with it,
can secu‘e uniform national results, there are others to which
a greater degree of autonomous local self-government is desirable." Among these, he added, are some, but not all, of
the so-called service industries. After pointing out that firms
in the trades affected may retain their NRA Blue Eagle insignia provided they continue to observe the minimum wage
and maximum hours provisions of their codes, as well as the
provisions regarding child labor and collective bargaining,
the President said that the display of the Blue Eagle by an
employer "is notice to the people of the United States that
he is dealing fairly with his workers in accordance with the
letter and spirit of the recovery program."
The President's statement follows:
Most industries have a national community of economic interests, even
though the operation of some of their units is local. There are others which,
notwithstanding their baying national trade associations, do not actually
integrate themselves nationally. Whether an industry can govern and police
itself under the fair trade provisions of a national code depends on its degree
of actual economic integration on a national scale and on the organization
and' solidarity within the whole industry.
A trial period of some months has shown that while most industries, after
organizations for this work and a little experience with it, can secure uniform national results, there are others to whom a greater degree of autonomous local self-government is desirable. Among these are some, but not all,
of the so-called service industries—that is, industries engaged in the sale of
services rather than of goods.
No industry would give up the gains we have made in the elimination of
child labor and in the establishment of minimum wages and maximum hours
of labor, and, of course, under the law, we cannot give up collective bargaining and the right of the President to cancel or modify codes, orders and
agreements.
I am signing an order to-day which carries these principles Into effect as
to some of the so-called service industries.
To put it simply: No matter where he is located, no member of any such
service industry, as shall have previously been designated by the Administrator, may fly the Blue Eagle unless he is living up to the present code
provisions governing child labor, maximum hours, minimum wages and collective bargaining. But trade practises shall be required as a condition of
flying the Blue Eagle in these designated service industries only in particular
localities in which at least 85% of the members there have proposed' as a
local code of fair trade practice a schedule of such practices in respect of
which they all seek to agree with me to comply with their own proposal.
If the Administrator approves any such proposed local code, then no
member in that locality may fly the Blue Eagle unless, in addition to complying with the code provisions governing child labor, maximum hours, minimum wages and collective bargaining, he also is complying with this local
compact on trade practices.
The display of the Blue Eagle by any employer is notice to the people of
the United States that he is dealing fairly with his workers in accordance
with the letter and spirit of the recovery program, that he is not taking advantage of child labor, and that he is living up to the prescribed' high responsibility to the public and to his competitors.
The absence of a Blue Eagle indicates that the employer has omitted or
refused to adopt some of these standards and to co-operate with the Government and his economic and actual neighbors in trying to bring about a
better day.
The following is the text of the Executive Order:
Pursuant to authority vested in me by Title I of the National Industrial
Recovery Act, I, Franklin D. Roosevelt, President of the United States, do
hereby direct that all provisions in codes of such service trades or industries
as shall hereafter be designated by the Administrator for National Recovery
be hereby suspended until further orders, except provisions governing child
labor, maximum hours of work and minimum rates of pay and the mandatory
provisions of Sections 7(a) and 10(b).
Each member of any such trade or industry, so designated, shall be entitled
to display the appropriate insignia of the National Recovery Administration
so long, and only so long, as he is complying with the aforesaid non-suspended
provisions; provided, however, that in any locality in which 85% of the
members of any such designated trade or industry shall propose to agree
with the President to abide by any local code of fair trade practices suggested by them for that locality, which schedule shall have been approved
by the Administrator, the Administrator is authorized to make such agreement and thereafter no member of such industry in such locality shall be
entitled to display the appropriate insignia of the National Recovery Administration unless, in addition to the aforesaid non-suspended provisions of
the code, he is complying with all terms of such agreement.
The Administrator may supplement this order by such rules, regulations,
exceptions, modifications, conditions and determinations as, in his opinion,
shall effectuate the purposes of this order and of said Act.
FRANKLIN D. ROOSEVELT.
A Washington dispatch of May 27 to the New York "Times,"
In discussing the reasons which prompted the revision regarding service industries, said in part:
This latest step toward a changed NRA was taken after General Johnson
and his aides had found mounting difficulty in the service industries field.
The cleaners' and dyers' code accounted' for more than half the Blue
Eagles removed. Under the code a complicated system of minimum prices
was set up for various areas in the country.
Widespread violation prompted General Johnson to say that he never should
have attempted to write fair trade practice provisions into the pact.
The decision on whether an industry is eligible for exemption is left to
General Johnson and his aides.
While the step was forecast by General Johnson three weeks ago, it is
known that the Executive Order, presumably drafted by the NRA, had' been
unsigned on the President's desk for almost a week. Some NRA officials
had doubted whether he would sign it at all, involving, as It does, a major
change in NRA policy.
Forecasting of the order by General Johnson brought a storm of protest
from cleaners and dyers throughout the country.
Since the basic principle of the NRA contemplates meeting the increased
production costs of higher wages and shorter working hours with savings by
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Financial Chronicle
elimination of destructive price-cutting and of other practices, much interest
In how the new policy would work out was expressed, in NRA circles.
NRA officials have for some time recognized a grave problem in handling
such codes as come within the scope of to-day's Executive Order. They
feel there is little that a code can offer in this field in return for the higher
production costs under the NRA.
A. F. of L. Survey Says Business Has Collapsed Within
Past Month—Sees Need of Further Government
Stimulation—Predicts Extra-Seasonal Decline
Throughout Summer.
General confidence has "collapsed" in the past month, the
American Federation of Labor asserted in its monthly survey
of business, made public on June 9. "Business," the Federation said, "passed its spring peak in April, and declines during May have been obvious." After remarking that the Administration had hoped that private business initiative would
replace Government stimulation during the spring, the survey
declared that business "is not ready to go ahead on its own
and must still depend upon Government funds. In the last
month business confidence has collapsed and many firms are
reducing their activities to the barest minimum." Further
extracts from the report were given as follows in Associated
Press Washington advices of June 9:
The reasons for the loss of confidence, the Federation says, include the
fact that business men see no opportunity for large profits; regulation of
Industry by codes and regulation of the stock market and other similar legislation and "the lack of any satisfactory agency with authority to adjust
labor difficulties."
"There is yet no general recognition of the fact that, in this era of largescale machine production, regulation is essential for the very existence of
our present economic order," the report declares.
"Business observers generally feel that a decline slightly more than seasonal may be expected, and that it will last until late summer.
"The drouth situation, however, threatens a national catastrophe unless
we have rain in the next few weeks. Government relief will restore a portion
of the farmers' income, but, with nearly one-third of the country already
affected (Idaho east to Minnesota and south to Texas), and the drouth
spreading, business as a whole is bound to be influenced."
Unemployment centered in the construction and heavy goods groups, more
than 3,300,000 in these industries being unemployed, the report asserts.
Negotiations to Avert Threatened Steel Strike Continue as Union Delegates Meet at Pittsburgh—
American Iron and Steel Institute Asserts 85%
of Steel Workers Oppose Walkout—NRA Withdraws as Mediator—Delegates Postpone Strike Call
10 days.
Negotiations were continued by Administration leaders
this week in an effort to avert a threatened steel strike. A
strike call by officials of the Amalgamated Association of
Iron, Steel and Tin Workers still appeared possible as a
special convention of steel workers was held on June 14
and 15 at Pittsburgh to discuss the attitude that should
be taken toward the refusal of company executives to deal
with the union in collective bargaining. Directors of the
American Iron and Steel Institute held their regular monthly
meeting in New York City on June 14, but no statement
regarding the strike situation was given out at that time.
The directors again met yesterday (June 15).
The delegates to the union meeting in Pittsburgh voted
late yesterday (June 15) to accept a proposal offered by
William Green, President of the American Federation of
Labor, whereby a strike would be postponed at least 10 days
to give President Roosevelt and Congress an opportunity to
work out a solution of the dispute. Mr. Green told the
delegates that a 30
-day postponement would be preferable,
but that at least 10 days leeway should be granted to the
President and Congress.
A previous reference to the threatened walkout was contained in our issue of June 9, pages 3887-88. Although it
was believed last week that members of the American Iron
and Steel Institute would not agree to the creation of an industrial relations board, similar to the National Automobile
Board, as a medium for labor relations in the steel industry,
the Institute later notified General Hugh S. Johnson, Recovery Administrator, that it had not rejected any such
suggestion. Michael F. Tighe, President of the Amalgamated Association of Iron, Steel and Tin Workers, refused
to consent to the formation of such a board, however. NRA
officials said on June 14 that there was nothing more they
could do in mediating to prevent a strike.
The union has claimed that the delegates who attended
the convention in Pittsburgh would represent more than
one-fourth of the 400,000 steel workers. This statement
has been denied by steel operators, who asserted that in
recent elections conducted by "company unions" more
than 85% of the employees voted, and less than 10% favored
a strike.
A statement issued by the American Iron and Steel Institute on June 13 said that elections held by employees of all
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major companies in the industry since the strike issue was
raised indicate that more than 85% are opposed to a strike
and favor employee representation plans now in effect as
their chosen method of collective bargaining, rather than
representation through affiliation with the American Federation of Labor. The statement read, in part:
By their participation in the elections which have been and are being
held under their representation plans in all the important plants in the
industry, employees have registered and are registering their voice as
unmistakably opposed to the strike.
The public Impression that is sought to be created that there is a serious
and far-reaching demand for a strike is contradicted by the express voice
of an overwhelming majority of employees. The strike talk is coming from
union labor organizers who admittedly represent only a small minority of
employees and who aim to force the recognition of the union and the closed
shop on the employees and employers of the industry.
Under the regulations of employee representation plans in effect throughout the industry elections of employee representatives in many companies
have been held since the first of June. While the balloting has been for
employee representatives to represent employees in collective bargaining
under the employee representative plans, union agitation in recent weeks
has given an added significance to the voting. It was generally understood that by going to the polls and voting under their employee representation plans, the employees evidenced their opposition to a strike and their
clear approval of such plans.
The results of the elections in the major companies, reports of which
were received to-day by the American Iron and Steel Institute, show that
of 213,044 employees eligible and available to vote, either in the nominations or in the final elections, 181,926 or 85.39% cast ballots.
By their participation in these elections, employees have demonstrated
that they are satisfied with employee representation plans and do not
want to strike. The industry intends to support them in this position and
will endeavor in every way to maintain steady employment and weekly
payrolls.
New NRA Anti-Price-fixing Policy Does1NotjApply to
Approved Codes—General Johnson Issues Statement Explaining That Such Provisions Are Still in
Effect—Approves Minimum Production-Cost Prices
Established by Lumber Code Authority.
The new policy adopted by the National Recovery Administration in opposition to price-fixing provisions of codes of
fair competition will not apply to existing codes until agreements have been worked out in negotiations with interested
Code Authorities, according to a statement issued on June 9
by General Hugh S. Johnson, Recovery Administrator. The
changed policy of the NRA was noted in our issue of June 9,
page 3886. General Johnson's original announcement created
confusion in many industries already operating under codes
which include price-fixing clauses, and there was considerable doubt as to whether such arrangements had been abandoned altogether. In his statement of June 9 General Johnson said that "in no event will there be any imposed change
in an approved code or any change suggested without relation to the particular conditions in that industry." All of the
provisions of approved codes, he added, "including the price
provisions, are in full force and effect and must be complied
with."
The text of General Johnson's statement on price policy,
as issued June 9, follows:
There seems to be widespread misunderstanding about the recently announced NRA price policy. The main purpose of that announcement was
to obtain some uniformity in future codes, and, while it is our hope that
Industries under approved codes may desire to agree to changes, the policy
order does not now affect them and will not unless and until the adjustment
has been worked out in negotiations with the interested Code Authorities.
In no event will there be any imposed change in an approved code or any
change suggested without relation to the particular conditions in that
industry.
It should be clearly understood that all of the provisions of approved codes,
including their price provisions, are in full force and effect and must be
complied with.
This applies, for example, to those of all retail trades, including automotive dealers, bituminous coal, all lumber and timber products and building
materials, electrical, rubber tires, paper industries, graphic arts and printing, bus, trucking and transport, garment and textiles, radio and all durable
goods industries. I mention these codes specifically only because this is
where the misunderstanding has been most general. Omission to mention
any other does not mean that the general statement just made does not apply
to them.
Longshoremen's Strike Hampers Pacific Coast Shipping, Particularly in San Francisco—Walkout of
1,000 on New York Docks Settled.
A longshoremen's strike on the Pacific Coast, which began
on May 9, and which has seriously hampered shipping activity, was still unsettled early in June, despite continued efforts
of Federal mediators to bring an end to the walkout. Shippers have estimated the cost of the strike to San Francisco
business at approximately $110,000 daily, while many sailings
have been transferred from San Francisco to other Pacific
ports, where the walkout was less complete. In addition
to the tie-up of shipping, the strike has been accompanied
by rioting, with many injuries and several deaths. The strike
was called by the International Longshoremen's Association, which demanded a wage scale of $1 an hour with a 30
hour week instead of 85c. an hour and a 48-hour week.
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Financial Chronicle
Joseph P. Ryan, President of the International Longshoremen's Association, on June 13 submitted a suggested plan of
settlement of the strike, and this was being considered by
shippers late this week. It provided for preference in employment to union longshoremen, settlement of wages and
hours by arbitration, and the establishment of a "labor relations committee," composed of representatives of employers
and workers.
A strike of 1,000 longshoremen at the docks of the ClydeMallory Line in New York City, which began May 12, was
ended on May 23 when officials of the line entered into an
agreement with the International Longshoremen's Association, under which the company recognized the union and
accepted a uniform wage scale of '75c. an hour and $1.10 for
overtime. The union had asked a 44-hour week, but under
the agreement it remained at 48 hours.
Fur Manufacturing Industry NRA Code Approved—
Expected to Increase Number of Workers by 12.8%.
A code of fair competition for the fur manufacturing
industry, intended to bring about a 12.8% increase in
employment, was approved on May 21 by National Recovery Administrator Johnson, according to Associated
Press advices from Washington. The advices, _dated
May 21, continued:
The code makes the working week 35 hours, except for shipping and
clerical employees, who may work 40. There is a minimum hourly wage
of 40 cents and a minimum of $50.60 a week for first class cutters in New
York, Chicago and St. Louis, to $24.60 for second class finishers in parts
of the South. Overtime pay will be time and one-third. The code will
be effective May 28.
Approval of NRA Code for Milk and Ice Cream
Can Makers.
Approval of a code of fair competition for the milk and
ice cream can manufacturing industry as a division of
the fabricated metal products manufacturing and metal
finishing and coating industry was announced by Recovery
Administrator Johnson, to become effective May 27. At
the same time the Administrator's order called for a stay
in the clause providing for a waiting period between the
date of filing and effective date of price lists.
NRA Code for Lead Industry Approved
by General Johnson.
A code for the lead industry was approved on May 25
by Recovery Administrator Hugh S. Johnson. United
Press advices May 25 from Washington to the New York
"Journal of Commerce" said:
The lead code, effective June 4, reduces the work-week from a former
seven-day basis to five eight-hour days. Minimum wages are fixed at
40 cents an hour and 473.5 cents underground for unskilled mining labor;
for processing, 35 cents in lead smelting and refining; 40 cents in lead
pigments, and 35 cents in metallic lead and lead foil products divisions.
A five cent differential is granted Southern smelting and refining labor.
The Industry now has about 14,000 employees.
General Johnson Approves Minimum Production Cost
Prices Established by Lumber Code Authority.
General Johnson signed an Executive Order, on June 9,
specifically approving the minimum cost-production prices
established by the Lumber Code Authority. That organization thereupon issued a statement which said:
The order just signed by General Johnson and giving the National Recovery
Administration approval to the established minimum prices for the current
period published by the Lumber Code Authority completely removes all doubt
which may have resulted from the recently issued policy statement in respect
of code price provisions, as far as the lumber and,timber products industries
are concerned.
This firm stand on the part of the NRA makes assurance doubly sure that
the lumber industry will be enabled to continue paying the scale of wages
provided for in the code, and, further, to successfully pursue its plans for
conservation of forest resources in accordance with its own desires and the
expressed wishes of the President.
The administrative order also in effect serves notice upon any who might
wish to avoid or evade the established minimum prices that violators will
be promptly dealt with, in accordance with the penalty clause of the National
Industrial Recovery Act.
Amendment to NRA Lumber Code as to Production
Control Said to Simplify Control Greatly.
Production control in the lumber industry will be greatly
facilitated and simplified by approval of Amendment No. 52
to the lumber code, just announced by the National Recovery
Administration, which becomes effective immediately, said
an announcement issued June 11 by the National Lumber
Manufacturers' Association. The announcement also stated:
The amendment, to be inserted in Article VIII after Item 5 of Subsection (c) of the code, provides that "in any division or subdivision where
the divisional or subdivisional administrative agency shall by two-thirds
majority vote so request, the Lumber Code Authority may, if it shall determine that it is impractical otherwise to administer production control within
June 16 1934
said division or subdivison, authorize the allotment of production therein
in terms of allowable hours of operation."
The amendment, a public hearing on which was held March 27, is designed
especially for application to lumber producing regions where large numbers
of small mills operate. It is expected appreciably to reduce the administrative work for such regions. Excepting where an interim article contained in the code has heretofore been used for allocating production on
assigned operating time, control of lumber production previously has been
administered entirely on a basis of monthly feetage allotment to individual
mills, a system requiring elaborate reports from mill operators to the Lumber
Code Authority and a vast amount of checking by field representatives of
the Authority's administrative agencies.
Any division or subdivision of the Lumber Code Authority desiring to
avail itself of the new provision must see that the provisions of the amendment are complied with and that proof of compliance accompany their application. Such proof is to be submitted in the form of a copy of the minutes
of the Executive Committee, or the board of directors, as the case may be,
showing that a two-thirds majority vote favored submission of the application. It will also be necessary for the application to be accompanied by a
statement of facts and proof that no other basis of allotment in their jurisdiction is practicable. Without the submission of these necessary documents, under provisions of the amendment, the Authority will be unable to
consider any application.
Lumber Dealer Who Sold Door for $7.50 Declares He
Was Tricked by NRA Authority, Which Charged
Underselling of $9 Code Minimum.
A fine of $100 was imposed June 13 upon Gottel Radish,
a Staten Island, N. Y. lumber merchant, after he had
pleaded guilty in a Special Sessions Court at St. George,
Staten Island to four charges of violating the National
Recovery Administration lumber code. The complaint,
which was originally filed last December, accused Mr.
Radish of selling a screen door for $7.50, instead of the
minimum of $9 permitted by the code. This charge, however, was not pressed, since Abraham I. Menin, General
Counsel for the Lumber Code Authority, admitted that it
would be difficult to prove. Mr. Radish declared that the
dropping of the charge prevented him from stating in court
that he had been tricked into selling the door at the lower
price.
Mr. Radish said that the door he sold was damaged and
dirty, and was not worth more than $3 wholesale or $4.50
retail. He added that he considered 100% profit sufficient
on the sale, despite the fact that it made the price of the
door below the code minimum. He also remarked that before
the adoption of the code, doors now costing $9 could be
purchased for $5.
The New York "Herald Tribune" of June 14 added the
following details of the complaint:
The complaint against Radish and the court hearings have aroused the
Interest of all lumber dealers in Staten Island, and 20 of them were in
court yesterday when he paid his fine, which was imposed by Justices Max
Salomon, A. V. B. Voorhees and James J. McInerney. Some of these
dealers said that during the 25 years Radish has been in business in Staten
Island, he has always been able to undersell his competitors.
The original complaint against Radish alleged five violations, in addition
to the charge that he sold a door for $7.50. These charges were that he
filed a false invoice to cover the sale; that he failed to file a certificate of
compliance with the code; that he failed to file a schedule of prices; that
he refused to file a report required by code officials and that he failed to
file an assessment return and to pay that assessment, which had been levied
because of his neglect to comply with code provisions.
Jail Term Set Aside.
The charge concerning the false invoice was dropped when Mr. Menin
conceded that he could not prove that Radish sold a door for $1.50 less than
the price required by the code. On May 2 Radish pleaded guilty to the
remaining four charges and in Special Sessions a sentence of 30 days was
suspended. Later Joseph B. Handy, a former magistrate, asked that the
plea of guilty and the sentence be set aside as the original complaint, containing all six charges, was faulty.
Last Wednesday the motion by Mr. Handy was denied, but it was ordered
theat Radish be re-sentenced because the code provides for a jail sentence
only if the offender fails to pay the fine. Radish paid the fine immediately
yesterday after a motion by Mr. Handy to stay sentence to allow time for
appeal was denied.
National Labor Board Has Handled Cases Involving
2,000,000 Workers, of Whom 1,750,000 Have Had
Disputes Satisfactorily Adjusted—Report Shows
Two-thirds of Controversies Are in Connection
with Section 7(a) of NIRA.
The National Labor Board and its 19 regional labor
boards have handled cases of industrial disputes affecting
2,000,000 workers between the time of their organization late
last summer and June 1, according to a report made public
June 10 by Senator Wagner, Chairman of the NLB. Of that
number, 1,750,000 employees "have been returned to work,
kept at work, or had their other disputes adjusted," the statement said. Senator Wagner revealed that about two-thirds
of the total number of cases handled involved disputes over
Section 7(a) of the National Industrial Recovery Act, where
provision is made for collective bargaining.
A Washington dispatch of June 10 to the New York "Times"
quoted extracts from the report as follows:
"There was a total of 3,755 cases, of which 3,061, or 80%, were settled. by
the boards," Senator Wagner said. "Approximately two-thirds of these settlements were agreements, and agreements spell sound settlements.
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Financial Chronicle
"The boards mediated 1,323 strikes involving 870,000 workers, not counting many more thousands directly affected. Three-fourths of these strikes
were settled. In addition, 497 strikes were averted. Thus the boards In
strike situations alone returned to work or kept at work 1,270,000 workers
directly involved, or about 1,500,000, including workers directly affected.
"Moreover, the boards reinstated 10,000 men found to have been discriminated against and unjustly discharged.
"Of the 3,755 cases, the primary cause of complaint in 2,655 cases was
alleged violation of Section 7(a), the collective bargaining provision of the
recovery law.
A detailed summary of the work of the 19 regional boards showed that the
New York Board handled 740 cases involving 273,715 workers. Of these
cases 721 were settled. The New York Board handled 497 strike cases involving 182,967 workers, settling 357 involving 175,690 workers.
The NLB's figures also showed that the New York Board averted 100
strikes involving 173,641 workers and procured reinstatetnent for 3,600 discharged employees.
Oases handled by the New York Board included 620 involving the collective
bargaining clause of the NIRA, 39 involving reduced earnings, 111 concerning wage demands, 19 involving elections of employee representatives, and 23
provided for joint arbitration. Since a great many cases were listed in one
or more of these classifications, the combined totals of these classifications
in the report exceeded the NLB's own given total of cases.
Second Report of National Recovery Review Board,
Headed by Clarence Darrow, Accuses General
Johnson of Making "Sinister Changes" in Retail
Code—Other Codes Assailed as Monopolistic.
The second report of the National Recovery Review Board,
headed by Clarence Darrow, contained a detailed discussion
of the National Recovery Administration retail trade code,
In which General Hugh S. Johnson, Recovery Administrator,
Is described as being a military dictator unsuited to the position he occupies with the NRA. The report was made public on June 11. Once more the Review Board charged that
monopolistic practices are fostered within an industry as a
result of the code, and declared that "sinister changes" were
made in its code itself before it was presented to President
Roosevelt for his approval.
The report said that the retail code as originally drawn
contained stringent provisions against such "trade evils" as
reckless underselling, "loss leaders," and the misrepresentation of goods "and other extravagances of hectic and unregulated advertising." It added that a clause accepted by all
parties concerned forbade the use of advertisements which
claimed that a store was underselling a competitor, but that
when the approved code was published it was found that
there had been inserted the word "Inaccurately," thus outlawing claims of underselling only when such claims were
Inaccurate.
The Review Board thereupon charged that the clause had
been re-written by General Johnson himself before the President had signed the code, and that other changes were made
which are "startling and disquieting." The general cobdition of retail trade in this country is deplorable, the report
said, adding that although most dealers had looked to the
code to aid them,they have now become "cruelly undeceived."
"In our judgment," the report concluded, "the rule of the
military commander is totally unsuited to the genius, habits,
traditions or psychology of the American people, and wholly
ineffectual in meeting the present national crisis."
The report of the NRRB also discussed the operation of
codes on petroleum, bedding, boots and shoes, cement, coffee,
electrical manufacturing, lumber and lumber products, merchandise warehousing, plumbing fixtures, retail food and
groceries, schiffli lace and wood-cased lead pencils. Extracts
from the Board's report, and from its comments on these
other codes, are given below, as contained in a Washington
dispatch, June 11, to the New York "Times":
"We have learned with genuine pleasure of the acceptance by the NRA of
many of this Board's findings and recommendations set forth in its first
report," the Board said.
"We are deeply gratified to have from the Administrator's bulletin of
June 7 a complete verification of the criticisms we made in the first report
of existing evils in certain cocks and the need there of rectification.
"It is most encouraging to know that the defects we pointed out then are
to have prompt and doubtless efficient attention, that monopolistic practices
are to be curbed or prevented, that the appressions of small industries are
to be combatted."
Comments on the Codes.
Of the code on bedding, the report said:
"We held that the code in this industry oppresses small enterprises and
should be amended so as to allow the use, under strict regulation and supervision, of second-hand material."
Of the code in the boot and shoe manufacturing industry, the Board said:
"Monopolistic practices in this industry are acutely oppressive of small
enterprises through a single passage in the code that seems to have been
inserted after the code had been adopted, and is clearly in the interest of
the large manufacturer.
"The issue pivots on credit and shows how effectual a seemingly small
matter may become in the hands of men determined to achieve control."
•
"Oppression of Small Industries."
Monopolistic practices obtained in the cement industry, the report went
"small industries are exposed to oppression because, as in so many
on, and
other industries, the code was seized by powerful interests as an opportunity
to extend their power and multiply their profits.
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"We encounter here, as in so many other instances, the 'institute.' The
function of this device has had inadequate attention. It appears to operate
in each industry as a kind of a steering committee or directorate whereby
the greater units can manage, dominate and have their will over the weaker."
The "basing point" evil should be eliminated from this and all other
industries, the Board held.
Use of Chicory in Coffee.
In the coffee industry, "the one monopolistic practice that obtains," the
report said, "results from the making of the code by and in the interests of
the large enterprise."
"It was developed at the hearing before this Board that in preparing packages of coffee for the market the custom is common to use 'fillers' of a
substance that is not coffee but looks like it," the report continued.
"In general, it is either chicory or some roasted cereal. The large companies, according to the evidence, use chicory, the small enterprises a cereal.
"The code, Article 6, Section 3, requires packages containing cereal used
as a blend to be so labeled, but does not require such a label on packages
containing chicory used as a blend."
"The audacity" of some of the "performances" under the lumber code
would "cause the uninitiated to gasp and stare," the report said, going on to
discuss price-fixing.
"Peculiar conditions" demanded "drastic remedies," it concluded
Report on Retail Trade.
We quote, in part,from the Board's report, which summarized the handling of the code for the retail trade industry:
It seems to have been long felt by many of these retailers that certain
practices in regard to selling, bait-offers, price-baiting and advertising were
not only unseemly but resulted in grave injuries to dealers that would not
follow them, and in certain material disadvantages to the public. The
manifest purpose of the meeting was to frame a code that would eliminate
these practices and raise the general level of merchandising ethics, while it
should give to retail trade enlarged security and better rates.
The first of these objectionable practices related to reckless, unreasonable
underselling.
The second was what is known in the trade as "loss leaders," and also as
"bait offers." These terms mean that a store offers articles, or an article,
at a price so abnormally low as to lure customers, prices of other articles
being advanced so as to cover, or more than cover, the loss on the one line
of goods sold far below their worth.
This practice has been condemned by consumer organizations and others,
as well as by thousands of reputable merchants.
The third practice condemned in the trade was the misrepresentation of
goods and other extravagances of hectic and unregulated advertising.
The code as drawn at the meeting of Aug. 24 1933 contained stringent
provisions against these trade evils. It seems to have met with all but
unanimous approval, for it is recorded that of 203 speakers that asked to
be heard on these reforms, only one opposed them. This was the representative of a large house in New York well known to have powerful financial,
political and social connections.
The code, as drawn and adopted, was not the code that was sent by the
Administrator of the NRA to the President of the United States to become
the guiding law of the trade. It wps not the code that has ever since been
in operation.
After outlining changes alleged to have been made in the
retail code at the order of General Johnson, the report said,
in part:
These changes are startling and most disquieting. The elimination of
reference to "bait offers" or "loss leaders" largely cancels the purpose of the
paragraph. The addition of the phrase "in any material particular" virtually
wrenches from the paragraph any degree of effectiveness. The change that
allows "accurate" references to competitors completes the same emasculation of the reform of this evil.
It is a matter of public concern to know how and by whom codes thus
prepared for public protection and the welfare of industry are in this stealthy
manner ruined. As to one, at least, of these changes, the record here leaves
to us no doubt; the others are matter for surmise. . . .
The general condition of the retail trade in America has long been deplorable. It was testified at the hearing held by this Board that since 1929 one
retailer in four has been driven out of business and thousands of others have
been and still are struggling desperately for bare existence.
The code offered to them the first substantial hope that had shone upon
them since the beginning of this period of disaster. It was testified, and
not controverted, that the perversion of this code, through the changes we
have noted, bludgeoned that hope and thrust the small enterprise back into
despair.
It was not suggested at the hearing that the changes had offered such
enterprises any compensating benefits. Rather, it was suggested that as
one great and powerful house had opposed the originad code, such overshadowing interest viewed the changes with content. . . .
We hold that the code should be restored exactly to the form in which it
originally was drafted and adopted, and we hold further and most emphatically that all codes, once adopted, should be free from left-handed manipulations without authority and without notice, unless it is desired to cast the
whole experiment of the National Industrial Recovery Act into the hands of
irresponsible dictatorship.
In our judgment, the rule of the military commander is totally unsuited
to the genius, habits, traditions or psychology of the American people, and
wholly ineffectual in meeting the present national crisis.
Investigation of New Jersey Code Administration
Called for in Resolution Adopted by State Legislature—Commission Named to Conductilnquiry.
Unanimously adopting a resolution which charges that the
administration and operation of National Recovery Administration codes in New Jersey have resulted in "extremely high
prices to the consumer" and extreme favoritism to the large
manufacturer, the New Jersey Legislature on June 5 ordered
a sweeping investigation of the entire code situation. The
"Jersey Observer," of Hoboken, reported this in a dispatch
from Trenton, June 5, which went on to say:
A concurrent resolution, introduced by Senator Powell, Republican, called
for the appointment of a commission of six with sweeping powers and Bornewhat similar to the Federal Darrow Board.
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Financial Chronicle
The members of the commission were immediately appointed. Speaker
Altman named Assemblymen Walker of Hudson, Waugh of Eases and Siracusa
of Atlantic as the House members, and Senate President Powell appointed
Senators Woodruff of Camden. Durand of Monmouth and Ely of Bergen.
The resolution alleges that because of the operation of the codes, prices
to the consumer have gone so high that business is being driven from the
State. It is also charged that many codes are so favorable to large industries
that small manufacturers are being gradually but effectively forced out of
business.
Given Wide Powers.
Under the resolution the commission is given the right to issue subpoenas,
compel attendance of witnesses and the production of papers, books or other
evidence. The commission is to report back to the Legislature as soon as
possible with recommendations as to what action should be taken regarding
the further continuance of the operation and administration of the codes.
Another charge made in the resolution is that the Code Authorities "are
exceedingly lax," and that the general reaction throughout the State is one
of detriment to business.
The resolution and the investigation order is the culmination of dissatisfaction which has been mounting for some time.
Many small manufacturers and business men have been taken to court,
and only recently a tailor in Jersey City was fined $100 and sentenced to 30
days in jail for pressing clothes at a rate of five cents under the price established by the code. After two days in jail he was released and the fine
remitted. His case was widely commented upon throughout the United
States.
Contest in Court.
At the present t:me Sears, Roebuck & Co. is contesting an application by thr
State in Chancery Court here for an injunction to prevent the company from
selling tires under the price established by the State code.
Counsel for the company, Ralph E. Lum, of Newark, told the Court that
the State codes "might as well be supervised by the State House janitor."
He said the Governor had conducted no public hearings.
The State is also in a peculiar situation in regard to the service codes, it
is pointed out, since the Federal NRA has changed its policy in regard to
them and given up any attempt at price-fixing in these lines.
The "Newark News" of June 8, in a Washington dispatch,
said, in part:
Codes of the New Jersey State Recovery Administration will be altered to
agree with NRA codes. Some State codes may be canceled entirely as a
result of conferences here Wednesday and yesterday. Participants were
Richord K. Straus, an assistant to National Administrator Hugh S. Johnson,
Harry L. Tepper, Deputy State Administrator, and Alexander Tucker, Assistant Attorney-General assigned to the State Recovery Administration.
One point of change will be in price-fixing provisions. In some instances
the State Recovery Administration has set higher prices than NRA codes
authorize, especially so in view of yesterday's announcement that the minimum price definitions in several codes would be abridged.
Straus declared that in connection with price-fixing provisions, "a suit
the State Recovery Administration has against Sears-Roebuck over the price
of tires was discussed." He said the code governing prices was one in which
the State Recovery Administration has set a higher price than NRA.
Legislative Inquiry.
Another subject for discussion was the attitude of the NRA toward codes
for the "service industries" and other comparatively small businesses. It
is on the effect of the State Recovery Administration on such businesses
that a New Jersey legislative inquiry of the State Recovery Administration
is expected to mter.
It is thought the State Recovery Administration will be willing to eliminate price-fixing after the deluge of unfavorable publicity over the case of
the Jersey City tailor who was committed to jail for charging less than the
code price for clothes pressing.
Opposition to Government by Executive Decree Voiced
by Pennsylvania Bankers' Association—Modification of Banking Act Urged—Franklin S. Edmonds
Criticizes Views of Secretary of Labor Perkins
on Taxation.
•
Opposition to "the further development of the idea of
government by Executive edict or decree instead of government by laws" was voiced in a resolution adopted by the
Pennsylvania Bankers' Association at the concluding
session of its annual convention at Atlantic City on May 25.
In its resolution the Association, according to Atlantic City
advices to the New York "Herald Tribune" said:
We have recognized that unusual methods and policies were required
to meet situations incident to the depression, and have generally approved
the aims and accomplishments of the National Recovery Administration
toward bringing about more equitable and orderly industrial conditions.
Although the emergency has passed, there still exists in Washington
a definite trend toward the control of all industry, including farming,
even to the extent of regulating production, fixing prices of commodities
and determining the very right of business to exist.
Urge Business Initiative.
We declare ourselves opposed to the further development of the idea
of government by Executive edict or decree instead of government by
laws. We look forward to, and urge, the early restoration of those rights
of freedom and personal initiative in lawful business enterprises which
were striven for by the founders of this nation and guaranteed in the
Constitution.
In a further resolution the Association voted "that Congress be urged to modify during its present session the
provisions of the Banking Act of 1933 Which limit sale and
purchase by National and Federal Reserve member banks
for customers' accounts to investment securities, so that
such banks may perform this service with respect to corporate stocks also, as recommended by the Comptroller
of the Currency."
Criticism of the views on taxation of Frances Perkins,
Secretary of Labor, occurred at the opening session on
May 23 of the Pennsylvania Bankers' Association. This
June 16 1934
criticism was contained in an address by Franklin Spencer
Edmonds of Philadelphia, former member of the Pennsylvania General Assembly, and tax consultant of the Association, who, in pointing out that the United States faces
a serious situation in the growing demands of governments—
Federal, State and local—for greater revenue from the
taxpayers, took occasion to refer to Miss Perkins as the
possessor of a tax viewpoint that would bring "confusion
and catastrophe" to the country. From an Atlantic City
dispatch to the New York "Times" we quote:
"In December 1932," said Mr. Edmonds,"I was in a public discussion
upon economy in government with Miss Perkins, shortly after she was
appointed Secretary of Labor, when this noted social worker made the
statement that, even if there is waste and extravagance in government.
we should never forget that the government's bills were paid by taxation;
that taxes are money taken from the rich and spent among the poor.
and that this fact should be a comfort to those who paid the bills.
Miss Perkins' Attitude.
"I have the highest respect for the social leadership which Miss Perkins
has given on many questions with which she is thoroughly familiar, but
I am compelled to state my own conviction that the point of view toward
taxation which she expressed in this debate is fraught with immense peril
for the people of this country, and that if followed it will lead to confusion
and catastrophe.
"It is estimated that the total cost of government in the United States
for 1934 will be as follows. Federal, $7,000,000,000; State, $2,000,000,000:
local $8.000.000,000, a total of $17,000.090,000.
"The total income of the nation in 1933 was about $40,000,000,000,
so that the cost of government will be about 42% of last year's entire
Income of our people.
"It is estimated that the tax collections will approximate $10,000,000,000,
thus leaving us with the balance as an addition to the debt."
From the same account we quote:
Joseph F. Hill, President of the Association and Cashier of the National
Bank of Chester County and Trust Co.. said in an address that there
is neither justice nor equity in the continuance of postal savings.
"It certainly is not fair," said Mr. Hill, "now that the Government
in its opinion has established the confidence of the public by insurance of
deposits, to enter into competition with the banks by offering a higher
rate of interest than they can afford to pay."
Annual Convention of New York State Bankers Association—Hugh Knowlton Warns of Dangers in
Financial Legislation of New Deal—Criticism of
Banking Act.
The banking world is described by Hugh Knowlton of
Kuhn, Loeb & Co. as "trying to advance in the midst of a
barrage of restrictive Federal legislation unparalleled in the
history of this country, a country which has never been noted
for the scarcity of its laws." At the same time, he noted,
"the Government is expending billions of dollars, in the field
of banking." Mr. Knowlton spoke thus before the annual
convention of the New York State Bankers' Association at
Saranac Inn, Upper Saranac, N. Y., on June 11. Among
other things, Mr. Knowlton said:
I cannot take your time to outline the series of momentous and deplorable
consequences which will assuredly arise if Government participation in
business in this country is to develop at the rate now indicated. That is a
subject by itself. But I say to you in all sincerity that, in my belief, the
financial legislation of the New Deal, because of those features which I
have attempted to bring to your attention, carries with it dangers so great
that Americans everywhere must be made aware of them before it is too
late.
In part, Mr. Knowlton also spoke as follows:
Time does not permit me to give a complete resume of this legislation
and all the appurtenant Governmental activities. Nor is it my purpose to
discuss on this occasion many matters which are germane to the subject
of this address, such for example as the Government's monetary policy.
And I can do no more than touch on the significance of such measures for
protecting the inefficient and speculathe at the expense of the efficient and
conservative, as are typified by the Federal Deposit Insurance Corporation,
whose activities have been so ably described to you to-day by its distinguished Chairman, by saying that in my opinion such measures lead toward
a socialization and bureaucratic control of the banking business and an
assumption by the Government of a moral responsibility for the conduct
of that business, which are bound to have serious repercussions. But it is
my hope to be able at this meeting to bring to the focus of your attention
certain specific inconsistencies in what the Congress and the Administration are doing under the New Deal. Their implications are grave and farreaching and it is high time that we understand them.
First, I should like to refer to those provisions of the Banking Act of 1233
which constitute what might be called a bill of divorcement between the
banking business and the securities business. This bill of divorcement is
scheduled under the Act as it now stands to go into effect this coming Friday. This Act, in prohibiting commercial banks from engaging in the
securities business and investment houses from engaging in the deposit
business, is the embodiment of a sentiment which has developed in the
country as one of the many results of the depression. But as is so often
the case with reform legislation, I believe that this Act overshoots the mark
in several respects. For example:
The securities business is a complex affair and its various stages, beginning with the negotiations of the originating house with the issuer, and culminating in the retail distribution of the securities to the ultimate purchasers, are many. I am convinced that the practice of numerous commercial banks in the past in engaging either directly or through affiliates
in all phases of the securities business was not wise and brought a chain of
regrettable consequences in its wake. However, I do believe that commercial banks could, without violating any public interest, have been allowed
to continue one phase of the business. I refer to participation in underwriting syndicates. Past experience has shown the necessity orstrong
underwriting groups for large issues. It is obviously to the interest of a
corporation requiring capital financing to be able to obtain a firm commitment from its investment banker, the originating house. The resources of
originating houses being limited, their ability to give such commitments is,
V&time 136
Financial Chronicle
parin the case of the larger issues, dependent upon their ability to enlist with
banks,
ticipants in the underwriting risk. The large commercial
their great resources, are admirably equipped to take such participations.
If the security to be issued is of the type and quality which is eligible and
suitable for a commercial bank to hold as an investment, i. e., the highest
grade rail, utility or industrial bond, and if the bank confines its underwriting commitment to an amount of the issue in line with what it could
properly hold in its portfolio should it find itself obliged to take up the full
portion which it has underwritten, I see no reason why the bank should be
denied the opportunity of such an underwriting.
In denying it, the Government is in effect forcing the commercial bank to
pay a higher price for its investments in new issues than would be the case
if the bank were allowed to earn an underwriting commission. Thus this
prohibition in the Banking Act not only militates against the most efficient
and effective handling of new issues during the period of their distribution,
but also deprives the commercial bank of a legitimate profit.
In this particular I believe that the Banking Act goes too far in divorcing
the commercial bank from the securities business and I believe that an
amendment of the law in this respect would be fair and would not jeopardize
the objective of a general segregation of the two classes of business.
There are other respects in which I think the Banking Act is too extreme
in this connection. But quite apart from criticism of specific features of
this Act, I should like to ask this question.
Why is the Government, which has gone to such an extreme in the Banking Act to achieve the objective of such a separation, doing in other ways
things which militate against its accomplishment? Let me explain what
I mean by this.
If there is a sound reason for prohibiting the commercial banker to play
at the same time the role of Investment banker, that reason must, in my
opinion, rest in the difference in the origin and destination of the funds
used by the commercial banker and the funds supplied by the Investment
market. . . .
Already the Government, in addition to the billions and billions of the
taxpayers' money which it is expending on all sides, is on the point of embarking on direct capital loans to industry, as authorized by a bill about
to be passed in Congress.
In addition, there are signs of a growing disposition on the part of our
Government to go into direct competition with industry. I cite as only
one example, of this the proposal under serious consideration in Washing-owned alumton to-day for the construction of a $20,000,000 Government
inum plant in the Tennessee Valley with Public Works Administration
funds.
Annual Convention of New York State Bankers'
Association—Mark Graves Finds Maladjustment
and Maladministration of Tax Loan Retarding
Recovery.
Mark Graves, New York State Commissioner of Taxation
and Finance addressing the New York State Bankers'
Association, at Upper Saranac, N. Y. on June 11 on the
subject "Where Are We Going in Taxation" made the
statement "that the maladjustment, the maldistribution,
of the tax-load, even more than its size, is retarding recovery,
depressing values, breeding unemployment and discouraging
the investment of funds in real estate and in industrial and
commercial enterprises." He added in part:
Let me illustrate what I mean in a homely way. A mule can carry easily
a heavy bag of corn if it is securely placed on its back, or can haul one or
two tons in a wagon, but if 25 pounds be tied to the mule's tail or to each of
Its ears the mule will experience considerable difficulty. To a very great
extent, that depicts the way the aggregate tax-load is adjusted or, rather,
maladjusted in this counrty.
Much of the difficulty arises from our Federal form of government.
We have a set-up in this country where certain definite functions are exercised by the Government of the United States. The 48 States in turn have
their assignment of governmental duties and these 48 States are divided
Into largo and small units, sometimes estimated to number as many as
500,000 each of which is rendering services, spending money and placing
burdens on the taxpayers. . . .
Let me now specifically suggest certain principles and measures which
will result in a more effective tax system, I maintain:
1. That a complete segregation of functions of government and sources
of revenue is not practical;
2. That the States should release to the Federal Government the indirect
tax field. That implies that tobacco, liquor, motor fuel and other forms of
sales taxes will be levied by the Federal Government only with a division,
at least in some instances, of the revenue between the central government
and the States.
3. That such tax fields as inheritance and personal and corporate income
taxes shall be occupied by both the Federal and the State Governments,
but shall be accompanied by a crediting device such as is now employed
In inheritance taxes. This implies full recognition on the part of the Federal
Government of the rights of the States, and vice versa.
4071
of
thereby purchasing power, and have resulted in maintaining members
banking staffs who otherwise might have been dropped.
provides
The fair trade practice article of the code is quite simple. It
for the regulation of banking hours and the payment of interest, the establishment of fair and equitable service charges, and a declaration of principles
for the conduct of trust business. Banks and local groups have been adopting and submitting their schedules, complying with these fair trade practice
nature
provisions. The problem is a somewhat complex one, due to the
of banking and the fact that banks are already regulated and governed by
National and State laws, and the rules and regulations of the National and
State banking departments,the Federal Reserve Board,the Reconstruction
Finance Corporation, and the Federal Deposit Insurance Corporation. It
has therefore been the objective of the code to confine its fair trade practice
these
provisions to such matters as were not already regulated by any of
that
authorities, and a survey which has recently been completed indicates
banking groups
the discussion of the code and the resulting action of local
sound bank management and the
have substantially further the cause of
for
installation of reasonable service charges which will compensate banks
ered and will put these service charges on a fair competithe services r
tive basis • ween the member banks of these local groups.
\
Discusses Work of FDIC—Tells New
T. Crowley
L
York Bankers Association FDIC Has Restored
Confidence Among Nation's Depositors—Extension of Temporary Fund for Another Year Urged
to Enable Solution of Pending Problems—Loans
Closed by HOLC in New York.
Leo T. Crowley, Chairman of the Board of Directors of
.
the Federal Insurance Deposit Corporation, told the annual
convention of the New York Bankers Association, meeting
at Saranac Lake, N. Y., on June 11, that the FDIC has
played an important part in re-establishing confidence
among bank depositors throughout the country. The confidence which the Corporation has restored to depositors,
he said, makes it possible for bankers "to discard the defensive attitude which has so seriously hampered National
recovery." He urged New York bankers, particularly, to
assume "aggressive leadership" and an optimistic attitude.
Praising the co-operation and support given by Joseph
Broderick, New York State Superintendent of Banking,
Mr. Crowley said that the FDIC is deeply grateful for his
aid in organizing its activities in New York.
Mr. Crowley described the duties of officers of the FDIC,
its financial backing and the relation of district offices and
their activities. Again urging bankers "to make the necessary adjustment in the net sound capital position of your
banks," Mr. Crowley said that money for capital purposes
is now available and these funds should be used. He added:
At the end of May there were 904 banks in the State of New York which
were members of the temporary fund. There were probably not more
than a dozen licensed banks outside of the fund at that time. The number
of banks in New York which are members of the fund represents almost
634% of the total number of banks in the country. At the same time.
however, the number of insured accounts in the New York banks is in
4
,
excess of 11% million, which represents about 203 % of the total number
ofinsured accounts for the country. Along thisline, you might be interested
to know that the total insured deposits for the State of New York at a recent
date amounted to a little less than 5% billion dollars, which represents
37% of the total deposit liability of all of the insured banks withia the fund.
Both the insured deposits and the total deposit liability in banks within
this State represent about one-third of all the insured deposits and total
deposit liabilities of the banks which are members of the temporary fund.
While on the subject of statistics for New York, you may be interested
in knowing the amounts expended by the various Federal agencies in
assisting the State to get back on its feet. For instance, the Home Owners'
Loan Corporation had closed the total of 16,563 loans in New York up to
May 25. Ninety-two million dollars was involved in refinancing these
distressed mortgages. Many of these loans were held by banks. Liquidation in excess of 2 million dollars has already been obtained by closed
banks through the activities of the HOLC.
Again, the Farm Credit Administration has refinanced debts owed to
New York banks amounting to more than $2,500,000 in the first 11 months
of its activity. This is about a quarter of the total financing done in
New York by the FCA, and much of the balance has undoubtedly gone
Into your banks in an indirect way.
The Public Works Administration has allotted over $156,000,000 on
non-Federal projects and about $79,000,000 on Federal projects, making
a total of over $235,000,000 for New York alone.
In other words, the Federal Government has already made commitments
far in excess of 012,000,000 in this State. The extent of Federal financing,
then, on various phases of the recovery program which directly benefits
the people of New York is close to one billion dollars.
Annual Convention of the New York State Banker's
Association—Ronald Ransom Regards Bank Code
Mr. Crowley said that on March 31 reports were received
as An Agency to Further Sound Bank Management.
from 13,796 banks which were members of the fund, and
Speaking before the New York State Bankers' Association
of these 119 had deposit liabilities of more than $50,000,000
at Upper Saranac, N. Y. on June 11, Ronald Ransom, per
bank. Forty-seven in this class are located in New
Vice-President of the Fulton National Bank,
Executive
York, he said, with a total deposit liability of approximately
Atlanta, Ga.,and Chairman Banking Code Committee,of the
, or nearly one-third of the total of the
American Bankers' Association, said, "I have never looked $11,000,000,000
13,796 banks reporting. The total deposit liability of the
upon the banking code authority in the role of a policeman, 119 largest banks is
about 54% of the total deposit liability
but I do see it in the role of an established agency to further of all banks which were members of the temporary fund at
assisting banks to plan the
sound bank management by
the end of March, although they represent by number less
conduct of their business in these fields not already regulated
all the banks in the country.
by other laws or other authorities." Mr. than 1% of
or controlled
Before concluding his address, Mr. Crowley discussed
Ransom further commented as follows:
recent legislative developments and the future of the FDIC.
The Code of Fair Competition for banks follows the general line of
As bearing thereon, he said, in part:
codes. There are certain wage and hour provisions which are fully
other
justified in view of the existing unemployment and the decreased purchasing
power of employees. As a general rule, banks were attempting to maintain their employees through the depression, but these provisions of our
and
code undoubtedly have increased bank employment. Increased wages
As you know, the directors of the Corporation were exceedingly anxious
that the temporary fund be extended for another year. One of the chief
reasons for this attitude was that we felt that many matters will develop
In the practical working of this completely new idea that will require further
4072
Financial Chronicle
clarification and that may require additional legislation. We have asked
for the extension of the present temporary fund for another year in order
that we may study deposit insurance in the light of actual experience and
in order that we may recommend definite legislation which will place
deposit insurance on a sound and scientific basis.
We already know that there are certain technical details in connection
with the administration of the Corporation's affairs requiring clarification.
A number of these matters have been brought to our attention, and it is
reasonable to expect that in the course of the Corporation's experience
during the next few months we will be able to crystallize the form which
those changes should take.
In general, it is my belief that a healthy business is one in which reserves
are currently set aside for the needs of a less prosperous period. Furthermorg, a sound business management makes every effort to charge off
currently those losses or other deficiencies which occur periodically. The
management is incompetent which permits losses to accumulate and which
makes no provisions for reserves against which to charge them. The application of this principle is not limited to small business units nor to individual
banks. It applies to every one of your institutions as well as to the FDIC
itself. The resources of the fund insuring the depositors of this country
should be built up over a period of time to an extent which will be sufficient
to cover the needs of the future. This fund should be built through regular
assessments similar to those of any other insurance fund.
We believe that the matter of assessments against banks which are
members of the temporary insurance fund should be clarified. The question of the insured bank's participation in either the temporary fund or
as a stockholder of the FDIC when the permanent fund goes into effect
is one requiring further study. We are engaged in making this study with
a view to determining a scientific basis for deposit insurance.
We believe, further, that the assessments paid by banks which are insured should bear very definite relation to the amount of insurance enjoyed
by the bank. Under the provisions of the Act establishing'the temporary
fund the assessments are based entirely upon the amount of deposits insured. While there may be some inequitable features in the presently
operating system, we believe that it has some very definite merits which
might well be developed in connection with the permanent plan.
Recently, there has been perfected a revised form of bank examination
report. The use of the new examination report is but the first step in this
fruitful field as far as improvement of bank supervision and management
is concerned. We are in hopes that we will be able to make further advances along these lines, particularly with a view to increasing the effectiveness of an examination and at the same time reducing the number of different examinations required by the various supervising authorities. In
this matter we invite your co-operation. We are very pleased that considerable progress has already been made and that the authorities concerned
are so kindly disposed to co-operate with us.
Annual Convention of New York State Bankers' Association—George V. McLaughlin Sees Increasing
Determination of Business Men to Resist "Unwarranted Government Control" of Their Affairs.
In the opinion of George V. McLaughlin, President of
the New York State Bankers' Association, "the most important development which has taken place since February" . . . "is something which cannot be recorded in
statistical indexes. It is the increasing determination of
business men to resume the management of their own affairs
and to resist unwarranted government control thereof.
In part, Mr. McLaughlin, who spoke before the Annual
Convention of the New York State Bankers' Association
at Upper Saranac on June 11, also said:
It is becoming increasingly clear that public control and management of
business has its limitations—unless we change our economic system, and I
don't believe the American people are willing to pay the price of changing
it. In the first place, the Government must depend upon taxation for its
subsistence, unless it engages in inflation, which at best is only a temporary expedient, and tax collections depend upon the revenues of private
enterprises. In other words, the Government cannot go on indefinitely
regulating, controlling, managing, and engaging in business on an increasing scale, because to do so would eventually destroy its means of
support. The only alternative is some form of State socialism, involving
Government control and management of everything, which I believe is
incompatible with the spirit and temper of the American people. Historically, we have always preferred freedom to the assurance of a full
stomach whenever we had to choose between the two and I don't believe
we have changed so much in the past five years. . . .
As far as bankers are concerned, there is enough work ahead to engage
most, if not all, of our energy in helping to solve problems directly related
to our own business. And it is obvious that if we neglect to solve them
ourselves, someone else will solve them—and in ways possibly not to our
liking.
First, we should get our institutions back on a profitable basis. The
earnings of industrial corporations, as a whole, are virtually back to the
levels of early 1931, and even the politically-abused public utilities, taken
collectively,are doing no worse than a year ago. But the operating earnings
of banks, so far as my information goes, have gone from bad to worse.
We have been prone to ignore this fact because of our satisfaction over the
improvement in the market value of our bond portfolios during recent
months—but we must bear in mind that we cannot live indefinitely on
recoveries.
We cannot expect the anticipated recovery of business to pull us out of the
hole; we must use our own power, supplemented by such assistance as we
may get from economic conditions. Otherwise, we can never repay the
billion-dollar investment of the Government in our capital structure, which
came about through our own inability to meet problems created by economic changes. The simplest way to get back on a profitable basis would
seem to involve (1) elimination of unprofitable business and free services,
and (2) extension of credit to someone besides the United States Govern•
ment.
Secondly, we should take a broader and more active interest in public
affairs, particularly legislation. When unwise or detrimental legislation
Is proposed, we should be out at front fighting it. This is just as much
a part of our business as reviewing our loans and securities. It involves
personal acquaintance with our assemblymen and State Senators and our
Congressmen and United States Senators. While correspondence is important, we can never be absolutely sure that our letters get beyond the
secretaries.
Another aspect of participation in public affairs has to do with the
fiscal policies of our local governments as well as those of our State and
nation. While tax collections have improved during the past few months
June 16 1934
and have thereby helped the financial condition of many municipalities,
the problem of unemployment relief is still with us. Two years ago I
made the statement that unemployment was a permanent rather than
a temporary problem, and would exist in some degree even after business
recovery became complete. To-day, business has recovered nearly half
the ground lost between 1928 and 1932, and there are still between 9.001.4000 and 10,000,000 individuals out of work, according to the best estimates.
The problem of relief must be met. And unless the bankers who have
extended credit to local governments insist upon a "pay-as-you-go" policy
in the matter of relief, many administrations will follow the path of least
resistance and borrow additional money on the strength of improved tax
collections, to the detriment of outstanding obligations. . . .
Lest my remarks be misunderstood as a criticism of the efforts of the
Government through its various instrumentalities to assist in the rehabilitation of the banking structure of the country. I want to again emphasize,
In conclusion, that I am neither blaming nor criticising the Government.
It came into our business and many other forms of private business through
force of necessity, and it is my opinion that co-ope-ation with the Government in its legitimate efforts to help us help ourselves is just as much
our duty, as is resistance to unwarranted and unnecessary Governmental
interference or penetration.
Bank Earnings in Illinois Expected to Be Stabilized
Under Plan Submitted to 15 Groups by Illinois
Bankers Association Recommending Schedule of
Service Charges.
It is stated that bank earnings throughout Illinois will be
stabilized under a plan submitted to the 15 groups of the
Illinois Bankers Association by M. A. Graettinger, Executive
Vice-President, in response to a resolution adopted by the
bankers at their recent convention held in Springfield. This
particular item was included in the Declaration of Policy,
as follows:
Events in the past have shown it to be highly important that banks maintain solvency and liquidity at all times. In order to remain in this condition adequate reserves must be provided for, and this can only be done
through profitable operation, and this, in turn, requires a reasonable corn.
pensation for all services rendered. We, therefore, call upon all banks to
Install proper service charges and request the incoming administration te
submit to the members of the Association a recommended schedule of such
charges and to urge the adoption thereof without delay.
Federal Activities Seen as Dominant Influence on
Financial Situation of Municipalities—Report of
Municipal Securities Committee to Investment
Bankers Association Lists Manifold Influences
Affecting Community Credit—Advocates State
Control of Funds Disbursed to Local Governments.
The activities of agencies of the Federal Government are
dominating the financial situation of municipalities throughout the country at the present time, according to the interim
report of the Municipal Securities Committee of the Investment Bankers Association of America. The report was
presented by E. F. Dunstan of the Bankers Trust Company
of New York, Chairman of the Committee, at the annual
spring meeting of the Board of Governors of the Association on May 23 at White Sulphur Springs, W. Va., and was
referred to briefly in our issue of May 26, page 3551.
After outlining the operations of the Government through
the Public Works Administration and the Reconstruction
.
Fii=ce Corporation7the report said that many othe;
Federal activities "are of vital import to municipal credit."
Among these it listed the National Securities Exchange Act
of 1934, proposals to remove the tax-exempt feature of
municipal obligations, the Revenue Act of 1934, aid granted
by the Home Owners Loan Corporation to communities
which have been suffering from uncollected taxes, and the
jointsurvey_by the Bureau of Census and the Civil Works
Administration, designed to provide data on the tax delinquency situation in cities and counties throughout the
country, as well as to obtain complete information on the
financial condition of such communities.
Discussing the National Securities Exchange Act of 1934,
the report said that the measure as originally drawn contained
many unsatisfactory provisions affecting municipal securities and the business of dealing in them. It then continued:
Believing that these adverse features could be eliminated, an educational campaign to that end was promulgated jointly by the municipal
dealers and local Government officials. Your Committee lent its full
support to this undertaking. Both the Senate Banking Committee and
the House Interstate and Foreign Conunerce sub-committee have now
voted to exempt municipal securities from the bill.
From the report we also quote:
The municipal debt problems of the current depression period have received great prominence. In fact, the extraordinary and unforeseen state
of deflation has challenged the investment status of municipal bonds.
Although their credit rating has suffered somewhat, it is evident that in
general they have passed through the ravages of this period in a most
creditable manner. The year 1933 witnessed an accumulation of financial
difficulties in state and local government units which, with only a few exceptions, were successfully met by the banding together of strong and
capable forces. Municipal officials, with the usual help of local citizens'
committees, took drastic steps to bring the financial affairs of their communities into proper alignment with conditions as they existed. Where
local banks were in a position to exercise a measure of control over municipal
finances, they were of great assistance in meeting the difficult conditions
by extending lines of credit to municipalities. National organizations in
the field of Government launched a drive for the improvement of all details
Volume 138
Financial Chronicle
of local Government and aided in pointing the way to giving the same
amount of service at reduced cost. Fiscal reform also was effected under
more or less mandatory conditions by bondholders' committees and other
creditors actually forcing communities to readjust their affairs. The press
has been helpful; and the members of our Association have contributed
generously their time and ability to this program. The activities of these
members and other municipal dealers have been more or less centered
through your Municipal Securities Committee. Perhaps never before in
the history of American municipal finance have the banker, the investor,
the professional expert on government and the municipal official worked
together so earnestly in the interest of better local government from the
social as well as from the financial point of view. While it is true that much
has been accomplished in the way of bringing state and local government
affairs into line with the demands of the present, it is apparent that further
drastic steps will have to be taken for a more complete adjustment. This
Association from time to time has enumerated principles of constructive
economy which should be helpful in this program.
Furthermore, your Committee through some of its members has worked
toward the betterment of credit by participating in round table discussions
with organizations engaged in similar work, in conferences with local
government officials and in radio braodcasts. In addition, there have
been speeches on such matters as the Sumners Bill, the principles of which
our Association has endorsed, on the effect of the Federal recovery program on municipal long term financing and on various local subjects.
Much of this activity has received publicity which, we believe, has helped
to acquaint the investor with the fact that the I. B. A.is working earnestly
for his protection.
The report said that there is a strong movement in progress in the United States to relieve the tax burden on real
estate. Incident thereto it pointed out that many States
are studying methods of directly raising additional revenue
and returning it to local governments. The report advocated that the State should assume greater responsibility
for the supervision and control of such expenditures through
a commission or through a Local Government Board. Such
a Board, the report asserted, should:
Prescribe and help every local authority to install proper budget systems
and accounting systems, provide periodic local audit, approve all local
bond issues, approve tax rates for all purposes, prescribe local assessment
Procedure, compile and publish statistics relative to local finances and
make efficiency studies at the request of local units. Among the proposals
which have been offered for State relief is that the State should pay the
expense of all education without a local ad valorem tax.
Such a step would be a great relief to city and county budgets. Your
Committee has studied this aspect of local government, but is not prepared
at this time to make any recommendation, although it subscribes to the
opinion that education is a function of the State.
4073
as the nation returns to a normal economic basis, or whether they will constitute, in whole or in part, a permanent change to machinery under Federal
governmental control for carrying on credit processes and functions heretofore deemed wholly private in character.
We believe that these are questions of national public policy calling for
thorough and unselfish consideration, with the single motive of arriving at
conclusions looking solely to the common welfare.
The Commission summarizes its findings as follows:
1. The banking crisis of March 1933 brought a reduction of nearly 4,000
in the number of banks, or about 20%. Aggregate resources decreased by
nearly 5% billions, or nearly 10%.
2. As compared with the all-time high mark for the number of banks,
30,800 institutions in 1921, the new structure of June 1933, with 14,600
units, represented a decrease of 16,200, or over half.
3. As compared with the peak of aggregate resources, $74,000,000,000 in
1930, the banks in June 1933, with a total of $51,300,000,000, showed a
shrinkage of $22,700,000,000, or 31%.
4. The new structure does not show material changes in respect to the
relative importance of the State and National components in it as compared
with previous conditions. It does show material increase in the influence of
the Federal Reserve System in the commercial banking field.
5. In many directions there have been material extensions of Federal Government participation in the banking and lending functions of the nation.
6. Through the Reconstruction Finance Corporation, recent reports showed
several thousand banks were indebted at the end of March to the Federal
Government in the amount of $657,000,000 on pledge of substantial portions
of their assets.
7. Also, the Reconstruction Finance Corporation had entered agreements
extending capital aid in excess of $1,000,000,000 to over 6,400 banks. This
was equivalent to 44% of the banks and 36% of their common capital.
8. Outside this direct participation in banking, the Federal Government
has created and is participating in the capitalization and operation of a
large number of agencies for extending various kinds of short-, intermediate-,
and long-term loans to all types of corporate and individual borrowers.
9. The facts we have been able to gather indicate that all told there appear
to be about 5,800 loaning associations and corporations of this type, and
that their aggregate authorized capital from Government sources is about
$1,500,000,000. Official statements enumerate borrowers from them aggregating about 1,000,000 persons and institutions. The amount of loans they
are reported to have made is in excess of $3,000,000,000. Various of these
agencies are empowered to issue Government guaranteed bonds to an indicated total of over $5,000,000,000.
10. In addition, the Reconstruction Finance Corporation had direct loans
outstanding to various classes of corporate interests of about $700,000,000.
With capital of $500,000,000, it was empowered to issue obligations aggregating more than five billion dollars.
11. In the deposit field, the Federal Government is operating the Postal
Savings System, under which about 8,000 post offices have been designated as
depositories, a gain of more than 1,000 in four years, with deposits rising
above $1,200,000,000 and depositors passing 2,300,000.
Reduction of About 20% in Number of Banking InstiThe fact that the Federal Government "is committed to
tutions Brought About by Banking Crisis of 1933—
3
Resources Decreased 53/ Billions—Analysis by financing with public funds private corporate enterprise and
American Bankers Association of Changes in individual financial requirements in amounts aggregating
Banking Structure—Federal Government Supply- upwards of 10 billion dollars, with additional grants possible,
ing Credit for 11 Classes of Agencies.
reflects questions of vast importance in respect to the nation's
Changes that have taken place in the American banking capital and credit activities," the study says. It adds:
structure, especially those relating to the extensive entry of
A survey of private financing during 1922-1931 shows that securities of
the Federal Government into banking operations in connec- domestic corporate enterprises, coupled with farm loan issues, floated in the
tion with recovery measures, are analyzed in detail in a re- capital markets averaged more than five billion dollars annually. During
port by the Economic Policy Commission of the American 1932-1933 these issues shrank to the rate of but $620,000,000 a year, a
shrinkage of almost 90%. An opposite set of changes is notable in respect
Bankers Association, made public in New York on June 10. to United States Treasury operations.
In describing particularly the agricultural credit activities of
Federal Government financing during 1922-1930 showed an average dethe Government, comprised in a summary bearing on its find- crease in the gross public debt of $866,000,000 annually. In 1931 the debt
Increased by $616,000,000. During 1932 the United States Treasury disings, the report states that "the Federal Government is appar- posed of obligations in the amount of $8,200,000,000, of which $5,100,000,000
the management was to take up existing issues, while $3,100,000,000 represented additions
ently now supplying credit for and directing
of 11 classes of agencies engaged in furnishing short-, inter- to the gross national debt. During 1933, Treasury financing aggregated
and $3,mediate-, and long-term agricultural credit. These agencies $10,400,000,000, of which almost $7,400,000,000 was refundingfirst four
000,000,000 constituted an increase in the debt. During the
comprise more than 5,600 corporate and associational units. months of 1934, Treasury financing ran to $5,234,000,000, of which $3,034,It appears that their aggregate authorized capital from Gov- 000,000 was refunding and $2,200,000,000 created new indebtedness.
Part of these increases in the public debt was for the purpose of supplying
ernment sources is about one billion dollars, and that Governfunds through the Reconstruction Finance Corporation and other agencies
ment-guaranteed bonds to furnish them with further funds to finance enterprises and individuals that ordinarily would have financed
are authorized in the amount of over three and one-half bil- their requirements through private investors, banks and mortgage concerns
lion dollars. They have extended credit to some 800,000 per- and in the public capital markets.
the chief attributable causes of their
As
sons, and the volume of reported loans is almost two and one- failureto the capital markets, among has been the Federal Securities Act.
to function in the ordinary way
half billion dollars." In its comments, the Commission says: Another deterrent has been uncertainty in regard to the gold value of the
There will doubtless long be active differences of opinion as to the questions whether the entry of Government into the business of lending money
to the extent indicated by the foregoing facts has been justified by the
cmergency, whether these extensions of Federal Government loaning and banking activities are contributing to the sound solution of the problems created
by the depression, or whether they will serve to perpctuate conditions of unsoundness in the nation's credit structure through loaning policies influenced by considerations other than unalloyed economic merits. Doubtless
individual prejudices, interests and political bias will enter largely into the
discussions at times and confuse the issues.
It is our opinion that, aside fram the criteria of pure financial and economic theory and principle that may be applicable in a study of the facts
we have set forth, due weight should also be given to the social considerations involved. This applies both to the efforts intended to relieve various
classes of distressed debtors through these instrumentalities, and also to those
efforts aimed to stimulate a new cycle of activity among the various classes
of fresh borrowers who have been helped by governmental loaning operations
which could not have been arranged under wholly private auspices.
In other words, there is distinctly involved the question as to whether it
would have been a sounder procedure to have permitted these various types
of credit conditions, requirements, operations and activities to pursue a
natural course of readjustment, liquidation or ultimate accommodation
through private agencies, or whether the national interest demand that the
hardships of such a natural process and the inabilities of individual private
agencies to cope with the situation should be relieved by supplementary
community action through the medium of the Federal Government.
Another important question for the future to answer is whether these
_governmental lending agencies will be dissolved and retired in due course
dollar in which securities would be repaid. These factors, although not alone
responsible, have played a part in causing the need for setting up governmental loaning agencies for disbursing the proceeds of governmental borrowing to private borrowers unable to arrange their requirements in ordinary
ways.
Status of National Banks of United States According
to Comptroller of the Currency—Licensed Institutions Numbered 5,375 as of May 1-185 Unlicensed of Which 156 Have Approved Reorganization Plans-1,529 Banks in Receivership.
J. F. T. O'Connor, Comptroller of the Currency, issued a
report on May 28, showing, by States, the status of every
National bank in the United States as of May 1 1934. At
the beginning of May, the Comptroller said, there were
5,375 licensed National banks in the 48 States, the District
of Columbia, Alaska and Hawaii, with aggregate deposits
(as of the March 5 1934,"call") of $18,918,931,000. Twelve
of the banks included in this total are non-National institutions in the District of Columbia, but, since they come
directly under the Comptroller's jurisdiction, they are here
The Comptroller's report
considered National banks.
continued:
4074
Financial Chronicle
There were 185 unlicensed National banks in the country on May 1,
with frozen deposits (based on the March 5, last, "call") of $161,244,000.
Of the unlicensed institutions, 156, with $145,259,000 frozen deposits, had
received approved reorganization Plans.
On May 1, there were 1,529 National banks (including 13 non-National
institutions in the District of Columbia) in receivership. The amount of
deposits released to depositors in these 1,529 banks at the beginning of
May was $829,921,000, while =released deposits in such institutions
aggregated $987,338.000.
The above figures, broken down as to individual States, are shown below,
with deposit totals being as of the March 5 1934, "call" report.
Alabama.
Alabama had 69 licensed National banks on May 1 1934, with total
deposits of $133,589,000. Unlicensed National banks in Alabama numbered
two, both of which had approved plans of' reorganization, and their frozen
deposits aggregated $523,000. Thirty-four National banks in this State
were in receivership on May 1 1934, and deposits released by these insolvent
institutions totaled $3.357,000, contrasted with unreleased deposits of
$6,256,000.
Arizona.
The number of licensed National banks in Arizona on May 1 1934, were
eight, and their aggregate deposits stood at $20,230,000. There were no
unlicensed National banks in this State at the beginning of the current
month. Three Arizona National banks were in receivership on May 1,
last, and deposits released by these insolvent institutions amounted to
$467,000. contrasted with =released deposits of $565,000.
Arkansas.
Arkansas had 52 licensed National banks on May 1 1934. with aggregate
deposits of $63,359,000. There was one unlicensed National bank in this
State—which had an approved reorganization plan—with frozen deposits of
$106,000. Twenty-three Arkansas National.banks were in receivership on
the first of May. and deposits released by these insolvent institutions
totaled $4,480,000, compared with unreleased deposits of $3,643,000.
California.
There were 132 licensed National banks in California on May 1 1934.
and their deposits aggregated $1,887,767,000. Five National banks in
this State were unlicensed at the beginning of this month, and their frozen
deposits totaled $2,157,000. Of the five unlicensed National banks, two
with $530,000 deposits, had approved reorganization plans. Forty California National banks were in receivership on May 1, this year, and deposits
released by these insolvent institutions aggregated $31,466,000, contrasted
with unreleased deposits of $26,886,000.
• Colorado.
Colorado had 78 licensed National banks on May 1 1934, and their
aggregate deposits amounted to $191,998,000. Five National banks in
this State were unlicensed on the first of May—but all had approved
reorganization plans—and their frozen deposits totaled $1,427,000. Twentyeight Colorado National banks were in receivership as of May 11934. and
deposits released by these insolvent institutions amounted to $5,833,000,
contrasted with unreleased deposits of $6,891,000.
Connecticut.
The number of licensed National banks in Connecticut on May 1 1934.
was 54, and their deposits aggregated $217,085,000. There were no
unlicensed National banks and no National banks in receivership in the
State of Connecticut on May 1, this year.
Delaware.
Delaware had 16 licensed National banks, with $14,269,000 in deposits.
on May 1 1934. There were no unlicensed National banks and no National
banks in receivership in this State on May first.
District of Columbia.
In the District of Columbia, there were 21 licensed National banks
(including 12 non-National banks here considered as National institutions,
with $96,523,000 deposits), on May 1 1934, and they had aggregate deposits of $245,438,000. One bank in the District (a non-member institution) was unlicensed at the beginning of May—but it had an approved
reorganization plan—and its frozen deposits amounted to $568,000. Sixteen
National banks in the District of Columbia (of which 13 are non-National
banks here considered as National institutions) were in receivership on
May 1, this year, and deposits released by these insolvent institutions
amounted to $13,609,000 ($4,185,000 by tho 13 non-National banks),
contrasted with =released of $24,462,000 ($9.772.000 by the 13 non-National institutions).
Florida.
Florida had 49 licensed National banks, with aggregate deposits of
$178,023,000, on May 1 1934. On the same date, there was one unlicensed
National bank in this State—with an approved plan of reorganization—
and its frozen deposits amounted to $440,000. Twenty-three Florida
National banks were in receivership at the beginning of May, and deposits
released by these institutions amounted to $8,988,000, compared with
unreleased deposits of $18,023,000.
Georgia.
There were 52 licensed National banks in Georgia on May 1 1934. with
aggregate deposits of $208,874,000. At the same time, there were five
unlicensed National banks, with $1,284,000 frozen deposits, in this State.
Of the five =licensed institutions, two with $986,000 frozen deposits, had
received approved reorganization plans. Nineteen Georgia National banks
were in receivership on May 1, this year, and deposits released by these
Insolvent institutions amounted to $8,356,000, contrasted with unreleased
deposits of $5,070,000.
Idaho.
Idaho had 25 licensed National banks on May 1 1934, and their aggregate
deposits totaled $22,297,000. There were no unlicensed National banks
in this State on that date. Nine Idaho National banks were in receivership
at the beginning of May, and deposits released by these insolvent institutions aggregated 52,538,000, compared with =released deposits of
$2,684,000.
Illinois.
The number of licensed National banks in Illinois on May 1 1934, was
274, and their deposits amounted to $1,736,947,000. At the same time,
there were 22 unlicensed National banks, with $15,629,000 frozen deposits,
in this State. Of the 22 unlicensed institutions, 18 with $13,498,000 frozen
deposits, had approved reorganization plans. One hundred seventy-four
Illinois National banks were in receivership on May 1. this year, and
deposits released by these insolvent institutions amounted to $57,070,000,
contrasted with =released deposits of $83,784,000.
Indiana.
Indiana had 120 licensed National banks, with aggregate deposits of
$236,215,000, on May 1 1934. On the same date, there were five unlicenced
June 16 1934
National banks, with 1,718.000 frozen deposits, in this State. Of the
five unlicensed institutions, four with $1.521.000 frozen deposits, had
approved reorganization plans. Sixty-eight Indiana National banks were
in receivership at the beginning of May, and deposits released by these
insolvent institutions amounted to $22,807,000, compared with unreleased
deposits of $33,192,000.
Iowa.
There were 120 licensed National banks in Iowa on May 1 1934, and
their deposits aggregated $169,519,000. At the same time, there were three
unlicensed National banks, with $891,000 frozen deposits, in this State.
Of the three unlicensed institutions, two with 5816,000 frozen deposits, had
approved reorganization plans. One hundred ten Iowa National banks
were in receivership at the beginning of May,and deposits released by these
insolvent-institutions amounted to $19,355,000, compared with =released
deposits of $22,746,000.
Kansas.
Kansas had 197 licensed National banks, with aggregate deposits of
$170,950,000, on May 1 1934. On the same date, there were five unlicensed
National banks, with $621,000 frozen deposits, in this State. Of the five
unlicensed institutions, three with $299,000 frozen deposits, had approved
reorganization plans.
Twenty-seven Kansas National banks were in
receivership at the beginning of May, and deposits released by these insolvent institutions amounted to $7,653,000, contrasted with =released
deposits of $5,421,000.
Kentucky.
There were 97 licensed National banks in Kentucky on May 1 1934, and
their deposits aggregated $169,429,000. At the same time there were two
=licensed National banks in this State—both of which had approved reorganization plans—with frozen deposits of $1,236,000. Twenty-five
Kentucky National banks were in receivership on the first of May, and
deposits released by these insolvent institutions aggregated $23,901,000,
compared with unreleased deposits of $15,567,000.
Louisiana.
Louisiana had 27 licensed National banks, with total deposits of $199,835,000, on May 1 1934. On the same date, there were three unlicensed
National banks in this State, with frozen deposits of $5,674,000. Of the
three unlicensed institutions, two with $5,614,000 frozen deposits, had
approved reorganization plans. Four Louisiana National banks were in
receivership at the beginning of May, and deposits released by these insolvent National institutions amounted to $87,000, contrasted with unreleased deposits of $396,000.
Maine.
There were 39 licensed National banks in Maine on May 1 1934, and
their deposits aggregated $98,235,000. At the same time, there was one
unlicensed National bank—with an approved reorganization plan—whose
frozen deposits amounted to $185,000. Twelve Maine National banks were
in receivership on May 1 this year, and deposits released by these insolvent
National institutions totaled $13,948,000, compared with unreleased
deposits of $17,072,000.
Maryland.
Maryland had 62 licensed National banks, with aggregate deposits of
$239,933,000, on May 1 1934. On the same date, there were three unlicensed
National banks, with $2,039,000 frozen deposits. Of the three unlicensed
institutions, one with $684,000 frozen deposits, had an approved reorganization plan. Thirteen Maryland National banks were in receivership
at the beginning of this month, and deposits released by these insolvent
National institutions totaled $4,793,000, contrasted with unreleased
deposits of $4,148.000.
Massachusetts.
There were 137 licensed National banks in Massachusetts on May 1 1934.
containing aggregate deposits of $1.182.622,000. On the same date, there
was one unlicensed National bank in this State—and it had an approved
reorganization plan—with $352,000 frozen deposits. Eleven Massachusetts
National banks were in receivership at the start of this month, and these
insolvent institutions had released 523.336,000 to depositors, compared with
$23,179,000 unreleased to depositors.
Michigan.
Michigan had 83 licensed National banks, containing aggregate deposits
of $402,916,000, on May 1 1934. At the same time there were seven
unlicensed National banks in this State—and all of them had approved
reorganization plans—with aggregate frozen deposits of $10.963.000.
Fifty-three Michigan National banks were in receivership on May 1, last.
and deposits released by these invsolent institutions amounted to $293,771,000, contrasted with =released deposits of $289,597,000.
Minnesota.
There were 210 licensed National banks in Minnesota on May 1 1934,
and their deposits aggregated $515,000,000. On the same date, there
were five unlicensed National banks in this Stat—all of whose reorganize,
tion plans had been approved—with frozen deposits of $2,308,000. Fiftythree Minnesota National banks were in receivership on the first of May,
and deposits released by these insolvent institutions amounted to $8,148,000.
compared with unreleased deposits of $10,450,000.
Mississippi.
Mississippi had 24 licensed National banks, containing aggregate deposits
of $46,874,000, on May 11934. There were no unlicensed National banks
in this State on that date. Eleven Mississippi National banks were in
receivership at the first of May, and deposits released by these insolvent
institutions amounted to $4,695,000, as contrasted with unreleased deposits
of $7,768,000
Missouri.
There were 89 licensed National banks in Missouri on May 1 1934,
and their total deposits stood at $461,501,000. At the same time,there was one
unlicensed National bank in this State—and it had an approved reorganization plan—with frozen deposits of $213.000. Forty Missouri National
banks were in receivership at the start of May,and deposits released by these
insolvent institutions aggregated $7.711.000, compared with =released
deposits of $15.379,000.
Mon lana.
Montana had 48 licensed National banks, with aggregate deposits of
$59.902,000, on May 1 1934. There were no unlicensed National banks
in this State on that date. Sixteen Montana National banks were in
receivership on the first of May, and deposits released by these insolvent
institutions amounted to $2,962,000, compared with =released deposits of
$3,433,000.
Nebraska.
There were 135 licensed National banks in Nebraska on May 1 1934.
and their deposits aggregated $202.164,000. At the same time, there
were six unlicensed National banks in this State, with frozen deposits of
$1,610,000. Of the six unlicensed institutions, five, with $1,443,000 frozen
deposits, had approved reorganization plans. Thirty-two Nebraska Nas
tIonal banks were in receivership at the beginning of May, and deposits
released by these insolvent institutions totaled 4,162,000, contrasted with
unreleased deposits of $6,279,000.
Nevada.
Nevada had seven licensed National banks, with aggregate deposits of
$11,795.000, on May 1 1934. There were no unlicensed National banks
in this State on that date. Two Nevada National banks were in receivership on May 1 this year and deposits released by these insolvent
institutions amounted to $2,807,000, as contrasted with unreleased dePosits of $2,806,000.
New Hampshire.
There were 53 licensed National banks in New Hampshire on May 1
1934, and their deposits aggregated $55,322,000. There were no unlicensed National banks in this State on that date. One New Hampshire
National bank was in receivership on the first of May, and deposits released by this insolvent institution totaled $809,000, compared with
unreleased deposits of $1,188,000.
New Jersey.
New Jersey had 229 licensed National banks, with aggregate deposits
of $583,411,000 on May 1 1934. At the same time, there were 12 un-.
licensed National banks In this State, with frozen deposits of 514,815.000.
Of the 12 unlicensed institutions, 11, with $11,793,000 frozen deposits.
had approved reorganization plans. Forty-three New Jersey National
banks were in receivership on May 1 this year and deposits released by
these insolvent institutions amounted to $23,175,000 as contrasted with
unreleased deposits of $33,347,000.
New Mexico.
There were 24 licensed National banks in New Mexico on May 1 1934
with total deposits of $23,192,000. There were no unlicensed National
banks In this State on that date. One New Mexico National bank was
in receivership at the start of this month, and it has not yet released any
funds to depositors. However, unreleased deposits of this insolvent
Institution amounted to $516.000.
New York.
New York had 458 licensed National banks, with $3,778.648.000 aggregate deposits, on May 1 1934. On the same date there were six unlicensed
National banks in this State, with frozen deposits of 53.691.000. Of the
six unlicensed institutions, five, with $2,949,000 frozen deposits, had
received approved reorganization plans. Sixty-eight New York National
banks were in receivership at the beginning of May, and deposits released
by these insolvent institutions aggregated 538,879,000, as compared with
unrealsed deposits of $56,233,000.
North Carolina.
There were 41 licensed National Banks in North Carolina on May 1
1934, with aggregate deposits of $55,559,000. At the same time there
were four unlicensed National banks in this State, with frozen deposits of
$2,819,000. Of the four unlicensed institutions, three, with $2,030,000
frozen deposits, had approved reorganization plans. Twenty-five North
Carolina National banks were in receivership on May 1 this year, and
deposits released by these insolvent institutions amounted to 59,276.000,
contrasted with unreleased deposits of $14,885,000.
North Dakota.
North Dakota had 71 licensed National banks, with aggregate deposits
of 546,352.000, on May 1 1934. There were no unlicensed National
banks in this State on that date. Forty-two North Dakota National
banks were in receivership on May 1 this year. and deposits released by
these insolvent institutions totaled $4,227,000, in contrast with unreleased deposits of $5,560,000.
Ohio.
There were 243 licensed National banks in Ohio on May 1 1934 and their
aggregate deposits amounted to $621,276.000. On the same date there
were 10 unlicensed National banks in this State, with total frozen deposits
of 57.471.000. Of the 10 unlicensed institutions, eight, with 54.853.000
frozen deposits. had approved reorganization plans. Sixty-four Ohio
National banks were in receivership at the beginning of the month and
deposits released by these insolvent institutions amounted to 515,722,000,
as compared with unreleased deposits of $23,284,000.
Oklahoma.
Oklahoma had 218 licensed National banks with $266,026,000 aggregate
deposits on May 1 1934. At the same time there were two unlicensed
National banks with total frozen deposits of E715,000 in this State. Of
the two unlicensed institutions, one, with $344,000 frozen deposits, had
an approved reorganization plan. Thirty (Oklahoma National banks were
in receivership on May 1 and deposits released by these insolvent institutions aggregated $4,806,000, compared with unreleased deposits of 57.112,000.
Oregon.
There were 53 licensed National banks in Oregon on May 1 1934 and
their deposits totaled 5162,840,000. On the same date there were two
unlicensed National banks in this State, both of which had approved plans
of reorganization, with frozen deposits of $394,000. Seventeen Oregon
National banks were in receivership at the first of May, and deposits released by these insolvent institutions aggregated $5,039,000. contrasted
with unreleased deposits of 55,423,000.
Pennsylvania.
Pennsylvania had 685 licensed National banks with aggregate deposits
of $1,975,339,000 on May 1 1934. At the same time there were 36 unlicensed National banks in this State—all of which had approved reorganization plans—with frozen deposits of 568,186.000. One hundred twentyeight Pennsylvania National banks were in receivership at the beginning of
May, and deposits released by these insolvent institutions amounted to
$79,977,000. in contrast with unreleased deposits of $108,302,000.
Rhode Island.
There were 12 licensed National banks in Rhode Island on May 1 1934,
and their deposits amounted to $74,491,000. Rhode Island had no unlicensed National banks at the beginning of May, and no National banks in
receivership.
South Carolina.
South Carolina had 17 licensed National banks, with aggregate deposits
of $35,572.000 on May 1 1934. There were no unlicensed National banks
in this State at that time. Twenty-five South Carolina National banks
were in receivership at the beginning of May and deposits released by these
insolvent Institutions aggregated $7,227,000, compared with unreleased
deposits of $11,103,000.
South Dakota.
There were 64 licensed National banks in South Dakota on May 1
1934, with aggregate deposits of $41,427,000. On the same date there
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Financial Chronicle
Volume 138
were two unlicensed National banks in this State, with frozen deposits of
$687,000. Of the two unlicensed institutions, one, with $478,000 frozen
deposits, had an approved reorganization plan. Forty-three South Dakota
National banks were in receivership at the beginning of May, and deposits
released by these Insolvent institutions amounted to 56,330,000, contrasted
with unreleased deposits of $8,628,000.
Tennessee.
Tennessee had 71 licensed National Banks, with aggregate deposits of
$237.318,000. on May 1 1934. On the same date there was one unlicensed
National institution—whose reorganization plan had been approved—with
frozen deposits of 3804.000. Twenty-three Tennessee National banks were
in receivership at the beginning of May, and deposits released by these
Insolvent institutions totaled 512,739,000, compared with unreleased
deposits of $15,089,000.
Texas.
There were 453 licensed National banks in Texas on May 1 1934, and
their deposits aggregated S827,534.000. At the same time there were
seven unlicensed National banks in this State, with frozen deposits of
$1,060,000. Of the seven unlicensed institutions, six with 51,050.000
frozen deposits, had received approved reorganization plans. Sixty Texas
National banks were in receivership at the beginning of May. and deposits
released by these insolvent Institutions totaled 512,153,000, compared with
unreleased deposits of $17,558,000.
Utah.
Utah had 14 licensed National banks, containing aggregate deposits of
$48,274,000 on May 1 1934. On the same date there was one unlicensed
National bank in this State. with frozen deposits of $316,000. One Utah
National bank was in receivership at the beginning of May. and deposits
released by this insolvent institution totaled 55.000. compared with unreleased deposits of $91,000.
. Vermont.
There were 42 licensed National Banks in Vermont on May 1 1934, and
their deposits aggregated $39,848,000. At the same time there was one
unlicensed National bank in this State—whose reorganization plan had
been approved—with frozen deposits of $555,000. Nine Vermont National
banks were in receivership at the first of May, and deposits released by
these insolvent institutions totaled $3,221,000, as compared with unreleased deposits of $3,557,000.
Virginia.
Virginia had 130 licensed National banks, with aggregate deposits of
$252.649.000 on May 11934. On the same date there were four unlicensed
National banks in this State—all of which had approved reorganization
plans—with total frozen deposits of 52,747.000. Sixteen Virginia National
banks were in receivership at the beginning of this month, and deposits
released by these insolvent institutions aggregated $3,774,000, as compared
with unreleased deposits of $4,426,000.
Washinfton.
There were 66 licensed National banks in the State of Washington on
May 1 1934, and their deposits amounted to 5214,464,000. On the same
date there were two unlicensed National banks in this State—both of which
had approved reorganization plans—with frozen deposits of 5939.000.
Twenty-one Washington National banks were in receivership on the first
of May. and deposits released by these insolvent institutions aggregated
$9,216,000, contrasted with unreleased deposits of 59,569,000.
West Virginia.
West Virginia had 75 licensed National banks, with aggregate deposits
of $106,950,000 on May 1 1934. At the same time there were four unlicensed National banks in this State—all of which had approved reorganization plans—with total frozen deposits of $1,562,000. Thirty-one West
Virginia National banks were in receivership on the first of May. and deposits released by these insolvent institutions amounted to 58.387,000, as
compared with unreleased deposits of $10,851,000.
Wisconsin.
There were 100 licensed National banks in Wisconsin on May 1 1934,
and their deposits aggregated $321,950,000. On the same date there were
seven unlicensed National banks, with $4.509,000 frozen deposits, in this
State. Of the seven unlicensed National institutions, five, with 52.863.000
frozen deposits, had approved reorganization plans. Thirty-five Wisconsin
National banks were in receivership at the beginning of May. and deposits
released by these insolvent institutions aggregated $8,659,000. contrasted
with unreleased deposits of $14,919,000.
Wyoming.
Wyoming had 26 licensed National banks, with aggregate deposits of
$29.921,000 on May 1 1934. There were no unlicensed National banks
and no National banks in receivership in the State of Wyoming at the
beginning of the current month.
Alaska.
There were four licensed National banks in Alaska on May 1 1934. and
their deposits aggregated $4,128.000. There were no unlicensed National
banks and no National institutions in receivership in Alaska on May first.
Hawaii.
Hawaii had one licensed National bank, with $29.674,000 deposits on
May 1 1934. There were no unlicensed National banks and no National
institutions in receiverships in Hawaii at the beginning of May.
A similar report, issued by the Comptroller of the Currency on Oct. 25 1933, showing the status of National banks
as of Oct. 16 1933, was given in our issue of Oct. 28,page 3086
Reopening of Closed Banks for Business and Lifting
of Restrictions.
Since the publication in our issue of June 9 (page 3888),
with regard to the banking situation in the various States,
the following further action is recorded:
ARKANSAS.
A dividend of 30% of the remaining restricted deposits
in the Peoples' Trust Co. of Little Rock, Ark., predecessor
of the Peoples' National Bank of that city, has been provided for by a loan from the Reconstruction Finance Corporation, according to W. E. Leon, Chairman of the board
of the trust company. Little Rock advices on May 29
by the Associated Press, from which this is learned, added:
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Financial Chronicle
June 16 1934
The dividend payments will aggregate $211,000, and reduces the total
restricted deposits in the company to $485,275, Leon said.
Asbury Park advices to the New York "Times" on Juno
14, gave the following additional information:
FLORIDA.
The Seacoast Trust Co. closed Dec, 22 1931. There are about 14,000
accounts, totaling nearly $2,300,000 in deposits. Since the date of closing
Frank J. Fitzpatrick, Special Assistant Deputy Commissioner of Banking
and Insurance, has been in charge of the institution.
Opening of the new Hamilton County Bank at Jasper,
Fla., with $25,000 capital and $5,000 surplus, was reported
on June 2 by the Comptroller's office, according to Tallahassee, Fla., advices by the Associated Press on that date,
which also said:
T. T. Scott of Live Oak is President of the new bank, which had its
first day of business to-day.
MICHIGAN.
The "Michigan Investor" of June 9 indicated that the
Loan & Deposit State Bank, Grand Ledge, Mich., would
open on June 11. The paper quoted said:
The bank has released 3% of impounded deposits and upon reopening
will release an additional 47%. Officers are: Chairman, F. L. Berry:
President, Frank D. Fitzgerald; Vice-President, Eli R. Taylor; Cashier,
Rutgers Alexander.
In indicating the reopening on June 11 of the Litchfield
State Savings Bank of Litchfield, Mich., the "Michigan
Investor" of June 9 had the following to say:
The State Banking Department has notified officials of the Litchfield
State Savings Bank that a license has been issued for the bank to reopen
Monday, June 11. Sixty per cent of the deposits will be released at that
time, and certificates of deposit issued for the remaining 40%.
Charles G. Sherk will again resume his office as President of the bank.
William H. Freeman is Vice-President and H. W. Denham, Cashier.
Mr. Sherk has been President of the bank since it was founded in 1908.
The bank is capitalized at $25,000.
The "Michigan Investor" of June 9 stated that the
Commercial & Savings Bank of Albion, Mich., was scheduled
to reopen on June 14. We quote from the paper in part
as follows:
When the Commercial & Savings Bank reopens on Thursday, June 14,
it will be the first time that normal banking facilities have been available
to Albion in 16 months. The Albion State Bank closed before the banking
holiday, and when new regulations were set up during the holiday the
Commercial & Savings Bank was forced'to undergo reorganization.
Approximately $700,000 was on deposit when the bank closed. Since
then 2% was paid out to depositors, and a 25% withdrawal of public funds
was ordered by the State. Fifty per cent of the remainder will be available
to depositors on the opening day, and the rest will be liquidated by a
depositors' corporation. Among the bank's liabilities at the time of
closing was a loan of $132,000 which had been negotiated shortly before
the holiday was called.
Officers of the new bank are: President, H. C. Blair, who returns to
that office after having served as conservator; Vice-President, R. .
Brown, and Cashier, R. Merrill Bird. Between 300 and 400 trust accounts totaling $300,000 were placed in the bank during Mr. Blair's service
as conservator.
MISSISSIPPI.
The First National Bank in Waynesboro, Waynesboro,
Miss. (which replaces the First National Bank of that
place) opened last week with a capital stock of $50,000
and a surplus of $10,000, according to advices from Waynesboro on June 5 to the Jackson "News." The advices went
on to say:
Heavy deposits were reported received on the opening day, and a majority of the dividends being paid through reorganization are being redeposited, officials said. A 25% dividend is being paid the depositors
of the old institution, which amounts to $133,000.
The management of the new institution is in the hands of V. B.
McWhorter, formerly with the First National Bank of Hattiesburg,
Vice-President and Cashier, and W. D. Morgan, who came here from
the Bank of Sumrall, Assistant Cashier. Robert Goldon is President
and J. T. Burney, Vice-President.
The old bank closed its doors in July 1933 and Waynesboro has been
without a banking institution since that time.
NEW JERSEY.
Reorganization of the closed Seacoast Trust Co. of Asbury
Park, N. J., was announced in Washington, D. C., on
June 14, by a committee of depositors following a conference
with officials of the Deposit Insurance Corp. A statement
following the conference (as contained in Associated Press
advices from Washington on June 14, from which also the
above information is obtained) said:
At a conference held this morning in the office of the Federal Deposit
Insurance Corp. with a group of depositors of the closed Seacoast Trust
Co., Asbury Park, N. J., accompanied by George Compton, Supervisor of
Bank Liquidations and Reorganizations, Department of Banking and
Insurance of the State of New Jersey, it was finally agreed that the FDIC
would confirm the reorganization of this institution on the following basis:
"1. That sufficient good assets, now free and unPledged. satisfactory
to the FDIC, were to be taken over for the purpose of building the following capital structure:
"$250,000 capital,
"$50,000 surplus.
"$25,000 undivided profits;
"And that the building be leased by the bank, not to exceed the following terms: on the first $1,000,000 of deposits, $200 per month; on the
second $1,000,000. $300 per month; on the third $1,000,000, $400 per
month, and on the fourth $1,000,000. $500 per month; and a lease to be
entered into, not to exceed five years, on this basis with some option for
rental or purchase after that date, and that in order to treat the depositors
who own the equity in the building fairly that a separate deal be made for
the operation of the vault on some percentage basis so in case that particular
portion of the building becomes profitable the depositors will have some
equity in the income.
"This provision and agreement is all subject to the legality of the waivers
secured and the laws of the State of New Jersey governing the reorganization of banks and trust companies."
NEW YORK.
In regard to the affairs of the defunct Richmond National
Bank, Richmond Hill, Borough of Queens, N. Y., the
New York "Herald Tribune" of June 10 had the following
to say, in part:
James J. Munro, receiver of the Richmond National Bank, of Richmind Hill, Queens, announced yesterday (June 9) that the first consignment of dividend checks from the Treasury Department in Washington
would be distributed among depositors on Tuesday (June 12). The
checks will be forwarded several thousand at a time, and eventually will
total some $700,000 in deposits.
OHIO.
Closing for liquidation of the Citizens' Banking Co. of
Salinesville, Columbiana, County, Ohio, was announced
on May 29 by Ira J. Fulton, State Bank Superintendent,
according to Associated Press advices from Columbus,
Ohio, on that date.
The following with reference to the affairs of the City
Bank Co. of Lorain, Ohio (now being operated on a restricted basis), was contained in a press dispatch from
Elyria, Ohio, on June 13, appearing in the Cleveland "Plain
Dealer":
Legal action was started in Common Pleas Court here to-day against 113
depositors and seven stockholders of the City Bank Co. of Lorain, who
have failed to sign the bank's reopening plan which provides for waiving
40% of every deposit over $50.
The action is a definite move on the part of the bank's directors to
reopen by July 1, it was stated. A hearing on the application has been
set for June 30.
The application stated that 91.98% of the depositors representing
92% of the total deposits have signed waivers, but 113 depositors with
deposits aggregating $103,471 have not signed. Seven stockholders with
238 of the bank's 2,000 shares of stock did not sign.
OREGON.
Concerning the affairs of the Coolidge & McClaine Bank
at Silverton, Ore. (which has been operating on a restricted
basis) the Portland "Oregonian" of June 9 had the following to say:
Announcement was made yesterday (June 8) that Glenn Briedwell of
McMinnville has been appointed Managing Officer of the reorganized
Coolidge & McClaine bank at Silverton. This institution, it was reported, has met all requirements of the State Banking Department, and
its reopening for business is believed near. Arrangements must be made
for Federal Deposit Insurance and Reconstruction Finance Corporation
assistance, which will require several days.
PENNSYLVANIA.
According to the Philadelphia "Record" of June 9, payments to depositors on June 28 by five Pennsylvania banks
not involving use of RFC funds were announced by the
Pennsylvania State Banking Department on June 8. The
banks and size of payments were named as follows:
The Bank of Auburn, Auburn, $28,000; Citizens' Bank, St. Clair.
$294,800; Miners' Bank of McAdoo, $17,000; Miners State Bank, Minersville, $147,000, and the Victory Banking Trust Co., Girardville, $32,800.
Depositors of the Guardian Bank & Trust Co., of Philadelphia, Pa., which closed Sept. 30 1933, will receive a first
dividend of 60% on June 18, Dr. William D. Gordon,
State Secretary of Banking, announced on June 8. The
Philadelphia "Inquirer" of June 9, authority for the above,
added:
The payment is being made largely through a loan from the RFC.
The Philadelphia "Record" in its issue of June 9 indicated
that three other closed Pennsylvania banks, in addition
to the Guardian Bank & Trust Co., of Philadelphia, were
to make advance payment in which use of RFC funds is
involved, namely the Farmers' & Merchants' Bank of
West Newton, West Newton; the Monongahela City Trust
Co., Monongahela, and the Snow Shoe Bank, Snow Shoe.
The "Record" continued:
The Farmers' & Merchants' on June 11 will pay $372,449, or 40%.
bringing the total payments since closure to 75%.
The Monongahela City Trust, on June 18 will disburse $538,505, or
47%, raising the total paid to 87%.
No payment date was announced for the Snow Shoe Bank from which
a 15% payment of $25,774 will be made.
The amounts of loans received from the RFC by the four banks were
not made known, but the Banking Department said that, including the
four, there will have been 17 dividends distributed to depositors of closed
banks through collections of the banks and the aid of the RFC totaling
$4,906,341.
The Pennsylvania State Banking Department on June 14
granted a charter to the Traders' Bank & Trust Co. of
Hazelton. It succeeds the American Bank & Trust Co.
of that place. Associated Press advices from Harrisburg,
Pa., reporting this, added:
The new bank is capitalized at $350,000. Incorporators are T. Arnold,
M. Baran and I. Janow.
Financial Chronicle
Volume 138
WISCONSIN.
Basil I. Peterson, Special Deputy Commissioner of
Banking for Wisconsin, in charge of the First State Bank of
Waukesha, on June 11 announced that on the following
day $40,000 would be made available to pay depositors
and satisfy a $12,000 mortgage on the bank building.
Associated Press advices from Waukesha, reporting the
above, added:
Mr. Peterson said 267 depositors who placed their money in the First
State Bank after the National moratorium will receive their deposits in
fen. They have credits of $19,451.
Twenty-five per cent of deposits placed prior to the banking moratorium will be paid. In this class are 701 depositors, who will receive
$16,314..
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Benjamin P. Schoenfein and S. W. Guttentag were appointed Vice-Presidents of the rublie National Bank &
Trust Co. by the directors of the institution on June 14.
At the same time the directors also appointed Daniel F.
O'Meara, J. E.Schliesman and Joseph Singer, Assistant VicePresidents, and George Pankin, Assistant Cashier.
4077
ration has been completely successful, all of the stock having
been sold, it was announced this week. The transaction was
in conformity with the provisions of the Banking Act of 1933,
relating to the divorce of security affiliates.
Plans for recapitalization of the Montclair Trust Co.,
Montclair, N. J., were announced June 13. The plans
include decreasing the capital by $810,000 by reducing the
par from $25 to $10 on 54,000 shares of common, the reduction to be applied to write-downs or write-offs. Preferred stock with a par value of $500,000 is to be issued
at $12,50 a share. This stock is to pay 4% dividends to
March 31 1939, and 5% thereafter and to be redeemable in
20 years. The Newark "News" of June 13, authority for
the above, also said:
The plans are to be submitted to a stockholders' meeting June 22 at
10 a. m. The stockholders' rights to subscribe to the preferred 'Issue expire June 27. The books were closed yesterday for transfers.
With the adoption of the plans, the capital structure will be: Common
stock, $540,000; preferred, $500,000; surplus, $250,000; undivided profits,
$205.000.
Richard W. Mott, who has served the Bank for Savings,
New York City,for 47 years, retired on June 13 as Executive
Vice-President and trustee of the institution. Mr. Mott,
who joined the bank in 1887, was elected a trustee in 1926
and a Vice-President in 1930. He had previously been
Comptroller for several years.
Stockholders of the Union County Trust Co. of Elizabeth,
N. J., approved, on June 11, the plan of the directors to increase the capital stock by $1,000,000 through the issue of
two blocks of cumulative preferred stock. Eighty per cent.
of the 30,000 outstanding shares were represented in the voting. There were no dissenting votes. Elizabeth advices to
the New York "Times," in reporting the above, went on
to say:
Francis V. Slattery, Vice-President of the securities firm
of Slattery Brothers, Inc., New York City, died of a heart
attack on June 13, at the age of 38 years. Mr. Slattery
was a member of the Board of Governors of the New York
Real Estate Securities Exchange and was Secretary and a
director of the Slattery-Daino Co., Inc.
To-day's voting, which Is the only action necessary to put the proposed
plan into effect, was characterized by the bank officials as ki vote of confidence in the management.
The action includes the following steps: Reduction of the present capital
stock by $450,000 by decreasing the $25 par value to $10 par value; application of capital so released to writing off certain assets; increase of capital
stock by $1,450,000 by issuing $1,000,000 of four-fifths of 1% cumulative
preferred stock at $10 par value, and by issuing $450,000 of 4% cumulative
preferred stock at $25 par value.
Julian P. Fairchild, Presid- ent and trustee of the Kings
County Trust Co., Brooklyn, N. Y., died in the North
Country Community Hospital, Glen Cove, L. I, yesterday
morning (June 15). Mr. Fairchild, who was 52 years old,
had been President of the institution since Jan. 21 1926.
At the time of his death Mr. Fairchild was also a trustee of
the Williamsburgh Savings Bank; director of the Brooklyn
Union Gas Co.; member of the Brooklyn Chamber of Commerce and New York State Chamber of Commerce, and a
member of the Board of Appeals of Glen Cove.
The Brevoort Savings Ban- k, Brooklyn, N. Y., elected
William B. Falconer a trustee on June 14. Mr. Falconer
is Executive Vice-President and director of the Charles F.
Noyes Co., Inc.
Following the regular meeting of the Board of Directors
of the Central Trust Co. of Rochester, N. Y., on June 12
President John A. Murray announced the election of Dwight
Russell Chamberlain as Vice-President of the institution,
according to the Rochester "Dispatch" of June 13, which
went on to say:
DeWitt McCroskery, Treasurer of the Hudson Trust Co.
of Union City and Hoboken, N. J., died at his home in
Teaneck, N. J., on June 12. Mr. McCroskery at the age
of 15 entered the employ of the Hudson Trust Co. as an
office boy, finally advancing to the post he held at the time
of his death. He was 55 years old.
Stockholders of the Central Home Trust Co. of Elizabeth, N. J., will vote on June 23 on changing the capital
structure to make $250,000 additional cash available,
according to a New York "Times" dispatch from that city
on June 14, which also said:
The total capital, $500,000, will not be increased but the par value
of the present common stock will be decreased $250,000 by cutting the
par value of the shares from $100 to $50, and a new issue of 6,250 shares
of preferred stock of $40 par value will be created to make the same amount.
Present stockholders may subscribe to the new stock at 13i preferred
shares for each common share owned.
Mr. Chamberlain has been connected with the Central Trust Co. since
February. Ile was previously with the Chase-Hangs
-Forbes Corporation
n Rochester, and prior to that for eight years with Harris Forbes & Co. of
New York in their New York and Rochester office.
As Vice-President, Mr. Chamberlain will be in charge of the bank's trust
accounts, and will handle other executive work in the bank.
Corn Exchange Corp., investment affiliate of the Corn
Exchange National Bank & Trust Co. of Philadelphia, Pa.,
which is being dissolved in conformity with the Banking Act
of 1933.in partial liquidation of its affairs, will pay a liquidating dividend consisting of one share of Corn Exchange National Bank & Trust Co. for each 20 shares of corporation
stock held. Philadelphia advices appearing in the "Wall
Street Journal" of June 11, reporting the matter, continuing
said:
From the Boston "Herald" of June 7, it is learnt that a
decision to liquidate the affairs of the Shawmut Co-operative
Bank of Dorchester (Boston), Mass., was announced on
June 6 by Arthur Guy, State Bank Commissioner for Massachusetts. The bank, whose affairs became tangled due to
defalcations of a former employe now facing indictment,
had been in the hands of the Share Insurance Fund of The
Co-operative Central Bank since last March.
Mr. Guy's announcement (as given in the paper) was as
follows:
On Mar. 19 1934, under the authority of a new law which provides for
Stock of the Corn Exchange Corp. is owned by the stockholders of the
bank, and ownership is represented in a joint certificate, so that the shares
of both outstanding are identical. No fractional shares will be issued, and
fractional shares will be bought or sold by the corporation on the basis
of $34 per share.
The liquidating dividend is payable upon surrender of the certificates
of the corporation for exchange into new certificates, and endorsement
showing that liquidating dividend has been paid thereon.
The other assets of the Corn Exchange Corp. consist largely of real estate
and mortgages, and as there is at present no ready market and it would be impossible to liquidate these investments except at a sacrifice and unwarranted
loss, and inasmuch as stockholders of the corporation hold an identical
number of shares of bank stock, the directors of the corporation have
authorized the transfer to the bank of these assets. The bank has a real
estate department.
the insurance of shares of co-operative banks, the Commissioner of Banks
ordered the Share Insurance Fund of the Co-operative Central Bank to
take possession of the property of the Shawmut Co-operative Bank of
Dorchester.
By reason of defalcations committed by a former employe now under
indictment the commissioner of banks has determined and has directed that
the Shawmut Co-operative Bank discontinue its business, and its affairs
will be liquidated by the Share Insurance Fund of Tho Co-operative Central
Bank under the supervision of the Commissioner of Banks.
Effective June 10 the quarters of the Shawmut Co-operative Bank will
be moved to the office of the Share Insurance Fund at Room 305, 53 State
Street, Boston.
The offering by the First National Bank of Boston, Boston,
Mass., of the entire capital stock of The First Boston Corpo-
The Comptroller of the Currency on June 6 granted a
charter to the First National Bank at Gallitzin, Gallitzin, Pa.
The new bank replaces the First National Bank in Gallitzin
and is capitalized at $50,000, half of which is preferred and
half common stock. John M. Quinn and K. A. Cooper are
President and Cashier, respectively, of the new bank.
Atthe regular weekly meeting of the directors of the
the
Integrity Trust Co. of Philadelphia, Pa., on June 11, George
W. Brown Jr., Executive Vice-President of the bank since
April 1933, was elected President of the institution, succeed-
4078
Financial Chronicle
ing Walter K. Hardt, who was named Chairman of the
Executive Committee. A. I. Wood, heretofore Chairman
of the Executive Committtee, was made Vice-Chairman,
and J. Harrison Jones was appointed an Assistant Treasurer
of the company. John Stokes Adams continues as Chairman of the Board of Directors. The foregoing information
is from the Philadelphia "Inquirer" of June 12, which likewise said:
Mr. Brown, who is 48 years old, has been engaged in the banking business for 32 years, and, at one time, was chief examiner of the Pennsylvania
Banking Department, besides having served as an executive of several
Philadelphia banks.
The new Integrity Trust head also served as an assistant to Dr. William
D. Gordon, Secretary of Banking of Pennsylvania, and was Philadelphia
agent of the Reconstruction Finance Corporation from May 29 1932 until
April 10 1933, when he resigned to become affiliated with the company of
which he is now President.
The capital funds of the Integrity Trust Co., which is a member of
the Federal Reserve System and of the temporary Federal Deposit Insurance
Corporation, recently was increased by $7,000,000.
This increase was accomplished through the sale of $1,000,000 of 4%
cumulative first preferred stock of the RFC and $3,000,000 of second preferred stock to a group of 12Philadelphia banking institutions. The second
preferred stock will be 3% cumulative for the first four years and 5%
thereafter.
The group of Philadelphia banks which bought the second preferred
stock has on deposit with the Integrity Trust $9,000,000.
We learn from the Philadelphia "Inquirer" of June 9
that in order to conform to the provisions of the GlassSteagall Act the Board of Directors of the Tradesmen's
National Bank & Trust Co. of Philadelphia, Pa., at its
meeting June 8 took action to separate the stock certificates
of the bank from those of the corporation. The "Inquirer"
continued:
The corporation has not been active in the security businss for several
years, confining its operations to the class of business permitted under the
Act by a non-security affiliate. This business will be continued together
with the business of the Chelten Title Co., which is a subsidiary of the
Tradesmen's Corporation. A meeting of the stockholders of the Tradesmen's Corporation will be called to vote on changing the name of this
corporation to Chelten Corp.
Separate certificates for stock of the bank and the corporation will be
issued on and after June 15 (yesterday) upon surrender of the joint certificates now outstanding.
It is learned from the Pittsburgh "Post-Gazette" of
June 12 that payment of a 5% dividend to depositors of the
Exchange National Bank of Pittsburgh, Pa., making a
total of 70% paid to date, has been authorized by the
Comptroller of the Currency, according to an announcement
on June 11 by the receiver for the institution, Robert R.
Gordon. Payments to depositors of this institution (which
closed in October 1931), including the present payment,
now amount, the paper said, to approximately $2,500,000.
—13—
Landreth L. Layton, President of the Georgetown Trust
Co. of Georgetown, Del., died in the Graduate Hospital,
Philadelphia, Pa., on June 14, following an operation on
June 6. Mr. Layton, who was the Democratic candidate
for Governor of Delaware in 1932, was born in Georgetown
in 1860. Besides being President of the Georgetown Trust
Co., Mr. Layton, was President of the Georgetown Gas Co.,
President of the Layton Cold Storage Co., and for many
years President of the firm of Layton & Layton, Inc., wholesale grocery and seed house. For several months he served
under President Roosevelt as emergency relief director for
Sussex County.
A charter was granted by the Comptroller of the Currency
on June 5 to the Mountain National Bank of Clifton Forge,
Clifton Forge, Va. The new bank succeeds the Clifton Forge
National Bank, and is capitalized at $100,000, consisting of
850,000 preferred stock and 850,000 common stock. W. T.
Wade Jr. is President and R. B. Jarrett, Cashier, of the new
institution.
Receivers of the Commercial Bank & Trust Co.of Danville,
Va., on June 9 announced that they would shortly distribute
another 10% dividend among the 3,300 depositors. The
distribution will amount to $79,000 and will bring the total
dividends paid to 75%. Advices from Danville to the
Richmond "Times-Dispatch," from which this is learned,
added in part:
All told, three 15% dividends and three 10% dividends have been paid
since the bank closed, representing a total of $597,000.
The Mingo National Bank of Mingo-Junction, Mingo-Junction, Ohio, with capital of $50,000, was chartered by the
Comptroller of the Currency on June 8. The new Institution
succeeds the First National Bank of Mingo-Junction. Fred
June 16 1934
H. Riney is President and D. P. Morrison, Cashier, of the
new bank.
George Walters, liquidation officer of the Ohio State Banking Department, reported on June 12 that liquidation of
68% of the liabilities of the closed Commercial Savings
Bank & Trust Co. of Toledo, Ohio, had been achieved.
After eliminating all preferred claims, paying off borrowed
money and other obligations, the bank is in a position to
use the remainder of its assets for payment to depositors,
Mr. Walters said. The Toledo "Blade" of June 12, from
which we quote, went on to say:
The net profit over and above liquidating expenses, including interest
and tax payments, was $373,109 at the close of business June 9. • Actual
receipts in cash since the bank was closed Aug. 15 1931, amounted to
$798,462 from interest payments and other income. Liquidating expense
has been $377,012 and interest and taxes paid amounted to $140,965.
The net cash for benefit of depositors amounts to $280.494 in addition
to accrued interest not collecttd, but regarded as sufficiently good to
make the total net gain $373,109.
Mr. Walters said that the profit is to the exclusive benefit of depositors,
as the liquidation has cleared itself of all other debts such as preferred
claims, secured claims, borrowed money and such items.
Depositors have been paid 40% of their cialms for a total of $4,094,000
All claims of $10 or less have been paid in full. The payment of 9,000
small accounts in full, Mr. Walters said, has proved economical.
Payment on preferred and secured claims by the liquidators amounted
to $609,811 and offsets of claims against loans aggregated $1,494.809.
Claims taken in exchange for payment of notes and other debts to the
bank totaled $1,349,835.
The total of all claims extinguished by offsets, compromise, payment
or partial payment by dividend amounted to 68% of the total original
amount. Many borrowers have arranged partial payments on their obligations, which have aided in liquidation, Mr. Walters said. Home
Owners' Loan Corp. bonds also have been of assistance.
Directors of the Harris Trust & Savings Bank of Chicago,
Ill., have made the following promotions in the personnel of
the institution, according to Chicago advices on June 14 to
the "Wall Street Journal": Stanley G. Harris, former VicePresident of N. W. Harris Co. in New York, and Harry A.
Brinkman, formerly Cashier, were elected Vice-Presidents
of the bank; Richard E. Pritchard, formerly Assistant VicePresident, was made Cashier; Lahman V. Bowers and Charles
J. Roubik, Jr., former Assistant Secretaries, were made
Assistant Vice-Presidents; Julian H. Collins, former Assistant
Sales Manager, was advanced to the position of Sales Manager; William France Anderson, former Sales Manager, was
made Assistant Secretary; Roswell B. Swazey was raised to
Manager of the municipal department from the position of
Assistant Manager, and John A. Sparrow was promoted to
Manager of the foreign department from the position of
Assistant Manager.
The Chicago "News" of June 13 reported that the directors of the Harris Trust & Savings Bank had no that day
declared a quarterly dividend of $1.50, payable July 2 to
stockholders of record June 16. This reduction in the
quarterly rate from $3 was predicted recently by Albert W.
Harris, Chairman of the Board, in a letter to stockholders
and goes back to a former practice of paying out only onehalf of earnings, it was said.
Dividend payments to depositors of two closed Chicago, Ill.,
National banks—the People's National Bank & Trust Co.,
and the West Side Atlas National Bank—aggregating
$1,144,000, are reported to have been made available. The
Chicago "Tribune" of June 6, authority for this, said:
W. W.Pearson, receiver for the People's National Bank St Trust Co., . . •
announced that he will begin the distribution of a 30% payment to-day
(June 6). The total to be paid out is approximately $1,000,000.
J. L. Mitcbell, receiver for the West Side Atlas National Bank, . . •
said a payment of 20%, aggregating $144,000, will be made to depositors
/ % had been paid to debeginning to-morrow (June 7). Previously 16 2 3
positors of the institution, which suspended operations in October 1931.
The People's National receiver said that prospects for further distributions
to depositors hinges on the future of the real estate market. He pointed out
that the bank owed $2,000,000 to the Reconstruction Finance Corporation
and others when it closed in June 1932. This has all been retired, he
said. . . .
Receiver Pearson also announced that he is pressing suit in Federal Court
against six indemnity companies for $185,000, wilich was alleged to have
been misappropriated by Clarence R. Webster, former Vice-President of the
bank. Mr. Webster was convicted and sentenced to prison a few days ago
on the charge
A charter was issued on June 2 by the Comptroller of the
Currency to the National Bank of Bloomington, Bloomington,
Ill. The new institution, which succeeds the First National
Bank & Trust Co. of that place, is capitalized at $150,000,
made up of $75,000 preferred stock and $75,000 common stock.
Grover C. Helm heads the new institution, while Alfred D.
11111 is Cashier.
We learn from the Detroit "Free Press" of June 7 that
William C. Griswold was elected Executive Vice-President
Volume 138
4079
Financial Chronicle
of the United Savings Bank of Detroit, Mich., at the regular
June meeting of the board of directors. Mr. Griswold joined
the institution as a Vice-President late last' March, it was
said, going to the institution from the National City Bank of
Cleveland, Cleveland, Ohio.
The United ,States Nation- al Bank of Superior, Wis.,
capitalized at $200,000, went into voluntary liquidation,
effective May 22. The institution is replaced by the Union
National Rank of Superior.
The following in regard to the affairs of the Commercial
State Bank of Madison, Wis., was contained in Associated
Press advices from Madison on June 6:
The Commercial State Bank of Madison. Wis., formerly the Commercial
National, of which former State Treasurer Sol Levitan was Chairman
of the Board, was authorized by the (State) Banking Department to-day
(June 6) to release $800,000 of deferred deposits. Depositors will get
their money immediately instead of waiting the five-year period agreed
upon when the bank went on a deferred payment basis prior to the national
holiday last year
ment of 60% to depositors of the Morris Plan Bank since the State Banking
Department has been in charge of that institution."
Checks for the additional dividend will be mailed out commencing June 15,
Mr. Dumestre said.
The South Texas National Bank of San Antonio, San Antonio, Tex., was chartered by the Comptroller of the Currency
on June 2. The new institution is capitalized at $350,000,
consisting of $150,000 preferred stock and $200,000 common
stock, and replaces the South Texas Bank & Trust Co. of San
Antonio. E. J. Miller is President of the new bank and 0. D.
Drisdale, Cashier.
Effective May 29, the Adams National Bank of Devine,
Tex., capitalized at $50,000, was placed in voluntary liquidation. The institution was absorbed by the Lytle State Bank,
Lytle, Tex.
Bank of America National Trust & Savings Association
(head office San Francisco) has declared a quarterly dividend of 50 cents on its capital stock, compared with 37M
The First National Bank i-n Durand, Wis., with capital cents paid for the previous quarter. This increases the
of $50,000, was placed in voluntary liquidation on May 24. total dividend distribution for the (current) quarter to
The Security National Bank of Durand is the successor $1,000,000 from $7,60,000. With the exception of qualifying shares held by directors, the entire 2,000,000 outinstitution.
standing shares of the Bank of America National Trust &
An increase in capital stock of the Waterloo Savings Bank Savings Association is owned by Transamerica Corp. The
of Waterloo, Iowa, from $100,000 to $175,000 was announced Bank of America, California, an affiliate institution, deon June 1, according to advices from that place to the Des clared the regular quarterly dividend of 159/i cents on
Moines "Register," which further states:
160,000 shares of capital stock. In reporting the above a
The newly-authorized issue, all common stock, has been taken by directors
and 15 other business men, officials said.
Deposits in the bank total $3,290,000. an increase of a million dollars
during the last year, it was announced.
As of June 1, the Shenandoa-h National Bank ,Shenandoah,
Iowa, was placed in voluntary liquidation. The institution,
which had a capital of $100,000, is succeeded by The City
National Bank of Shenandoah.
Accordingto Associated Pre- ss advices from Lincoln, Neb.,
to
on June 2, depositors in two closed Nebraska banks were
receiving dividend payments at that time, viz.; the State
Bank of Ord at Ord,and the Farmers' State Bank at Napier.
The dispatch said in part:
Depositors in the closed State Bank of Ord are being paid a 7% dividend
amounting to $8,862. Previously they received 50%•
An 8% payment amounting to $3,183 is being made to depositors of the
Farmers State Bank of Naper, who had received 20% previously.
Effective June 4, the - National Bank of Goodland,
First
Kan., and the First National Bank of Kanorado, Kan., both
capitalized at $25,000, were placed in voluntary liquidation.
The institutions were succeeded by the First National Bank
in Goodland, Goodland, Kan. Previous reference to these
banks appeared in our issue of June 2, page 3721.
Oklahoma City, Okla., advices on June 7, printed in the
Chicago "Journal of Commerce" stated that the First
National Bank & Trust Co. of Oklahoma City had negotiated
a contract with the Reconstruction Finance Corporation
for the sale of $2,500,000 preferred stock to increase its capital
funds to $7,200,000. Capital stock will consist of $2,500,
000 preferred stock and $2,500,000 common stock, while
there will be reserves and $1,200,000 surplus and undivided
profits, it was stated.
Leroy C. Bryan, Vice-President and Cashier of the Boatmen's National Bank of St. Louis, St. Louis, Mo., was found
dead on the night of June 7 in his room at the Hotel New
Yorker, this city. Death was due to heart disease. Mr.
Bryan had been attending a convention of the Association of
Reserve City Bankers, held at Sky Top, Pa., and when the
meeting closed, on June 5, had come to New York to visit
correspondents of the bank. The deceased banker had been
connected with the Boatmen's National Bank for 38 years.
Starting as an office boy at the age of 14, he became a Teller,
and rose through various positions to that of Vice-President,
to which office he 'was named eight years ago. He was 53
years old.
Los Angeles dispatch on June 13 to the "Wall Street Journal" added:
Both dividends are payable July 1.
Report of Will F. Morrish, President of Bank of America, shows the
institution to be in strong financial position. He stated there had been
a marked increase in earnings.
The Board of Directors of Barclays Bank (Dominion,
Colonial and Overseas), head office, London, has declared
interim dividends for the half year ended March 31, last,
at the rate of 8% per annum on the cumulative preference
shares and at the rate of 4M% per annum on the A and B
shares, subject to deduction of income tax at the rate of
4 shillings in the pound, in all cases, payable yesterday,
June 15. These dividends are identical with those paid for
the corresponding period of last year.
COURSE OF BANK CLEARINGS.
Bank clearings this week 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 16)
bank exchanges for all cities of the United States from which
it is possible to obtain weekly returns will be 11.7% below
those for the corresponding week last year. Our preliminary
total stands at $5,083,431,989, against $5,756,633,945 for
the same week in 1933. At this center there is a loss for the
five days ended' Friday of 18.6%. Our comparative summary for the week follows:
1934.
1933.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$2,654,232,350
186,724,692
242.000.000
177,000,000
60,846,747
61,700,000
78,752.000
81,665,585
64,865,279
56,469,285
46,846,771
21,675,000
$3,260,963.776
173,067,839
221,000,000
191,000,000
50,329,879
55,600,000
83,673,000
65,657,753
37,635.748
46,412,945
34,687,491
15.478,000
-18.6
+7.9
+9.5
-7.3
+20.9
+11.0
-5.9
+24.4
+72.4
+21.7
+35.1
+40.0
Twelve cities, 5 days
Other cities. 5 days
$3,732,777,709
503.415,615
$4,235,506,431 -11.9
485,178.320 +3.8
Total all cities, 5 days
All cities, 1 day
$4,236,193,324
847,238,665
AR naq 151 050
$4,720,684,751 -10.3
1,035,949,194 -18.2
Clearings-Returns by Telegraph.
Week Ended June 16.
Total All rill. fnr sorak
AS 7cA Wig 0.15 -11 7
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
According to the New Orleans "Times-Picayune" of June 1,
until noon to-day. Accordingly, in the above the last day
the depositors and creditors of the Morris Plan Bank of New
week has to be in all cases estimated.
Orleans, La., in liquidation, will be paid a liquidating divi- of the
In the elaborate detailed statement, however, which we
dend of 10% on June 15, J. S. Brock, State Bank Commispresent further below, we are able to give final and complete
sioner for Louisiana, announced on May 31 through his
results for the week previous-the week ended June 9. For
special agent, Lawrence J. Dumestre, liquidator. The paper
that week there is an increase of 7.2%, the aggregate of
continued:
said Mr. Dumestre, "is called to the fact that this dividend, clearings for the whole country being $4,942,772,922, against
"Attention,"
$4,612,071,620 in the same week in 1933.
along with Dividend No. 1 for 50%, paid Dec. 15 1933, makes a total paY-
4080
Financial Chronicle
SUMMARY OF BANK CLEARINGS.
Week Ended June 9.
Clearings at
1934.
1934.
Ing.or
Dec.
1933.
1932.
1931.
Federal Reserve Dists.
$
$
%
tat Boston_ _ _ _12 cities
200,582,697
212,221,963 -5.5
2nd NewYerk__12 3,249,736,676 3,184,592746 +2.0
3rd Philadelpla 9 "
280,768,890
223,228,845 +25.8
4th Cleveland__ 5 "
209,526,305
157,287,832 +33.2
555 Richmond _ 6 "
92,693,996
79,608,525 +16.4
6th Atlanta_.... _10 ••
90,037,498
80,492438 +11.9
7th Chicago _ _ _19 "
334,254,462
260.562,400 +28.3
8th St.Louis_ _ _ 4 "
99,879,581
79,426,004 +25.8
9th Minneapolis 7 "
79,555,823
74,850,939 +6.3
1055 Kansas City10 '•
102,642,102
92043,303 +25.1
11th Dallas
5
39,727,043
36,519,254 +8.8
12th San Fran_ _13 "
163,367,849
141,247,401 +15.7
$
198,580,071
2,994,418,981
231,260,372
177,141,467
103,969,598
85,985,718
315,827,433
85,617,946
72,268,003
91,695,430
37,966,328
155,375,279
$
409,867,332
5,560,036,013
455,932,495
295,117,775
139,714,470
115,365,588
636,894,163
123,557,419
98,702,557
132,768,208
49,643,343
238,797,932
Total
112 cities
Outside N. Y. City
4,549,106,626
1,641,180,386
8,256,397,295
2,832,857,746
Canada
4,942,772,922
1,791,511,778
32 cities
351.056.303
4,612,071,620 +7.2
1,511,376,411 +18.5
316 991 804
-I-10 7
7A7 ROI 711
In, 777 cm
We now add our detailed statement, showing last week's
figures for each city separately for the four years:
Week Ended June 9.
Clearings al
1934.
First Federal
Maine-Bangor__
Portland
Mass.
-Boston
Fall River
Lowell
New Bedford
Springfield.. __ _
Worcester
Conn.
-Hartford.
New Haven
R.I.-Providence
N.11.-Manch'r_
Total(12 citi66)
1933.
In& Of
Dec.
$
$
%
Reserve Dist rict-Boston582,295
506,448 +15.0
1,480,775
1,233,891 +20.0
174,026,245 186,416,144 -6.6
591,972
479,673 +23.4
293,753
284,141
+3.4
550,363
497,614 +10.6
2,865,402
2,687,536
+6.6
1,189,067
1,172,578 +1.4
8,004,149
7,744.103 +3.4
2,955,303
3,084,905 -4.2
7,658.400
7.803,000 -1.9
384,973
311,930 +23.4
200,582,697
212,221,963
-5.5
1932.
$
1931.
$
657,536
2,207,424
168,258,668
672,650
310,815
573,740
3,027.342
2,093,464
7,360,587
5,001,001
8,039,300
377,544
703,990
2,822,130
369,093,341
1,143,266
521,315
933,039
3,093,805
3,033,230
9,423,618
6,130,167
11,528,700
540,731
198,580,071
409,867,332
Second Feder al Reserve D Istrict-New
N. Y.
-Albany
10,292.059
5,408,586
Binghamton
824,264
720,523
Buffalo
23,535,709
20,352,111
Elmira
468,523
538,292
Jamestown__
437,800
424,772
New York
3,151,261,144 3,100,695,209
Rochester
6,306,256
6,580.627
Syracuse
3,396,915
3,118.157
C000.
-Stamford
4,079.911
3,919,457
N. J.
-Montclair
496,132
428,151
Newark
16.490,780
16,825,395
Northern N. J_
32,147,183
25,571,466
York+90.3
4.029,221
5,140,537
+14.4
690,022
1,007.851
+15.6
23,240,018
33,740,626
-13.0
631,327
1,121,598
+3.1
702,481
1,046,943
+1.6 2.907,926,241 5,423,539,549
-4.2
6.556,887
9,962,979
+8.9
3,474,314
4,425,336
+4.1
3,901,641
3,232,987
+15.9
559,480
807.319
-2.0
20,122,612
33,230,850
+25.7
22,584,737
42,779,438
Total(12 cit1es) 3,249,736,676 3,184,582,746
+2.0 2,994,418,981 5,560,036,013
Third Federal Reserve DU trict-Phlla del phi a
Pa.
-Altoona_ _ _
388.700
320.986 +21.1
429,472
Bethlehem_ _
b
b
b
b
Chester
271,287
258,470 +5.0
349.191
Lancaster
808,647
698,902 +15.7
1,212,578
Philadelphia
271,000,000 214,000,000 +26.6 220,000,000
Reading
949,759
967,644 -1.8
2,045,396
Scranton
1,894,496
1,675.120 +13.1
2,001,976
Wilkes-Barre_ _
1,939,685
1,513,153 +28.2
1,583,457
York
1,070,316
1,023,370 +4.6
1,135,302
N. J.
-Trenton
2,446,000
2,771,200 -11.7
2,503,000
Total(9 cities)_
280,768,890
223,228,845 +25.8
Fourth Feder al Reserve D strict-Cies elandOhlo-Akron _
c
c
c
Canton
c
c
c
Cincinnati
40,144,799
34.782.635 +15.4
Cleveland
41,780,103 +48.7
62.127,809
Columbus
7,402,900
6.589,400 +12.3
Mansfield
994,095 +13.0
1,123,778
Youngstown
b
b
b
P8.
-Pittsburgh _
98,730,019
73.141,569 +35.0
231,260,372
581.591
b
747,614
2,619,099
436,000.000
2,904,415
3,971,182
2,949,282
1,724,312
4,435,000
455,932,495
c
c
38,414,759
55,562,491
7,427,000
1,004,429
b
74,732.788
c
c
55,014.187
100,740.860
13,544,400
1,407,564
b
124,410,764
157,287,802 +33.2
177,141,467
295,117,775
Fifth Federal Reserve Dist rict-RIchm ondW. Va.-Hunt'on
125,189
97,378 +28.6
Va.-Norfolk_
2,125,000
2,608,000 -18.5
Richmond
25,006,175
27,043,178 -7.5
S. C.-Charlest'n
894,792
833,758 +7.3
Md.-Baltimore_
48,896,464
36,176,629 +35.2
D. C.-Washlon
15,646,376
12,849,582 +21.8
373,802
3,057,603
25,870,138
1.119,286
52,563,158
19.985,611
596,643
4,489,175
31.783,577
1,714,410
74,629,115
26,501,550
79,608,525 +16.4
102,969,598
139,714,470
Sixth Federal Reserve Dist rict-Atiant a
Tenn.
-Knoxville
2,206,075
3,434,804 -35.8
Nashville
10,930,257
10,125.387 +7.9
Ga. Atlanta...
31,400,000
28,600,000 +9.8
Augusta
765,412
1,045,499 -26.8
Macon
.480,000
575,038 -16.5
Fla.-Jacks'nville
12,018,000
8.727.754 +37.7
Ala.-Birm'gham
11,167,170
11,503,174 -2.9
Mobile
967.882
952,575 +1.6
Miss.
-Jackson
b
b
b
Vicksburg
105,422
118,862 -11.3
La.-NewOrleans
19,997,280
15,409,345 +29.8
2,469,654
9,285,146
26,300,000
803,941
635,916
9,270,525
8,441,188
828,625
b
112,333
27,838,390
2,000,000
12,486,161
34.708,229
1,258,509
795,837
12,769.746
13.480,266
1,474,058
b
136,298
36,256,486
85,985,718
115.365.588
Total(5 cities).
Total(6 cities).
Total(10 cities)
209,526.305
92,693,996
90,037,498
80,492,438 +11.9
1933.
Inc. or
Dec.
1932.
8
$
%
$
Seventh Feder al Reserve D istrict-Chi cago-Mich.-Adrian__
61,785
b
116,470
Ann Arbor____
429,425
526,690 -11.5
530,351
Detroit
60,261,113
39,158,672 +53.9
55.788,585
Grand Rapids_
1,616,560
876.029 +84.5
2,710,755
Lansing
1,015,718
541,279 +87.7
1,124,800
Ind.
-Ft. Wayne
700,721
518,423 +35.2
974,014
Indianapolis....
11,499,000
8.451,000 +36.1
11,875,000
South Bend__ _
966.281
428,150 +125.7
1,126,975
Terre Haute_ _ _
3,516,763
2,507,672 +40.2
2,814,653
Wis.-Milwaukee
15,818.982
11,686,707 +35.4
14,975,639
Ia.-Ced. Rapids
555,240
193,712 +186.6
839,773
Des Moines
6.744.861
4,034,767 +67.2
5,388,951
Sioux City_.
2,033,089
2,158,554 -5.8
2,058,871
Waterloo
b
b
b
b
III.-Bloomlngton
623,329
338,712 +84.0
942,148
Chicago
223,008,374 185,800,334 +20.0 209,790,343
Decatur
854,117
429,081 +99.1
524,910
Peoria
2,547,141
1,773,690 +43.6
2,214,310
Rockford
894,895
420,445 +112.8
470,857
Springfield.
1,107,068
718,483 +54.1
1,560,028
Total(19 cities)
Week EndedJune 15 1934.
June 16 1934
334,254,462
1931.
$
149,408
801,051
111.599,531
4.492,888
2,865,801
2,404,946
16,483,000
2,505,458
4,229,637
26,636,852
2,467,779
6,495.669
4,048,847
b
1,379,219
441.473.023
1,070,583
2,987,149
2,583,794
2,219.528
260,562,400 +28.3
315,827,433
636,894,163
Eighth Federa 1 Reserve Dis trict-St. Lo uisInd. Evansville
b
b
b
8/10.
-St. Louis_
68,900.000
47.200,000 +46.0
Ky.-Louisville_
19,445,788
20,425,082 -4.8
Tenn.
-Memphis
11,104.793
11,524,922 -3.6
Ell.-Jacksonville
b
b
b
Quincy
429.000
276,000 +55.4
b
59,900,000
15,877,897
9,331,482
b
508,567
b
87,900,000
22,329,582
12,527,741
b
800,096
79,426,004 +25.8
85,617,946
123,557,419
Ninth Federal Reserve Dist rict-Minne spoils
4,898,600
Minn.
5,392.787 -9.2
-Duluth_ _
Minneapolis_ _ _
51,347,537
51,683,000 -0.6
13,340,011 +37.5
18,346,180
St. Paul
N'. D.
-Fargo....
1,411,679 +10.7
1,563,015
508,183
3. 33.
491,436 +3.4
-Aberdeen
346.619
Mont.- Billings_
323,380 +7.2
2,545,689
Helena
2,208,646 +15.3
5,145,000
45,699.473
16,615,202
1,732,462
628.712
424.430
2,022,724
6,748,211
65,304,022
20,494.584
2,090,391
895,511
562,532
2.607,306
72,268,003
98,702.557
Tenth Federal Reserve District-Kansas City77.493
Neb. Fremont_
61.273 +26.5
157,827
73,152
b162,680
Hastings
2,040,969
Lincoln
1,690.971 +20:7
1,874,877
24.789,041
20,335,005 +21.9
Omaha
20,264,202
1,459,773 +38.1
2,015,424
Kan.-Topeka._
1.787,312
2,850.546
1,933,958 +47.4
Wichita
3,873,225
66.074,510
Mo.-Kan. City_
52,598,830 +25.6
59.346,402
3,743,941
2,998,328 +24.9
St. Joseph
2,714,348
474,437
520.712 -8.9
Colo.
-Col.Spgs.
761,981
444.453 +13.1
502,589
Pueblo
752,576
275,270
365,118
3.075,283
34,407.781
2,814,853
4,349,355
81,226.560
3,940,987
1,148,126
1,164,875
Total(4 cities).
Total(7 cities).
99,879,581
79,555,823
102,642,102
74,850,939
+6.3
82.043,303 +25.1
91,695.430
132,768.208
-Da Has
Eleventh Fede cal Reserve District
856,114
-Austin_
919,806 -6.9
Tex.
30.025,012
26,371.320 +13.9
Dallas
5.239,911
5,309,339
Ft. Worth. _ _ _
+1.3
1,757,000 -7.1
1,633,000
Galveston
La.
1,903.578
-Shreveport_
2,231.217 -14.7
970.868
26,172,211
6,511,337
1,566,000
2,745,912
1,827,487
34,988,128
7,439,466
2,120,000
3,268,262
37,966,328
49,643,343
Fraud co-.
+17.4
21,811,827
+76.2
5,337,000
+110.7
443,786
+18.0
16.203,278
+16.0
8,771,644
-15.6
2.930,722
-0.7
2,916,034
+1.9
6.296,298
+13.5
87,087,062
+30.0
1,430,539
+5.6
1,018,926
+28.7
1,128,163
31,538,793
10,521,000
896.000
30,177,877
12.970,524
5,450,628
4,698,755
8.259,469
128,827,337
2,343,373
1,668,576
1,445,600
Total(10 cities)
Total(5 cities)_
39,727,043
36,519.254
Twelfth Feder at Reserve D istrIct-San
17,198.639
20,186,060
Wash.
-Seattle
6,967,000
3,955,000
Spokane
541,944
257,175
Yakima
15,754,864
Ore.
18,584,579
-Portland
10,147,162
Utah-Salt L.C'y
8.680.279
Calif.
2,896.982
2.445,544
-Long Bch
2,373,237
2,357.560
Pasadena
3,872.288
3,945,074
Sacramento
83,160,212
San Francisco_
94,391,224
1,214,780
1,579,391
San Jose
Santa Barbara872,675
921,127
1,011,270
1,301,183
Stockton
Total(12 cities)
163,367,849
141,247,401 +15.7
Grand total (111
4,942,772,922 4.612.071.620
cities)
Outside N. Y
+8.8
155,375.279
238,797,932
+7.2 4,549,106,626 8,256.397,295
1,791.511,778 1,511,376.411 +18.5 1,641,180,385 2,832.857,746
itreek Ended June 7.
Clearings at1934.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
_
New Westminster
Medicine Hat_ _
.
Peterborough....
Sherbrooke
Kitchener
Windsor
Prince Albert_
Moncton
Kingston
Chatham
Sarnia
Sudbury
$
102,395,321
110,022,318
75,606,062
14,626,951
4,616.053
4,822,851
2,783.827
4,139.556
5,427.592
1,742,797
1.539,209
2,799,074
4,225,209
3,226,248
340,718
377,575
1,297,134
535,255
916.042
710.109
529,595
221,294
659,230
646,003
1,337,871
2,261,217
321,068
700.590
581,256
413,881
554,851
679.586
Total(32 cities)
351,056,323
1933.
$
95,603.072
113,587.659
40,623,065
15,628,820
4,869,171
4,837,429
2,618,170
3,971,164
5,102,341
1,417,082
1,684,332
2,513,399
9,098.077
2,096,750
330.976
356,112
1,242,855
581,194
755,503
664,083
443,670
225,998
509,550
642,365
1.253,613
2,360,110
255,004
609,960
672,745
502,588
467,800
567.237
Inc. or
Dec.
4+11+1-1+1
-tIt41 11 -1 +Itit+++111t1+0
- -4 , coo,;wo.ag,accoptom.--4.1,anavw. wwma.c. a cow -4
,
Outside of this city there is an increase of 18.5%, the bank
clearings at this centre having recorded a gain of 1.6%. We
group the cities according to the Federal Reserve districts in
which they are located, and from this it appears that in the
New York Reserve District, including this city, the totals
record a gain of 2.0% and in the Philadelphia Reserve District of 25.8%, but in the Boston Reserve District there is a
loss of 25.8%. The Cleveland Reserve District has enlarged
its totals by 33.2%,the Richmond Reserve District by
16.4%
and the Atlanta Reserve District by 11.9%. In the Chicago
Reserve District the increase is 28.3%, in the St. Louis
Rsserve District 25.8% and in the Minneapolis Reserve
District 6.3%. The Kansas City Reserve District enjoys
a gain of 25.1%, the Dallas Reserve District of 8.8% and
the San Francisco Reserve District of 15.7%.
In the following we furnish a summary of Federal Reserve
districts:
316,991,894 +10.7
1932.
1931.
$
75,416,283
78.435,109
51,049,129
11,720,966
5,112,799
4,486,888
2,629,529
3,741.288
5,547,341
1,674,036
1,307,472
3.033,822
4,225,995
2,810,714
375,436
328,703
1,600,887
555,209
890,551
618.115
434,748
102,415
575,539
594,326
1,214,270
2,231,670
290.932
713,137
652,599
400,947
443,739
498,637
$
122,528,537
106.193,710
41,793,486
20,167,927
7,158.261
5.826,090
3,368.632
5,662,826
6,432,197
2,607,091
2,060,686
3,213,956
5,348,382
3,812.701
452,087
448,570
1,893,118
778,932
1.102,167
856,248
640,028
236,284
775,782
868.904
1,513,193
3,537,93
4
389.189
927.104
716.837
553,323
576.712
897,607
263,803,321
353,338.501
b No clearings available. c Clearing House not functioning at present.
•Estimated.
Volume 138
THE CURB EXCHANGE.
Curb stocks held fairly firm during the first half of the
present week, and while the transactions were in comparatively small volume prices were moderately higher
until Thursday, when the trend turned downward. The
outstanding feature of the week was Technicolor, which
extended its 1934 top on a small turnover on two occasions.
Metal stocks were stronger on Wednesday and there has
been a fairly steady demand for oils, utilities and specialties,
but, with only a few exceptions, the changes have been
confined to a narrow channel. Liquor shares have been
somewhat reactionary with a large part of the trading
being concentrated in Hiram Walker and Distillers Seagram.
The forward movement apparent at the close of the
preceding day was extended in some parts of the curb list
during the abbreviated session on Saturday, and while
the tone was steady throughout the session most of the
advances were limited to fractions. Trading interest was
fairly active early in the day but gradually simmered down
as the day progressed. Humble Oil attracted some buying
and showed a fractional advance, but the rest of the group
made little movement either way. Mining shares displayed moderate activity but the changes were small, with
the possible exception of Aluminum Co. of America, which
dipped about 2 points. Electric Bond & Share Lost ground
and most of the other active shares in the group were off
on the day. Among the strong stocks were Technicolor,
which advanced into new high ground, followed by Davenport Hosiery Mills, which also showed a gain at the close
of the market.
Small trading and an easier tone were the outstanding
characteristics of the dealings on the Curb Exchange on
Monday. There was some irregularity apparent from time
to time, but this passed off later in the day. Public utilities
generally moved on the side of the decline and moderate
recessions were registered in many prominent market leaders,
including Electric Bond & Share, American Gas & Electric
and Niagara Hudson Power. Changes in the oil stocks
were generally narrow and lower, and mining issues like
Newmont and Lake Shore Mines were off on the day.
Liquor shares held fairly steady, except Hiram Walker,
which worked slowly downward.
Following a weak opening prices on the Curb Exchange
developed a firmer tone on Tuesday. Scattered through
the list were occasional spectacular gains, and while the
advances in the general list were more modest they generally
offset the losses of the previous day. Oil shares were
represented in the advances by Gulf Oil of Pennsylvania,
Standard of Indiana and Humble Oil. Liquor stocks were
fractionally higher and mining issues were firmer all through
the group. In the utility list the gains were somewhat
lighter, most of the advances being in small fractions.
Among the miscellaneous stocks, Technicolor extended its
gain to 123% and Swift & Co. attracted a moderate amount
of buying during the early trading, though it lost part of
its gain as the day progressed.
The curb market crept gradually upward on Wednesday,
most of the trading activity centering in the mining and
metal shares, specialties and public utilities. The market
developed a strong tone along a fairly broad front, but the
volume of trading remained below the average level. Oil
stocks, which were in good demand during the preceding
session, were irregular, Creole Petroleum and International
Petroleum showing modest gains, while Standard Oil of
Indiana declined. The most active stocks included Pittsburgh Plate Glass, Swift International, Singer Manufacturing Co., Quaker Oats and Universal Insurance. In
the utilities group the outstanding strong stocks were
American Gas and Pennsylvania Gas & Electric A, though
there was a good demand for Electric Bond & Share and
Niagara Hudson at higher prices. Bunker Hill-Sullivan
and Lake Shore Mines were the best among the mining shares,
and Hiram Walker and Distillers Seagram attracted considerable speculative attention in the liquor groups.
The tone of the curb market was somewhat easier on
Thursday, though the volume of business was comparatively
small and most of the trading was in limited lots. There
were occasional exceptions to the downward trend, particularly Technicolor, which again broke into new high
ground for the year. Public utilities also furnished exceptions to the market trend, American Gas & Electric
and Electric Bond & Share being fairly firm at times and
closing with small fractional gains. Mining and metal
shares were practically without movement and oil stocks
4081
Financial Chronicle
slipped below the previous close. Hiram Walker and
Distillers Seagram were easier at the close of the session.
The market opened somewhat firmer on Friday, but
turned heavy as the day progressed, and as the session ended
many prominent stocks were selling at levels lower than the
previous close. Technicolor was one of the strong stocks and
continued its forward movement into new high ground.
There were some exceptions in the mining and metals group,
and also in the public utilities list but the changes were small
and not particularly significant. As compared with Friday
of last week, many active issues were lower, Aluminum Co.
of America closing on Friday at 68% against 72 on Friday
of last week, American Light & Traction (1.60) at 14 against
143%, Associated Gas & Electric A at IX against %, Atlas
Corp.at 113% against 113%, Cord Corp.(k25c.)at 43% against
4
5, Creole Petroleum at 123 against 133%, Gulf Oil of Penn8
sylvania at 663% against 68%, Hudson Bay Mining &
4
Smelting at 133 against 14, Humble Oil (new) at 443%
against 453%, Parker Rust Proof (C3) at 55 against 593%,
Standard Oil of Indiana (1) at 273% against 27%, TeckHughes (.60) at 63% against 63% and United Gas Corp at
%
25 against 23%.
A complete record of Curb Exchange transactions for the
week will be found on page 4111.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Stocks
(Number
of
Shares).
Week Ended
June 15 1934.
Bonds (Par Value).
Foreign
Foreign
Domestic. Government. Corporate.
Total.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
117.380 $2,175.000
135,415 2.529.000
161.500 3.194,000
152,245 3,251,000
129,010 2,884.000
165,850 4,627,000
$64,000
123.000
139,000
225,000
133,000
104,000
$87.000 $2,326,000
136,000 2,788,000
146,000 3,479,000
150.000 3,626,000
96.000 3313,000
84,000 4,815,000
Total
861,400 $18,660,000
$788,000
$699.000 $20,147,000
Sales at
New York Curb
Exchange.
Jan 1 to June 15.
Week Ended June 15.
1934.
1934.
1933.
1933.
6.169,276
861,400
Stocks—No, of sharesBonds.
$18,660,000 $21,326,000
Domestic
1,708,000
788,000
Foreign government_
799.000
699,000
Foreign corporate
36,591,176
41,862,203
$534,592.000
19.852,000
16,482,000
$423,917,000
19,219,000
20,814,000
$20,147,000 $23,833,000
$570,926.000
8463,950,000
Total
CHANGES IN NATIONAL BANK NOTES.
We give below tables which show all the monthly changes
in National bank notes and in bonds and legal tenders on
deposit therefor:
Amount Bonds
on Deposit to
Secure Circulaton for National
Bank Notes.
National Bank Circulation
Afloat on—
Bonds.
Legal
Tenders.
Total.
.4
t
11
•
$
$
963,191,553
219,211,255
743.980,298
750,869,320
974,148,798
182,152,445
791,996.353
799.699,770
981.547.663
140,669,333
840,848,330
847,058,170
984,636,948
100,489,113
884,147.835
887,005.520
985,594,513
99.508.223
886,086,290
890.191,530
987.514,378
101,678,700
885,835,678
890.136,780
961,271.287
107,333,292
853,937.995
859,736,430
961.548,135
112,094,540
849,453,595
852,631,430
962.998.545
110,533.735
852,464.810
857,210,430
965.932,095
114,422,100
851,509,995
855,781,930
966,634,173
118,426,910
848.207.263
852,529,890
970,601.088
116.665,120
853,935,968
856,394,230
980,663,403
116,072.980
864,590,423
897,952.290
$2,470,887 Federal Reserve hank notes outstanding June 1 1934, secured by
lawful money, against $2,581,934 on June 1 1933.
May 31 1934___
Apr. 30 1934__-_
Mar.31 1934_ __ _
Feb. 28 1934____
Jan. 31 1934____
Dec. 31 1933____
Nov.30 1933____
Oct. 31 I933____
Sept.30 1933____
Aug. 31 1933._..
July31 1933._
June 30 1933____
May 31 1933___
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and National bank notes May 31 1934:
U. S. Bonds Held May 31 1934.
Bonds on Deposit
June 1 1934.
On Deposit to On Deposit to
Secure
Secure Federal
Reserve Bank National Bank
Notes.
Notes.
28. U. S. Consols of 1930
2s, U. S. Panama of 1936
25, U. S. Panama of 1938
35. U. S. Treasury of 1951-1955
Elyis, U. S. Treasury of 1946-1949
314s, U. B. Treasury of 1941-1943
3345. U. S. Treasury of 1940-1943
3348, U. S. Treasury of 1943-1947
Is. U. S. Panama Canal of 1961
Is. U. B. convertible of 1946-1947
3348. U. S. Treasury of 1933-1941
334s, U. S. Treasury of 1944-1948
Totals
Total
Held.
529,345,150 529,345,150
34.719.860
34,719.860
16.550,860
16.550,860
39.483.350
39,483,350
23,980.650
23,980,650
28,562.000
28,562,000
11,202.550
11,202,550
25,856,750
25,856.750
1,000
1,000
1,015.000
1.015.000
28.637,150
28,637,150
11,515,000
11,515.000
750.869,320
750,869,320
The following shows the amount of National bank notes
afloat and the amount of legal tender deposits May 1 1934
and June 1 1934 and their increase or decrease during the
month of May:
National Bank Notes—Total Afloat—
Amount afloat May I 1934
Net decrease during May
Amount of bank mates afloat June 1
Legal-Tender Notes—
Amount deposited to redeem National bank notes May 1
Net amount of bank notes redeemed in May
Amount on deposit to redeem National bank notes June 1 1934
5974.148.798
10,957,245
8963,191,553
5182,152.445
37,058,810
8219.211,255
Financial Chronicle
4082
June 16 1934
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circularlof
Samuel Montagu & Co. of London, written under date of
May 30 1934:
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:
GOLD.
The Bank of England gold reserve against notes amounted to £191,333.148 on the 23d instant, as compared with £191,233,190 on the Previous
Wednesday.
Business in the open market has been more active, about £2,100,000
being disposed of during the week. Movements in the exchange have
tended to harden prices, which have been fixed on dollar parity.
Quotations during the week:
IN LONDON.
June 9 June 11
1934.
1934.
Francs. Francs.
Bank of France
11,900
Banque de Paris et Pays Bea
1,475
Banque (Minion Parb3lenne
180
Canadian Pacific
247
Canal de Suez
18,600
Cie Distr. d'Electricitie
2,325
Cie Generale d'Electlicitie
1,730
25
Cie Generale TransatlantiqueCitroen B
170
Comptoir Nationale d'Escompte
1,024
Coty S A
140
293
Courrieres
Credit Commercial de France
735
Credit Lyonnais
2,100
Eaux Lyonnais
2,530
Energie Electrique du Nord
656
Energie Electrique du Littoral-838
Kuhlmann
611
L'Air LiquIde
Roll770
Lyon (P L M)
day
1,010
Nord Ry
1,435
4,451
Orleans Ry
Paths Capital
68
Pechiney
1.093
Bente% Perpetual 3%
78.30
Rentes 4%. 1917
84.70
Rentes 4%, 1918
84.90
Rentes 4 %,1932 A
90.25
88.60
Rentes 4H %. 1932 B
Reuses 5%, 1920
113.75
Royal Dutch
1,620
Saint Gobain C & C
1,293
Schneider & Cie
1,638
Societe Francais° Ford
53
Societe Generale Fonsiere
84
Societe Lyonnaise
2,535
Societe Marseillalse
527
Tubize Artificial Silk prof
123
Union d'Eleotrioltie
717
82
Wagon-Litz
Per Ounce
Fine.
May 24
May 25
May 26
May 28
May 29
May 30
Average
Equivalent Value
of £ Sterling.
136s. 9d.
136s. 6Hd.
136s. 6d.
136s. 8Hd.
136s .9d.
137s .034d.
136s. 8.58d.
12s. 5.10d.
12s. 5.32d.
12s .5.37d.
12s .5.14c1.
12s .5.10d.
12s .4.78d.
12s .5.144.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 19th instant to mid-day on the 24th instant:
Imports.
Exports.
Netherlands
£34,100
Prance
27,361
Svrtizerland
32,656
United States of America.. 341,250
Venezuela
39,806
Peru
54,383
British South Africa
823,691
British India
1,476,826
British Malaya
14,933
Australia
511.734
49.452
New Zealand
Other countries
21,168
Netherlands
£45,900
France
796,567
Switzerland
2,180
United States of America- 1,064,355
Poland
15.170
Other countries
2,159
£3,427,360
£1,926,331
June 12 June 13
1934. 1934.
Francs. Francs.
11,700 11,800
1,417
1,457
179
177
244
246
18,600 18,800
2,305 2,310
1,710 1,700
26
25
168
162
1,013
1,014
140
130
287
284
726
722
2,080
2,070
2,510 2,520
645
651
820
826
594
598
750
750
991
990
1,412
1,432
4.400 4,490
68
67
1,076
1,070
77.50 77.75
84.10
84.30
84.10 84.30
89.75 89.80
88.25
88.25
112.75 112.95
1,600
1,630
1,277 1,292
1,630
1,630
56
53
77
71
2.515 2,520
527
527
113
117
705
704
82
81
June 14 June15
1934.
1934.
Francs. Francs.
11,600 11,700
1,437
-179
-iia
248
18,700 18,900
2,300
1,690 1,81/0
26
25
162
--1,018
"iio
130
284
---721
2,080 2:556
2,510 2,510
655
---820
--595
750
-HO
996
---1,434
4,570 4:60
68
---1,070
--77.50 78.00
83.90
84.40
84.30 84.50
89.70 90.10
88.10 88.40
112.50 113.00
1,640
1,640
1,282
--1,635
52
53
68
-- _.
2,510
_.....
529
--121
---700
-80
---
The SS. "Ranpura" which sailed from Bombay on the 26th instant
carries gold to the value of £423,000 consigned to London.
The following are the details of the United Kingdom imports and exports
of gold for the month for April 1934:
British West Africa
Union of South Africa
Southern Rodesia
British India
British Malaya
China
Australia
New Zealand
Canada
British West India Islands and British Guiana
Germany
Netherlands
Belgium
Austria
France
Switzerland
Egypt
United States of America
Venezuela
Other countries
Imports.
£192,518
5,372,535
381,451
2,329,265
58,325
221,831
726.173
69,528
8,165
18,304
685,898
86,726
25,280
2,947,877
1,019.078
10,437
Exports.
2,978
1,281
13,220
10,800
4,296,602
37,092
3,811,535
56,082
149,708
£14.359,181 E8,173.508
SILVER.
During the past week, the market has been quiet with very little movement in prices. The proposals contained in President Roosevelt's message
to Congress on the subject of silver legislation have given rise to uncertainty and operators seem disposed to await further developments. Consequently, the tone has been quietly steady with no decided tendency.
China has sold and there has been small speculative demand with some
support from America; the Indian Bazaars have both bought and sold,
but operations on Continental account have not been a feature.
The following were the United Kingdom imports and exports of sliver
registered from mid-day on the 19th instant to mid-day on the 24th instant:
Imports.
Exports.
Soviet Union (Russia) -- • £22,679 Portugal
France
5,805 Yugoslavia
China
9.000 British India
British India
14.000 New Zealand
Japan
4,111 Other countries
United States of America_ _ 25,218
Australia
15,102
New Zealand
2,390
Canada
32,529
Other countries
3,761
£134,595
Quotations during the week:
IN LONDON.
Bar Silver Per Oz. Std.
Cash.
2 Mos.
£57,460
31,365
58,457
3,939
4,771
£155,992
IN NEW YORK.
(Per Ounce .999 Fine.)
19 9-16d. 19Hd.
May 24
May 23
44 15-16c
May 25
19 9-16d. 19%ci.
May 24
44 15-16c.
May 26
19Hd.
199-16(1.May 25
45c.
May 28
190.
19Het.
May 26
45c
May 29
19 9-16d. 19d.
May 28
45 1-16e.
May 30
199-16d. 19Hd.
May 29
453-16c.
Average
19.542d.
19.594d.
The highest rate of exchange on New York recorded during the period
from the 24th instant to the 30th instant was $5.09q and the lowest
25.06%.
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)
May22.
May 15.
May7.
Notes in circulation
17.877
17,862
17,908
Silver coin and bullion in India
9,568
9,610
9,657
Gold coin and bullion in India
4.155
4,155
4,155
Securities (Indian Government
2,934
2,936
2,945
Securities (British Government)
1,170
1,161
1,151
The stocks in Shanghai on the 26th instant consisted of about 123,600,000 ounces in sycee, 381,000.000 dollars and 26,500,000 ounces in bar
silver as compared with about 124,200,000 ounces in sycee, 380,000,000
dollars and 26.600,000 ounces in bar silver on the 19th Instant.
THE BERLIN STOCK EXCHANGE.
Closing prices of representative stocks as received by
cable each day of the past week have been as follows:
June June June June JIMS AM.
9.
11.
12.
13.
14.
15.
Per Cent of Par
152 153 155
Relehabank (12%)
155
156
155
Berliner Handels-Gesellsehaft (5%)
87
88
88
88
88
88
53
Commerz-und Privet Bank A 0
83
52
52
52
53
Deutsche Bank und Dlsconto-Gesellschaft_ 58
60
60
60
59
60
63
65
64
Dresdner Bank
65
64
65
Deutsche ReiChsbahn(Ger Rya)pref(7%)..110 109 110 111
112
112
27
27
Allgemeine Elektrizitaeta-Gesell(A E 0)- 28
25
25
25
137
137 137 136
Berliner Kraft u Licht (10%)
136 138
129 128
129
Deesauer Gas (7%)
132 131
132
Geefuerel (5%;
101
101
102
104
105 105
Hamburg Elektr-Werke (8%)
121
120
120 119
121
121
Siemens & Halske(7%)
141
141
141 143 145
145
10 Farbenindustrie(7%)
144 145
145
145 147
148
Salzdetfurth (754%)
159
160
156
159
160
165
Rheinische Braunkohle (12%)
233 238 241 248 237 237
Deutsche Erdoel(4%)
122 121
123
123 121
123
Mannesmann Roehren
88
69
67
69
68
68
27
28
27
28
29
28
HaDag
Norddeutseber Lloyd
33
34
34
35
34
34
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of Friday
June 15 1934:
Bid.
Anhalt 75 to 1946
131
Argentine 5%, 1945, 8100
pieces
91
Antioquia 8%, 1948
/27
Austrian Defaulted Coupons fer,-126
Bank of Colombia, 7%,'47 122
Bank of Colombia. 7%.'48 /22
Bavaria 614e to 1945
/3512
Bavarian Palatinate Cons.
Cit. 7% to 1945
124
Bogota (Colombia) 654,'47 119
Bolivia 8%, 1940
17
Buenos Aires scrip
130
Brandenburg Elec. 68. 1953 137
Brazil funding 5%, '31-'51 f6112
Brazil funding scrip
16112
antish Hungarian Bank
Ths. 1962
/56
Brown Coal Ind. Corp.
614s, 1953
/57
Call (Colombia) 7%, 1947 /12
Callao (Peru) 734%, 1944
6
Ceara (Brazil) 8%, 1947__ /5
Columbia scrip Issue of '33 f40
Issue of 1934
/33
Costa Rica funding 5%.'51 4812
City Savings Bank, Budapest, 7s. 1953
152
Dortmund Mun Util 6s,'48 /5112
Duisburg 7% to 1945
/26
Duesseldorf 78 to 1945
f29
East Prussian Pr. 8s. 1953. /4212
European Mortgage & Investment 7345, 1966- --- 163
French Govt. 534s, 1937
165
FrenchNat. Mall SS.Ila.'52 160
Frankfurt 7s to 1945
/30
German Atl Cable 7s. 1945 /40
German Building & Landbank 634%. 1948
/48
German defaulted coupons. /50
German scrip
118
German called bonds
f25
Haiti 6% 1953
77
Hamb-Am Line 6I45 to '40 18712
Hanover Harz Water Wks.
/29
6%, 1957
Housing & Real Imp 7s,'46 /44
Hungarian Cent 8Iut 7s,'37 /45
Hungarian Discount di Exchange Bank 7s, 1963._ /42
Hungarian defaulted coupe fe3-100
I Flat price.
Ask.
Bid.
34 Hungarian Hal Bk 73.4e,'32 fin
29
Jugoslavia 5s, 1956
f39
Jugoslavia coupons
31 Koholyt 64s. 1943
157
- Land M Bk, Warsaw 8a,'41 70
W Leipzig Oland Pr. 6(4e,'46 /57
24 Leipzig Trade Fair 7s. 1953 148
3612 Luneberg Power, Light &
Water 7%,1948
/53
28 Mannheim & Palat 7s, 1941 155
2012 Munich 75 to 1945
/3112
9 Munk,Bk,Hessen, 75 to'45 /31
32 Municipal Gas & Elea Corp
39
Recklinghausen, 78, 1947 149
6212 Nassau Landbank 6I48.'88 150
Natl. Bank Panama 631%
1946-9
/4212
53 Nat Central Savings Bk of
Hungary 7)48, 1962.... 155
62 National Hungarian & Ind.
14
mtge.7%.1948
/6112
9
Oberpfalz Elec,7%,1946_ 129
9 Oldenburg-Free State 7%
42
to 1945
130
35 Porto Alegre 7%,1968_ _
/15
5012 Protestant Church (Germany). 78, 1946
/43
54 Prov Bk Westphalia 6s,'33 f50
5312 Prey Bk Westphalia ea, *36 /45
30 Rhine Watch Elea 7%.'36 /65
32 Rio de Janeiro 6%, 1033.. /2112
4412 BornCath Church 634s,'46 /59
It(3 Church Welfare 7s,'46 /4312
65 Saarbrueeken M Bk 13s, '47 /70
170 Salvador 7%,1957
128
163 Salvador 7% etf of dep '57 /23
32 Salvador scrip
/13
44 Santa Catharine (Brazil)
8%, 1947
4
/223
53 Santander(Colom) 7s, 19411 /II
60 Sao Paulo (Brazil) 68, 1943 /2112
20 Saxon State Mtge. 68, 1947 157
35 Serbian 5s, 1956
29
80 Serbian coupons
/39
9012 Stem & Halake deb Os, 2930 /310
State Mtg LikJugoal501956 29
/38
coupons
33
46 Stettin Pub Util 7a, 1946._ /35
/37
47 Tucuman City 7s. 1951
Tucuman Prov, 73. 1950
60
44 Yawn Eleo Ry 7s, 1947_ /27
Wurtemberg 7s to 1945..., /31
Ask.
32
41
63
72
5812
4912
57
58
3312
34
5112
54
4412
57
6312
33
32
17
46
1070
2412
61
45
74
30
2412
16
4
233
1212
2212
62
32
41
330
32
41
42
39
83
30
34
Financial Chronicle
Volume 138
ENGLISH FINANCIAL1MARKET-PER CABLE.
The daily closing quotations for securities, &c.,at London,
as reported by cable, have been as follows theipast week:
Fit,
Thurs.,
Wed.,
Tues.,
Mon.,
Sat..
June 9. June 11. June 12. June 13. June 14. June 15.
Silver, per oz__ 191.4d.
19 11-16d. 19%cl.
19 15-150. 19%d. 19 13-16d.
Gold, p.fine oz. 1375.810. 137s.914d. 1378.714(1. 1388.114d. 137s.83411.1378.814d.
7711-16
77)4
Consols, 214% Holiday.
7614
77
77%
British 315%10214
W. L
10214
10211
Holiday, 102
10211
British 4%11314,
1960-90
11316
11314
11314
Holiday. 11214
French Rentes
78.00
(lnParls)3% fr. Holiday.
77.50
77.75
77.50
78.30
French War L'n
(in Paris)5%
113.00
1920 amort
112.50
112.95
Holiday. 113.75
112.75
The price of silver in New York on the same days has been:
Silver in N. Y.,
per oz. (cts.)
4514
45
45
45.14
451.1
45
COMPLETE PUBLIC DEBT OF THE UNITED STATES.
The statement of the public debt and Treasury cash holdings of the United States, as officially issued Feb.28 1934,
delayed in publication, has now been received, and as interest
attaches to the details of available cash and the gross and
net debt on that date, we append a summary thereof, making
comparison with the same date in 1933:
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Feb. 28 1934. Feb. 28 1933.
221,480,376
Balance end of month by daily statements. am
4,901,788.919
Add or Deduct-Excess or deficiency of receipts over
-21,432,921
or under disbursements on belated items
-29,690,551
4,880,335,998
191.789,825
26,263,469
140,854,042
4,044,075
1,663,028
25,928,046
82,798,399
4,234.080
2,156,515
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount secured on War Savings Certificates
Settlement on warrant checks
Total
Balance, deficit(-)or surplus(+)
172,824,614
115,117,040
+4,707,511,384
+76,672,785
INTEREST-BEARING DEBT OUTSTANDING.
Interest Feb. 28 1934. Feb. 28 1933.
Title of Loan$
$
Payable.
28 Consols of 1930
599,724,050
Q.
-J. 599,724,050
25 of 1916-1936
48,954,180
Q,.41'.
48,954.180
2s of 1918-1938
25,947,400
25,947,400
Q.-1'.
1
35 of 1961
49,800,000
Q.
-M.
49,800,000
38 convertible bonds of 1946-1947
28.894,500
28,894,500
4.4.
Certificates of indebtedness
2,278.349,5002,137,872,100
314s First Liberty Loan, 1932-1947
-D, 1,392,226,35°1
J.
4s First Liberty Loan, converted 1932
5,002,450 ,31E120°
-D.
-1947......J.
41 5 First Liberty Loan, converted 1932-1947 J.
,
1
532,490,450
-D. 532,489,450
414s First Liberty Loan, 2d cony., 1932
3,492,150
3,492,150
-D.
-1947...J.
416s Fourth Liberty Loan of 1933-1938
A.O. 5,367,393,700 6,268,095,250
4Ks Treasury bonds of 1947-1952
758,983,300
758,983,300
A
45 T
3.-D. 1,036,834,500 1,036,834,500
1954
334's Treasury bonds ot 1940-1956
489,087,100
-S, 489,087,100
M.
314s Treasury bonds of 1943-1947
454,135,200
J.
-D. 454,135,200
314s Treasury bonds of 1940-1943
352,994,450
-D. 352,993,950
J.
3145 Treasury bonds of 1941-1943
544,916.050
-S. 544,915,050
M.
314s Treasury bonds of 1946-1949
821,400,500
3.43. 819,096,500
3s Treasury bonds of 1951-1955
N.f.-S. 755,483,350
764,488,000
311s Treasury bonds of 1941
F.
-A. 834,474,100
xs-314s Treasury bonds of 1943-1945
A -O. 1,400,553,900
211s Postal Savings bonds
J.
-j.
78,03 ,
52,697,440
Treasury notes ___
6,471,704,400 3,575,589,200
Treasury bills, seileeiniftiiii---------------------1934-Mar. 7--0100 050 000
------Mar.21------------------ 0100,263,000
Mar.28------------------------------------- 0100,890,000
Apr. 4
................................ 0100,990,000
Apr. 11.................................... 0100,050,000
Apr. 18................................. 0125,340,000
Apr. 25............................... 0125,126,000
May 2
........................ 0150,320,000
May 9............................... c125,493,000
May 16................................. 075,007,000
May 23................................. 074,955,000
Aug. 8......................................... 050,078,000
Aug. 15
075,044,000
Aug. 29
......
........................... 075,088,000
1933
-Mar. 1
0100,000,000
Mar.29
0100,039,000
Apr. 12
075,090,000
Apr, 19
075,032,000
Apr. 26
080,020,000
May 10
075,228,000
May 17
075,202,000
May 24
0130.074 000
Aggregate of Interest-bearing debt
Bearing no interest
Matured,interest ceased
25,707,259,320 20,584,310,620
291,366,450
299,885,794
47,915,400
59,051,281
Total debt
026,055,060,514 20,934,728,351
Deduct Treasury surplus or add Treasury deficit_ +4,707,511,384
76,672,785
Net debt
121,347,549,130 20,858,055,566
Note.
-The contingent liabilities of the United States as of Feb. 28 1934 with
respect to obligations the interest and (or) principal of which is guaranteed by the
United States were as follows: Reconstruction Finance Corporation, principal.
2180,399,877.44; interest, $714,699.81: Home Owners' Loan Corporation, interest,
$1,686,231.
a Total gross debt Feb. 28 1934 on tile basis of daily Treasury statements was
$26,052,375,584.80, and the net amount of public debt redemptions and receipts
In transit, 8,c., was $2,684,929.00. b No reduction is made on account of obligations of foreign Governments or other investments. c Maturity value.
NATIONAL BANKS.
The following information regarding National banks is
fromIthe office of the Comptroller of the Currency, Treasury
Department:
CHARTERS ISSUED.
Capital.
-The National Bank of Bloomington, Bloomington, Ill_ _ _ 5150,000
June 2
b.. Capital stock consists of $75,000 common stock and $75,000
preferred stock. President, Grover C. Helm; Cashier, Alfred D. Hill. Will succeed No. 13499. First National Bank
& Trust Co. of Bloomington.
4083
June 2
-The South Texas National Bank of San Antonio, San
$350,000
Antonio, Tex
Capital stock consists of $200,000 common stock and $150,000
preferred stock. President, E. J. Miller; Cashier, 0. D.
risdale. Will succeed South Texas Bank & Trust Co. of
San Antonio.
June 5
-The Mountain National Bank of Clifton Forge, Clifton
Forge, Va
100,000
Capital stock consists of $50,000 common stock and $50,000
preferred stock. President, W.T. Wade, Jr.; Cashier, R.B.
Jarrett. Will succeed No. 9177, the Clifton Forge National
Bank.
50.06
June 6
-First National Bank at Gallitzin, Gallitzin, Pa
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President, John M. Quinn; Cashier. K. A.
Cooper. Will succeed No. 13533,the First National Bank in
Gallitzin.
•
June 7
-First National Bank of Williamsburg, Williamsburg, Pa- 50.000
President, Blair C. Seeds; Cashier, Alice F. Deitrick. Will
succeed No. 6971, the First National Bank of Williamsburg.
June 8
-The Mingo National Bank of Mingo-Junction. Mingo
50,000
Junction, Ohio
President, Fred H. Riney; Cashier, D. P. Morrison. Will
succeed the First National Bank of Mingo-Junction. No.
5694.
50,000
June 8
-First National Bank at Darlington, Darlington, Wis
President, H. 0. Shockley; Cashier, Louis Knellwolf. Will
succeed No. 3161, the First National Bank of Darlington.
VOLUNTARY LIQUIDATIONS.
June 4
-The Adams National Bank of Devine, Tex
50,000
Effective May 29 1934. Liq. agent, Lytle State Bank, Lytle,
Tex. Absorbed by Lytle State Bank, Lytle, Tex.
June 5
-The United States National Bank of Superior, Wis
200.000
Effective May 22 1934. Liq. agent, A. J. Wentzel, Superior.
Wis. Succeeded by the Union National Bank of Superior.
Charter No. 14109. Liability for circulation will be assumed
under Section 5223, U.S.R.S.
June 5-Shennandoah National Bank, Shennandoah, Iowa
100.000
Effective June 1 1934. Liq. agent, F. M. Schneider, care of
the liquidating bank. Succeeded by the City National Bank
of Shennandoah,charter No. 14037. Liability for circulation
will be assumed under Section 5223, U.S.R.S.
June 5
-The First National Bank in Durand, Win
50.000
Effective May 24 1934. Liq. committee: Geo. L.Howard,Alex
Berger and C. C. Schiefelbein, care of the liquidating bank.
Succeeded by the Security National Bank of Durand, Wis.,
Charter No. 14095. Liability for $20,000 of circulation will
be assumed under Section 5223, U.S.R.S.
50.000
June 6
-The First National Bank of Canyon, Tex
Effective May 31 1934. Liq. committee: L. W. Cole, C. W.
Warwick, W.A. Warren, Oscar Hunt and W.C. Black, care
of liquidating bank. Succeeded by the First National Bank
in Canyon, charter No. 14090. Liability for $25,000 of the
$50,000 of circulation will be assumed under Section 5223,
U.S.R.S.
25,000
June 6
-The First National Bank of Goodland, Kan
Effective June 4 1934. Liq. agent, L. N. Shaw, Goodland,
Kan. Succeeded by First National Bank in Goodland, ken.,
charter No. 14163. Liability for circulation will be assumed
under Section 5223, U.S.R.S.
50,000
June 6
-The First National Bank of Crewe, Va
Effective May 31 1934. Liq. committee: J. M. Kidd, E. C.
Ellett and W. P. Taylor, care of the liquidating bank. Succeeded by the National Bank of Crewe, Va., charter No.
14052. Liability for circulation will be assumed under Section 5223, U.S.R.S.
25.000
June 6
-The First National Bank of Kanorado, Kan
Effective June 4 1934. Lig. agent, H. It. Shimeall, Kanorado,
Kan. Succeeded by First National Bank in Goodland, Kan.,
charter No. 14163. Liability for circulation will be assumed
under Section 5223, U.S.R.S.
BRANCHES AUTHORIZED.
-First National Bank of Seattle, Wash. Location of branch,
June 5
No. 220 Duryea St., Raymond, Pacific County, Wash. Certificate
No. 988A.
June 8
-The Seaboard National Bank of Los Angeles, Calif. Location
of branch. No.819 Santee St., Los Angeles, Calif. Certificate No.989A.
CORRE0TION 0NREPORT OF MAY 291934.
"'
In office memorandum of May 29 1934,you were advised that the Vallejo
Commercial National Bank, Vallejo. Calif.. charter No.11206,had been
placed Involuntary liquidation and was absorbed by the Bank of America,
San Francisco, Calif.
You are now advised that the name of the absorbing bank should have
been Bank of America National Trust & Savings Association, San Francisco, Calif., charter No. 13044.
AUCTION SALES.
Among other securities, the following, not actually dealt in
at the Stock Exchange, were sold at auction in New York,
Jersey City, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
Shares.
Stocks.
10 Progressive Publishing Co. (Mo.). Par $100
$ per Share.
$2 lot
By Adrian H. Muller & Son, Jersey City, N. J.:
Stocks.
Shares.
1,000 A. B. See Elevator Co.. Inc., 2d preferred (Del.)
$ per Sharea
53
By R. L. Day & Co., Boston:
$ per Share.
Shares. Stocks.
5
100 First National Bank, Easthampton, par $100
87
5 United States Envelope Co., common, par $100
2 Western Massachusetts Companies
2636
22;4
2 Springfield Gas Light Co., par $25
12 Haverhill Electric Co., par 25
45
23 Massachusetts Utilities Associates, preferred, par $50
2514
11 Dennison Manufacturing Co.. $7 preferred, par $100
421.4
15 New England Public Service Co., $7 prior preferred
17%
BondsPer Cent.
$1,000 Boston Metropolitan Buildings, Inc., 1st mtge. 5s, June 15 1942
coupon Dec. 1932 and sub on
373.1 flat
By Crockett & Co., Boston:
Shares. Stocks.
10 Dwight Manufacturing Co. par $15
2 W. L. Douglas Shoe, preferred, par $100
32 Western Massachusetts Companies
4 Indian Orchard Co
218 Beacon Participations, Inc., class A preferred
$ per Share,
12
15
2634
38
416434
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per Sr.
25 Philadelphia National Bank, par $20
39 Central-Penn National Bank, par $10
25
30 Chester-Cambridge Bank & Trust Co., Chester, Pa., par $20
16
30 Pennsylvania Company for Insurances on Lives and Granting Annuities.
par $10
2934
3 Fidelity-Philadelphia Trust Co., par $100
32414
25 Fire Association of Philadelphia. par $10
49
25 West Jersey & Seashore Railroad Co.. par $50
6114
109 U. S. Smelting Works Co., par 2100
$86.29 lot
69 Wilmor Semen Coal Co
1
4084
Financial Chronicle
Bonds—
$100 Tavistock Country Club
$1,000 Sevilla Court. 1st 5iis 1933 reg series A
Per Cent.
$3 lot
34%
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
10 The Como Mines
$ per Share.
450
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 Holders
Share. Payable. ofRecord.
373c July 2 June 20
Acme Steel(quarterly)
12%c July 2 June 20
Special
40c July 2 June 18
Aetna Fire Insurance Co. (quar.)
75c July 16 June 29
Air Reduction Co. (quar.)
$1% July 2 June 15
Alabama Power Co.. $7 preferred (quar.)
$1% July 2 June 15
$6 preferred (quarterly)
25c July 2 June 21
Allemania Fire Ins.(Pitts.,Pa.)(quar.)
10c July 2 June 21
Extra
h$1% July 2 June 21
Aloe (A. S.) Co., 7% preferred (guar.)
10c July 1 June 20
Aluminum Goods Mfg. (quar.)
20c June 30 June 22
American Brake Shoe & Fdy. Co.,common_
$b )I June 30 June 22
Preferred (quar.)
$1 July 15 June 15
American District Teleg. Co.of N.J., com.(qu.)
$1% July 15 June 15
7% preferred (quar.)
$2 July 2 June 16
Hard Rubber,8% pref.(quar.)
American
25c June 30 June 15
American Maize Products
$1% July 1 June 15
American Mfg. Co. preferred (quar.)
$1% July 2 June 15
American Superpower Corp. 1st pref.(quar.)_
87%c July 2 June 20
American Thermos Bottle 7% pref. (quar.)
h58c July 2 June 15
Arkansas Power & Light,$7 pref
h50c July 2 June 15
$6 preferred
25c July 2 June 30
Atlantic City Sewerage(guar.)
Auburn Automobile Co.--Quar. div. omitted.
25c July 1 June 15
Avondale Mills. A & B (quar.)
25c June 30 June 20
Bancamerica-Blair Corp
50c July 2 June 22
Bank of the Manhattan Co.(quar.)
.June 30 June 22
Jttly 2
Bank of New York & Trust Co.(quar.)
h133
Bay State Fishing, 7% pref
$6% July 2 June 15
Beaver Fire Insurance
$3 June 23 June 13
Birmingham Fire Ins. of Pa
40c July 2 June 22
Boston-Herald Traveler
$4 July 2 June 20
Boston Insurance(Mass.)(quarterly)
$4 Oct. 1 Sept. 20
Quarterly
25c July 30 June 30
Bower Roller Bearing (quar.)
15c July 16 June 30
Bralorne Mines. Ltd.(quar.)
50c July 15 June 20
Brantford Cordage Co. preferred (quar.)
h$1 June 30 June 20
Bridgeport Machine Co.preferred
37c July 16 June 30
British Columbia Power .A
50c July 2 June 21
Bucyrus Erie Co. preferred
70c Aug. 1 Aug 1
Bugwell Food Markets,7% pref. A
25c July 1 June 16
Building Products. A & B (quar.)
$2 June 30 June 20
Cameron Machine Co.,8% pref.(quar.)
h$1% July 3 June 15
Canada Packers Co.,7% pref
$1% Aug. 1 June 29
Canada Southern Ry. (semi-ann.)
50c Aug. 15 July 31
Canadian Converters Co.. common (quar.)--- _
50c Aug 15 July 31
Canadian Converters Co.(quar.)
50c July 1 June 20
Canadian Westinghouse Co. (guar.)
rh25c June 30 June 15
Canadian Wirebound Boxes,class A
87c July 2 June 15
Carolina Power & Light Co., $7 preferred
75c July 2 June 15
$6 preferred
25c July 16 July 9
Carpel Corp. (quar.)
Central Cold Storage Co. common (guar.)_ _ _ 12%c Aug. 15 Aug. 5
10c July 2 June 18
Central Fire Ins.(Salt.)(s-a)
$1% July 2 June 11
Central Maine Power Co.7% pref.(quar.)
$1
101 July 30 June 11
2
6% and $6 preferred (quar.)
June 9
June
Central Tube (monthly)
37%c June 30 June 20
Chain Store Products preferred (quar.)- 51%, July 2 June 20
Chatham Mfg.Co.,7% pref.(quar.)
$1% July 2 June 20
6% preferred (quarterly)
45c July 2 June 19
Chemical Bank & Trust Co.(quar.)
$154, June 30 June 20
Chicago Towel Co. preferred (quar.)
50c July 1 June 20
Cleveland Electric Illuminating (quar.)
$6 July 31 July 21
Cincinnati Northern RR.Co.(s-a)
40c June 30 June 16
Cincinnati Union Stockyards(quar.)
July 1 June 15
Cincinnati Gas& Electric ,5% pref.(quar.)
July 16 July 2
Clinton Water Works Co.,pref.(quar.)
40c July 1 June 15
Cohen (Dan.)
Colonial Finance Corp.of It. 1.,7% pref.(quar.) 17c July 10 July 2
Commonwealth Water & Light,$7 pref.(quar.)_ $1 A July 2 June 20
$1% July 2 June 20
$6preferred (quarterly)
$2 June 15 June 12
Concord Gas Co.(s-a)
$1% Aug. 15 July 30
Preferred (quarterly)
75c July 2 June 15
Connecticut Gas& Coke Sec. Co.,$3 pf.(quar.)..
$2 Aug. 15 Aug. 1
Consolidated Oil Corp.8% pref. (quar.)
$2% July 2 June 15
Consumers Gas Co.(Toronto) (quar.)
50e June 30 June 15
Continental Assurance (quar.)
$1
July 2 June 21
Cornet Phosphate Co
11.8668c June 30
Corporation Trust Shares(orig.sec.)
11.3139c June 30
Series AA
4.7426c June 30
Series AA modified
11.3540c June 30
$1 (acc.series)
4.7458c June 30
Modified acc. series
$1'%50, JulyJuly 21 June 15
Courier Post Co. preferred (quar.)
June 23
Cream of Wheat(quarterly)
$2 Sept.30 Sept.19
Crum & Forster,8% pref.(quar.)
12%c July 15 July 5
Common (quarterly)
23% July 2 June 15
Deisel-Wemmer-Gilbert, preferred (8,,-a,,
)
12%c July 2 June 20
Deisel-Wemmer-Gilbert common
15c July 2 June 20
Diamond Shoe Corp. common (guar.)
$1% July 2 June 20
6%% preferred (quar.)
30a July 2 June 20
6% second preferred (semi-annual)
$1% July 2 June 20
Dominion Security Corp.(Rich.,Va.)(s-a)
$1% July 3 June 15
Dominion Textile(quarterly)
h$3% July 1 June 20
Dow Drug,7% preferred
$1 July 2 June 26
Eagle Warehouse & Storage (quar.)
June 15
Eastern New Jersey Power 6% Pref. (guar.).— 51 %, july 3 June 15
$
Ju
1
Eastern Steel Products. 7% pref. (quar.)
$2 July 1 June 20
Elder Mfg.Co.,8% 1st pref.(quar.)
$1
July 1 June 20
Class A (quarterly)
25c July 1 June 20
Common(quarterly)
$1' July 1 June 25
Electric Auto-Lite Co. 7% pref. (attar.)
21% Aug. 1 July 6
Electric Bond & Share Co.,$6 pref. (quar.)_
$1% Aug. 1 July 6
$5 preferred (quarterly)
10c Aug. 1 July 16
Electric Power Assoc., Inc., class A
10c Aug. 1 July 16
Common
$2 July 2 June 26
Elizabethtown Consol. Gas(quar.)
2% June 29 June 22
Empire Safe Deposit Co.(quar.)
3c June 30 June 16
Eureka Standard Consol. Mm.Co.(quar.)
525 July 2 June 20
First National Bank (quar.)
July 14 June 30
(N.II.) Co.,7% pref. A & B (quar.)_
Fishman
July 2 June 15
Freeman(A.J.),6% pref.(guar.)
Fruehauf Trailer Co..7% A. preferred (quar.)-- 874c July 2 June 20
June 25
Fuller Brush.7% pref.(quar.)
$1 0 July 2 June 14
e2
y 2
Fundamental Investors
8.6c. June 30
Fundamental Trust Shares,series A
8c. June 30
Series B
87%c July 1 June 15
Galland Mercantile Laundry (quar.)
25c June 15 June 14
Galveston Wharf(mo.)
$1% July 2 June 15
Gan Co.,Inc.,$6 preferred (guar.)
$1% July 2 June 15
Gannett Co., Inc.. $6 preferred (guar.)
114
Name of Company.
June 16 1934
Per
When Holders
Share. Payable. ofRecord.
Gardner Denver Co.. common
25c July 1 June 20
Gas & Electric of Bergen Co.(N. J.)(s-a
$23i July 2 June 20
General Tire & Rubber Co., pref. (guar.
-.41% June 30 June 20
General Water, Gas & Electric, $3 pref. guar.).
Gilbert(A. C.),$3% cumulative preferred
h87% j ly 2 June 2
7 . Ju
u
2
10
5
Glens Falls Ins. Co.(N. Y.)(quar.)
8% July 1 June 15
Globe Discount & Finance Corp.,pref.(quar.)_ _ 87%c. June 15
Gold & Stock Telegraph (guar.)
$13i July 2 June 30
Goodyear Textile Mills Co., pref. (guar.)
$13 July 2 June 20
Grand Rapids Varnish Corp
10c June 30 June 20
Greif (L.) & Bro. Inc.. 7% pref. (quar.)
$1( July 1 June 20
Hanover Fire Ins. Co.(quar.)
40c July 2 June 18
Harrisburg Bridge, preferred
70c. July 15
Hartford Fire Insurance Co. (quar.)
50c July 2 June 15
Hershey Creamery,7% pref.(s-a)
$3
July 1 June 15
Heyden Chemical.7% pref.(guar.)
Hickok Oil Co. (semi-annual)
$10c j l t. 12 j e 2
5
e
epy 5 Sun . 8
ept °
7% preferred (quar.)
$1% July 1 June 23
Horn & Hardart Baking (Phlla.)(quar.)
51)4 July 2 June 20
Howe Sound Co. (quar.)
75c June 29 June 22
Hunts. Ltd., A and B (guar.)
Ideal Cement (quarterly)
12AC July 2 June °
1
15
Independent Pneumatic Tool Co.(quar.)
50c July 2 June 22
Extra
25c July 2 June 22
Insurance Co. of North America (s.
-a.)
2 1 Ju y 16 .June 33
$c u
5
1 J u 10
Interlake Steamship Co.(quar.)
International Button Hole Mach. Co. (quar.)
20c July 2 June 15
Extra
10c July 2 June 15
Investment Foundation pref. (guar.)
38c July 16 June 30
Preferred
hl2c July 16 June 30
Investors Royalty Co. preferred (guar.)
50c June 30 June 20
Island Creek Coal Co. common (quar.)
50c July 2 June 21
Preferred (quar.)
$13. July 2 June 21
Jamaica Public Service common (guar.)
25c July 3 June 15
Preferred (guar.)
$1% July 3 June 15
Jewel Tea Co., Inc., common (quar.)
75c July 14 June 30
Joliet & Chicago RR., gtd.(quar.)
21% July 2 June 20
81
5
Joplin Water Works,6% pref. (quar.)
July 16 July 2
y 2jun, 0
2
Raynee Co., pref. (quar.)
Larus & Bros., B
$23 June 30 June 22
8% preferred (quar.)
$2 June 30 June 22
Lenox Water Co. (semi-annual)
$255 July 2 June 15
8134 June 21 June 14
Lerner Stores Corp., 63 % pref. (quar.)
Lone Star Gas Corp.,common dividend omitted.
$134 June 30 June 15
Preferred (quarterly)
$1 July 2 June 20
Long Island Safe Deposit (s.
-a.)
50c July 2 June 15
Loomis Bayles Mutual Fund, Inc.(ar.)
$134 July 2 June 22
Ludlum Steel Co
% pref.(guar.)
Mackay Companies took no dividendaction on 4% Cu m. pref. shares.
3694 Aug. 1 July 16
Mahoning Coal RR. Co. common (quar.)
$134 July 2 June 25
Preferred (semi-annual)
Manchester Gas, 7% pref. (quar.)
$194 July 2 June 20
25c July 2 June 15
Manufacturers Trust Co (quar.)
50c July 2 June 21
Marlin Rockwell Corp. (quar.)
lc June 25 June 15
Mascot Oil Co.(quar.)
McCall Corp. common (quar.)
50c Aug. 1 July 14
McQuay Norris Mfg. Co., common (quar.).
75c July 2 June 22
50c July 2 June 20
Merchants Bank (quar.)
Merchants National Realty, pref. A & B (quar.) $116 Jul y 2 June 28
l
2, 15
n
Merck Corp., preferred
Metropolitan Coal, pref.(quar.)
1% June 30 June 23
1
Meyer-Blanke, pref. (quar.)
July 2 June 20
Preferred
/43a .July 2 June 2
Ju
l
1
8
0
Midland Steel Products (guar.)
Minneapolis Gas Light, 5% units (quar.)
$134 July 2 June 20
Minn.
-Honeywell Regulator, 6% prof. (quar.) 58 11_3c July 2.Iune 20
$%
1 Ju
0
Missouri Edison Co.,$7 pref.(guar.)
$194 July 16 July 2
Monongahela Valley Water, pref. (quar.)
Moore Corp., Ltd., preferred .A & B (quar.)
$1% Jul
8 % u
June
Morrison Cafeterias Consol., pref.(quar.)
JuneJune
Motor Finance Corp.,8% pref. (quer.)
32 June 30
yy 3
2
221335
Mountain States Telephone & Telegraph
$2 July 16 June 30
2552c
Murphy (G.(1.). 8% pref.(quar.)
12 June 22
5
Murray (J. W.)Mfg. Co.,8% pref. (quar.)......
$2 July 2 June 20
National Bond & Share Corp
June
$194 June 30 June 31
National Casket,pref.(quarterly)
Uay 15
National Finance Corp.(Bait.), A.& B.(quar.)_
10c July 1 June 23
20c July 1 June 23
8% preferred (quarterly)
141
National Grocers 7% pref
July 2 June 19
National Licorice.6% pref.(quarterly)
$li June 30 June 15
National Oil Products, Inc.,$7 pref.(quar.)_ _ _ _
31. i July 2 June 20
i
Newark Telep.(Ohio),6% pref.(quar.)
10 June 35
1
10
N. J. & Hudson River Ry.& Ferry Co.(s.-a.)_
July 2 June 30
$10c j l
New Rochelle(N.Y.) Trust (quar.)
5
Ju
u
Niagara Alkali Corp.,7% pref.(quar.)
$1
July 1 June 14
Noblitt-Sparks Industries (quar.)
25c July 2 June 20
North American Rayon Corp.—
Prior preferred (guar.)
75c July 1 June 25
7% preferred (guar.)
31 5 Julg
2 N A uy
6
3une 35
J
2
0
Northern States Power Co.(Del.), corn. (quar.)
7% preferred (quar.)
194
July 20 June 30
1347 July 20 June 30
°
6% preferred (quar.)
Northwestern Nat. Ins. (Milwaukee) (quar.)_ _ _
31
June 20 June 18
Northwestern Yeast Co.(guar.)
:3 June 15 June 12
Novadel-Agene Corp.,common
50c July 2 June 20
Nunn Bush & Weldon Shoe. 1st pre
June 30 June 15
Oahu Ry.& Land Co.(monthly)
"3
1
July 16 July 11
Oahu Sugar Co., Ltd.(monthly)
10c July 14 July 6
Ogilvie Flour Mills Co.(quar.)
y 3 June 22
2
: 3e July 2 June 20
5 $1...%
Ohio Electric Power Co.,7% pref. (quar.)
1
6% preferred (quar.)
July
50c Jjuullyy 22 June 255
JJuunee 110
ne
n
Ohio Public Service Co.,7% pref.(monthly)
8% preferred (monthly)
5% preferred (monthly)
41 2-3c July 2 June 15
011stocks. Ltd
Onomea Sugar Co.(mo.)
20e July 20 July 9
0
c
Ottawa Electric Ry
50c July 3 June 15
OttawaTraction
$1.0 July 3 June 15
5
0g
l
1
Otter Tail Power Co.(Minn.), $6 pref
$53 preferred
373 : Jul y 2 j ne 15
9
: jr u
l
1 Ju
Ottowa Light, Heat & Power Co.,com.(quar.)_
J.luullyy 162 June 15
5
Preferred (guar.)
Pacific Gas & Electric Co., common (quar.)__ _
Pacific Mutual Life Insurance Co.(guar.)
40c July 1 Ln 3
0
un 2
:°
Pacific Southern Investors. preferred
h75c July 2 June 15
Page-Hersey Tubes. Ltd.,common (quar.)
875c
1x
2 June 2
2
2
0
Preferred (quarterly)
JulyJuly
Panama Power & Light Corp.,7% pref.(quar.)_ $1% July 2 Junel 5
Penna. Co.for Ins.on Lives& Granting Ann'ties
Quarterly
40c July 2 June 11
Penna Warehouse & Safe Deposit(quart)
3
5
e 2
JJJt iyy 122 J .T.i nnne 2
Juuunl y 8 neee 1140
Peoples Nat. Gas,5% pref.(quar.)
6234c
Peter Paul. Inc. (quar.)
Philadelphia Traction Co
SOc
June
Certificates of deposit
50c June 18 June 14
Philip Morris & Co.(quar.)
25c. July 16 July 2
Pioneer Mill, Ltd.(monthly)
81 04 Julg. 21 June 21
1
Au y
2
9
Pittsburgh & Lake Erie RR,(s.-a.)
June
Plainfield Union Water(quar.)
$134 July 2 July 2
Plume & Atwood Mfg.(Var.)
50c. July 2 June 25
Porto Rico Power Co., 7 pref. (quar.)
$194 July 3 June 15
Procter & Gamble Co..8% pref. (quar.)
32 July 14 June 25
Providence Building Co. s.
-a.)
$2 June 14 June 8
Providence Gas (quer.)
.
25c July 2 June 15
Providence-Washington Ins. Co.(quar.)
25c June 28 June 15
Providence & Worcester RR.(quar.)
$M July 2 June 13
Provident Adj.& Inv.,Ltd.,6%% pref.(quar.)_
Public National Bank & Trust Co.(quar.)
July 2
y
252°3
Randall class A (extra)
50c. June 28 June 225
Class B
50c. June 28 June 25
Rath Packing Co., common ((war.)
50c July 1 June 20
1
3tic
Financial Chronicle
Volume 138
Name of Company.
When Holders
Per
Share. Payable. ofRecord.
Reece Button-Hole Machine Co.(guar.)
20c July 2 Juno 15
Extra
10c July 2 June 15
Reece Folding Machine Co.(guar.)
Sc July 2 June 15
Republic Investors Fund
lc. July I June 20
Reyn (R. J.) Co.. B (guar.)
75c July 2 June 18
Rice-Stix Dry Goods Co.,common
25c Aug. 1 July 15
1st & 2nd preferred (guar.)
$111 July 1 Juno 15
Richmond Water Works,6% pref.(quar.)
$134 July 2 June 20
Rockville-Willimantic Lighting
7% preferred
$1,( July 1 June 15
(guar.)
6% preferred (quar.)
$1 X July 1 June 15
St. Joseph & Grand Island By. Co., 1st pref___ _
$5 June 30 June 29
San Carlos Mill, Ltd.(monthly)
20c. June 15 June 2
Saratoga & Schenectady RR.(s.-a.)
$3 July 15 July 1
Sayers & Scovill,6% pref.(guar.)
$134 July 2 June 20
Common (quar.)
$135 July 2 June 20
Securities Holding Corp.. 6% pref
50c July 3 June 15
Shaffer Stores, 7% pref. (guar.)
$1% July I June 30
Shawmut Association (quar.)
10c July 2 June 15
Silverwoods Dairy
h$1 July 3 June 18
Singer Mfg. Co.(quar.)
$1 M June 30 June 9
Extra
$234 June 30 June 9
Southern Acid & Sulphur (guar.)
50c June 15 June 10
Quarterly
50c Sept. 15 Sept. 10
Preferred (guar.)
$1 X Oct. 1 Sept. 10
Southern Indiana Gas & Electric Co.
7% preferred (guar.)
131% July I June 20
6.6% preferred (guar.)
1.61 July 1 June 20
607 preferred (guar.)
July 1 June 20
1
6% preferred (semi-annual)
51
3% July 1 June 20
South Pittsburgh Water,7% pref.(guar.)
July 16 July 2
6% preferred (guar.)
$134 July 16 July 2
5% preferred (8.-a.)
$131 Aug. 20 Aug. 10
Southwestern Light & Power Co.,6% preferred_
h50c July 2 June 15
Spencer Trask Fund, Inc.(quar.)
12Ac June 30 June 15
Standard Gas & Electric Co., $6 cum. pr. (qu.)_
45e July 25 June 30
$7 cum. preferred (guar.)
5234c July 25 June 30
Standard Power & Light Corp., pref
5234c Aug. 1 July 14
State Theatre, pref. (guar.)
$2 July 2 June 23
Stix, Baer & Fuller, 7% pref. (guar.)
4
43. c. June 30 June 15
3
Sunshine Mining Co. (guar)
16c June 26 June 12
Superior Portland Cement
h2734c. July 1 June 23
Monthly
2734c. July 1 June 23
Superior Water, Light & Power, pref. (guar.)
SI X July 2 June 15
Supersilk Hosiery Mills, 7% preferred
h$1, July 2 June 15
Tamblyn (G.) Ltd., preferred (guar.)
$13 July 3 June 23
4
Telephone Investment Corp. (monthly)
20c Aug. 1 July 20
$184 July 2 June 15
Thayers, $334 pref. (8.-a.)
Tintic Standard Mining Co.(guar.)
734c June 30 June 16
Title & Mtge. Guar. Co.(N. O. La.)(s. •)
$2 July I June 30
-a
Tobacco & Allied Stocks, Inc
$1 July 16 July 6
Toronto Mtge. Co. (Ont.) (guar.)
$1 3 July 2 June 16
Torrington Co. (quarterly)
75c July 2 June 21
Trumbull Cliffs Furnace, prof. (guar.)
$1% July 2 June 15
United Fruit Co., corn. (guar.)
50c July 14 June 21
United Shoe Machinery Corp.(guar.)
6234c July 5 June 19
Preferred (guar.)
37 Xc July 5 June 19
Universal Products (quar.)
20c. June 30 June 20
Valve Bag,6% preferred
/41;i July 2 June 16
Van de Karnes Holland Dutch Bakers—
518% July 1 Juno 9
$634 preferred (guar.)
Wailuku Sugar Co. (monthly)
20c June 20 June 15
July 2 June 20
Wayne Knitting Mills Co.,6% pref. (s.-a.)._
$1
Wooden & Co.((mar.)
50c June 30 June 20
West Texas Utilities Co., pref. (guar.)
75c July 2 June 15
Western Assurance Co.(Toronto). pref.(.
8 -AO - $1.20 July 2 JULIO 30
Western Exploration Co.(guar.)
234c June 20 Juno 15
Western Grocery, Ltd., pref. (quar.)
$13.1 July 15 June 20
Western Maryland Dairy, $6 pref. (guar.)
$13' July 2 June 20
West Jersey & Seashore RR. (s.-a.)
$13. July 2 Juno 15
West Point Manufacturing Co
107 July 2 June 15
Extra
1% July 2 June 15
Wichita Water,7% pref.(guar.)
$l% July 16 July 2
White Rock Mineral Springs Co. (pear.)
50c July 2 June 22
1st preferred (guar.)
$131 July 2 June 22
2d preferred (guar.)
$234 July 2 Tune 22
Will & Boumer Candle, preferred (quar.)
$2 July 2 June 15
Winn & Lovett Grocery Co., class A (quar.)..
50c July 1 June 20
Preferred (guar.)
IX% July1 June 20
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
When Holders
Share. Payable. of Record.
Abbott Laboratories. Inc. (quar.)
Extra
Abraham & Straus, Inc., com.u
(gar.)
(guar.)_ _
Extra
Adams Express Co., pref.
Affiliated Products, Inc. (monthly)
Agnew Surpass Shoe Store, Ltd., pref.(guar.)
Alabama Great Southern RR. Co., preferred
Alabama Power Co., $7 pref. (guar.)
$g preferred (guar.)
$s preferred (guar.)
Albany & Susquehanna RR.(8.-a.)
Agricultural Insurance (Watertown,N.Y.)(qu.)
Allegheny & Western By.(8.-a.)
Alles & Fisner, Inc. (quarterly)
Allied Chemical & Dye Corp. pref. (guar.)
Allied Laboratories preferred (quar.)
Aluminum Co. of Amer.,prof
Aluminum Mfg.(quar.)__.,
Quarterly •
Quarterly
7% preferred par
7% preferred guar
7% preferred guar.
Amalgamated Leather Cos., Inc., pref
American Bakeries Corp.,7% pref. (gear.)-American Bank Note Co., pref.(guar.)
American Can Co., pref. (guar.)
American Chicle (quarterly)
American Cigar Cf3., preferred (guar.)
American Enka Corp. (mar.)
American Envelope,7% pref. (quar.)
7% preferred (guar.)
American Express Co.(guar.)
American Factors. Ltd.(monthly)_
American Felt 67 preferred (pear.)
q
American Gas & Electric, corn.(guar.)
Common (semi-annual)
Preferred (quarterly)
American Hardware Corp.(guar.)
Quarterly
Quarterly
American & Hawaiian Steamship Co. (guar.).American Home Products Corp.(mo.)
American Hosiery Co.(guar.)
American Investment Co.of Ill., B (guar.)
American Motorist Insurance Co.(guar.)
American Optical Co., 1st pref.(guar.)
American Power & Light Co.$6 preferred
$5 preferred
American Safety Razor Corp.(guar.)
American Snuff Co., common (guar.)
Preferred (quarterly)
July 2 June 18
July 2 June 18
June 30 June 21
June 30 June 21
June 30 June 15
July 1 June 15
July 3 June 15
Aug. 15 July 14
July 2 June 15
July 2 June 15
Aug. 1 July 16
11
1
July 2 June 15
$4
July 2 June 26
6
$3 July 2 June 20
10c July 2 June 15
July 2 Juno 11
1
July 1 June 26
87
July 1 June 15
37
June 30 June 15
50c Sept.30 Sept. 15
50c Dec. 31 Dec. 15
$131 June 30 June 15
$1 g Sept.30 Sept. 15
$1% Dec. 30 Dec. 15
50c July 1 June 20
$14 July 2 Juhe 15
75c July 2 June 11
1%.% July 2 June 15a
75C July 2 June 12
Si 34 July 2 June 15
25c July 2 June 15
Sept. 1 Aug. 25
$1
$1,1 Dec. 1 Nov.25
$1 X July 2 June 22
10c July 10 June 30
$1 X July 2 June 15
25c July 2 June 7
July 2 June 7
‘2
1
Aug. 1 July 9
2
July 1
25c Oct. 1
Jan, 1
25c July 2 June 15
20c July 2 June 14
3734c Sept. 1 Aug. 28
75c July 2 June 10
July 1 June 25
July 2 June 16
51
375'c July 2 June 6
313ie July 2 Junel 6
June 30 June; 8
75c July 2 June 14
$b3 July 2 June 14
50c
15c
30c
15c
$151
5c
$131
3%
$131
Name of Company.
4085
Per
When Holders
Share. Payable. of Record.
American Steel Foundries, 7% pref. (quar.)
50c June 30 June 15
American Stores Co.(quarterly)
50c July 2 June 15
American Sugar Refining.Co., corn. (guar.)._
50c July 2 June 5a
Preferred (quarterly)
$131 July 2 June 5a
American Telephone & Telegraph (guar.)
$23.-1 July 16 June 15
American Thread Co., pref. (s.
-a.)
1251c July 2 May 31
American Tobacco Co. preferred (guar.)
151% July 2 June 9
American Water Works & Electric Co.—
$6 first preferred (quar.)
5134 July 2 June 8
American Woolen Co., Inc., preferred
5151 July 16 June 15
6234c July 2 June 15
American Wringer (quar.)
Anchor Cap Corp. cumulative (guar.)
15c July 2 June 20
$I% July 2 June 20
$634 preferred (guar.)
Anglo-Persian Oil Co.. Am.dep.rec. ord.reg__z w734% Aug. 7 June 8
w
% July 31 June 9
Ordinary shares
Appalachian Electric Power Co.,7% pref. (qu.) h$131 July 2 June 5
$6 Preferred (quarterly)
$151 July 2 June 5
50c June 30 June 15
Apponaug Co.. common (quarterly)
$154 July 2 June 9
Armour & Co. of Delaware 7% pref.(quar.)_
Associated Breweries, (Can.), pref. (quar.)
5131 July 1 June 15
Associates Investment, cem. (auar.)
$1 June 30 June 20
$131 June 30 June 20
Preferred (quarterly)
Atchison Topeka & Santa Fe Ry.Co.,pref.(s-a.) $234 Aug. 1 June 30
$234 July 1 June 12
Atlanta Birmingham & Coast RR. -a.)
(s.
75c Sept. 1 Aug. 20
Atlas Corp..$3 pref. A (guar.)
$3 pieferred (quar.)
75c Dec. 1 Nov. 20
Atlas Powder Co., pref. (guar.)
$134 Aug. 1 July 20
Automatic voting Machine Corp.—
25c July 2 June 20
Common (initial)
Avon, Geneseo & Mt. Morris RR.,3X% guar
$1.45 July 2 June 26
Axton-Fisher Tobacco Co., A (guar.)
80c July 1 June 15
40c July 1 June 15
Class B (quarterly)
51% July 1 June 15
Preferred (quarterly)
Babcock & Wilcox Co.(quarterly)
25c July 2 June 20
Backstay-Welt Co. common (special)
35c July 2 June 16
Baldwin,6% cum. pref. (guar.)
5134 July 14 June 30
2
Baltimore & Cumberland Valley Ext. RR.(s.
-a.) 5131 July 20 June 30
May 31
JuneSc
Bandini Petroleum'(monthly)
Bangor & Aroostook RR.Co.corn.(guar.)
62c July 2 May 31
Preferred (guar.)
$131 July 2 May 31
Bangor Hydro-Electric Co.,7% pf.(qu.)
131 July 2 June 15
6% preferred (quarterly)
5135 July 2 June 15
Bankers Investors Trust of Amer.(s.
-a.)
30c June 30 June 15
Bankers Trust Co.(quarterly)
July 2 June 12
7%
Barber(W.H.)& Co.,pref.(quar.)
Si 4 July 1 June 20
Preferred (quar.)
5131 Oct. 1 Sept.20
Preferred (guar.)
5131 Jan. 1 Dec. 20
Basic Insurance Shares, bearer (s.
-a.)
6 4-5c June 30
Bayuk Cigars, Inc., preferred (guar.)
5131 July15 June 30
Beatrice Creamery Co. preferred (quar.)
-$131 July 2 June 14
Beech Creek RR. (quarterly)
75 July 2 June 15
Beech-Nut Packing Co., corn. (quar.)
July 2 June 12
Bell Telephone of Can.(guar.)
5134 July 16 June 23
Bell Telep. of Penna..651% pref. (quar.)
July 14 June 20
$1
Bickford 8, Inc., common (guar.)
15c July 2 June 20
Preferred (quarterly)
6234c July 2 June 20
Bigelow-Sanford Carpet, pref
$2 June 31 May 10
Bird & Son, Inc. (quarterly)
1234c July 2 June 25
Block Bros. Tobacco (guar.)
3734c Aug. 15 Aug. 11
Quarterly
3754c Nov. 15 Nov. 11
Preferred (quar.i
sl
June 0
$134 sept 30 June 25
Sept.25
Preferred (guar.
$13.4
Preferred (quar.
$114 Dec. 31 Dec. 24
Bloomingdale Bros.. Inc.,common (quar.)
10c June 27 July 16
Bohn Aluminum & Brass Co
75c July 2 June 15
$1 July 31 July 14
Bon Arai, class A (guar.)
50c July 1 June 19
Class B (guar.)
Boots Pure Drug,ord. register (extra)
5%
$1t July 1 June 15
2
Borg-Warner Corp. common
July 1 June 15
Preferred (quarterly)
$234 June 30 May 31
Boston & Albany RR. Co
$131 July 2 June 9
Boston Elevated (quarterly)
52.125 July 2 June 20
Boston & Providence R.R. Co.(guar.)
$2.125 Oct. 1 Sept. 1
Quarterly
-a.)
$2 July 10 June 30
Boston RR. Holding, pref. (s.
5151 June 30
Boston Warehouse & Storage Co.(guar.)
5154 June 30 June 1
Boston Wharf Co. (semi-annual)
25c July 20 July 1
Bower Roller Bearing Co.,(quar.)
Brazilian Traction, Light & Power Co. pref.(qu) 5151 July 3 June 15
60c June 30 June 15
Bridgeport Gas Light (guar.)
25c June 30 June 20
Briggs & Stratton Corp , corn. (guar.)
10c June 30 June 20
Extra
15c July 2 June 15
Brill° Mfg. Co.,Inc.,corn.(guar.)
50c July 2 June 15
Class A (guar.)
r20c July 3 June 16
British American Oil Co., Ltd. (quar.)
rwl0d July 7 June 4
British-Amer. Tobacco Co.,ord.(interim)
25c June 18 May 31
Bristol Brass Corp.(guar.)
5134 July 2 June 15
7% preferred (quar.)
37c July 16 June 30
British Columbia Power Co.. class A (quar.)
Jt ly 1 June 15
$1
British Columbia Telep.. 6% pref. (guar.)
511i Aug. 1 July 17
6% 2d pref. (quarterly)
20c July 1 June 18
Broad Street Investing Co , Inc
Brooklyn & Queens Transit Corp. pref. (guar.) _ $1 51 July 2 June 15
5151 July 2 June 1
Brooklyn Union Gas Co.(quar.)
25c July 16 June 15
Bruck Silk Mills, Ltd. (quar.)
ly
xw2xw$144150:c4 JulyJAt.0g 21 JulyJune 2104
Bucyrus Monignan Co.. class B (guar.)
2 June 15
Buffalo Niagara & Eastern Power, pref. (quar.)
$5 1st preferred (quarterly)
60c June 30 June 4
Bulolo Gold Dredging Ltd
Burmah Oil Co., Ltd., corn. (final)
Common, bonus
e33 -o%
Common, bonus
50c July 3 June 15
Burt (F. N.) Co.. Ltd., corn. (quar.)
5131 July 3 June 15
Preferred (guar.)
40c July 1 June 15
Calamba Sugar Estates (guar.)
35c July 1 June 15
7% preferred (guar.)
July 3 June 15
Calgary Power Co., corn. (guar.)
California Electric Generator, 6% pref. (guar.) 5151 July 2 June 5
50c July 2 June 22
California Ink (quarterly)
75c July 2 June 15
Camden & Burlington County By.(semi-ann.).25c July 25 June 30
Canada Northern Power Corp., Ltd.,corn.(qu.)
I X% July 16 June 30
Preferred (guar.)
$2 July 3 June 15
Canada Permanent Mortgage (quar.)
r$134 July 3 June 15
Canadian Canners, Ltd., 1st pref.(guar.)
r7 3.4c July 3 June 15
2d preferred
514 June 30 June 15
Canadian Celanese, Ltd.,7% pref.(guar.)
h75c Tune 30 June 15
7% preferred
41 July 4 June 17
Canadian Cottons, Ltd., corn. (guar.)
4134 July 4 June 17
(quarterly)
Preferred
25e July 1 June 20
Canadian Foreign Investors Corp. (quar.)
July 1 Tune 20
$2
8% preferred (quarterly)
75c July 2 June 15
Canadian General Electric, corn. (guar.)
r874a July 2 June 15
Preferred (quar.)
$2 July 1 June 20
Canadian Oil Co., Ltd., pref. (guar.)
5131 June 30 June 20
Canfield Oil. 7% pref. (guar.)
50c July 2 June 16
Cannon Mills Co. (quarterly)
Capital Administration Co., Ltd.—
75c July 1 June 18
Preferred series A (quar.)
5131 July 2 June 20
Carnation Co.,7% pref.(quar.)
$131 Oct. 2
Preferred (guar.
$151 Jan. 1 june 23
Preferred (guar.
June
Carolluaa Tel.& Tei.(quar.)
16
zw 15% uly 22 J
$2jJune
Carreras, Ltd.. A & B common (interim)
3,6
53E1 July 1 June 12
Case (J. I.) Co.7% preferred
$1.20 July 2 June 20
Cayuga & Susquehanna RR.(3.-a.)
Celanese Corp. of America,7% 1st preferred--- 37 4,2 June 30 June 15
$1. X July 1 June 15
7% prior preferred (guar.)
July 2 June 19
Central Aguirre Associates (guar.)
July 2 June 30
1
Central Franklin Process. 1st & 2nd ref.(qu.)- $1
Trust
Central Hanover Bank & Tst Co. guar.)_ _ $154 July 2 June 18
o July 2 June 15
Central Illinois Light Co.,6% pref. quar.)---1315 July 2 June 15
7% preferred (quarterly)
4086
Financial Chronicle
Name of Company.
Per
When Holders
Share. Payable. of Record.
Central Power Co., 7% preferred (guar.)
87%c July 16 June 30
75e July 16 June 30
6% preferred (quarterly)
Centrifugal Pipe Corp. (guar.)
10c Aug. 15 Aug. 5
Quarterly
10c Nov. 15 Nov. 5
Champion Coated Paper Co.
1st and special preferred
51% July 1 June 20
Champion Fiber Co., pref. (guar.)
51% July 2 June 20
Chase Brass & Copper, gtd. pref. A
51% June 30
Chesapeake Corp. (quarterly)
63c July 2 June 8
Chesapeake St Ohio Ry. Co., cam.(guar.)
70c July 1 June 8
Preferred (semi-annually)
$3% July 1 June 8
Chesetrough Mfg. Co.(quar.)
$1 June 29 June 7
Extra
50c June 29 June 7
Chicago, Burlington & Quincy R.R
$2 June 25 June 16
Chicago Electric Service (guar.)
75c July 1 June 15
Chicago Flexible Shaft Co.,corn. (guar.)
25c June 30 June 20
Chicago Junction Rys.& Union Stkyds.(qu.)--25c July 2 June 15
Preferred (quarterly)
51% July 2 June 15
50c July 2 June 8
Chickasha Cotton Oil (special)
Christiana Securities,7% pref. (quar.)
51% July 2 June 20
Chrysler Corp. corn. (guar.)
25c June 30 June 1
25c June 30 June 1
Common extra
$4 June 26 June 4
Cincinnati New Orleans & Texas Pacific (s.
-a.)
Cincinnati & Suburban Bell Telep. Co.(quar.)_ _ $1.12 July 2 June 20
Cincinnati Union Terminal,4% pref.(quar.)
51% July 1 June 20
51% Oct. 1 Sept.20
4% preferred (quar.)
51% Jan. 1 Dec. 20
4% preferred (guar.)
$1
July 2 June 20
Citizens Water (Washington,Pa.)(guar.)
City Ice & Fuel Co., corn. (guar.)
50c June 30 June 15
51% July 2 June 20
Clearfield & Mahoning RR (s.
-a.)
87Mc Sept. 1 Aug. 10
Cleveland & Pittsburgh, reg. gtd. (guar.)
87Yic Dec. 1 Nov. 10
Registered guaranteed (guar.)
Special guaranteed (guar.)
50c Sept. 1 Aug. 10
Sendai guaranteed (guar.)
50c Dec. 1 Nov. 10
Clinton Trust Co.(quarterly)
50c July 2 June 11
Clorox Chemical (quarterly)
50c July 1 June 20
$1% July 2 une 21
Cluett, Peabody & Co., pref. (guar.)
$1July 2 June 12
Coca-Cola Co., common (guar.)
Class A (sem -annuat)
51J5 July 2 une 12
53 July 2 June 12
Coca-Cola International Corp., class A (s.
-a.)
53 July 2 June 12
Common (quarterly)
Colgate-Palmolive-Peet Co., pref. (guar.)
51% July 1 June 9
25c June 30 June 9
Colt's Patent Fire Arms Mfg. Co.(quar.)
50c June 29 June 15
Columbia Broadcasting System, A & B (quar.)_
25c July 2 June 15
Columbia Pictures Corp. common (quar.)
1'2;4% Aug. 2 June 15
Common (semi-annual)
25c June 30 June 9
Commercial Credit Co., corn. (quar.)
6 % 1st preferred (quarterly)
1%% June 30 une 9
P4% June 30 une 9
7 1st preferred (quarterly)
2% June 30 June 9
8 class B preferred (quarterly)
75c June 30 June 9
class A cony. stock (quarterly)
50c July 1 June 5a
Commercial Investment Trust Corp.,corn.(qu.)
n
July 1 June 5a
Convertible preference stock
Commercial Solvents Corp.common (semi-ann.)
30c June 30 June 1
Commonwealth Investment (Calif.) (quar.)_
4c Aug. 1 July 14
Commonwealth & Southern Corp.$6 pf. (guar.) $1;i July 2 June 8
Commonwealth Utility. pref. A (guar.)
81% July 2 June 15
51% July 2 June 15
Preferred B (guar.)
51% July 2 June 15
Preferred C (quar.)
Confederation Life Association (guar.)
$1 June 30 June 25
Quarterly
$1 Sept.30 Sept.25
Quarterly
81 Dec. 31 Dec. 25
Congress Cigar Co., corn. (guar.)
25c June 30 June 18
Connecticut Fire Ins., Hartford (quar.)
$4 July 2
Connecticut & Passumpsic Rivers RR.—
Preferred (8.-a.)
$3 Aug. 1 July 1
Consolidated Gas Co.of N. Y., pref. (quar.)._ _ 51% Aug. 1 June 29
Consolidated Gas. El. Lt.& Pow.Co.of Bait.—
Common (quarterly)
90c July 2 June 15
Series A,5% preferred (quarterly)
51% July 2 June 15
Series D,67 preferred (quarterly)
5135 July 2 June 15
Series E, 5 % preferred (quarterly)
51% July 2 June 15
Consolidated Film Industries. pref
h50c July 2 June 8
Consolidated Paper, pref.(quar.)
1714c July 1 June 20
Consumers Power Co.,5.5 pref.(guar.)
51% July 2 June 15
6.6% preferred (guar.)
51.65 July 2 J11110 15
7% preferred (guar.)
SIM July 2 June 15
6% preferred (monthly)
50c July 1 June 15
preferred (monthly)
55c July 1 June 15
Continental Baking Corp., pref. (quar.)
$1 July 1 June 18a
Continental Bank & Trust Co. (guar.)
20c July 1 Juno 15
Continental Gas & Electric Corp., pref. (guar.). 51% July 2 June 12
Continental Gin.6% pref.(guar.)
8144 July 2 June 15
Corporate Trust Shares, original (s.-a.)
11 4-5c June 30
Series AA (semi-annual)
11.3c June 30
Series AA modified (semi-annual)
4.7c June 30
Accumulative (semi-annual)
11.3c June 30
Modified (semi-annual)
4.7c June 30
Crowell Publishing Co. common (guar.)
25c June 25 June 14
Crown Williamette Paper Co., $7 1st pref
51 July 1 June 13
Crum & Forster Insuranceshares Corp.
8% preferred (quarterly)
$2 June 30 June 20
Curtis Publishing Co.. $7 cum. pref
h$1 M' July 2 June 20
Dairy League Corp. 7% pref. (semi-ann.)
51% July 2 June 30
Danahy-Faxon Stores (guar.)
25c June 30 June 18
Davenport Hosiery Mills, Inc., common
50c July 2 June 15
Dayton & Michigan RR..8% pref. (guar.)
$1 July 3 June 15
Dayton Power & Light Co.6% pref.(monthly).
50c July 1 June 20
Delaware RR.(semi-annual)
$1 July 2 June 15
De Long Hook & Eye Co. (quarterly)
7$c July 1 June 20
Denver Union Stockyards (guar.)
50c July 1
uarterly
50c Oct. 1
uarterly
50c Jan. 1
% preferred (guar.)
51% Sept. 1 Aug. 20
7% preferred (guar.)
Si% Dec. 1 Nov. 20
Deposited Bank Shares of N. Y.(s.
-a.)
234% July 2 May 15
Detroit Edison Co. capital stock (guar.)
$1 July 16 June 30
Detroit Hillsdale & Southwestern (semi-ann.)—
$2 July 7 June 20
Devoe & Reynolds Co.,Inc.,class A & B (qu.)-250 July 2 June 20
Class A & B common (extra)
25c July 2 Juno 20
First and second preferred (guar.)
51% July 2 June 20
Diamond State Telep., 6;4% pref. (guar.)
51% July 14 Juno 20
Dictaphone Corp. common
50c June 21 June 8
Doctor Pepper Co.(guar.)
15c Sept. 1 Aug. 15
Quarterly
150 Dec. 1 Nov. 15
Dome Mines, Ltd. (guar.)
50c July 20 June 30
Extra
51% July 20 June 30
Dominion Glass, common (guar.)
31% July 3 June 15
Preferred (ouarterly)
31% July 3 June 15
Dominion Rubber Co , pref. (quar.)
June 30 June 20
Dominion Stores Ltd.. common (guar.)
r30c July 2 June 15
Dominion Textile Co., Ltd.,common (quar.).__
31July 3 June 15
Preferred (quarterly)
31% July 16 June 30
e50% July 2 June 16
Dow Chemical
Draper Corp.(guar.)
60c July 2 June 2
51July 1 June 20
Driver-Harris Co.. 7% pref. (guar.)
Duke Power Co., corn. (guar.)
17 July 2 June 15
Preferred (quarterly)
1%V July 2 June 15
Duplan Silk Corp.. pref. (quar.)
July 2 June 20
E.I.duPont de Nemours& Co.—
sui July 25 July 10
Debenture stock (quarterly)
$1% July 16 June 15
Duquesne Light Co.,5% 1st pref.(guar.)
25c June 30 June 20
Early & Daniel Co. (quar.)
51% June 30 June 20
7% pref. quarterly
Eastern Gas & Fuel Associates, prior pref.(qu.) $1.125 July 1 June 15
3114 July 1 June 15
$6 preferred (quarterly)
SI % July 2 June 15
Eastern Steamship Lines, 1st pref. (qu.)
Preferred (guar.)
8736c July 2 Juno 15
June 15 June 5
51
East Mahanoy RR.(s. a.)
$1 July 2 June 5
Eastman Kodak, corn. (euar.)
51% July 2 June 5
Preferred (quarterly)
S114 July 17 July 7
East Penn RR.,6% gtd. (s.
-a.)
Name of Company.
June 16 1934
Per
When Holders
Share. Payable. ofRecord.
Ecuadorian Corp., Ltd., corn. (quar.)
ulc July 1 June 9
Preferred $100 par (semi-ann.)
334% July 1 June 9
Edison Bros. Stores
25c June 25 June 11
Electric Controller & Mfg. Co.(guar.)
25c July 2 June 20
Electric Storage Battery Co.common (quar.)
50c July 2 June 9
Preferred (guar.)
50c July 2 Juno 9
Elizabethtown Water Consol. (s.
-a.)
$2 Juno 30 June 20
Elizabeth & Trenton (s-a)
$1 Oct. 1 Sept. 20
5% preferred (s-a)
513' Oct. 1 Sept.20
Elmira & Williamsport RR.,pref.(s.
-a.)
$1.61 July 2 June 20
El Paso Electric. pref. (guar.)
3114 July 16 June 29
Emerson's Bromo-Seltzer. 8% pref. (quar.)
50c July 1 June 15
Empire & Bay State Teleg..4% guar.(guar.)._ _
$1 Sept. 1 Aug. 22
4% guaranteed (quar.)
$1 Dec. 1 Nov. 21
Empire Power Corp $6 preferred
5134 July 1 June 15
Endicott-Johnson Corp., corn. (quar.)
75c July 1 June 18
Preferred (guar.)
$114 July 1 June 18
Eppens, Smith (semi-annual)
$2 Aug. 1 July 25
Equitable Office Building
10c July 2 June 15
7% preferred (quarterly)
81% July 2 June 15
Equity Trust Snares in American reg. (s.
7 June 30 June 25
c
-a.).- 3
0
In American coupon, on coupon No. 8
Erie & Pittsburgh RR_ . 7% guaranteed (quar.)_ 8734c June 9 May 31
Escanawba Power & Traction.6% pref.(quar.). 5134 Aug. 1 July 27
6% preferred (guar.)
S135 Nov. 1 Oct. 26
Eureka Vacuum Cleaner Co. (guar.)
1234c July 1 June 15
Faber Coe & Gregg (quarterly)
25c Sept. 1 Aug. 15
Quarterly
25c Dec. 1 Nov. 15
Quarterly
25c 3-1-35 2-15-35
Falconbridge Nickel Mines
Sc July 2 June 15
Fall River Electric Light (guar.)
75c July 2 June 15
Fanny Farmer Candy Shops (guar.)
25c July 2 June 25
Preferred (quarterly)
60c July 2 June 25
Farmers & Traders Life Insurance Co.(quar.)
52% July 1 June 10
Quarterly
5214 Oct. 1 Sept. 10
Faultless Rubber, corn. (guar.)
50c July 1 June 15
Federal Insurance Co. (Jersey City, (s.
-a.)
$I July 1 June 21
Federated Dept. Stores, Inc. (guar.)
15c July 2 June 21
Extra
10c July 2 June 21
Feldmuehle Paper dr Cellulose (Berlin)
Ferro Enamel Corp., corn. (guar.)
0
1c June 20 June 9
%
Common (extra)
Sc June 20 June 9
Fidelity Title & Trust (Stamford),(guar.)
5154 Juno 30 June 30
Fifth Ave. Bank (guar.)
$6 July 1
Extra
$10 July 1
Fifth Avenue Bus Securities Corp.(guar.)
16c June 29 June 15
Filene's (Wm.) Sons Co.. corn. (guar.)
20c June 30 June 20
Extra
10c June 30 June 20
51% July 2 June 20
Preferred (guar.)
Finance Co. of Penna. (guar.)
$234 July 2 June 16
First National Stores, Inc..common (quar.)
6234c July 2 June 9
Preferred (guar.)
5134 July 2 June 9
First State Pawners Society(guar.)
51% June 30 June 20
Fisher Flouring Mills, 7% pref. (guar.)
$PA July 2 June 15
Fisk Rubber Corp.$6 pref.(guar.)
*114 July 2 June 12
Five-Year Fixed Trust Shares. bearer (s.
-a.)__ _ 291-Sc June 30
-a.)
Fixed Trust Oil Shares, bearer (s.
12.2c June 30
Original series, bearer (8.-a.)
17 6c i e :()
1 1c J
.
lne 3
i0
Series B. nearer (8.-a.)
Food Machinery, BM% preferred (monthly).-50e July 15 July 10
50c Aug. 15 Aug. 10
614% preferred (monthly)
655% preferred (monthly)
50c Sept. 15 Sept. 10
Fourth National Investors Corp.common
40c July 1 June 12
Freeport Texas Co.6% preferred(quar.)
5154 Aug. 1 July 12
Gachin Gold Syndicate (guar.)
I5c June 30 June 15
Extra
10c June 30 June 15
General American Investors Co.. Inc.. pref.(qu.) $1% July 2 June 20
General American Transportation Corp.—
Common (semi-annual)
50c July 1 June 15
General Cigar Co.. Inc., preferred (guar.)
31% Sept. 1 Aug. 23
Preferred (guar.)
5154' Dec. 1 Nov.22
,
Generale d'Electricite
80 fr.
11 55ec
General Electric Co.. corn. (guar.)
July 25 June 29
$10 special stock (quar.)
July 25 June 29
General Italian Edison Electric Amer. Shares
53.39 July 13 July 6
General Mills, Inc., pref. (guar.)
$1./.4 July 2 June 14a
General Motors Corp..$5 pref.(guar.)
51% Aug. 1 July 9
General Printing Ink Co., CO1=011
15c July 2 June 18
Preferred (quarterly)
1154 July 2 June 18
General Railway Signal Co., common (quar.)
25c July 2 June 11
Preferred (quarterly)
June 11
5134
Georgia Power Co.. $6 preferred (guar.)
31% July 2 June 15
$5 preferred (quar.)
July 2 June 15
51% ju
German National RR. Co.,7% preferred—
Coupon No. 16 of series IV and coupon
No. 12 of series V (8.-a.)
335%
Gillette Safety Razor Co.. common (quar.).25c June 29 June 4
Prefererence (quarterly)
31
Aug 1 July 2
Glens Falls Ins. Co.(quar.)
40c July 2 June 15
Glidden Co.(quar.)
25c July 2 June 11
Preferred (guar.)
51% July 2 June 11
Goldblatt Bros.(guar.)
25c July 2 June 11
Gold Dust Corp preferred (guar.)
51% June 30 June 16
Gold & Stork Telegraph (guar.)
5114 July 2 June 20
Goodyear Tire & Rubber Co..7% pref. (quar.).
11 July 2 June 1
Goodyear Tire & Rubber (Can.), corn. (quar.)_ r$1% July 3 June 15
Preferred (guar.)
r$1% July 3 June 15
Gorton-Pew Fisheries (guar.)
50c June 30 June 20
Gottfried Baking Co.. Inc., preferred (quar.)
% July 2 June 20
Preferred (quer.
1% % Oct. 1 Sept. 20
Preferred (guar.
134% Jan. 2 Dec. 20
Grace(N. R.)6% irst pref. (semi-annual)
$3 June 30 June 28
6% first preferred (semi-annual)
SI Dec. 29 Dec. 27
Grand Rapids & Indiana Ry.(semi annual)
52 June 20 June 9
Granite City Steel Co.(guar.)
25c Juno 30 June 18
Grant(W. T.),(guar.)
25c July 2 Juno 12
Gt. Western Electro Chem Co.,6% 1st pt.(qu.) *154 July 1 June 20
Great Western Sugar Co.,common (guar.)
60c July 2 June 15
Preferred (quarterly)
$1% July 2 June 15
Green & Coats Street Phila. Passenger Ry.. prof.. 5154 July 7 June 22
Preferred
$114 Oct. 6 Sept.22
Green (D.) Co.,6% preferred (guar.)
5134 July 2 June 15
Greene RR.(8.-a.)
June 19 June 13
53
Greenwich Water & Gas.6% pref. (guar.)
% July 1 June 20
Greif Bros. Cooperage Corp., cl. A,corn
25o July 2 June 15a
Group No. I Oil Corp. (guar.)
$100 June 30 June 9
Guarantee Co.of N. Amer.(Montreal)(guar.). 11134 July 16 COO 30
Extra
$234 July 16 June 30
Guaranty Trust Co. of N. Y.(guar.)
5% June 30 Juno 8
Gulf Power Co $6 pref. (guar.)
514 July 2 June 20
Gurd (Chas.). 7% pref. (guar.)
51% July 2 Juno 15
Hackensack Water Co.7% pref. class A (guar.) 43c J une
1
Hale Bros. Stores,Inc.(quar)
50 Sept.
Quarterly
15c Dec. 30 Nov. 158
15
1
Halifax Fire Insurance Co
45c July 3 June 9
Halold Co. (quarterly)
25c July 2 June 15
Extra
25e July 2 June 15
7% preferred (quarterly)
*134 July 2 June 15
Hamilton United Theater. pref.(quar.)
V % June 30 May 31
Hammermill Paper Co.,6% pref. (quay.)
Hanes (P. II.) Knitting Mills,7% pref.(quar.). 51
1
10
5
j y 2 j ne 2
Ju
2Ju
Hanna (M. A.) Co., pref. (guar.)
51% June 20 June 5
Hannibal Bridge (guar.)
$2
1
oct 20 July 10
J ul. 1
y
Harbauer Co.. 7% preferred (quar.)
$1
Aug. 1 July 21
7% preferred (quar.)
7% preferred (quay.)
14
saepyt 201 Dec. 21
Ju n.. 1
l
Harbison-Walker Refractories, pref.(quar.).__ _
Hardesty (R.) Mfg.,7% pref.(quay.)
$1
7% preferred (quar.)
Dec. 1 .Nov 201
1Suepl yt 15
$1
Hawaiian Agricultural Co (monthly)
20c June 30 J u ne 2
. 5
A ug 15
Hawaiian Electric (monthly)
150 June 20 June 15
Hawaiian Sugar (quar.)
60c July 15 July 56
1
Volume
138
Name of Company.
Financial Chronicle
When Holders
Per
Share. Payable. of Record
Hawaii Consolidated By., Ltd..7% prof. A_
20c June 30
Hazel-Atlas Glass Co
$114 July 2 June 16
Heath (D. C.) & Co., pref. (guar.)
$1% June 30 June 28
Helme (Geo. W.) Co., coin. (guar.)
$114 July 2 June 11
Preferred (quarterly)
$1% July 2 June 11
Hercules Powder Co., corn (guar.)
75c June 25 June 14
Hibbard, Spencer, Bartlett& Co.(guar.)
10c June 29 June 22
Hoelscher (Wm.) & Co.. pref. (s.
20c July 2 June 30
-a.)
Hollinger Consolidated Gold Mines, Ltd.(mo.)_
Sc June 18 June I
Extra
Sc June 18 June 1
Holly Sugar Corp., preferred
SIM Aug. 1 July 15
Homestake Mining Co. (monthly)
$1 June 25 June 20
Extra
$1 June 25 June 20
Honolulu Gas(monthly)
15c June 20 June 12
Hoskins Mfg. Co.(guar.)
25c June 26 June 11
Hotchkiss'Jo.(France)
65frs
Household Finance,pref.(quar.)
$1.05
Quarterly
75c
Howes Bros. Co.. 7% 1st pref. (guar.)
31% June 30 June 20
7% preferred (quarterly)
$1% June 30 June 20
6% preferred (guar.)
$134 June 30 June 20
Howey Gold Mines, Ltd
3c July 2 May 31
Humble Oil & Refining Co.(quar.)
25c July 1 June 1
Huron Ar Erie Mortgage (Ontario) (guar.)
$1 3-5 July 3 June 15
Huylers of Del., 7% pref. stamped (quar.)
$1 July 2
7% preferred unstamped (guar.)
$1 July 2
Hygrade Sylvania (quar.)
50c July 2 June 9
Preferred (guar.)
$114 July 2 June 9
Idaho-Maryland Consol. Mines(guar.)
3c June 20 June 5
Ideal Financing Assoc., A (guar.)
12%c July 2 June 15 •
$8 preferred (quarterly)
$2 July 2 June 15
$2 cony. preferred (quarterly)
50c July 2 June 15
I. G. Farbenindustrie (conpar No. 12)
k7%
Illinois Central RR.,leased lines (s.
July 2 June 11
$2
-a.)
Imperial Life Assurance (quar.)
$3% July 3
Quarterly
$314 Oct. 1
Quarterly
$3% Jan. 1
Imperial Tobacco Co.of Can.,ord. shs.(quar.)
June 30 June 6
Incorporated Investors (semi-annual)
25c July 20 June 21
Indiana General Service. 6% pref. (guar.)
$114 July 2 June 5
Indiana & Michigan Electric,7% pref.(guar.)_ _ $1% July 2 June 5
6% preferred (guar.)
$134 July 2 June 5
Indianapolis Power & Lt. Co.,654% pf.(guar.). $134 July 1 June 5
July 1 June 5
6% preferred (guar.)
$1
June 30 June ha
Indianapolis Water Co., 55', pref. ser. A (quar.) $1
Industrial CottonMills(R.14..8.C.).7%Pf•(qr.)
$1% Aug. 1 July 27
42c July 1 June 18
Industrial Rayon Corp. (new stock) (initial)
Ingersoll-Rand Co., pref. (s.-a.)
$3 July 2 June 4
15c July 2 June 20
Inland Investors, Inc. (guar.)
$2 July 3 June 21
Intercolonial Coal, Ltd. (s.
-a.)
$4 July 3 June 21
8% preferred (s.
-a.)
International Business Machines Corp. (quar.)_ $1% July 10 June 22
Sc July 2 June 18
International Carriers, Ltd., capital stock
International Harvester Co., common (quar.).._
15c July 16 June 20
International Hydro-Elec. System, pref. (guar.) 87)5c July 16 June 25
10c June 30 May 31
International Nickel Co. of Canada. corn
$114 Aug. 11July 3
Preferred (guar )
International Ocean Telegraph (guar.)
$1% July 2 June 30
International Salt Co
3734c July 2 June 15a
International Shoe Co.. corn. (guar.)
50c July 1 I.June 15
International Silver Co.,7% pref (quar.)
$1 July I June 140
International Teleg. Co.of Maine (semi-annual) $1.33 July 2 Juno 1S
Interstate Hosiery Mills (guar.)
50c Aug. 15 Aug. 1
50c Nov. 15 Nov. 1
Quarterly
July 2 June 15
Intertype Corp., 1st pref. (guar.)
$2
July 2 June 15
2d preferred (s-a)
$3
Investors Corp.of R. 36 pref.(guar.)
$114 July 2 June 20
Iron Fireman Mfg. Co., corn. (quar.)
20c Sept. liAug. 10
Common (guar.)
20c Dec. liNov. 10
Irving Trust Co.(guar.)
25c July 2 June 4
Jamestown Telep. Corp.7% 1st pref.(guar.)
$134 July 2 June 15
Series A preferred (semi-annual)
$2% July 2 June 15
Jefferson Electric Co
25c July 2 June 15
Jersey Central Power & Light Co.
75' preferred (guar.)
$114 July 1 June 11
6% preferred (guar.)
$1)5 July 1 June 11
534% preferred (guar.)
$1% July 1 June 11
Johns-Manville Corp., pref. (guar.)
$1 4 July 2 June 18
3
Preferred (quarterly)
h$1% July 2 June 18
July 2 May 25
Judson Mills, 7% pref. A & B
$1
Kalamazoo Veetable Parcent
15c June 30 June 20
(quar.)..Quarterly_____________________________________
15c Sept.30 Sept. 20
Quarterly _ _
15e Dec. 31 Dec. 20
Kansas City Power & Light. 1st pref.
$1% July 1 June 14
Kansas Elec. Power Co.,7% pref.(guar.)
$1% July 2 June 15
July 2 June 15
6% jr. preferred (quarterly)
$1
Katz Drug Co., preferred
July 2 June 15
$1
(guar.)
Kaufmann Dept. Stores, pref. (guar.)
$1% July 2 June 9
Kayner Co., 7% pref. (guar.)
$134 July 2
Kennecott Copper
15c Juno 30 June 15
d35.96c. June 15
Keystone Custodian Fund D
Series II (11q.)
$19.07
d:32c June 15
Series 11-2 _ _ _ _
Keystone Public ______ ____________
70c July 1 June 15
Kimberly-Clark Corp., pref. (quar.)
$134 July 2 June 12
June 30 June 15
King Royalty, 8% pref. (guar.)
Kings County Ltg. Co. B 7% pref.(quar.)
July 2 June 18
5% preferred (quarterly)
$1% July 2 June 18
Common(guar.)
July 2 June 18
$1
July 2 June 18
6% preferred (quarterly)
$1
25e July 2 June 20
Klein (D. Emil) Co., common (guar.)
Kopper's Gas & Coke Co., pref. (quar.)
$1% July 2 June 10
ETA:lege(S. S.) Co.,common
20c June 30 June 14
Preferred (quarterly)
$1% June 30 June 14
Kroger Grocery & Baking, 6% pref. (quar._ - $1% July 2 June 20
7% preferred (quarterly)
$1% Aug. 1 July 20
Kuhlmann (Paris)
20 fr.
$1
Lackawanna RR. of N. J.. 4% gtd.(guar.)
July 2 June 8
Lambert Co., common (guar.)
75c July 2 June 18
Landers, Frary & Clark,corn.(guar.)
37140 June 30
Common (quar.)
37%c Sept.30
Common (quar.)
37%c Dec. 31
Landis Machine. pref.(guar.)
$1% Sept. 15 Sept. 5
Preferred (guar.)
$iq Dec. 15 Dec. 5
Lazarus (F. & R.) Co. corn. (guar.)
10c June 30 June 20
Extra
Sc June 30 June 20
Lee Rubber & Tire Corp
20c Aug. 1 July 16a
Lehigh Portland Cement Co.. pref
87 c July 2 June 14
July 6 June 22
Lehman Corp.(guar.)
Liggett & Myers Tobacco Co., pref. (guar.)
$114 July 2 June 11
Lincoln Nat. Life Ina.(Ft. Wayne)(guar.)
30c Aug. 1 July 26
Quarterly
30c Nov. 1 Oct. 26
$I% July 2 June 20
Linde Air Products, 6% pref. (quar.)
Lindsay Light Co., pref. (quar.)
17%c June 25 June 9
$1% July 2 June 15
Link Bolt Co.. preferred (guar.)
50c Sept. 10 Aug. 25
Little Miami RR.special guaranteed (guar.)
50c Dec. 10 Nov. 24
Special guaranteed (guar.)
$1.10 Sept. 10 Aug. 25
i
original guaranteedquar.)
)
$1.10 Dec. 10 Nov. 24
Original guaranteed guar.
Little Schuylkill Nay.. tR. & Coal (send-ann.)_ $1.10 July 15 June 15
25c June 30 June 16
Loeyes, Inc. (guar.)
h$134 June 30 June 15
Loow's (Marcus) Theatres. 7% pref
Tin Corp., Am. dep. rec. 714% pref.- 30'7 June 28 May 25
London
h30'9 June 19 May 22
Amer. dep. rec. 714% pref
July 1 June 15
Long Island Lighting Co., ser. A 7% pref. (qu.)
114 July 1 June 15
Series B 6% preferred (quar.)
July 2 June 16
Lord & Taylor. common (quar.)
July 1,June 18
11
Loose-Wiles Biscuit Co , pref. (quar.)
30c July 2 June 15
Lorillard (P.) Co., corn. (guar.)
$13( July 2 June 15
Preferred (quarterly)
37%c July 2 June 15
Loudon Packing Co.(quar.)
12%c July 2 June IF
Extra
Name of Company.
4087
Per
When Holders
Share. Payable. of Record.
Louisville Gas & Electric Co.of Delaware—
37 c June 25 May 31
Class A & B. common (quar.)
$114 July 1 June 22
Lunkenheimer Co., 634% pref. (quar.)
preferred (quar.)
$1% Oct. 1 Sept.21
614%
$1% Jan. 2 Dec. 22
614% preferred (guar.)
40c July 2 June 15
Lyirens-Valley RR. & Coal (semi-ann)
Lynchburg & Abingdon Teleg. (semi-annua)
—
$3 July 2 June 15
100 fr.
Lyonnalse des Eaux
MacFadden Publications, Inc.. $6 pref
$3 July 10 June 30
25c June 30 June 15
Mack Trucks. Inc
10c July 15 June 30
Magnin (I.) & Co
Preferred (guar.)
$134 Aug. 15 Aug. 5
$134 Nov. 15 Nov. 5
Preferred (guar.)
I5c July 2
Mani Agriculture. Ltd.(guar.)
3114 July 2 June 20
Manischewitz (B.) Co., pref. (guar.)
75c July 2 June 15
Mapes Consol Mfg.(guar.)
nog%
Marconi's Wireless Teleg. Co., Ltd., corn
10c July 2 June 15
Marine Midland Corp. (guar.)
37 Mc June 21 June 18
Marine Midland Trust (guar.)
15c June 21 June 18
Extra
$134 July 2 June 20
Marion Water, 7% pref. (guar.)
373$c July 2 June 11
Mathieson Alkali Works, Inc., corn. (quar.)
$114 July 2 June 11
Preferred (quarterly)
40c Sept. 1 Aug. 15
May Department Stores (quar.)
$1 July 2 June 15
McKeesport Tin Plate Co. (guar.)
75c July 2 June 15
Mead Johnson & Co., corn. (guar.)
25c July 2 June 15
Extra
35c July 2 June 15
Preferred (semi-annual)
Memphis Power & Light Co.. 7% pref. (quar.)_ $114 July 2 June 16
$134 July 2 June 16
6% preferred (quarterly)
40c June 30 lune 18
Merchants & Miners Transportation Co.(guar.)_
Merchants Nat. Realty 6% pref. A & B (quar.)_ $114 July 1 June 25
25c June 30 June 23
Merchants Refrigerating Co. of N. Y.(guar.)._
25c July 2 June 16
Mesta Machine Co., corn. (guar.)
Preferred (quarterly)
$134 July 2 June 16
July 2 June 15
Metal Package Corp., common (guar.)
$1
Metal Thermit Corp.(guar.)
$1 Aug. 1 July 20
$134 July 1 June 20
7% preferred (guar.)
Metroploitan Edison, $1. pref. (guar.)
3114 July 1 May 31
$114 July I May 31
$6 preferred (quarterly)
July 1 May 31
$1
$5 preferred (quarterly)
July 1 June 20
Milland Grocery 6% Preferred (semi ann.)
Mill Creek & Mine Hill Navigation & RR.(s-a)_ $114 July 12 Tune 30
$1.31 July 2 June 11
Minnesota Power & Light Co.7% pref
$1.12 July 2 June 11
$6 & 6% preferred
Miss. River Power, pref. (guar.)
$134 July 2 June 15
Mississippi Valley Fuolic Service
$134 July 2 June 21
6% preferred B (quar.)
Missouri River-Sioux City Bridge Co. pref.(qu.) 3114 July 16 June 30
Mitchell (J. S.) 7% pref.(guar.)
$134 July 3 June 15
July 2 June 1
$2
Mobile Sr Birmingham RR. 4% gtd (s-a)
25c July 15 July 1
Mock, Judson, Voehringer, common
'
7% preferred (quar.)
3114 July 1 June 15
h$1 July 3 June 15
Monarch Knitting, 7% preferred
Monongahela West Penn Public Service Co.
433,4c July 2 June 15
7% preferred (quarterly)
8734c July 2 June 15
Monroe Chemical, pref. (guar.)
h$1 N July 2 June 19
Montgomery Ward & Co.. class A
Moore Dry Goods Co.(guar.)
$1% July 1 July 1
Quarterly
$1 14 Oct. 1 Oct. 1
$134 Jan. 1 Jan. 1
Quarterly
$114 July 2 June 6
Morris & Essex RR
Morris Finance, A (guar.)
$1% June 30 June 20
30c June 30 June 20
Series B (quar.)
$114 June 30 June 20
7% preferred (guar.)
$114 July 1 June 20
Morris 5 & 10c. Stores. 7% pf.(quar.)
7% preferred (guar.)
$114 Oct. 1 Sept.20
$1 Sept. 1 Aug. 25
Morris Plan Ins.Soc.(quar.)
$1 Dec. 1 Nov. 26
Quarterly
$23$ July 2 June 15
Morristown Securities $5 pref.(s.
-a.)
15c July 2 June 150
Mountain Producers Corp. (guar.)
June 30 June 16
742
Mount Vernon Woodberry Mills. pref
pref.(quar.)
$114 June 28 June 21
Mutual Chem.of America.
$114 Sept.28 Sept.20
Preferred (quar.)
114 Dec. 28 Dec. 20
Preferred (quar.)
Sc June 20 June 9
Mutual Telephone (Hawaii) (monthly)
25c June 30 June 15
Myers (F. C.) & Bros. (guar.)
$114 June 30 June 15
Preferred (guar.)
Nashua Gummed & Coated Paper Co.
$13$ July 2 June 25
7% preferred (quar.)
-a.)
933$c July 2 June 20
Nashville & Decatur RR.. 714% guar. (s.
Nassau & Suffolk Ltg.,7% preferred (quar.)_.. $114 July 1 June 15
55c June 30 June 15
National Battery Co., pref.(guar.)
50c July 14 June 15a
National Biscuit Co., corn. (guar.)
40c July 2 June 15
National Breweries, common (quar.)
44c July 2 June 15
Preferred (quarterly)
25c July / June 12
National Candy Co., corn. (guar.)
$114 July 1 June 12
1st & 2nd preferred (guar.)
50c Sept. 1 Aug. 15
National Container Corp., preferred (quar.)
h50c Sept. 1 Aug. 15
Preferred
50c Dec. 1 Nov. 15
Preferred (guar.)
740c Dec. 1 Nov. 15
Preferred
30c July 2 June 4
National Dairy Prod. Corp., common (quar.).._
$114 July 2 June 4
Class A & B preferred (guar.)
50c June 30 June 4
National Enameling & Stamping Co
15c July 2 June 11
National Finance Corp.of Amer.(guar.)
15c July 2 June 11
6% preferred (quarterly
15c July 2 June 11
Extra
National Gypsum,7% pref. (guar.)
$114 July 2 June 15
National Investors Corp., $53$ pref. (quar.)
h$23( July 1 June 12
3114 June 30 June 15
National Lead Co.,common (quar.)
$134 Aug. I July 20
Class B preferred (guar.)
h$2 July 1 June 15
National Refining Co.,8% preferred
50c July 2 June 20
National Standard Co.(quar.)
20c July 2 June 20
Adjustment dividend
50c July 2 June 1
National Sugar Refining Co. of N. J
15c July 2 June 14
National Tea Co.. corn. (guar.)
15c July 2 June 15
Natoraas Co.(quarterly)
Si Aug. 1 June 30a
Nevada-Calif. Electric, preferred
14.3 July 2 June 9a
Preferred
25c July 1 June 16
Newberry (J. J.) Co.. corn. (guar.)
New Castle Water,6% pref.(guar.)
$134 July 2 June 15
New England Gas & Elec. Assoc.$534 pf.(guar.) $114 July 1 May 31
50c July 2 June 11
New England Power Assoc.,$2 pref.(guar.)._
$134 July 2 June 11
$6 preferred (quarterly)
25c July 16 lune 30
Common
New England Telep. & Teleg. Co
$134 June 30 June 8
New Jersey Pow.& Lt.86 pref.(guar.)
$134 July 1 May 31
$5 preferred (quarterly)
81% July 1 May 31
New Jersey Water,7% pref. (guar.)
$114 July 2 June 20
Newport Electric. 6% pref. (quar.)
$134 July 1 June 15
New York & Harlem RR.(semi-ann.)
$234 July 2 June 15
Preferred (semi-annual)
$234 July 2 June 15
N.Y. Lackawanna & Western.5% gtd.(quar.)_ $114 July 2 June 15
750 July 2 June 30
New York Mutual Teleg.(s.
-a.)
New York Power & Light Corp.,7% pref.(qu.)_ $1 14 July 2 June 15
$1% July 2 June 15
$6 preferred (quar.)
10c July 2 June 21
New York Shipbuilding Co.founders'shs.(qu.)_
10c July 2 June 21
Participating shares (guar.)
$114 Tilly 2 tune 21
Preferred (quar.)
$1 14 July 2 June 15
New York Steam Corp.. 6% pref. (guar.)
$h3 July 2 June 15
7% preferred A (quarterly)
$154 July 15 June 20
York Telephone. pref. (guar.)
New
50c June 28 June 15
New York Transportation Co. (quar.)
Niagara Share Corp. of Maryland—
$1;4 July 2 June 15
Class A preferred (guar.)
75c July 2 June 15
Niagara Wire Weaving,$3 pref. (guar.)
74114 July 2 June 15
$3 preferred
50c Aug. 15 Aug. I
1900 Corporation,class A (qua?.)
50c Nov. 15 Nov. I
Class A (quarterly)
12%c
Nipissing Mines Co
r$1 June 30 June 13
Noranda Mines. Ltd
4088
Financial Chronicle
Name of Company.
Per
When Holders
Share. Payable. ofRecord.
Norfolk & Western Ry. common (quar.)
$2 June 19 May 31
North American Co.,common
123c July 2 June 5
Common
el% July 2 June 5
Preferred (quar.)
75c July 2 June 5
North Central Texas Oil Co., pref.(guar.)
$1% July 2 June 11
Northern Central Ry.(semi-ann.)
$2 July 15 June 30
Northern Ontario Power Co., corn. (quar.)
50c July 25 June 30
60/ preferred (quarterly)
% July 25 June 30
Northern Pipe Line Co.(semi-ann.)
25c July 2 June 15
Northern RR.of N.J.4% guaranteed (quar.)..
$1 Sept. 1 Aug. 22
4% guaranteed (guar.)
$1 Dec. 1 Mar.21
North Shores Gas,
pref
hale July 2 June 9
North Western Tales. Co.
$1% July 2 June 15
Norwalk Tire & Rubber Co. pref.(quar.)
87%c July 2 June 22
Norwich Pharmacal Co. (guar.)
$1;i July 2 June 20
Quarterly
Oct. 1 Sept.20
$l
Quarterly
$1% Jan. 1 Dec. 20
$2 July 2 June 15
Norwich & Worcester RR.8% pref. (quar.)_ _
Nova Scotia Light & Power (guar.)
75c July 2 June 16
Ohio Edison Co., $5 pref. (quar.)
13 July 2 June 15
1
July 2 June 15
$6 preferred (quarterly)
$1.65 July 2 June 15
$6.60 preferred (quarterly)
$7 preferred (quarterly)
El% July 2 June 15
$1.80 July 2 June 15
$7.20 preferred (quarterly)
July 2 June 11
Ohio Finance Co.. 8% pref. (guar.)
$2
Class A (guar.)
July 2 June 11
$1
Ohio & Mississippi Teleg. Co
$2% July 2 June 16
51% July 2 June 18
Old Colony RR.(quar.)
15c July 2 June 15
Old Colony Trust Assoc., 1st ser. tr. shs.(quar.)
Omnibus Corp.. pref.(guar.)
$2
Onomea Sugar (monthly)
20c June 20 June 10
Ontario Loan & Debenture (quar.)
$1
July 3 June 15
Orange & Rockland Electric,7% pref. (quar.)_ _ $1, July 1 June 25
4
60/ preferred (quar.)
$1% July 1 June 25
O'Sullivan Rubber
10c June 30 May 31
Pacific & Atlantic Teleg. Co. of U.S.(s.
-a.)
50c July 2 June 15
Pacific Finance Co.of Calif.(Del.)
5c July 2 June 15
Pacific Lighting Corp.,$6 pref.(quar.)
July 16 June 30
$1
Pacific Telegraph & Telephone (quar.)
June 30 June 20
$I
Preferred (guar.)
$1% July 16 June 30
Paraffin° Companies, Inc., corn.(quar.)
50c June 27 June 18
Park Davis & Co.(guar.)
25c June 30 June 19
Extra
10c June 30 June 19
Pechiney Chemicals Co
Peninsula Telephone Co., 7% tref. (quar.)
$1%
30 fr Aug. 15 Aug. 6
Penn Central Light & Power,$2.80 pref.(qu.)_
70c July 2 June 11
$5 preferred (quar.)
$1% July 2 June 11
Penney (J. C.) Co., corn. (quar.)
30c June 30 Jute 20
Preferred (quarterly)
513 June 30 June 20
Pennsylvania Gas & Electric
57 and 7% preferred (quarterly)
V% July 2 June 20
Penna. Glass Sand, $7 preferred
h$14 July 1 June 15
Pennsylvania Power Co..$6.60 pref.(mo.)
55c July 2 June 20
$6.60 preferred (monthly)
55c Aug. 1 July 20
$6.60 preferred (monthly
55c Sept. 1 Aug. 20
$6 preferred (quarterly)
El% Sept. 1 Aug. 20
Pennsylvania Telep. Corp.,6% pref. (quar.)
$13 July 1 June 15
Pennsylvania Water & Power Co. (quar.)
75c July 2 June 15
Preferred (quarterly)
$14 July 2 June 15
Peoples Coll. Corp.,8% pref. (5.-a.)
$2 June 30 June 20
7% Preferred (5.-a.)
$1% June 30 June 20
Common
50c June 30 June 20
Peoples Drug Stores (quar.)
25c July 2 June 8
.Peoria Water Works,7% pref.(guar.)
$1J July 2 June 20
Perfect Circle Co. (quarterly)
50c July 1 June 15
Perfection Stove Co. (quarterly)
30c June 30 June 20
Peterborough RR.(semi-ann.)
$1 A Oct. 1 Sept. 25
Pet Milk Co., corn. (quar.)
25c July 2 June 13
Preferred (quar.)
$1% July 2 June 13
Phelps Dodge Corp., special
25c July 2 June 14
Philadelphia Balt. & Wash. RR.(s.
-a.)
$1% June 21 June 16
Philadelphia Co.. $6 cum. pref. (guar.)
$1% July 2 June 1
preferred (quar.)
$1
July 2 June 1
$5 cum.
Philadelphia Electric Power Co.
8%, $25 par, preferred (guar.)
50c July 1 June 9
Philadelphia & Trenton RR. (quar.)
523. July 10 June 30
Philip Morris Consolidated, Inc.—
Class A (quarterly)
43:0c July 2 June 18
7
Philips'Incandescent Lamps(interim div.)
Phoenix Finance, pref. (quar.)
5(k July 10 July 1
Preferred (quar.
60c Oct. 10 Oct. 1
Preferred (quar.
50c Jan. 10 Jn 1 '35
Phoenix Ins.(Hartford, Conn.)(quar.)
50c July 2 June 4
Photo Engravers & Electro
50c Sept. 1 Aug. 15
Pie Bakeries, Inc., 7% pref. (quar.)
$1% July 2 June 15
$3 cum?2d preferred (quar.)
75c July 2 June 15
Piedmont & Northern (quarterly)
75c July 10 June 30
Pioneer Gold Mines of British Columbia, Ltd_ _
15c July 3 June 2
Pittsburgh Bessemer & Lake Erie R.R.
75c Oct. 1 Sept. 15
Pittsburgh Fort Wayne & Chicago R.R.(quar.)_ $1
July 2 supt 10
J ene 1
.
Quarterly
1
$1 4 Oct. 2 Dec. 10
$1
Quarterly
preferred (quar.
7
$1% July 2 June 11
7 preferred guar.
1 si Oct. 2 Sept. 10
70/, preferred spar.
1% Jan. 1 Dec. 10
Pittsburgh, McKeesport & Youghiogheny RR
$1% July 2 June 15
(Semi-annually)
-a.)
Pittsfield & North Adams RR.(s.
52% July 2 June 30
35c July 2 June 9
Pittsburgh Plate Glass Co.(quar.)
Pittsburgh Youngstown & Ashtabula R.R.70/ preferred (guar.)
$1% Sept. 1 Aug. 20
$1
Dec. 1 Nov.20
7% preferred ((mar.)
Plymouth 011 Co.(quar.)
25c June 30 June 12
Pollock Paper & Box Co., pref. (quar.)
$1l Sept. 15
Preferred (quarterly)
Dec. 15
$1
Ponce Electric,7% pref.(quar.)
July 2 June 15
$1
Powdrell & Alexander. Inc.. pref. (quar.)
$1% July 2 June 30
$14 Sept. 1
Powell River, 7% preferred
7% preferred
$1
Dec I
Pratt & Lambert, Inc.. corn
25c July 2 June Ifi
Premier Gold Mining Co., Ltd
r3c July 16 June 16
Prudential Investors, Inc., $6 pref. (quar.)_
July 16 June 30
Publication Corp., 7% orig. pref. (quar.)
July 2 June 20
Public Service Colorado, 7% pref. (monthly) 58 1-3c July 2 June 15
6% preferred (monthly)
50c July 2 June 15
50/ preferred (monthly)
41 2-3c July 2 June 15
Public Service Co. of Oklahoma
7% prior lien stock (quar.)
July 2 June 20
El
8% prior lien stock (quar.
$1% July 2 June 20
Public Service Corp. of N. J., corn. (quar.)
70e June 30 June 1
$8 preferred quar.
$2 Juno 30 June 1
$7 preferred quar.
51% June 30 June 1
$5 preferred quar.
$13j June 30 June 1
60/ preferred (monthly)
50c June 30 June 1
Public Service Electric & Gas Co.. $5 pf. (qu.)_
June 30 June 1
7% preferred (quar.)
June 30 June 1
Quaker Oats Co.. common (quar.)
$1 July 16 July 2
6% preferred (quar.)
$1% Aug. 31 Aug. 1
Queensboro Gas & Electric. 6% pref. (quar.)_ _ $1% uly 1 June 15
Reading CO., 2d preferred (quar.)
60c July 12 June 21
Reliance Mfg. Co.(Ill.), common (quar.)
15c Aug. 1 July 20
Preferred (quarterly)
$1July 1 June 20
Rensselaer & Saratoga RR (s.
-a.)
July 2 June 15
54
Republic Insurance. Texas (quar.)
20c Aug. 10 July 31
Quarterly
20c Nov. 10 Oct. 31
Republic Supply Co.(quar.)
25c July 5 July 2
Quarterly
25c Oct. 5 Oct. 2
Reynolds (R. J.) Tobacco. corn. (quar.)
75c July 2 June 18
Common B (guar.)
75c July 2 June 18
Rich's, Inc., 6%% preferred (guar.)
$1% June130 Juno 15
July 2 June 15
Ridge Ave. Passenger Ry.(Phila.. Pa.)(quar.)_ $3
1
I
Name of Company.
June 16 1934
Per
When Holders
Share. Payable of Record.
Rike-Kumler Co..7% preferred (quar.)
El% July
June 25
Riverside Silk Mills,class A
h25e July 3 June 15
Class A (quarterly)
25c July 3 June 15
Rochester Telephone Corp.(quar.)
July 2 June 20
$1
% 1st preferred (quarterly)
$1% July 2 June 20
5% 2nd preferred (quarterly)
5114 July 2 June 20
Ross Gear & Tool Co.,common (quar.)
30c July
June 20
Royal Baking Powder (guar.)
25c July 2 June 4
6% preferred (quarterly)
$1% July 2 June 4
Royal Dutch l'etroleum Co.(annual)
6%
Rubber Plantations Invest. Trust common
%%
Safeway Stores, Inc., common (guar.)
75c July 1 June 19
6% preferred (quar.)
$114 July 1 June 19
7% preferred (guar.)
51A July 1 June 19
St. Croix Paper, pref. (s.
-a.)
July 2 June 22
St. Joseph Lead Co
10c June 20 June 8
St. Louis Bridge, 1st pref.(s.
-a.)
$3 July 1 June 15
2nd preferred (quarterly)
$
July 1 June 16
San Francisco Rem. Loan Association (quar.)
i June 30 June 15
c
Savannah Electric & Power 8% pref. A (quar.)
$2 July 2 June 15
7%% preferred B (quar.)
$114 July 2 June 15
7% preferred C (quar.)
$1% July 2 June 16
6%% preferred B (quar.)
$1% July 2 June'45
Scottish Type Investors A & B (qu.)
5c June 30 May 31
Scott Paper Co.. corn. (quar.)
37%c June 30 June 16
Scoville Mfg. Co. (quarterly)
25c July 2 June 15
Scranton Electric Co.. $6 preferred (quar.)
SI% July, 2 June 5
Second International Securities Corp
6% 1st preferred (quar.)
50c July 2 June 15
Second National Investors Corp.,$5 preferred
h95c July 1 June 12
Second Twin Bell (monthly)
20c July 5 Juno
Selected Industries. Inc.. $5% prior stock (qu.)_ $1% July 1 June 30
16
Shattuck (Frank G.) Co.(quar.)
6c July 10 June 20
Shell Transport & Trading ()o., common (fInal)z w7
Shenango alley Water,6% pref. (quar.) •
31
Sept. 1 Aug. 26
6% preferred (quar.)
31
Dec. I Nov. 20
Sioux City Stockyards Co., pref. (guar.)
51
Aug. 15 Aug. 14
Preferred (quar.)
51
Nov. 15 Nov. 14
Slscoe Gold Mines, Ltd. (quar.)
June 30 June 15
Extra
lc June 30 June 15
Smith (8 Morgan) Co.(quar.)
$1 Aug. 1
Quarterly
$1 Nov. 1
South Carolina Power Co.. $6 pref. (quar.)
$1% July 2 June 15
Southeastern Cottons.Inc.
$4 July 1
$3% July 1
7% preferred
Southern Acid & Sulphur.7% pref. (qu.)
$1
July 1 June 10
Southern Calif. Edison Co., Ltd., orig. pf.(qu.)
2
July 15 June 20
1%
July 15 June 20
514% preferred series C (quar.)
Southern Canada Power Co..Ltd.,6% pf.(qu.) 1% 0 July 16 June 20
South Manchuria Ry
8 o
30c June 30 June 15
South Penn Oil Co. (quar.)
60c July 2 June 13
South Porto Rico Sugar Co.,corn.(guar.)
Preferred (quarterly)
July 2 June 13
Southwestern Bell Telephone, pref. (quar.)
$1g July 1 June 20
Southwestern Gas & Elec. Co.7% pref.(quar.)_ SIA July 2 June 15
8% preferred (quar.)
July 2 June 15
South West Penna. Pipe Lines (guar.).
$1 July 2 June 15a
Sparta Foundry (quarterly)
75c June 30 June 15
Spencer Kellogg & Sons. Inc., corn. (quar.)
30c Juno 30 June 15
Springfield Gas & Electric Co.—
Preferred series A (quar.)
$1% July 2 June 15
-a.)
Springfield Rys.,4% pref. (s.
$2 July 2 June 20
75c July 2 June 20
Extra
$1.15 July 2 June 20
(Semi-annual)
Square D Co., class A
27%c June 30 Juno 20
25c July 2 June 4
Standard Brands, Inc., common (guar.)
$1% July 2 June 4
$7 cum. preferred (quar.)
Standard Coosa-Thatcher (quar.)
12%c July 1 June 20
7% preferred (quar.)
July 15 July 15
Standard Fire Ins. Co.(Trenton)(quar.)
40c July 23 July 16
Standard Oil Exports Corp., pref. 01.-a.)
$2% June 30 June 9
Standard Oil Co.of Kansas(quar.)
50c July 31 July 2
Standard Oil of Nebraska (quar.)
25c June 20 May 23
Standard Oil Co.(Ohio), 5% pref. (guar.)
$14 July 16 June 30
Starrett (L. S.), preferred (quarterly)
$114 June 30 June 18
Steel Co. of Canada, corn. (guar.)
30c Aug. 1 July 7
Preferred (quarterly)
434c Aug. 1 July 7
Stein (A.) & Co.. preferred (quar.)
$1% July 2 June 15
h21
Superior Oil (Calif.) preferred
June 20 June 1
Supertest Petroleum Corp.(guar.)
Juno 30 June 15
Ordinary (quar.)
25e June 30 Juno 15
Bearer (quar.)
250 Juno 30
Ordinary bearer (quar.)
25c June 30
$7 preferred A (quar.)
$I
June 30 June 15
5114 preferred B (quar.)
37%c June 30 June 15
Sussex RR.(s.-a.)
50c July 2 June 15
Sutherland Paper Co., common
10c July 2 June 20
Swedish Ball Dearing Co,prof.(guar.)
51A June 30 June 12
Swift & Co.(quarterly)
12%c July
Sylvanite Gold Mines
Sc June 30,May 26
Tacony-Palmyra Bridge,common (quar.)
25c June 30 June 10
Common class A (quarterly)
25c June 30 June 10
Taylor Milling Corp.(quar.)
25c July 2 June 12
Telephone investment Corp.(monthly)
20c July 1 June 20
Tennessee Elec. Power Co.5% pref.(quar.)...
$1
July 2 June 15
6% preferredquar.)
$1
July 2 June 15
7% preferred guar.)
51% July 2 June 15
7.2% preferred (quar.)
$1.80 July 2 June 16
6% preferred (monthly)
50c July 2 June 15
7.2% preferred (monthly)
60c July 2 June 15
Texas Corp.(quar.)
25c July 1 June 1
Texas Gulf Producing (monthly)
2;4% June 16 May 18
Texon Oil& Land Co.,common (guar.)
15c Juno 30 June 9
Tide Water Assoc. Oil Co.,6% pref
h$2
June 30 June 8
Time, Inc.(quar.)
50c July 2 June 20
Extra
25c July 2 June 20
5814 preferred (quar.)
$1% July 2 June 20
Third National Investors Corp.,corn.(quar.).40c July 1 June 12
Todd Shipyards(quarterly)
25c June 20 June 5
Toledo Edison Co., 7% pref.(monthly)
58 1-3c July 2 June 15
6% preferred (monthly)
50c July 2 June 15
5% preferred (monthly)
41 2-3c July 2 June 15
Toronto Elevators, 7% pref.(quar.)
$1 A July 16 July 3
Tr -Continental Corp.,56 pref. (guar.)
$1% July I June 16
Trico Products Corp., common (quar.)
62%c July 2 June 18
Trinidad Leaseholders. Ltd—
Amer. dep. rec, for ord. reg
xtv5%
Tuckett Tobacco Co., Ltd., pref. (quar.)
5114 July 14 June 30
Tunnel RR.of St. Louis (5.-a.)
$3
July 2 June 15
Twin Bell 011 Syndicate (monthly)
$2
July 5
Underwood Elliott Fisher Co.,common (quar.) 37%c June 30 June 30
June 12
Preferred (quar.)
$1
June 30 June 12
Union Carbide & Carbon Corp
35c July 2 June 1
Union Elec. Light & Power (III.)6% pref.(qu.)
$1% July
15
Union Elec. Light & Pow.(Mo.)7% pref.(qu.)_ $114 July 2 June 15
2 June
6% preferred (quarterly)
$1
July 2 June 15
Union Pacific RR , common
$1
July 2 June 1
United Biscuit Co.of Amer.. pref.(guar.)
$1
Aug. 1 July 18
United Carbon Co.,common (quar.)
44c July 2 June 18
Preferred (s.
-a.)
$3% July 2 June 18
United Companies of N. J.(quar.)
$2% July 10 June 20
United Corp., $3 preferred (quar.)
75c July 2 June 5
United Dyewood Corp., pref. (quar.)
$114 July 2 June 150
United Elastic Corp.(quar.)
20c June 23 June 7
United Gas & Electric Corp.. pref. (quar.)
1%% July 1 June 15
United Gas Improvement Co.common (quar.)
30c June 30 May 31
Preferred (quar.)
$1% June 30 May 31
United Gold Mines
lc July 15 June 30
United Light & Itys.(Del.),7% prior pref.(mo.) 53 1-3c July 2 June 18
6.36% prior preferred (monthly)
53c July 2 June 16
.3% prior preferred (monthly)
50c July 2 June 16
ta
4089
Financial Chronicle
Volume 138
When Holders
Per
Share. Payable. of Record.
Name of Company.
$255 July 10 June 20
United N. J. RR.& Canal (quar.)
Oct. 10 Sept. 20
Quarterly
$2
$235 Jan. 1 Dec. 20
Quarterly
11.4048c July 1 June 1.
United N. Y. Bank & Trust, C-3 reg
11.4048c July 1
C-3 bearer
15c July 2 June 15
United States Foil, class A & B common (quar.)
July 2 June 15
Si
Preferred (quarterly)
July 2 June 20
SI
United States Gauge, 7% pref. (s.-a.)
Semi-annual
$234 July 2 June 20
States Gypsum Co., corn. (quar.)
25c July 2 June 15
United
July 2 June 15
$1
Preferred (quar.)
lc Sept. 10 Sept. 5
U.S. Petroleum Co.(guar.)
lc Dec. 10 Dec. 5
Quarterly
123ic July 20 June 30
U. S. Pipe & Foundry Co., corn. (guar.)
12 tic Oct. 20 Sept. 29
Common (quar.)
Ian. 20 Dec. 31
Common (guar.)
12
30c July 20 June 30
Preferred (guar.)
.
30c Oct. 20 Sept 29
Preferred (quar.)
30c Ian. 20 Dec. 31
Preferred lunar.)
25c July 2 June 20
United States Playing Card (quar.)
SI 34 July 2 Juno 18
United States Tobacco Co.,common (quar.)__
Preferred (quarterly)
SP4 July 2 June 18
$15 July 2 June 20
United States Trust Co.(quar.)
Extra
S10 July 2 June 20
United Verde Extension Mining (guar.)
25c Aug. 1 July 5
Universal Products Co.(guar.)
20c June 30 June 20
Upper Michigan Pow.& Lt.,6% pref. (quar.)_.. $155 Aug. 15
Nov. 15
$1
6% preferred (guar.)
6% Preferred (quar.)
$114 Jan. 1
Upressit Metal Cap Corp.,8% pref.(quar.)___ _
$2 July 2 June 15
Valley RR.of New York (s.
$25.5 July 2 June 15
-a.)
Vapor Car Heating Co.. Inc., 7% pref
h$335 Sept. 10
Venezuela 011 Concessions, Ltd., corn. (final)_ _
z5%
July 2 June 16
Vermont & Boston Telegraph CO. (s.-a.)
$2
Victor Monoghan. 7% preferred (quarterly)_ _ _
$1 q July 1
Virginia Electric & Power Co., $6 pref. (quar.)_
$155 June 20 May 31
Virginia Public Service, 7% pref. (quar.)
July 2 June 10
$1
6% preferred (quarterly)
$1.55 July 2 June 10
30c July 2 June 15
Vortex Cup Co., common
Class A (guar )
6214c July 2 June 15
July 20 July 10
Vulcan Detinning Co., preferred (guar.)
1
Oct. 20 Oct. 10
11
Preferred (quar.)
Wagner Electric Co., preferred (quar.)
4 July 2 June 20
$
Walgreen Co. preferred (guar.)
51% July 2 June 20
50c July 2 June 15
Ward Baking Corp., 7% preferred
'
$314 July 2 June 30
Ware River RR., guaranteed (s-a)
30c July 1 Juno 15
Waukesha Motor Co.. common (quar.)
Wesson 011 & Snowdrift Co., Inc., corn.(quar.)_ 12 Sic July 2 June 15
July 15 Juno 20
$1
Western Grocers, Ltd.. pref. (guar.)
S114 July 2 June 30
Western New York & Penna. Ky.(s. a•)
Si Si July 2 June 30
5% preferred (quarterly)
July 1 June 20
Western Tablet & Stationery.7% pref. (quar.)... Si
July 2 June 15
SI
West Jersey & Seashore ER.,common (s.-a.)_
30c July 2 June 15
Westmoreland, Inc. (quar.)
July 2 June 15
SI
Westmoreland Water. $6 pref. (guar.)
The weekly statement issued by the New York City
Clearing House is given in full below:
STATEMENT OF MEMBERS OF TIIE NEW YORK CLEARING HOUSE
ASSOCIATION FOR TIIE WEEK ENDED SATURDAY, JUNE 9 1934.
* Capital.
Bank of N Y & Trust Co
Bank of Manhattan Co_
National City Bank__
Chem Bank & Trust Co_
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover Bk & Tr Co
Corn Exch Bank Tr Co_
First National Bank...
Irving Trust Co
Continental Bk & Tr Co
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co
Marine Midland Tr Co_
New York Trust
Comml Nat Bk & Tr Co
Co.Public Nat Bk & Tr Co_
• Surplus and
Undivided
Profits.
Net Demand
Deposits,
Average.
Time
Deposits,
Average.
$
$
$
$
10,444,000
94,505,000
9,885,400
6,000,000
29,789,000
297.328.000
31.931,700
20,000,000
35,561,900 a953,589,000 159,433,000
127.500,000
21,019,000
319,812,000
47,510,600
20,000,000
52,494,000
90,000,000 177.660,100 61,011,604.000
248,302.000 100,933,000
10,297,500
32,935,000
525,542,000
44,944,000
61,291,500
21,000,000
22,455,000
178,455,000
16,083,700
15,000,000
379,028,000
17,245,000
73,717,000
10,000,000
11,064,000
366,390.000
57,612.800
50,000,000
2,490,000
26,711,000
3,467.400
4,000,000
79,055,000
e59,526,800 c1,246,520,000
c150,270,000
852,000
40,557.000
3,148,900
500,000
37,314,000
60,610,800 d560.397,000
25,000,000
292,000
10,655.800
18.035.000
10,000,000
47,392,000
5,023,000
7,314,700
5,000,000
21,490,900
206,958,000
17,912,000
12,500,000
51.100,000
1,430.000
7,572.600
7,000,000
45,557,000
33,719,000
4,860,600
8,250,000
Totals
614.955.000 700.200,700 6,617,782,000 647,907,000
Includes deposits in foreign branches as follows: a $219,988,000: S $57,025,000
c $71,716,000; d 314,748,000.
• As per official reports* National, March 5 1934; State, March 31 1934; trust
companies, March 31 1934: e as of March 15 1934.
The Now York "Times" publishes regularly each week
returns of a number of banks and trust companies which
are not members of the New York Clearing House. The
following are the figures for the week ended June 8:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY. JUNE 8 1934.
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
Loans
Disc. and
Investments.
Manhattan—
$
Grace National
23,439,700
Trade Bank of N Y_ 2,940,345
Cash,
S
85,200
106,524
$
1,695,400
631,609
Ann
303 000
Brooklyn—
A
PAnnirva National _
on7 non
Res. Dep., Dep. Other
N. F. and Banks and
Elsewhere. Trust Cos.
RR
Cross
Deposits.
$
IT
1,508,900 22,079,500
47,368 3,045,710
lel 000
A
099
nnn
TRUST COMPANIES—AVERAGE FIGURES.
Loans
Disc. and
Investments.
Cash.
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.
Gross
Deposits.
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County.,.,.
United States
Brooklyn—
Brooklyn
$
$
8
56,501.500 .3,312,300 9,524.500
6,543,904
453.370
78,327
.561,996
372,728
8,526,644
10,448,100 *2,244,700 1.516.900
457,000
29,764,300 *4,866,700
63,444,814 7,793.724 16,558,316
S
$
1,278.500 58,301,900
532,006 5,958,672
64,320 7,310.372
563,700 15.822,700
32,560,100
59,148,325
88.398,000
2,594,000 20.422.000
276,000 95.298.000
vTo.,.at'n.nty
95 957 OCR
1 540 ROA
7 MR 100
97 v17 InA
• Includes amount with Federal Reserve as follows: Emplre, $2,282,100; Fiduciary, $330,774; Fulton, $2,124,800; Lawyers County, $4,161,400.
When Holders
Per
Share. Payable. of Record.
Weston Electrical Instrument Co.—
50c July 2 June 19
Class A (quarterly)
h50c July 2 June 19
Class A
$1.J4 June 30 June 15
West Penn Electric Co., class A
% Aug. 1 July 5
West Penn Power Co., 7% pref. (guar.)
114% Aug. 1 July 5
6% preferred (quarterly)
5
$14 July 2 June 15
Westvaco Chlorine Prod., pref. (quar.)
SI% Sept. 15 Sept. 5
Weyenberg Shoe Mfg., preferred (quar.)
4
31, Dec. 15 Dec. 5
Preferred (quarterly)
June 30 Tune 20
62
Wilcox-Rich Corp., class A (quar.)
h$1 • July 2 Tune 16
Wilson & Co..7% preferred (guar.)
$114 Aug. 1 July 15
Winstead Hosiery (guar.)
$1 4 Mov. 1 Oct. 15
Quarterly
3.4 June 20 May 31
Wisconsin Public Service Corp., 7% pf. (quar.)_
$1% June 20 May 31
6;i% preferred (quar.)
June 20 May 31
$I
6% preferred (quar.)
110% Sept.30 Sept. 15
Woodley Petroleum Co
zw30% June 22 May 21
Woolworth (F. W.),Ltd.(interim)
50c June 30 June 20
Worcester Salt (quarterly)
10c July 2 Tune 9
Wright-Hargreaves Mines (quar.)
5c July 2 lure 9
Extra
25C luly 2 June 20
Wrigley (Wm.) Jr. Co. (monthly)
25c Aug. 1 July 20
Monthly
25c Sept. 1 Aug. 20
Monthly
25c Oct. 1 Sept.20
Monthly
15c July 2 June 11
Yale & Towne Mfg. Co.(quar.)
25c Aug. 1 July 16
Young (L. A.) Spring & Wire, common
t The New York Stock Exchange has ruled that stock will not be quoted
ex-dividend on this date and not until further notice.
The New York Curb Exchange Association has ruled that stock will
not he quoted ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. e Payable in stock.
Paya ohs in common stock. g Payable in scrip. h On account of accumulated dividends. f Payable in preferred stock.
k I. G. Farbenindustrie dividend IS payable against surrender of coupon
No. 12 partly in cash and partly in scrip.
m Reynolds Metals Co. declared an extra dividend payable in capital
stock of the corporation at the rate of 1 new share for each 4 shares held
(subject to approval of listing application by New York Stock Exchange).
n A dividend on the convertible preference stock, optional series of 1929.
of Commercial Investment Trust Corp. has been declared payable In
common stock of the corporation at the rate of 1-52 of 1 share of common
stock per share of convertible preference stock, optional series of 1929, so
held, or at the option of the holder (exercisable in the manner stated in tne
certificate of designation, preferences and rights of the convertible preference stock, optional series of 1929), in cash at the rate of $1.50 for each
share of convertible preference stock, optional series of 1929. so held.
o Pacific Bancshares. Ltd., have authorized the exchange of 10 shares of
capital stock for one share, thereby increasing the liquidating value 10 times.
r Payable in Canadian funds, and in the case of non-residents of Canada.
a deduction of a tax of 5% of the amount of such dividend will be made.
u Payable in U. S. funds. o A unit. w Less depositary expenses.
Less tax. v A deduction has been made for expenses.
Condition of the Federal Reserve Bank of
New York.
Weekly Return of the New York City
Clearing House.
Clearing House
Members.
Name of Company.
The following shows the condition of the Federal Reserve
Bank of New York at the close of business June 13 1934,
in comparison with the previous week and the corresponding
date last year:
June 13 1934. June 6 1934. June 14_1933.
Assets—
$
s
;old certificates on hand and due from
1,591,900,000 1,569,924,000
U. S. Treasury_x
lcild
1,293,000
2,028,000
ledemptIon fund—F. R. notes
56,852,000
62,710,000
Aher cash
" Total reserves
ledemption fund—F. R. bank notes_ 311Is discounted:
Secured by U. S. Govt. obligations
Other bills discounted
Total bills discounted
Sills bought in open market
J. S. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U.S.Government securities. _
Other securities
Total bills and securities
Gold held abroad
Due from foreign banks
F. R. notes or other banks
Uncollected items
Bank premises
Federal Deposit Insurance Corp. stock
All other assets
Total assets
s
276,830,000
727,079,000
2,598,000
89,364,000
1,656,638,000 1,628,069,000 1.095,871,000
3,000,000
2,003,000
2,264,000
3,303,000
9.713,000
3,199,000
10.224,000
23,968,000
34,803,000
13,016,000
13,423,000
58,771,000
1.937,000
1,957,000
3,275,000
148,404,000
380,691,000
251.160,000
148,403,000
386,608,000
245,244,000
184,552,000
265,346,000
297,276,000
780,255,000
780,255,000
747.174,000
35,000
35,000
2,942,000
795,243,000
795,670,000
812,162,000
1,195,000
5,481,000
129,679,000
11,441,000
42,529,000
35,184,000
1,189.000
5,804,000
107,498,000
11,441,000
42,529,000
32,118,000
1.417,000
6,516,000
109,392,000
12,818,000
27,464,000
2,679,654,000 2.626,321,000 2,068,640,000
Liabilities—
635,338,000 638,944,000 656,931,000
F. R. notes in actual circulation
53,582,000
37,633,000
36,981,000
F. R. bank notes In actual circulation net
Deposits—Member bank reserve sco't 1,566,269.000 1,518,560,000 1,070,491,000
11,965,000
32,065,000
19,231,000
U. S. Treasury—General account--- _
2,782,000
1,238,000
1,874,000
Foreign bank
17,640,000
122,715,000 122,339,000
Other deposits
1,710,089.000 1,674,202,000 1,102,878,000
Total deposits
123,870,000 192,888,000 100,951,000
Deferred availability items
58,530,000
59,719,000
59,719,000
Capital paid in,
85,058,000
45,217,000
45,217,000
Surplus
stock, self insurance,
Reserves (FDIC
1,667,000
47.266,000
47,266,000
&33.)
9,043,000
20,452,000
21,174,000
All other liabilities
2679,654,0002,628,321,000 2,068,640,000
Total liabilities
Ratio of total reserves to deposit and
62.3%
70.4%
70.6%
F. R. note liabilities combined
Contingent liability on bills purchased
11,234,000
899,000
345,000
for foreign correspondents
• "Other cash" does not include Federal Reserve no es or a bank's own Federal
Reserve bank notes.
These are certificates given by the U. S. Treasury for the gold taken over
100
from the Reserve banks when the dollar was on Jan. 31 1934 devalued from difthe
cents to 59.06 cents, these certificates being worth less to the extent ofTreasury
been appropriated as profit by the
ference, the difference Itself having
under the provisions of the Gold Reserve Act of 1934.
4090
Financial Chronicle
June 16 1934
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,June 14,and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve note
statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents
and the Federal Reserve banks. The fourth table (Federal Reserve Bank Note Statement) shows the amount of these
bank notes issued and the amount held by the Federal Reserve banks along with the collateral pledged against outstanding
bank notes. The Reserve Boa^d's comment upon the returns for the latest week appears in our department of "Current Events
and Discussions.'
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JUNE 13
1934.
June 13 1934. June 6 1934. May 30 1934. May 23 1934. May 16 1934. May 9 1934. May 2 1934. Apr, 251934. June 141933.
ASSETS.
$
S
$
$
$
$
$
$
$
Gold Mts. on band & due from U. S_L.-- 4,787,162,000 4,706,157,000 4,648,031.000 4,633,584,000 4,583,812,000 4,585,034,000 4,586,500,000
4,490,358,000 963,618,000
Gold
2,526,266,000
Redemption fund (F. R. notes)
28,200,000
30,010,000
29,774,000
29,923,000
30,631,000
30,165,000
31,144,000
42,906,000
31,498,000
Other cash •
233,854,000 223,321,000 223,880,000 238,142,000 236,520,000 234,299,000 232,267.000 241,262,000 293,254,000
Total reserves
5,049,216,000 4,959,488,000 4,901.685,000 4,901,649,000 4,850,497,000 4,849,964,000 4,849.911,000 4.763.118,000 3,826,044,000
Redemption fund-F. 30. bank notes
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
4,695,000
4,434,000
4,720,000
5,354,000
5,275,000
5,791,000
6.022,000
7,768,000
7,242,000
6,047,000
21,829,000
5,618,000
23,379,000
9.038,000
24,662,000
6,413,000
27.838,000
6,312,000
28,090,000
6,277,000
30,297,000
7,388,000
30.924,000
7,903,000
32,410,090
55,565,000
198,197,000
27,876,000
28,997,000
33,700,000
34,251,000
34,402.000
36,574,000
38,312,000
40.313,000
253,762,000
5,201,000
5,221,000
5,263,000
5,501,000
6,656.000
8.279,000
10,163,000
10,200,000
U. S. Government securities-Bonds
Treasury notes
Special Treasury certificates
Certificates and bills
406,416,000 406,258,000 406,194,000 406,208,000 406,190,000 407,860,000 407,858,000 406.204,000
1,202,264,000 1,214.508,000 1,216,490,000 1.217.000,000 1,233,599,000 1,237,089,000 1,242,691,000 1,221,099,000
441,188,000
683,509,000
Total U. S. Government securities
Other securities
2,430,406.000 2,430,236,000 2,430,154,000 2,430,200,000 2,430.156,000 2,431,818,000 2,431,819,000 2,430,173,000 1,932,444,000
534,000
534,000
535,000
546,000
747,000
546,000
747,000
548,000
3,624,000
2,464,017,000 2,464,988,000 2,469,567.000 2,470.260.000 2,470,605,000 2,475,795,000 2.479,157,000 2,481,197.000 2,200,030,000
Total bills discounted
Bills bought in open market
821,726,000
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uncollected Items
Bank premises
Federal Deposit Insurance Corp. stock
All other resources
3,128,000
18,165,000
494,632.000
52,610,000
139,299,000
53,824,000
Total assets
809,470,000
3,122,000
18,451,000
435,751,000
52,609,000
139,299,000
49,090,000
5,178,000
807,470,000
3.125.000
15,382,000
397,257,000
52,602,000
139,299,000
48,577,000
806,992,000
3,134,000
16.995,000
423,048,000
52,597,000
139,299,000
47,926,000
790,367,000
3,135,000
20,430,000
501,044.000
52,595,000
139,299,000
46,131.000
786.869,000
3,134,000
16,260,000
406,394,000
52,569,000
139,299,000
45,581,000
781,370,000
3.131,000
16,846,000
456,805,000
52,569,000
139,299,000
44,688,000
802,870,000
3,131,000
17,317,000
428,684,000
52,558,000
139,299,000
43,078,000
807,747,000
3,832,000
18.848,000
407,388,000
54.312,000
52,603,000
8.279,586,000 8,127,232,000 8,032,214,0(30 8.060,262,000 8,089,011,000 7,994,787,000 8.048,408,000 7,936,150,000 6,570,299,000
LIABILITIES.
F. R. notes In actual circulation
F. R. bank notes in actual circulation
3,054,479,000 3,068,807,000 3,051,604,000 3,038,297,000 3,061,279,000 3,059,927,000 3,058,777,000 3,030,216,000 3,118,379,000
57,340,000
58,748,000
60,422,000
66,252,000
63,752,000
61,439,000
70,208,000
77,767,000 113,264,000
Deposits
-Member banks' reserve account 3,895,108,000 3,787,048.000 3,782,920,000 3,767,269,000 3,694.493,000 3,677,863,000 3,570.283,000
b3,743,597,000 2,281,378,000
U.S. Treasurer-General account.a..
47,893,000
75,758,000
51,636,000
60,115,000 142,776,000
45,074,000
01.343,000
46,422,000
17,644,000
Foreign banks
4.322,000
3,686,000
5,592,000
6,915,000
5,610,000
4,649.000
6,585,000
8,410,000
5,347,00
Other deposits
246,474,000 225.816,000 227,598,000 236,809,000 246,981,000 249,983,000 273,765,000 b161,916,000 144,793,000
Total deposits
4,193,797,000 4,092.303,000 4,047,746.000 4.061.031,000 3.991,197.000 3.994.876,000 3,993.409,000 3,928,504.000 2,481,003,000
Deferred availability items
489,990,000 429,302,000 399,832,000 427,374,000 501,685,000 401,661,000 454.807.000 427,495,000 399,701,000
Capital pald in
146,460,000 146,433,000 146,271,000 146,470,000 146,202.000 146,279,000 146,300,000 146,449,000 147,563,000
Surplus
138,383,000 138,383,000 138,383,000 138,383,000 138,383,000 138,383,000 138,383,000
Reserves(FDIC stock, self Insurance, &c.) 161,833,000 161,832,000 161.832,000 161,832,000 161,832,000 161,831,000 161,831,000 138,383,000 278,599,000
12,179,000
161,829,000
All other liabilities
37,304,000
31,419.000
26.124,000
25,578,000
25,436,000
24,681,000
24,693.000
19,611,000
25.507.000
Total liabilities
8,279,586,000 8,127.232,000 8,032.214.000 8.060,262.000 8,089,011.000 7.994.787.0008,048,408.000 7,936,150,000 6,570,299,000
Ratio of total reserves to deposits and
F. R. note liabilities combined
Contingent liability on bills purchased for
foreign correspondents
Maturity Distribution of Bills and
Short-term Securities
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
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
Total municipal warrants
Federal Reserve Notes
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
69.0%
69.0%
68.8%
68.7%
68.8%
68.4%
68.3%
2,730,000
3.268,000
3,622.000
4,002.000
4,261.000
4,669,000
35,031,000
3
$
5
$
$
3
3
8
$
22,451,000
2,644,000
1,763,000
1,846.000
293,000
26,540,000
2,474,000
1,893,000
2,497.000
296,000
24,480,000
5.334,000
2.007,000
2,132,000
298,000
25.118,000
3,502,000
3,037,000
2,499,000
246,600
24,950,000
2,813,000
5,777,000
2,460,000
574,000
28,004,000
3,177.000
5.930.000
978,000
223,000
20,146,000
1.880.000
8,814,000
1,251,000
222,000
167,914,000
17,844,000
46,819,000
15,639,000
5,546,000
27,876,000
Total bills discounted
Total bills bought in open market
69.3%
2,447,000
20,927.000
1,565,000
1,856,000
2,927,000
601,000
1-15 days bills bought in open market
16-30 days bills bought in open market.-31-60 days bills bought in open market61-90 days bills bought In open market._
Over 90 days 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 hill$---61-90 days U. S. certificates and bills-- Over 90 days U. S. certificates and bills.
69.7%
2,093,000
28,997,000
33.700,000
34,251,000
34.402.000
36,574,000
38,312,000
40.313,000
253,762,000
197,000
1,404,000
3,354,000
246,000
868,000
1,406,000
659,000
2,788,000
2,571,000
198,000
1,638,000
771,000
237,000
315,000
464,000
4,247,000
928.000
204,000
435,000
3,934,000
2,218,000
191,000
437,000
3,810,000
3,238,000
910,000
272.000
3,859.000
4.111,000
2,048,000
298,000
3.706,000
4,708,000
1,314,000
1,333,000
2,845,000
5,178,000
5,263,000
5.501.000
6.656,000
8,279,000
10,163,000
10,200,000
43,975,000
130,466,000
17,735,000
594,703,000
62,180,000
21,335,000
117,621,000
21,070,000
559,174,000
115,530,000
43,975,000
103,361.000
21,830.000
618.174,000
131,975,000
40,738,000
53,227,000
159,796.000
422,011,000
5,201,000
5,221,000
88.604,000
31,470.000
67,880,000
110,629,000
523,143,000
79.136,000
32,105,000
48,225,000
75,662.000
574,342,000
100.096.000
51.070,000
64,462,000
591.842,000
94,736,000
65,330,000
56,962.000
589.964,000
21,325,000
70,981,000
62.210,000
34,430,000
604,421,000
821,726.000
809,470,000
807,470.000
806,992,000
790,367.000
786,869,000
781,370,000
802,870,000
807,747,000
492,000
7,000
492,000
7,000
500,000
506,000
506.000
5,000
499.000
8.000
5,000
508,000
5,000
499,000
8,000
5,000
3,501,000
25,000
10,000
38,000
50,000
35,000
35,000
534,000
534,000
35.000
35,000
35,000
35,000
35.000
535,000
546,000
546,000
547,000
047,000
5,000
35,000
548,000
-
3,624,000
3,351,519,000 3,359,601,000 3,330,083,000 3,332,511,000 3,337,688,000 3,345,138,000 3,323,359,000 3,310,532.000 3,380,077,000
297.040,000 290,794,000 278,479,000 294,214,000 276,407,000 285.211.000 264.582.000
280.316,000 261,698,000
3,054,479,000 3,068,807,000 3,051,604,000 3,038,2s7,000 3,061,279,000 3,059,927,000 3,058,777.000
3,030,216,000 3,118,379.000
Collateral Held by Agent as Security for
Notes Issued to Bank
Gold ctfs. on hand & due from U.S.Tress
3,076,771,000 2,999.771.000 3,004,771,000 3.014,771,000 3,021.771.000 3,013,771,000
By gold and gold certificates
2,983,271,000 2.989.271,000 1 478 034000
Gold fund-Federal Reserve Board
1 338 435000
By eligible paper
15,672,000
15,271,000
18,871.000 17,009.000
16,410,000
18,875,000
22,151,000
25,296.000 150,570,000
302,700,000 375,300,000 364,300,000 352,300.000 341,300,000 349,300,000 355,400,000
U. S. Government securities
331,400.000 467,900.000
3,395.143.000 3,390,342,000 3,387,942,000 3,384,080,000 3,379,511,000 3,381,946,000
Tots collateral__
000
3,360,822.000 3.345,967,000 3,434,939,
•"Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes.
b Revised.
x These are certificates given by the U. S. Treasury for the gold taken over from the Reserve banks when
the dollar was on Jan. 31 1934 devalued from 100 cents to
59.08 cents, these certificates being worth less to the extent of the difference, the difference itself having been appropriated as profit by the Treasury under the provisions
of the Gold Reserve Act 011034.
a Caption changed from "Government" to "U. S. Treasurer-General account" and $100,000,000 Included in Government deposits on May 2 transferred to "Other
deposits."
4091
Financial Chronicle
Volume 138
Weekly Return of the Federal Reserve Board (Concluded).
JUNE 13 1934
EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF
Two Ciphers (00) Omitted.
Federal Reserve Bank of-
Cleveland. Richmond Atlanta.
Phila.
Boston. New York
Total.
Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
3
3
3
a
S
$
3
RESOURCES.
Gold certificates on band and due
166,015,0 97,971,0 151,277,0
383,233.0 1,591,900,0 281,446,0 370,947,0 181,741,0 119,603,0 1.054,309,0 1,010.0
4,787,162,0
from U.S. Treasury
1,285,0 1,048,0
4,375,0
2,028.0 2,724,0 3,211,0 1,512,0 3,601,0
28,200,0 2.254,0
Redemption fund-F.It. notes
32,693,0 10,420,0 12,156,0 10,434,0
62.710,0 35,180,0 12,607,0 8.130,0 11.982,0
233,854,0 17,996,0
Other cash
1,091.377.0 177,445,0 111,412,0 162,759.0
5,049,216,0 403,483,0 1,656,634,0 319.350,0 386,765,0 191,383,0 135,186,0
Total reserves
134,0
715,0
858,0
2,264,0
250.0
4,695,0
Redem. fund-F.It. bank notes.
Bills discounted:
10,0
284,0
78.0
1,0
92,0
124,0
93,0
3.303,0 1,329,0
490,0
6,047,0
U.S. Govt.obligations
See. by.
204,0
393,0
37,0
279,0
427,0
768.0
9,713.0 7,280,0 1,280,0
338,0
21,8290
Other bills discounted
214.0
677,0
115,0
280,0
519,0
892.0
13,016,0 8,609.0 1,373,0
828,0
27,876,0
Total bills discounted
142,0
85,0
121.0
649,0
178,0
193,0
487,0
536,0
1,937,0
371,0
5,201,0
Bills bought in open market
U. S. Government securities:
66,569,0 13,663,0 15,969,0 13,198,0
22,988,0 148,404,0 25,605,0 30.248.0 14,707,0 12 720,0
406.416,0
Bonds
45,479,0 210,747,0 47,233,0 29,584,0 46.703,0
1,202,264,0 79,987,0 380,691,0 84,459,0 108,542,0 52,767,0 31,089.0 153.527,0 32.304,0 20,230,0 31,943,0
Treasury notes
36,089.0
821,726,0 54,704,0 251,160.0 57,056,0 74.235,0
Certificates and bills
103,563,0 89,288,0 430,843,0 93,200,0 65,784,0 91,844,0
Total U. S. Govt. securities 2,430,406,0 157,679,0 780,255,0 167,120,0 213,025,0
499,0
35,0
534,0 _
Other securities
104.648,0 89,985,0 431,772,0 93,436,0 66,545.0 92,200,0
2.464,017,0 158,878,0 795,243,0 176,764,0 214,885.0
Total bills and securities
.87,0
7,0
10,0
414.0
109,0
300,0
119,0
312,0
1,195,0
236,0
Due from foreign banks
3,128,0
623,0 1,339,0
2,803,0 1,297,0
955,0
1,184,0
592,0 1,241,0
5,481,0
335,0
Fed. Res. notes of other banks.18,165,0
65,950,0 20,855,0 12,086.0 26,730.0
53,526,0 129,679,0 42,398,0 50,482,0 39,451,0 15,324,0
494.632,0
Uncollected items
7,387,0 3,124,0 1,657.0 3,485.0
11,441,0 4,156,0 6,788,0 3,128,0 2,372.0
52,610,0 3,224,0
Bank premises
19,749.0 5,093,0 3,510,0 4,131,0
42,529,0 14,621,0 14,147,0 5.808,0 5.272,0
Federal Deposit Ins. Corp.stock
139,299.0 10.230,0
456,0
293,0 1,174,0
1,040,0
35,184,0 7,379,0 1,406,0 1,876,0 2,482,0
823,0
53,824,0
All other resources
--301,687,0 197,014,0 291,187,0
630,985,0 2,679,654,0 566,460,0 676,729,0 347,597,0 251,685,0 1,620,492,0
8,279,586,0
Total resources
LIABILITIES.
F. R. notes in actual circulation. 3,054.479.0 242,644,0 635,338,0 248,770,0 306.289.0 142,172,0 135,741,0
36,981,0 5,248,0 11.959,0
440,0
F.R.bank notes In act'l circurn__
57,340,0
Deposits:
250,325,0 142,30(1,0 73,447,0
Member bank reserve account. 3,895,108.0 295,511,0 1.566,269,0 205,316,0 1,835,0 2,942,0 1,229,0
19,231,0 1,920,0
47,893,0 2,107,0
U. S. Treasurer-Gen. acct,,.._
131,0
142,0
359,0
389,0
1,874,0
270,0
4,322,0
Foreign bank
3,833,0 8,679,0
246,474,0 4,282,0 122,715,0 15,254,0 11,049,0
Other deposits
3
$
a
3
3
S
92,245.0 296,475,0
570,0 4.582,0
6,604,0 12,942,0
99,419,0 313 999,0
474,0
43,0
537,0
200,0
573,0
580,0
142,0
773,0
360,0
18,728,0 23,617,0
31,322,0 84,750,0
21,425,0 57,964,0
71,475,0 166.331,0
72,197,0 167,464,0
222,0
87,0
336,0 1,979,0
16,775,0 21.376,0
1,757.0 4,091.0
4.359,0 9,850,0
652.0
1,059,0
196,463,0 519,633,0
769,058,0 132,476,0 94,441,0 106,939,0 39,944,0 200,667.0
2,456,0
256,0
677,335,0 114,982,0 69,237,0 140,346,0 115,989,0244,045.0
574,0 2,403,0 1,545,0 1,584,0 3,216,0
9,307,0
266,0
105,0
105,0
86,0
123,0
472,0
37,579,0 15,014,0 6,994,0 3,391.0 1,332,0 16,352,0
149,223,0 83,486,0 724.693,0 130,693,0 78,720,0 145,387,0 119.010,0 263,879.0
4,193.797,0 302,170,0 1,710.089,0 222,879,0 263.568,0 38,863,0 14.635,0
Total deposits
66,456,0 21.741,0 12,464,0 25,466,0 18,877.0 22,796,0
50.759,0
489,990,0 52,979,0 123,870,0 41,084,0
Deferred availability items
12,607,0 4,017,0 3,047.0 4,146.0 3,973,0 10,713,0
59.719,0 15,357,0 12,777.0 4,982,0 4.386,0
10,736,0
146,460,0
Capital paid in._
20,681,0 4,756,0 3,420,0 3,613,0 3,683,0 9,645,0
14,090,0 5,171,0 5,145,0
45,217,0 13,352.0
138,383,0 9,610,0
Surplus
Reserves: FDIC stock, self In22,718,0 5,946,0 4,535,0 4,747,0 5,489,0 11.465,0
47,266,0 17,121,0 16,447,0 6,963,0 7.853,0
468,0
161.833,0 11,283,0
889,0 3,031,0
surance, 4co
387,0
1,802,0
4.279.0
439,0
223,0
840.0
21,174,0 2,649,0
37,304,0 1,123,0
All other liabilities
196,463,0 519,633.0
566,460,0 676.729,0 347,597.0 251.685,0 1,620.492,0 301,687,0 197,014,0 291,187,0
8,279,586,0 630,985,0 2,679,654,0
Total liabilities
Memoranda.
Ratio of total res, to dep.& F. R.
note liabilities combined
Contingent liability on bills purchased for for'n correspondents
65.7
61.7
73.1
67.4
64.3
64.5
62.5
67.6
102,0
67.9
67.7
70.6
74.1
69.7
94,0
337,0
88.0
61,0
75,0
75,0
190,0
256,0
278,0
345.0
102,0
2,093,0
Federal Reserve bank notes.
•"Other Cash" does not Include Federal Reserve notes or bank's own
FEDERAL RESERVE NOTE STATEMENT.
Two Ciphers (00) Omitted.
Federal Reserve Agent at-
Boston. New York.
Total.
$
Federal Reserve notes:
$
Issued to F.R.Bk. by F.R.Agt. 3,351,519,0 265,564,0
297,040,0 22,920,0
Held by Fed'l Reserve/lank
In actual circulation
3.054,479,0 242,644,0
Collateral held by Agent as security for notes issued to bks:
Gold certificates on hand and
due from U.S. Treasury.-- 3,076,771,0 271,117,0
739,0
15,672,0
Eligible paper
U. S. Government securities- 302,700,0
3,395.143,0 271,856.0
Total collateral
Phila.
Cleveland. Richmond Atlanta.
Chicago.
St. Louis. Minneap. Kan.City. Dallas. San Fran.
$
i
$
$
$
733,708,0 265,743,0 325,147,0 152,069,0 155,556,0
98.370,0 16,973,0 18,858,0 9,897.0 19,815,0
3
$
$
3
3
$
809.263,0 137,847,0 100.327,0115,623,0 44,738,0 245,936.0
5,886,0 8.684,0 4,792,0 45,269.0
40,205,0 5,371,0
635,338,0 248,770,0 306,289,0 142,172.0 135,741,0
769,058,0 132,476,0 94,441,0 106,939,0 39,944.0 200,667,0
743,706,0 232,000,0 274,931,0 134.340,0 91,385,0
360,0
462,0
716,0
8,662,0 2,808,0
32,000,0 50,000,0 20,000,0 65,000.0
789,513,0 120.936,0 79,115,0 97,290,0 45,675,0 196,763.0
580,0
580.0
117.0
366,0
115,0
167,0
50,000,0
25,000.0 19,000,0 21,700,0 20,000,0
752.368,0 266.808,0 325,647,0 154,802,0 156,745,0
814.680,0 140,051,0 101,181,0 117,407,0 46,255,0 247.343,0
FEDERAL RESERVE BANK NOTE STATEMENT.
Two Ciphers (00) Omitted.
Federal Reserve Agent at-.
Boston. New York.
Total.
Federal Reserve bank notes:
Issued to F. R. Bk.(outatdg.).
Held by Fed'l Reserve Bank._
$
72,924,0
15,584,0
$
1,511,0
1,071.0
In actual circulation-net *.
Collat. pledged agst, outst. notes:
Discounted dr purchased bills.U. S. Government securities..
57.340,0
440,0
81,474,0
5,000,0
Phila.
Cleveland. Richmond Atlanta.
8
3
8
39.109,0 16,035,0 12,535,0
576,0
2,128,0 10,787,0
3
$
Chicago. St. Louis. Minneap Kan.City. Dallas. San Fran.
$
$
534,0
278,0
$
i
S
3,200,0
744,0
5,248,0 11,959,0
256,0
2,456,0
39,974,0 16,500,0 15,000,0
1,000,0
3
4,000,0
36,981,0
4,000,0
39,974,0 16,500,0 15,000,0
5,000.0
lawful money with the Treasurer of
Reserve bank notes for the retirement of which Federal Reserve banks have deposited
II • Does not include 393.277,000 of Federal
the United States.
Total collateral
1,000,0
81,474.0
Weekly Return for the Member Banks of the Federal Reserve System.
items of the resoinves
Following is the weekly statement issued by the Federal Reserve Board, giving the principal
obtained. These figure
and liabilities of the reporting member banks in 91 leading cities from which weekly returns areBoard upon the figures Jo
are always a week behind those for the Reserve banks themselves. The comment of the Reserve
we also give th •
the latest week appears in our department of "Current Events and Discussions," immediately preceding which
figures of New York and Chicago reporting member banks for a week later.
soramAS AT CLOSE OF
ritiNciPm. RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT
BUSINESS JUNE 6 1934 (In Millions of Dollars).
Federal Reserve District-
On securities
All other
Investments total
U. S. Government securities
Other securities
Reserve with F. R. Bank
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
.£5.
8
1,145
$
8,055
674
3,787
3,557
4,540
Loans-total
3
17,397
8,097
Loans and investments-total
0
Boston. New York
Total.
263
411
1,948
1,839
9,300
471
4,268
6,276
3,024
300
171
2,968
1,300
2,808
243
12,499
4,439
955
1,580
3,733
232
48
848
337
87
126
193
1,359
51
6,576
1,098
568
146
1,707
k
A
Dallas. San Fran.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City.
$
$
$
$
$
$
$
3
$
$
1,782
383
541
345
501
1,785
327
338
1,176
1,019
889
183
204
160
203
752
179
168
421
497
223
62
62
39
72
335
62
59
231
201
121
646
142
121
131
417
117
109
266
220
913
200
337
185
298
1,033
148
170
755
522
571
149
223
132
195
689
96
119
561
273
342
51
114
53
103
344
52
51
249
194
141
73
83
36
68
476
28
50
140
122
14
9
11
4
8
50
6
11
13
18
610
283
408
213
330
1,559
216
168
676
622
931
121
165
123
164
475
131
135
304
455
63
39
18
5
23
38
7
19
39
49
161
128
186
76
91
252
81
88
90
155
180
115
233
96
146
490
79
91
225
178
Phila.
4092
Financial Chronicle
United States Government Securities on the New
York Stock Exchange.
-Below we furnish a daily record
of the transactions in Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange:
oaf Jtiutnrtal
` (irrattirie
Tamittercl°-
ri
PUBLISHED WEEKLY
Terms of Subscription-Payable in Advance
Including Postage12 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 Mos.
$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
Canso° Orrice
-In charge of Fred. H. Gray, Western Representative.
208 South La Salle Street, Telephone State 0613.
LONDON Orrice-Edwards & Smith. 1 Drapers' Gardens. London, B.O.
WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce, New York.
Railroad and Miscellaneous Stocks.
-For review of the
New York stock Inarket, see editorial pages.
The following are sales made at the Stock Exchange this
week (June 9 to June 15 inclusive) of shares not represented
in our detailed list on the pages which follow:
RailroadsPar.
Chic St P & Om pf_100
Duluth S S & Atl___100
Preferred
100
Havana Flee Ry pf 100
Hudson & Mann 01_100
Jot Rys of Cent Am__.
Preferred
100
Northern Central__50
.
4,...
e*.4.
t. ...
..&
1
00.0 0-4.00, 040.0.. ..00..wtn0W0
000 00000 0000000 0000000000
ECans Cy P&L 1st Pf B*
Keith-Albee-Orph p1100
Kresge Dept Stores..!
Preferred
100
'.lackey Cos pret 100
Vlathieson Alkali Wks
Preferred
100
Waytag Co pt x-warr_•
ercll & Miners Tr Co.
bDge400 . WW.
0
4W00
000000 000000
Bloomingdale 7% p1100
Bon Aml class A
*
.
Briggs & Stratton
Brown Shoe pref_100
Dolllns & Altman p1100
Dol Fuel & Ir pref_100
Donde Nast Publica'ns'
Donsol Cigar pref(7)100
Prior pref x warr_100
Dushm Sons p1(7%)100
Duplan Silk pref___100
Fairbanks Co pf ctts 100
Common Ws
25
Foster Wheeler pret__.
Freeport Tex pref__100
Duantanamo Sug pf 1 o 2
Indian Refining
10
Range for Week.
Lowest.
..
OW0 000
000 000
Indus. & Miscell.Abrah'm & Straus 0100
Am Mach & Mets ctts..
Andes Copper Mining.*
Armour & Co (111)Dep rec pr
Art Metal Construct.10
Austin Nichols prior A •
Ga
Sales
for
Week.
R.
.t .0000Wg:
4
00000000.
STOCKS.
Week Ended June 15.
)mnIbus Corp pref 100
Peoples Drug Stores..'
631% cony pref 100
Etevere Cop dr Br p1100
then Transp & Traci_ £2
3tandard 13rands pf_100
rhe Fair pref
100
_halted Amer Bosch...
hilted Dyewood p1100
Jniv Leaf Tob pref.100
Jnion Pipe & Rad of100
Rah Copper
10
Range Since Jan. 1.
Highest.
$ per share.
731June 9
134June 9
159June 11
4 June 12
18 June 9
4 June 13
17%June 14
8734June 12
Lowest.
Highest,
$ per share. $ per share.$ per share.
734June 11 5
Jan 11% Feb
159June 9
.94 Jan 134 Apr
134June 11
1
Jan 234 Apr
5 June 12 3
Jan 834 Apr
183jJune 12 16
May 2631 Jan
439June 9 3
Jan 7
Apr
18 June 15 734 Jan 2231 Apr
8734June 12 81
Mar 8734 May
1063lJune 13 107 June 12 89
Jan 10731 Apr
734June 15 8 June 9 434 Jan 10
May
7 June 9 7 June 9 6
May 1031 Apr
6834June 15 68%June 15 6831 June 6854 June
7 June 9 734June 14 5
Jan 93( Apr
58 June 9 58 June 9 3954 Jan 64
Apr
105 June
77 June
21%June
123 June
85 June
21 June
10 June
51 June
60 June
87 June
9 105 June
14 7834June
11 2234June
15 123 June
13 87 June
9 2834June
9 10 June
9 5434June
9 60 June
13 87 June
9 88
12 76
14 15
15 11831
15 79
13 1031
9 734
12 31
9 49
13 8054
Jan 105
June
May 83
Apr
Jan 2431 Apr
Juner12334 Apr
Jan 94
Apr
Jan 32
Feb
Jan 1331 Apr
Jan 59
Apr
Feb 60
June
Mar 91
May
104 June
5 June
%June
62 June
130 June
24 June
2%June
15 104 June
11 5 June
15
%June
13 70 June
14 130 June
12 2659June
12 23lJune
15 100
11 3
15
%
14 60
14 128
14 731
12 231
Feb 110
Feb 931
June 2
Jan 80
June 16034
Jan 31
May 411
Mar
Apr
Apr
Mar
Jan
Feb
Apr
109
35
4
38
30
14 111 June
13 35 June
9 434June
9 47 June
13 30 June
9
13
11
12
13
9731 Jan 11131
20
Jan 35
231 Jan 734
19
Jan 55
29
Ap 33
Apr
June
Feb
Apr
May
June
June
June
June
June
132 June 13135 June 11 110
23 June 12 24 June 13 9
33 June 13 3331June 13 33
Jan 135 June
Jan 2634 Apr
Jun 3334 June
z90 June
46 June
10849June
81 June
21 June
12459June
14 x90 June
11 473-IJune
13109 June
11 85 June
12 233lJune
14 124%June
14 89
Feb 95
Jan
14 21
Jan 4734 June
13 86
Jan 109
June
13 46
Jan 85
Apr
14 21
June 2634 Mar
1212131 Jan 125% May
783lJune
1159June
69 June
125 June
15 June
623lJune
13 7859June
9 12 June
11 70 June
13125 June
9 1634June
11 65 June
13 50
Jan 83
Apr
11 9 June 17
Feb
9 5934 Mar 7534 May
13 11234 Jan 125
June
11 434 Jan 24
Apr
13 6131 Jan 67
Apr
Quotations for United States Treasury Certificates of
-Friday, June 15.
Indebtedness, &c.
Maturity.
Bept.15 1934... 134%
Aug. 1 1935__
1 Si %
June 15 1939... 234%
Aug. 1 1934_ 234%
Dec. 15 1934._ 234%
Mar. 15 1935._ 21.,%
Dec. 151935... 234%
Feb. 1 1938...234%
Dec. 161936... 231%
Bid.
Minn
101+4,
101.3,
100 1,
,
101in
101.3,
103031
103121,
101143,
Asked.
Maturity.
int.
Rate.
100.
13, Apr. 151936... 231%
101203, June 151938... 2%%
1011,3, June 15 1935_ 3%
Feb. 15 1937_ 3%
10183, Apr. 151937... 3%
101., Mar.151938... 3%
8
103133 Aug. 11936... 334%
103.32 Sept.15 1937... 334 %
101.3,
Bid.
Asked.
10481,
10101,
1022
.32
104.32
10411,,
1042032
105
10543,
10483,
104101,
102.43
104.3,
104.3,
1041233
1052n
105,13,
Bid.
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
Asked.
Bid.
Aug. 29 1934
Sept. 5 1934
Sept.26 1934
Oct. 3 1934
Oct. 10 1934
Oct. 17 1934
Oct. 24 1934
Oct. 31 1934
Nov. 7 1934
Nov. 14 1934
Nnv 21 1024
Total sales in S1,000 units__
Converted 4.4% bonds_ {High
of 1932-47 (First 4Sis) Low_
Close
Total sales in $LOW units__
Second converted 454% High
bonds of 1932-47 (FirstiLow_
Second 45.1s)
Total sales in $1,000 units.__
(High
Fourth Liberty Loan
434% bonds of 1933-38_ Low_
(Fourth 454s)
Close
Total sales in $1,000 units__
Fourth Liberty Loan(High
LoanIllitli
4%% bonds (2d called). Low.
____
103.133
1032033
103203,
7
____
____
___ _
____
____
____ _ -__
10322o 10320H 103,232 10303, 102.13,
103203: 1031,3, 103.3 1022.3, 102248,
1032232 1031.32 1031032 102.3, 102.33
10
58
35
40
3
102.
32
102243:
____
103.3 103203, 103;
- 232
1032,3, 103.3, 103203,
103.3, 103..3, 103203,
33
54
463
101.3, 101 2.32 101 213,
101203, 101 203, 1011331
10120:: 101203, 101213:
Total sales in $1,000 units._.
51
47
69
,
rreasury
High 112103 112123, 1121033
2
Low_ 1121.32 11234, 11213,
454s 1947-52
Close 112.32 1121,32 112.32
3
54
Total sales in $1,000 units__
4
High 108103, 108.31 108.3,
Low 108 1, 10803, 108103,
,
4s. 1944-54
Close 108.3, 1081.3, 108103,
26
77
10
Total sales in $1.000 units_ __
, 103"13
{ High 103143, 10312
Low_ 10312
:, 10303, 103103,
4%a-3%9,1943-45
Close 103.3, 103123,• 1031.32
54
186
51
Total sales in $1,000 units__
High 106"33 106.32 1062.3,
Low 1061,32 1061'31 106203,
394s, 1946-56
Close 1061,32 106",, 106203,
50
1
102
Total sales in $1,000 units._
High 104.32 1041.31 104.3,
Low
104.32 104",, 104.32
3348, 1943-47
MEW 104"31 104123, 1041,32
7
57
10
Total sales in $1,000 units...
High 100.3, 100.1s, 100.3,
Low_ 100no 1001.32 10021,,
3,, 1951-55
0
Close 1002, 1000032 100263,
8
58
126
Total sales in 61.000 units...
High
____ 1042.32 1042.3,
____ 104n1, 1012.33
Low3345, 1940-43
--__ 1042.1, 104,03,
Close
___
24
30
Total sales in $1,000 units__
(High 104.3, 104.3, 104203,
Low 104.13 104.32 104"32
394s. 1941-43
Close 104.32 104.32 104203,
3
123
12
Total sales in $1,000 units__
102
High 101",, 102
.23
Low 101,732 1012
.32 1012
354s, 1946-49
102
Close 101,13, 102
14
133
35
Total sales in $1,000 units-,
1 High 104203, 104,2 2 105
Low- 1042.3, 104.,, 1041,
3,
354a, 1941
Close 104203, 104.3, 105
29
255
85
Total sales in 81.000 units._
0,2 102.
03,
High 1021.3: 102.
Low_ 1022,3, 102.3, 1022.3:
334s, 1944-46
Close 1022.3, 1021 3, 102.
03,
30
13
580
Total sales in $1,000 units_
831 1012833 101 2813
High 1012
'ederal Farm Mtge
Low_ 101.3, 1012.32 101.1,
354s, 1944-64
Close 1012,33 1012.3, 1012.32
25
6
130
Total sales in 21.000 units_ __
ederal Farm Mortgage
High
---------Low.
---3s, 1949
---------_
-___
Close
____
.. ---Total sales in $1,000 unites _
------lome Owners' Loan
High 10112,2 101"3, 101103:
Low_ 101",, 101 433 101'11
404 1951
Close 101"33 101.33 10103,
478 1,004
Total sales in $1,000 units... 2,866
tame Owners' Loan
High 100.32 100.3, 100.3,
Low_ 100.32 10003, 10003,
3.s. series A. 1952
Close 1001033 100.31 100.32
44
310
Total sales in 81.000 units__
632
103
- -2i3, 1031 -3, 103 i3,
-.
-.
103.32 103.31 103. ,,
,
103.03, 1032.3: 1032232
9
94
1
21,
101203, 101u, 101.
101",, 101", 101"11
101203 101,, 1012013
,
,,
54
• 49
219
1122 3 113., 113.33
.
,
3
112no 11226o 11313w
1122.3, 113123, 11312,2
432
434
55
1041.3, 103.33 108,133
108.32 103203, 1082233
1081032 103.3, 1082,32
85
407
28
103.33 1032.3, 1032
.3,
103",, 103223, 103.
03,
1032.3, 103.
03, 103.33
968
418
75
106243, 107.3, 107 33
,
1063°3, 100.3, 107.31
106.32 107.3, 107.32
5
4
189
,
104203 10437 2 104un
.
1011.33 104"32 101.31
104203, 104.3, 104,133
153
600
25
.
10103, 101 1, I 101",,
1002 3 101031 101"32
.
,
101
101 0,, 1011232
239
95
184
____ 105.22 10503,
“
... 105'33 105 3,
,
,
---- 10503, 105 33
6
__
132
105.32 10503, 105 33
,
104113, 105 3, 105 33
,
,
105.33 10503, 105.32
50
17
28
1020 3 1020,3 102",,
,
102
10203, 102.32
102033 102133 1021133
34
87
224
1051,3 105033 105 3,
,
1042.32 105
105,33
10513, 105013 105,33
111
289
76
103.32 103.3, 10303,
103
103°,, 10303,
103 en 103",, 103 33
,
385
80
15
101223, 1011131 102.n
1012,33 101.3, 102
101",, 101",, 102213
133
77
411
---- 101'31 101"31
-___ 100203, 101 11,3
_-- 101 1n 101 11n
--- _
152 1,227
101 1.,, 101 1.32 101.33
101'31 101',, 101'11
,
101.,, 101 1.3, 101 32
1,524
311
1,885
100.133 101 63, 101,
33
10017,1 100'41 10111,
100213, 1011,2 10183,
235
2466
103
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
74th 434s (uncalled)
44th 434s (2d called)
1031.33 to 1032,32
101,833 to 10117,11
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0l5
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ended
June 15 1934.
Stocks,
Railroad
State,
Number of and Miscell. Afunkipai dt
Shares.
Bonds.
For'n Bonds.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.
U. S. Treasury Bills-Friday, June 15.
Rates quoted are for discount at purchase.
June 20 1934
June 27 1934
July 3 1934
July 11 1934
July,18 1934
July 25 1934
Aug. 1 1934
Aug. 8 1934
Aug. 15 1934
Aug. 22 1934
Daily Record of U. S. Bond Prices. June 9 June 11 June 12 June 13 June 14 June 15
- -- First Liberty Loan
High 1033032 1030033 103.
13, 104
10423, 104 32
,
351% bonds of 1932-47._ Tow_ 103283, 103303, 103nn 1033032 104
104
Close 103203, 1030032 103nn 104
(First 3558)
10413, 104.,,
20
6
32
Total sales in El.000 units__
71
7
5
Converted 4% bonds of.(Higfi
1932-47 (FIrst
The Week on the New York Stock Market.
-For
review of New York stock market, see editorial pages.
'No par value. z Companies reported in receivership.
/M.
Rate.
June 16 1934
Asked.
703,450
749,300
945,960
883.435
632,276
732,530
$4,828,000
6,200,000
7,762,000
8,011,000
6,471,000
6,883,000
$3,427,800
1,542,800
3,633,300
4,418,300
8,341,300
2,769,700
4,646,951 $40.155.000 $13.213.000 524.133 200
Week Ended June 15.
1934.
Stocks
-No. of shares_
4,646,951
Bonds.
Government bonds_-._ $24,133,200
State & foreign bonds__
13,213,000
Railroad & misc. bonds 40,155,000
Total
$1,135,000
2,273,000
2,363,000
2,773,000
2,438,000
2,231.000
United
States
Bonds,
1933.
Total
Bond
Sales.
$9,390,800
10,015,800
13,758.300
15,202,300
17,250,300
11,883,700
177
5n1.200
Jan. 1 to Juno 15.
1934.
1933.
31,053,771
206,054,297
291,045,394
$4,045,100
18,440,000
56,392.000
$302,327,800
341,647,500
1,296,638,000
$247,643,30
0
355,447,500
944,608,900
$77,501,200 $78,877,100 $1,940,613,300 $1.547,699,700
The Curb Exchange.
-The review of the Curb Exchange is
given this week on page 4081.
A compiete record of Curb Exchange transactions for the
week will be found on page 4111.
4093
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.
NOTICE.
-Cash and deferred delivery sales are disregarded In the day's range, unless they are the only transactions of the day.
sales in Computing the range for the year.
111011 AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
June 9.
Monday
June 1.1.
Tuesday
June 12.
Wednesday
June 13.
Thursday
June 14.
Friday
June 15.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
No account is taken:of such
PER SHARE
Range Since Jan. 1.
-share lots.
On basis of 100
Lowest.
Highest.
S per share $ per share $ per share
per share Shares.
per share $ per share
Par E per share
$ per share $
Railroads
59
593
8 5712 5912 57
5912 585 6012 58, 59 4 5314 601 25.200 AtcheTopeka & Santa Fe_
8
5112'May 14 733 Feb 5
4
pr
4
/
4
,
85
867 864 853 851 86
8
85
/
1
Preferred
86
500
4
/
4
*857 8612 *86
8614
8
100 7018 Jan 5 871 Apr 27
/
4
42 4212 41
42
41
42
42
4114 40
423
4 41
/ 4112 4,800 Atlantic Coast Line BR.
1
4
.._100 3414May 14 5414 Feb 16
2478 2518 2412 25
2414 2514 245 253
8
8 2414 24 4 2414 253 15,900 Baltimore & Ohio
8
100 21 May 12 3412 Feb 5
,
2814 2814 *28
2812 28
29
2914 2914 2814 2814 2812 2812 1,700
/
4
Preferred
100 2412 Jan 9 371 Feb 6
*411 43
/
4
4112 4112 424 4218 4218 423
/
1
8 427 43
43 43
8
1,100 Bangor & Aroostook
50 3912 Jan 9 4618 Feb 1
•100 108 *10512 108 *107 108
108 10812 *10512 110 •106 110
40
Preferred
100 9518 Jan 5 110 Apr 20
•5012 147 *1018 13 .1018 13
8
•1012 12
11
*1014 13
11
100 Boston & Maine
/
1
4
100
912June 6 19 Feb 5
*514 612 *514 6 '
Brooklyn & Queens Tr_No par
8 Feb 7
/
1
4
472 Jan 8
*514 612 *514 612 •514 613
514 6
.50
5412 *50
5412 473 5018 50
X4813 4812 *473 50
50
8
8
900
Preferred
No par 41 Jan 18 5814 Apr 26
3918 391 383 3918 3918 397
/
4
8
8 384 39 4 383 3918 3814 3912 12,700 Bklyn Mash Transit_ No par 2814 Mar 27 4014May 23
8
/
1
,
*9312 94
93
0312 93
*90
93
93
*9212 03
93
800
93
$6 preferred series A_No par 8218 Jan 4 9434 Apr 28
155 15,14 153 154 1514 1512 153 154 1512 155s 1512 153 13,500 Canadian Pacific
8
8
/
1
/
1
8
4
25 12 Jan 2 1814 Mar 12
/
1
4
*89
95
*01
95
9412 *90
9412
*90
9412 *90
*90
05
Caro Clinch & Ohio stpd__100 70 Jan 6 88 Mar 14
.68
72
*65
75
73
69
*68
*68
75
*67
100 Central RR of New Jersey_100 62 June 1 92 Feb 3
69
7,5
47
473
8 47
473
8 47
8 4718 4712 4714 475
/
1
4712 4718 474 12,400 Chesapeake & Ohio
25 3912 Jan 5 477 Apr 12
8
4
4
•3
*3
3
/ 3
1
4
4
*3
/ *3
1
4
*3
100 :Chia dr East Ili Ry Co____100
4
4
7 Feb 17
/
1
4
2 Jan 15
3
/ 37
1
4
8
3
/ 37
1
4
8 512
8
400
6% preferred
4
4
8 Feb 16
*33
4 412 *3 4 412 *35
100
17 Jan 9
,
8
4 *33
*312 33
4 '314 33
100 Chicago Great western.
8 33
4'May 14
8 33
4
4 "33
512 Feb 1
23
4
33
4 33
4 *312 33
812 *8
8
/ 83
1
4
4 *814 8
Preferred
812 1,100
/
1
/ .8
1
4
100
614 Jan 4 114 Feb 19
/
4
812
8 2 81 *8
,
5
1,900 Chic Milw St P dc Pao_ _No par
5
5
5
5
518
414 Jan
514 51
/
4
51 5 4
/
4
812 Feb 5
,
51 514
/
4
83
Preferred
4 9
81 83
8
8
/ 6,800
1
4
red
1314 Feb 5
/
4
6 :31ay 1
814 812
/
1
4
4
83
4 9
100
84 8
/
1
/
1
4
,
1014 10,
10 8 11,700 Chicago & North
2 10
15 Feb 5
1014 10
1014
93 104 1014 1012 10
4
/
1
2
1838 1712 173 *173 18 s 1,100
Western_100% j n
Preferred
19
100 13 Ja
183 183
28 Feb 16
4
19
614 an
,
183
8 18
4 18
.334 33
314 31
8 1,100 :Chicago Rock Isl & Pacific100
14 31
1
33
234 Jan 3
8 3
/
1
4
614 Feb 7
*3
31 3,2 *314 3
/
4
500
7% preferred
4 Jan 3
/
1
4
100
9 8 Feb 6
5
4 61
*53
4 6
*6
*53
'2
612
57
s 57
8
53
4 53
4
6
61
412 413 2,100
6% preferred
100
412 412
' 412 5
'
33
1
4May 14
8 Feb 6
'43
4 5
43
4 5
5
5
20 Colorado dc Southern
33
*2812 33
.2812 33
*2812 323 *2812 31 12
100 27 Jan 4 4038 Feb 1
33
*30
33
4
210
/
1
4% lot preferred
24
*2312 24
24
10
20 Jan 4 3314 Feb 9
2312 23'2 224 223
4
2312 2312 223 231
60
4% 2d preferred
/
1
4
4•__-- 22
23
23
100 20 Jan 12 30 Feb 3
23
*19
*1914 223
23
23
.19
23
4
1,100 Consol RR of Cuba pref
4
4
4
100
6 Feb 5
8 3
./ 3
/
1
4
218 Jan 5
3
1
4
/ *33
1
4
37
8 4
/ *33
1
4
8 378
30 Cubs RR 6% pref
*618 712
7
7
100
/
4
314 Jan 15 1012 Jan 23
618 61 *61 7
/
4
.618 7
'618 7
551 55,2 55
/
4
5418 5414 5412 3,000 Delaware & Hudson
100 49 June 2 7312 Feb 1
55
55
56
5618 5612 53
10,500 Delaware Lack & Weetern_5
048 10
4,
1
4
2412 243
2018May 12 333 Feb 5
4
05
/ 0
4
8
8 23
4 233 243
/ 243
1
4
4 243 25,
4
4 231 2442 2 / 25
1,70 Deny &Rio Or West prof .100
ba4 Jan 19 1314 Mar 2S
9
912 91
914
/
4
93
4 93
2
4
/
4
/
*1912 2012 2018 2034 3,10 Erie
1
4
20 4 2018 191 2014 191 2012 2014 21
,
100 13 Jan 8 24 Feb 5
/
1
4
/
4
243 25
4
*2414 25
First preferred
25 4 2512 2,20
,
100 16 Jan 3 2814 Apr 26
*24
25
2514 2614 *2412 25
70
193 193
Second preferred
4
4 20
20
100 12 Jan 3 23 Apr 21
*193 2012 193 2012 *1914 2112 1912 1912
4
4
4 215 223
8
223 223
8
8 2118 2212 22
100 18 May 14 3212 Feb 5
227
8 2112 2212 2118 2318 28,40 Great Northern pref
13
12
10 Gulf Mobile & Northern 100
*10
*10
13
11
•10
11
13
.9
13
5 Jan 10 1614 Feb 20
/
1
4
*10
28
25
10
*21
*22
*24
Preferred
27
*22
25
3
'231 28
/
4
25
100 15 Jan 11 35 4 Feb 21
25
4.7
8
8
4.7.
13
7
13
78
*7
8
8
8
118
7
118
*7
8
8
78
20 Havana Electric By Co No par
/ Feb 13
1
4
112 Jan 23
8
818 818
8
1,600 Hudson & Manhattan
814 9
83
*814 83
4
100
4 *814 83
658June 5 1218 Feb 7
4 *8
2658 2718 26
26
27
7,900 Illinois Central
265
8 263 2714 2612 2712 2534 27
100 22 May 14 387 Feb 5
8
8
*381 42
*40
/
4
*3814 42
43
43
300
•39
38
39
40
40
100 35 Jan 13 50 Apr 26
6% Prof series A
*60
61
6412 *60
140
6312 *60
Leased lines
6412 603 60
4
100 494 Jan 5 66 May 2
/ 6114 6114 61
1
4
*16 2 IS
GO
,
*1618 17
RR Sec ctfs series A__100
*161z 18
17
17
163 167 *1616 17
4
16 May 23 2414 Feb 6
s
85
2 9
*8
83
4 *8
1,300 :Interboro RapidTran v t o 10
83
8
/ 87
1
4
8
7 May 14 138 Jan 2
87
8 8
/
1
4
8 88
4
135 14
8
1418 1412 14
14
14
1,000 Kansas City Southern
14
4
14
14
100 11 Jan 8 193 Apr 21
14,
8 14
1912 1912 *1812 20
193
4
200
Prelerred
1912 1912 *1914 193 *1812 193 *18
153 Jan 6 2712 Apr 21
4
10
/
1
1614 1612 154 1612 16
16
161 1612 1612 4,300 Lehigh Valley
/
4
8May 14 2114 Feb 5
8
163
123
4 165 17
5
5413 54
54
/
1
54
544 55
5514 1,800 Louisville & Nashville____ 10
543
5414 541
4 5512 551
4814 Jan 4 6212 Apr 20
27
*24
*24
*24
27
26
26
*24
*24
*24
26
27
2131anhatkus By 7% guar-10
20 Jan 3 3212 Mar 29
15
•1412 15
/
4
15
/
4
15
1,800
1578
Mod 5% guar
1514 154 141 141 1412 15
/
1
8
100 13 May 12 195 Jan 12
.7
*71 9
/
4
9
Market St By prior pref
924
9 4 •7
3
*7
93
4 *7
83
4 *7
47 Jan 16 1214 Apr 24
2
100
•3
8
34
34
200 :Minneapolis & St Louls 100
"8
138 Mar 28
3
4
34
3
4
3
3
3
4
'58
*1/4
'2 Jan 11
*112 2
*112 2
•112 2
•112 2
*112 2
*112 2
Minn St Paul & SS Marle_100
35 Feb 6
8
134June 6
8 312
,
*214 3 " "214 312 '23
8 312 •23
8 312 •23
7% preferred
8 31 *23
/
4
518 Apr 20
100
184 Jan 8
*4
.4
5
5
4
418
412
*33
140
4 43
4 *4
4% leased line etfs
412 *4
712Mar 10
100
312 Jan 2
912 934 2,700 Mo-Kan-Texas RR_No par
4
93 10
93
4
912 934
912 97
8
93
4 97
8 *9
712May 14 147 Feb 5
8
/
1
2412 244 2412 2412 2412 243
8 2312 2312 2314 24
2,100
4 2414 243
Preferred series A
4
100 173 Jan 5 3438 Feb 6
4
4
*33
4 4
33
4 4
*334 4
800 :Missouri Pacific
33
4 33
4
3
/ 33
1
4
4
6 Feb 5
3 Jan 2
100
618 6,
63
8 65
8
6
6,
/
1
4
8
6
612 65
8 3,700
8
Cony preferred
612 Vs
08 Feb 7
4
4 Jan 3
/
1
4
100
,
*37
37
40
37
*37
40
42
*3112 37 2 *35
371, *37
10 Nashville Chart dr St Louis 100 32 Jan 2 46 Jan 24
112 112
152 15
112 1,
8
15
8 15
8 •114
13
8 11
/
4
2
700 Nat Rys of 'Me: 1st 4% pf_100
11
/
4
2 4 Feb 23
,
1 May le
4.28
34 '
3
4
*5
8
3
4
2d preferred
34
*5
8
3
"8
4
3
4
/
1
4
1 Mar 7
100
"5,
5s Jan
2918 303
8 30
,
304 31
/
1
3114 307 317
8
8 2934 3118 2934 313 54,600 New York Central____No par 253
4614 Feb 5
8May 1
2112 •2014 2112 1,100 NY Chic dr St Louis Co
4 2012 2012 2012 2112 211z 21,2 •20
213 22,
4
264 Apr 24
/
1
100 15 Jan
36
8 36
36, *3512 363
8
36
3612 3614 3614 *34
3614
•35
600
Preferred series A
4314 Apr 23
100 1712 Jan
4
122 12234 122 122 *1183 1217 *1183 122
2
•121 124 *121 122
40 N Y & Harlem
4
5 108 Jan 2 139 Feb 1
154 163
/
1
8 1618 1612 1614 163
4 1512 16
1614 163
154 1612 11,100 NYNH& Ilartford
/
1
100 133873f ay 14 2418 Feb 5
8
261
/
1
263 2718 2612 273
4
8 241, 2618 233 26
264 267 *25
4
Cony preferred
3,400
8
10
2312 Jan 6 375 Feb 5
77
8 77
.77
8 8
8 814 •75
814 814 *75
8
84
8 814
,
600 N Y Ontario & Western_..100
/
4
714May 12 111 Feb 5
1111
.7
8 11
"8
7
/
4
114
•
/ 114
1
4
*1 11
N Y Railways pref
3
*7
8 114
No pa
14 Jan 16
/
1
7
8June 5
4718,
*23
4 31
8 314 •25
" / 31 *23
21
4
8 318 •212 31
/
4
:Norfolk Southern
418 Apr 20
100
11 Jan 3
/
4
1803 181 *181 182
4
•183 185
180 181 •1813 184
182 182
800 Norfolk & Western
100 161 Jan 5 182 Apr 19
*99 100
*99 100
100 100
•99 100
100 100
100 100
60
Adjust 4% prof
100 82 Jan 8 100 June 9
26
/ 26'4 25
1
4
2514 261
25
8
255 26'z 243 255
8
241 2612 17,100 Northern Pacific
/
4
4'
100 2118 Jan 6 363 Apr 11
.218 31
*218 31
*21 3
/
4
*212 3
*218 31
,
*218 312
Pacific Coast
83 Mar 14
s
1
2 Jan 4
*43
8 81
*414 81
*4,2 81
*45
8 81
*414 812 *414 812
lot preferred
No par
/
4
33 Jan 19 111 Apr 20
4
618
*212 51
*212 51
*212 51
.212 51
2d preferred
'212 5'8 •212
612Mar 14
No par
2 Jan 3
8 3114 317s 303 313
3114 3012 31 14 304 315
/
1
31
8
2 305 3152 26,700 Pennsylvanla
4
8
50 2814May 14 377 Feb 19
.318 6
*41,2 6
*412 53
3
/ 6
1
4
*3
6,2
*318 6
Peoria & Eastern
8 Feb 17
4 Jan 16
100
27
27
27
•26
28
.26
•26
28
•25
*26
28
28
200 Pere Marquette
100 1612 Jan 10 38 Apr 24
45
*40
45
•40
45
•40
45
*41
*40
45
•3713 45
Prior preferred
100 18 Jan 13 5112 Apr 23
3912 •31
/
4
371 *31
361 .31
37
38 .31
•31
38
'31
'
1
Preferred
100 1612 Jan 10 43 Apr 23
/
4
*414 4
4
/ "41 484 *414 5
1
4
4
3
/ 312 *34 412
1
4
,
30 Philadelphia Rap Tran Co__50
/
1
6 Apr 25
3 Feb 8
1014 *952 111
*67
8 81
*111
*73
4 9
4
113
9
*10
9
100
7% preferred
50
412 Jan 12 16 Apr 24
*19
•19
35
25
•1212 2312 *19;2 25
*19
255 •19
8
251
/
4
Pittsburgh dr West Virginia 100 15 Jan 3 27 Feb 21
4818 481 *47
4814 •47
4814
4714 4714 4714 4714 4712 48
500 Reading
50 43 Jan 2 .563 Feb 5
8
*3712 415 .3712 4158 *38
8
42
/
4
415 •3712 411
8
100
4112 4112 *40
1st preferred
/
1
4
60 33 Feb 7 4112June !I
/ 373 373 *373 3813 *373 393
1
4
4
393 *3812 39
4
4
.38
4
38
4 38
1,200
2d preferred
50 2918 Jan 11 3918May 3
*818 10
*816 10
•8 8 11
,
*818 11
•818 11
Rutland RR 7% pref
*818 10
10
712May 14 15 Feb 7
314
3
312
3
312 3
/ *3
1
4
314 *3
500 :St Louis-San Francisco 10
3
/ 31 *3
1
4
/
4
45 Feb 6
8
2 Jan 2
/
1
4
4
372 372
4 14
4,
8 418
33
4 334 *A 434
900
1st preferred
41 41
/
4
/
4
10
214 Jan 4
618 Apr 4
18
*153 1612 *1512 1612 1612 1612 *12
•12
4
18
20 St Louis Southwestern
40
*10
100 121z Jan 19 20 Mar 8
sit
11 118
/
4
11s
1,
11 118 1,400 :Seaboard Air Line___ _No pa
/
8
4
118
114
11
11
/
4
14
,
2 Feb 6
1 Jan s
212
2
8
2
2 8 218 '2
,
*2
212
300
.2
P
Preferred
23
8 •218 23
10
11 Jan 11
/
4
318 Feb21
2572 2414 2514 2418 255 42,400 Southern Pacific Co
/
1
8
4
243 2514 2414 2478 2418 254 25
100 1812 Jan 5 333 Feb 5
4
275
8 2612 2714 2612 27
277
8 27
2718 26
/ 13,400 Southern Railway
1
4
277
8 26
27
100 217
8May 14 3612 Feb 5
,
3214 3312 2,300
8 333 34 8 3212 33
8
3212 335
3212 321
.331 34
/
4
Preferred
100 271
/
4May 12 411 Apr 26
/
4
*41
43
*41
43 '41
43
42
43
43 '41
.42
43 .
Mobile & Ohio stk tr etre 100 39 Jan 19 47 Apr 20
/
1
4
*2212 28
32
•21
32
*25
28
*24
28
*24
Texas & Pacific sty Co_ ___100 185 Jan 3 4314 Feb 1
*2312 32
8
614 612
65
*6
8 *6
83
4
63
4 •6
63
300 Third Avenue
/
4
*61 612 •6
.
10
p0
, 6 Mar 1
814 Jan 12
5
5
5
5
*5
5
5
512
500 Twin City Rapid Trans No
55's 512
5
is
812 Apr 24
13 Jan 10
8
277
8
271 *25
*25
/
4
28
28
*25
10
27
/ •25
1
4
Preferred
s 25
/
1
100
274 277 •
6 Jan 12 39 Apr 24
12414 12414 124 125
123 12414 124 125
2,700 Union Pacific
100 11012 Jan 4 1387 Apr 11
124 12414 122 123
8
83
82 82
8312 8312
*8218 8312 83
82 82
600 Preferred
100 713 Jan 18 84 Apr 26
4
804 81
/
1
/ 3
1
4
/
1
4
3
/ 314
1
4
300 :Wabash
4 .3
4 *312 33
4 *314 33
3
/ 3 4 '314 33
1
4
,
100
47 Jan 30
8
24 Jan
/
1
6,
4 614
61a 618 1,400
Preferred A
614 61
/
4
612 6
/
1
4
612 612 *614 612
85 Apr 26
8
100
3 Jan
/
1
4
1234 13
/ 4,700 Western Maryland
1
4
1314 1314 1312 •1212 13
1314
13
1314 1312 13
1714 Feb 20
100
8 Jan
/
1
4
17
1712 *15
1714 1612 16 2 •15
100
,
2d preferred
.16'2 1712 *1512 17 '15
100 12 Jan
23 Feb 20
cos 618 *512 6
6
6
6
6
400 Western Pacific
53
4 5 4 4.6i2 6
,
812 Mar 29
2 Jan
/
1
4
100
8 5,809
2 1214 127
/
4
4
8
Preferred
/
4
,
100
4 Jan 5 17121.34ar 28
311
4 123 121 123 121 1212 13 8 1214 127
121 13,
/
4
•13Id at d asked prices, no sales on this day.
P
PER SHARE
Range for Precious
Year 1933
Lowest.
Highest.
Per share i Per shard
344 Feb 8018 July
/
1
/
4
50 Apr 791 June
/
4
161 Feb 59 July
/
1
4
814 Feb 37 July
912 Apr 3914 July
4
Jan 413 Dec
20
685 Jan 110 Aug
8
Apr 30 July
6
93 July
8
312 Mar
8.584 Apr 6018 July
213 Feb 4114 July
4
64 Mar 8312 June
7 Apr 204 July
/
1
4
/
1
5014 Apr 7912 July
Apr 122 July
38
243 Feb 484 Aug
2
July
4Z
2 A
8812
lts Apr
7 July
/
1
4
212 Apr
1472 July
1
Apr
113 July
4
112 Feb
1814 July
114 Apr16 July
/
4
2 Apr 241 July
2 Apr 1018 July
312 Apr 1912 July
27 Apr 15 July
8
1514 Feb61 July
3
1212 Apr42 4 July
10 Mar 30 July
8
114 Feb105 June
16 June
212 Jan
37
/ Feb 933 July
1
4
4
1714 Feb 46 July
193 July
4
2 Feb
4
3 4 Apr 253 July
3
412 AIM' 2912 July
212 Apr 2314 July
4
CI Apr 333 July
13 Mar 1112 July
4
212 Mar 2312 July
/ Dec
1
4
23 June
4
19 June
612 July
812 Apr 503 July
4
16 Mar 60,3 July
31 Mar 60 July
412 Apr 34 July
418 Feb
13 Dec
/
1
4
/
4
612 Feb 241 July
x12 Mar 3414 July
4
8 Feh 273 July
/
1
4
2114 Jan 6712 July
12 Mar 28
Oct
6
Jan 20
Oct
11 Mar
/
4
8 June
214 July
/ Jan
1
4
57 July
8
12 Mar
3 Apr
4
812 July
212 Dec 1412 July
1718 July
5
/ Jan
1
4
1112 Jan 3714 July
118 Apr 1014 July
15, July
4
15 Apr
8
Jan 57 July
13
312 June
18 Mar
13 June
8
ls Jan
Feb 5812 July
14
/
1
4
218 Jan 27 Aug
25 Apr 3414 July
8
4
100 Mar 1583 June
8
1118 Feb347 July
Apr 56 July
18
712 Dec 15 July
312 July
/ Mar
1
4
4 July
/
1
4
lz AD
11112 Mar 177 July
3712 Sept
74 May
/
1
94 Apr 344 July
/
1
7 July
1
Jan
10 July
/
4
11 Feb
7 July
Feb
1
133 Jan 4214 July
4
9 July
/ Feb
1
4
378 Mar 37 July
Jan 4412 July
6
412 Feb 3812 July
57 July
8
2 June
10 July
3 Dec
612 Apr 35 July
/
1
4
2312 Apr 6212 July
25 Apr 38 July
2312 Mar 37 July
1812 July
Jan
6
9 July
/
1
4
/ Jan
1
4
1
AprJuly
914
22 July
514 Ma
3
473 July
/ 1,i
1 .
4 Ja
14
/
1
4
1118 Feb38 July
418 Mar 36 July
57 Jan 49 July
8
8
Jan 4014 July
15 Apr 43 July
1218 June
418 Feb
484 June
3 Dec
4
15 June
412 Dec
6114 Apr 132 July
56 Apr 7512 July
712 July
112 Jan
97 July
8
118 Apr
4 Feb 16 July
1912 July
5 8 Jan
5
912 July
Apr
1
16 July
11 Mar
/
4
:Companies reported in receivership. a Optional sale. c Cash sale. s Sold 15 days. z Ex-dividend. y Ex-rights.
New York Stock Record-Continued-Page 2
4094
June 16 1934
Or FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SECOND PAGE
PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday
June 9.
Monday
June 11.
$ per share $ per share
9
918
9
9 18
*7712 86
*77% 86
2812 2914 2818 287
S
912 93
9% 87
4
*5 4 612 *53
3
6%
*67
7
8 7%
7
96
96
9614 9614
2 8 2%
212 25
3
8
205 21
203 2034
8
8
*512 614 *512 618
2% 3
27
8 3
4
134 14
133 14
*1214 13% *1112 13%
13
13
*1214 13
*13
197 *15
8
18
14012 14114 13912 1404
127 128
*12618 128
17
17% 16% 1718
157
8
81412 157 *14
*414 43
4 *414 5
4 3312 3312
333
832
3
4 53 4 54%
5414 543
*3314 3412
34
34
213 .2218
8
214 22
4814 4814 4818 4814
11
4
1114 103 107
8
6434
643 63
64
2614 2614 2512 2534
*107 10912 *107 10912
81
u
9 8 98% 967 9734
14314 14314 *143 147
218 2214
2214 23
*4218 44
46
843
*712 1014 *73 10,
4
4
30
*2618 30
*26
5712
5712 5712 *55
*4
43
4
4
4
37% 3712 3814
37
212 2%
234 27
8
*6
*814 7
7
84 87
833 87
8
8
21
2112 2112 20
Tuesday
June 12.
Wednesday
June 13.
Thursday
June 14.
Friday
June 15.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basil of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
$ per share $ per share $ per share g per share Shares.
industrial et Miseel. Par $ Der share
$ Per share $ per share $ per share
83
4 9%
9
914
87
9%
7,900 Adams Express
83
4 0
6% Jan 6 117 Feb 5
No pa,
8
3 Feb
1314 July
*7712 86
*7712 86
*7614 86
Preferred
*7614 86
.100 70, Jan 25 7712 Apr 19
4
39 Apr 71 June
29
2914 283 2912 28% 293 *283 293
4
4
8
No par
8 4,900 Adams Millis
16 Jan 5 347 Apr 5
8 Apr 215 July
8
8
87 10
9 8 9%
7
93
4 97
8
8
51 Apr 1212 June
9% 10
1,700 Address Multigr Corp
73 Jan 5 113 Feb 6
4
10
*53
4 65
8
53
4 53
412May 14
100 Advance flumely
4 •
No par
75 Feb 5
8
5
6% *514
53
4
I% Feb
93 July
8
*7
712 *7
718 x7
958 Feb 6
1,100 Affiliated Product, Inc_No par
8
7
8,8 Jun 13
7
63
5 8 July
3
113 May
4
97
98,
2 99
4June 2 106, Jan 24
1,500 Air Reduction Inc
9912 *98
No par 913
4
4
4
9912 993 993
4712 Feb 112 Sept
17 Jan 3
35 Apr 26
*23
8 212
25
8 2)8 *238 2% *23
8
600 Air Way Else Appliance No par
8 25
12 Feb
4 May
2014 207u 2012 207
3 197e 203
8Nl11y 12 237 Jan 15
20% 19,500 Alaska Juneau Gold Min _10 173
8 20
11 18 Jan 33 Aug
.
512 6% •
4 614
5 Jan 13
No par
77 Apr 24
8
6
*53
5% 57
100 A P W Paper Co
6 18
1
Jan
95 July
8
27
8 27
8
23
4 27
8
23
4 23
8 218 3,200 Alleghany Corp
212May 14
No par
4
514 Feb 1
27
814 July
% Apr
137 1412 1412 14%
1334 1414 13
Fret A with $30 warr_....100
57 Jan 4 1618 Apr 10
8
133
4 3.600
1
Apr 217 July
8
*12
1318
01214 1318 1318 1318 *1212 14
5 8 Jan 3 14% Apr 10
5
100
Pref A with $40 warr___100
1 18 Apr 21 July
*12
13
13
13
*123 13
123 123
4
Pref A without warr___100
700
514 Jan 6 14% Apr 9
4
114 Mar 20 July
*15
18
*15
18
*13
*13
17
1712 Jan 2 2318 Feb 23
17
Allegheny Steel Co____No par
5 Mar 26 July
14034 1403 140 141
4
13934 1403 139 1404 4,000 Allied Chemical dr Dye_No par 12612May 14 1603 Feb 17
4
4
704 Feb 152 Des
128 128 *1273 _ _ 0128
4
100 Preferred
_
_
100 12218 Jan 16 12914 Apr 5 115 Apr 125
Oct
16% 1712 1714 173
4 163 17
4Niay 12 233 Feb 5
4
-18 1718 1 12 6,700 Allis-Chalmers Mfg___ _No par 133
/
6 Feb 26% July
1418 1418 *15
157 *1418 158 *1412 15%
8
4
100 Alpha Portland Cement .Vo par
123 Jan 2 2018 Feb 5
53 Jan 24 July
4
*43
8 43
4 *414 43
4 *414 5
Amalgam Leather Co
1
312'May 12
73 Mar 12
4
*414 412
5 Feb
8
814 July
3214 3214 *32
50 25 Jan 6 45 Mar 13
200
333 *32
4
4
333 *32
7% preferred
333
4
5 Feb 40 July
5314 543
8 5414 5412 53
5412 53
5,800 Amerada Corp
54
No par 4112 Jan 4 55 8June 8
)
1812 Mar 4733 Nov
3312 3312 3312 3312 3314 33% 33
1.200 Amer Agri(' Chem (Del) No par 2514 Jan 4 36 Jan 24
33
714 Mar 35 July
2118 217
8 213 22
4
2012 2112 2014 213
4 7,400 American Bank Note
10 1412 Jan 4 2514 Apr 27
8 Mar 2812 July
4818 4318 4814 481
8 483 484 4818 4818
4
Preferred
170
_50 40 Jan 4 5912 Apr 27
34
Apr 497 June
8
1118 107 1114
11
11.
8
s
1114 107 1112 4,400 American Beet Sugar__No par
712 Jan 4 123 Feb 3
4
1
Jan
163 July
4
6412 65
64
66
6312 6312 643 65
630
4
7% preferred
100 4612 Jan 4 71 Apr 12
23 Jan 64 Sept
4
27
4May 14 38 Feb 6
2512 253
2,100 Am Brake Shoe & Fdy_No par 233
2618 2618 27
27
4 28
918 Mar 4212 July
109 109 *109 10912 109 109 *107 109,2
Preferred
30
100 96 Jan 10 11012 Apr 18
60 Mar 106 Aug
967 98
9714 99
973 13,200 American Can
8 95
4
96
4
967
25 9014May 14 1073 Feb 15
4912 Feb 10012 Dec
145 145 *145 147 *142 147 *14112 147
Preferred
200
100 12612 Jan 6 14512 Apr 13 112 Feb 134 July .
7e Feb 5
217 2212 2212 223
8
2214 21% 221g 5.300 American Car dsFdy___No par
4 22
1814June 2 33
6'gJan 393 July
*4218 43
*4212 4412 4218 428 *4014 427
Preferred
200
8
100 3204 Jan 8 5612 Feb 5
15 Feb 598 July
American Chain
1214 Feb 27
*73 1014 *818 10
4
8
8
No par
*77 1014 *75 1014
612 Jan 11
15 Mar 14 July
8
*26
*2614 35
*2612 35
30
30
7% preferred
30
100
100 2012 Jan 10 40 Apr 24
312 Mar 31 12 July
5712 5712 58
900 American Chicle
5312 *5718 5812 5812 5812
No par 4614 Jan 8 60 Apr 20
31 Mar 5114 July 1
*333 414
33 Jan 29
612 Feb 5
*312 4 2
200 Amer Colortype Co
,
4
10
4
2 Feb
3% 413
fils June 1
3912 3718 3812 373 3812 8.100 Am Comml Alcohol Corp 20 32 June 2 6212 Jan 31
363 383
4
4 38
13 Feb 897 July 1
8
*25
3
8 318
3
3
5 Feb 16
2% 27
21
1,500 Amer Encaustic TIling_No par
2 May 12
1
Jan
6 June
37 Apr
618 618
714
*6
7
8June 2 1012 Feb 3
*6
68 618
200 Amer European Sec'e__No par
55
13 July
84 914
4
12,600 Amer & For'n Power_ __No par
8% 9
o 93
8
87
84 9
7 May 10 133 Feb 6
37 Feb
8
105 June
8
4 21
4 213 21% 21
21
8
213
213
21
2,900
17 Jan 4 30 Feb 7
No par
Preferred
714 Apr 447 June
8
12
4 1712 Feb 6
*1114 117 •1 1 1 i 1112 11
8
8
1114 1114 11% 1112 1114
2nd preferred
1112 1.900
9 4 Jan
No pa,
43 Apr 2714 June
8
*1512 1912 *16
18
18
400
19
No par 12 Jan 4 25 Feb 6
1712 17% 1712 1712 *1714 18
$6 preferred
6114 Apr
353 July
8
154 *14
154 154 *14
418 Jan
200 Amer Hawaiian S S Co____10 1312May 14 22% Feb 16
15% *14
1512 •14
1533
1512 *14
2112 July
212 Mar
200 Amer Hide & Leather_No par
6'4 May24 1012 Feb 5
*7
7% 7% *712 733
8 8
7% *652 714
7
*73
7
16 June
*30
32
3214 *31
3212 32
200
377
8 3212 3212 *30* 33
*31
Preferred
1312 Feb 5712 June
100 2612May 14 4214 Mar 15
Jan 5 3638 Apr 26
343 3412 1,000 Amer Home Products
3412 3412 3412 x3412 343
8
4 3412 3412
34
1 2618
34
34
243 Dec 4212 May
4
8
8
712 73
814 814
4
618 Jan 4 10 Feb 5
No par
733 733
3% Feb
712 73
4
718 712 3,700 American Ice
1712 June
*3814 3912 *383 427 •383 3912 *3818 3914
*3818 40
100 3533 Jan 8 4514 Mar 26
8
8
8
*3914 43
6% non-cum prof
25
Feb 577 June
8
9
9%
912
8
612 Jan 8 11 Feb 6
87
8 87
9
5,400 Amer Internal Corp___No par
85
8 9
9
87
8 9
97
414 Feb
1518 July
*7
8
1
7
8
1
34 Jan 5
112 Apr 4
78
1
*7
8
2,000 Am L France & Foamite No par
1,
8
1
1
*7
8
1
312 June
14 Apr
.714 9
*7
812 *73
8 912 *73s 912 *7
10
4 Jan 18 10 May 22
Preferred
100
914
114 Jan
8 4 814
,
12 June
2512 26
26
*25
26
2412 25
27
2614 *2412 261
26
1,800 American Locomotive__No par 2214June 2 394 Feb 6
57 Jan 3918 July
55
5318 5318 *5212 56
8
5612 *50
200
*56
Preferred
527 527 *507 54
8
8
8
100 49 June 1 745 Mar 13
17% Jan 63 July
7 16
1512 1512 1514 1514 3,200 Amer Mach & Fdry Co_No par 13 Jan 4 1934 Feb 5
15
15% 16
153 154 *1512 157
4
834 Feb 22% July
812 812
814 83
8
314 Jan 3 10145111y 11
8 4,600 Amer Mach & Metals__No par
8% 83
73
4 77
8
8
814 83
733 814
1
Jan
6 June
4
18 Jan 4 27% Feb 15
233 243 23% 2418 2334 24% 233 2418 233 2312 23
4
8
2312 6,000 Amer Metal Co Ltd___No par
318 Feb 23% July
*76
8518 *76
86
86
80
86
86
•76
*76
6% cony preferred
*76
*76
100 73 Jan 2 01 Feb 15
1512 Jan
757 Nov
26
26
25
4
27
2612 26
27
26
21 Jan 3 343 Mar 13
*26
26
2512 26
830 Amer News Co Inc____No par
17
Jan 3012 July
57 Jan 4 1214 Feb 0
16,600 Amer Power & Light__No pa,
75
8 8
4
712 733
712 73
733 8
733 73
7 2 78
,
4
Feb
197 July
8
21
8
2112 2112 2212 2218 2212 *22
23
*2112 24
22
1,800
22
133 Jan 6 297 Feb 6
4
$6 preferred
No par
97 Apr 4118 July
8
20
8 20
,
1912 193
.193 1912 1918 1914 1812 193
4 1912 1912 1,400
$5 preferred
8
127 Jan 5 26% Feb 7
No par
9 Apr 35 July
8
1412 27,900 Am Rad dr Stand San'y No par
8 14% 143
8 14
1433 14
12 May 14 1733 Feb 1
1414 14% 1414 144 143 145
45 Feb
8
19 July
8May 14 28% Feb 19
19.8 20% 193 205
3
4
20
8 19
8
187 203 20,900 American Rolling MIII
20% 193 20
8
20
4
25 I63
5% Mar 317 July
8
*53
53
300 AmerIcan Safety Razor No par
54
54
5333
*53
53
*53
*53
52
54
38 Jan 13 5434 Apr 26
52
2018 Apr 473 July
4
414 414
412 412
738 Feb 19
37
8 412
414 414 *414 43
4
3% Jan 10
*412 43
4 1,000 American Seating vi c_No par
% Mar
718 July
112 *114
114
23 Jan 30
114
700 Amer Ship & Comm___No par
112 *11
114 *1113
114 *114
1 Jan 4
118
133
la Apr
412 June
•23% 2412 24
2412 2412 2412 24
24
24
24
150 Amer Shipbuilding Co_No par
Jan 4 30 Jan 30
25
1914
*24
1112 Mar 364 June
433
8 4114 4214 41
42
413
4 41% 43
8 41
4212 38,900 Amer Smelting & Itedg_No par 3531May 10 51 14 Feb 15
4118 417
103 Feb 5312 Sept
4
9
.15 11812 11818 11818 120 120
121 122 *120 12212 12212 12212
700
Preferred
100 100 Jan 2 123 Apr 12
31
Jan 9912 Dec
88
87
90
91
90
90
90
9212 1,600
2nd preferred 6% cum
90
90
88
*80
100 7114 Jan 2 9434 Apr 11
2012 Jan
73 July
59
*5712 60
4
100 American Snuff
59
*573 60
*583 60
*5812 5912
4
*5712 60
4
25 483 Jan 5 571 June 12
3212 Jan 5114 Sept
122 122 2125 125
125 125 *120 125
Feb 2 x125 June 13 10218 Jan 112 July
122 *12114 122
50
Preferred
100 108
*12114
165 16% 17
8
18
163 1714
4
17% 1614 17
14 June 2 2612 Feb 5
17
1612 178 4,500 Amer Steel Foundries__No par
433 Feb 27 July
677
120
677 *6118 677
8 673 673
4 677 677 *61
8
*60
Preferred
4
8
67
67
100 59%June 2 81 Jan 30
373 Mar 85 July
8
43
43
*42
43
600 American Stores
43% *4212 4318 *42
43
43
0423 43
No par 37 Jan 3 4414 Feb 7
4
30
Feb 477 July
6114 6012 6112 61
6214 11,300 Amer Sugar Refining
60
8
60% 60
585 61
60% 61
100 48 Jan 3 6214June 15
2112 Jan 74 July
Preferred
1165 1165
500
8
8
8
117 117 *116 1175 11733 1175 117 117 *115 117
8
10312 Jan 3 117%June 12
100
80
Jan 11214 July
1814 1814 1812 1812 18% 18
1331May 10 20% Mar 13
1812 1714 1712 2.100 Am Sumatra Tobacco__No par
1812 18
18
6
Jan 26 July
13,300 Amer Telep &Teleg
11612 119
1183 12018 21153 11612 11512 117
8
4
4
100 1073 Jan 4 12514 Feb 6
8
118 1187 117 118
8612 Apr 134% July
72
72
1,400 American Tobacco
71
71
8
8 7114 72
4%
713 72
25 6514 Jan 6 8213 Feb 6
4
5 87
5
7214 7212 *7012 715
540934 FebFeb 947
2.
08
3
Common class B
4 7314 7438 74
74
743
4 7312 733
7433 7318 7414 7314 7414 7,700
July
Preferred
4
100 10714 Jan 3 12312 Apr 10 1023 Mar 120 July
*12218 124 *122 124 *122 124 *1223 124 *12212 124 *12112 12312
4
713 714 *63 7,
700 :AM Type Founders___No par
47 Jan 3 13 Feb 21
8
s 678 67
8
8
7
8 7
714 714
2% Dee 25 July
100
390
1712 18
Preferred
1812 1812 173 1818 1712 1812
4
7 4 Jan 6 283 Feb 21
3
4
17% 1714 18
17
7
8
Oct 377 July
8May 14 272 Feb 7
1934 203
8 19% 204 11,900 Am Water Wks dr Eleo_No par
8 1912 2014 1933 20)8
163
1912 197
19% 20
107 Apr 4314 July
8
*733 81
1st preferred
76
75
8
75
600
75
77
No par 54 Jan 3 80 Feb 5
75
75
75
7512 7512
35 Mar 80 June
812May 14 1718 Feb 5
8
12
1134 12
4 2,500 American Woolen____No par
*1134 12
115 113
1214 12
4 12
1133 113
3% Mar
17 July
Preferred
100 58 May 14 834 Feb 7
4
6414 633 6512 644 6512 x0312 6312 *633 6412 3,000
6412 64
63
2233 Feb 6712 Dec
8 4,100 Am Writing Paper
17
2
114 Jan 10
17
*233 212
414 Mar 14
2
218 218
134 2
1
s 213
17
4% JUDO
3 Feb
8
712 3,100
Preferred
814
514 Jan 6 1712 Apr 23
No par
8 *7
8
77
714 73
8 78
4
81s 83
832
814
143 July
3 Feb
4
4
1,100 Amer Zinc Lead & Smelt___1
9 Feb 16
7
7
7
7
7
61,, 7
7
5% Jan 4
.612 714
7
7
214 Feb
8
107 July
100
*3912 45
Preferred
*3912 45
*4014 45
*3912 45
25 3712 Jan 4 5018 Feb 16
42% 4218 *3912 45
20 Feb 66 July
14 153 163
79,000 Anaconda Copper MinIng50 13 May 14
1512 16
4
1734 Apr 11
1512 153
8
4
1512 1633 1533 1618 1533 16
6 Feb 227 July
8
200 Anaconda Wire & CableNo par
121g
10
914 Jan 12 123 Apr 26
*912 1218 *10
4
10
1218
1218 *10
*10
10
10
418 Jan
1512 June
600 Anchor Cap
*2012 21
18 Jan 8 2434 Jan 31
No par
4 2118 2112 207 21
*21
8
21
213
2033 2033 21
8
Jan 3914 July
10
$0.50 cony preferred_No par 84 Feb 5 100 Apr 17
100 100
*98 100
*97 100
*97 100
*97 100
99
*97
6212 Jan 90 June
800 Archer Daniels hIldl'd_No par 2614 Jan 9 34 Apr 23
31
8 31
8
g 307 307
*303 307
4
31
*30
*3012 31
30% 31
9 4 Mar 2914 July
5
7% preferred
100 110 Jan 24 115 Apr 12
811514 120 *11514 120 *11514 120 *11514 120 *11514 120 *11514 120
95 Feb 115 July
/
4
4 1,100 Armour & Co (Del) pref 100 761 Jan 2 9314 Apr 26
9112 913
92
9112 9112 91, 91% 9114 9114 91
2
9215 02
41
Jan 91) July
22,100 Armour of Illinois class A__25
618 614
512 6
414 Jan 3
8 Apr 13
618 614
6%
6
3
6% 6.8
612
6%
1, Feb
s
7% June
Class B
25
23
4 23
214 Jan 6
4 5,900
27s 3
23
3 3
4 3
8
333 Apr 12
27
27
8 27
3
3
3 Feb
4
5 July
Preferred
8 5,800
8
100 55 Jan 3 755 Apr 13
6912 6812 6914 6812 6914 6712 683
4 69
6912 7014 6812 693
7 Feb 93 July
14 514 *53
400 Arnold Constable Corp
Jan 10
5
333
83 Fen 9
4
8 5% *Ps 53
5
4
*514 53
5
Vs 5%
5
1% Jan
7 July
Artloorn Corp
414 Jan 5 1012 Apr 21
No par
712 *7
712
712 *614 712 *612 7% *7
2 Mar
*512 712 *6
912 June
200 Associated Apparel Ind No par
1 Jan 9
8 2
17
8 *17
312 F .b 15
18
17
8 *1% 2
13
17
8
4
17
8 *13
•14
3 Apr
4
514 June
1,900 Associated Dry Goods
1118 Jan 3 1814 Feb 6
1
1318 1212 13
1312 13
133 *1318 1312 13
8
133 1312 13
312 Feb 20 July
100
*6134 6312 *613 6312
8% 1s1 preferred
100 50 Jan 1 7712 Apr 20
4
.613 65
63 63
4
8
*6014 647 *604 65
18
Feb 6112 July
7% 2,1 preferred
100 50 Jan 4 647 Apr 20
5712 *45
8
5713
5712 *4718 .5712 *4718 .5712 *4714 5712 *45
*47
15
Jan 514 July
10 Associated 011
39
*3818 42
25 2912 Jan 5 4012 Apr 25
39
*3914 42
*3914 42
42
*39
42
*39
63 Mar 3512 July
4
12 May 15 16 Apr 12
At 0 dr W I SS LInes__No par
1712 *15
1712
*15
19
*15
*1512 19
19
*14
19
*14
412 Mar 20 July
4May 14 3514 Feb 5
27
28
8
25 213
2714 10,900 Atlantic Refining
4 2718 2778 26
2712 267 273
273 27741 27
4
123 Feb 3272 Nov
8
No par 3514 Jan 8 5512 Mar 13
4818 4818 1,100 Atlas Powder
49
4912 4814 49% 49% 4912 4912 4912 49
48
9 Feb 3918 July
Preferred
110
100 83 Jan 9 10112 Apr 17
9912 *99
*99
9912 *9914 9912 *9914 9912 9914 9914 9912 100
60 Apr 6318 Sept
100 Atlas 'rack Corp
712 Jan 15 1614 Mar 14
No par
T
1114
*10
10
10
113 *101g 1112 *1014 1114
4
*1014 113 *10
1,2 Feb 345 Dec
8June 15 573
3112 257 29
2533 2712 39,600 Auburn AutomobIle
8
No par 255
8Mar 13
3612 3712 3012 3612 30% 3158 30
31
Oct 8414 July
No par
7 Jan 4 1633 Mar 5
13
1318 1.900 Austin Nichols
1318 1314 1314 *1214 13
13
13
1314 I333 13
% Feb 9,2 July
714
10,300 Aviation Corp of Del (The)._5
533 Feb 10 103 Jan 31
64 733
63
4 7
4
71s
67
8 7
7
512 Feb
714
8%
8
712
163 July
978May 10 16 Feb 5
4 1118 11% 11
1133 13,100 Baldwin Loco Worke No par
4 1118 1112 1118 11% 1112 113
1112 113
312 Apr
175 July
8
700
Preferred
*46
100 35 Jan 8 644 Apr 21
45
48
47
45
48
48
*4312 4612 47
47
46
912 Apr 00 July
120 Barnberger (L) dr Co pref 100 8612 Jan 9 99 Feb 23
9912
.99
4
983
4 973 973
4 9s3 N
983 *97
4
8
985 98% *97
6814 Feb 997 Aug
400 Barker Brothers
No par
4 *43
3 Jan 2
4% 43
43
4 5
4 43
612 Feb 6
4
*412 4%
43
4 5
4
*45
8 43
714 June
% Jan
100
63.4% cony preferred____100 1618 Jan 9 3812 Apr 12
29
29
327
29
*29
2914 29
29
29
29
30
57 Apr 2414 July
*29
8
874
818
818 814
75g
7% 81s 5,900 Bariasdall Corp
7 May 14 10 Jan 22
5
814
814
8
833
3 Mar
11 July
700 Bayuk Clears Inc
par 23 May 8 39 Feb 5
3112 3112
No
30 4 *2912 3012 *3014 3012 304 3112 .3014 31
3
314 Jan 5212 July
*29
971,
20
1st preferred
9612 9612 *923 9712 *93
100 89 Jan 15 98 Mar 16
4
95
95
4
27
*923 95 .924 95
Jan 100 July
1738 3,500 Beatrice Creamery
1612 1714 17
25 103 Jan 6 183 Apr 21
17
8
17
4
163 1714 164 17
4
7 Mar 27 June
164 1714
100
Preferred
100 55 Jan 13 8312June 14
8812 *8314 8812 8812 8812 *87 105
8812 *85
*85
45
Feb 85 May
*85 105
Beech-Nut Packing Co
6512
*63
20 58 Mar 2 67 Apr 23
6412 *63
6512 *63
65
*63
65
45
*6318 654 .60
7012 June
Jan
1314 13% 13
1314 1314 1314 3,500 Belding Heminway Co_No par
8% Jan 3 1514 Apr 24
312 Feb
1272 1314 137 1314
s
1212 July
127 13
300 Belgian Nat Rys part pref___
9512 Jan 9 11978May 25
4
6214 Apr 10114 Nov
•117 120 *116 119 *11614 1174 11633 1163 117 117 *117 11912
8
1512 163 13,600 Bendix Aviation
6 13s8May 14 23% Feb 1
1612 1512 16
105
8 16
16
4
S's Feb 21% July
1614 153 1614
16
1218 Jan 31
1714 4,800 Beneficial Indus Loan_ _No par
173
8 17
197 Apr 26
17
4 1714 1734
173
1314 Sept 15 Aug
1714 1712 1714 1712 17
3 Companies reported In receivership. a Optional sale. e Cash eale. x Ex-dlyidend. y Fx-rights.
• Bid and asked prices, no sales on this day
New York Stock Record-Continued-Page 3
4095
rIr FOR SALE DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE THIRD PAGE PRECEDING
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
June 9.
Monday
June 11.
Tuesday
June 12.
Wednesday
June 13.
Thursday
June 14.
Friday
June 15.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
on basis of 100-share lOri
Lowest.
Highest.
PER SHARE
Range for Preootus
Year 1933.
Lowest.
Highest.
$ Per share $ per share $ per share
$ per share $ per share 3 per share $ per share $ per share $ per share Shares. Indus.& MIsceII.(Con.) Par $ per share
9 Mar 3318 Aug
No par 2612 Jan 8 3414 Apr 10
32
32
300 Best & CO
*3214 323
.3012 32
3212 3114 3114
4 3112 3112 *31
1018 Mar 4914 July
8June 2 4912 Feb 19
335 3412 3312 347
8
3412 35
8 3418 3514 3314 3412 337 3514 24,700 Bethlehem Steel Corp No par 303
8
251.4 Feb 82 July
8June 2 82 Feb 19
100 587
2,300
7% preferred
66
86312 64
64
6412 64
64
63
643
8 6412 6412 63
618 Apr 2912 June
2712 27
130 Bigelow-Sant Carpet Inc No par 25 May 28 40 Feb 5
2712 *26
27
27
827
2712 *27
2812 2612 27
1014May 14 1614 Jan 30
312 Feb
1914 July
No par
1112 113 *1118 1112
1118 1114 1112 1,200 Blaw-Knox Co
4
11
1112 1112 •1112 12
18 Jan 12 26 Feb 7
Bloomingdale Brothers_No par
653 Feb 21 July
.1612 22
*1614 22
8117g 22
*117 22
8117 22
8
s
*1614 22
912 Mar 5812 Dec
8May 14 683 Jan 24
4
2,700 Bohn Aluminum & Br
5 495
.56 8 5714 5512 5534 5514 563
,
4 5812, 57
5614 57
20514 56
18
Feb 3712 July
25 197 Jan 6 2712 Feb 5
8
8
2618 2612 255 2614 257 263
8
4 2614 2718 27.900 Borden Co (The)
8 26
2612 253 263
4
8May 14 28 ,8 Feb 5
,
10 205
512 Feb 22 4 Dec
2312 237
8 2312 24
233 243
8
233 2414 9,000 Borg-Warner Corp
4
4
8
4 2412 243 2235 24
3 May
8
412 July
3 Feb 9
1 Jan 2
138
8 214 *112 2
100 :Botany Cons Mills class A.50
813
8 214 "13
138
114
l8
*13
8
17
8
8
25 Feb
8
145 July
8
1714 10,500 Briggs Manutacturing_No p, 12 Jan 6 193 Apr 26
1714 1712 17
173
8 163 1714 17
4
1718 17
173
1 17
8
5 28 Jan 4 373 Apr 26
25 Dec 3814 Sept
3518 3514 3514 3514 36
35
8 4,500 Bristol-Myers Co
3618 3614 3512 3614 3512 363
60 Dec 8812 June
8May 8 8012 Feb 6
64
64
65 65
6538 653
4 6612 6612 1,000 Brooklyn TJalon Gas___No par 607
8 6612 6612 6614 663
2812 Mar 537 July
8
No par 5014 Jan 5 61 Feb 16
Brown Shoe Co
*50
55
*50
55
55
.52
55
*52
55
*52
55 I *52
8
13 Mar
4M3y 7 107 Mar 17
4
1812 June
63
8
812 *8
812
900 Bruns-Balke-Collender_No par
814 814
812 812 *8
85
8
85
8 •
8
512May 8
2 Feb
127 June
938 Feb 5
8
*67
8 7 I
612 63
4
10
63
8 612
618 618 3,000 Bucyrus-Erie Co
8
612 612
618 63
23 Feb195 June
4
8
1114 11381 11
914:M14y 12 1412 Apr 24
1112 1112 113
5
Preferred
4
1112 1112 •1012 1114 *1012 1114 3.300
2012 Mar 72 June
85712 58
*5712 58
100 56 June 8 75 Jan 15
40
58
7% preferred
59
58
*58
*58
59 I *58
59
s
97 July
73 Apr 25
4
612 63
8
, Apr
4
63
8 68
,
No par
5 8 Jan 3
3
612 612
618 63
8 4.300 Budd (E G) Mfg
618 63
8
614 612
35 July
3 Mar
*30
100 25 Jan 2 44 Apr 25
35, *30
8
39
200
*30
7% preferred
39
*30
34 1830
34
3112 3112
14 33
314
1
Feb5 4 July
53 Jan 30
3
8
No par
3 May 14
3-38 33
3
"314 33
8
8 1,100 Budd Wheel
8 31
338
33
8
312 312
*418 43
4 "418 434
7 Mar
8
5 June
612 Apr 28
27 Jan 9
8
100 Bulova Watch
No par
*418 43
4 *418 412
418 418 8418 6
103 107
4
212 Feb1314 July
7 4 Jan 4 1512 Feb 16
3
8 1012 1012 *912 103
No par
600 Bullard Co
8
1012 *912 1014 *93 1012
4 10
12 Apr
5 June
*2
4
6 Feb 21
Burns Bros class A....No par
158 Jan 26
*2
4
*2
4
02
4
4
82
*2
4
13 June
13 Jan
4
9
9
4 Jan 9 1512 Feb 20
100
9
9
120
7% preferred
9
8814 912
9
•814 10
87
8 9
618 Feb207 July
1418 143
8 143 147
8
8
8
1218May 14 2193 Feb 1
8,800 Burroughs Add Mach__No par
8 1414 145
8
1414 135 14
8 1414 1412 14
8 .212 27
1
Apr
8 June
378 Feb 9
4May 12
No par
*234 27
13
*23
8 212
8
600 :Bush Term
212 21
*25
8 3
212 3
1
Apr
912 June
6 Mar 8
100
Debenture
312 Jan 20
100
033
4 5
*37
*33
8 5
4 5
37
*418 5
8 37
8 *33
4 5
810
11
418 Dec
*97 11
8
8 Dec
.10
518 Jan 3 1534 Feb 23
11
*10
80 Bush Term BI gu pref ctfs_100
11
*10
11
93 11
4
*112
15
1
8 0112 138 *112 15
Feb2 8 June
218 Feb 16
7
112 Jan 13
100 Butte & Superior Mining__10
15
8
112 112 *112 1513 *112
8
214
238
3 Feb 16
5
2 Jan 2
218 218
414 June
12 Mar
212 212
214
214 .214 212 1,400 Butte Copper & Zinc
212 212
43 Feb 1
4
114 Apr
ButterIck Co
218 Jan 2
712 June
No pa
8 .234 338 823
*23
4 3 2 *23
,
4 33
4 33
8 .23
4 33
3 *23
4 338
2318 233
8 223 2314 2232 2312 2312 24
4
2278 2312 5,100 Byers Co (A M)
812 Feb4314 July
No par
1834June 2 323 Feb 7
4
*2212 23
5314 5314 5318 5314 5318 54
8
Preferred
170
100 4714 Jan 15 677 Apr 23
*5318 54
3018 Mar 80 July
85318 54
54
54
3112 317
73 Mar 343 July
4
8 31
4
__No pa
4
183 Jan 4 3412 Apr 30
8 9,600 California
317 327
8
4
4
315
8 313 33
8 313 3314 323 333
8
07
8
1
78
7
8
13 Jan 23
4
7
8
10
7
8
7 Jan 9
8
78
Packing_78
1,900 Callahan Zlno-Lead
214 June
*7
8
I
14 Jan
1
7
8
45
8 43
65 Feb 5
8
4 Jan 3
2 Feb9 8 June
4
3
434 47g 7,600 Calumet & Hada Cons Cop_25
518
43
4 5
5
43
4 47
8
47
8 518
1578 Feb 23
812May 14
2 Feb1614 July
4
600 Campbell W & C Fdy No par
1014 1014 10
*93 10
4
1018 *93 10
1014 *93 10
10
4
2234 2314 2238 225
4
712 Feb 4112 July
8 23
8
233
8 215 2214 213 2218 2,500 Canada Dry Ginger Ale____5 20 June 2 2912 Apr 24
2314 23
400 Cannon Mills
14
34
No par 2812 Jan 4 38 Apr 2
*33
Feb 3512 July
33
3314 *32
333
4 333 34
"323 34
4
4
*3312 34
300 Capital Adminis el A
1
9
9
538 Jan 2 10 Apr 13
4, Oct
4
*814 9
1212 July
9
9
9
9
*818 973 *812 612
Preferred A
60
10 263 Jan 24 39 Apr 20
4
832
*3312 36
251s Jan 3512 July
38
.33
3412 *33
3412 34
347 *3512 39
8
3012 Feb 10312 July
4
100 46 May 14 863 Fen 6
5212 5312 5,300 Case (J I) Co
8 5312 533
8 533 5512 533 553
4
41 5414 553
4
5514 553
Preferred eertlflcatee
4May 2' 8412 Feb 6
100 673
41
Feb 8614 July
*7112 7412 70
871
76
*7038 76
7412
8703 76
*703 76
8
8
8
2312 Jan 4 333 Apr 21
512 Mar 293 July
8
4
2712 267 2712 5,900 Caterpillar Tractor...No par
2714 28
2634 2714 27
27121 273 2814 27
8
8
412 Feb 587 July
8
2612 277 18,000 Celanese Corp of Am...No par 2238June 2 447 Feb 5
8
2612 2712 2658 2714 267 23 I 2712 2814 263 277
8
2
Is Mar
45 Apr 12
8
214 Jan 9
100 :Celotex Corp
No par
57 July
8
•214 314
*214
3
3
*214 3
23
4
*214 23
4 *214 3
Certificates
114 Jan 9
4 -Apr 12
700
No pat
214
3 Feb
8
2
43 July
8
218
2
214 *2
214 *2
212
212 212
2
Preferred
612 Jan 18 223 Apr 13
2,460
8
100
112 Jan
123 July
4
4 1312 14
13
1178 1334
13
4
1318 137
sf 133 1412 133 133
4
14
Jan 41 July
8 3,500 Central Aguirre Asso...No par 24 Mar 22 3218 Feb 5
283 297
4
2812 2812 •2712 28
283 29
4
28
2814 2818 29
Century Ribbon Mills_No par
8
73 Jan 16 123 Feb 19
2 Apr
4
115 July
8
*93 103
4
8
.10
11
103
4 *912 1012 093 1012 *93 103 'MO
4
4
4
Preferred
10
100 82 Mar 31 95 Jan 2
93
*82
52 Feb 100 Dec
93
*82
93 .82
93
*82
93
82
82
082
572 Jan 443 Sept
393 40.700 Cerro de Pasco Copper_No par 3014May 16 4038 Feb 15
4
4
3714 3712 3714 377
8 37
8
383
4 375 39
378g 3838 38
6
614
6
6
73 Apr 5
4
6
314 Jan 2
1
Jan
73 July
8
63
2
6
18 *618 614 2.600 Certaln-Teed Products_No pa
612
6
6
4 Mar 3014 July
100 1712 Jan 19 35 Apr 5
7% preferred
31
300
•29
3018 31
ns
31
31
.29
*29
31
30
30
8
1,600 City tee dc Fuel
No par 1714 Jan 5 243 Jan 30
22
21
718 Mar
21
25 June
22
2212 2212 21
21
21
2114 2114 221
Preferred
60
100 87 Jan 3 86 Apr 23
45
Apr 72 July
85
82
82
*83
83
83
85
*83
8234 823
85
4 85
3
NO par
34 Jan 4 487 Apr 21
147 Jan 5312 July
8
04514 4618 4518 4512 *4512 46
4
46
46
4514 4512 443 4612 1.500 Chesapeake Corp
512May 14
97 Feb 5
8
318 Mar
123 July
8
73
4 8
8% 4,500 Chicago Pneumat Tool_No pa
8
. 4 778
73
818 812
77
8 83
8
814 812
8 8,500
4
No par
2212 2314 22
Cony preferred
Ms Feb 2514 June
1612 Jan 12 283 Apr 24
4
2314 2314 233
2412 233 243
4
4 233 2412 24
26
600 Chickasha Cotton 011
4
*263 2812 *2614 283 .2612 263
10 1914 Jan 8 303 Feb 5
4
26
5 Mar 34 July
27
8
8 2614 2612 *26
600 Childs Co
No par
8
6 Jan 6 115 Feb 19
2 Feb
712 712
1013 July
73
4
71a 713 *7
8
8 *714 75
712
712 73
712
16
50 Chlle Copper Co
25 1218May 16 175 Apr 9
16
6
Apr 2112 July
8
8
81412 1612 *1512 16
8
1418 1414 *143 1512 *143 151 2
4314 4418 4212 4312 4214 44
5 3612May 14 603 Feb 23
415 4314 101,800 Chrysler Corp
73 Mar 575 Dec
4
8
8
8
8
4212 4334 415 43
118
1,000 City Stores
218 Feb 6
No par
118
7 Jan 5
s
118
118
353 July
14 Feb
118
118
1
1
1
118
1
1
08
18 Mar
114 Feb 6
Voting trust certifs_No par
12 Apr 20
218 July
200
"8
3
4
5
8
*12
"8
5
8
34
12
as
3
4
"8
Class A
No par
35
*318 414
8May 14
112 Jan
812 July
55 Feb 6
8
.318 4
*31s 4
*318 4
*318 414 *318 414
*21
Class A vte
414 *212 414
518 Feb 21
No par
514 July
212June 5
*21, 414 *212 414 *212 414 *212 414
3 Nov
4
•14% 1812 *I31s 1712 *1418 1712 *113 1712 *113 193 *113 165
Clark EquIpment
8
No par
83 Jan 5 213 Mar 5
4
4
4
4
5 Mar 1414 June
4
4
037
3
4
3638 39
100 Cluett Peabody & Co No par 28 Jan 3 45 Apr 7
0363 38
10
Jan 4112 July
*365 38
37
8
8
37
•365 38
0102 107 *104 107 8104 107
20
Preferred
100 95 Jan 17 115 Apr 23
90
Jan 100 June
104 104 *10414 115 .102 115
125 12512 2125 125
900 Coca-Cola Co (The)___No par 9514 Jan 2 127 Apr 24
7312 Jan 105 July
12412 12412 12412 12412 12412 12412 *12412 126
•55
*5314 _ . 54
Class A
100
No par
5018 Jan 11 55 June I
8
5412 *543 5412
44
Apr 51
Dec
5412 *54
54
*54
15
1512 1412 1514
8
4
03a Jan 3 1818 Mar 13
7 Mar 223 July
8
1518 163
4
8 153 1614 165 163 21,100 Colgate-Palmolive-Peet No par
8 1618 163
8618 8618 *8012 87
6% preferred
*8618 893
4
600
100 6812 Jan 8 9214 Apr 18
87
Apr 88 Aug
49
4 87
87
893
8712 "87
183 19
4
1814 183
*1818 19
8June 2 2812 Feb 19
2.400 Collins & Aikrnan
No par
153
Apr
26 Sept
4 183g 19
4
3
193
8 173 18
19
512 6
612 8
358 Jan 2
83 Feb 6
4
27 1)ee
8
4 9,400 :Colorado Fuel & Iron_No par
63
4 63
175 July
8
4
612 63
7 4 712
,
73
3 738
703 71
8
70
71
10,200 Columbian Carbon v to No par 58 Jan 8 7714 Apr 23
7312 74
75
72
2318 Feb 7112 July
73
7018 72
72
34
34
3338 34
3314
1,600 Columb Pict Corp v t o_No par 23 Jan 6 31345t11y 28
33
33
65 Mar 28 Nov
8
3312 233
3312 3312 33
133 133
133 137
8
s
9 Mar 2818 July
137 1438
8
8
8
4
4
133 1412 137 143 47,400 COIUMb18 088 & Elec No par
1314 14
4
1118 Jan 4 1914 Feb 6
7412 7412 7412 75
1,100
Preferred series A
76
100 52 Jan 5 7618 Feb 27
7412 7412 *74
50 Dec 83 June
7412 7412 7412 *75
10
5% preferred
6912 *67
*67
100 41 Jan 9 71 Apr 24
6912 *67
6912
6912 *67
*67
40 May 7412 June
67
6912 67
293 30
8
2912 30
2912 30
8,600 Commercial Credit
2912 30
10 185 Jan 4 3518 Apr 21
4 Feb1914 Dec
8
295 3014 2912 30
8
*2612 29 .2612 2812 .2612 2812 *2612 2812 *2612 2812 *2612 2812
7% 1st preferred
25 2312 Jan 5 29 Mar 3
1812 Slat 25 Sept
8
4817 485 *4612 4853 *4612 48
47
4914
1,000
C1828 A
.4612 48
50 38 Jan 3 50 Mar 9
16 Feb3912 Aug
*4612 48
2812 *28
2812
2812 2812 2812 28
•2712 29
170
Preferred B
8
26 24 Jan 3 30 Mar 3
1818 Mar 2518 Sept
287 •2712 29
•103 106 *10018 106 •10018 106
10
70 Mar 957 Sept
8
63.4% first preferred____100 9112 Jan 3 106 Apr 30
105 105 .102 105 *102 105
5414 543 *547 553
4
8
4 5514 57
565 5714 5614 5714 3,700 Comm Invest Trust___No par 353 Jan 4 593 Apr 11
4
8
18 Mar 4312 July
4
5612 57
810718 10814 10714 10714 1085 1085 *10718 10834 *108 1083 010814 1083
4
600
Cony preferred
4
No par
Jan 977 Jan
8
91 Jan 3 10834June 12
84
8
8
8
2418 2412 233 24
2418 26,200 Commercial Solvents-No par
233 2414 237 2412 2318 233
8
4 23
1934Nlay 14 363 Jan 30
9 Feb5714 July
3
4
218 214
218
8
214
218 23 29,700 Commonwith & SouNo par
218 2%
114 De
618 June
33 Feb 6
4
218 214
13 Jan 2
4
218 23
8
4612 463
4712 47
4 47
49
5,500
$6 preferred series
47
173 Dec6012 June
8
46
No par 2112 Jan 2 5234 Apr 23
463
4 4612 4712 46
2714 277
8 273 28
8
2712 2814 4,800 Congoleum-Nairn Ine_No par 23 Jan 9 3114 Feb 16
277 28
8
2
2818 2814 275 28
8
73 Jan 275 July
8
•12
1312 *1214 13
*12
14
14
Congress Cigar
.12
612 Feb18 June
13 .12
No par
13
934 Jan 12 1412Mar 5
*12
11
11
10
10
700 Consolidated Cfgar
97 10
8
No par
312 Apr193 June
4 103 107
8
4
8 1012 1012
514 Jan 2 133 Mar 17
*97 103
8
,
60
601 1 *60
61
70
Prior preferred
603 6038 6018 60,
8
8
6014 6014 60
31
Apr 65 June
60
8June 14
100 4514 Jan 2 603
312 334
3% 312
382 312
312 312 .33
8 33
4
312 33
4 1,100 Consol Film Indus
1
212 Jan 2
13 Jan
4
53 May
53 Feb 15
4
4
"1512 16
153 1538 *158 157
8
8
1512
1512 *15
8 153 1534 *15
8
300
Preferred
103 Jan 2 1712 Feb 15
57 Mar 143 May
8
2
4
No par
4 3214 327
3314 333
8
8 323 333
8 3314 345 40,900 Consolidated Gaa Co_No par 3118June 2 4738 Fen 6
8
8
8 327 337
8 3234 335
34 Dee 6418 June
91
9012 91
91
91
8 2.700
8
91
Preferred
0118 9112 913 0214 9212 927
No par 82 Jan 4 927
8June 15
8118 Dec 99
Jan
212 23
4
27
8 27
8
8
600 Consul Laundries Corp_No par
234 23
4 "212 278 *258 27
4
2 4 23
3
218 Jan 8
43 Feb 7
8
112 Dec
512 Jan
8 Ills 11 1 2 1118 1112 1112 113
1112 115
8 103 1114 33.600 Consol Oil Corp
4
4
4 103 115
No pa
912N1ay 10 1414 Feb 13
5 Mar
1534 July
.10814 111 .109 111 *109 111 8109 111 .109 111 8109 111
8% preferred
100 108 Feb 9 11112 Apr 28
9512 Mar 108
Oct
1
118
1
1
1
1
118
2,600 Consolidated Textile___No par
1
118
118
118
1
314 July
218 Feb 7
3 Jan 4
14 Mar
1112 113
4 11
H
8 1114 11,
4 1,100 Container Corp class A
*11
1114 1112 1112 1114 113
20
618 Jan 5 133 Apr 23
118 Jan
1014 July
4
*414 4,
2
418 414 1.400
411 414
418 414
414
Class B
414
414
414
No pa
23 Jan 2
8
14 Feb
412 June
53 Apr 18
8
912 93
4 *914 938
1.500 Continental Bat class A No par
8
8
914 014 *63 10
93
8 93
8
7 Jan 8 1458 Jan 24
93
8 93
3 Mar 1814 July
114
114
114
13
8 2,300
13
8
13
13
8
8
13
8
Class 11
132
138
138
112
12 Jan
231 Feb 7
1
No par
1 Jan 1
312 July
5812 5812 585 .585 .58
8
8
8581s 60
*5812 60
200
60
Preferred
607s *58
100 4614 Jan 6 64 Feb 9
36
Jan 64 July
784 793
4 783 7918 7812 793
4
8
7.700 Continental Can Ins
4 79
797g 7818 7914 773 79
20 6912N1ay 14 8314 Apr 21
3514 Feb 7838 Dec
*814 10
*814 10
*85 10
*814 10
8
Conn Diamond Fibre
*83 10
8
*83 10
4
5
718 Jan 5 1134 Feb 6
312 Feb
1718 July
317
s 31
31
311.2 315 3214 3214 3214 32
2
323
4 323 3318 4,500 Continental Insurance____2.5
8
233 Jan 6 3512 Apr 20
8
1012 Mar 3612 Jul)
,
24
118
1
118
114
118
114 3,400 Continental Motors_ __No pa
114
3
114
11/
114
118
114
4 June
23 Feb 21
8
11s Jan 2
1 Mar
217 2214 2114 2218 2114 22
8
4
207
8 193 2012 43,700 Continental Oil of Del
8 20
203 215
4
5 1612 Jan 13 2234 Apr 21
47 Mar
8
1918 Sept
68
6812 67
68
68
693
2 6852 69'
2 6712 6712 677 6812 5,400 Corn Products Refining__25 6012May 14 8412 Jan 26
8
45 8 Feb 90% Aug
3
100
142, 14212 *14114 147 *142 147 •14214 147 .14214 147 *14214 147
2
Preferred
100 135 Jan 4 145 Apr 25 11712 Mar 1453 Jan
4
57
8 6
55
8 57
8
63
4 6
512 572
5'
2 55
8
558 55
8 3,800 Coty Inc
33 Jan 2
NO par
238 Mar
712 June
97 Feo 5
8
8
33
2.100 Cream of Wheat ctfNo par 28 Jan 3 35 Jan 31
3318 331s 327 3318 3212 3312 323 327
8 33
8 3214 325
8
23
Feb 3912 July
1412 143
4
1112 1614 16
165
8 1512 1614 1514 1512 1512 1612 12,300 Crosley Radio Corp....No par
8June 12
8 Jan 2 163
214 Mar 143 June
4
*27,2 277
8 2712 2712 27
27
2
8
*2612 2712 1,200 Crown Cork & Seal
27
275
8 27
No par 2414Nlay 10 364 Feb 1
1414 Feb 65 July
*40
41
41
41
200
•40
.40
41
4018 4018 401s 4018 040
$2.70 preferred
No par 3512 Jan 2 41 14 Apr 20
2412 Feb 3812 July
524 2,700 Crown Zellerback v t o.No par
513
538 512
,
65 Apr 27
8
5,
8 54
37 Jan 6
8
1
Apr
512
812 July
514 ' 514
58
54
' 533
25
25
2512 2512 2514 2514 .
25
25
26
800 Crucible Steel of Amerlea..100 2138 Jan 4 383 Feb 19
26
2514 27
2
9 Mar 3712 July
.60
61
61
64
*60
.60
61
.60
.60
Preferred
61
.60
61
100 48 Jan 12 71 Apr 19
16
Feb 603 July
8
.15
8
17
8 *I53
13
4
17s
8
17
8
17
8 •Hilt
600 Cuba CO (The)
17
17
8
17
8
13
4
318 Feb 9
No par
1 Jan 2
43 June
8
12 Feb
712 75
8
714
712 734 6,200 Cuban-American Sugar ____10
712
712
718
73
4
718
75
8
714
1112 May
312 Jan 10
DB Jan
938 Feb 8
48
4612 47
483
4
4712 *44
46
.46
140
Preferred
4712 4712 4712 *44
100 2018 Jan 9 4914May 16
10
Jan 68 June
45
45
45, 45511
1
46
84412 46
900 Cudahy Packing
4614 46
463 9518 46
8
34
50 37 Jan 2 50 Feb 16
203 Feb 5912 June
4
2312 24
2312 2312 2312 1,400 Curtis Pub Co (The).-_No par
4
2312 2312 233 24
233 24
*23
8
1312 Jan 8 293 Apr 12
4
612 Mar 3214 June
81
8012 804 8012 81
803 81
8114 81
81
2,500
81
4
Preferred
803
4
No par 4312 Jan 3 8414 Apr 13
30
Feb 66 June
35 15,500 Curtiss-Wright
8
338
312 314
312 3
4
312 312
312 33
'2
312 33
4
112 Feb
453 July
514 Jan 31
1
212 Jan 2
107 1138
8
1114
105 11
8
1034 1112 11
20,500
4
113
8 103 11
11
Class A
538 Jan 3 1214 Apr 2
2 Mar
1
8 July
1612 1612 .
1612 18
*16
18
173 173
4
173
4
4 1712 173 *17
500 Cutler-Hammer Inc___No par
4
11 Jan 4 2112 Feb 21
414 Jan
21 July
•1114 and asked Micas, no sales on this day.
1 Companies reported in receivership.
a Optional sale.
c Cash sale. r Ex-di 'blend.
V Ex-lights.
4096
New York Stock Record-Continued-Page 4
June 16 1934
lar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE FOURTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
June 9.
Monday
June 11.
Tuesday
June 12.
$ Per share $ Per share $ per share
07
73
4 *612 712 *64 74
2114 217
8 203 2114 207 213
4
8
8
1113 113
113 12
4
4 1112 1112
74
74
75
75
7513 7513
*4812 49
*48
4934 494 4912
24
24
*2314 2313 23
24
*30
3114 *3018 3114 *30
3012
4214 423
4 4212 43
4212 43
22 22
213 213 *213 217
4
4
8
8
213 2214 2114 213
4
4 21
223
4
*1314 1512 *1212 1512 *1318 15
8 1118 1138
*11 18 113 *1118 113
8
*7
731
7
718 74
7
104 104
10118 10112 10118 10118
8
812 812
8
814 814
975 98
8
9718 9812 9813 10014
*142___ *142
__ *113 144
1812
18
183
8 18 1818 18
897 9012 8812 9018 8818 9114
8
12312 12312 12312 12312 12312 12314
8 125 123
8
4
1258 125
13
13
4
2314 234 2234 2318 23 233
95
93
95
95
95
95
5
518
47
8 518
5
5
7 2 712
,
74 74
74 74
57
8 614
54 614
6
6 14
16
16
153 1618
4
18
16
143
8
14
4
*153 164 *133 14
4
4112 4112 4318 434
43 43
*3
4
1
.1.34
1
3
4
8
4
Wednesday
June 13.
Thursday
June 14,
$ per share 3 per share
*63
4 8
*64 73
4
21
2112 2014 21
115 117
8
8 1112 1113
75
75
73
73
*48
483
4 48
48 8
,
*2314 24
2312 2312
30 2 307
,
8 3018 3012
4218 4338 4214 4278
*2112 217 *2113 2112
8
2158
2138 2258 21
14
14
*1314 15
1114
11
1114 *11
714 714
714
714
10213 10212 x10012 10112
8
8 14
75
8 8
99
9912 965 9812
8
144 144
144 144
184 1814 174 18
8 8818 9012
895 913
8
12314 1233 124 124
4
13
13
.125 13
8
23
8
2312 224 233
96
96
*963 98
8
5
5
518 518
8
712 74 *7% 75
6
64
6
614
16
1614
163
4 16
14
15
14
1414
435 433
8
8 4312 4312
78
7
8
7
8
Friday
June 15.
$ per share
*63
8 73
4
2018 2114
*113 12
8
*73
76
473 48
4
23
23
8
*3012 307
4213 4314
*2118 2112
213 2218
8
*1314 15
11
11
*63
4 718
10214 10214
814 814
98
99
145 145
18
18 14
8818 9114
124 124
127 134
8
22
23
*965 93
8
518 518
738
7,
4
53
4 614
1612 17
14
143
4
43
43
7
8
7
8
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Shares. Indus.& Miscell.(Con.) Par
Davega Stores Corp
6
No par
6,400 Deere & Co
20
1,500
Preferred
100
500 Detroit Edison
1,000 Devoe & Reynolds A__No par
No par
2,700 Diamond Match
Participating preferred___25
1,100
No par
14,000 Dome Mines Ltd
1,000 Dominion Stores LtdNo par
20,800 Douglas Aircraft Co Ino No par
100 Dresser(SR) Mfg cony A No par
800
Convertible class B No par
1
700 Dunhill International
290 Duquesne Light 1st pref__100
1,200 Eastern Rolling Mills__No par
5,800 Eastman Kodak (N J)_No par
100
60
6% cum preferred
3,200 Eaton Mfg Co
No par
35,300 E I du Pont de Nemours____20
100
1,300
6% non-voting deb
1,100 Fin:igen Schild new__No par
15,300 Elm Auto-Lite (The)
5
80
Preferred
100
3
2,400 Electric Boat
2,700 Eleo & Mus Ind Am shares__
8,100 Electric Power & Light No par
4,400
Preferred
No par
No par
1,400
36 preferred
700 Dec Storage Battory
No par
400 :Elk Horn Coal Corp_ _No pat
50
6% Part preferred
50
500 Endicott-Johrmon Corp
100
60
Preferred
1,700 Engineers Public Serv__No par
100
35 cony preferred____No par
No par
1,000
$53.5 preferred
200
No par
E6 preferred
800 Equitable Office Bldg No par
500 Eureka Vacuum Clean
5
5
27,100 Evans Products Co
440 Exchange Buffet corp_No par
25
Fairbanks Co
8 •112 14
*112 2
*112 2
*112 13
4 *Ds 14 *112 17
57
*55
57
5612 *55
54
*537 5412 5412 55
8
*55
54
_
_
126 126 *126
*126
_ _ *126
_ _ *124
126 128
4
412 1
43
4 43
4
43 _- _4 43
4
43
4 - 43
43
4 44
412
12
412 -137 137 *1312 15
8
8
*134 153 *1314 15
4
*1312 1518 *14
15
1414 147
*14
15
8 15
15
15
15
1414 1412 *1334 15
8
1612 153 1518 *1514 20
8
*1512 19
153 153 *15
8
*16
19
*63
4 67
8
6 13 64 64 64
7
67
8 67
8 263
4 63
4
65
8 67
8
4 103 1038 *10
8
4
1012 10,
2 104 1012 103 103
103
8 103 104
8
8
4
245 2514 243 2514 247 2614 2538 2614 247 257
8
8
8 245 2578
8
7
712
74 74 *714 74 74 74
73
4 73
4
718 714
*7
8
218
*4 2,
8
*4 218
*7
8 218
*7
8 218
.7
8 218
*518 8
*518 8
*518 8
*6
100
8
Preferred
*54 712 *513 712
1,800 Fairbanks Morse & Co_No par
14
14
13 4 1334 137 1412 145 144 1418 1418 14
,
8
14
8
100
54
533 5334 *53
4
5312 54
54
*53
52
533
4 53
160
Preferred
533
4
15
*73
4 8
814 814
8
8
8
8
*74 74 74
600 Federal Light & Trao
77
8
*4812 55
*5055
No par
*4812 55
*4813 52
49
49
50
Preferred
50
100
90
*72
90
*75 . 85
*72
*79
85 "72
Federal Min & Smelt CO__ 100
90
*72
90
614 63* *54 63
8 *53
8 6
*512 6
*53
4 6
53
4 6
300 Federal Motor Truck__No par
100 Federal Screw Works__No par
*314 312 *34 33
4 *312 4
*3,
2 358
312 312 *314 4
24 214
218 214 "24 214
,
218 214
218 218
1,700 Federal Water Seri A__No par
2
2
*2312 244 2414 2414 2414 2414 *2218 247 *21
8
2478 "2118 213
4
300 Federated Dept Stores.No par
32
314 3114 3114 3114 314 317
8 314 32
32
3214 33
2,400 Fidel Phen Fire Ins N Y__2.50
*818 914 *8
Fifth Ave Bus Sec Corp.No par
914 *818 914 *818 914 *818 94 "84 9,
8
*13
30
*21
30
*2014 30
Filene's(Wm)Sons Co_No par
*2014 30
*2014 30
*2014 30
100
104 104 *10212 104 *10212 104 *10214 104 *10212 104
10212 104
70
65i% preferred
193
8 19
*1914 193 *19
4
1914 194 1914 184 183
185
8 1,200 Firestone Tire & Rubber___10
8 18
*8112 86
100
*8112 86
*823 86
8
*8212 8412 *824 84
*8212 855
Preferred series A
8
6512 66
1,900 First National Stores__No par
61
644 64
64
64 12 64 2 65 6512 6412 65
,
s
43
4 47
47
8 5
412 47
43
4 54
8
412 412 3,700 :Follansbee Bros
43
4 514
No par
*1812 1912 *1734 1814 *1731 1814
•1814 19
*1712 1812 1812 19
200 Food Machinery Corp_No par
No par
1618 1612 *1512 1612 16
163
8 16
1612 154 16
1512 16
1,700 Foster-Wheeler
4
4 12
123
4 125 13
8
124 1212 12
No par
1218 123 *1112 113
124 5,400 Foundation Co
22
I
8
*2118 22
217 217
8
900 Fourth Nat Inveet w w
214 22 z217 217
8 214 214 22
8
1412 144 143 15
4 143 143
4
8
4 144 15
8 1414 143
3,300S Fox Film class A new __No par
147 147
8
52
*4812 50
50
50
*47
50
50 50
52
30 Fkin Simon & Co Inc 7% pf100
*4813 60
3912 4038 39
41
3718 38
36
371 1 16,700 Freeport Texas Co
10
4012 4112 394 41
*2414 28
2714 *24
2712 *2418 28
2713 *22
*23
Fuller (0 A) prior pref_No par
*23
2812
*11
15
•13
15
*1212 16
*11
16
*1213 15
*1318 15
No par
36 2d pref
*238 3
*238 24 *214 27
8 *214 278 •214 278
*212 3
Gabriel Co (The) cl A__No par
1412 *14
1412 *14
144
8
160 Gamewell Co (The)___No par
*133 134 134 137 *14
4
14
14
8
878 93
914 94
84 87
8
9
918 *87
8 914 2,500 Gen Amer Investors___No par
83
4 914
85
*81
85
85
81
81
*81
85
*81
100
*81
85
*76
No par
Preferred
4 373 39
39
3912 z383 383
4
4 387 39
8
2,500 Gen Amer Trans Corp
4
374 374 3712 373
4 193 20
8
1918 193 20
8
195 2014 185 193
8
8
6,700 General Asphalt
preferred105
8 19
1918 193
1014
97 10
10
104 3,200 General Baking
94 94 10
10
1018
97 1018
8
5
8
8
10012 10012 *1005 102 *1005 103 *1005 103 *10058 103
8
30
38
No par
*10012 103
8
8 12
8
8
812
83
8 83*
818 6,400 General Bronze
8
818
5
74 8
3
418 414 *418 48
414 414 *43
8 44
800 General Cable
414 44
414 414
No par
4
812 812 .814 10
100
4 *83 1014 *812 103
4
No par
Class A
*814 1012 *814 103
25
25
*24
25
2714 *2414 28
400
2712 28
7% cum preferred
4
100
223 223 *22
4
40
40
40
4012 40
1,600 General Cigar inc
394 397
8 40
39
39
No par
397 40
8
4
110 110
4
4
4
160
7% preferred
100
*106 1084 *106 1083 *10814 1083 "1084 1083 1083 110
2012 21
51,600 General Electric
8
8
No par
207 214 2012 2118 205 2118 207 2114 2012 21
8
8
8
Speclv.1
10
1212 1212 1212 1212 1238 1212 123 1212 123 1212 1212 1212 7.400
8
8 323 325
8
8 3214 324 11,600 General Foods
8
323 327
8
8 325 328 325 327
No par
4
323 33
*3
4
73
3,000 Gen'l Gas & Eleo A
3
4
3
4
3
4
3
4
*3
4
7
8
No par
78
"4
1
3
3
4
*144 15
14% 14%
400
*1414 15
Cony prof series A No par
144 1412 1412 1412 *144 15
1514 1514 *1614 20
•163 20
8
10
$7 prof class A
*1518 20 e_ 20
No par
20
*15
*1734 21
*163 21
4
*173 21
4
*15
21
$8 prof class A
.1612 21
No par
*1612 21
58% *543 585*
8
8
8
Gen Ital Edison Elea Corp_
8
563 *5514 585* •543 585 *5418 585 *53
4
*55
4
8 57
5714 563 5718 2,000 General Mills
8 5718 5712 5714 573
No par
564 5712 *5714 577
11134 1113 112 112
300
8
Preferred
100
4
1113 1113 *111 112 "11112 112 *1113 112
4
8
4
4
8
10
8
335 3418 325 3312 323 333* 323 335* 313 3234 313 3314 101,500 General Motors Corp
8
10234 103
1,600
8
$5 preferred
8
No par
101 101 *10012 1014 1013 1014 1007 10114 10178 102
18
300 Gen Outdoor Adv A_ No par
*17
19 .17
4
18
*163 19
1712 16
*1614 1714 *16
4 5
500
4 518 *43
Common
No par
5
5
47
8 514
514 514 *43
514
*5
1912 *1714 1934
130 General Printing Ink
4 1858 1858 19
No par
184 1814 *1812 193
18
18
*85
88
*8614 88
*8614 88
40
86
$6 preferred
No par
86
86
•85
86
*80
1,900 Gen Public Service
3
3
23
4 3
No par
314 314
34 34
3
'4 315
34 3'4
8 3438 3514 2.100 Gen Railway Signal_ _ No par
33
353
,
33
3312 334 33 2 3414 3412 3518 36
2
2
2
2
218
1,600 Gen Realty & Utilities
2
1
218
2
2
2
218 218
18
18
20
200
$8 preferred
20
*18
19
*18
19
No par
*1712 19
*17
19
1534 1534 154 16
1,500 General Refractorles
153 16
4
No par
153 *1512 16
3
15
16
16
4
4 1,800
1412 144 *1434 1514 143 143
Voting trust certifs No par
8
1514 1512 147 1514 154 1514
*2212 26
60 Gen Steel Castings pref No par
35 •____ 38 e__ 3712 *2212 3712 *2212 28
35
1034 1034
1014 107
1034 1078
8 2,200 Gillette Safety Razor No par
1058 1078
8 11
107
11
11
400
6214 6214 63
83
*62
63
Cony preferred
62
6112 6112 62
No par
*6112 63
44
37
8 418 1,400 Glmble Brothers
44 414 *4
414 414
No par
418 418
418 44
200
Preferred
100
*2314 2412 *2312 244 •2314 2412 2412 2412 *234 2412 *2312 2412
247 254 2518 2534 8,300 Glldden Co (The)
8
2512 26
2514 26
No par
4 254 26
263 263
8
150
100 100
100 100
Prior preferred
10112 100 101
100
*101 102 *101 102 *101
714 714 3,800 Gobel (Adolf)
712 75
8
7
7 12
714 74
712 73
4
714 74
5
2012 4.100 Gold Dust Corp v t a_ __No par
203
8 20
8 20
8
2014 204 2012 203 205
2014 203
8 20
*110 119
46 cony preferred___No par
8
•1107 119 *1117 119 *11014 119 *11018 119 *110 119
8
8 14
1414 7,800 Goodrich Co (13 F)
1334 145
No par
4
4 143 1518 144 15
4 143
4 14
1412 14
500
4
4
Preferred
54
*5414 5514 533 533 *5012 5412 *5212 5512
100
5412 54
54
287 30i4 12,100 Goodyear Tire & Rubb_No par
8
30
29
3114 3014 31
303 304 2912 3012 30
8
200
7512 7512 *7614 80
1st preferred
No par
*7512 78
75
75
*7313 75
*74
77
818 818 2,500 Gotham Silk Hose
4
818 818
814
814 83
No par
8
8
838
8'2
8
.51
56
*51
56
56
*51
Preferred
56
100
*50
56
*50
58
*50
2% 25
8 3,800 Graham-Paige Motors
212 2%
213 212
8
1
212 25
25
* 23*
8
2% 23
11
104 11
6,500 Granby Cons M Sin & Pr__100
1112 11
1112 11
1112 11
105 113* 11
*
618 618
614 614
600 Grand Union Co tr ette
1
64 614 *514 612
614
*614 612 *618
300
37
Cony pref series
No par
4 3714 3714 .311
*3714 373
3
8
4 73
4 373 3 4 *37
363 363
4
*26
28
*26
28
28
Granite City Steel
*26
No par
28
28
*26
*26
28
*26
1.900 Grant (W T)
3212 33
3312 *324 33
No par
3314 33
33
33
3112 3213 z33
1114 113
4 1114 12
2,200 (St Nor Iron Ore Prop No par
12
1214 1212 1214 1214 *1214 1212 12
334 35,100 Great Western Sugar No par
8
8
8
314 313
4 305 3112 315 3214 3214 333 z315 324 32
8
160
111 111
4
100
Preferred
112 112 *1103 113
112 112
112 112
•111 112
212 212 3,200 Guantanamo Sugar____No par
212 212
4
14 23
14
13
4
8
*13
4 17
*13
4 2
30
Gulf States Steel
*27
•27
30
No par
30
8
297 .27
2978 *27
3512 *27
*30
10
*6018 75
Preferred
100
*6018 75
75
*25
*6018 75
75
671* 6712 *65
PER SHARE
Range Since Jan. 1.
On basis of 100-share 103.
Lowest.
$ Per share
6 Jan 10
18 June 2
1118June 7
8312 Jan 5
29 Jan 6
z21343.Iay 14
284 Mar 27
32 Jan 25
19 Feb 10
1414 Jan 2
914 Jan 10
71: Jan 16
614May 14
90 Jan 16
54 Jan 3
79 Jan 4
120 Jan 16
1314 Jan 3
80 May 16
115 Jan 2
11 May 14
1818 Jan 9
80 Jan 5
33 Jan 8
8
414 Jan 3
412 Jan 3
814 Jan 3
8 Jan 2
280 June 7
58May 11
114 Jan 10
51 May 14
120 Jan 3
4 June 7
114 Jan 3
11 Jan 8
1412 Jan 2
614May 12
718 Jan 8
9 Jan 3
4 Jan 9
158 Mar 9
414 Feb 14
7 Jan 6
30 Jan 10
7 May 10
3418 Jan 12
75 May 10
8May 14
53
2 Jan 13
1114 Jan 5
223 Jan 8
4
4
233 Jan 5
7 Feb 15
25 Feb I
87 Jan 10
17 Jan 14
71 Jan 9
5414 Jan 5
214Nlay 12
1013 Jan 9
1214May 14
8Nl5y 14
87
194 Jan 5
1214 Jan 5
384 Jan 12
z35 May 14
1813 Jan 19
9 Jan 4
218 Jan 12
1112 Jan 18
73 Jan 4
8
79 Jan 29
4
331'8 j n
15 8 Ja
934ay 12
M
100 May 8
5 4 Jan 9
3
33 Jan 4
8
6 Jan 4
1413 Jan 9
27 Jan 2
97 Jan 8
1812 Jan 4
113 Jan 2
3
3118.May 23
3 Jan 2
4
64 Jan 2
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest,
12 Jan 29
14 Jan 19
50 Jan 24
8
537 Mar 20
103 Feb 27
291sJune 2
893 Jan 6
4
83 Jan 5
35 Jan 2
1012 Jan 3
7312 Mar 10
212 Jan 8
3114May 14
112May 14
16 Jan 8
1018 Jan 3
1214 Jan 22
3012 Jan 13
812 Jan 6
47 Jan 11
4May 12
33
18 4 Jan 8
,
155* Jan 4
83 Jan 19 103 Apr 27
912 Feb 27
5 12 Jan 2
183 Jan 11 23 Apr 23
4
9612 Jan 6 110 May 1
1214May 12 18 Feb 19
40 Jan 5 624 Apr 21
4June 2 413* Feb 19
253
74 May 19 8614 Feb 19
4
7 Jan 4 113 Feb 5
4912 Jan 22 7112 Apr 26
412 Feb 1
212June 4
3 Feb 16
8 Jan 2 13
4
4 Jan 8 8 3 Jan 31
23 Jan 6 40 Apr 24
23 Jan 15 3118 Apr 25
5
30 Juno 8 40 8 Feb Ill
1012MaY 14 1518 Feb 19
25 May 14 344 Jan 20
102 Jan 2 112 June 2
% Jan 2
312 Feb 8
24 Jan 2 42 Mar 13
47 Jan 8 83 Apr 20
Apr 9112 Aug
16 July
Feb
Feb 2738 July
Dec 105 July
Mar 2112 July
Feb 63 July
4712 July
9'4 Feb
273 Mar 8014 July
812 Oct 1712 June
41
Apr 73 July
53 July
1
Apr
8
3 8 Mar 155 June
7
34 Mar 10% June
20 Sept 364 July
8
11 18 Mar 305 July
153 Feb 3612 Deo
16% July
54 Feb
67 Jan 414 Sept
8
724 Jan 110 Sept
413 May
4 Jan
65 Feb 38 July
164 Jan 64 June
48
3
12
9613
3
9
sale. z Ex-dB/dead. y Ex rights.
• Bid and asked Prices, no sales on this day. 5 Companies reported in receivership. a OptIonalsale. c Cash
Highest.
3 Per share $ per share 3 per share
84 Feb 5
15 Feb
8
83 July
4
3418 Feb I
2438 July 49 July
1512 Jan 30
614 Feb
183 June
8
84 Feb 23
48 Apr 9113 July
554 Apr 25
10 Mar 337 Aug
8
2812 Jan 16
1713 Feb 2912 July
3112 Jan 24
2618 Feb 31 July
433
8June 13
12 Feb 3912 Sept
23 Mar 10
1012 Feb 263 July
8
2812 Jan 31
10 4 Feb 184 July
,
19 Feb 17
63 Feb 18 June
4
117 Mar 28
8
218 Mar 103 June
4
113 Mar 26
4
4
4 Apr 143 July
101 June 9
85 Nov 10218 June
123 Feb 19
4
118 Mar 10 July
10014June 12
46
Apr 893 July
4
145 June I5 110 May 130 Mar
2212 Apr 19,
34 Mar 16 July
1037 Feb 161 324 Mar 964 De,
8
124 June 11
9712 Apr 117 July
1914 mar 6
3138 Feb 21
-10 Apr - 2712 July
101 Apr 6
75
Oct 8812 July
712 Jan 29
1
Jan
814 July
918May 8
1
Feb
412 Dec
95 Feb 7
8
318 Feb 153 June
8
21 Apr 18
712 Apr 3612 June
193 Feb 7
4
612 Apr 323* June
52 Jan 24
21
Feb 54 July
17 Feb 21
8
18 Jan
4 June
33 Feb 23
4
4 Apr
8 June
63 Feb 16
26 Feb 624 July
126 Mar 20 107 Feb 123
Oct
83 Feb 7
4
33 Dec 143 June
4
4
2312 Feb 6
11 Dec 47 June
2412 Feb 5
11 Dec 497 June
8
2513 Feb 5
12 Dee 55 June
103 Jan 22
3
613 Mar
133* July
1438 Feb 19
3 Apr
1814 July
2714 Apr 27
7 Mar 10 Nov
8
1012 Apr 2
312 Nov
114 July
17
238 Apr
7 May
8
25 June
8
1212 Apr 14
1
Feb
814 June
18 Feb 19
213 Mar 1114 June
58 Apr 24
10 Feb 4212 Nov
1114 Apr 3
484 Apr 1413 June
62 Mar 13
33 Dec 594 July
107 Feb 14
15 Mar 103 Sept
83 Jan 30
4
4
3* Mar 113 July
53 Feb 23
8
47 July
8
3 Feb
4
4 Feb 6
13 Dee
8
63 June
4
31 Mar 6
712 Feb 30 July
35 Apr 20
1014 Mar 38 July
11 Jan 3
5 Mar
958 Nov
2812 Apr 10
9 Apr 30 July
105 Apr 25
81
Apr 95 Sept
254 Feb 19
918 Apr 314 July
86 Apr 21
42 Mar 75 June
6712 Apr 23
4
43 Mar 703 July
173 Feb 21
8
212 Feb
19 June
21 May 4
613 Apr
16 July
22 Feb 16
413 Feb 23 July
1714 Jan 30
2 Feb 233 July
8
2712 Feb 5
135 Mar 2614 June
8
174 Feb 26
12
Oct 19 Sept
63 Feb 7
12
Jan 50 Aug
503 Feb 19
8
1618 Feb 493 Nrv
8
3312 Apr 26
9
Jan 31 Jude
1958 Apr 26
4
Jan 23 June
45 Mar 12
8
1
Feb
514 Aug
20 Feb 19
613 Jan 2078 Aug
1112 Feb 6
258 Feb 12 June
87 Mar 13
42 Feb 85 July
43,3 Feb 19
2 4
133 Feb 1314 July
4
Apr 24
44 Mar 27 July
143 Feb 5
8
1013 Dec 2078 July
10812 Feb 7
993 Mar 10814 Sept
4
1018 Mar 9
218 Feb 1012 July
618 Feb 1
114 Mar 1112 June
12 Feb 1
214 Feb 23 June
33 Apr 20
612 Mar 46 June
4012Juno 13
244 Dec 485* June
Jan
110 Apr 28
90 July 112
2514 Feb 5
1012 Feb 304 July
1234 Feb 26
107 Apr 1214 July
8
364 Jan 30
8
21
Feb 397 Sept
13 Feb 6
4
8
27 June
12 Dee
19 Mar 13
318 Apr 1612 June
21 Mar 13
63 Dec 1813 June
4
22 Mar 12
5 Apr 20 June
6114 Feb 16
2414 Jan 553 Nov
6412 Jan 15
3512 Mar 71 June
11214June 5
9212 Mar 1064 Sept
42 Feb 5
10 Feb 353 Sept
103 May 1
6512 Mar 95 July
21 Apr 14
518 Jan 24 June
65 Apr 20
8
212 Mar 1018 June
2513 Apr 23
34 Jan
17 June
88 Apr 2i
31 Mar 82 Aug
55* Feb 7
814 June
2 Apr
453 Mar 3
4
,
13 4 Jan 4912 July
35 Jan 30
8
453 June
3 Feb
8
263 Jan 30
8
4
512 Jan 223 JUIN
4
193 July
233 Feb 23
8
213 Feb
1913 Feb 21
714 Sept 18 June
4812 Mar 15
93 Feb 3812 June
8
75 Dee 204 Jan
8
1212 Feb 6
Jan
4512 Dec 75
63 June 8
3 Feb
4
8
75 June
638 Feb 5
30 Feb 5
54 Mar 33 July
33 Mar 20 July
2818 Apr 26
-
New York Stock Record-Continued-Page 5
4097
cir FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE FIFTH PAGE PRECEDING.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
June 9.
Monday
June 11.
Tuesday
June 12.
Wednesday
June 13.
Thursday
June 14.
Friday
June 15.
$ per share $ per share $ per share $ per share S per share $ per share
*2414 26
*2414 26
.2478 26
.247 26
8
*247 26
8
26
26
2918 2918 *203 31
30
*2918 30
8
.2918 30
8 30
2912 297
57
8 6
53
8 5
/
1
4
55
8 53
4
/ •53
1
4
53
4
4 57
,
8
5
5
/ 54
1
4
8
8
43
433 *41
4
4112 4112 4012 4012 4112 4312 433 433 *42
7i2 8
7 8 712
3
*71 712
/
4
7
712 712
7
75
8 758
*618 8
8
*618 8
.6
*6
*614 8
8
8
*6
*39
41
*39
41
*39
*343 39
41
4
39
39
39
*38
9212 9212 9212 9212 9212 93 93
93
93
93
93
•92
1812 1812 *1814 20
183 183
4
*1812 197
4
8
,
193 19 2 *1912 20
8
51
8
8 *412 53
•412 53
53
8 512
512 512 *5
612 *5
59
60
5812 6012 61
*6112 6212 *6012 6212
62
*5712 59
3 4 33
3
4
3 8 34
5
312 33
8 *3
/ 33
1
4
4
312 312
31, 312
91
9214 9214 92 9212 .88
914 9112 9/
/
1
91
91
91
*10614 10712 10712 10712 *108 118 *108 115 *108 115 *108 115
*512 10*812 10
812 10
*812 10
•812 10
*812 10
/ *7018 7218 72
1
4
7218 x7012 7012 7012 70
7212 72
/ 7012 71
1
4
122 123 .12214 123 *12214 123
12214 12212 12212 12212 *122 12312
*6014 63 .62
*61
63
4
623
*62
4 623 63
634 6214 6314
/
1
*92
94
93
.92; 94
93
94
93
94
9212 9212 94
9
/ 914
1
4
9
958
912 912
914 914
9
914 9
9,
4
/
1
4
934 93
4
9
/ 10
1
4
1014 1014 *9
*93 10
1018
4
/ 10
1
4
10
8
*370 3887 *376 38518 382 382 *370 382 *370 385
382 384
*2012 2112 *20
21
2112 203 203
21
4
4 20
2012 *1918 21
458 45
43
4 47
*43
4 47
8
5
s
5
8
412 41
/
1
4
/
4
412 4
4- *5218 60
*513 5214 *5214 60
4
.52,
*521 60
/
4
*5218 60
23 - 4 2212 2212 2212 2234 2212 2212 2112 21'2 211* 2212
/ 2331
4
41 414
/
4
418 414
44 *37
8 4
4
3
/ 3
1
4
4
/
1
4
4
54
4
5518 53
4
/ 5455 525 5334 53
1
4
533 5414 533 55
8
543
4
4
1314 1358 111 131s
/
4
14
/
4
1414 1314 141 1314 133
1114 121
/
4
4
418
4
418
4
418
41 414
/
4
3
/ 3
1
4
/
1
4
8
3
/ 37
1
4
2412 257
8 25
26
2514 26
257 2614 2514 261 x25
8
/
4
26
61
61
6212 6112 6212 *6018 62
6112 60
61
603 61
4
403 4012 *4014 411 41
8
41
/
4
4014 403 *39
*4014 41
4112
514
8 *5
4
5
/ 41
1
4
5
/
4
54 53
5
5
5
5
*3
/ 4
1
4
*34 4
/
1
8 4
37
8 37
/ *37
1
4
*34• 4
/
1
3
/ 3
1
4
4
4
414 414 *4
43
4 *4
43
4
*418 45
8
*414 5
63
4 63
4 *7
67
8 61 • 4 7
/
712
4
7
714 *7
63
73
314 314
3,
4 3
4
3 8 318 *318 33
,
4
4 33
8
4 *33
33
8 33
22
*22
22
2712 *2214 2712 2214 27
27
*2214 263
.22
4
1374 13812 137 1374 *137 13712 13712 1387 137 137
/
1
/
1
4
/
1
8
13812 13812
9
9
9
9
812 812 *814 8
/
1
4
84 8
/
1
4
.812 9
/
4
/
1
4
•25 . 2512 243 254 2512 2612 2678 2778 271 2712 2634 27
3234 33
/ 3318 33
1
4
4
/ 32
1
4
/
1
8
8
324 325 324
/
1
335 3414 323 33
•120 123 .120 123 *120 123 *120 123 *120 123 .120 123
v 714 7
/
1
4
7
7 14
7
714
7
714
61 718
/
4
7
7 14
3
/ 38
1
4
*35
35
8 4
8 35
5
312 312
8
33
8 3
*358 4
/
1
4
8
263 2718 263 2714 2612 27
8
4
/
1
2612 261
/
4
264 264 265 27
/
1
'125___ •I25 . __ •124
___ *124
____ •12212
.. _ *123
__
1912 *1918 19
24
191 1914 *19 - /
4
19
_19
2
0
/
4
•191 24
438 4
414 438
/
1
4
438 41
4
418 41
4
/
1
4
/
4
43
8 4
8
218
/
4
238
24 218
/
1
Vs 218 *21 23
/
1
218 218
g. 218 24
15
8 11
/
4
111
/ 13 ./ 17
4
4
11
4
13
4
8
13
4
13
4
13
4
11
/ 13
4
4
8
184 194 184 191
/
1
/
1
/
1
1812 184 183 19
/
1
• 187 1914 183 19
4
s
8
/
4
1912 191s 1914 1914 *183 20
4
. 2012 2012 .195 201 •1912 20
*83
85
85
85
86
*8312 85
*831 85
.
*83
.8312 85
/ 2934 31
1
4
8
31
/
1
311 x3012 307
/
4
* 2912 294 295 29
/
1
8 301 304
/
4
4112 4112 .4134 4212 *4214 4212 x4212 4212 4214 4214
*4112 42
33
*31
33
31
3312 *30
31
*31
33
31
-.30
31
*671 68
/
4
69
677 68
8
x677 68
8
68
.6418 68
*64
68
4
8 1312 143
1314 123 137
8 134 141
13
1314 133
4 134 14
/.1318 135
8 1314 1314 1314 1312 1312 1312 1312 1312 .123 13'2
4
812 •
712 812 *7
8
•7
*71 812 *718
/
4
712 .718 858
4 284 287
287 *2812 283
8
/
1
8 2914 294 *29
.28
2912 2912 20's
.45
477 *45
8
46
47
/ .453 461 *46
1
4
46
4
/
4
4612 *4618 4658
514 517
/
1
8 5012 5112 51
52
/ 52
1
4
533
4 5112 523
4 5234 5334
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Shores.
100
90
7,300
1,100
1,200
Indus. &MisceII.(Con.) Par
Hackensack Water
25
7% preferred class A__25
Hahn Dept Stores___No par
Preferred
100
Hall Printing
10
Hamilton Watch Co___No par
Preferred
100
Hanna(M A) Co $7 pf_No par
Harbison-Walk Refrac_No par
Hat Corp of America el A__1
100
654% preferred
2
Hayes Body Corp
Hazel-Atlas Glass Co
25
Helme (0 W)
25
Hercules Motors
No par
Hercules Powder
No par
100
37 cum preferred
Hershey Chocolate____No par
Cony preferred
No par
Holland Furnace
No par
Hollander & Sons (A)
5
Homestake Mining
100
Houdaille-Hershey Cl A No par
Class B
No par
Household Finance part pf_50
Houston 011 of Tex tern cris100
Voting trust cris new____25
Howe Sound v t it
5
Hudson Motor Car____No par
Hupp Motor Car Corp
10
Industrial Rayon new_ _No par
Ingersoll Rand
No par
Inland Steel
No par
Inspiration Cons Copper___20
Insuranshares Cite Inc
1
Intercont'l Rubber__ __No par
Interlake Iron
No par
Internist Agricul
No par
Prior preferred
100
Int Business Machlnes_No par
Internet Carriers Ltd
1
International Cernent_No par
Internet Harvester____No par
Preferred
100
Int Hydro-El Sys cl A
25
Int Mercantile Marine_No par
Int Nickel of Canada_No par
Preferred
100
Internet Paper 7% pref
100
Inter Pap & Pow Cl A__No par
Class B
No par
Class C
No par
Preferred
100
Int Printing Ink Corp_No par
Preferred
100
International Salt
No par
International Shoe
No par
International Silver
100
7% preferred
100
Inter Telep & Teleg___No par
Interstate Dept Stores_No par
Intertype Corp
No par
Island Creek Coal
1
Jewel Tea Inc
No par
Johns-Manville
No par
10
360
500
300
190
800
1,200
100
1,000
110
800
900
6,000
800
400
500
1,400
2,000
2,400
30,300
65,700
3,900
11,100
1,800
800
2,800
200
200
4,200
900
100
1.900
500
3,900
8,800
5,300
400
62,600
____ _
50
1,500
500
1.400
6,900
400
10
5,700
300
200
160
77,300
1,600
400
100
12,100
•111 125 *111 125 *111 125
112 112 .112 125 *112 125
10
*51
65
65
*51
65
.55
*51
65
65
*51
*51
65
81 *77
/
4
8 818 *77
8
84 8 4
,
4 814
8 814 *73
8
8
500
8 17
17
1714 174 *17
.1714 173
/
1
1714
17
1714 17
17
1,100
25
8 2
23
4 23
/
1
4
23
4 23
4
4
212 212 *212 25
8
2
/ 2'2 1,600
1
4
12
/ 12
1
4
12
1218 1218 1218 12
•1214 12
4
12
800
113 113
4
*5
71 *5
/
4
758 •5
718 *5
71 *5
/
4
*5
81
6
412 *318 41
4,2 *3
*31 412 *3
*31 412 *318 41
/
4
/
4
1838 185
8 1812 1914
19
184
/
1
19
195
1812 1918
183 19
4
24,400
8412 8412 8412 85
86
*83
86
86
86
86
•86
93
160
214 2212 211 2210 22
/
1
/
4
227
8 22
/ 231 x22
1
4
225
8 217 223 108,900
8
4
,
155 .1312 153 *1312 155 •1312 154
•1312 15 4 *1312 155-; •14
8
8
/
1
614 614 •
618 6,
8
612 .6
*6
6
/ *6
1
4
6
61
612
200
/
4
/
1
4
325
*321 3414 . 8 343 *321 344 *327 34
/
4
8
323 323 *30
4
4
327
8
100
1914
4
1812 19
4 1812 183
185 183
8
185 19
8
19
1812 1812 5,300
•Iii
.
•111_ *111
_ Ill 111 •109 111 .109 111
10
57 li
58 18
5812 ilil2 *58
60
.58
60 .55
5812
300
303 31
4
/
1
304 3114 3114 313
/
1
304 31
31
4 31
31
31
2,400
27 .21
27 .20
27 .23
*20
27
*20
27
•20
27
3412 *3212 3412 3212 321 *35
3312 .32
43 .35
32
43
90
4 271 2858 283 285
/
4
/
4
2712 271 2712 273
8
8
8
8 283 283 x27
2712 2,900
/
4
8
/
4
13, *114 121 .1114 121 .113 121 *1114 1218 *1114 1218
8
•12
13
/ 13
1
4
/ 13
1
4
13
1312 1314 1358 13
13
1318 13
13
2,800
*1412 1738 15
15
1512 1512 1518 ,•15
17
*14
16
16
900
*7412 77
*7412 77
x7612 7612 .735 77
*7412 77
8
*735 77
8
10
.34 3
/
1
4
3 4 314
,
3
3
33
8
*3
318 314 *3
314
600
1114 1012 1012 *104 1114 *105 113 •105 111 105 104
/
1
8
0
/
4
8
*11
8
/
1
200
.6812 703
8 6712 6712
69 4 691 *69
,
4
/
4
7112 683 71
691 *70
/
4
900
*211 22
/
4
.2112 22
21
/
1
211 21
/
4
22
214 22
22
21
700
/
4
8
3218 323
8
4 315 3218 3214 325 13,300
3114 3214 311 3214 317 33
8
22
2218 225
2212 22
*22'8 23
23
23
8 22
23
23
1,600
59412 96
9412 9412 9312 9312 94
9614 *95
97
*9412 96
1,000
964 9714 *96
/
1
96513 97
/ 9612 97
1
4
9612 9714 3,500
975
8 9714 97
148 148 *14514 155 .144 155 *14418 155
*147 148 *147 148
100
/
4
211 213 213
4
4 211 211 2134 213
/
4
/
4
/
4
/
4
4 213 22
4 211 213
211
4
2.100
8
.1234 2512 *2312 247 *23
/ 2512 *2314 25 .223 24
1
4
4
*23
25
16 •--- 1612 1612 1612 *16
16
104 16
15
16
15
400
3014 29
2912 2912 3014 2914 3014 2812 294 2912 291
30
2,800
/ 32
1
4
323
4 3212 334 3218 3318 z3114 32
3234 33
3112 3212 24.000
/
1
.9612 08
9612 9612 .9612 98
4
9714 9714 963 963 *9612 98
4
400
2
*2
24 218
2
/
1
21 24 *2
/
4
218 1,000
/
1
24 218
/
1
214
11 15
/
4
8 •112
8
Vs
112 15
11
/
4
11 15
/
4
13
4
8
13
13
4
4
800
4018 40
404 4012 *40
4
4018 4018 4012 393 4018 *393 40
4
2,700
/
4
/
4
/
4
4.12512 1261 .1251 1261 •12534 1263 1263 1261 •126 128 *12414 128
/
4
8
8
20
8 184 187
/
1
x1814 1812 183 1858 6,700
194 1812 187
8
19
4
/
1
8 183 19
.10614 ---- *1064 ---- •107 ____ *11014 ---- *111358 ---- •11014 140
214
17
;02
2
8 2
2
214
2
/ 214 *2
1
4
Vs •2
800
18
18
181 *141 1812
*16
/
4
1812 18
1812 .18
•14111 18
30
17
171 173
/
4
1718 17
8 1712 1712 173 173
8
8 1714 1714
900
7 17
8 1514 1512 144 15
1514 •141 15
.144 15
/
4
15
/
1
i 1512 157
1,500
*80
85
*80
85
80
80
*80
85
.80
85
83
*80
100
*335 34
8
.3212 34
3418 *3112 341
*3212 34
34 .32
34
/
4
200
__ •10414
___ •10414 _ _ *10414 ___ •10414
5104
2614 104___.261
271
273
2714 275
274 - - 27
8 6,100
/ 2814 22718 1
4
273
4
27
423 435
4
4
8 425 431
/
4
42
4318 411 424 5.400
4314 41
8
/
1
43124
a)6., 61
GIs 614 61 61 61 61 • 614 658 658 61 1.800
/
4
/
4
/
4
/
4
/
4
8
223 *2012 2214 224 223 •204 2214 2118 2114 2112 2212 1,800
8
/
1
., 22
, *25
8 23
4
8 .212 25
2
/ 23
1
4
.212 258 *212 25
4 *212 27
8
100
35
*15
i
.15
35
.15
*15
35
35
•15
35
35 .15
*2
2
21,
*2
21
21
21
*2
212 .2
212 *2
*412 7 8 •5
7 8 .412 7
3
8 *5
73
8 *5
/ *5
1
4
71/4
73
*3
.512 7 8 *512 7
3
6
/ .512 61
1
4
.53
6
4 658
/ *512 7
1
4
100
1618 1614 1614 1612 1858 1612 161 .15
•16
16
1612
16
400
.258 25
.214 23
8 .214 3
3
/ •212 3,
1
4
100
2,
2 212
*3
45
8 4
/
1
4
/
1
4
4
/ 45
1
4
412 4
412 412 1,000
8 045
8 43
4
&412 43
7
/ 73
1
4
712 718 *7,
8 2.250
4 712.
/
4
x714
712 71
73
8
712 '71
23
24
*224 2412 1,400
22
23
23
/
1
23
2312 234 233
23
/
1
1614 1658 154 1618 2,400
4 1614 164 167s 17
/
1
/
1
164 164 1612 163
10
4
10
10
1014 *93 10
10
1012 1014 101
10
900
t 10
1
,,• *1)14 al tasked prices, no sales on this day.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
$ per share
2012 Jan 9
27 Jan 4
434May 12
2514 Jan 9
312 Jan 8
35 Jan 26
8
25 Jan 15
84 Jan 8
141k Jan 2
27 Jan 2
8
193 Jan 4
4
114 Jan 2
85 t ay 14
101 Jan 9
9 Jan 4
59 Jan 4
111 Jan 4
4812 Jan 15
83 Feb 16
5 Jan 3
/
1
4
/
1
4
5 Jan 2
310 Jan 4
11 Jan 8
3 Jan 2
/
1
4
43 Feb 5
1714May 12
314May 12
3512 Jan 3
1114June 15
318hlay 14
223
8May 25
50 May 14
35 May 23
3
/
1
4May 10
2 Jan 2
/
1
4
214 Jan 15
512June 1
2 Jan 8
15 Jan 8
131 June 2
5 Jan 11
/
1
4
211
/
4June 5
30 May 11
11512 Jan 13
4 4 Jan 6
3
818 Jan 2
21 Jan 4
1153 Jan 13
4
1012 Jan 5
33
4May 26
14 Jan 4
/
1
14 Jan 4
/
1
1014 Jan 8
9 Jan 13
66 Jan 2
21 Jan 3
40 May 12
2912June 5
59 Jan 4
1138May 7
312 Jan 4
5 Jan 3
/
1
4
244 Jan 29
/
1
88 Jan 9
44 May 12
101 Jan 4
60 hfay 25
612 Jan 3
137 Jan 4
8
214 Jan 5
11 Jan 2
4 Jan 13
2 Jan 2
/
1
4
117 Jan 4
8
6518 Jan 18
173 Mar 27
4
12 Jan 2
3 Jan 16
1312 Jan 6
133 Jan 2
8
101 Jan 4
36 Jan 3
2314 Jan 8
35 May 19
32 June 9
2214 Jan 4
5 Jan 6
8 Jan 3
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
$ per share $ per share $ per share
15 Mar 2512 July
26 Apr 18
30 Apr 23
25
Apr 287 Jan
8
814 Feb 15
11 Feb
/
4
912 July
4
9 Apr 3812 July
523 Apr 21
93 Feb 14
4
318 Feb
1012 July
212 Apr
111 Apr 20
/
4
9 July
5312 Apr 25
15 Feb 35 July
96 Apr 4
4512 Jan 85 Aug
618 Feb 2512 July
243 Feb 21
4
78 Mar
612 Apr 13
712 June
62 June 13
518 Apr 30 June
63 Feb 15
4
312 July
3 Feb
4
65 July 9712 Dec
964 Apr 23
/
1
10712.May 5
6912 Jan 105 Dee
3 Mar 17 July
1218 Mar 15
15 Feb 685 Dee
75 Apr 24
8
85
12412June 1
Apr 11018 Dec
8May 8
3518 Mar 72 July
647
644 Apr 90 July
94 Apr 21
312 Jan
1012 June
1014 Apr 23
214 Mar 1012 June
8
107 Feb 6
388 Mar 29 145
Oct
Jan 373
418 Apr 15 June
23 Jan 30
/
1
4
6 Jan 26
/
1
4
1 Mar
63 June
4
5114 Jan
43 Nov
54 Mar 12
814 Mar 38 July
293 Feb 5
4
/
1
4
17 Feb7 July
55 Apr 6
8
8
512 Jan 381 Dec
5512 Apr 9
/
4
/
1
4
3 Feb16 July
2414 Feb 5
15 Mar
714 Jan 30
8
7 July
/
1
4
26
/
1
4June 14
7
191s Feb -;8 July
733 Feb 3
4
12
493 Feb 21
4
Feb 45 July
/
1
4
61 Feb 5
/
4
912 June
2 Feb
114 Mar
414 Apr 25
374 June
57
8May 4
412 July
5s Mar
1114 Feb 19
218 Mar 12 July
618 Feb 5
5 July
/
1
4
/ Feb
1
4
3714 Feb 3
5
Jan 2712 July
14914 Jan 30
753 Feb 15314 July
4
1218 Feb 21
2
/ Jan
1
4
104 July
/
1
873 Feb 5
4
618 Mar 40 July
467 Feb 5
8
135 Feb 46 July
8
1254May 11
/
1
Jan 1191s Aug
80
918 Feb 7
/
1
4
13 July
212 Apr
6 Jan 24
67 June
8
114 Jan
2914 Apr 27
6 Feb 2314 Nov
/
1
4
12538May 11
72
Jan 115 Dee
25 Apr 24
2154 July
212 Jan
612 Apr 20
12 Apr 10 July
312 Apr 21
5 July
/
1
4
14 Apr
23 Apr 23
4
4 July
14 Jan
244 Apr 23
/
1
2 Apr 2212 July
25 Apr 21
14
312 Feb
Oct
86 Apr 21
35
Apr 71 Aug
311
/
4June 13
13 Mar 27 July
/
1
4
/
1
4
5038 Jan 26
24.8 Jan 563 July
3
8
45 Feb 15
/
1
4
9
/ Feb 591 July
1
4
/
4
8412 Apr 9
2412 Mar 711 July
/
4
173 Feb 6
4
/
4
51,8 Feb 211 July
1638 Apr 20
87 July
8
112 Mar
10 Feb 8
11 Jan
/
4
1114 July
2912June 15
11
Feb 32 July
52 Apr 20
23 Feb 45 July
1214 Mar 6312 Dec
661 Jan 30
/
4
112 Apr 18
42 Apr 10618 July
35 Feb91 July
77 Jan 23
10$8 Apr 13
2 Mar
/
1
4
9 8 June
3
1812 Apr 20
67 Feb1912 July
8
41 Mar 12
/
4
/ Mar
1
4
618 July
20 Jan 30
8 Feb3118 June
10 Feb 16
2 Feb8 May
712 Feb 16
112 Dec
61 June
/
4
2114 Mar 14
3 Feb
/
1
4
155 Sept
8
8812May 4
30
Jan 73 July
2318June 13
73* Feb 26 Sept
1814 Apr 12
/
1
4
5 Apr 25 July
/
1
4
714 Apr 13
1
Apr
64 June
41 Apr 26
41 Feb 30 July
/
4
224 Feb 5
/
1
/
1
512 Mar 164 July
111 Mar 16
88 Apr 105 June
61 Apr 27
Jan 444 July
27
335 Apr 23
8
8
1412 Feb 355 July
6312 Feb 13
30 Nov 80 June
3712 Apr 61
Jan
60 Feb 9
311 Feb 5
/
4
193 Dec 4118 July
8
3 Feb
1414 Apr 19
1012 June
8
1412 Apr 25
33 Mar 123 July
4
5
/ Jan 27 June
1
4
20 Feb 23
34 Feb 78 Sept
81 Apr 26
Jan
6 July
/
1
4
I
5 Feb 21
212 Apr 12 June
1414 Feb 21
8
78 Feb 6
3712 Feb 793 July
14 Feb 2314 June
2312 Apr 19
/
1
4
/
1
4
4 Mar 37 July
43 Jan 19
/
1
4
154 Oct 2218 Sept
24 Apr 23
/
1
49 Feb 98 Sept
964June 12
/
1
4
4914 Feb 99 Sept
977
8June 13
148 June 12 121 Mar 14018 Sept
2312 Apr 18
13 Apr 2112 May
4
10
3614 Feb 5
Jan 313 July
19 Feb 6
/
1
4
19 July
/
1
4
61 Apr
/
4
1014 Feb 50 July
3518 Apr 23
811 Mar 3612 Sent
3518 Apr 12
9714 Apr 24
35 Apr 7818 July
3 Jan 31
414 June
112 Dee
12 Feb
2 Feb 21
/
1
4
512 June
4
1914 Feb 443 Dec
244 Jan 17
/
1
4
128 Apr 14 11312 M ty 120
Jan
103 Feb 25 4 July
1912 Feb 5
8
,
8712 Feb 106 Nov
113 Apr 11
/ Jan
1
4
8
4 July
33 Apr 4
312 Feb 29 July
2312 Apr 4
21 Feb 7
/
1
4
137 Apr 25 June
8
4 Feb 201s July
1912 Feb 20
143 Mar 9512 Dec
97 Feb 20
8
4
345 Apr 28
8
912 Feb 313 Dec
74 Apr 96 Nov
107 June 4
/
1
411 Feb 6
/
4
1312 Feb 464 July
2414 Feb 65 4 July
6218 Jan 30
3
7 June
11 Mar
/
4
7 Apr 27
/
1
5 8 Mar 194 July
2212June 15
3
414 Apr 24
54 June
/ Feb
1
4
334 Apr 24
/
1
3 Feb 263 July
4
/
1
4
3 Jan 23
/
1
4
5 July
/ Jan
1
4
9 July
/
1
4
914 Apr 26
3 Jan
8
97 June
8
112 Jan
812 Jan 26
20 Feb 1
/
1
4
512 Apr 23 July
4 June
3 8 Feb 17
3
12 Jan
5 Nov
/
1
4
5 Feb 5
/
1
4
47 Nov
8
9 Feb 6
6 Dec 1112 Jan
32 Jan 25
6 Feb 2314 Dec
193 Apr 11
8
183 June
8
414 Jan
1211 Mar 3
/
4
77 Dec
8
12 Jan
Preferred
100
Jones & Laugh Steel oret_100
Kaufmann Dept Store! $12.50
Kayser (J) & Co
5
Kelly-Springfield Tire
5
6% preferred
No par
Kelsey Hayes Wheel conv.ciAl
Class B
1
Kelvinator Corp
No par
Kendall Co pt pf set* A_No par
Kennecott Copper
No par
Klmberley-Clark
No par
Kinney Co
No par
Preferred
No par
Kresge (5 5) Co
10
77 preferred
10
Kress (S H) & Co
No par
Kroger Groo & Bak
No par
Laclede Gas Lt Co St Louis 100
5% preferred
100
Lambert Co (The)____No par
Lane Bryant
No par
Lee Rubber & Tire
5
Lehigh Portland Cement_ __50 11 May 14
7% prate re ,d
100 73 Feb 23
/
1
4
Lehigh Valley Coal____No par
212 Jan 8
Preferred
6 Jan 3
50
Lehman Corp (The)___No par 643
8May 12
Lehn & Fink Prod Co
5 163 Jan23
4
Libby Owens Ford Glass No par 273
8May 14
Life Savers Corp
5 1718 Jan 8
Liggett & Myers Tobacco__25 73 Jan 6
Series B
25 741 Jan 8
/
4
Preferred
100 129 Jan 13
Lily Tulip Cup Corp__No par 16 Jan 15
Lima Locomot Works__No par 22 June 4
Link Belt Co
No par
1214 Jan 3
Liquid Carbonic
No par 2534.May 14
Loevre Incorporated
No par 25 Jan 8
/
1
4
Preferred
No par 72 Jan 2
Loft Incorporated
No par
11 Jan 2
/
4
Long Bell Lumber A No par
114 Jan 12
Loose-Wiles Biscuit
25 3812 Feb 26
7% lst preferred
100 1194 Jan 11
/
1
Lorillard (1') Co
10 15 4 Jan 8
3
7% preferred
100 102 Jan 28
Louisiana 011
No par
14 Jan 10
/
1
Preferred
100
74 Jan 2
LoutsvIlle Gas & El A_No par 15 Jan 9
Ludlum Steel
1 12121May 10
Cony preferred
No par 80 June 14
MacAndrews & Forbes
10 30 Jan 5
6% preferred
100 95 Jan 13
Mack Trucks Inc
No par 234May 10
/
1
Macy (R II) Co Inc
No pa
3812May 22
Madison EN Gard vi o_No par
25 Jan 2
8
Magma Copper
10 1512 Jan 17
Mallinson (II R)& Co_No par
11 Jan 2
/
4
77 preferred
*
10
7 8 Jan 9
5
/Manati Sugar
10
1 Jan 8
Preferred
100
13 Jan 3
4
Mandel Bros
No par
44 Jan 23
Manhattan Shirt
25 1214 Jan 4
Maracaibo 011 Explor_No par
11 Jan 10
/
4
Marancha Corp
5
412May 11
Marine Midland Corp
5
53 Jan 5
4
Marlin-Rockwell
No par 203
4June 2
Marshall Field & Co
No par
121 Jan 4
/
4
Martin-Parry Corp___ _No par
612 Jan 24
I Companies reported in recolvemhip. a Optional sale. c Cash sale. *Sold 1,/ days.
2 Et-dividend.
p En-rights.
New York Stock Record-Continued--Page 6
4098
June 16 1934
OrFOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SIXTH PAGE PRECEDING.
•
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday I Monday
June 9.
June 11.
Tuesday
June 12.
Wednesday
June 13.
Thursday
June 14.
Friday
June 15.
5 per share $ Per share $ per share $ per share $ per share $ per share
31l8 313
4 3114 313
4 3158 3212 3218 3338 32
3239k 337
33
8
3814 3914 3812 393
40
*3812 3912 378 38
38
3918
4 39
612 612
612
614 614 *6
614 614 *6
63
8 *6
612
*25
27
*2412 2718 2518 254 *24
26
*25
27
2514 2514
7412 75
7612 7712 *7412 78
75
7.5
7
412 7412 *7412 75
287 287
8
8 287 29
8
287 287
8
8 28
2818 *28
2812 *2839 2812
212
212
212 212
212 212
212 212 *23
214 212
8 212
212 212 *238 212
239 239 *214 212 *214 212 *211
212
*21
2218 20
21
21
21
21
21
*20
213
4 2212 2212
*77
8 9
*818 9
*818 9
*818 9
*818 9
*818 9
4878 48
483
4 48
48
4878
4812 4914 483 4914 4814 49
4
8714 8714 8712 8712 *8814 89
883 89
4
x8714 874 *867 894
8
73
8
712
714 73
4
714
712
714
712
718 73
8
718
714
3118 3114 3012 3114 3014 303
4 30
305
29
297
8 2912 2912
454 5
412 47
8
45
45
8 5
8 5
43
4 54
438 48
63
*61
63
6212 6314 62
62
617 623
8
4 62 62
*61
4 36
3612 36
3612 *3512 353
4 3638 37
36
36
353 353
4
8
8
714
712 *712 8
*814 812
814 8% *73
4 814
4112 4112 *40
3912 40
4212 *3912 44
40
40
*384 40
26
2614 26
263 x2512 2618 2512 26
4
8 2512 26
253 265
8
2612 *26
2612 26
2612 *26
26
253 253
4
4
*26
2612 *26
5
518
5
5
518
5
518
5
5
47
8 47
8
5
8
135 14
8
4
14
133 1418 137 14
4
1339 133
14
1418 14
14
14
8
1314 133
4 1212 133
4 1314 135
134 137
133 133
4
*70
84
*80
84
*70
84
*70
84
84
*70
*70
84
4812 50
4912 493
*453 4612 4612 48
4
4 49% 53
4612 47
318 314 *318 33
*314
314
318 318
339
339
339 338
*15
24
*18
24
*15
24
*15
24
*15
25
*20
25
*1839 183
4
4
19
19
4 1839 187
1812 183 *1818 183 *1812 183
8
4
45
455
8 453 4612 4614 464 47
4812
8
447 447
8
8 445 45
2818 2914 2739 2839 275 29
4 28
295
8
8
4 277 283
2818 283
*4514 49
*4514 49
4514 4514 463 463
45
4
4
*44
4512 45
5
8
5
8
3
4
5
8
3
4
3
4
3
4
3
4
3
4
3
4
4
3
4
1012 *83
4 95
8 *812 95
8 *812 95
8
914 914 *9
914 914
25
4 2614 27
2512 2614 25
26
26
2512 2512 2618 263
10
103
2 *93 1014 1018 1014
103
8 1014 1038
4
•1012 103
4 10
12
1212 113 12
113 1212
4
12
12
1139 II% 1218 1218
3612 37
36
365
8 3614 3614 3614 3718 *3412 3514 3514 3514
*1812 20
*1612 20
*1612 20
*16
20
*1612 20
*1812 20
75
77
74 73
4
75u 7 4
3
73
8 712
739 712
73
4 8
4
4
4
*183 1914 *1814 1914 *183 1914 *1814 1914 *173 1914 *173 1914
4
4
1712 18
1814 1812 173 1812 18
1839 1712 18
1839 19
6
6
6
8
6
6
6
6
53
4 53
57
8 6
4
3
812 *812 84
85
8 85
8 *8
814 812
84
*7 4 834 *8
88
,
8
872 *8
8
8
*73
4 918
*75
8 814 *712 814 *
373 x353 3714 36
4
363
4 3612 374 37
4
3614 36
363
4
36
143 143 *14212 1433 *143 1433 1433 1433
4
4
4
4
*14212 143 *14212 143
1738 1714 175
164 1714
163 17
4
1739 174 17
1739 17
173 1814
4
177 181 1
8
175 1814 18
188 178 18
1838
18
3
3
112 112
*1 4 2
*1 4 2
4
113 112
112 13
•17
8 2
20
*18
20
1712 1818 174 1712 18
19
197
1814
*19
4 2614 27
2634 2718 253 263
2614 263
4
265 27
8
4 2512 2638
*2839 2912 *2839 2914
29
29
*28
29
*27
29
*28
29
8
4
8
152 152
*142 1497 *14212 1497 14712 14712 1493 1498 x150 150
0135 143 *135 142 *135 143 *135 143 *135 143 0135 143
011314 11512 *11314 11512 *11314 11512 *11314 11512 *11314 11512 *11314 11512
1014
1014 103
4 10
103
8 1014 1039
8 1018 1014 10
1014 103
42 14 4312 43
433
4 4112 43
4112 42
4112 43
4239 43
8
8 1712 1712 1712 1778
1814 1812 1818 1818 177 1814 *1712 177
54
55
56
54
56
*53
55
*51
5412 *51
5412 5412
1314 1314 1312 x1314 1339 127 12% 13
8
13
1312 1312 *13
*2239 23
23
2312 *21
2318 *22
2314
21% 2214 2214 23
42 8 42 8 425
5
5
8 4214 4214 *4112 43
04112 43
*413 4239 *42
4
*102 104 *102 103 *102 10312 *102 10318 *102 10318 *102 10318
914 914 *9
*9
95
8
9
9
914 95
8
912 *94 93
8
8
1714 1712 *165 1712 1712 1712 *1612 1712 *1612 1712 *1612 1712
612 0414 612 *414 612 *414 612
612 *4
*4
7
*4
1212 1212 *125 14
8
*12
14
4
*12
14
124 123 *1212 13
at
5
8
3
8
5
8
5
8
3
4
*5
8
3
4
5
8
53
5
8
5
8
1714
1678 1678 1618 1658 17
1714
1739 17
1712 173
4 17
82
8112 8112 *8112 83
8112 8112 8112 8112 *81
83
82
97
96
*96
*9412 97
943 9434
4
97 97
96
*9618 97
4
4
*10812 109 010812 109 *10812 100 *10812 109 *1062 108 *1063 10812
4414 4514 44
4458 44
4
4414
444 4514 443 455 z4414 45
8
4
4
18
1814 175 184 1738 1818 178 1812 173 1838 173 1812
8
43
43 43
04218 4312 43
43
43
43
*43
4312
*42
43
4 5
43
5
5
4% 47
4 4 518
3
4 48
48 54
7212 70
70
7012 7012 703 71
7212 *70
*71
4
*7112 723
4
*38
41
41
41
*4012 41
41
41
41
41
41
41
3
3
3
3
8 3
239 27
8
*3
312 *27
23
4 23
4
4 1212 125
4 1218 1212 1218 1212
8
8 123 123
8
1212 124 123 123
37
418
334 33
4 4
418
4
33
4 4
37
8 37
8 *33
4
1712 1712 17
1718 167 1678
8
8
1712 178 1714 1712 *167 17
3
4
4 *514 53
518 54 *54 53
4
514 53
5 4 53
4 *512 53
4
1114 *9
102
4 *95 103
8
4 1014 1014 *1012 11
8
•1014 113 *10
4
8
8 157 157
8
8
15% 1618 1512 1512 1512 1614 153 1618 155 155
9912 9912 *994 101
4
9912 993 *9912 101
4
10014 10014 *093 101
514
514
538
514
53
8 53
8
514 538
518 514
518 514
.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
$ Per share
Indus.& MIscell.(Con.) Par $ per share
4
Mathieson Alkali WorksNo par 28 May 14 408 Jan 24
May Department Stores___10 30 Jan 2 4439 Apr 23
88 Feb 21
4
No par
439 Jan 2
Maytag Co
10 Jan 2 2812 Apr 26
Preferred
No par
Prior preferred
No par 49 Jan 3 9212 Apr 3
McCall Corp
No par 24 Jan 11 32 Apr 13
412 Feb 6
118 Jan 8
:McCrory Stores classANo par
13 Jan 4 4 14 Feb 6
8
Class B
No par
4
100
514 Jan 2 253 Mar 17
Cony preferred
4 Jan 4 1012 Apr 21
McGraw-Hill Pub Co_No par
12,700 McIntyre Porcupine Mines__5 3812 Jan 25 5014 Apr 2
1,100 McKeesport Tin Plate_No par 83 May 10 9414 Feb 21
918 Apr 10
5
412 Jan 2
4,100 McKesson & Robbins
8
50 117 Jan 2 3412 Apr 27
Cony pref series A
3,800
1 Jan 6
55 Mar 17
8
No par
24,600 :McLellan Stores
100
912 Jan 2 6312June 8
8% cony pref set A
1,100
No par 26 Jan 2 37 June 15
1,600 Melville Shoe
84
1
6 Jan 13 11 Jan 22
500 Mengel Co (The)
100 30 Mar 21 52 Apr 19
110
7% preferred
5 164 Jan 4 30 Feb 19
5,200 Mesta Machine Co
4May 22
200 Metro-Goldwyn Pict pref__27 21 Jan 5 262
612 Feb 16
5
4 May 11
3,600 Miami Copper
4
10 11 May 14 143 Feb 5
11,500 1VIld-Continent Petrol
11 May 14 2178 Feb 19
1,000 Midland Steel Prod__ __No par
100 704 Jan 12 8514 Apr 21
8% cum 1st pref
2,400 Minn-Honeywell Regu_No par 36 Jan 4 53 June 15
57 Jan 30
218 Jan 4
1,200 Minn Moline Pow Impl No par
1718 Jan 11 3584 Feb 1
Preferred
No par
4 2239 Apr 21
20 1212 Jan
700 Mohawk Carpet Mills
10 39 May 14 4812June 15
5,500 Monsanto Chem Co
80,800 Mont Ward dr Co Ino__No par 2114 Jan 4 3538 Feb 15
No par 37 Jan 4 5114 Apr 13
300 Morrel (J) dr Co
18 Feb 8
58 Jan 8
1,800 Mother Lode CoalitIon_No par
400 Moto Meter Gauge &E___1
74 Jan 8 12 Feb 21
2,500 Motor Prodifets Corp No par 22 June 2 4484 Feb 15
5
9 Jan 6 1612 Feb 16
1,500 Motor Wheel
8
514 Jan 12 155 Apr 23
1,400 Mulltna Mfg CO
No par
1218 Jan 12 46 Apr 21
300
Cony preferred
No par
1334 Jan 6 2514 Apr 13
No par
Munsingwear Inc
6 May 12 1139 Feb 16
10
4,900 Murray Corp of Amer
Myers F & E Bros
No par 154 Jan 2 2184 Feb 21
3May 14 3214 Jan 30
157
No par
9,900 Nash Motors Co
878 Feb 23
44 Jan 9
1
1,000 National Acme
1314 Jan 31
738May 31
400 National Aviation Corp.No par
4
314 Jan 6 123 Mar 19
100 :National Benne Hess pref_ 100
8May 23 4912 Jan 16
10 335
10,600 National Biscuit
100 131 Jan 3 148 Apr 2
200
7% cum pref
5
1412May 12 23 8 Feb 6
No par
5,500 Nat Cash Register
13 Jan 4 1834,Juno 9
No par
34,400 Nat Dairy Prod
3 Mar 16
1 Jan 9
1,200 :Nat DepartmentStoresNo par
5 Jan 17 2212 Apr 18
100
270
Preferred
36,600 Nati Distil Prod new___No par 2314 Jan 3 3139 Feb 1
8
1611 Jan 5 327 Apr 24
100 Nat Enam & Stamplug_No par
100 135 Feb 10 16012 Apr 18
700 National Lead
100 122 Jan 16 143 Apr 18
Preferred A
100 10012 Jan 9 113 May 12
Preferred B
812 Jan 4 1512 Feb 6
12,300 National Pow & Lt____No par
8June 2 $814 Feb 5
25 383
5,100 National Steel Corp
1,400 National Supply of Del ___ _25 1112 Jan 10 214 Apr 24
100 3312 Jan 4 60 Apr 23
70
Preferred
11 May 12 1884 Feb 1
No par
1,600 National Tea CO
612 Jan 4 3014 Apr 13
No par
1,200 Neisner Bros
8
No par 3912May 14 497 Apr 10
200 Newberry Co (J J)
100 100 Apr 3 104 Apr 10
.3 preferred
6 Jan 10 13 Mar 6
1
600 Newport Industries
4
15 Jan 5 248 Feb 7
No par
400 N Y Air Brake
814 Mar 19
100
339 Jan 11
New York Dock
100
8 Jan 8 20 Mar 13
200
Preferred
12 Jan 2
114 Feb 7
1,100 1INT Y Investors Ino__ __No par
8
115 Jan 3 22% Feb 1
2,800 NY Shipbldg Corp part stk__1
100 7312 Jan 2 8984 Apr 13
110
7% preferred
No par 82 Jan 5 9912 Apr 10
90 N Y Steam $6 pref
8May 26
No par 90 Jan 15 1097
57 let preferred
8June 11
No par 3314 Jan 4 455
16,600 Noranda Mines Ltd
23,500 North American Co
No par
1338 Jan 9 2512 Feb 6
50 34 Jan 9 454 Apr 20
500
Preferred
8 Feb 1
1
418 Feb 10
8,000 North Amer Aviation
4
400 No Amer Edison pref__No par 4712 Jan 4 748 Apr 28
150 Northwestern Telegraph___50 34 Jan 9 43 Apr 26
412 Feb 19
23 Jan 8
8
1,000 Norwalk Tire dr Rubber No par
8
1012May 14 157 Feb 5
10,700 Ohlo Oil Co
No par
315May 14
7 Feb 5
1,700 Oliver Farm Equip
No par
1,100
No par 12 Jan 8 27% Feb 5
Preferred A
8May 23
614 Jan 2
43
800 Omnibus Corp(The)vto No Dar
71s Jan 4 145s Mar 31
100 Oppenhelm Coll dr C,o No par
14 May 8 1938 Feb16
5,500 Otis Elevator
No par
100 92 Jan 18 102 May 12
100
Preferred
8 Feb 19
418 Jan 4
2,900 Otis St3el
No par
9 Jan 2 25 Feb 20
100
1,600
Prior preferred
_25 7312May 14 94 Jan 30
5.000 Owens-Illinois Glass Co
6,200 Pacific Gas & Electric
25 1512 Jan 8 2312 Feb 7
2,300 Pacific Ltg Corp
No par 2312 Jan 2 37 Feb 7
8May 14 34 Feb 5
100 205
600 Pacific Mills
100 72 Jan 11 8512 Mar 13
250 Pacific Telep & Teleg
100 103 Jan 3 11212 Apr 26
---,-6% preferred
612 Mar 19
87 Apr 25
8
900 Fite Western Oil Corp_ _No par
458ay 14
33
68 Feb 23
24,100 Packard Motor Car _No par
100 Pan-Amer Petr & Trans ____5 1054 Jan 9 1112 Jan 30
1 20 May 12 3512 Feb 6
300 Park-Tilford Inc
2 Feb 5
1 Jan 11
500 Parmelee Transporta'n _No par
114 Jan 2
212 Apr 6
900 Panhandle Prod dr Ref _No par
100 12 Jan 3 2112 Apr 6
20
8% cony preferred
5% Feb 16
13 Jan 2
29,200 :Paramount Publlx otfs____10
1
314 Jan 11
6% Feb 15
9,700 Park Utah C M
414 Mar 2
112 Jan 4
8,000 Pathe Exchange
No par
4June 12
No par 104 Jan 4 243
20,600
Preferred class A
4,200 Patton Mines dr Enterpr No par 1358NIay 14 2112 Jan 2
47
2,900 Peerless Motor Car
3
2 Jan 2
8Juno 5
No par 53 May 14 64 Jan 30
500 Penick & Ford
8
No par 5112 Jan 4 677 Mar 3
7,300 Penney (I C)
100 10512 Mar 8 10812May 16
Preferred
218 Jan 9
514 Apr 26
400 Penn Coal & Coke Corp_ _ _10
37 Jan 6
8
7 4 Feb 5
2,300 Penn-Dixie Cement___NO par
100 13 Jan 8 32 Apr 24
800
Preferred series A
(Chic)_100 27 Jan 4 437 Feb 6
4,800 People's G L & C
914 Jan 3 15 Feb 23
No par
Pet Milk
5
9 Jan 5 1414 Feb 3
1,500 Petroleum Corp of Am
25 145 Mar 27 18% Apr 26
8
20,100 Phelps
-Dodge corp
1,300 Philadelphia Co 6% PreI
50 244 Jan 2 37 Feb 9
,
No par 48 Jan 12 64 4 Feb 17
100
SO preferred
314 Jan 4
63 Feb 21
4
No par
1,600 Phila & Read 0 dr 1
4June 12
1,700 Phillip Morris & Co Ltd___10 1112 Jan 3 213
9 Jan 5 21 Apr 2
900 Phillips Jones Corp-- _No par
100 58 Feb 27 747 Apr 7
30
7% preferred
1518 Jan 0 x203 Apr 11
No par
4
23,500 Philips Petroleum
5
sismay 12 1312 Feb 3
Phoenix Hosiery
2 Jan 16
612 Feb 19
8,900 Pierce-Arrow Mot Car Co__ _5
14 Jan 30
1,600 Pleree Oil Corp
25
5 ,
831aY 10
1024 Feb 14
7 May 11
Preferred
IOU
2 Feb 6
1,300 Plerce Petroleum
114 Jan 13
No Par
3,100 Pillsbury Flour Mills
No par
1812 Jan 8 2712June 13
100 Pirelli Co of Italy Amer shares 7014 Jan 22 8412 Mar 24
912 Jan 9 1812 Feb 9
200 Pittsburgh Coal of Pa
100
100 30 Jan 8 4212 Feb 1
Preferred
Shares.
12,500
2,100
300
200
120
800
3,800
400
600
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
$ per share $ per short
14 Feb 4639 Nov
939 Feb 33 Sept
812 July
14 Apr
318 Apr 1514 Aug
Oct
16 Apr 58
13 Mar 30% Sept
47 June
4 Apr
8
Ds Dec
Jan
6
212 Mar 21
Jan
3 Apr
818 June
18 Mar 48% Oct
4418 Jan 9584 Aug
1312 July
18 Mar
4
35 Mar 25 July
14 Feb
339 July
218 Jac 224 July
88 Feb 284 Oct
4
2 Mar 20 July
22
Jan 57 July
7 Feb 21 Sept
1312 Mar 22 Sept
9% June
138 Mar
32 Mar 16 July
4
3 Mar 178 July
28 Mar 72 Sept
13 Apr 363 Dec
8
% Feb
584 July
6 Feb
30 July
7
Jan 22 July
25 Mar 83 Dee
839 Feb 287 July
25
Jan 56 July
218 June
4 Jan
14 Jan
84 Dec
73 Mar 3684 Sept
4
112 Mar 115 July
8
112 Mar 1084 July
5 Mar 25 June
5 Mar 1839 Juno
139 Feb
1112 July
8
Jan 2012 July
1118 Apr 27 July
75 July
118 Feb
93 Dee 1018 Dee
8
97 July
14 Jan
3112 Feb 605 June
8
118 Mar 145 Aug
5l Mar 235 July
Mar
8
1012 Feb 253 July
18 Mar
212 June
114 Feb
10 June
20% Dec 334 Nov
5 Feb
193 Dee
8
4314 Feb 140 Nov
101 Mar 12814 Nov
75 Feb 10918 July
(1% Apr 2012 July
15 Feb 5518 July
4 Apr 2839 June
17 Feb 6014 Juno
612 Jan 27 July
112 Jan
1218 June
- 8 Mar - - July
18
114
els Apr 2312 July
2114 Dec 117 Juno
8
6
Oct 22 June
8
2 4 June
4 Dee
154 Jan 2212 Aug
31
Jan 90 June
70 Nov 1017 Aug
8
83 Nov 110
Jan
1739 Jan 38% Sept
1214 Dec 3612 July
31 Dec 46
Jan
4 Feb
9 July
39 Nov 79 July
268 Apr 43 June
4
118 Feb
57 July
8
48 Feb
4
175 July
8
118 Feb
84 July
314 Feb 303 June
4
8% July
13 Mar
212 Feb
15 June
1018 Feb 2514 July
9312 Apr 106 July
114 Mar
914 June
*21
2139 2212 223 23
4
2178 *21
223
4
214 Feb 21% June
4 2118 22
213 213
4
7712 7834 7812 7912 7818 8 0 78
78
*78
3112 Mar 96% July
7912
78
76
1812 1812 1918 1814 19
183 19
4
18
15 Dec 32 July
17% 18
17% 18
4
22 Dec 4339 Jan
8 3118 3112 3134 3134 317 3212 313 3214 *3178 3238
313 317
4 242 25
4
2412 243 *2512 27
4
(I
4 2412 2412 *2312 243
Feb 29 July
*2412 243
4
78
78
7814 7814 7818 7818
65 Mar 948 July
7818 76% 76% 7712 78
78
__ *113
_
_*113
_
8
9914 Nov 11112 Sept
*11212 _ ___ *1125 - ___ *113 _ __ *113
714
714 _714 -- 8
73
53 Dec
4
912 Sept
78
718 --73
8
738 -73
78 - 3
3
8
*712
418
4
418
37
8 4
378 4
418
4
4
13 Mar
414
4
67 July
8
3
11
4
4
4
8 June 14 July
*103 1114 *10 4 1114 *103 1114 *103 1114 *103 1114 11
4
26
*26
28
025
27
*26
2712 26
2712
6
27
Jan 363 Oct
8
28
28
118 *1
118
118
118
118 *1
118
3 July
118
118
3 Mar
8
*118
114
114
114 0138
112
13
1%
414 June
13
8 139
112
% Apr
1% 112
138
2 Jan 20 Juno
*14
18
*15
18
*14
18
18
*15
18
54
*14
17
16
4
412 458
412 43
212 June
412 43
4
43
8 43
43
4 5
4% 5
4
18 Apr
4
414 July
414 43
4 8 43
3
4
412 43
4
48 412
412 43
4
412 47
8
54 Jan
212 23
4
212 25
238 278
8
4
212 July
8
28 23
23
4 27
27
8 27
8
14 Jan
233 243
8
4 2339 243
2258 24
2314 24
23
114 Jan
2418
1414 Dec
2354 24
53 Jan 25 Nov
1718 17
17
17
1714
8 17
1612 167
8
8 167 17
1718 173
43
44 414
412 412
412 4%
43
8 45
4%
918 July
4
43
4 43
53 Feb
56
56
5512 5512 5512 5512 553 553
4
4
x2512 Feb 60% Dec
56% 5639 *5512 56
8 5812 59
58% 5914
4 5814 587
1914 Mar 56 Dec
4 5712 583
5814 5814 583
58
00
Jan 108 Aug
*108 110 *108 110 *108 110 0108 110 *108 110 *108 110
35
8 *33
8 312
3 Feb
4
939 July
8
35s 35
8
37
8 37
38
5
312 312 *314 35
3
84 Jan
47
812 June
47
*4 4 5
512
47
8 5
43
4 554
54 58 *514
25
237 24
8
2278
23
237 *22
8
Cs Mar 32 July
4
*2134 233 *2112 2812 *22
Jun
3414 32
36
3312 34
25 Dec 78
*3118 3314 3112 3212 32
32
32
*13
15
*13
15
*13
si33 15
8
15
*13
15
*1312 15
812 Feb
1514 Juno
45 Jan
1114 113
114 113 114 1112 12
4
4 1114 1114
15 July
1112
12
12
1712 1814 17
1718 177
4
413 Jan
175
8 1712 173
187 Sept
8
1738 178 1713 18
31
3112 31
31
32
32
3318 3318
3112 32
2112 Nov
36 July
32
32
v5712 6218 *5712 621a *5712 625 *59
8
6518 61
61
*5912 6212
384 Dec 62 July
45g 45
912 July
4
3
43
4 43
212 Feb
8
43
4 47
4 47
43
4 5
45
8 45s *43
213
4 215 215
8
4 21
8
8 2112 2112 *21
8 Feb
14% June
22
2114 2112 *205 213
8
,
*135 15
8
4
168 Jul,
3 Feb
1313 1312 1312 1312 *135 1412 14 8 1512 *1312 15
693 *60
4
693 *65
4
*60
693
4 65 65
65
35 June 35 June
65
65
*60
45 Jan
1914 20
1812 195
8 1812 1914
8 1912 20
,
1912 197
18 4 Sept
195 20
8
10
*614 10
*6
*5
10
*5
10
158 Mar 17% Dee
*512 10
*712 10
o
24 27
4 28
25
8 27
8
74 Nov
23
239 2%
3 Des
3
3
27
s 3
4 Jan
17 June
8
5
8
58
313
3
8
3
8
58
5
8
5
8
3
8
5
8
3
4
3
4
37 Fob
13% June
4 *712 8.i
4 *712 83
4 *712 83
4 *712 83
*8
83
4 *712 83
8
114
138 *114
138
4
112
13
8 13
28 June
8
8 *13
18 13
5 Jan
8
13
8 18
2714 2714 2712
4
9 8 Feb 267 June
5
2718 2718 2712 27
27
274 27
27
27
80
7678 767
8
3 78
3
*76
4
*763 85
3338 Apr 75 Nov
*763 85
8
*76
*7614 85
*113 12
4
4 Feb 23 July
1214 1214 *1119 1314 *111 1314 1112 1112 *1112 12
36
*31
36
*31
36
17
Jan 48 July
354 *32
*32
031 - 36
36
*31
• Bid and asked prises, no sales on this day. 5 Conapanles reported In receivership. a Optional sale. c Cash sale. 5 Sold 15 days. x Ex-dividend. y ,;8-rights.
New York Stock Record-Continued-Page 7
4099
lair FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SEVENTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
June 9.
Monday
June 11.
Tuesday
June 12.
Wedhesday
June 13.
Thursday
June 14.
I Sates
for
Fricay
the
Week.
June 15.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. I.
On basis of 100
-share tots.
LOWS,.
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
$ per share S Per share $ per share $ per share $ per share $ per share Shares. Indus.& Miscell.(Con.) Par $ per share
$ Per share $ per share $ per share
814 84
77
8 78
7
8
7 8 812
7
8
7 Jan 5 113 Apr 4
1,600 Pittsburgh Screw dr Bolt No par
8
77
8 8
17 Feb 113 July
8
77
8 818
4
*2312 27
27
.22
*2314 27
*25
27
27
02514 27
27
120 Pitts Steel 7% cum pref___100 2514June 8 43 Feb 21
1014 Jan 383 May
4
•17
8 23
4 *17
8 23
4 *2
23
4
*24 318
12 Feb
3
3
312 Feb 21
200 Pitts Term Coal Corp
*212 318
100
2 Jan 19
67 July
8
x13
13
13
.11
1314 1314
240
14
Jan 4 1712 Feb 23
153
15
6% preferred
155
4
8 15
*11
100
84
4
Jan 2312 July
*3
312
312 *3
312 *3
310 *3
312 *3
312 .3
Pittsburgh United
214 Jan 2
5 Feb 19
25
612 July
8 Feb
4
41 - 40
41
40
•39
4212 *41
39
39
41
Preferred
423
4 40
8
160
100 3612June 7 597 Feb 19
15 4 Feb 64 July
3
*2
4
4
*2
*212 4
*212 4
.212 4
*212 4
Pittston Co (The)
13 Jan 4
5 Feb 21
4
No par
7 June
3 Apr
3
8
134 133 213
13
127 13
8
4 3,500 Plymouth 011 Co
4
1212 123
127 13
8
4 1218 123
5 10 May 14 163 Jan 30
63 Feb
4
175 July
8
8
8 11
78 8
5
8
8
814 84 *8
4 2.100 Poor & Co class B
814 83
8
No par
814
6 June 2 147 Feb 5
13 Apr 1314 July
4
8 412
*33
8 412 *334 412 *35
4 412 *37
4 412 *33
4
4
600 Porto Ric-Am Tob cl A_No par
614 Jan 30
158 Mar
3 Jan 12
8 June
•13
4 2
*13
4 2
.17
8 2
Class B
112 Jan 3
34 Jan 30
100
No par
17
8 *13
4 *13
5 Feb
8
4 2
13
4
4 13
4 May
2018 2012 197 224 2112 2318 22
8
23
11,800 Postal Tel & Cable 7% pref 100 1614May 14 293 Feb 6
8
21
22
203 22
4 Feb 404 June
s
*318 3
34 *3
4 *3
314
3
3
512 Feb 16
100 :Pressed Steel Car
No par
17 Jan 5
8
*23
4 3
*23
8
4 3
512 June
5 Jan
1314 134 *1212 13
*1214 1314
12
12
*1112 123 *1112 123
200
Preferred
4
4
3
100
67 Jan 5 22 Feb 17
8
Jan
18 June
3412 3
5
345 353
34,2 35
8
8 3518 3538 3418 3458 345 3514 8,200 Procter & Gamble
8
No par 3318June 2 4114 Jan 23
194 Feb 4712 July
11114 11114 *11118 _-__ *11112 ____ *1115 ---- *1115 11214 *111, ---8
10
Apr 1103 Nov
5% prof (ser of Feb 1 '29)10 10212 Jan 22 11114June 9
97
8
4
2
__-- ---- ---- ---_ ____ ____ ____ ____ ____ ____ ____ ____ ______ :Producers & Refiners Corp.50
114 Mar 15
27 June
8
4 Jan
14 Jan 2
64 Feb 19
2 Nov
Preferred
13 June
118May 2
50
3718 "
iils 5613 if
51312 iikt 57 - - -14 5533 3
8
3114 5612 17 ib-14 joo Pub her Corp of N J___No par 33 May 14 45 Feb 6 3238 Nov574 June
793 793
*795 80
8
8
8 793 793 *795 80
4
4
8
80
795 80
8
8018
594 Nov 8812 Jan
600
No par 67 Jan 2 84 Feb 6
35 preferred
927 927 *93
8
8
96
*907 96
8
.93
96
*93
96
*937 96
100
8
6% preferred
75 Dec 1013 Jan
8
100 79 Jan 8 9614 Apr 27
*102 10318 1027 1027 1027 10312 104 104 *10314 10412 .1033 10412
8
8
8
400
7% preferred
4
100 90 Jan 8 106 Feb 21
84 Dec11212 Jan
4
*114 1163 *11412 1163 *11412 1163 *11414 1163 *11514 1163 *11514 11631
4
4
8% preferred
4
4
99 Nov 125
Jan
100 105 Jan 12 11912 Feb 17
•10114 1035 *10218 1031* 10218 10218 *102 1035 *10212 10358 •1027 10334
8
8
100 Pub her El & Gas pf $5.No par 90 Jan 10 10314May 17
8
83 8 Dec10312 Jan
7
5112 5214 5112 5218 5112 523
4 521* 523
5114 5,300 Pullman Inc
4 5114 52
50
18 Feb 5818 July
No par 4612June 2 5938 Feb 5
113 1112 1118 113
8
8 1118 115
8 1112 117
16,300 Pure Oil (The)
8
107 115
8
8 1012 11
. 938May 10 147 Feb 16
3
212 Mar 15 8 Sept
8
No pa
*70
72
*70
73
70
7012 7012 7012 *71
140
74
74
8% cony preferred
74
30 Mar 697 Sept
8
100 583 Jan 9 80 Feb 6
4
134 14
14
14
14 1 414 143 145
14
2,500 Purity Bakeries
8
143
8 14
8 14
No par 1214 Jan 6 1954 Feb 5
3
578 Feb25 8 July
75
8 77
8
712 7
5
712 738
712 7 4
3
612 Jan 4
714 712 34,400 Radio Corp of Amer
73
8 719
94 Feb 6
3 Feb 1214 July
No par
4012 4012 3914 40
40
40
4012 4114 41
8 1,800
Preferred
4114 4012 407
50 2314 Jan 4 4112hfay 11
1314 Feb 40 May
323 33
4
32
33
32
323
Preferred B
4 3214 3314 32
8
327
8 315 3212 9,500
8M8y 11
No par 15 Jan 4 353
612 Feb 27 July
24 3
3
24 27
25
8 27
8
23
4 27
4 23
4 23
4 5,600 IRadio-Keith-Orph
4
8
414 Feb 17
23
No OT
23
214 Jan 9
1 Mar
53 June
4
•183 1912 *185 1918 .1812 1912 18
4
8
600 P.aybestos Manhattan_No par
8
16 Jan 9 23 Feb 5
1812 *1814 187 *1814 185
8
5 Feb 20 8 Sept
5
*912 10
*912 1018 *812 97
712may 14 14 Feb 6
8
978
978 .97 1018 *91. 1018
8
100 Real Silk Hosiery
10
512 Feb 207 June
8
*51
693 *5012 55
4
*5012 55
*501 60
;
Preferred
*5012 55
*5012 60
100 45 Jan 23 6014 Apr 26
Jan 60 May
25
*312 37
8 *312 4
33
4 3 4 *312 4
3
33
8 312 *3
300 Reis (Robt) & Co____No par
33
4
218 Jan 5
6 Apr 2
4 Jan
412 July
*16
23
*16
25
*16
20
let preferred
20
*16
*16
*1614 25
20
100 1312 Jan 3 3834 Apr 2
118 Jan
1812 June
1012 105
8 1014 105
8 1012 107
8 103 11
1
8 6,000 Remington-Rand
63 Jan 6 1338 Feb 23
103 107
8
8
4
4
1012 103
1114 July
212 Feb
55
55
*54
57
200
5512 5512 *545 58
let preferred
*5512 .58
58
*53
8
8
100 323 Jan 5 6912 hfar 14
712 Feb 3712 July
*50
58
*50
58
200
5414 5414 *524 57
2d preferred
58
5512 5512
*53
100 30 Jan 8 67 Mar 14
8 Feb 35 4 Dec
3
3 8 38
5
33
4 33
5
4
338 35
8
312 312
512 Feb 23
33
33
8 3 2 2,800 Boo Motor Car
8 312
5
,
34 Jan 2
14 Feb
8
63 June
175 1814 1714 1778
8
1714 18
1738 1814 1713 173
4 1718 1814 25,900 Republic Steel Corp.__No par 15 May 14 253 Feb 23
4
4
Feb 23 July
493 50
4
4812 493
6% cony preferred
2,600
4 483 4838 49
4
100 39 Jan 4 6712 Feb 23
8
8 483 49
483 483
8
50
9 Feb 5412 July
104 10 4
3
11
1114
600 Revere Copper & Brass
1112 1112 *103 1114 *104 1114 *1014 1114
5
5 Jan 8 1412 Apr 11
114 Jan
4
12 June
22
2212 2212 23
600
Class A
*2114 2312
2312 235 •2112 2312 *21
10 1114 Jan 29 2812 Apr 11
8
23
214 Mar 25 June
22
224 215 22
8
22
4
2212 213 2214 2118 217
8 2114 2112 7,600 Reynolds Metal Co __No par 1512 Jan 2 273 Apr 26
6 Feb 2112 June
4
*1012 113 •10 4 1112 *103 1114 *103 11
200 Reynolds Spring
8
3
No par
612 Jan 9 1312 Feb 25
4
4
1012 103 *1012 11
4
112 Feb1544 July
4578 463
8 4512 465
8 453 463
4
8
8 46
4612 4614 4658 x4558 463 16,200 Reynolds(R J) Tob class B_10 393 Mar 21 464June 14
4
2612 Jan x544 Sept
*57
60
*57
Class A
60
60
8
*57
10 57 Jan 5 597 Jan 3
60 .57
60
*57
•57
60
60
4
Jan 623 Jan
*718 1112 *8
100 Ritter Dental NIfg
11
1112 *77
7 June 7 1312 Feb 8
.8
No par
8 8
11
.8
8
612 Feb163 June
8
4
*29
2912 30
304 3014 303
2,500 Roan Antelope Copper Mines_
30
263 Jan 3 3318 Apr 26
8
4 30
303
4 3014 3014 .29
233 Nov2612 Nov
8
713
500 Rossia Insurance Co
73
4 73
4 *73
4 814
712
73
4 73
5
4 Jan 3 104 Feb 6
4 •712 73
2 Apr 107 June
4 *712 8
8
4 3512 35u
1,900 Royal Dutch Co (N Y shares) 33 Apr 30 3918 Feb 19
343 3
4 5
354 354 *343 35 4 353 357
8 3534 353
175 Mar 3934 Nov
8
4
4
3
20
204 20
201* 2014 207
204 21e 7,400 St Joseph Lead
8
10 1612May 12 277 Feb 5
8 203 201
8
8 203 213
618 Feb313 Sept
4
4
503 503
8
8 497 5014 51
3,400 Safeway Stores
a
4 5112 521
No par 44 Jan 5 57 Apr 23
4
28 Mar 623 July
5114 5114 5212 513 513
8
4
1033 1033 10314 104
4
420
6% preferred
10314 10412 104 104
10412 10412
104 105
100 843 Jan 3 105 May 13
72 Apr 944 July
4
*11112 1113 1113 112
4
580
4
7% preferred
8June 13
1117 112
100 9812 Jan 15 1127
8
8
8014 Feb105 Sept
111 1127 11214 1121 *112 11211
8
9
8
*7
200 Savage Arms Corp____No par
•7
8
8
*712 83,
9
8
6 Jan 13 1214 Feb 15
24 Apr 12 July
*7
3118 3112 3014 314 3014 3112 3012 3112 2918 301
8
2914 303 34,500 Schenley Distillers Corp
5 25 June 2 3878 Apr 11
24 Nov4514 Aug
5
54 53
4 7,400 Schulte Retail Stores
53
4
512 53
53
4 57
1
8
8
33 Jan 4
8 Feb 5
4
512 55
512 614
5 Mar 1014 July
8
24
245
8 24
2434 245 2612 26
2,030
25
26
8
26
Preferred
25
273
4
100 15 Jan 2 303 Apr 16
3
318 Apr 35 4 July
*137 473
8
4 4712 471 .44
60 Scott Paper Co
4
8
473
No par 41 Jan 10 50 Apr 5
4
4
4 473 473 *437 4734 473 471
28
Jan 447 July
4
8
35
3512 *3412 35
35
4
3514 3514 3518 333 3413 3212 354 7,600 Seaboard Oil Co of Del_No par 254 Jan 6 384 Apr 11
15
3
Feb 43 8 Sept
.3
314 .3
31
*3
318 *3
318 *3
100 Seagrave Corp
31
34 34
No par
24 Jan 18
47 Feb 7
8
43 July
4
118 Feb
437 443
433
8
4 43
8 4318 4414 4312 447
4412 31,600 Sears. Roebuck & Co No Dar 3S4June I 5114 Feb 5
8 4314 444 43
1212 Feb 47 July
.211
2 4 *214 23
3
*214 23
Second Nat Investors
4 *21 1
*214 23
414 Jan 26
23
1
4
2 May 10
14 Feb
4 *214 23
5 June
*3618 4158 *3518 415 *3718 4158 •3718 415 *3518 415 .3518 4158
8
Preferred
8
1 32 Jan 8 454 Feb 2
8
24 Feb 48 July
1
lls
1
2,300 :Seneca Copper
1
14
118
'Vo par
14
1,
1 Jan 5
2 Jan 22
8
118
11
118
3 8 June
5
1
18 Mar
73
73
4 77
4 8
8
734 8
Apr 24
778 818
8
43 Jan 8 9
4
75
8 77
1
112 Feb
738 74 10,300 Serve! Inc
712 July
1012 105
8 10
10
103 1012 1012 1012 10
1012 2,900 Shattuck (F G)
8
1014 10
4
8
No par
63 Jan 2 137 Mar 9
5 4 Apr 1314 July
3
*812 9
.8
814 *8
84
814 84
400 Sharon Steel Hoop _.._No par
818
9
838 *8
1314 Feb 23
518 Jan 11
112 Feb
12 July
612 612
612 612 *612 67
700 Sharpe & Dohrne
No par
612 612 *618 613
8
4 4 Jan 2
7 8 Feb 5
3
7
212 Feb
63
4 6$4
85 June
8
4612 4612 *45
4612 *453 4612 *4514 4612 463 463 •4514 46
8
200
8
4
Cony preferred ser A_No par 3814 Jan 8 49 May 3
2114 Mar 417 July
8
884 13,800 Shell Union 011
85
8 85
8
84 83
4
814
83
834 878
8 84
858 834
No par
77 Jan 3 1112 Jan 27
8
115 July
312 Feb
8
*735 754 *735 7514 *7358 747 *7334 743 *735 743
8
8
4 7312 74
700
8
Cony preferred
4
8
100 58 Jan 2 89 Jan 26
2812 Mar 61 July
1752 18
17
173
4 1712 1734
4
1714 1734 1612 1712 163 174 3,800 Simmons Co
Vs par 1412May 14 244 Feb 5
43 Feb 31 July
8
103 1012 1014 1014 1014 1038
8
1018 1014 1018 1014 1014 1038 3,500 SIMMS Petroleum
1112 Feb 5
10
814June I
47 Feb
8
123 June
8
1014 104 10
10
*914 10
1014 1014 .10
4
600 Skelly 011 Co
93 10
1014
3 Feb9 8 June
25
74 Jan 10 1118 Apr 25
7
*624 65
*6214 65
*6214 65
*6214 65
*6214 65
Preferred
*6214 65
100 543 Jan 9 6818 Apr 26
22 Feb5712 July
4
*16
29
016
29
*17
*17
29
29
29
. Sloss-Sheff Steel dr Iron 100 15 Jan 9 2712 Feb 17
2612 517
*17
Jan
7
35 July
*3012 35
304 32
*3034 35
*32
35
3412 *3058 35
*31
90
7% preferred
100 2312 Jan 2 42 Apr 23
84 Feb42 July
133 14
4
137 14
8
1414 141
14
2,900 Snider Packing Corp__No pa;
4
1414
1414 144 133 133
63 Jan 3 17 May 5
4
93 July
4
5 Mar
8
4 1633 184 1614 1634
8
163 163
17
164 16
94,100 Socony Vacuum 011 Co Inc__15 14 May 14 197 Feb 5
8 16
163 167
8
8
6 Mar
17 Nov
8
8
•1015 102 *1015 102
1015 1015 1013 1015 101 1011 .10112 102
8
700 Solvay Am Invt Tr pref 100 86 Jan 8 1013
8
8
8
4hlaY 2
58 Feb92 July
34
3414 3314 3414 x3312 3418 34
3434 *3312 3413 34
3412 4,400 So Porto Rico Sugar___No par 2918M83' 14 3938 Feb 5
157 Jan 485 July
8
8
*12514 12912 *126 129 212312 126 *12514 130 *12514 130 *12514 130
20
Preferred
100 115 Jan 16 130 Mar 20 112
Jan 132 July
157 1618 16
8
1614
1578 1614
1614 1638 1618 163
8 16
1618 10,000 Southern Calif Edison
25 1514 Jan 4 2218 Feb 7
1418 Nov
28
Jan
*918 1012 *9
101
10,
*9
*9
*9
*9
1012
1012
1012
Spalding (AG) dr Bros_No par
5 4 Jan 10 13 Apr 21
3
4
Jan
117 July
8
*54
60
60
61
59
*55
60
60
456
60
61
*55
90
let preferred
100 3014 Jan 11 74 Apr 21
2518 Mar 61 June
Spang Chalfant & Co Inc No par
7 Jan 22 154 Apr 23
1512 July
412 Feb
53T2 - 12 5318 E3
. 54
0
*5' 61:1
5318 15412 - -38 .59 - 6 .55 1(1
8
Preferred
100 30 Jan 23 62 Apr 24
1712 Feb 50 June
6
6
*53
4 57
8
578 6
54 6
4 54
53
57
8
57
8 5,685 Sparks Withington____No par
3 8 Jan 5
5
8 June
8 Feb 21
3 Feb
4
5
5
5
5
*4
45
8 *418 5
220 Spear & Co
*414
3
*414 5
No par
2 Jan 3
512 June
74 Apr 18
12 Jan
2112 2112 *204 2118 2118 2118 2118 2113 *2012 22
*2114 22
400 Spencer Kellogg & Sons No par 15 4 Jan 5 2412 Feb 23
712 Apr 22 July
3
912 04
9,
8 93
8
918 93
93 26,400 Sperry Corp (The) v to
8
9
4
9 4 938
,
94 95
8
24 May
1
712 July
5 8 Jan 5 113 Apr 2
5
8
*6
914 *6
014 *6
914 *13
Spicer Mfg Co
914 *0
94 *8
8 Jan 10 13 Feb 7
No par
Jan
94
16 June
5
*2712 28
*2712 28
*2512 28
.2712 28
20
2714 2712 *2512 28
Cony preferred A_No par 213 Jan 2 3112 Feb 20
1134 Mar 3212 Jura
4
534 5412 52, 534 5314 56
2
5212 547
8 8,900 Spiegel-May-Stern Co_No par
8 524 54
533 557
4
19 Jan 4 6712 Apr 25
Feb 2112 Dec
1
205 2114 2014 204 2014 204 2012 2114 193 2012 197 207 57,700 Standard Brands
8
8
4
8
4h!
No par
183 ay 12 254 Feb 1
133 Mar 375 July
4
8
512 53
512 512
4
55
8 55
8
55
8 54 1,400 Stand Comm Tobacco_No par
5
55
8 53
4
5 8 54
4 Jan 9
8 Mar 13
1
Jan
93 Aug
8
107 1118 11
8
1118 11
4 113 12
4
113
115
1114 11
8 11
8,500 Standard Gas & El Co_No par
64 Jan 4 17 Feb 6
518 Mar 2212 June
*1114 1212 1238 1238
8
1214 125
1212 1314 4,200
1238 1314 1218 1314
Preferred
No par
74 Jan 8 17 Feb 6
6 3 Dec 254 June
4
26
25
.25
25
*24
26
26
2618 1,500
2614 26
25
25
$6 cum prior prefNo par 16 Jan 10 33 Feb 6
15 Dec61 June
2914 2912 293 293
4
4 2814 29
3034 30
30
284 30
304 2,300
$7 cum prior pref
No par
1712 Jan 4 3812 Apr 24
15 Dec66 June
•13
8
112
14 13
13
14 •114
8
138
8
114
138
13
8
13
8
900 Stand Investing Corp No par
4 Jan 13
12 Mar
27 June
14 Jan 5
8
10814 10814 *10812 109
108 108 *108 10812 10812 109 *100 10912
SOO Standard 011 Export pref100 9612 Jan 2 11014May 26
9212 Star 1023 Sent
4
365 374 36 2 37
8
,
365 3714 365 3714 354 363
8
8
4 353 365 24,600 Standard 011 of Caltf
8
8
No par x3045lay 14 427 Jan 30
8
1912 Mar 45 Nov
3814 384 *384 39
*3614 364
373 .3612 37
300 Standard 011 of Kansas____10 333 Feb 13 41 Apr 21
374 373 *37
4
124 Apr 397 Dee
8
4
4614 46
4578 4618 46
14 463
463
8 46
47 8 42,800 Standard 011 of New Jorsey.25 4118May 16 5018 Feb 17
,
8 453 464 48
4
223 Mar 4712 Nov
4
.95 104 10
8
10
10
10
600 Starrett Co (The) L 5-No par
1014 1014
94 94 *94 1014
4 Feb
1112 June
6 Jan 15 1414 Apr 19
8
8 593 60
393 597
593 593
4
4
594 59
8 59
593
4 9,200 Sterling Products Inc
595 603
8
10 4714 Jan 4 613 Apr 21
454 Dec 604 Sept
4
15
8 17
8 •15
*14 ls
8
17
*138
*14
17
17
*14
Sterling Securities ci A_No par
17
s
138 Jan 2
3 Feb 6
34 June
5 Jan
8
4
44 41
*4
412
414 41
*412 43
*412 47
41* 412
700
Preferred
No par
3 Jan 3
7 Feb 6
112 Feb
73 June
4
*34
35
*34
30
*34
35
*34 - 35
35
*34
*34
35
Convertible preferred..50 30 Jan 12 363 Feb 1
20 Mar 3614 July
4
73
4 73
4
74 712 2,900 Stewart-Warner
712 712
712 7
8 7e
3
75
73
4 8
10
614 Jan 8 10 8 Feb 21
5
212 Feb
1112 July
83
814 83
8
8
74 8
814 8'8
8!4
84 85 10,100 Stone dr Webster
8
No par
6 Jan 6 1314 Feb 6
512 Dec 1914 July
538
538
45
434 47
8 44 9,000 :Studebaker Corp(The)No par
5
5
47
5
8 5
538
5
43 Jan 2
94 Feb 21
8
112 Mar
83 June
233 233 *2312 25
4
23
4
*23
*2338 25
23
26
.23
26
200
Preferred
100 1912 Jan 2 47 Feb 19
9 Apr 3818 June
8
6214 6214 .6212 64
631
623 6212 6112 6212 6112 63'z 63
2,800 Sun 011
No par 5112 Jan 2 6312June 12
35
Feb 59 Nov
11112 11112 11112 *110 11112 11012 111
11012 111 *11012 11114
.110
100
Preferred
100 100 Jan 17 11312 Apr 23
89 Mar 103 July
16
16
17
1512 1512 *153 17
*153 17
8
8
1512 1512
*16
600 Superheater Co (The)No par
1418May 2' 2514 Feb 5
712 Feb 27 July
214 214
24 23
8
8
214 214 2,500 Superior 011
24 23
214 2,4
24' 2
4
3 Feb 1
1
13 Jan 3
4
412 July
54 Jan
912 94
95
8 95
8
97 1014 10
8
97 103
8
8 1014 1038
1018 2,700 Superior Steel
618NIay 14 154 Feb 19
2 Feb 223 July
100
8
*4
5
*4
478 *4
478 *44 44
4
418 *4
418
300 Sweets Co of Amer (The)-__50
I Mar 10 July
314 Jan 9
53 Jan 26
4
118
112 *1
118 *1
15
15
8
8 *118
*118
11
118
200 Symington Co
118
No par
7 ay 11
8N1
212 Feb 19
3 June
15 Apr
8 278 *25
8 *25
8 27
8 *24 27
8 25
8 *25
8 27
25
8
100
.25
8 3
Class A
No par
212June 5
53 Feb 23
8
514 July
14 Apr
107 107 *1012 11
8
4 1012 11
1012 11
8
2,800 Telautograph Corp
1114 1114 1112 113
818 Feb
5 1012Ntay 12 1514 Feb 1
163 July
8
54 53
8
5
5
54 5 4
54 54
5'2
3
52
,
512
518 3,400 Tennessee Corp
63 Feb 19
4
44 Jan 8
13 Feb
2
5
714 Aug
8
8 2512 26
4 253 257
2514 253
4 243 253 16,800 Texas Corp (The)
4
4
2512 254 2514 253
8
103 Feb 304 Sent
4
25 2112May 14 293 Feb 5
3438 35
8
8
3412 35
354 3584 3412 35
334 3412 335 343 13,500 Texas Gulf Sulphur--.No par 3012hla5' 14 4314 Feb 6
154 Feb 4514 Nov
4
4
4
418 418
4
,
44 4 4
1,200 Texas Pacific Coal & 011_10
44 44
*44 4
4
612 Apr 4
318 Jan 8
13 Ma
8
612 May
93
4 97
918 93
94
8
9
9
8 9
0
914 13,600 Texas Pacific Land Trust___1
9
4
87
634 Jan 6 12 Apr 2
312 Mar 1118 June
8
4
*1214 134 124 1214
400 Thatcher Mfg
No par
8
10 Jan 4 1512 Jan 30
5
Feb 2218 July
•123 131 .123 1312 1214 123 *1218 13
431* *41
4312 434 4314 *4012 43
*4018 43
431 *41
100
$3.60 cony pref
.Vo par 39 Jan 15 44 Jan 29
.41
275 Feb 44 July
8
Companies reported In receivership. a Optional sale. c Cash sale. z Ex-dividend. y Ex-rights.
•111,1 and asked prices, no sales on this day. :
New York Stock Record-Concluded-Page 8
4100
June 16 1934
[Jr FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE EIGHTH PAGE PRECEDING.
-PER SHARE, NOT PER CENT.
111011 AND LOW SALE PRICES
Saturday
June 9.
Tuesday
June 12.
Wednesday
June 13.
Thursday
June 14.
Friday
June 15.
$ per share
*714 9
51 51
/
4
/
4
*16
163
4
*612 8
*1458 1514
3
/ 312
1
4
19
19
133 133
8
4
8118 8118
*31
39
93
93
74 7
/
1
/
1
4
3014 31
614 638
812 8,2
43
8 412
73
*69
37
371
/
4
*218 238
Monday
June 11.
S per share
/
4
/
1
*71 84
8
*512 55
163 163
4
4
*612 8
15
15
312 312
'19
2112
135 137
8
8
81
81
*3112 39
93
93
/
1
/
1
4
74 7
8
3012 313
8
612 67
8
/ 831
1
4
4
45
8 43
73
*71
3712 3712
*213 23
8
$ per share
*714 9
512 512
173
4
*15
*612 712
*1418 1412
3
/ 338
1
4
2112
*19
133
4
13
/
1
*794 81
/
1
4
*3112 37
93 12 9312
/
4
71 714
2934 303
4
612 63
4
8 812
77
/
1
44 44
/
1
*6912 71
*3753 38
*218 23
8
618 614
*212 3
46
*43
5114 5214
413 42
4
8
1612 167
2012 2012
2012 2112
257 257
8
8
115 115
44
x43
512 554
323
4
32
1614 1658
*63
4 8
43
4 Vt
725 733
8
4
1618 1634
9812 9812
212 212
7
/ 73
1
4
4
.45
50
412
*4
$ per share
74 714
/
1
53
4 53
4
*1418 173
4
'612 738
1414 1414
33
8 338
2112
*19
1338
13
*7912 81
*3112 37
/
1
4
955
8
94
7
71
/
4
3018 31
/
1
4
64 6
/
1
812 812
44 458
/
1
*69
71
8
x37
/ 377
1
4
.218 23
2
6
614
25
8 25
8
4612
46
52
52
42
4312
163 17
4
2012 21
2058 2112
*2514 2618
11212 11212
44
4512
512 534
/
4
3214 321
1614 1612
8
*63
4 77
*43
4 5
7312 74
4
163 163
8
*9812 99
*218 3
"712 814
*45
50
412
*4
$ Per share
*812 9
51 512
/
4
17
*15
*7
8
8
8
145 145
31 3'2
/
4
*19
2112
131 1312
/
4
*79
813
4
38
38
*9314 95
71 7
/
4
/
1
4
30
305
4
614 6,
2
*81 812
/
4
4
4
/ 43
1
4
73
*69
*3612 37
28
3
*2
/
1
4
614 6
8
6
/ 63
1
4
61 2
2 *6
05
8 67
4 23
4 *212 318
8
23
27
8 27
4
2 4 23
3
4614
*4314 4512 4512 4612 46
4312 45
5214
52
533
4 52
52
4
523 *51
52
/
1
/ 424 43
1
4
4114 42
8 41
42
4112 423
4
4
8 163 1714
4
1718 1712 163 1718 163 173
203
8 2014 2012 2014 2012
20
20
20
/
4
221 211 22
/
4
2118 213
4 21
211 22
/
4
2512 2512 26
8
253 253
4
4 253 2512 25
114 115
4
4
4
*11212 1143 1143 1143 *11212 114
4412 453
8
8
8 427 4312 4312 45
4318 435
514 512
512 53
4
/
1
54 538
4
512 53
3212 33
327 33
8
4 3214 33
3218 323
1614 161 16
/
4
8
/
1
163
8 1618 1612 163 164
4 *638 8
612 63
*712 812 *612 812
4 43
4
4
43
/
1
43
4 43
/
1
4
412 44
4
/ 4
1
4
73
7312 723 733
4
4
4
7412 7514 733 75
4
8 1612 163
161 1612 1618 1612 1618 165
/
4
08
9812 98
9812 *97
*9712 9812 *97
*212 3
*21 3
/
4
*212 3
*212 3
8
8
8
/ '814 87
1
4
812 812 *814 8
*45
50
50
*45
50
*45
50
*45
4
/ *418 43
1
4
418 4
418 414
412 412
*6118 65
*6118 55
*6118 65
*6018 65
*59
65
*6018 65
4612 4612
*4612 47
46
47
46
*46
464 47
/
1
467 47
8
*3812 42
38
*3812 42
39
33
39
42
42 '38
*38
11
/
4
112
2
2
2
2
11 178
/
4
178 2
11 2
/
4
2418 253
8
243
4 2412 2512 2418 25
4 2312 2414 24
2414 243
*18
/
4
8 183 1812 •181 19
8
183
8 18
*18
183 *1814 183
8
18
15
8
15
8
/
4
•15
8 212 *11 212 '112 212 *112 212 *112 212
20
*1918 21
*1812 193 *1814 1012
4
/
1
19
/ 194 *1814 1934 20
1
4
11
*1012 1114 11
4
1012 1012 •1018 1118 *103 1114 *1012 11
*75
86
86
86
*75
80 '75
"75
86
72
86
'72
4
4
423 433
4
41
423
4 43
433 2423 43
4
/ 41
1
4
40
41
39
131 131
4
130 130 "1293 132 *130 132 "128 131
*12912 132
4
4 83
83
812 812
8
9
9 14
/
1
4
812 85
8
84 87
/
1
87
8 8
43
/ 4.114 4312 433
1
4
4 4418 4414
/ 4212 44
1
4
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1
4
4414 42
43
918 94
/
1
9
9
8
918 93
'4 *87
8 914
914 914 *812 9
3
8
8
*1214 137 •123 137
*135 14
8
14
1312 14
14
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6812
6812 "51
6812 *51
6812 "51
6812 "51
/ *51
1
4
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.51
3
714
72
,
712 712
7,
2 73
4
712 7
/
1
4
714
75
8
74 74
3
8
8
8 1912 203
/
1
2014 204 195 203
2018 203
4 2018 21
2014 21
4 4814 4918
4 48
493
8 4912 503
,
8 4812 49 8 4912 507
487 503
8
12612 1303
4
128 12912 127 129
12512 12714 126 129
12514 126
6412
/
1
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634 633 6418 *64
6214 6312 6214 6312 *63
*6214 64
8
8
43
403 4214 403 423
4
8 4118 4212 42
4112 423
4212 43
4
87
873
8718 88
8712 88
8812 89
8
4 875 88
8814 883
4
10512 10512 106 106 *10512 106 *1033 106
105 105 *105 106
3
3
3
3 18
318 318
318
3
3/
1
4
3
318
3
118 *1
118
118
8
11 118
/
4
8
114
118
118
114
22
2338 2238 23
2212 2314
4
223
4 213 2212 2112 23
22
*93 10
4
10
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10
10
10
612 612
912 612
77
77 14 7714
77
77
7712 7712 7714 7712 77
77
77
/
4
33
/ 337
1
4
8 341 3414
4
8
8 3318 333
4 333 34
8 333 333
337
*33
14 314 *3
314 312
314
14 31/4
314 *3
3
314 312
3
1714
19
16
18
17
/
1
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*1812 1912 193 194 19
1812 19
72
72
74
*68
7712 *72
74
7712 *68
74 '68
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4
763
763 *76
4
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/
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7612 7612 7612 7612 7612 7654 76
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673 68
4
4
68
68
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67
68
66
66
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8 6
534 53
4 *55
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53
4 6
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8 618
6
6
29
28
2812 2814 29
/
4
4 2814 281 28
2814 2812 2818 283
10612 107
1063 1063 10514 106 *10612 107
4
4
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5
5
5
5
5
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5
518 514
514 53
8
4 91 2 '712 0
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213 218
214 214 .218 238
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1
4
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32
"3212 33
32
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32
33
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33
33
6
6
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6
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618 614
614
6
63
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*2312 27
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27
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/
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/
1
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8 23
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212 212 "23
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1018
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9
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21
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/
4
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20
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195 194
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412
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/
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158
11
/
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8 464 483
/
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4 4812 4934 4678 483
484 493
/
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47 4712 47
27
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4 27
2814 283
28
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29
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/
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4
8 37
8 3758 3918 371 383
385
363 3714 3618 3712 37
4
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90
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90
90
90
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90
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8
303
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35
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68
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x68
70
69
69
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80
79 '79
78
75
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75
/ 75
1
4
75
•75
76
6812 .66
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66
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/
1
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/ 1105 1104 110 11018 110 110 *109 110
1
4
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910 1103 '110 110
1011 103
/
4
101 10112 102 102
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1011 10112
/
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318 318
/
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314 314 *34 314
/
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313 3,
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118
13
8
1
1
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1
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1
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s 1912 1912 "19
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19
19
20
.19
•193 21
4
*1912 22
"19
/ 23
1
4
*20
23
*20
23
23
*20
20
20
S Per share
*85
8 9
538
_
*1512 177
8
*7
8
1518 1518
3
312 3 4
*19
2112
1312 135
8
81
81
3712
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8
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738 73
8
30
304
/
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63
3 6
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/
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73
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8
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2
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3
212
8
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7
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53
63
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4
/
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4
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8 •4
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67
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215
8 205
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79
/
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511 5014
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23
44 .4212
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8
53 4 535
3
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/
4
63
1712 .161s
43
4
5
*38
45
1812 18
8
22
207
3
312
57
8
512
50
18
265
8
23
4
912
414
67
8
21
79
5012
23
43
36
55
65
18
4
43
45
18
213s
3
5
/
1
4
*48
18
261
/
4
212
*7
414
63
4
21
78
503
8
*2212
4212
.3114
5412
*6312
17
42
,
*3814
/
1
184
21
03
*512
50
493 493
4
18
1818 1818
2612 261 2 2612
214 212
212
9'2 *613 912
41 414
/
4
41
/
4
74 714
/
1
714
23
2214 22
8014
7912 79
513
8 5118 511
/
4
24
233
4 23
44
44
44
36
.33
36
60
5713 5933
65
6312 64
17
17
17
8
8 47
43
4 *45
*3814 45
45
1812 1818 1812
8
217
8 217 2213
314
3 14 *3
54
55
8 6
5
• Rid and asked Prices, no sales On Ms day.
*47
"15
/
1
4
26
.214
*612
37
8
7
213
4
x77
505
8
2214
*4018
*3114
55
*63
.16
45
5
*3814
18
2018
*3 ,
/
1
54
50
183
4
2714
23
8
912
414
7
223
8
7714
5118
2212
44
35
57
64
1712
45
8
42
18
2112
318
53
4
"47
'153
8
"263
4
214
*734
*37
8
4
63
22
70
50
/
1
4
2212
405
8
*3114
5512
"63
*1634
412
"3814
1814
4
213
3
54
/
1
STOCKS
NEW YORK STOCK
EXCHANGE.
Sales
for
the
Week.
Shares.
100
1,600
100
500
3,400
400
26,000
400
10
700
6,100
0,000
33,500
1,200
6,000
700
1,800
400
1,900
2,000
15,200
5,700
2,900
27,400
2,300
70
10.300
23.500
4,200
7,300
200
700
5.000
12,000
400
200
600
700
600
20
3,600
9,500
400
100
200
200
4,700
130
1,100
4,700
600
300
2.800
21,300
16,500
19.600
800
67,900
4,000
500
2.400
1.100
7.500
1,100
100
2,700
600
2.900
100
190
290
400
10,200
160
1,600
100
200
600
9.100
600
4,300
100
14,000
400
10
900
300
14,000
4,400
45.000
110
200
200
290
30
70
230
600
800
700
100
100
50
19
100
2714 2,100
214
600
9
200
700
418
4.000
7
225 13,900
8
3.100
80
511 13,900
/
4
2212
900
40
/
1
4
120
35
57
1,720
64
500
1712
800
412 3,000
42
1814 1,400
2212 8,700
3
200
5
/ 9,900
1
4
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
3 per share $ per share $ per share
Indus.&Miscall.(Cond.) Par 3 per share
/
4
6 Jan 6 121 Feb 16
23 Mar 1212 May
8
No par
The Fair
918 Feb 19
1012 July
1
5 May 8
1
Feb
Thermold Co
1
1312 Jan 2 1938 Feb 6
10 Mar 2114 July
Third Nat Investors
7 May 12 11 Feb 5
6 Dec
1512 June
25
Thompson (J 11)
1318 Jan 4 2014 Feb 16
53 Jan 2014 Sept
8
Thompson Products Ino NO par
12 mar
27
8May 14
512 Jan 29
912 June
Thompson-Starrett Co_No par
19 Mar 31 2412 Jan 30
No par
12
Jan 30 June
$3.50 cum prof
812 Jan 4 1438 Apr 23
318 Jan
No par
111 Sept
Tidewater Assoc 011
/
4
2312 Apr 6514 Nov
100 6412 Jan 4 8518 Apr 30
Preferred
No par 31 Mar 26 40 Apr 27
914 Apr 26 Dec
Tide Water 011
100 80 Jan 11 9612 Apr 27
45 Feb 80 Dee
Preferred
812 Apr 24
10
3 Jan 4
/
1
4
11 Mar
/
4
814 June
Timken Detroit Axle
4NIay 14 41 Feb 5
133 Feb 3512 July
4
Timken Roller Bearing_No par 263
8May 14
812 Feb 5
57
25 Mar
8
93 July
8
Transamerica Corp......_No par
612May 10 1312 Feb 17
24 Mar 1712 July
/
1
Transue & Williams St'l No par
4 May 14
63 Feb 3
4
23 Feb
8 July
/
1
4
4
Tr -Continental Corn__No par
No par 6014 Jan 9 78 Apr 20
41
Apr 875 May
6% preferred
No par 33 Jan 6 40 Feb 3
Trio° Products Corp
2018 Feb 384 July
/
1
14 Jan 3
/
1
312 Feb 23
No par
Truax Traer Coal
514 July
/ Apr
1
4
95 Feb 19
8
10
4 Jan 4
/
1
4
2 Mar 123 June
4
Truscon Steel
2 8 Jan 5
3
4 Jan 15
No par
Ulan & Co
614 June
54 Jan
Under Elliott Fisher Co No par 36 Jan 5 5112 Jan 20
914 Feb 3912 July
8
512 Jan 60 July
Union Bag & Pap Corp_No par 43 Jan 8 607 Feb 23
/
4
/
1
Union Carbide & Carb_No par 35151ay 14 504 Jan 19
193 Feb 511 July
4
/
4
25 15 May 14 2012 Feb 5
Union 011 California
812 Mar 233 July
8
155 Jan 9 21 Feb 5
8
No par
Union Tank Car
1012 Feb 223 June
4
174 Feb 13 373 Feb 1
/
1
8
1612 Mar 4C7 July
United Aircraft dr Tran_No par
8
Jan 8 2914 Apr 26
No par 23
1312 Feb 27.8 July
United Biscuit
100 107 Jan 0 11512 Apr 27
92 May 111
Dec
Preferred
4
No par 35 Jan 4 453 Apr 25
1014 Feb 38 Dec
United Carbon
8 Feb 7
/
1
4
412 Jan 4
4 Dec
No par
1412 June
United Corp
/
1
/
1
4
221 Nov 404 June
/
4
No par 244 Jan 3 37 Feb 7
Preferred
/
1
5
914 Jan 8 1814 Apr28
618 Dec 12 Sept
United Drug Inc
8
33 Jan 2 107 Apr 26
8
10
United Dyewood Corp
3 Feb
4
6 June
/
1
4
6 Apr 25
318 Jan 10
1 Mar
United Electric Coal___No par
8 July
/
1
4
2314 Jan 68 Aug
No par 59 Jan 5 77 Apr 21
United Fruit
1414 Jan 4 2018 Feb 6
13 Dec 25 July
/
1
4
No par
United Gas Improve
8212 Dec 100
No par 86 Jan 8 9914May 19
Jan
Preferred
35 Feb 19
8
13 Feb 13
4
12 Jan
100
512 July
tUnited Paperboard
4
312 Mar 211 July
7 Jan 8 133 Feb 20
/
4
United Piece Dye Wks_No par
12 68 Feb 21
35 Dee 85 July
100 49 Jan
6S4% preferred
6 AM'20
3 Jan 11
/
1
4
/ Feb
1
4
714 July
United Stores class A__No par
5418 Mar 21 66 Apr 16
45 Mar 66 July
Preferred class A____No par
2112 Apr 5112 July
Feb 26 5038 Apr 24
Universal Leaf Tobacco No par 4014
10
Apr 35 June
,
Universal Pictures let pfd_100 16 8 Jan 8 4612 Apr 11
3 Feb 16
/
4
3 July
/
1
4
14 Apr
11 Jan 2
1
Universal Pipe & 1/cad
618 Mar 2218 July
20 18 Jan 4 33 Feb 7
US Pipe dr Foundry
/
4
123 Apr 19 May
4
161 Jan 11 191 Feb 23
/
4
No par
1s1 preferred
4 Jan 31
1
Oct
112 Jan 5
6 June
No par
U S Distrlb Corj
8N1.ty 31 2712 Feb 5
7 Feb 29 July
167
/
1
4
No par
U 9 Freight
31s Feb
814 Jan 2 1514 Feb 5
173 July
4
No par
US & Foreign Secur
3612 Mar 84 July
No par 6314 Jan 5 78 Feb 26
Preferred
18
Feb 5312 July
20 3414June 1 5012 Jan 24
U S Gypsum
100 115 Jan 10 132 Apr 26 10114 Jan 121 Sept
7% preferred
5
458 Jan 9 1018 Apr 24
138 Apr
111 June
/
4
U 9 Hoff Mach Corp
/
1
1312 Feb 94 July
Alcohol_No par 37 May 14 644 Feb 9
U S Industrial
8
714June 4 117 Jan 24
2 Mar 1714 July
/
1
4
No par
U 0 Leather v 1 o
4513y 12 194 Feb 1
/
1
113
41 Feb 273 July
/
4
4
No par
Class A v t o
30
100 5512 Jan 5 80 Jan 30
Feb 7814 Sept
Prior preferred v t 0
534May 14 121 Feb 2
/
4
212 Feb
1412 July
U S Realty & Impt___No par
1434 Jan 5 24 Apr 21
278 Feb 25 July
No par
U 9 Rubber
100 2418 Jan 8 6114 Apr 20
512 Feb 434 July
/
1
1st preferred
/
1
4
1312 Jan 1054 Sept
/
1
U 9 Smelting Ref & Min___50 96 Jan 13 13512 Feb 16
3912 Jan 58 Sept
50 5412 Jan 13 64185l11y 11
Preferred
/
1
100 37381une 2 594 Feb 19
233 Mar 671 July
8
/
4
U 9 Steel Corp
100 7918June 2 9912 Jan 5
53 Mar 10512 Jul'
Preferred
No par 99 Jan 5 110 Feb 6
59
Jan 109, Dec
U 9 Tobacco
2
5 8 Feb 6
3
1
2 Jan 5
53
11 Apr
/
4
8 June
/
1
4
Utilities Pow & Lt A
17 Jan 25
8
1 Jan 2
No par
318 July
3 Jan
8
Vadsco Sales
4
par 18 May 12 313 Feb 19
758 Mar 3614 July
Vanadium Corp of Am_No
5
412 Jan 2 113 Apr 18
8
15 May
8
10 July
Van Raalte Co Inc
100 x5414 Mar 1 98 Feb 5
2012 May 65 Sept
7% let pref
/
1
8
5 245 Jan 4 344 Apr 23
2318 Dec 31 Sept
Vick Chemical Inc
25851ay 14
53 Jan 23
8
/ Feb
1
4
7 July
/
1
4
Virginia-Carolina Chem No par
100 1412 Jan 3 26 Feb 5
338 Mar 2812 July
6% preferred
/
1
100 594 Jan 8 7312M11y 1
353 Mar 6312 July
8
7% preferred
60 Dee 8538 Jan
Virginia El & Pow $6 Of No par es Jan 2 78 Jan 30
9 Feb 23
g
47 Jan 11
218 Feb
Virginia Iron Coal & Coke..100
15 May
100 52 Jan 4 79 Mar 9
123 Feb 677 June
Vulcan Detinning
4
8
8 Feb 20
/
1
4
No par
5 May 23
/
1
4
518 Dec
12 July
Waldorf System
No par 2214 Feb 26 29 Juno 13
Walgreen Co
100 8412 Jan 4 107 Juno 15 - - . p- - - -1/
4% preferred
15 A- r 90 2
61
63 Feb 1
8
254 Jan 4
No par
8 June
/
1
4
Walworth Co
/ Apr
1
4
61 Jan 5 12 Feb 5
/
4
21 Mar 20 July
/
4
Ward Baking class A No par
2 May 29
3 8 Feb 5
5
No par
Class B
5 July
/
1
4
/ Atn'
1
4
100 271851ay 10 36 Jan 24
8
1112 Apr 447 July
Preferred
6
47 Jan 6
8
814 Feb 5
1
918 Sept
Warner Bros Pictures
Feb
Jan 19 317 Apr 24
1812
8
No par
41 Feb 2412 Oct
/
4
$3.85 cony pref
3 Feb 16
/
1
4
15 Jan 4
5
No par
/
4
41 June
Warner Quinlan
/ Mar
1
4
82day 14 185 Jan 24
67
8
No par
/
1
Warren Bros
212 Feb 224 June
16 Jan 8 287 Apr 23
8
712 Feb 35 8 June
,
Convertible pref___ _No par
16 May 14 31 Jan 20
No par
Warren Fdy & Pipe
5 Feb 30 Dec
334Muy 7
7 Jan 25
8 July
No par
1
Jan
Webster Elsonlohr
214 Jan 23
1
1 Jan 17
Wells Fargo dr Co
312 June
/ Apr
1
4
8
15 4 Jan 4 273 Feb 21
3
Wesson Oil& Snowdrift No par
7 Mar 3712 July
No par 5212 Jan 5 60 Feb 23
Cony preferred
40 Mar 63 July
4Nlay 14 667 Feb 6
8
Western Union Telegraph_100 403
1714 Feb 7714 July
8May 14 30 Feb 0
1184 Jan 355 July
8
Westingh'se Air Brake_No par 257
Westinghouse El ,k Mfg __50 30141,, g 17
95801/4
4 92
50 8312 Jan
4P4 FJaenb
July
1st preferrud
6109s813 Feb..
61 Jan 3 14 Feb 305
/
4
5
131 July
/
4
Weston Elea Instrum't_No par
312 Feb
1638 Jan 5 25 May 22
No par
Class A
10 Mar 2214 July
30 Apr 73 June
West Penn Elea olass A_No par 4412 Jan 8 70 June 13
100 611 Jan 8 79 Juno 13
/
4
37
Preferred
Apr 77 June
/
1
4
100 45 Jan 3 67 Apr 16
6% preferred
334 Apr 6012 July
/
1
100 8912 Jan 2 11058June 12
/
1
West Penn Power pref
881 Dee 1104 Jan
/
4
/
1
100 784 Jan 10 103 Juno 15
Jan
6% preferred
80 Dec 101
3 Jan 10
61 Jan 30
/
4
West Dairy Prod ol A__No par
4
212 Apr
113 June
1 Juno 1
212 Jan 30
No par
Class B v 1 a
4
4, June
/ Mar
1
4
1471 Jan 12 2714 Feb 8
6 Mar 2012 July
Westvaco Chlorine Prod No par
1812May 24 29 Feb 21
No par
Wheeling Steel Corp
74 Jan 35 July
/
1
100 38 Jan 4 57 Feb 26
Preferred
15 Feb 67 July
50 1612May 15 2812 Feb 19
White Motor
14
Jan 2612 July
Oct
WhiteRkM1nSpr ottnewNo par 24 Jan 4 3112 Apr 19
23 Oct 29
3 Feb 6
/
1
4
112 Jan 8
White Sewing Machine_No par
4
43 July
12 Jan
518 Jan 12 1114 Apr 20
No par
Cony preferred
Ps Jan
1012 July
5
31251aY 7
5 Apr 5
/
1
4
Wilcox 011 & Gas
512 June
2 Mar
43 Jan 8
4
9 Apr i 1
No par
Wilson & Co Inc
11 June
/ Jan
1
4
1214 Jan 9 263 Apr 13
8
Class A
No par
4
Jan 22 June
100 53 Jan 8 8412 Apr II
Preferred
19 Mar 7212 July
10 411 Jan 3 547 Apr 21
/
4
8
Woolworth (F W) Co
2$1 Apr 507 July
8
/
4
100 17 May 14 317 Feb 5
8
/
4
Worthington P & W
8 Mar 391 July
100 34 Jan 10 53 Jan 24
Preferred A
14 Mar 51 June
100 30 Jan 10 42 Jan 24
Preferred B
14
Feb 47 June
164 Jan 8 75 Jan 27
/
1
Apr 24 May
6
Wright Aeronautical.....No par
5412 Jan 11 65 Apr 26
Wrigley (Wm) Jr (Del)No par
3412 Feb 5738 Dec
Jan 23 June
Yale & Towne Mfg Co_ __25 14 Jan 5 22 Apr 24
7
4 Slay 14
7114 July
714 Feb 19
Yellow Truck & Coach clB_10
218 Mar
100 28 Jan 2 4712 Apr 26
Preferred
18 Mar 42 July
15 Jan 8 22 Feb 19
/
1
4
Young Spring & Wire. No par
312 Mar 1918 July
1718May 14 333 Feb 19
4
712 Feb 3758 July
Youngstown Sheet & T _No par
12 Feb
5 Dec
212May 24
43 Feb 5
No par
4
Zenith Radio Corp
1
5 May 7
7 3 Feb 19
4
812 July
Zonite Products Corp
35 Feb
8
I Companies reported in receivership.
a Optional sale.
e Cash cal,.
3 Sold 7 lays.
x Ex-dividend.
y Ex-rights.
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
4101
On Jan. 1 1909 -the Exchange method of quoting bonds was changed and Prices are now "and interest"—exceyt for income and defauUed bonds.
NOTICE.—Cash and deferred delivery sales are disregarded in the week's range, unless they are the only transactions of the week, and when selling outside of the
regular weekly range are shown in a footnote in the week In which they occur. No account is taken of such sales in computing the range for the year.
ij
Prize
Week's
.,1
, Range
BONDS
h
Since
Range or
E. 4
Friday
N. Y. STOCK EXCHANGE z t
Last Sale. .rEih
Week Ended June 15.
Jan. 1.
.5 a, June 15.
_
High
High No. Low
U. S. Government.
Bid
Ask Low
First Liberty Loan-34.4 of '32-47J D 101.3, S le 103213,1014., 115 100ln 104.43
1 13
- 1021732May'34-.
Cony 4% of 1932-47
10011,3 1031,,
,
J D 1021%, Sale 1022.3,1031133 130 101.4,104,13,
Cony 444% of 1932-47
J D 10214.1
28 cony 444% of 1932-47
4 102"83102,68,
1021.331021.3,
.,
Fourth Lib Loan 444% of '33-38 A 0 10311 Sale 10311331031132 653 1011.3,104133,
45(% (2d called)- _ 1011%8 Sale 101163,1011%2 473 101.68,1021.33
Treasury 44411
1947-1952 A 0 1131233 Sale 1112%31131%3 981 104118,11311,,
Treasury 43s to Oct 16 1934,
thereafter 35(%
1943-45 A 0 103114, Sale 10310331032.33 1537 971.8,10311.3
Treasury 4s
,
1944-1954 J 0 103713, Sale 10373, 1031%2 736 10111 3108Eu
Treasury 3411
1946-1958 M 8 10713, Sale 10317,31076.3 440 1004, 1076.,
,
.
Treasury 3445
1943-1947 4 D 101114, Sale 1011%21011733 854 981 3110411,3
Treasury 38___Sept 15 1951-1955 M 8 1011133 Sale 1001.30011%2 717 931.8,10114.4
Treasury 3448 June 15 1940-1943 -I D 10544, Sale 104163,1051.2 201 982%, 105%,
,
Treasury 348s Mar 15 1941-1943 M 8 105..8 Sale 1011%110563, 179 98203 105%,
Treasury 3.448 June 16 1946-1949 4 D 102113, Sale 101114,1021.44 589 95118,1021543
Aug 1 1941 F A 10513, S le 101153,1056,, 856 97. , 105.4,
Treasury 344e
78
.
Treasury 3410-------13144-1946 _,..z 103.3, S le 102163,1031% 993 101731 103103,
Fed Farm Mtge Corp 33js1964 M S 102143 Sale 10111,3102%, 720 101218,102163,
3s
1944-1919 M S 101%, sale 1002%0017,, 286 1001°3,101132
Home Owners Mtge Coro 48_1951 J .7101",, Sale 10113, 101164 7864 1003%3101233
,
35 series A
1952 M N 101%3 Sale 1001,, 1017,, 3996 1001,, 100%,
State & City—See note below.
Foreign Govt. & Municipals.
Agile Mtge Bank at 08
1947 F A
Feb 1 1934 subseq coupon__
_
Sinking fund 6e A_ _Apr 15 1948 A0
_—
_
With Oct 15 1934 coupon__
Akershus (Dept) ext be
_1963 M N
Antioquia (Dept) coil 78 A 1945 J J
Externals f 78 ser B
1915 J J
External ,f 78 ser '31
1915 J 4
External 0 f 78 ser D
1945 4 J
External o f 78 let ser- —1957 A 0
External sec s f 7s 231 ser_1957 A 0
External sec at 78 3d ser 1057 A 0
Antwerp (City) external bs 1958 J D
Argentine Govt Pub Wks 6a_1960 A 0
Argentine 65 of June 1925_1959 J D
Extlef 6s of Oct. 1925_ __ _1959 A 0
1957 hi 5
Externals f 6e series A
External 6s series B__Det, 19584 D
Esti of 65 of May 1926-1960 M N
External s 1 8s (State Ry)_1960 M S
Ext168 Sanitary Works _1961 F A
Extl 68, pub wke May 1927 1961 M N
1982 F A
Public Works (301 544e
Argentine Treasury be E_ _1945 hi S
15
Australia 30-yr 55_ _July-- 1955 J J
External bs of 1927__Sept 1957 M 5
1956 MN
External g 4%,of 1928
19434 D
Austrian (Govt) a t 78
Internal sinking fund 7s 1957 J 81
1945 F A
Bavaria (Free State)6 448
1949 hi 5
Belgium 25-yr call 644s
External a f 65
1955 1 J
External 30-years f 78.— _1965 J D
Stabilization loan 78
1956 MN
Bergen (Norway) 5s....Oct 15 1949 A 0
External stoking fund 58._1960 M 5
Berlin (Germany) f 6148_1950 A 0
,
External a 1 6e___June 15 1958 J D
1945 A 0
Bogota (City)extl a t 8e
Bolivia (Republic of) exti 88_1947 MN
External secured 78 (flat) _1958 J .1
External St 7s (fiat)
1969 M 8
Bordeaux (City of) 16-yr 68_1934 M N
Br il(US of) external 8s
1941 J D
Externals f 634s of 1926..1957 A 0
External at 644s of 1927 1957 A 0
713 (Central RY)
1952 J D
Bremen (State of) exti 78
1935 hi 5
Brisbane (CRY) ef be
1957 M S
Sinking fund gold bs
1958 F A
-year a f 68
20
1950 J D
Budapest (City) exti s f 88_1962 1 13
Buenos Aires(CRY)6448 213 1955 5 J
External 81 8s ser C-2
1960 A 0
External e f 138 8er C-3...._1960 A 0
Buenos Aires (Prov) extl 833_1961 M S
FRO (Sep 1 '33 coup on)1961 M 8
Externals!6345
1961 F A
Stied (Aug 1'33 couP 00)1961 F A
Bulgaria (Kingdom) a f7s_ _1967 1 J
Stabirn 5 f 7148—Nov 15 1968 NI N
Caldae Dept of(Colombia)74438'46 1 .1
Canada (Dom'n of) 30-yr 48.1960 A 0
be
1952 M N
414e
1936 F A
Carlsbad (City)5188
1954 4 .1
Cauca Val (Dept) Colons 7440'46 A 0
Cent Acne Bank (Ger) 7s,,.1950 M S
Farm Loan a f 68__July 16 1960 J .1
Farm Loan a 1 6s__Oct 15 1980 A 0
Farm Loan Os aer A Apr 15 1938 A 0
chile (Rep)—Ext1 at 78
1942 Ni N
External sinking fund 68..1980 A 0
Ext sinking fund 68__Feb 1961_ F A
Ry ref ext s 1 (133
Jan 1961 J J
Ext sinking fund 85_ _Sept 1961 M 5
External sinking fund 68__19132 M 5
External sinking fund 633_1963 M N
Chile Mtge Re 6148 June 30 1957 J D
St 634e of 1928__June 30 1961 J D
Guar a 1 68
Apr 30 1961 A 0
Guar s f 88
1962 M N
Chilean Cons Muni., 78
1960 hi S
Chinese (Iluktiang Ry)
_1951 J D
Christiania (Oslo) 20-Yr a f ills '54 M S
58_Cologne (City)Germany 64451950 M S
Colombia (Rep)68 of'28__Oct'61
Oct 1 1931 and sub coupons on. A 0
Exter 611 (July 1 '34 coup on)'6I .1 J
Colombta Mtge Bank 649 ot 1947 A 0
1946 M N
Sinking fund 7,of 1926
1947 F A
Sinking fund 7s of 1927
Copenhagen (City) 5e
1952 J D
1953 MN
25
-Year g 43.4s
Cordoba (City) ext1 a f 7s_ _1957 F A
External 51 78____Nov 151937 hi N
Cordoba (Pro') Argentina 7s 1042 J J
Costa Rica(Republic)—
78 Nov 1 1932 coupon 00_1951 MN
_
78 May 1 1936 coupon on_1951
.
Cubs(Republic) 6e of 1904_1944 iiii 5
External be of 1914 ser A 1949 F A
1949 F A
External loan 414s
Sinking fund 514s Jan 15 1953 J
Public wks 6445 June 30 1945 J D
1959 M N
CundinaMarea 6448
26__ 2614 May'34 _--1834 2718
25
25
233 8 i5
20
26
1
273 30
4
27%
28
2
153 28%
8
16
26
24
24
233 27
8
3
763 Sale 763
4
6812 815
8
4
79
37
1112
818 1734
11
h1'2 1112
2
4
113
8
8
9
103 Sale 103
4
17
103 11hz 1138 May'34 ---,
8
932 17
103 Sale 105
8
1058
818 1714
8
1
97
818 1434
2
97
8
94 Sale
8
1458
97
97
93 11
4
3
934 iO'2 98
97
8
2
8
145
8
9512 12
9512 Sale 95%
8212 9912
823
4 57
6312 82%
817 82% 8112
8
5312 8234
823
4 47
4
823 Sale 8112
827
8
827
8 37
82 Sale 8112
53
825
8 92
63
825
8
813 Sale 8114
4
5338 83
83 Sale 8114
55
83
8112
8312 28
82 Sale
5358 8212
531 8212
8212 110
8
817 Sale 8114
523 823
8
4
17
8
82
8154 Sale 813
82
82 Sale 8112
22
625 823
8
4
77 Sale 7412
7714 67
4712 7714
803 99
4
9212 25
0212 Sale 917
943
4 88
8812 975
9414 Sale 94
8
943
4 58
94 Salo 94
89
975
8
4
92
903 Sale 903
4
55
83
95
99
983 Sale 97
4
38
9118 10012
68% 10
66 Sale 66
50
77
37% 23
3612 Sale 36
36
5912
95 105
1005
8 61
100 Sale 100
4 10018 31
993 10014 993
4
94 10412
10514 58
10418 Sale 104
99 109
103 Sale 10212 10312 54
957 1063
2
4
____ 82
82
79
2
68
8212
81 Sale 81
8212 11
66% 8212
8
38
37% Sale 355
79
3212 52
3612 Sale 3514
373 183
4
3012 4912
17% 24
1814
185
8
5
185 20
8
9
9 Sale
32
64 113
4
53 1012
4
63
4
714
7
4 7
63
5% 1012
7
21
612 6% 612
17018
17018 Sale 17018
1 149 17014
30
2914 Sale 2818
53
2234 3612
8
27
2514 Sale 235
76
20% 32
25
2514 2312
253
4 47
20% 32
34
244 Sale 2312
30
2012 32
5128 54
493 Sale 49
4
49
6318
7304 88
8318 Sale 8318
83% 11
833 Sale 833
84
5
73
877
9414 10
94 Sale 04
83
95%
4
424 16
4118 432 4258
3118 4612
78% 40
7814 Sale 7458
4618 7814
6418 ____ 64 June'34 ____
47
64
68 Sale 664
4514 68
68
11
30% 48
2
4712
48
50
45
4212 88
4212 Sale 404
26% 4418
4912 Sale 4712
31% 4912
4912 10
4
428
423 Sale 403
4
4 25
27
4
423
23
22
22
227
8 18
1878 24
3
20
243 02314 0231
3
23
2612
12
1218 13
1318
10112 Sale 101
10258
11114 Sale 10912 11114
10418 Sale 10418 1045
8
8012
8012 Sale 8012
4
1012 1313 113
1258
50 Sale 4612
5312
3912
36 Sale 3512
3612 Sale 3514
40
3912 Sale 384
46
1312 Sale 1312
1438
133 Sale 1312
4
1414
1312 Sale 1312
14%
1312 14
1312
1418
133 Sale 1312
4
1414
135 Sale 135
8
8
1414
1418
1312 Sale 1312
1312
1312 15
14
1418 Sale 14%
16
1334
1314 Sale 1314
1314 Sale 1314
133
4
10 Sale
912
10
38 June'34
--__
93
8912 --- 93
98
30
28 Sale 28
26 Sale
26 Sale
2212 23
2212 Sale
2212 Sale
80 Sale
74
75
2828 3214
--_- 40
5012 Sale
37
24
90
95
a69%
73
32
1212
14
225
124
21
3
11
87
60
128
71
8
30
53
48
37
46
14
19
10
11
13
17
__
1
46
25
2614 44
253
8
2614 32
23
2314
3
2212
2314 10
2212
2314
9
80
8012 27
735
2
75
5
33
33
1
37 June'34 ____
4918
5012
2
Sale 37
Salo 23
9714 9214
Sale 95
Sale 06912
Sale 72
Sale 2612
Sale 1214
37
24
9214
95
06912
73
4
333
13
3
11
3
2
2
10
99
22
1058 183
4
92 1025
8
1031 11114
1003 10412
4
0712 8012
103 19
4
4)3'x 73
3512 69
3514 69
3814 70
9
16
71 16
7
1534
7
153
4
73 153
7% 15%
718 16
912 1512
1814
10
818 1512
8
1518
7
12
2758 4278
8153 93
2718 50
2112
21
15
154
15
6312
5912
144
297
8
25%
35%
355
4
24
2412
28
84
78%
3514
37
535
30
37
183 2.512
4
7458 95
93
9512
627 78
a
617 8418
2
23
4l7
s
105,` 193
4
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 15.
2I;
r
8
4; a;
Price
Friday
June 15.
Week's
Range or
Last Sale.
4..,
Range
Since
Jan. 1.
F'
.8_
ch Eh
High No.
Bid
Ask Low
Foreign Govt. & Munk.(Con.)
10
Czechoslovakta (Rep of)88_1951 A 0 9912 Sale 9912 100
98%
993 39812
8
4
Sinking fund 8s ser 13
1952 A 0 98
955
8 43
95 Sale 9412
Denmark 20
-year eta 6s
1942 1 J
38
9014
4
External gold 540
1955 F A 893 Sale 8918
80% 49
External g 444s__Apr 15 1962 A 0 7912 Sale 7913
Deutsche Bk Am part elf 83_1932
20
5814
59
57 8 60
Stamped extd to Sept. 1 1935__ ___
1
97
Dominican Rep ('not Ad 514s '42 M 8 67 8113 67
2
57
1940 A 0 55% 5712 56
lot ser 5448 of 1928
11
4
56
2d series sink fund 540_1940 A 0 56 Sale 543
4912 23
Dresden (City) external 75_1945 MN 4918 Sale 4712
2
Dutch East Indies extl 681_1947 4 J ____ 16212 16212 16212
16418
9
40
-year external 65
1962 M 8 163 Sale 163
2
____ z16312 16312
30
-year extl 544s____Nov 1953 M N 160
2
16312
____ 16312
30-year ext 544s____Mar 1953 IYI S 160
El Salvador (Republic) 85 A_1948 J .1 55 _ _ _ _ 58% June'34 ____
-it
1
54
54 Sale 54
J .1
Certificates of deposit
15
72
72 Sale 70
Estonia (Republic of) 7s__1967 .1 .1
4
Finland (Republic) ext 6s___1945 M 5 98 Sale 973
33
93
16
4 10014
External sinking fund 713_1950 M S 997 Sale 993
967e 40
External sink fund 6445_1956 hi S 9612 Sale 9613
92'z 28
9214 Sala 92
External sink fund 54.0_1958 F A
4
96
96
Finnish Mun Loan 6445 A__I954 A 0 9412 96
9512
3
External 6.45 serial B____1954 A 0 9518 9614 9512
8 33
85
3112 Sale 303
Frankfort (City of) 81644s__1953 MN
26
184
French Republic extl 7to_1941 4 0 18314 Sale 183
15
1811
4
External 7s of 1924
1949 J D 18112 183 1803
German Government Internetional 35-yr 540 of 1930_1966 J D 3712 Sale 353
4
403 1789
5712 529
1949 A 0 5352 Sale 5134
German Republic exti 78
German Prov & Communal Bks
3914 104
36 Sale 3614
(Cons Agile Loan)6445 A_1958 .1 D
7
873
8414 Sale 8414
Graz (Municipality) 88
1954 MN
Only unrnatured coupons on__
_ ___. _--_ 65 May'34____
at Brit & Ire(UK of) 5448_1937 FA 117 Sale 116
117
34
_-8
14% fund loan E opt 1980_1990 M N 1147 Sale z11414 1147 292
31 June'34 ____
36
31
Greek Government steer 78_1964 MN
2522
2512 2912 25
St sec 68 Aug '33 coupon_ _1968 F A
5
Low
High
88 101
90 101
8612 9812
833 95 2
4
,
71
87
5814 7714
433 673
4
4
36
57
3712 57
46
5818
150 165
151% 165
151 16412
15112 165
484 60
38
55
577 76
8
79
98
861e 1001z
7812 99
76
933
77
96
754 9512
293 48
4
15414 184
160 18512
353 6312
4
513 8712
4
3614
573
2
62
11158
109
22
183
4
7112
8858
6512
12413
11712
3312
31
Haiti (Republic) e f 6,ser A_1952 A 0 783 82
783
4
4
7412 81
7912 12
3112 58
353
8 55
Hamburg (State) 68
1946 A 0 32 Sale 3112
25 14
8
25
6
Heidelberg(German)extl 7448'50 J J -- __ 257 25
44
94
Heleingfors (City) ext 644s 1980 A 0 94 Sale z93
44
723 95
4
40
3712 43
Hungarian Muni° Loan 734s 1945 J J
40
2
2858 4414
Only unmet coup attached__ J .1 __ __ 35
2714 May'34 ___.
2714 2714
4118
4118 4014
External at 78 (coup)
16
1948 J 4 37
3058 45
46
4S'g 46
Hungarian Land M Inst 710'61 M N
45
3312 50%
9
50%
4
Sinking fund 734s ser B
453 June'34 ____
49
1981 M N 45
31
Hungary (King of) s f 744sA944 P A
3612 31
35% 383 3612
4
3112 4214
Irish Free State extl a f 5s
6 11012 118
1960 M N _-__ 11514 11012 112
96
91 Sale 91
Italy (Kingdom of) extl 78_1951 J D
113
91 102
Italian Cred Consortium 78 A '37 M 8 9014 97
93%
9314
1
9314 100
9012
External sec s f 70 ser B
2
1947 M 8 9012 Sale 9012
9012 100
Italian Public Utility extl 78_1952 1 J
84
79
8412 84
1
84
9318
86
9612
Japaneee Govt 30-yr s f 6%8_1954 F A
913 139
4
9014 Sale 90133
Extl oinking fund 544s
7612 62
7514 Sale 7518
1965 MN
7313 86
Jugoslavia (State Mtge Bank)—
32
4212
357 June'34 ____
35
Secured s f g 78
1957 A 0 29
23
___ _ 22
7s with all unmet coup _1957
18
I
22
27
Lelpzle (Germany)5 f 78__ _1947 FA
56 Sale 543
--8
64
4
58%
373 65%
8912
8714 ____ 8912
Lower Austria (Prov) 7448_1950 J D
2
60
8912
Feb'34 _...._.
Only unmatured coups attacti'd ------------50
50
63
Lyons (City of) I5-year 68_1934 hiN 17018 Sale 170%
2 149 17018
170,
8
170'2 32 149 17012
Marseilles (City of) 15-yr 88.1934 A N 17018 Sale 17018
, 6
Medellin (Colombia) 6125-1954 J D
95 103
8
8 91
105
87 163
8
8
Mexican Irrig Asstng 440_1943 hi N ____
53 Apr'34 ___
4
_
412 758
,,
4 Sept'33 ____ _
Mexico (US) ext.! 58 of 1899 I '45 Q J __ _-25
Assenting Ss of 1899
E7 -- 8 10
6
814 61s June'34 ____
1945 ---az
918 Apr'34 ____
Assenting 513 large
712 1114
718 Apr'34 _-__
Assenting 5s small
718 8
- 5 June'34 _--Assenting 4s of 1904
1951 --------5
4%
714
Assenting 48 of 1910
5
578 4% Mar33 ___ _--- -83
4
5
5 May'34___.
Assenting 4s of 1910 large
---- ---- —__
Assenting 45 of 1910 small
512 May'34 -- ---- ____
43
8 838
•
Tress 6,of'13 assent (large)'33 1J
•
-*
Small
•
•
Milan (City, Italy) exti 8448 1952 A 0 83 Sale 8212
8212 917
31
85
8
Minas Geraes (State) Brazil—
24
17
5
18
4
External a 1 634,
1958 M 8 17 2 193 171x
Ext sec 644s series A
1959 M 5 17% 1812 17
17
2312
3
z17
36% 19
3614 Sale 34
Montevideo (City of) 7s
1952 J D
2714 3614
261k 31
3012 12
3012 Sale 30
External s f (is series A
1959 hi N
9114
92
New So Wales (State) eat'is 1957 F A
59
91% 92
85
96
8514 955
8
9112 19
Externals 1 5s
9118
Apr 1958 A 0 9114 92
984 32
9818 Sale 98
Norway 20
9113 10118
-year ext 6
1943 F A
90% 10114
20
-year external 6s
983
4 14
F A 98 Sale 9714
1944
891 100
30-year external 6s
983
4 39
1952 A 0 9512 Sale 95
83% 95%
9518 57
40
-year 8 1 544e
1965 .1 D 947 Sale 9314
8012 92
21
877
External ,f 53___Mar 15 1963 M S 857 Sale 857
9018 May 34 ---_
Municipal Bank exti a 18E3_1967 J D 90_.
8312 91
81
91
Municipal rank esti s f 55_1970 4 D 90
1
903- (03912 08912
4
86
31
287 5512
8
31 Sale 2914
Nuremburg (City) exti 88_1952 F A
7712
65
4
7218
Oriental Devel guar 68
1953 M S 72 Sale 71 7s
16
6284 74
69
69 Sale 687
Esti deb 644a
8
1958 Ni N
Oslo (City) 30-year a 1 6e
90
90
7618 93
I
1955 M N 9018 93
Panama (Rep) extl
_1953 .1 0
Extl a f be ser A___May15 1963 M N
544s_.-Stamped
Pernambuco (State of) exti 75 '47 M S
Peru (Rep of) external 7s___1959 hi S
Nat Loan exti 8 f 8s 1st leer 1960 J D
Nat loan oat! at 6s 2d ser.1961 A 0
Poland (Rep of) gold 6s____1940 A 0
Stabilization loan of 78_1947 A 0
External sink fund e 8e___1950 .1 J
Porto Alegre (City of) 8s___1961 J 13
Esti guar sink fund 7345_1966 J J
Prague (Greater City) 744s__1952 M N
Prussia (Free State) eat! 6448 51 hi S
External s 1 8s
1952 A 0
Queensland (State) cid 13178 1941 A 0
25
-year external (Is
1947 F A
Rhine-Main-Danube 75 A
1950 hi S
Rio Grande do Sul extl of 8s_1946 A 0
Apr'32-Oct'33-Oct'34 con on
External sinking fund 6s 1968 4 D
External s f 7s of 1926
1966 hi N
External s I 7a mimic loan_1967 .1 D
-years t 88_1946 A 0
Rio de Janeiro 25
External a f 8448
1953 F A
Rome (City) cad 644,
1952 A 0
Rotterdam (City) eat! 6s
1964 MN
Roumania (Monopolies) 78 1959 F A
Saarbruecken (City) 6,
1953 J J
Sao Paulo(City) of 8s__ Mar 1952 MN
Externals f 644s of 1927 1957 M N
San Paulo (State) MI s t 848A936 J J
External sees f ils
1950 .1 4
External 8 f 73 Water L'n_1956 hi S
External a f 6.1
1968 J J
Rectirod a 1 7a
19411 A 0
1023 10312 1023
4
10312 10
19
40
40
38
392
4012 18
38 Sale 38
1312 Sale 133
8
1312 14
13
6
123 Sale 124
83 Sale
83
8
8
95
8 53
912 25
812
812 Sale
7314 42
68 Sale. 68
336
113
10914 Sale 10914
20
85
8412 Sale 84
1
1712
1712 Sale 1712
8
163
4 16
165 1818 165
8
92
9512 June'34 ---98
3912 187
3612 Sale 35
3812 242
365 Sale 347
8
10358 1043 104
2
10414
4
3
9912 10014
99% 102
10
55
48
5312 54
8
2014
2014 Sale 19
19 June'34 ____
18
23
174 34
173 Sale 16
4
31
19
183 Sale 1715
8
2
19
19 Sale 19
20
24
19 Sale 1812
20% 69
20 Sale 1818
8412 Sale 8414
78
85
4
117
116 117 117
116
24
23% Sale 23
13
78 5
785 Sale 78
8
2214 Sale 22
22 12 15
12
22
217 2212 2114
8
30
32
4
3112
3112
2112 2358 22
2312 24
7
1914
1958 2112 1918
193 Sole 1914
4
193
4 14
8712 Sale 835
8
873 161
4
98 10312
2918 44
293 44
107 18%
8
813 17
67 14%
8
614 1418
59
79
88 11818
69% 90
1712 247
1658 2412
83 100
35
5812
347 5712
8
102 10612
9412 103
50
69%
19
26
1838 20
1514 24
1718 24
1714 2414
1713 2273
22
16
92
83
112 134
40
23
6612 81
30
22
8
173 24
18
33
13% 25
1358 24
8
125 22
873
65
For footnotes see page 4106.
NOTE.—Sales ot State and city securities occur very rarely on the New York Stock Exchange, dealings in such securities being almost entirely over the counter.
0318 and asked ountatione. however, by active dealers in these securities, will be found on a subseouent page under the general head of "Quotations for Unlisted Securitlem."
I
,.
.
4102
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 15.
New York Bond Record-Continued-Page 2
11
...a.
Price
Friday
June 15.
Week'sRange
Range or
1N,...
Since
Last Sale. co di
Jan. I.
Foreign Govt.&Munk.
High No Low
Bid
Ask Low
(Cond.)
High
Santa Fe (Prey Art Rep)75_1942 M S 4014 Sale 40
4134 38
1912 4312
Saxon Pub Wks(Germany) 76'45 F A 50 Sale 461
112
54
4634 87
/
4
Gen ref guar 634e
4134 54
1951 M N 408 Sale 3935
398 60%
Saxon State Mtge Mat 78__ _1945 J D 6078 Sale 607
5834 71
8
6312 12
Sinking fund g 1334e_Dec 1946 J D 5512 Sale 5512
5512 70
19
61
Serbs Croats &Slovenes 95 1962 MN 2412 25:8 2412
2118 28
1
2412
All unmatured coupon on__ ____
1612 25
22
17:8 May'34 ---16
Nov 1 1935 coupon on
14
1
1312 15
133
18
4
1334
External sec 7e see B
1962 M N 2312 Sale 2312
18
2514
2312 12
November coupon
__ ---- 1612 17 161
123 20
4
/
4
6
1612
75 Nov 1 1935 coupon on 1982 --_- 1214 17
2
11
1414
17
1414
on__-624 67 6424 65/ 39 5238 71
13110116 (Prov of) esti 79
1958 J
1
4
Silesian Landowners Assn 68 1947 F A 46 Sale 46
46
69
4712 11
__ 170
BOIASOOS (City of) ext1 68_1936 MN 17012
170 ' 1 150 171
Styria (Prov) external 713_1946 F A 86 19 8734
6
55
88
88
Sweden external loan 5348_1964 MN 10334 Sale 103
1033
7 1013 10934
4
4
Sydney (City) at 5348
93
9 80
1955 F A 8814 Sale 8714
8812
Taiwan Elee Pow g f 3148_1071 J J 67:8 7012 6714
1
6184 7312
6712
Tokyo City be loan of 1912_1952 M S 6655 Sale 6633
7 6614 7312
67
47
70
External at IS tge guar
6133 7334
1961 A 0 70 Sale 6912
Tolima (Dept of) mil 7s
1947 MN 111 Sale 1012
1012 17
/
4
1112 15
Trondhlem (City) 1st 5348-1957 MN 79
81
8114 81
2
OM 8714
Upper Austria (Prov) 71_ _1945 1 D 8014 88 83
4 62 96
833
4
Only unmatured coup;attch ------------74 May'34 ____
74
76
7712 1 4812 7712
External a t 6346-June 15 1957.27654_7712
..
341J 46
Uruguay (Republic) extl 88_1946 F A 3514 -3
36
3
6 36
Aug 1 1934 couponon
33 4018
3412 May'34
42
External s f 138
30
1960 M N 32
3314 38
333 3214
8
Nov 1934 coupon on_ 1960
2711 40
May'34 ---External at 66_ --May 1 1964 M N 3114 34 33 June'34 --__
2914 42
Nov 1934 coupon on_1964 ------------33 May'34 --__
2712 40
Venetian Prov Mtge Bank 7e '52 A0 ____ 9475 97 May'34 ---97 109
901
/
4
48
13
Vienna (City of) °MI a f 68_1952 M N 8878 Sale 8878
90
50
76
3
76
Unmatured coupons attached- M N --__ 75
Warsaw (City) external 76_1958 F A 61 Sale 6175
53
6814
6412 14
Yokokama (City) extl 66_1961 J D 7212 Sale 7133
77
4 66
7212
------------33
Railroad.
Ala Gt Sou let cons A be_ _ _1943 J D
let cons 48 Ber B
19433 0
Alb & Stmq lot guar 3346_1946 A 0
Alleg & West let gu 46
1994 A 0
Mist Val gen guar g 46
1942 M S
(Ann Arbor let g 4s__ _July 1995 Q J
Atch Top & El Fe
-Gong 46_1995 A 0
Adjustment gold 43L-JulY 1995 Nov
July 1995 M N
Stamped
Cony gold 48 of 1909__.,.i965.5 D
Cony 46 of 1905
19653 D
Cony g 48 issue of 1910-1960 3 D
Cony deb 4348
1948 1 D
Rocky Mtn Div lot 45
1965 3 J
Trans-Con Short L let 46_1958 J 1
Cal-Arls let & ref 434a A.1962 M 13
Atl Knox & Nor let a 55_1946 J 0
All & Charl A List 4346 A 1944 3 3
let 30
-year 56 aeries B
1944 J 3
Atlantic City let cone 46_1951 J .
11
AU Coast Line lst cone 48 July'52 MS
General unified 4;0 A_ _1964 3 D
L & N col] gold 411____ci: 1952 2.4 N
All & Dan let a 46
1948 5 3
2d 46
19483 .1
All & Yad let guar;te
1949 A 0
Austin & N W let 110 C5e 1941 J 3
10414 _ _ 04 May'34 ---6
9934 11:14 0012 10014
14
98
99 96
98% 25
8712 9012 8812 Apr'34 ---10314 Sale 10212 10314
6
5412 10
51
59 537
103 203
103 Sale 102
9712 Sale 9512
4
9715
9714 sale 06
9734 103
943 Sale 9434
4
6
943
4
945 Sale 9412
5
3
95
94 ____ a94 May'34 ---75
104 Sale 10312 104
9912 Sale 9912
998 16
24
104 Sale 1037
104
105 Sale 10434 10514 11
10414 _-__ 9934 Jan'34 _-__
10118___ 10115 May'34 ---105 106 105
8
105
90 9
0 May'34 --,6 9
9834 Sale 9814
983
4 69
8812 Sale 8534
8812 189
79 Bale 784
/
1
7914 126
48 Sale 4712
8
48
4014 42 40
41
4
5
69
5915 62 60
89
91
91
2
91
Balt & Ohio let g 45_ _July 1948 A 0
Refund & gen 58 series A_1995 J D
lot gold 5s
July 1948 A 0
Ref dt gen 6e series C
19985 D
P L E & W Va Sys ref 45 1941 MN
Southwest Div let 56_ _1950 J i
Tol & Cin Div 1st ref 45 A.1959 J 1
Ref & gen be eeriest D
2000 M B
Cony 434e
1960 F A
Ref & gen M 56%er F
1996 M 8
Bangor & Aroostook 1st 5s_ 1943J J
Con ref 45
1951 3 1
Battle Crk & Stur let gu 35_1989 0
Beech Creek let stti a 48
1936 J 1
2d soar g be
1936 J 1
Beech Creek ext let g 3346_1951 A 0
Belvidere Del cc,. za 3346_1943
5
Big Sandy let 4s guar
1944 0
Baston A Maine let 55 A C.1967 M S
. et MS.series II
1955 Si N
Iota 4941teer JJ
1981 A 0
Boston & N Y Air Line lat 48 1955 F A
Bruns & West 1st gu a 48_1938
J
Buff Koch & Pitts gen gebs1937 M S
Consol 448
1957 M N
:Burl C R dr Nor 1st & roll 531931 A 0
Certificates of deposit
----
102 Sale 10033 10214 190
833 Sale 8012
4
84
107
10712 Sale 10634 107% 73
99 Sale 93
9334 40
993 Sale 9834
9912 67
9912 164
s
9912 Sale 973
87 Sale 8412
87
33
9214 Sale 79
824 65
/
1
671 Sale 6612
/
4
184
68
82 Sale 80
163
83
10714 10714
1
10714
96 Sale 9434
12
96
62 66 63 May'34 -_10118 Sale 0118 10118
2
99 ____ 9934 Apr'34 _ _ 62 _--- 83 June'34 --.._
100
103
- 10212 June'34
8814 80
8814 Sale 8712
4 41
8815 Sale 88
883
64
84
8234 Sale 82
66
68 6674
8
6712
10018 ___ 10012 May'34 --__
8 11
10512
- 10512 1057
7412 6212 7234
7412 77
•
-_- 35 40 Apr'34 --__
7
106
Canada Sou cone 30 & A__ _1962 A 0 106 Sale 105
Canadian Nat guar 4348_ _ _1954 M S 104 Sale 1037
8 40
8 1045
30
-year gold guar 4%9_1957 J 1 10712 Sale 1073$ 10833 76
Guaranteed gold
_1968 J D a10618 Sale 10618 1065$ 44
Jul,
3
Guaranteed 8 58 41413_- 1969 3 J 11314 Sale 11234 11314 61
Guaranteed g 56
/
4
Oat 1969 A 0 11312 Sale 11314 1141 45
Guaranteed g 55
1
114
1970 F A 1133 11514 114
4
Guar gold 414e_.-June 15 1955 J D 11012 11134 111
11114 24
Guar g 434e
1956 F A 1083 Sale 10838 10915 40
4
Guar g 4346
4 44
/
1
Sent 1951 M S 10833 Sale 1084 1083
Canadian North deb 1 1 78_1940 5 0 10914 Sale 10915 10958 38
26-year e 1 deb 6346
24
1946 5 .1 11912 Sale 11914 120
10-yr gold 43413_ _Feb 15 1935 3 .1 10214 10212 10214
5
10214
Canadian Pao Ry 47 deb stock.- - 2-, 8312 Sale 83
179
-4
84
_.
Coll tr 4 %13
973
8 27
1040 Al 5 97 Sale 97
be equip tr ctfe
107
/ 34
1
4
1944 J .1 10738 1073 107
4
Coll tr g 56
/
1
Deo 1 1954 J 0 1004 Sale 9912 10014 127
Collateral trust 4348____1960 J 1 933 Site 93
933
4 46
8
:Car Cent let cone g 40
1949 .1 3 41
50 3712 Mar'34 -__
Caro Clinch &0 let 30-Yr 56_1938 1 D 10624 sitie 0558 10714 78
lot & cone a Cs ser A_Deo 15'52 3 D 10618 107 106
10612 31
83 81
Cart & Ad let gu a 4s
19813 D 78
2
81
Cent Branch U P let g 4t._l948J D 5212 56 5112
18
56
:Central of Gs let a 5s_Nov 1945 F A 5712 64 5612 June'34 _ _ ....
Consol gold be
1945 M N 27
19
3012 28
30
Ref & gen 534s series B1959 A 0 15
2
193
4
4
1812 193
101g 23
1712
30
Ref. de gen be series C__ _ _1959 A 0 25
Chan Div pur money g 48.1951 J D 54
591 33 May'34 ___
/
4
Mao A Nor Div lot g 58_1946
5 ---- 37 35 Jan'33 ____
Jan'34 ____
Mld Ga & A tl Div poem 58 473 J _-_- 25 21
.1 27 --- 3414 May'34 ___Mobile Div let g 56
1946
14
81
.1 81 Sale 80
Cent New Engl let gu 4s__ _1961
2
70
-5s
:Cent RR & Bkg of Ga co11 '37 M N 6712 75 88
19873 1 108 Sale 108
Central of NJ gen g be
10812 11
5
97
1987 J J 9638 ____ 96
General 4s
9512 61
Cent Pac let ref KU g 4a
1949 F A 95 Sale 94
95 92 May'34 _ _
Through Short L latitu 48_1964 A 0
8312 51
Guaranteed g Be
1960 F A 8314 Sale 8212
Charleston A Say'h Mt 76_1936 J J 10414 --- 10415 May'34 ....-42
4 110
/
4
Chee & Ohio let eon a 56-1939 M N 1091 -- 1093
/
4
28
General gold 4346
1992 Si S 1091 Sale 10914 110
10515 29
1993 A 0 10434 Sale 104
Ref A Impt 4346
1995 .1 J 10412 Sale 10411 105
Ref & impt 430 ser
68
Craig Valley la 5e__Msy 1940 J J 104 105 105 June'34 _-__
13_101
g
Potts Creek Branch let 40_1946 J 1 10014 --_- 101
3tu• f mtnotee see page 4106
7
94 104
98 10014
9914
85
7334 8812
98 10312
60
29
93 103
9715
84
83 975
4
8212 9514
80 97
7812 95
9514 105
82 100
9514 104
95 10512
993 193
887$ 102
88 10514
75 90
9834
82
74 92
85
68
5378
39
47
35
46
64
7914 92
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 15.
11
1
...a.
June 16 1934
Price
Friday
June 15.
Wears
Range or
Last Sale.
Ig
es
Range
Since
Jan. 1.
Bid
Ask Low
Railroads (Continued)High No. Low
High
Ches & Ohio (Conc.)
5
R & A Div let con g 45_1989 1 J 1023 __ 103 June'34 ---9712 103
1989 1 J 10118 10212 10014 June'34 ---.
2d consol gold 48
8712 10014
Warm swing w• 1st g 68_1041 M 8 10332 ___ 9912 Jan'34 ---99
9912
Chic & Alton RR ref g 35_1949 A 0 62 late 62
513$ 701s
6312 69
Clam Burl & Q-Ill Div 3349_1949 J 1 9914 Sale 983
88
9958
4
9935 75
1949 J J 10533 Sale 10435 10533 26
Illinois Division 49
97 1053
8
/
4
General 4s
9212 104
1959 m 8 1031 Sale 1031e 10312 108
1977 F A 103 103 10233 103
1st & ref 434s ear B
27
881s 10333
llet& ref be ser A
1971 F A 10712 Sale 1073
6 108
33
98 10814
Chicago & East Ill let tie_ _1934 A 0 75 90 80 May'34 ---53 8112
161 10
/
4
te & E III Ry(neto co) gen- 1951 M N 15 Sale 15
Se
10
2512
13
1412 1312 June'34 ---Certificates of deposit
934 21
Chicago & Erie lot gold 58_1982 M N 108 Sale 107
9 91 10818
108
Chicago Great Meet 1st 45_1959 M S 4814 Bale 48
31512 59
67
49
4134 35
/Chic Ind & Louis, ref 68_1947 J .1 33
3634
3
33 471
/
4
40 3212
Refunding gold 158
3212
1947 J 3 31
1
26
421
/
4
33 36 May'34 ---Refunding 48 series C
1947 J J 30
36 41
1966 MN 1612 Sale 1514
1612 14
1st & gen be series A
1228 2378
1st & gen t3s cedes B_May 1966 J J 16
16
163 1514
4
7
13 25%
Cue Ind & Sou 50-year4s
9234
1956 1 .1 9214 Sale 9214
8
71
9312
Chlo L S & East lst 4 He
19139 1 D 85 ____ 10475 May'34 ---99 10514
Cu M & SIP gen 48 see A 1989 J J 6612 Sale 6534
6612 82
6014 747
Gang 3)411 ser B___May 1989
J 6012 613 598
4
41
60
53
71
J 70 Sale 6912
n
May 1989
7012 20
0.4348see C
64 801
/
4
6312 81
Gen 4346 ear E
19
71
May 19893 .1 7012 Sale 70
65 84
7312 23
Gen 43486er F
/
4
May 19893 J 721 7312 72
ChM Milw SIP & Pao be A__1975 F A 4312 Sale 4212
4412 428
1514 435
4
eon, ad1 55
Jan 1 2000 A 0 133 Sale 1418
/
4
63
15
Chic & No West gen g 334e-1987 M N 62 Sale 611
1987 M N 70 Sale 697
8
7134 32
General 48
7312 10
Stpd 4e non-p Fed Inc tax '87 M N --------7333
Gen 464e stpd Fed Me tax_1987 MN 7
7333
7514
9
7
8112 16
Oen 58 etpd Fed Inc tax-1987 M N 80
8
8034 797
454s stamped
1987 MN --- ____ 62 Jan'34 ---,
lb-year secured e 610-1936 191 13 8912 Sale 89
w
90
5818 31
let ref g 531
May 2037 J D 5712 Sale 5612
5114 34
1st & ref 434e stpdMay 2037 J D 5114 Sale 50
5112 60
lst & ref 434o ser C-May 2037 J D 5112 Sale 4934
558
44
1949 MN 4312 Sale 4212
Cony 414o series A
6638 24
:ChM R I & P RY gen ge- _1988 J .1 6412 6612 6512
64
2
Certificates of deposit- --- 66 64
•
-b
Refunding gold 4s
1934 ia
4
23 223
-- 22
2333 32
Certificates of deposit
/
1
26
32
Secured 4 He series A
1952 M S 28 Sale 254
24
_ 2312 Sale 2314
11
Certificates of deposit
59
13
Cony g 448
1960 Wig 12 Sale 1134
107
1
Ch St L & N 0 be_June 15 19613 D 108 107 107
Gold 3348
June 15 1931 3 D 8115 _ _ 6312 Sept'33 ---8212
4
let g 411-......1951 J D 8212 Sale 8212
Men119191 Div
48
71
ChM T 11 & So East let 56_1960 5 D 6912 Sale 68
5134 11
Inc Itu 56
Deal 1960 M 5 5114 Sale 51
/
1
Chic Un Sta'n let gu 4345 A.1963 J 3 10633 Sale 10614 1074 43
/
4
let 5e series B
1963J J 11012 Sale 11012 1101 17
8
1944 J D 10678 Sale 10812 106:8
Guaranteed g 5e
1133
4 87
/
4
let guar 614a series 0...A963 J J 11234 1131 113
149
8
92
Chic & West Ind con 49
1952 3 1 92 Sale 907
53
let ref 5He series A
1962 NI S 10378 Sale 10212 104
56 48 June'34
Choc Okla & Gulf cons 56-1952 M N 45
Cin H & D 20 gold 434e
1937 3 J 10114 _ _ 101 June'34 ---01St L & C let g 4s_Aug 2 1936 Q F 10212 ____ 10118 May'34 ---CM Lob es Nor let con gu 4s.1942 MN 98 ____ 9614 May'34 ---,
/
4
CM Union Term let 4348_2020 J J 1081 Sale 10712 10814 56
J 111 Sale 11014 11133 10
let mtge 58 8e1lell B
2020
11012 56
let mtge g &series C
1957 MN 110 111 109l
Clearfield A &ail let gu 5e.194333 97 10614 9633 Feb'34 --.
5
9312 12
Cleve Cln Chi & St L gen 48_1993 3 D 9314 95 933
/
4
1993 3 D 1031 ...... 00 Apr'34 --General & Mies B
100 May'34 --,,
Ref & imps 6s ser C
1941 J J 101
/
1
883
4 23
Ref & hunt bs ser D
1963J .1 8712 10 884
s
7818 100
Ref & front 434e ear E._ 1977 3 J 7712 Sale 757
8
Cairo Div lot gold 413
19391 J 10334 ____ 0378 1037
3
etn W & M Div let g 46_1991 J J 89 Sale 89
2
89
9134
St L Div let coil tr g 4e_ _1990 MN 917 9214 9133
4
Spr & Col Div Mt a 4s
1940 M S 10112 103 99 Apr'34 ---.
937 87 Apr'34 ---1940 .1 J 89
W W Val Div let a 4e
-- --
37
/ 5612
1
4
1218 2333
70
62
57 77
/
1
4
58
79
63 823
/
1
4
4
68 873
2
6011 62
79 98
434 664
/
1
/
1
39 607$
3835 61
/
1
4
294 53
/
1
516 7312
$
64 • 73
.
20
29
204 32
/ /
1
1
4
22 28
832 184
/
1
83 107
__ _ _
0314
Aft
554 80
/
1
44% 62
1003 10718
8
10512 11012
97 107
/
1
4
11114 115
7214 92
8433104
48
62
96 101
99 10138
85 9814
1001$ 1081
/
4
1043 11112
5
1044 11012
/
1
9633 9633
751 9533
/
4
92 100
/
1
4
80 100
743 9112
2
64
82
92 1037
s
90
68
77
93
92
99
737 87
88 10214
/
1
4
673 88
4
9812 108
77 97
/
1
4
85 9912
8312 10014
66 88
67 954
/
1
57
7254
6712 8576
101 10714
75 98
9912 102
60 65 Cleveland & Mahon Val a & 1938 1 J 10214 ____ 1018e May'34 ---4
9912 10133
90 10112 Clay A Mar let an a 4148-1935 34 11 1013 ____ 101 May'34 --92 9978 Clay & P gen gu 4)48 eer B 1942 A 0 103 ____ 98 June'34 ---. ____ ____
1942 A 0 9712
_ 98 June'33
Series B 334s
83 83
_- Series A 430
1942 3 J 103 106 86 Jan 33 ---- 1013 1013
4
6
1948 MN 93 ____ 10134 May'34 --_- __ ___.
Series C 334e
9615 10212
1950 A F
_ 91 Aug.33 ____ _
_
Series D 334s
9018
13
um F A 104 i05 83 Oct'33 ---- 191IT2 104
92Gen 434e oer A
__7312 90
t
82 103
4
4
68
8414 Cleve no Line let gu 410_1961 A 0 1013 10234 10212 10212
/
1
4
7312 Cleve Union Term lot 5345.-1972 A 0 103 Sale 102
103
/ 13 8412 1033
1
4
51
4
1973 A 0 9718 Sale 96
let a f 5s Bailee B
9714 75
887$ 100
/
1
4
82 9714
935
let at guar 4%e series C 1977 A 0 9333 Sale 897
75
97 10578
9358 76
1945 .1 D 10018 ,. _ _ 100 Apr'34 ____
8034 ecal River Ry let gu 4s
95 101
60
•
Colo & South ref & ext 430_1935 M N 951 sale 9512
/
4
35
96
84
97 5
7
9112
65
General mtge 434e ear A_1980 M N 7014 Sale 7014
721 206
/
4
40
34
Col A H V let exit 4e
1948 A 0 10134 -_ 10133 May'34 --__
96 102
195,5 F A 10218 __ 10212 Apr'34 ---91 103
92 106 Col & Toilet ext 4e
/
1
92 95
9833 1041* Conn & Possum Rly let 4t._1943 A 0 984 ___ 95 May'34 ---55 54 June'34 ---43
5912
984 10855 Consol Ry non-conv deb 48_1954 3 J 53 /
1
5312 58 Mar'34 ---Non-conv deb 4e
1955 3 J 53
9912 1073
4
50 58
1955 A 0
___ 59 Mar'34 ---Non-conv deb 4s
4488 59
105 11334
5353 60 56 May'34 ---Non-cony deb 45
1956 3 J
5
1047 1147
2
44
5812
/
1
4
36
18
1942 1 D 36 Sale 32
194 39
/
1
105 11434 Cuba Nor Ry let 5346
32
/
1
4
4
18
26
/ 24
1
4
1024 112 Cuba RR 1st 50.
/
1
-year be g 1952 3 J 263 Sale 2514
244 11
lit ref 734e series A
/
1
19363 D 2412 Sale 2412
1614 30
100 10914
25 231
/
4
251 10
/
4
1936 J D 24
let lien A Yet 68 ser B
1001 10914
/
4
15
29
105 1095
96
141
Del & Hudson let A ref 46_1943 M N 95% Sale 9514
8014 96
108 120
/
1
4
1935 A 0 1014 10232 01 May'34 -_
Se
/
4
97 1021
1001 103
/
4
1937 Si N 104 Sale 104
105
Gold 5%.
92 105
23
61
84
/
4
7434 9738 D RR & Bridge let 1111 If 46_1936 F A 1021 ____ 10158 May'34 -_991410133
8
58
3 573 Sale 8612
97
/ Den & R 0 1st 0008 a 4s.___1938
1
4
9933 107
3512 6112
61
1936 J .1 61 Salo 60
42 63
7
Camel gold 434s
7714 10014
/
1
4
4
24 224
1712 32
711$ 933 Den & KG West gen 58 Aug 1955 F A 23 Sale 2214
_ 22:8 Sale 2012
2312
18
2312 56
Assented (sub) to plan)_ ____
3212 3712
7
/
4
_4812 113
Ref & Impt 50 ger B__Apr 1978 A0 471 Sale 441
23 g 4912i
3
95 4 10714
612 8
814 May'34 .-4
834
9014 107 (Dee M A Ft Dodge 46 ctfs_1935 J .1
90 85 May'34 ..._
05 95
Des Plaines Val let gen 4345.1947 M S 56
84
70
1955 1 D 2012 2434 23 May'34 --Det & Mac let lien g 48
58
28
20
2413
'
12 May'34 __
20
1114 12
19953 D 10
Second gold 4.
41
65
104
13
Detroit River Tunnel 430_1961 Si N 104 Sale 103
84 104
38
22
8
- 1037$ 10371
Dub Moab.& Nor gen 58_1941 J J 10514 -1037 Jan'34 121a 26
Dul & Iron Range let 56....1937 A 0 10714 108 107:11 10712 15 10212 10712
123$ 26
42
234 49
/
1
/
1
4
5
18
37
Dul Sou Shore & Atl g 56
1937 1 J 4112 Sale 41
8912 98
__
_ _ East Fly Minn Nor Div 1st 4,2'48. A 0 96 _-__ 95 Apr'34 ---1
91 1081a
20 - - East TV.A Ga Div let 58_1958 54 N 10318 109 10818 10818
211
/
4
9412 103
Elgin Joliet & East 1st a 58_1941 Si N 10512_ 103 June'34 -.28
35
91 90 May'34 -- 8112 9112
1964 A 0 8818 65 833 El Paso & S W let be
4
72,2 Erie As pima 8u
83
4
944 99
/
1
3340 ser B..13 0 J J 99 ____ 98 Feb.34 __
95 99
19401 J 99 ____ 99 May'34 -_&rim C 334s
95 10812
/
1
4
9412 56
7912 957
78
97
Erie RR bit cone g 48 prior, 1996 3 .1 9412 Sale 93
664 793$
/
1
773
4 42
4
754 96
1st 0011801 gen lien g 48...1996 1 J 773 831e 7814
- 104 June'34 --_9918 104
7312 93
Penn coil trust gold 46 1951 F A 10112
713
7334 25 821 7712
1953 A 0 73 - - 7212
/
4
50
-year cony 4e series A
63% 87
27
74
63
77
1953 A 0 74 Sale 73
Series B
103 1041
/
4
7212 7312 May'34 ___
62
75
1953 A 0
10512 1101a
Gen cony 4.series D
7556 140
6014 797
e
1967 M N 7512 Sale 7412
98 111)
/
1
4
Ref & Impt & of 1927
7914
60
7512 249
/
4
Ref & impt be of 1930.-1975 A 0 751 Sale 74
8833 10514
96 113
3
Erie &Jersey lot 5[6e-1955 J J 113 Sale 11212 113
8812 105
5
8
2
Geneesee River 1st 6 f 65_1957 3 J 1037 Sale 108% 1087
97 105
/
1
4
97 1103
4
41
5
34
46
Dfla Cent&Pen let cons ii Ss 1943 3 J 40 _-_- 41
Ms 101
-- --
-- --
4103
New York Bond Record—Continued—Page 3
'BONDS
N. Y. STOCK EXCHANGE
Week Ended June 15.
Pries
/Priam
June 15.
Bitt
Railroads (Continued)—
:Florida East Coen let 430.1959 in 56
918
Ist & rei ba series A
1974 MS
8
Certificates of deposit
Fonda Johns & Cloy 4348..1952
813
Proof of claim filed by owner_ _ MN
(Amended) let cons 2-4s__1982
634
Proof of claim flied by owner
9712
Fort St LT D Co 151 g 4349_1941
105%
Ft W& Den C 1st g 530_1961
Galv Hous & Hand let 5348 A '38
:Oa & Ala Ry 15t cons 5s Oct '45
Ga Caro & Nor lat gll g 56 '29—
Extended at 6% to July 1 1934
Georgia Midland let 3s____1946
Gouv & Oswegatchie let 58_ _1942
OrR&I ext Meng 4348_1941
Grand Trunk of Can deb 72_1940
15-year f 6e
1936
Grays Point Term let 6a....1947
Great Northern gen 75 ear A.
ew
1st & ref 4 M a series A_1961
General 534e series B
1952
General 5s series C
1973
General 4344 series D
1976
General 434e earful E
1977
Green Bay & Weal deb °Us A....
Debenturescps B
Greenbrier Ry let gu 48
1940
Gulf Mob & Nor lit 534e 13_1950
1st mtge bs series C
1950
Gulf &8 I let ref & ter 5811'eb 1952
Stamped (July 1 '33 coupon on)
Hocking Val let cons g 4 345_1999
Housatonic Ry cons g 5e____1937
H & T C let g ISe int guar_ __1937
Houston Belt & Term let So _ 1937
Bud & Manbat lit be ser A _ _1957
Adjustment income 5e Feb 1957
Week's
Range or
LOX Sale,
Ask Low
59 59
10% 10
4
4 83
83
441
Range
Since
Jan. 1.
,
44
14% 12 May'34
5
5
4
823 90 90 May'34
4
203 2412 24 May'34
29 June'34
2712 29
54
5912 5678 May'34
9613 103% 100 Jan'31
4
1013 104 10134 May'34
4 10912
10914 Sale 1083
10712 Sale 1074 107%
96 Nov'30
9514
954 Sala 93
9734 Sale 9614
97%
9914 Sale 874
9014
83
8218 Sale 82
78
7712 Sale 77
77%
77 Sale 7634
38 32 Apr'34
33
5
6% 534 May'34
102 May'34
10112 82 84 74 June'34
7814
.
764 78 77
67 Feb'34
55 Dec'33
1073 ---- 10734 10858
101
101 Sale 101
10534
104 -- 10534
10112 102 10112 102
8812
88 Sale 8711
40%
39 Sale 39
46
60
269
143
83
67
59
112
33
17
4
3
40
178
104
---- 10012 June'34
92 Mar'34
92 May'34
73 Mar'30 -764 8212 23
82 Bale 81
43
86
85 Sale 8312
77 80 80 June'34-30
78
77 Sale 77
94
14
9312 Sale 9314
8 39
1037 Sale 10318 1037
$
99
70
4
693 Sale 68%
3
99
99 Sala 99
8
827 -- 8118 May 34
8618 ---- 87% May'34
4
/
711 May'34
77% June'34
1
83'n
8358 84% 834
8212 ---- 80 Mar'34
1
86
86
Illinois Central 1st gold 0 1951
let gold 3348
1951
Extended Ist gold 3348_1951
1st gold as sterling
1951
Collateral trust old 4s
1952
Refunding 4e
1955
Purchased lines 334/
1952
Collateral trust gold 01_1953
Refunding 58
1955
15
-year secured 835e g__..1936
40
-year 4 M s
Aug 1 1966
Cairo Bridge gold 0
1950
Litchfield Div let gold 3e_1951
Loulay Div & Term g 334s 1953
Omaha Div 1st gold 38_ _ _1951
St Louis Div & Term g 38_1951
Gold 350
1951
Springfield Div let g 330_1951
Western Lines let g
_1951
Ill Cent and Chia St L de N0—
45_Joint 1st ref 55 series A__ _1963
let & ref 434e aeries C__1963
101
95
Ind Bloom & West 1st ext 411940
Ind Ill & Iowa let g 48
1950
:Ind & Louisville let gu 0_1966
Ind Union By gen 58 sew A 1985
Gen & ref brownies 13
1965
tInt-Ort Nor let(laser A
1962
Adjustment 6s ear A-Juy 1952
lit tis series B
1956
1st it Be series 0
1956
Int Rya Cent Amer let S.B 1972.
letcoil trust 6% g notea_1941
let lien & ref 634s
1947
:Iowa Central ba otfe
1938
let&refg4e
1951
89 100 100 June'34
4
95
9313 95 933
22 25 Feb'34
17
4
1033 10413 10334 May'34
10334 - - 103 Mar'34
3214
3118 Sale 30%
1114
1018 1118 1012
2912
28g 3013 Ms
2912
2814 34 294
70
8
667 Bale 60
724
7412 72
72
67
64% 667 64%
8
914 104 1038 June'34
334 4 . 334 June'34
James Frank & Clear let 4a_1959
Kal A & G R 1st gug 5a
1938
Han & M Istgug 4e
1990
Sit C Ft S & M RY ref g 46_1936
Certificates of deposit........
Han City Sou let gold
Ref & 1mM 55 - _ .
..
Apr 1950
Kansas City Term 1st 48_
1960
Kentucky Central gold 0...1987
Kentucky & Ind Term 430 1961
Stamped
1961
Plaln
1901
8
86
86 Sale 85
103 Mar'31 -100
1
9518
4
/
95 97 951
464 39
8
453 Sale 45
4
43
42
45
40
46
761
4
753 Sale 75
29
78
774 Sale 77
4 1013 123
101% Sale 1003
99 May'34
1
/
1004
8918 June'34
8918 91
9112 95 9234 June'34
9312 951 93 June'34
1937
Lake Erie & West let g 5a
2d gold 58
1941
Lake Sh & Mich So g 334s 1997
Lehigh & N Y let gu g 48_1945
Leh Val Harbor Term Fru 68_1954
Leh Val N Y 1st gu g 4348_1940
Lehigh Val (Pa) cons g 0...2003
General cone 434e
2003
General COM Si
2003
Leh Y Term RY 1112 rU g 54_1941
Lex & East let 50-yr Si gu 1965
Little Miami gen 4e series A.1962
Long Dock costal g es
1935
L003 Island—
General gold
1938
Unified gold 48
1949
Debenture gold be
1934
-Year In deb 58
20
1937
Guar ref gold 4e
1949
Louisiana & Ark let be sin A_1969
Louis & Jeff Bdge Co gag 4$ 1945
Louleville & Nashville 5a....1937
Unified gold 4s
1940
let refund 534s series A
2003
1st & ref Se series B
2003
let & ref 434s series C
2003
Gold be
1941
Paducah & Mem Div 0..1946
1980
Bt Louis Div 2d gold 3a
Mob & Monts 1st g 4348_ _1945
South RI Pilot Monon 40.1952
Atl Knoxy & Cm Div 42_1955
10112 Sale
9013 93
9512 977
7912 8114
10234 Sale
9714 98
8
627 Sale
707
70
76% Sale
105 Sala
10814 Hale
10014 ---1031: 1037
1934
Mahon Coal RR 1st Si
Manila RR (South Lines)46_1939
1959
lat ext 46
Manitoba S W Colonlsa'n 58 1934
Man GB&NW let 330_1941
Me: Internet let 44 asetd_1977
Michigan Central Detroit & Bay
1940
City Air Line 4s
Jack Lam & Sag 1330._ _1951
1952
1st gold 343
Ref & inept 4341 ser C__ _ _1979
1940
Mid of N J 1st ext 58
Mil & Nor let ext 430(1880)1934
1934
Cons ext 430(1884)
100 10014 10014 May'34
6612 69 68
68
69
72 69
68
--- -- 10414 May'34
66
70 70 Mar'34
112
1% June'34
itiiaili
For footnotes see page 4106
8138
73
Price
Friday
June 15,
Wee.t's
Range Or
Last Sate.
Range
Since
Jan, 1.
goys
Ask Low
Birt
High No Low
High
Railroads (Cont(nued)—
High
4
/
4
8 22
687
s
561 7512
MR Spar & N W let iru 413_1947 MS 681 Sale 673
84
1
75
75
75
7034 75
Milw & State Line let 330.-1941 J
19
914
714 Sale
6
4
714
714
1713 tMinn & St Louis 55 otts-1934 MN
412 17
4
418 Sale
21s 5%
let & refunding gold 0-1949 M
312
311
Q F
313 Sale
1
2% 414
Ref& cat 50-yr 58 ser
712 13
313 414 312 June'34
Q F
1 Is 438
Certificates of deposit
4314 Sale 4034
434 51
4
343 49
M SIP & SS M con g0int go'38 J
4
1
/ 15
3
1
357e
4
1
/ 4213
33
1st cons 56
83 9712
1938 ii 35% Sale 35%
4814 21
4
/
56
38
9514 10512
Ist cons 58 gu aa int
1938 J J 48 Sale 461
8
33
20
374
1st & ref Os series A
1946 J J 3214 34% 32
1
267
2613 2678
1612 34
8
-year 5)44
25
9114
75
1949 MS 24
23
75
80
00
1511 26
let ref 534e ear B
1978 J J 75 Bale 7234
85 Jan'34
88
85
1st Chicago Term If 4s 1941 MN
77 Apr'34
764 7718
2014 30
Mississippi Central let 58_1949 ii 824 —
40
60
5
20%
28
14
Mo-Ill RR let 5s ear A....1959 ii 2078 Bale 20
9114 36
92 9018
751s 9214
4
9538 1W1-3- Mo Kan & Tex let gold 48_1990 JD 91
854 32
911e
70
105 10913 Mo-KT RR pr lien 55 ser A_1962 J J 84% Sale 82%
17
J 72% Sale 724
811: 79
73
1962
-year 4s series 13
40
4
10238 1073
7412
7514 10
6318 8334
4
743 76
Prior lien 434s (1..r D
1978 J
2
5334 11
4
1
/ 6211
44
4
Cum adjust 5a ser A _Jan 1907 AO 53 533 53
9912
86
3012 14
251: 39
9918 IMo Pac 1st & ref be ser A 1965 PA a30 Sale x3012
78
5
35
28
22
2912 28
28
70: 99
Certificates of deposit
4 44
143
111: 20 4
3
1414 14
887 923
4
General 45
1975 MS 14
4
3112 56
3012 Sale 3014
3814
24
let & ref 5a aeries F
8714
1977
67
2314 35
28 May'34
30
28
664 8612
Certtficates of deposit
1
/
31
23
30
31
2412 3814
32
let&ref5seerQ
26
1978 MN 30
34
29
- - 34 May'34
28
Certificates of deposit
534 8%
93
12
:
181
8
Cony gold 5345
984 102
1949 MN II% ritie 11
31
3
*0 30
3014
381e
24
32
1
/
624 8612
10 ref g 5s series 13
1980
231: 34
28 _- 324 May'34
81
Certificates of deposit
59
3114 91
2414 3814
let & ref ba ser I
70
1981 PA 3018 Sale 30
57
2
2814
34
2912 2814
28
26
Certificates of deposit
1
84
7214 89
9838 1114 Mo Par 3d is ext at 4% July 1933 MN 84 Bile 84
85 May'34
85 91
Mob & Bir prior lien g 5a..1945 J J 83 91
101
82
.j
83 May'34
90
83 90
82
Small
97 1053
4
60
48
70 60 May'34
let M gold 4s
4
1945 J J 55
913 102
J J 55
80
55
67% 80 Feb'34
Small
72 89%
9912 Jan'34
994
99
32
50% :Mobile & Ohio gen gold 48.1938 MS
19%
1 191s 27
1958
1958 22
Montgomery Div lit g 58_1947 PA
1112 June'34
s
213
10
Ref & inept 434s
924 10012
1977 MS 114 17
16
MS 14
6
15% 1414
3
13 4 23
See 5% notes
83 924
8414 841
:
8412 8414 June'34
Mob & Mal let au gold 45_1 91 MS 83
92 93
938
5
8
J J 1024 10318 10214 1027
1
/
871a 103
Mont C let gu Os
J I 10013 101 10018 101
17
:
81 1011
let guar gold Si
85
89% 51
74% 894s
74
8814 Morris & Essex let gu 3)0_2993377 JO 8938 Sale 89
10 00
9
10214
77 1021
:
4
Constr M 58 ser A
83 82
1955 MN 102 1023 102
at: 79%
4
4 44
963
73 963
Constr M 434s ser B
1955 MN 9612 Sale 9512
81
984
9314
9314
5 821s 941s
90 1037 Nash Chatt & St L is ter A 1978 PA 9212 94
8
12 99 1043
a
1937 PA 104 83.13_ 103% 104
581s 761 N Fla & S 1st gu g ba
:
18 July'28
Nat By of Mex pr lien 430_1957 J
87 99
414
3
3% 28
338 Bale
Assent cash war rct No 4 on
823s
75
.- 1234 July'31
Guar 4s Apr '14 coupon _.1977
8
78 873
3%
4
4
3
3
21s
Assent cash war rot No 5 on
711: 76
Nat RR Max pr lien 4348 Oct'26
78
66
318
313
338 4
9
3
24 5
Assent cash war rot No 4 on
85
69
22 Apr'28
lit consol 4e
67 80
1961 :‘
3
4
dile" 213
Assent cash war rat No 4o1
6n
75
:
861
_- - 7112 Nov'32
Naugatuck RR 1st g 4a
1954 MN 70
83%
80 88
8
New England RR cons 58_1945 J J 835 Sale 83%
87
68
85
66
83% 84% 85 June'34
Consol guar 48
82 81
1945 J
8212 851s
NJ Junction RR guar 1st 48 1986 PA 9013 9114 8812 May'34
7014 52
6638 683 6612
New On Great Nor 5s A
5712 77
95 100
1983 J J
54
7512
75
951: NO & NE 1st ref&Impt 4Hs A '52 J J 6658 72% 69 June'34
8712 43
132% 8712
864 Sale 8612
25 25
New Orleans Term let 45_ _ _1953 J
29%
8
16
981: 1033 IN 0 Tex & Max n-o Inc 56_1935 AO 2018 235 19 May'34
4
2512 17
19% 32
1st be series B
100 103
111999566654 *0 2512 Sale 2412
23 June'34
PA 2458 28
20% 33
let Ss series C
2814 441:
244 June'34
PA 20
25
1714 3112
let 434s aerles D
9
1814
2512 11
204 33
401:
25
let 534s serlee A
1954 *0 24.4 Sale 24
97 1024
10178 1021 102 May'34
25
N & C Bdge gen guar 4348..1945 J
41
10114 102%
4518 70 NYB&MB 1st con g 58_1935 AO 1031a -- 101% May'34
4918 744
83 101
4312 67 N Y Cent RR cony deb 6._1935 MN 9978 Sale 99% 10018 45
73 s 901t
5
8712 137
4
4
1
/ 11%
Consol 48 series A
1998 PA 8614 Sale 8614
7113 124
8014 75
21: 51
: Ref & impt 434s series A _2013 AO 71 Sile 70
7712 130
87 8314
Ref & Inept 5s series C__ _2013 AO 77 Sale 7634
94% 43
791: 96
,
691s 8814 NY Cent & Flud Rh M 3 Ms 1997 J J 9412 Sale 94
97
4
8
38
801s 98
30-year deoenture 4s
1942 .1 I 985 9712 963
79
Cony secured 6s
1944 MN 118 Sale 11712 11812 1246 11512 11812
9518
60
4
/
75
7112 Sale 701
7112 74
Ref & Inept 4 Ms sex A _ _2013
36
4
533
6913 8811
884 12
351s 5
Lake Shore coil gold 310_1998 PA 8812 Sale 85%
8614 17
8
8614
71
821: 771:
Mien Cent toll gold 3141_1998 PA 8614 Bile 847
9934 34
851s 993
4
871s 84
N Y Chic & St I, let g 4s___1937 AO 99t3 Sale 9914
551: 801:
7814 95
9311 1013
Refunding 530 series A__1974 *0 7713 S113 761:
4
MS 67 Sal: 6434
6712 350
4714 70
9018 10012
Ref 4348 series C
76
80
49
AO 75% Site 75
44
73 8918
3-yr6% gold notes
95 10514
80
93 NY Connect let gu 435s A 199556 PA 10414 105 10412 10514 16
119373
1 101 10714
93 93
lit guar 55 series B
1953 PA 107 10714 10714 10714
904 102
10114 May'34
7
N Y Erte 1st ext gold 48
1943 MN
100 100
MS
80: 101%
-- 100 Mar'34
3d extended 434s
_
85 87 May'34
68
88
70 95 N Y Greenwood L
34
46 MN 75
g Si.. 19
951
4
86 951
7
98
81
N Y & Harlem gold 3 Ms
2000 MN 9514 Sale 9514
100 10114
83
57
N V Lack & W ref 430 B
1973 MN 1024 ---- 10114 June'34
991
1 951: 991:
4
1
/
82 10234 NY & Long Branch gen 0._1941 MS 100 ---- 991z
9512 July'29
8314 99
N Y&NE Bost Term 48_1939 *0 ____ _
1 541s 65
61
63 61
47 68 NY NE & H n-c deb 4a
1947 MS 61
51
6012
7411
59 60 May'34
52
Non-cony debenture 3341.1947 MS 55
58
45
25
541
54
Non-cony debenture 3Hs.1954 *0 5412 Sale 54
83
541 8412
s
64
4
591
94 10512
Non-cony debenture 4s...1955 J J 5914 Bile 573
59
52 64
75
91 10814
Non-cony debenture 48_19513 MN 5814 Sale 5814
551
59%
45
25
95 10014
4
/
J 541 Sib 54
Cony debenture 334s
1958
7114 871
851
s
74
99 10312
Cony debenture 6.
1948 J. .1 84 sib 831z
871
891s
71
30
Collateral trust Os
1940 *0 8612 Sale 86
5514 24
58
44
1
/
994 104
MN 534 5514 54
Debenture 4s
671
571: 701:
95 10114
85
lat & ref 4 Ms ser of 1927..1967 JO 6512 Sale 6512
1987
gm, 997
993
99
s
99
10018 102
32
Harlem R & Pt Chas lit 491954 MN 98
64
93% 10414 N Y Oa W refg 0.
571s 71
26
--_June 1992 MS 6334 Sale 63
58
e
68,
50
1
9211 10214
General 4s
1965 Jo 58 Sale 58
90
Jan'34
90
5018 6878 N Y Providence & Boston 4s 19 5 *0
-. 90
42
s
717 871x
84 100
87 874 May'34
82
NY & Putnam let con 39 45_1993 AO 99-50
s
751
751
102 10618 N Y Susq & West let ref M 1937 I J 751: sae 7312
14
43
944 10314
:
53 June'34
561
1
/
2d gold 434s
1937 PA 514 70
304 581:
92% 1053
8
PA 5214 574 54 June'34 —
General gold 58
9613 May'34
821: 973
90 1037
4
8
9618 100
Terminal let gold 5a
940
1943 M
42
5914
83 9812 N V Westch & B 1st ser I 414s'46 .1 .1 55 Sal: 54%
54
56
10112 10612 Nord By ant sink fund 610.1950 AO a1625 13113 1614 1613$ 29 128 163
s
•
82
9814 :Norfolk South let & ref 51..1961 PA
•
714 22
6078 73
17
4
163
2
Certificates of deposit
72 19
•
961$ 10312 tNorfolk & South Isle Si. _1941 MN
•
9814 10614
644 83
N & W Ry let cons g 4a
19913 AO 10614 8413 10514 10614 54
85 101
Div*I let lien & gen g 4s...1944 Ji 1051 Site 10538 10638 38 10018 1064
4
904 105
105
10
Pocah C & C joint 4s
1941 JO 105 105% 105
10014 101
Oct'33
North Cent gen & ref M A-1974 M
1043
4
- 98
9912 10212
574 75
991z Feb'34
102
Oen & ref 4%1 series A
1974 M
35 60
65 724 tNortb Ohio let guar g 5e. _1945 AO 5318 65
55 May'34
35% 64
99 105
60
60
Ex Apr'33-Oct'33-Apr'34 awls.
3
47
55
8
597 70
Stmpd as to sale Oct 1933. &
34% 52
Pa 214
52 Apr'34
—
58
48
Apr 1934coupons
83 99
99
205
4
North Pacific prior lien 48..1997 Q J 933 Sale 98
60
71
94 102
6938 110
6878 Sale 6812
Can lien r3f & Id g its Jan 2047 Q
7311 901
4
/
4
873 91
85
11
J 85 Sale 8313
Ref & Impt 4 Ms series A __2047
ups 103
9512
86
4
993 Sete 9713
4
993 143
Ref & inipt eis series B....2047 J
.7614 9712
913s 10
7514 97
Ref at impt 5s series C____2047ii 91% Site 8913
7613 97
62
35
92
8518
Ref & impt 55 series D___2047I, 92 ails 89%
100 100
784 97
1
/
Nor By of Caltf guar g 58_19/4 AO 100 - --100 Jan'34
51
72
65 95
9
6714
Og & L Clam Ist gu g 45.-1948 J J 6714 Bile 07
High No, Low
11
58
59
1
/
104 12
812
10
8
83
10
612
Sale
6%
9713
Sale 9713
---- 10514 June'34
81% Sale
73% Sale
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 15.
71
821
7413 105
6
_
46
19
5
5
15
4
15
9
10112
101
9218 June'34
19
98
97
80 June'34
10234
102
98
16
4
1
/
97
44
4
623
64
7012 134
68
113
7612
77
4
105
104
3
10814
108
10014 May'34
10312 May'34
10312 10312
1
101 June'34
1004 Apr'34
7
104 104' 103% 104
22
4
1013 Bale 10134 102
6313 Sale 6312
6512 114
1
10034 1021 al001$ 010018
3
106
106% -- 106
10314 Sete 10212 10314 55
1053$ 10
105 Sale 105
103 10334 102% 103 s 17
9812 192
4
9838 Sale 963
10512 107 10512 May'34
9714 100 102% June'34 _7
73 Sale 7012
73
1023 -- 10312 June'34
4
8214 10
8012 82 82
4
8
1003 Sale 100% 101
10312 104
10118
102 June'34
1024
92 91 May'34
80
9513 May'34
97
9634 Sale 9612
84 8134 May'34
83
94
9018 961 94
95 May'34
10
-
ifir,
-
-
New York Bond Record-Continued-Page 4
4104
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 15.
•
.53
1 ...
,-. O.;
Price
Friday
June 15.
Week's
Range or
Lan sale.
I•
1
ro
Railroads (Continued)Bid
Ask Low
High No.
Ohio Connecting Ry 1st 48__1943 M 8 lows _..... 97 Mar'32 ---Ohio River RR lst g 5e
1936 3 D 103
_ 103 May'34 ---General gold 50
1937 A 0 10214 10312 10214 May'34 Oregon RR & Na,corns 48_1948 .1 D 10312 Sale 1021 10312 32
/
4
Or Short Line let cones 56-1948 3 1 11075 11112 11072
3
11112
Guar stint cons 5s
1946.2 J 113 Sale 112
17
113
/
1
Ore-Wash RR & Na,4s
1981 1 I 994 Sale 9852
9914 84
Pao RR of Mo let ext g 45_1938 F A 99 100 100
100
1
2d extended gold 5a
1938.1 1 9712 10012 96
11
/
1
4
98
Paducah & Ills let s f g 430_1955 3 J 104 Sale 10312 104
4
Paris-Orleans RR ext 51
/
4
5_1968 M S 150 15112 15012 151
/
1
4
15
Paulleta lly 1st ref at 7s
1942 M 8 75 80 75
75
5
Pa Ohio & Del let & ref 4345 A'77 A 0 102 Sale 10134 10214 55
Pennsylvania RR CODS g 0_1943 M N 105 10614 10412 May'34 ---Consol gold 45
1948 MN 10512 Sale 105
8
10512
45 eteri etpd dollar May 1 1948 MN 105 105 1055s 105
/
1
4
4
/
1
4
___ 110
1104 24
/
1
Como'sinking fund 450_1960 F A 110
General 450 Belles A
1985 -I D 102 gale 1014 10314 182
/
1
Gereral 5e series B
1968 J D 10914 Sale 108
1093
4 31
15-year secured 650
1938 F A 10712 Sale 106s 10712 119
40
-year secured gold 58-1964 MN 103 Sale 10234 1037
8 55
1970 A 0 9114 Sale 89
/
1
4
9114 204
Deb s 450
98 234
/
1
4
1981 A 0 98 Sale 9714
General 41 serlea Er
/
4s
Peoria & Eastern let cc ea 49_1940 A 0 74
75 74
1
74
8
/ 103
1
4
/
1
4
4 9
Income 4s
1
9
/
1
4
April 1990 Apr
6
10112
Peoria & Pekin Urt let 050_ _1974 F A 101 Sale 101
3 89 Sale 87
Pere Marquette let see A 58 1956
53
/
1
4
89
J 7612 Sale 75
1958
155 48 series S
7612 18
1980 M S 8012 Sale 79
1st g 430 series C
39
81
Phils Balt & Wash let g 0_1943 MN 10512 ____ 0514 106
23
1974 F A 1097 ---- 110
8
General be series S
5
110
J 10434 Sale 104
105
1977
44
Generals 41 Belles C
/
4a
J 28 Sale 264
Philippine By let 30-vr 5!451937
/
1
28
/
1
4
7
PC C A St L gu 450 A
1940 A 0
Series B 450 guar
1942 A 0
Series C 450 suer
1942 MN
Series D 45 guar
1945 MN
Series E 450 guar gold_1949 F A
1953 0
Series F de guar gold
1957 MN
Series 04s guar
Series H cons guar 4s
1960 F A
Series I coos guar 430
1963 F A
Series'COM guar 450-...1964 Ill N
General M ba series A
1970 D
Gen mtge guar 5a ser B
1975 A 0
3
Gen 434s series C
1977
Pitta MeK & Y 2d gu 8s
3
1934
Pitts Sh & L E 1st g bs
1940 A 0
let eoneol gold 5s
1943.1 1
Pitts Va & Char let 4s
1943 MN
Pitts & W Va 1st 41 ser A 1958 J 0
/
45
let M 434s series S
1958 A 0
let M 450 series C
1960 A 0
PItta Y & Ash let 4s see A 1948 3 D
let gen 5s series S
1982 F A
Providence Secur deb 4s
1957 M N
Providence Term let 4s
1956 ill 5
10712 Sale 10711 10712
6
1063
107¼ 10712 15
4
1063 ---- 0412 Mar'34 ---4
10112 ---- 00 May'34 ---/
1
4
93 ___ 89 Aug'33 .-__
/
1
4
10015 --- 0234 May'34 ---1031e 105 0318 June'34 ---10014 10212 98 Nov'33 ---106 10912 105 May'34 ---,
10614 109 108
108
1
109 Sale 10812 109
4
108 Sale 108
/
1
4
15
109
1021 Sale 10218 1023
4 36
---- ---- 101 Sent'33 ---10415 ____ rI0412Dec'33 ---10418 --- 100 Mar'33 ---10012 94 Oet'33
_ _ 39
79
/
1
4
7
5
79
79(27812 74; 79
7812 Sale 7812
9
79
100 _-_- 100 May'34 ---10612 - - 10514 May'34 ---50 ---- 50 May'34 ---901
/
4
911 Apr'34 ---/
4
Reading Co JerseY Cent coll 4e'51 A 0
Gen dc ref 430 serles'A_ _1997 II 3
Gen dc ref 450 series B
1997 J 3
Rensselaer & Saratoga 68-1941 MN
Rich & Merch 1st g 4s
1948 MN
Mehra Term By 1st gu 52_ _ _1952 J J
Rio Grande June let KU 158_1939 J D
:Rio Grande Sou let gold 0_1949 J J
Guar 4s (Jan 1922 coupon)1940 J .1
Rlo Grande West 1st gold 48_1939 J .1
let con & coil trust 45 A_ _1949 A 0
IR I Ark & Louie let 450_1934 M 8
Rut
-Canada let ICU ii 4a___ _1949 3 3
Rutland let con 430
1941 3 1
95 Sale 95
7
9612
102 Sale 10214 10334 65
/
1
4
102 1023 10212 10312 17
-------- 13_
Oct'30 ---39
40 July'33 ---.
_ 1011 May'34 ---/
4
95
1021/4-99 95 June'34 ---1 _-__ 114 Oet'33 ---2 ____ 314 July'33 --- 90 Sale 8812
90
29
60 sale 63
4
653
4 68
*
•
60
65 60 May'34 ---7018 7412 7018 June'34 -.--
St Jos & Grand leld lat 4s
1947 3 .
1
St Lean & Ads lst 5 ba
1998.1 3
2.1 gold Os
1996 A 0
8t Louis Iron Mt & SouRiv &0 Div 1st g 4e
1933 M N
St L Peor & N W 1st gu5s_1948 J J
-San Fran Pr lien 0 A_1950 3 J
(St 1,
Certificates of deposit
Prior lien 5seeries B
1950.1 J
Certificates of deposit ..--,-1978M 5
Con M 450 scrim A
Ctrs of depos stamped __-- -,-.
..
St L S W lst g 48 bond etfe_1989 M N
2e g 4s Inc bond Ws_ _Nov 1989 J J
let terminal & unifying 55j9523 J
Gen & ref g as ser A
1990 3 J
8_1941 F A
/
4
St Paul & K C Sh L 1st 41
St P & Duluth let con g 4e 1968 J /3
St Paul E Or Trk let 450_1947 1 .1
St Paul Minn & Manitoba
Cons M 5e eat to July 1 1943_ -- _
123i 3
Mont ext let gold 4s
Pacific ext gu 4e (sterlIng)_1940 J J
58_1972 J 3
St Paul Lin Dep let & ref
10014 ---- 100
160
1
883 ---- 90 May'34 ---s
89 -- - 881
/
4
881
/
4
8
108 Sale 05
/ 106
1
4
91
7
10112
10112 Sale 101
8518 994 99 June'34/
1
111
21
110 Sale 110
/
1
4
1943 .1 .1
S A & Ar Peas let gu g 4s
Santa Fe Fees dr Phen let 56..1942 M S
1989 MN
Scioto VANE lat gu 48
(Seaboard Air Line 1st g 48_1950 A 0
Certificates of deposit iiia 115
.. .
Gold 4s stamped
ta
Gering of deposlt stamped-- A 0
Adjustment be
Oct 1949 F A
Refunding 4a
1959 A 0
Certificates of deposit --- -,-,
lit & cons 60 serlea A
1946 M S
___
Certificates of deposit
Atl & Rim 30-yr lst g 0_1933 M S
:Seaboard All Fla 8s A ctts_1935 A 0
1632 F A
Series B certificates
1936 P. A
So ar No Ala cola gu g bs_
8
Gen cone guar SO-year 5 _1963 A 0
So Pao coil 4s(Cent Pao coil) 1949.2 13
let 450(Oregon Lines) A_1977 M E3
19343 D
20
-year cony bs
19681W S
Gold 450
Gold 41 with warrants 1969 M N
/
4a
1981 MN
Gold 430
1950 A 0
San Fran Term let 0..
5
So Pac of Cal 155 con gu g - 6_1937 MN
1937 J J
So Pao Coast let ru g 45
19553 J
8o Pao RR let ref 4s
Stamped (Federal tax)-1955 J J
Southern By let tons e U-10 . 3
94 1
1958 A 0
Devel & gen 45 series A
1958 A 0
Devel & gen as
1956 A 0
Devel & gen 850
1996.2 2
Mem Div let g be
19513 .7
St Louis Div let e 4e
East Tenn reorg lien g bs_1938 M 5
1938 M 5
Mobile dr Ohio coil tr 4s
(Spokane Internet 1st g 5s 1955 J J
Staten Island RY let 4 As 1943 1 D
Sunbury & Lewiston 1st 48..1938 J 3
84 Sale 8412
/
1
4
8512 82
/
1
106 Sale l0Sl8 1064 45
106
8
105 ____ 05
*
•
18
26 221s May'34 --•
21 May'34 ---18
22
512
2
5
414 6
*
41
5
94
7
93
4 9
1112 41
1112 Sale 1034
--914
1034 30
9 Sale
/
1
4
*
12
4
5
5 Sale
312 54 4 June'34 ---/
1
104 ___ 10314 May'34 ____
10612 _ _ _ 07 June'34 ____
711 158
/
4
71 Sale 69
82 Sale 82
/
1
4
87
83
____ ____ 9912 May'34 ____
68 Sale 65
32
68
We 140
6678 Sale 65
8612 261
6814 Sale 64
97
/ 56
1
4
9712 Sale 9718
104i4 _ _ _ _ 03 mar34 _ _ _
/
1
4
100 ___ 99 May'34 ---151
89
89 Sale 8814
.
--------9212 May'30 --- 104
1035 Sale 10312 104
8
70 109
6912 Sale 6812
90 Sale 8812
62
90
95
95 Sale 9112
129
_ __ 99t2 99 May'34 ---4
89
903 91 June'34 ---1021 1031 1021 -10214
/
4
/
4
/
4
3
25
76
7614 7414
74
11
11 Sale 11
1
--------60 MaY'32 ---99 -100 Feb'34 ----
For footnotes see page 4106
•
724 74
/
1
191 Sale
/
4
1912
1912 Sale
1914 20
19 Sale
1712 1812
7512 7812
61
611 / 83
4
501 521
/
4
/
4
28
2672
85-_
68
7224
--
4
,
74
744
/
1
9
19
20 152
183
4
1912 13
21
4
2114
1934
20
2
1814
191 171
/
4
17
18
100
78
5
78
6112
6112
5
611s
6212
8
1
51
51
2812
2634 15
95 May'34 ____
73 June'34 ----
Range
Since
Jan. 1.
Low
High
___
__
100 103
89 1021
/
4
92 15312
104 11112
/
1
4
104 11312
/
1
4
8312 9912
8714 10012
84 10012
10034 104
123 152
/
1
4
50
75
85 10214
101 10412
100 1053
4
99 4 1053
7
4
103 1105s
8835 103
/
1
4
4
9712 1093
10334 10712
911 103
/
4
/
1
4
7814 92
83
/ 9812
1
4
57 8134
7
1914
8512 10112
5812 89
5014 7812
511 81
/
4
10012 108
100 110
9214 105
2312 3114
BONDS
N. V. STOCK EXCHANGE
Week Ended June 15.
1
1
...a,
June 16 1934
Prise
Friday
June 15.
Week's
Range or
Last Sale.
1_,
4
ra
Range
Sines
/an. 1.
Bid
Railroads (Coneluded)Ask Low
High No.
Tenn Cent 185 68 A or B-1947 A 0 62 Sale 61
14
63
Term Anil of St L 1st g 4)0_1939 A 0 10718
__ 10718 10712 15
lat cons gold 5s
1944 F A 10712 1119 10812 June'34 ---Gen refunds f g 4s
1953.2 J 100 Sale 97
/ 100
1
4
88
Texarkana & Ft Slat 550 A 1950 F A 9434 Sale 93
9434 44
Tex & N 0 con gold 158
1943
J 10778 Sale 89
89
2
2000 D 10772 Sale 10714 10778 11
Texas & Pao let gold Es
Gen & ref be series B
1977 A 0 8312 Sale 807
8
8312 51
1979 A 0 83 Sale 811
Gen & ref 25 Reties G
/
4
83
51
Gen & ref 5e series D
D 8134 84 8134
1980
8212 17
Tex Pao-Mo Pac Ter 550 A.1964 MS 8912 90 8912
2
894
/
1
/
1
4
Tol dc Ohio Cent 1st gu 5e
1935.2 J 102 103 10134 10134
4
Western Div let g Be
1935 A 0 10212 103 102
10212 13
General gold .58
1935 1 D 10112 102 10134 June'34 _-__
Tol St L & W 50
-year g 4s 1950 A 0 83 84 83
8318
7
___ Ms ADr'31 ____
Tol WV &0gu 45 ser C
1942 M S 102
95 94
Toronto Ham & Buti 1st 1148 19463 D 94 944
/
1
7
Low
High
46
6975
10035 10712
1014 110
/
1
82 100
7514 97
64 90
9114 10812
64 87
65 8614
65 881
/
4
67
91
9413 10312
9712 10234
90 1013
4
873 8812
4
___
82 -- 9
r
10618 Sale 106
10612 57
4 10012 217
10014 Sale 983
10234 Sale 10214 10234 53
11412 Sale 114
11412 48
97 Sale 95
97 149
10572 ____ 105
/ 105
1
4
/
1
4
1
10112 _ _ 10114 May'34 ___
10112 foi 101 Apr'34 -_-314 Sale
3
314
7
102
/
1
4
1021 May'34 ---/
4
91 _--- 93
9278
2
93
83 Sale 8234
83
10
10814 Sale 108
109
56
10212 10312 103
103
9
9934 1073
s
89 1004
/
1
89 1023
/
1
4
4
10212 115
8212 97
8
10012 1055
99 102
97 101
/
1
4
212 5
9814 1021
/
4
757 93
2
67 87
99 109
/
1
4
90 103
Union Pao RR 1st & Id er 4a 1947 J J
let Lien & ref0
June 2008 M al
Gold 450
1967.2 J
let lien & ref 55
June 2008 M S
40-year gold 4e
1968 J D
UN .1 RR &Can gen 41
1944 M S
Vandalia cons g 4e aeries A-1955 F A
Cone s f 4s series B
1957 MN
Vera Cruz & P east 4345
1933 J J
Virginia Midland gen W-1938 M N
Va & Southwest let gu 511_2003 J J
1st Cone 158
1958 A 0
Virginia Ry let 155 series A 1962 M N
let mtge 434s series R
1982 MN
(Wabash RR 1st gold 5a_ __ _1939 MN
101 10712
/
1
4
2d gold as
1939 F A
102 10712
let Hen 50
-year g term 4a 1954 3 J
103 10412
Del & Chic EU let 5s..
1941 .1 J
99 101
/
1
4
Des Moines Div let g 4s-1939 J .1
__
96_
Omaha Div 1st g 334e
1941 A 0
10234
-Toled
& Chic Div g 0_1941 M 8
98 10318 Wabash Ry ref & gen 550A 1975 M 5
___
Certificates of deposit
- .
10034 1073
Ref & gen 5s(Feb'32 coup)
_-4
-iilii liA
10135 108
Certificates of deposit ____
..
94 109
A0
Ref & gen 430 series C
1978 -905 109
Certificates of deposit ___
_
..
8434 1023
4
Ref & gen 58 series D
1980 A0
____ ____
Certificates of deposit.._
__ ..-- Warren let ref au if 330- -2000 ,-FA
....... ..._ Washington Cent let gold- 1948 Q M
4a
Wash Term let gu 3345
1945 F A
56
80
let 40
-year guar 45
1945 f A
56
794 Western Maryland 1st 0_1952 A 0
/
1
513 80
lit & ref 530 series A.-1977
J
9414 100
West NY & Pa let g as
1937
.1
101 106
General gold 45
1943 A 0
50 50
Western Pao let 55 ser A
1948 M 8
814 9112 West Shore let 4s guar
/
1
3
2361
Registered
2381 3 .1
Wheel & L E ref 450 ser A _1966 MS
82
98
86 1033
4
1965 M S
Refunding Be series B
8612 10312
RR let consol 4s
1949 M S
____ __ Wilk & Feet let fru g 58
1942 D
Will & SF let gold bs
1938 J D
9934 1011 Winston-Salem 0 B let 49_1960
/
4
J
73 95 :Wig Cent 50-yr 1st gen 48_1949
.1
---Sup & Dul dl,& term 1st 4s'36 al N
--- -- Wor & Conn East let 430.._1943
J
68 - 7
93 8
4412 661/4
INDUSTRIALS.
•
:Abitibi Pow & Pap 181 58 _J953 3 D
47
72
Abraham & Straus deb 550_1943
5312 78
/
1
4
A 0
With warranta
Adams Express eon tr g 4s___1948 IN 5
86 10032 Adriatic Elec Co extl 7e
1952 A 0
77
90
Albany Pertor Wrap Pap 60_1948 A 0
797 884 Allegany Corp cell Is 5s
4
/
1
1944 F A
Coll & cony Se
1949 J D
•
Con dt cony 53
1950 A 0
5712 82
Certificates of deposit_
1634 28
Allis-Chalmers Mtg deb 54_1937 6114
17
26
Alpine-Montan Steel let 76-1955 M 8
1772 30
18
28
Amer Beet Sugar as
1935 F A
144 2512
/
1
Os extended to Feb 1 1940_ F A
1412 244 American Chain S-yr tla
/
1
1938 A 0
644 8114 Amer Cyanamid deb 5a
/
1
1942 A 0
42 83
/
1
4
Am & Foreign Pow deb 58_2030 M 8
48
6912 American Ice a t deb 5s
1953 .3 O
43
5812 Amer I G Chem cone 530..1949 MN
234 373 Am Internal Corp eon,530 1949 J 3
/
1
4
84 95
Amer Mach & FdY if 64
1939 A 0
03
7612 Am Rolling Mill eon, s6__....l938 MN
Am Sm & It let 30-yr Si eerA '47. A 0
/ 6
1 2
422
loy .1 .1
97 10612 Amer Bug Ref 5-3
94 10112 Am Telep & Teleg cony 414_1938 IN 8
89
99
30
-year coil tr be
1946.2 0
101 111
35
-year s 1 deb be
1960 3 J
20
-year s f 550
1943 MN
6012 8512
Cony deb 41
/
4
5
1939 J J
97 1061
/
4
Debenture be
1965 F A
9712 108
2Arn Type Founders (is etts_1940 ---•
Am Water Works & Electric
204 2312
/
1
10-yr 5s cony coil tr
1944 M S
Dab(Be series A
•
1975 MN
15
25
5
74 Am Writing Paper let g 138_1947 3 J
/
1
•
Anglo-Chilean Nitrate 75_1945 M N
71s 13
Ark & Mem Bridge & Ter 58_1984 M S
914 1611 Armour & Co (Ill) let 430_1939 J D
812 14
/ Armour & Co of Del 530_1943 3 .1
1
4
Armstrong Cork cony deb 58 1940 3 13
4
712 Associated 0116% e notes- _1935 M S
3
/ 7
1
4
/ Atlanta Gas L let 58
1
4
19473 D
1003,1031 Atl Gulf & W I SS coll ty 58_1959 J J
91 107
Atlantic Relining deb 5a___1937 J J
58
747
e
63 8414 Baldwin Loco Works let 5&_l940 al N
/
1
4
9212 10014 Batavia° Petr guar deb 450_1942 3 J
5312 72
Bell Telep of Pa be series B__1948 J J
53
72
let er ref Is swim C
1960 A 0
5212 71
Beneficial Indus Loan deb Os 1946 IN 8
8274 981s Berlin City Eiec Co deb 6348 1951 J 0
101 103
Deb (finking fund ()As__ 1959 F A
99 997
8
Debentures fla
1955 A 0
70
9014 Berlin Eleo El & tinders650 1956 A 0
__-..
_- Beth Steel let & ref 5s-guar A '42 MN
86 104
-30
-year p m & Mint a t 53_1939 3 .1
574 733 Bing & Bing deb 630
4
1950 M El
75 95 :Botany Cone Mills 6/
5-1934 A 0
1
4
78 973
A0
4
Certificates of deposit
803 100
4
Bowman-Silt Hotels let 7s_1934
664 91
/
1
Stmp as to pay of $435 pt red IN S
84 10214 IirwaY & 7th Ave let 15s_ _1943 J Es
58 81
Brooklyn City RR let 5.1.._ _1941 3 J
934 17
Bklyn Edison Inc gen 58 A...1949 .1 J
--- _-_-19523 J
Gen mtge 511 series E
100 1
Bklyn-Manh R T sec 6s_ _1968 J 1
/
1
4
924 Sale 90
/
1
9212 25
74
95
77 Sale 7634
78
15
5814 8312
-- _ - 60 60 Feb'34 -._
60 60
9612 9712 9614
97 4
3
6
70
973
4
/
4
554 591 55 May'34
/
1
45
5534
50
527 53 May'34 _-8
45
55
73 90 75
75
1
7314 75
22 Sale 2172
23
51
1512 29
---- 24 25 Apr'34 _1412 25
2112 2214 2218
15
2212 16
2812
2414 Apr'34 ___
-___ 24
16
2414
211 2178 2212
/
4
2212 12
1512 2812
2112 23 20 May'34 --16
2512
2214 Sale 22
2234 43
15
28
---- 20 2312 Apr'34 --14
2312
6 77
--------77 May'34 ___
79 Sale 79
79
2
70
79
0012 10012
9934
93 10012
4
95 __- 95 Nov'33 ____ ____
___
87 Sale 8814
87 198
701 / 87
4
97 Sale 98
/
1
4
9712 102
80 9712
106 1067 106
10814 12 lops 1054
8
/
1
102 1023 102
4
103
85 103
11
38 Sale 38
39
55
30 463
4
8512 Sale 84
/
1
4
8512 98
1384 86
/
1
7912 811 80
/
4
8014
6512 82
/
1
4
4
99 Sale 97
/
1
4
99
85 99
24
10112 103 10112 May'34 ---. 93 10112
/
1
4
984 Sale 9712
/
1
9834 55
8634 100
/
1
5511 Sale 544
5514
6
394 597
/
1
4
101 10112 101
101
2 100 1013
4
10014 Sale 10014 10014
90 101
2
1434
1434 16
1512 35
14
22
/
1
4
10
1212 12
12
1
10
1712
5112 -___ 66 May'34 __
88 66
*
4
,
•
10312 108 1033
4 104
16
8012 8114 80
8012
8
/
1
9034 924 29012
91
12
68 ____ 6814
/
1
4
683
8
2
7112 Bale 70
7,112 75
6634 Sale 63
663
4 75
39 Sale 39
401 93
/
4
____ __ _ 4018 May'34 __
/
1
973
9712 Safe 964
4 14
7914 85 82
8312
2
93 10414
62
83
9012 110
56
6812
5112 74
44 6912
25
46
3814 404
/
1
90 9 /
/ 91
1
4
4
561 8 /
4 31
4
9934 Sale 991
/
4
9934 16
83 86 8212
823
4 14
87 Sale 85
/
1
4
88
29
10214 Sale 10214 1023
4 17
5334 Sale 52
/
1
4
5512 150
713 Sale 714
s
/
1
73
5
9712 Sale 98
98
89
84
8434 8513
6
8612
1083 __ - 10676 1061
4
/
4
1
105 Sale 105
/
1
4
10614 112
104 Sale 10415 106
/
1
4
67
108 Sale 106
10714
7
10312 Sale 10312 10312
8
10912 Sale 10812 10912 97
10912 Sale 108
10912 264
11034 Sale 11012 111
110
109 Sale 109
10912 35
110 Sale 108
110
121
304 37 32 June'34 ____
/
1
71
993
4
80 8612
904
/
1
64
9312 10314
5912
35
62
793
4
837s 99
871$ 87
105 10712
95 11612
/
1
4
9912 105
10414 10712
/
4
1014 1041
/
1
1054 10912
/
1
10314 10912
1057 111
4
107 113
10315 110
32
50
10818 Sale 1064
/
1
87
/ 8812 8714
1
4
/
1
1004 111
6414 90
10812 320
88
20
263 Sale 2614
4
3212
11 Sale 11
1134
88
90 8712 May'34
99 Sale 984
/
1
9912
97 Sale 9518
9714
99 Sale 98
99
10312 1033 103
4
/ 104
1
4
1004 -_ 100 May'34
/
1
/
1
4
5838 130
5812
59
107 Bale 10634 10714
95
44
_
213
272
116
44
__ _.
34
24
251 ea
/
4
5
173
4
834 90
/
1
/
4
8712 991
82 9714
86 99
102 1041
/
1
4
/
4
95 1001s
60 6112
8
1035 10714
1071 10812 107
/
4
1074 28 102 10712
/
1
361 383 10512 10814 14 102 116
/
4
4
/
1
4
113 Sale 112
11312 21 106 11312
1151 Sale 11455 11512 79 108 11512
/
4
108 Sale 104
10612 31
84 108
3814 Sale 36
4312 71
36
65 4
3
3612 Sale 361
/
4
3914 29
3812 87
3534 Sale 35
. 38
35 6514
51
41 Sale 41
4014 74
gg
43
112 Sale 110
/ 112
1
4
/
1
4
9972 115
59
102 Sale 10214 103
/
1
4
99 103
38
3512 -- -- 3712 June'34 ___SO
37
4
•
•
1112 Sale 1112
20
8
2
1112
•
•
•
•
80
81
854 May'34 _
/
1
iji
1084 Sale 1084 109
/
1
/
1
10812 1081 10814 10878 23
/
4
10075 Sale 1003
4 10112 322
•
•
72 86
10512 109
/
1
4
10514 110
9314 102
4105
New York Bond Record-Continued-Page 5
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 15.
z., .
.1,3
:?... t.
.:•", a:
Price
Friday
June 15.
Week's
Range or
Last Sale,
1 •
1
.1,
E's
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 15.
-.....
L
:3
.
.
i
, t
..,z.,
Price
Friday
June 15.
Week's
Range or
Lan Sale.
a •
En,
:1.
0
Range
Since
Jan. 1.
High Na Low
High
Ask Low
Bid
Industrials (Continued)High
High No. Low
Ask Low
Bid
Industrials (Connnued)9914
86
1978 A 0 98 Sale 97
58
98
Inland Steel let 4340
67
57
2
67
Bklyn Qu Co & Sub con gtd 58'41 M N 67 Sale 65
8512 9812
9734 27
1981 F A
9612 Sale 9612
let M a f 4448 ser 13
4
4
573 573
4
573 Feb'34 _--1941 J 1 6712
lot 56 stamped
8 63
707 3
8
,
8512 72 4
7512 9718 (Interboro Rap Trail lot 68-1968 J J 693 Sale 6914
9718 64
4
/
971 Sale 941:
I950 F A
Bklyn Union El lst g 5s_
1932 A 0
-year 811
10
15 10634 114
1
/
4
58.1945 MN 1133 Sale 1134 114
Ilklyn 1ln Gas lot cons g 32
3212 May'34 ---3812
____ ____ 29
Certincates of deposit
lot lien & ref tis series A 1947 M N 11712 ____ 11712 June'34 _--- 1107s 11712
*
-year cony 7% notes___1932 Id S
10
4e
/
1936 J J --------158 Feb'34 ____ 158 158
Cony deb g 51
6712 7612
7612 45
7512 Sale 7412
_
Certificates of deposit
98 10414
4
1
/ 10414 23
1950 .1 D 10414 Sale 103
Debenture gold fs
74
17
60
74 Sale 7314
7718
1951 FIAN
Interlake Iron let 60 B
4
1957 M N 109 Sale 1065
12 1043 109
8 109
let lien & ref series B
Int Aerie Corp let & coil tr 5e6
99 107
8
10658 1065
4
Buff Gen El 440 series B 1981 F A 1063 107
8412
62
5
80
80
1942____ MN 6912 81
Stamped extended to
60
50
10
57
57
60
1952 A 0 56
1Bush Terminal lot 4s
92
7978 92
63
1218 2612 Int Cement cony deb 193._ 1048 M N 9118 Sale 91
1
/
234 24
2212 2312 22
Congo! 5e
1955 J J
6114 123
4018 693
8
Interned Hydro El deb 88_1944 A 0 6018 Sale 6018
4312 6012
17
Bush Term Bldge be gu tax ex '30 A 0 4612 49
49
4612
8 20
537
44
831 2
8
Inter Mere Marine e f 88_1941 k 0 537 Sale 53
6111 88
4
80
By-Prod Coke let 540 A
1945 M N 80 Sale 77
8 19
757
5712 8212
7458 Sale 7458
Internal Paper 156 ser A & 8_1947 J J
62
38
4
383 73
1955 M El 6012 Sale 6018
Ref a f 80 series A
6 10318 10712
Cal0& E Corp unf & ref 5e_1937 M N 10738 108 10712 10712
129
63
4
613 Sale 59
4814 893
4
4
/
8612 10218 Int Telep & Teleg deb g 41E31952 1 J
Cal Pack cony deb Ifs
1940 J J 102 10212 z10114 10218 43
7014 227
571s 731 2
4
1939 1 J 693 Sale 6658
Cony deb 4 3.4s
9638 103
11
Cal Petroleum cony deb e f bir '39 F A 10212 Sale 10212 103
233
4
68
693
52
1955 F A 67 Sale 6412
Debenture be
4
1
/
9918 103
Cony deb a f g 534e
1938 61 N 10312 Sale 10318 10312 19
9712 11
8258 98
4
973 97
4
1
/ 12
2
Investors Equity deb Es A_1947 1 D 07
Camaguey Sugar 70 ctfs
8 5 May'34 ____
54 67
1942
4
98
98
1
/
88
974
98
0 97
1948 A
4
1812 333
Deb 58 eer B with warr
Canada SS L let & gen 60...1941 A 0 30, 33 4 303 June'34 ___
8
,
4
874 98
9712 June'34 ---98
1948 A 0 97
Without warrants
8
1 1045 1073
4
1073
Cent Dist Tel lot 30-yr 5s 1943 J D 1073 Bale 1073
4
4
4
8 10418 1081 2
Cent Hudson 0 & E 5s_Jan 1957 61 S 108 10914 10818 10812
1
/
4
/
4 1064
1 10012 1061
107 10712 1063
8
4512 697 K C Pow dc Lt 1st 4 %Beer B 1957 J J
44
1951 F A 65 Sale 633
65
Cent III Elec & Gae Is: 56
4
8 34 10038 10938
4 1093
8
1961 F A 1087 Sale 1083
let mtge 440
4
/
6 1011 112
Central Steel let go f 8e
110
11141 MN 102 108 108
9714 81
7212 97,
4
D 9714 Sale 9614
1
/
524 7178 Kansas Gas Sr Electric 4 148_1980 1
53
Certain-teed Prod 534e A ._ _1948 M El 62 Sale 613
64
4
3612
19
7
32 Sale 32
3338
313
Karstadt (Rudolph) let 6s 1943 MN
96 110
109
Cbesap Corp cony 5e May 15 '47 M N 109 Sale 108
28
30
1612 32
8
275
29
26
__
984 1053
19
Certificates of deposit
4
10534
Ch CI L & Coke let gu g 5s..1927 J J 1053 Sale 10514
4
69
72
51
8
68
Keith (B F) Corp let 1313_ _1946 111 8 6818 79
:Chicago Railways let Ss[god
4
/
471 47
44
5912
a
a
*
Kelly-Springfield Tire 6s___1942 A 0 44 Sale 44
Aug 1 1933 25% part pd
F A
25
95
7418 95 2
,
warr_1948 61 S 95 Sale 9212
Kendall Co 530 with
65
43
8
4
Childe Co deb 58
533
4
/
1943 A 0 531 Sale 5314
8
7311 8134
794 ____ 807 June'34 ---49
Chile Copper Co deb 5e
56
82
83
Keystone Telep Co lot 5e--1935 J J
1947 J J 82 Sale 8012
10718
I 104 10714
4
/
1071
99 1023 Kloge County El L as P 68-1937 A 0 10718
4 25
Cln 0& E lot /3I 4s A
4
1968 A 0 10214 sale 1014 1023
1
/ -1997 A 0 1364 145 137 May'34 ---7 122 137%
Purchase money 60
5218 8518
3
Clearfield Bit Coal let 48._..1940 J J 601
6518
-_ 5218
4
/
4
/
9114 54
9112
75
Kings County Elev lot g 48 1949 I. A 901 Sale 9012
4
583 82
7
66
Colon °n eon, deb 6s
4
1
65
/
59 -- / 62
1938 J J
109
109
2.
1
/
1 1034 109
_1954 J .1 1081
59
Kings Co Lighting lot be_
30
27
62
(Colo Fuel & Ir Co gen of be 1943 F A 61 Sale 5714
4
-1
4
1954 J .1 1143 117/ 11714 May'34 ---., 108 120
First and ref 654o
1712 3312
Col Indus let & coll 6egu_1934 F A
4
/
311 131
4
/
1
/
274 Sale 261
99
4
/
4
8
8112 100
4
8
887 Kinney (011) &Co 71 note0136 J D 985 993 981
gg
98
4%
/
83
8
Columbia 0& E deb 5s May 1952 M N 871 Sale 865
4
/
99
4
823 100
29
8
Kresge Found'n coil tr 88_1936 / D 983 Sale 98
88
70
1
8
865
8
Debenture be
4
1
/ ___- 865
Apr 15 1952 A 0 88
16
8
27
8
1214 212
4
:Kreuger & Toll CIA 53 ct0e_1959 M S 145 Sale 145
8812 88
/
4
/
861 123
4
853
Debenture 58
8
Jan 15 1961 J .1 865 Sale
9712
73
4
/
971 24
Columbus fly P & L lot 434s 1957 J .1 9712 Sale 9618
8
97 1073
4
/
1071 10
4
4
4
/
901 10712 Lackawanna Steel lot So A....1950 M S 1073 Sale 1065
10712 19
8
Secured cony g 51
4e
/
0 107 Sale 1057
1942 A
•
1934 A 0
Laclede G-L ref & ext 50
93
85
4
90
90 Sale 88
_
Certificates of deposIt______
1 101 103
101
Commercial Credit s 1 5548_1935 J J 101 Sale 101
61 Sale 60
4 22
8
613
695
50
_1953 FA
Coll & ref 530 series C
33 101 110
110
8
Comml Invest Tr deb 5;0_1949 F A 109 Sale 1095
4
1
/
6114
12
6114 Sale 60
50
4
893
1960 F A
Coll & ref 5/ early. D
__
48
1
____
4
Conn Ry & L let & ref g 41
1
/
431951 3 J 1024 -__- 983 Nov133 _--_
/
4
1
/ 1912
5
4
153 314
4
/
141 Sale 14
-- 4
97 1043 Lautaro Nitrate Co Ltd 60_1954 J J
I
4
4 1043
Stamped guar 41
4
4e
/
1951 1 J 1043 Sale 1043
12
100
81 100
4
Lehigh C & Nay a f 410 A1954 J J 993 Sale 9812
Consolidated Hydro-Elec Works
SO 100
3
Cons sink fund 440 eer C_1954 1 J 100 Sale 984 100
1
/
364 60
4012 12
4
of Upper Wuertemberg 78_1956 J J --------363
7918 91
2
88
8812 88
88
4
/
251 Lehigh Val Coal lot & ref of 58'44 F A
12
31
21
18
21
Cone Coaled Mdlet A. WU;
18
.1950 J D
6218
40
1
4
/
561
5618
1954 F A
4
/
541 57
lot & ref I f 6a
1114 21
10
21
4
1
/
1514 2212 17
Certificates of deposit
5
58
424 59
1
/
58
F A ____ 60
1964
let & ref of 5s
28 10112 10712
Consol Gas(NY)deb 51
3_1945 F A 107 Sale 10812 107
4
/
5312 June'34 ---,
58
54
40
4
1
/
56
1974 F A
lot & ref a f 513
903 10112
8
10114 107
I)ebenture 440
1951 1 13 10114 Sale 10012
4
1
/
8
935 944 93
9412
8118 97
i
971a mil32
Secured 6% gold notes_1938 .1 J
4
/
Debenture be
1957 1 J 10412 Sale 1041 10412
4
/
14 1591 12812
4
/
A 0 127 Bale 1261 127
4
/
Consumers Gas of Chic go 5s 1936 J D 105 Sale 105
3 100 1061 Liggett & Myers Tobacco 7e..1944
105
8
1135
12 108 1133
8
1951 F A 11312 Sale 113
56
8 18 10011 108
4
/
8
Consumers Power lot 541C 1952 MN 107 1075 1071 1075
1
/
85 1021
4
/
1941 A 0 102 Sale 1004 10218 70
9812 Loew's Inc deb a 1 60
70
4 21
903
4
/
Container Corp let Os
1918 J D 90 Sale 871
84
98
84
8
1952 J D ____ 8312 84
8114 Lombard Elec 70 ser A
52
5
75
15-year deb 5s wills warr_1943 J D 7414 Sale 734
1
/
12212
9 1124 12212
1944 A 0 12212 Sale 122
Lorillard (P) Co deb 76
7518 95
4
/
921 14
90
Copenhagen Telep lis Feb 15 1954 F A 89
02
9912 107
17
107
1951 F A 107 Sale 10612
fre
21
9712 107
107
Crown Cork & Seal of 8s__ _1947 J D 107 Sale 10514
88 106
13
106
1
/
Louisville Gas & El(Ky) 56_1952 NI N 1054 106 10512
7912 96
Crown Willamette Paper 60_1951 J J 943 sale 9338
4 15
953
4
1
/
1
/
833
4
5
51
8514
96
Lower Austria Hydro El 63401944 F A 824 Sale 824
70
4 30
943
Crown 2ellerbach deb Sow w 1940 M 5 94 Sale 93
•
(Cuban Cane Prod deb 6s
1950 1 J
deb 540_ _1941
4
/
4
/ 10758 39 1031/ 1071 :McCrory Stores
Camb T dr T let & gen 5s
8
4
/
1937 1 J 1071 1075 1071
66
50
2
61
61 Sale 60
Proof of claim flied by owner__ - _
8412 149
68
4
1
/ 864
1
/
944 1053 McKesson k Robbins deb 5348'50 MN 8412 Sale 8212
4
Del Power & Light let 4540..1971 J J 105 10614 10412 10534 22
a•
0
*
10
4
1
/
89 103 (Menet! Sugar lot s t 734_1942 A
1st & ref 434s
1969 1 .1 103 Sale 10212 103
1812 May'34 _--20
10
20
15
_
Certificates of deposit_ __ ___
94 104
4
let mortgage 440
4 ___ 1033 klay'34 --1033
1969 J J
•
•
Stamped Oct 1931 coupon 1942 A0
8
_86 1027
7
Den Gas & El L lot & ref 0 f 5s '51 M N 1002 102
8 10012
993
8 Feb'34 _--8
163 20
20
6
10
Certificates of deposit______ ____
2
10014
4
1
/
87 10254
Stamped as to Penne tax_1951 M N 10014 Sale 100
•
*
•
Flat stamped modified
963 10754
4
4 10718 30
Detroit Edison loser A
1949 A 0 107 Sale 1063
30
48
4234 5112
4
A 5 4712 Sale 46
8
963 1073 (Manhat By(NY)cons g 4s1990 --1
4 18
1073
Gen & ref 56 series B
1955 J I) 10712 Sale 107
46
37
15
40
of deposit---------- 40 Sale 3812
4
1
/
98 10814
Oen & ref 5s series C
4 10814 27
4
/
1962 P A 1081 Sale 1083
31
31
35
40
30
1
29
3d
89 104
Hiii J .
20(1 - ii 31
Gen & ref 41 aeries D 1961 F A 10334 Sale 10312 104
4s
/
May'34 _--4
82
97
97 10712 Manila Elee RR & Lt 6 t 58.1953 M 8 8312 933 82
Gen & ref 56 series E
7
4
/
4
/
1952 A 0 1073 Sale 1061 1071
0
9814 10512 Mfrs Tr Co etre of partic in
Dodge Bros cony deb 8s
1940 M N 10512 Sale 10412 10512 155
2
73
72.8
80
4
773
A I Namm & Son 1st 6s 1943 J D 7012 75
8 25
925
794 93
Dold (Jacob) Pack let 68_1942 NI N 9212 Sale 92
4
5612
44
5614
61
2
0913
Marlon Steam Shovel of 68_1947 A 0 5514 58
94 102
Donner Steel let ref 78
9912
1942 J J 98 101
9112
68
17
89
25
97
Market St Ry 7eser A _April 1940 0 J 89 Sale 87
.
7412 0818
-Price Pow let 6s ser A_I966 MN 953 Sale 953
Duke
4
28
80
81
53
80 Sale 7914
30 1013 1094 Mead Corp lot es with warr_1945 M N
4
4
/
Duquesne Light lot 430 A1987 A 0 108 Sale 1071 108
91 18
12
9118 116
4
10918
1957 pi B 109 ...._ 1083
7 10212 110
Merldionale Elec 1st 78 A 1957 A 0 91 18 Sale 9118
1st NI g 4.lis eerie. B
8 33
995
8
905
77
9912 Sale 9712
Metr Ed 1st & ref 55 ger C 1953 1 J
4
/
4
/
921 14
1
/
1
/
924
71
lot g 4148 series D
1968 M 5 924 Sale 891
•
•
•
East Cuba Bug 16-yr e f g 740'37 M S
4
/
921
89
89
90
80
7 10018 108
1
1053
540.1950 A 0 87
Metrop Wat Sew & Dr
Ed El III Bklyn let cons 48_ _1939 J J 10512 ____ 10512
•
•
*
Met West Side El (Chic) 4s 1933 F A
Ed Elec(N Y) lot cons g 56 1995 J J 120 124 120 May'34 ---- 110 121
50
50
55
78
50
5
42
8912 Miag NISI Mach let of 78_ _1956 J D 49
42
4338 16
El Pow Corp (Germany)630'50 M 8 424 45
1
/
8 58
1023
9718 1021
4
/ Sale 10218
4
/
31
44
4212 691 Midvale St & 0 coll tr s I 58_1938 M S 1021
4
/
lot sinking fund 830
1053 A 0 44 Sale 4212
8512
57
11
85
Milw El Ry & Lt lot Si B_1961 J D 85 Sale 84
4
1
/ 89
83
Ernesto Breda 76
1954 F A __ _ 84s 844 June'3 __-:
85
58
13
8
837
4
lot mtge 56
1971 1 J 8318 83s 823
81¼
64
3
8114 8114
82
Federal Light & Tr let 5s,)942 M S 78
10012 42
4
1
/
79 10012
75
79
montane Power let Si A1943 J J 100 Sale 9914
4
58 International series_1012 M S 78
80'2 803 May'34 ____
4
813
63
78
7
4
1
/ 7738
4
1
/ 8118
60
3
1982 1 D 7714 78
Deb 58 series A
7812
let liens f 5s stamped
_ _ 7812
1942 M 13
2
84
84
64
IVIontecatIni Min & Agile
let lien 85 stamped
9212
8214 1942 M S 78- 84
9214
3
91
3
98,
5112 6718
Deb g 78
1.937 1 3 9218 Sale 9218
-year deb fle series 13
30
4
/
1954 J 0 661 ____ 66 June'34 ---9912 1004 39
9512 101
4 101 106
8
105
Montreal Tram lot & ref 58_1941 J .3 997 101
Federated Metals!' f ls
1939 J D 105 Sale 105
4
/
821 82 4
,
8214 Apr'34 _--4 1003 102
8
Gen & ref of be series A 1955 A 0 8112 83
Flat deb of g 76
1946 J J a9712 Sale a9712 a9712
74
74
Feb'34 ____
74
5 10212 110
8 10712
Gen & ref 6 t 5s series 13_1955 A 0 8112 86
Framerican Ind Dev 20-yr 71
Sale 1073
8
48'42 J 3 1073
/
8
753 76
76 June'34 .--8
30
19
Gen & ref of 440 series C_1955 A 0 7512 76
(Francleco Sue let of 746_1942 M N
41
30
30
26
85
83
Gen & ref s f 5s aeries D 1956 A 0 8112 8214 85 Mar'34 ____
8412 98
115
98
98 Sale 97
Morris & Co let s 1 440___ _1939 J J
Gannett Co. deb( tier AI943 F A 94 Sale 94
794 95
9
95
4
1
/
4038 Dee'32 ____ ____
Mortgage-Bond Co 46 ser 2_1988 A. 0 31
Gaff& El of Berg Co cons g 561949 J D 1094 __ ._ 104 Feb'34 --__ 104 104
88 100
2
a
9512
4
1
/
954 963- 9512
1934 J D
Murray Body let 13748
Gelsenkirchen Mining 68_ _1931 M 8
•
•
95 10518
104 May'34 ---4
Mutual Fuel Gas lot gu g 58_1947 NI N 1033
791s 97
4 34
013
9412 Sale 94
Gen Amer Investors deb 50-A1952 F A
97 103 2
,
- -12
8 102 1053 Mut Un Tel gtd 6o ext at6% 1941 M N 10212 103 103 May'34 __-4
1
/
Gen Baking deb of 548-1940 A 0 10518 10612 1044 105
Gen Cable lot Of 534e A
16
75
7412
89
75
7714
1947 J 1 74
Gen Electric deb g 31
4
/
8
8_1942 F A 1035 ____ 10318 June'34 ---- 100 10312 Namm (A I) & Bon_See Mite Tr
4
4
1
/ 623
53
7
5912
5812 5812
79
54
4
/
481 65
Nassau Elec gu g 4s stpd_1951 J J 58
Gem Elec (Germany) 7e Jan 15'46 J 3 5314 Sale 5112
8512 86
___ 85 June'34 __-85
29
52
43
8312 Nat Acme lot a f (is
1942 J D
St deb61/4e
8
1010 .1 D 513 Sale 51
4
1
/
7812 07
8
977 292
5014 127
,
-year of deb 86
454 6312 Nat Dairy Prod deb 554s
1048 F A 97 8 Sale 96
20
4
1948 M N 493 Sale 4712
91 103
8
1027 145
8
8 32 1035 106
Gen Petrol lot sink I'd be
8
4
/
1956 A 0 1027 Sale 10214
Nat Steel 1st coil 88
1940 F A 10514 Sale 1051 1057
4
1
/
76
9458 Newark Consol Gas cons 51.19483 0 1094 ___ 110 May'34 ____ 103 110
4
/
941 21
Oen Pub Serv deb 530
94 Sale 934
1939 J J
4
/
881 10414
5
103
82
8
4
/
681 8914 Newberry (JJ) Co 534% notes '40 A 0 103 10312 1027
7
82 z8112
Gen steel Cast 530 with warr '49 J 1 80
*
8
•
115
6 10512 1135
*
(Gen Theatres Equip deb 63_1940 A 0
New Eng Tel & Tel 5s A1952 J D 11414 Sale 114
12 101 110
110
3
4
103
Certificates of deposit
4
10
113
1
/
84
1981 MN 1093 11012 10914
lot g 43.4s series B
9 Sale
8911 87 2
28
871
,
54
5712 13
6318 NJ Pow & Light let 4348_1980 A 0 87 Sale 8614
54
Good loops Steel & Ir see 78_1945 A 0 55 Sale
4111 65
25
60
95 105
4
/
New Orb Pub Serv lot Is A_ _1952 A. 0 591 Sale 59
Goodrich(B F)Co 101630_1947 J 1 1047 Sale 10412 10(8 44
8
4
1
/ 65
40
38
60
72
74
1
/
87
90
Cony deb 65
1955 1 D 594 Sale 59
First & ref 55 series 13
1945 J D 87 Sale 85
87
50
2
6012
6038 6012
9912 206
891 10014 N Y Dock 1st gold 4.5
59
Goodyear Tire& Bubb let 681957 M N 9912 Sale 984
4
/
1951 F A
58
37
4812 19
1938 A 0 48 Sale 4712
95
89
4
Serial 5% notes
Gotham Silk lloslery deb 6s..1938 A. 0 ____ 923 93 June'34 ___
*
•
*
50 10912 115
115
A 0 11454 Sale 114
NY Edison let dr ref 634s A_1941
Would Coupler Islet 88
1940 I' A
22 10512 11018
109
81
8114
8
,
68 4 87
7
1st lien & ref 5.s series 13_1944 A 0 10858 Sale 1085
(It Cons El Pow (Japan)7s 1944 Ir A 8114 83
35 10512 10912
109
let lien & ref 58 series C 1951 A 0 109 Sale 10812
4
/
85la 791
7612 13
7412
7512 78
1950 3 J
let & gen of 83'48
71
22
88
89
1942 J D 87 Sale 87
4
/
NY Gas El Lt H & Pow gfe 19483 D 1151 11614 115¼
11513 16 107 11512
Gulf States Steel deb 530
8
9911 1063
2
1053
4
__ 1053
Purchase money gold 4s 1949 F A
7512 95
8
947
88
4
/
5
98 1021 NY L E & W Coal & RR 530'42 al N 106- - 89 May'34 ____
1952 .1 J 10212 Sale 10212 1021
Hackeneack Water let 48
4
/
87 1001
4
/
5512 48
995 103 100 May'34 ____
394 5712 NY L E & W Dock & Imp 58'43 .1 J
8
llama SS Lines 6e with warr_i939 A 0 a48 Sale z5012
94
612
714 7
3
614
8818 17
7
53
8
703 N Y Rys Corp Inc 6s___Jan 1965 Apr
Ilarpen Mining ae with werr_1949 J J 6818 Sale 6614
70
83
2
6612
4
6514
/
291 3712
1
3712
1985 1 J
8512 67
Prior lien 65 series A
3712 Sale 3712
1952 F A
Havana Else consul g Es
98 106
4
106
.1
7
1
/
94 NY & Mehra Gas Igt 6/1 A 1951 M N 10514 1071 10514
4
/
4 10
8
73
94 754
Deb 53-4o series of 1926_1951 13 S
•
•
•
113 5
4
/
41 June'34 ____
4 4
33
:N Y State Rye 440 A at/1.1982 ____
ziloe(R) & Co lot 6540 ear A 1934 A 0
39 Dee33 ___5_ _ ---_
212 44
6 tie series B certincatea 1962 -, _
1
312
312 412 312
llolland-Amer Line 818(080_1947 MN _ _ 25
4
/
1093
8
4 10 1021 110
8212
I3i.
8212
85
4
88
1947 MN 1093 11014 1083
NY Steam 60 series A
011sink fund 530_1940 M N ii
llouston
8
985 106
7
10512
4514 81
51
39
1951 MN 10512 106 10512
lot mortgage 55
Hudson Coal let s f 6seer A.1982 1 0 44 Salo 4318
,
11
9738 105 4
10514
1
/
1949 MN 11018 112 11012 June'34 ____ 1054 111
1956 MN 10514 Sale 105
lst mortgage 56
Iludeon Co Gas Isle 6s
4
/
1081 51 103 10312
10318 10512 NY Telco lot & gen s f 4148 1939 MN 10812 Sale 108
4 10412 77
B umble Oil& Refining 5e_1937 A 0 10414 Sale 1033
63
51
59
1
59
59
10912 45 105 11012 NY Trap Rock let 6e
4
1
/
346
16 3 D 57
Illinois Bell Telephone 60_1956 1 D 10912 Sale 10858
90 104
5
104
1940 A 0 10714 Sale 10612 10714 84 10212 10714 Nies Lock & 0 Pow lot S. A 1955 A 0 10212 103 10314
-So
Illinois Steel deb 43
7218
50
38
68
6712
4
38
1950 M N 673 68
49
4
/
44
591 Niagara Share deb 540
38 Sale 38
'Moder Steel Corp intge8s 1948 F A
4518 73
8
4
/
47 Bale 465
511 46
94 101
I
Norddeutache Lloyd 20-yr8 t68'47 MN
101
1938 MN 101 Sale 101
Gas & Oil ref 58
Ind Nat
4312 574
8
44
4312
---- 4312 49
Certificates of deposit
For footnotes see page 4106.
New York Bond Record—Concluded—Page 6
4106
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 15.
E3
Industrials (Continua)—
Nor Amer Cem deb 634e A__1940 MS
North Amer Co deb 58
1961 FA
No Am Edison deb /56 ser A_1957 MS
Deb 5348 ger B___Aug 15 1963 FA
Deb 68 ser C
Nov 15 1969 MN
Nor Ohio Trac & Light
M
Nor States Pow 25-yr 5a A1941 AO
let & ref 6-yr 68 ser B____1941 AO
Norweg Hydro-El Nit 834e.1957 MN
Ohio Public Service 7348 A__1946 AO
1st & ref 7s series B
1947 FA
Old Ben Coal 1st Os
1944 PA
Ontario Power N F let 56_1943 F A
Ontario Transmission 1st 56_1945 MN
Oslo Gas At El Wks extl 54_1963 M
Otis Steel let mtge 6s ser A_1941 M
Pacific Coast Co 1st g 3s
D
1946
Pacific Gas & El gen & ref 36 A '42 J J
Pacific Pub Serv 5% notes_ _1935 MS
Pacific Tel & Tel 1st 54_1937 J J
Ref mtge 55 sides A
1952 MN
:Pan-Am Pet Co( Cal)cony Os'40 JO
Certificates of deposit
Paramount-B'way let 534i.1981 J J
Certificates of deposit
:Paramount Fern's Leaky 61.'47
Proof of claim flied by owners_
JO
Certificates of deposit
:Paramount Publix Corp 5348 50 FA
Proof of claim filed by owner_
Certificates of deposit
Park-Leg 634s ctbs
1953
Parmelee Trans deb Os
1944 A 0
Pat & Passaic0& E cons 561949 M
Pathe Each deb 76 with warr 1937 MN
Pa Co sm 334a coil tr A reg1937 NI S
Guar 334s coil trust ser B_1941 FA
Guar 330 trust ctfs C
1942 JD
Guar 334s trust etre D_1944 JO
Guar 45 ser E trust ctfs
1952 MN
Secured gold 434e
1963 MN
Penn-Dixie Cement let 8e A 1941 MS
Pennsylvania P & L 1st 4348 1981 AG
Peon Gas L & C lit cons 04_1943 AO
Refunding gold 56
1947 M S
Phi's Co tiec be series A
1967 JO
Phila Elea Co let & ref 434s 1967 MN
let & ref 48
1971 FA
Phila & Reading C & I ref 56 1973 J J
Cony deb 66
194e MS
Phillips Petrol deb 33js
1939 JD
Pillsbury Flour Mills 20-yr 6s '43 AO
Pirelli Co (Italy) cony 76
1952 MN
Pocah Con Collieries let if Si '57 I
Port Arthur Can & Dk 68 A.1953 FA
let mtge 65 series B
1933 FA
Port Gen Elec lst 4 Ms ser C 1960 MS
Portland Gen Elec let 1541_1935 J J
Porto Rican Am Tob cony 641942
J
Postal Teleg dk Cable coil 58_1953 J J
:Pressed Steel Car cony g 54_1933
J
Pub Seel El AG lit & ref 4 34s'67 JO
,
lit & ref 43.48
1970 FA
lit & ref 4s
1971 AO
Pure 011 if 544% notes
1937 FA
f 5M% notee
1940 M
Purity Bakeries if deb 58_ _1948 J J
!Radlo-Keith-Orpheura pt pd ats
for deb 6s & corn stk (65% pd)
Debenturegold Os
1941 JD
Remington Arms let is f 621.A937 MN
Rem Rand deb 534s with wary '47 MN
Repub I & S 10-30-yr Iii f_1940 AG
Ref & gen 53.48 eerles A...1933 J J
Revere Cop & Bream Os ser A 1948 M
Rhelnelbe Union e f 7s
1946 J J
Rhine-Ruhr Water series 6_1953 J
RhIne-Westphalla El Pr 76_1930 MN
Direct mtge 64
MN
Cons mtge Os of 1928
1953 FA
9
52
Cons M 68 of 1930 with warr'55 AO
:Richfield 011 of Calif 68_1944 MN
Certificates of deposit
MN
Rtma Steel let S f 74
1955 FA
Roch G&E gen M 5348 ser C '48 MS
,
Gen mtge 434s series 121_1977 MS
Gen mtge 55 series E_1962 MS
Royal Dutch 4s with warr_1945 AO
Ruhr Chemical s t 65
1940 AO
St Joseph Lead deb 5348_1941 MN
St Joe Ry Lt Ilt & Pr let 58_1937 MN
St L Rocky Mt & Pis stpd _1955 J
J
St Paul City Cable cons 51 1937
Guaranteed 58
1937 J J
San Antonio Pub Serv let is 1932 J .1
Schulco Co guar 034s
1946 I J
Stamped (July 1933 coup on)
Guar f Me series B_ _ _1946 :476
Stamped
Sharon Steel Hoop if 34e.,_1548 FA
Shell Pipe Line ef deb 34___1952 MN
Shell Union Oils f deb 5s___1947 MN
Deb Ess with warrants_
1949 AO
Shlnyetsu El Pow lit 6 Ms_ _1952 JO
Siemens & lialake t is.,,,.. _1935
J
Debenture if 634s
1951 MS
Sierra & San Fran Power 38_1949 FA
Silesia Elm, Corp s t 34s
1946 FA
Sileilan-Ara Corp coil tr 76.1941 PA
Sinclair Cons 011 15-yr 78._ _1937 M
D
1st Hen 63.4s twirlers B
1933
B
Skelly 011 deb 53.4s
1939
Solna Bell Tel & Tel let s t be '41
J
(Tweet Bell Tel lit & ref 56_ _1954 FA
Southern Cob Power Os A_ _1947 J
Stand 011 of N Jdeb Si Dec 1546 PA
4.1
Stand 011 of NY deb 4 Ms 1951
Stevens Hotel let Os series A '45
5 Studebaker Corp 6% g notes'42 JO
Certificates of deposit
Syracuse Ltg Co. 1st g 56_ _ A951 JD
Tenn Coal Iron & RR gen 56_1951
Tenn Copp & Chem deb 6e B 1944 MS
Tenn Elec Pow let Os
1947 JO
1944 AO
Texas Corp cony deb 54
J
1960
Third Ave Ry lit ref 4s
Ad)Inc 56 tax-ex N Y _Jan 1960 AO
J
Third Ave RR let g Si
1937
Tobacco Prods (N J) 0345_2022 NI N
Toho Flee Power lit 76
1953 M
Tokyo Elec Light Co Ltd—
1953 JD
lit Os dollar series
1949 M
Trenton 0 & El 1st g 5s
Truax-Traer Coal cony 0 3.4s 1943 M N
1940 MN
Trumbull Steel let if 68
Twenty-third St Ry ref 55_19132 J J
N
Tyrol Hydro-Elee Pow 7)46_1955
1952 FA
Guar sec s I 7s
?rite
Friday
June 15.
Week's
Range or
Lou Sale.
Range
Since
Jan. 1.
Bid
Ask Low
High No. Low
High
314 3512 34 June'34
2212 40
89 Sale 88
45
90
6312 91
8814 Sale 87
8814 10
881:
01
94 Sale 93
943
4 71
62
943
8
853 Sale 83
4
853
4 59
5614 86
10214 Sale 1013
4 10314 38
747 1031:
2
10314 Sale 103
1034 27
894 1033
4
10614 Sale 1053
4
10614 29
9414 10612
7912 81 z7914
7812 90
8112 46
104 10712 1063
6
4
10714
89 108
1034 Sale 10314
2
78 10312
10312
1612 1814 1612
1
23
1612
15
1084 10912 10812 10812
1 101 10812
106 1084 10912 May'34
101 10912
81 Sale 81
6
823
4
6912 86
633 Sale 63
4
31
28
65
654
3414
10634
89
1073
4
1104
37
Sale
9014
Sale
Ill
534 Sale
52
341:
1073
8
8912
1074
11034
1
21
10
23
7
a43
46
4514
1
23
3
28
30
30
534
3414
1063
4
8914
4
1073
11012
•
4212 427 a43
8
4414 Sale 4414
43
45
45
49
2812 54 4
,
•
5412 Sale 52
5412
173 Sale 1612
4
1731
29
31
29 May'34
1093 - - -- 1083 May'34
4
4
9912 Sale 9812
100
1003 -- 101 May'34
4
9912--_ 9912 May'34
101
9912
Jan'34
86
95
9634 June'34
96 166 99 June'34
1014 Sale 10112
102
71 Sale 7012
72
973 Sale 9612
4
973
4
111 112 112
112
3
1023 Sale 102
1024
8612 Sale 843
4
8714
10712 Sale 107
10712
1033 Sale 103
4
104
6012 6112 61
62
48 Sale 4712
483
4
10014 Sale 100
1003
s
10812 1084 1073
4
10814
9934
10014 June'34
85
82
8214
8214
89
86
8812
8812
86
95
88 May'34
44 Sale 4312
4612
88
91
9012
9012
42 Sale 42
44
5214 Sale 51
533
4
10812
108
10412
10014
9714
9014
Sale
Sale
Sale
Sale
Sale
91 4
,
07
0712
0314
100
9614
9014
10812
108
10412
10012
9712
9112
124
5
30
46
22
279
1
43
22
5
77
24
83
199
4
5
2
_
120
4
8
472
9
23
35
47
66
46
0212
8912
00
8474
00
38
35
58
5814
58
573
4
10234 20
90
68
10014 56
87
17
10014 12
40
60
33
55
593
4 59
5912 143
60
124
5912 122
3112 32 4 31
,
34
25
541,
5410
5414
1
10712 1074 1067
10712
4
8
1014 -- 101 May'34 -- _
10614 -- 106
107
46
1344 Sale 132
1344
16
Apr'34
72
11112 113 11112
113
7
9334 95
934 June'34
51
60
61 May'34
6814 75
72 May'34
6814
-- 80 May'34
97 male 9614
97
6
3812 - -- 3912 May'34
3912 Sale 3912
3912
1
40 Sale 40
40
1
41
36
41 May'34
664 68
6612 • 67
7
10014 Sale 100
10012 117
99 Sale 9812
99
40
99
4
987 Sale 9834
61
77
74
7512 13
75
6512 e6512 11
____ 80
5612 Sale 553
4
583
4 311
1013 103 10034
4
103
20
427 444
4
45
9
5834
4
57 Sale 57
16
Sale 10333
104
10414 94
105 Sale 105
10512 23
9612 Sale 943
4
9612 86
1083 109 10814
4
1083
4 31
109 Sale 1084
1094 45
8278 Sale 80
4
827
106 Sale 1054
10614 203
10312 Sale 103
1033
85
•
43
4412 44
11312 11412 11312
109 Sale 1087
8
76
8912 8512
824 Sale 803
4
103 Sale 10212
54 Sale 534
28 Sale 2712
9812 993 984
4
106 Sale 1053
8
931 94'j 9314
,
6912 Sale
54
95
60
Sala
•
70
7312
7014 76
452
3
11312
109
8512
8214
103
55
28
984
10614
9414
691
:
70
1084 Apr'34
50
55
95
9414
703
4
75
7212
76
464
47
47
•
28
1
1
82
97
26
23
1
86
29
54
_
93
6
12
"g
Week's
Range or
Last Sale.
.1,
3*
co
Industrials (Concluded)—
Bid
Ask Low
High No.
Ullgawa Flee Power if is.. _ _1945 M 13 81
85
8212
83
10
Union Flee Lt & Pr (31o) 58_1957 A 0 106 Sale 1054
106
33
Un E L & P (III) let g 5lle A 1954 1 .1 106 Sale 106
10612 11
Union Elev By (Chic) 5s____1945 A 0
•
Union 011 30-yr (Is A_May 1942 F A 1133 Sale 113
4
1134
7
Deb Si with warr --Apr 1945 J I) 1034 Sale 103
1034 13
United Biscuit of Am deb611 1942 M N 107 10712 107
10712
3
United Drug Co (Del) 55____1953 M 9 823 Sale 8212
4
844 103
:United Rye St L lit g 4
1814 2012 184
/3._1934 J J
19
5
U S Rubber 1st & ref 58 ser A 1947 J J 8612 Sale 8512
87
120
United 88 Co 15
-year Os_ _1937 M N 95 10014 98 June'34 ____
Un Steel Works Corp 6 ABA _1951 1 D 363 Sale 364
4
3812 75
Sec. s f6 Ms series C
3631 374 364
1951 J D
3812 71
Sink fund deb 814s eer A I947 1 J 3614 Sale 36
374 63
Un Steel Works(Burbach)7e 1951 A 0 11412 120 11934 Apr'34 ____
Universal Pipe & Rad deb 68 1936 J D
19
27
264
28
15
Unterelbe Power & Light 68_1953 A 0 463 Sale 4514
4
4912 45
Utah Lt & Trac lit & ref 58_1944 A 0 663 Sale 6634
4
724 33
Utah Power & Light lit 34_1944 F A
69 Sale 6812
734 98
Utica Elec LAP 1st 6 f g 3s 1950.5 J 103
____ 00 May'34
Utica Gas &Elec ref & ext Si 1957 J J 113 Sale 113
1133
4 14
Util Power & Light 534e.,.._1947Sale 3212
J D 3212
3412 60
Deb 3a with warrants..,...1959 F A
303 Sale 30
4
313 161
4
Vanadium Corp of Am cony Si'41 A 0 82 sale 81
8212 23
Vertientes Sugar 7s ctfs
1942 ____
512 7
6 June'34 ___
Victor Fuel it s f be
1812 23
1953 J .1
1814 May'34 .-__
Vs Else & Pow cony 5345_1942 NI S 1077
8.._
07
1074 12
Vs Iron Coal & Coke lit g be 1949 M 9 60
7C1- 65 May'34 __
Va Ry A Pow let & ref 30.....1934 J J 10014 10012 10014
10014
2
Certificates of deposit
114 Sale 113
11412 53
Walworth deb 63.4s with warr '35 A 0 32
38
37
37
5
Without warrants
A 0 32 --- 37 May'34 ____
let sinking fund (14 set A __1943 A 0 473 Sale 4612
4
473
4 26
Warner Bros Pict deb Os__ _1939 M S 6014 Sale 60
61
105
Warner Co 1st mtge (Is
1944 A 0 2912 34
2814
2814
6
Warner-Qulnlan Co deb 68 1939 M 8 40 Sale 40
4112
6
Warner Sugar Refit) let 75 1941 J D 107 1083 1074
4
1074
3
Warren Bros Co deb Os
1941 M S .52 Sale 52
55
30
Wash Water Powers f be ,_..1939J J 1057 ___- 1054 June'34 ____
4
Westchester Ltg 38 stpd gtd 1950 J D 112
____ 1114
11212
7
West Penn Power ser A 54_1946 M S 1093 --- 10914
4
10912
4
let bs series E
1983 M El 11214 Sale 112
11214 33
lit sec Si series G
1956 1 D 10914 __-- 10814
109
6
Western Electric deb 38
1914 A 0 103 Sale 1024
10312 88
Western Union coil trust 54.1938 .1 J 101 Sale 101
10112 44
33
Fundlrg & real est g 4%2_1950 M N ____ 8212 82
19
13
-year 6348
1936 F A 10212 Sale 102
10212 41
25-year gold Ee
1951 J D 8712 Sale 8612
8712 95
1960 M S 87 Sale 863
4
30-year 54
88
61
5312 Sale 5312
Weetphalla Un El Power 65_1953 1 J
57
198
91
92
914
Wheeling Steel Corp lit bhe 1948 J J
923
4 22
let & ref 434s series B
1953 A 0 8314 Sale 8314
5414 11
5114 75
58 May'34 ____
White Sew Meer Os woth wart'38 J J
1 J 5114 70
Without warrants
67 June'34 __
50
Partle s f deb Os
__ — 503 May'34 ____
1040 M N
4
Wickwire Spencer 811 lit 78 _'35
4 8
8
CU dep Chase Nat Bank__
103
.
9
4
8
9
_Ctrs for col & ref cony is A 1935 MN
7 4 June'34 __
3
Wilson & Co.
210614
_1941 A 0 107 1073
107
30
Voungstown Sheet & Tube 5s '78 1 I 8234 Sale 8212
letettleA._8312 101
lit mtge in I Ea see B
1970 A 0 3312 Sale 8312
841: 63
,
•
29
5412
94 2212
2314 3512
10312 109
85 100
94 101
943 9912
4
86
86
863 963
4
4
85
9912
853 102
4
13612 77
79
983
4
1004 112
83 1024
634 88
1013 1077
4
4
934 104
504 09
39
551s
8912 1004
105 109
10014 10110
67112 88
69
95
88
70
39
573
4
78
951z
3212 57,
2
4514 63
10012
100
93
901s
87
784
10812
108
10412
10012
9812
9612
35
367 Apr'34
4
•
102'.....
al
90
1004 Sale
85 Sale
10014 Sale
3814 Sale
3514 Sale
5812 Sale
584 Sale
5819 Sale
583 Sale
4
25
404
10012 1073
4
67
9012
10414 107%
10514 111
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 15.
June 16 1934
r. .
i.:
Price
u'i'
Friday
.7.5z; June 15.
37
964 103
76
92
85 10014
90
74
80 10114
35
73
364 5612
59
734
5514 71
553 71
4
5612 71
Range
Since
Jan. 1.
Low
High
734 87
9612 106
102 107,
4
•
10712 113ss
943 1033
4
s
1023 10712
4
60
853
4
17
2012
68
91
9012 98
364 664
367 064
4
36
07
107 120
13
31
4514 734
5712 7512
6011 81
ioi- 1i33,
2214 41
1812 384
02
894
33 14
4
1818 1818
96 1074
60
65,
4
99 110
1083 1141 2
4
124 4412
153 37
8
21
30
4072 67
20
281
:
30
4812
10512 1083
4
42
63
981s 1054
105 11212
1034 10912
104 1121:
104 109
9714 104
913 102
8
7413 9012
96 1023
4
7912 9514
79
9412
423 681
4
4
824 97
72
873
4
58
58
49
69
43
52
7
1412
412 14
9734 107
7412 893
4
741, 891,
Matured Bonds
(Negotiability impaired by Maturity)
r. •
Price
t'i
MATURED BONDS.
Week's
.1 .
Friday
N. Y. STOCK EXCHANGE
Range or
.5.,•z., June 15.
Week Ended June 15.
Lost Sale.
co ,
2
Range
Since
Jan. I.
Bid
Foreign Govt. & Municipals.
Ask Low
Nigh No. Low
High
Mexiro Trees Ile assent large '33 1 J
512 12
9
Apr'31 ____
84 11
J J ---- ---- 6 June'34 ____
Small
6
114
Railroad.
!Burl C R & Nor tot & coil 551934 A 0 33
36
36 May'34 ____
35
484
:Chic R I & Pac ref 4s
1931 A 0 25 Sale 24
2512 126
20
3112
29
:Norfolk & South lot g 5s
3712 3212 May'34 ___
1941 54 N
1414 40
!Norfolk South lit & ref 56_196i F A
1812 Sale 163
4
1812 10
8
25
SRI Ark & Louls lot 43.4e....,1934 M S al8 Sale 177
8
25
1912 13
15
St Louis Iron Mt & Southern—
RI,& G Div let g 411
1933 MN 6112 Sale 5712
613
4712 64
: 55
3513 :Seaboard Air Line 1st g 48_1950 A 0 18
243 23 June'31 ____
4
20
20
27
Gold 45 stamped
19511 A 0 1812 23
544 56
2314
2314
174 27
1
Refunding 4s
1959 A 0
994 1073
934 10
4
9
734 14
104 13
All & Birm 30-yr 1st g 45_1933 51 5 1814 243 20 June'34 _._
86 101
4
4
1418 25,
94 107
Industrials.
10212 14214
5212 7412 :Abitibi Pow & Paper let 514.1953 1 ID 33 Sale 3612
4014 41
1812 483
4
:Botany Cons Mills 6 Ms1931 A 0 1514 Sale 1514
25
12
16
11
Bowman-Bill Hotels 1st 7s._1934
1054 114
St mp as to pay of $435 pt red._ M S
72
3 ---- 412 May'33 ___
9614
___- — -2B-way & 7th Ave let coos 561943 .1 0
354 61
97 10
4
97
2
97
4
3
94 97
8
2Chic Rys Meted 25% part paid_ F A
4514 82
55
56
55 June'34 ___
47
563
4
/Cuban Cane Prod deb 65_1950 .1 J
454 80
4 Sale
312
414 62
213 33
4
East Cuba Bug I5-yr,if g 734s'37 M S
9812
71
1512 Sale 1274
16
26
714 2238
353 41
4
Gelsenkirchen Mining 6s._.. 1934 M S 574 534 5512
584
13
5112 80
45 :Gen 't'heatres Equip deb 6:4_1940 A 0
30
914 Sale
9
1014 112
31s 13
(Gould Coupler lit if 6s_ _ _1940 F A
32
41
133
13 Sale 13
4
7
117* 1938
Silos(R)& Co let 63.48 ser A 1934 A 0 2614 2814 28
30
41
25
40
28
3
38
76
8012 1004 2Interboro Rap Tran 6s
1932 A 0 343 Sale 3314
343
8 21
3113 42
10
-year 7% notes
894 993
4
1032 M S 774 Sale 77
8
7
8
20
7014 7
4
894 993 Laclede G-L ref & ext 51_ .._ _1931 A 0 9012 Sale 9012
9538
79
9012
5
64% 764 231anati Sugar 1 4 I 7 34s .1S42 A 0 16
233 16 May'34 ____
4
9
23
4
Strand Oct 1931 coupon1942 A 0 174 Sale 16
6512 81
20
10
4
174
Flat stamped modified
553 39
4
. _
15
2712 20
20
15
Feb'34
863 103 (Met %Vest Side El (Chic) 4s 1938
4
A
1012 11 12 10 May'34 _ _
10
18
4312 68,2 2Pan-Am Pet Co (Cal) cony 64'40 J 0 41
44
4312
4312
2
254 4738
374 583 :Paramount Fam Lasky 66_1947
4
Proof of claim Bled by owner
10212 1043
J D 5414 Sale 5212
4
55
41
294 55
101 1054 :Paramount Punt's Corp 5 3.48 '50
Proof of claim filed by owner
8412 9612
55 Sale 5212
V A
5512 81
2914 55,2
:Pressed Steel Car cony g 58_1933 1 J 514 el
10512 109
52 May'34 ____
5112 661s
2RadIo-Keith Orpheurn 6s _ _1941 J D 3312 344 31 May'34 __ __
1054 110
1814 41
:Richneld Glint Calif th__1944 M N
6314 86
32 Sale 3112
33
41
2114 36,
(Stevens Hotels series A _ _1945 1 1 22
10412 107
24
24
25
3
16
28,4
100 10412 !Studebaker Corp 6% Dotes_ I042 1 D 43 Sale 43
401: 56
353 6313
4
Twenty-third St Ry ref 53_1902 J J 283 _.... 28 Aug'25
8
____-•
Union Elec Ry (Chic) 5e._..l045 A 0 113 18
__1945
4
18 May'3I __ ._
24
17
67
34
r Cash sale not Included In Year's Range.
10312 11214
a Ileferred delivery sale not included in Year's Range.
104 10914
* Look under ILst of Matured Bonds on thls page.
6512 8814
Accrued interest payable at exchange rate of 34.8665.
84
57
Companies reported in receivership.
i
967 103
e Cash sales In which no account Is taken in computing the range are given below:
41
5514 Siemens & llaluke
78 1935, June 12 at 6834.
25312 313
4
z Deferred delivery sales In which no account is taken in computing the range,
88 100
are given below:
4
1014 107,
9414 Adriatic Elec. 7s 1952, June 14 at 9034• Hausa S.S. Lines 68 1939, Juno 14 at
80
California Pack 58 1940, June 11 at 101.
4134.
gni 7334 Czechoslovak 88 eer. B. 1952, June 13 at Helingsfors Eilis 1960, June
13 at 02'
9734.
102 1084
Minas Geraes 6348 1959, June 11 at 17'
:
55
Dutch East Indies 5348 Nov. 1953, June Mo. Pac. 5s 1965, June 15 at 30.
37
8312 96
13 at 16234.
Norwegian IIydro El 534s, Nov. 9 at 79.
Gen, Steel Casting 53,is'49, June / at 80. Rhinealbe Union 74 1940, June 14 at
48
7514 Great Brit. & Ire 4s 1990, June Oat 114;
3714.
45
76
and June 14 at 11434.
Outside Stock Exchanges
Boston Stock Exchange.
-Record
of transactions at the
Boston Stock Exchange, June 9 to June 15, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Last Week's Range
Sale
of Prices.
Par Price. Low. High.
RailroadsBoston & Albany
100
136 137
Boston Elevated
100 623/s 6244 64
Boston & Maine
Prior preferred
100
28
28
Class A lot pref stpd 100
10
10
Class A 1st pref
_100
9
9
Class 13 1st pref stpd_ 100 13
13
13
Class D 1st pfd stpd -100
16
16
East Mass St Ay1st preferred
100
1234
11
Preferred B
100
4
4
Adjustment
100
2
2
Maine Central Ry Co_ _100
7
7
7
NY N Haven&Hartford100
1534 1634
Old Colony RR
100 103
103 103
Pennsylvania RR
60 3134 3034 3134
MiscellaneousAmerican Cont'l Corp__ •
734 714
Amer Pneu Service Co 25
244
244
Amer Tel & Tel
100 116% 11534 120
Amoskeag Mfg Co
*
534 634
Bigelow Sanford
27
27
27
Boston Personal Prop Tr_•
12
12
Brown Co 6% cum pref •
14
12
Brown Durrell Co corn__*
234 2%
East Gas & Fuel AssnCommon
8% 8%
•
844
6% cum pre
100 6634 6434 67
441% prior preferred 100 71
72
70
Eastern Steamship corn _•
.
8
8
Edison Eleo Ilium
100 14234 140 144
Employers Group
11
1134
General Capital Corp____*
Gillette Safety Razor
Helvetia 011Co.(TC)._ _1
Hygrade Sylvania Lamp_•
Internat Button-Hole Sew
Machine Co
10
Int Hydro-El System cl A 25
Mass Utilities Assoc v t 0_•
Mergenthaler Lyno Co_..*
Nat!Serv Co coin (T C)_ •
New England P Ei Co corn.*
New Eng Tel & Tel___ _100
Pacific Mills
100
Reece Fold Mach Co10
Shawmut Assn tr ctfs_ _ __•
Spencer Trask Fund IncCapital stock
•
Stone & Webster
•
Swift & Co
25
Torrington Co
•
United Founders corn__ _ ..1
U Shoe Mach Corp
25
Preferred
25
Waldorf System Inc
•
Warren /3ros Co
•
MiningCalumet & Heels
25
Copper Range
25
Isle Royale Copper
25
New River Co pref____100
North Butte
2 50
Old Dominion Co
25
Pond Crk Pocahontas Co_
Quincy Mining
25
Shannon Copper Co_ _ _10
Utah Apex Mining
5
Utah Metal & Tunnel__ _ _1
Sales
for
Week.
Shares.
Range Since Jan. 1.
High.
Low.
55 10934 Jan 139
Jan 70
213 55
12
88
10
16
10
40
170
100
10
331
7
1,131
May
Apr
4244
1644
134;
21
25
Feb
Feb
Feb
Feb
Feb
631 Jan 1634
7
134 Jan
3
134 Jan
7
Mar 1434
1334 May 24
7834 Jan 103
2734 Jan 39
May
Mar
Feb
Feb
Feb
June
Feb
234 Jan
94 Jan
8% Jan
Jan
10
1544 May
844 Feb
4% Jan
170
344 Jan
May
2
145
2,148 10734 Jan 12534 Feb
534 May 1034 Feb
155
50 25 June 394; Feb
934 Jan
1,050
1234 Feb
Apr
16
Jan
5
450
Feb
4
Jan
2
10
5
Jan 10% Feb
95
Jan 6844 Apr
279 45
Apr
Jan 72
159 65
734 Jan 1034 Feb
61
222 12534 Jan 15434 Feb
734 Jan 1234 Feb
439
Jan
Jan
Mar
Mar
2544 Feb
1234 Jan
144 Apr
Apr
25
2234
1144
750
21
15
248
100
15
20
84
650
19
I%
1534 1534
6% 734
114
134
2234 2234
100
71
280
10
1534 Apr
434 Jan
May
1
May
22
1534
93,4
234
2734
Mar
Feb
Feb
Feb
931%
2434
3
'he
"he
34
%
9234 937.4
24
2534
3
3
7% 83.4
100
100
367
80
200
240
34 Jan
31 May
Jan
83
2044 May
Jan
2
634 Jan
%
134
9644
3444
3
994
May
Feb
Apr
Feb
June
Feb
1534 1534
75,4 8%
16% 1734
10
368
168
1534 May
534 Jan
Jan
14
1934 Feb
1334 Feb
Feb
19
573,4
34
66
34
5%
99,4
5834
%
67%
3434
5%
1041
229
936
956
480
10
193
4934
'he
5634
3234
55%
634
Jan
May
Jan
Jan
June
may
Apr
62
134 Feb
6834 Apr
36
Mar
8% Feb
1334 Jan
434
43,4
134
52
420
900
18
134
I20
2
33,4
243
5%
1,340
5
170
134
19
52
9,550
54e
526
90c
220
1831
234 1,035
5
12c
550
2%
494 26,140
334
3
1
30
250
55c
10
1
120
750
1
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Jan
70% $1,000
105% 8,000
4,000
99%
6536
9336
88
Apr
Jan 76
Jan 105% June
Jan 99% June
2234
1034
75c
21
17
573
%
673.4
434
414
1%
52
450
120
4%
BondsAmoskeag Mfg Co 65_1948
70%
ChJetRy &UnStk Yds5s•40
105
4s
1940 9834
9831
East Mass Street RySeries A 430
1948 4934 49
Series D 65
1948
56
Series E 65
1948
60
Pd Creek Pocahontas 7535 110
10634
z Ex-dividend. • No par value.
50
60
60
110
18,000 38
6,500 41
2,000 60
3,000 102
634
551
2%
52
800
134
184.1
234
22o
3
531
Jan 52
Jan 60
June 60
Mar 110
Feb
Feb
Feb
June
Jan
Feb
June
Apr
Apr
Feb
Feb
May
June
June
June
CHICAGO SECURITIES
Listed and Unlisted
(3ø
Paul H.Davis &.
Members:
New York Stock Exchange
Chicago Stock Exchange
New York Curb (Associate)
Chicago Curb Exchange
37 So. La Salle St•I
CHICAGO
Chicago Stock Exchange.
-Record
of transactions at
Chicago Stock Exchange, June 9 to June 15, both inelusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High, Shares.
Abbott Laboratories coin •
Acme Steel Co
25
Adams Royalty Co corn __c
Advanced Alum Castings.5
AmerPubServ pret____100
Armour & Cowl
5
Prior preferred w I
•
_j
Asbestos Mfg Co corn
Assoc Tel & Tel Co cl A_ •
7% preferred
100
3,
Assoc Tel Utll Co corn
$6 cumul prior pre__ •
Automatic Products comb
Bastian-Blessing Co com.•
Bandit Aviation com__ __•
50%
231
10%
6
59%
73.4
5%
16
5031
39
3
2%
10%
6
59%
234
334
15
44
1
754
531
1596
50%
41
3
231
11
6%
60
2%
334
15
4
1
894
6
10%
100
350
100
400
240
1,150
150
350
10
40
200
10
4,600
1,050
3,550
Range Since Jan. I.
Low.
40
2794
134
2%
5
6
68
234
34
15
34
34
23,4
6%
135%
Jan
Jan
Mar
Jan
Jan
June
May
May
Jan
June
Jan
Mar
Jan
May
May
High.
5134
4734
4
494
13
6%
6034
334
4%
1934
34
1
934
10
2334
May
Feb
May
Jan
Feb
June
May
Jan
May
Feb
Jan
Apr
Feb
Feb
Feb
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
stocks (Continued) Par Price. Law. High. Shares.
Range Since Jan. 1.
High.
Low.
734
2
34
A
23%
24
106
944
244
2%
8
10
95%
974
8%
2
34
24'%
106
9%
244
10
10%
4,850
30
50
7,300
50
100
260
350
7,850
634
I%
34
2034
93
6
1%
8
4
1134 Jan
May
3
Feb
Apr
45 June
June
May 2834 Feb
Jan 10634 May
12
Feb
Jan
4% Feb
Jan
June 1694 Mar
1234 Apr
Jan
244
14
7
16%
%
8
44
%
644
1534
234
2636
75%
1044
1234
244
14
7
17
44
10
34
I
634
17
234
27
7%
1034
1334
50
100
150
200
50
110
50
500
30
500
4,750
350
20
100
850
2
13
64
123
%
634
44
34
4
5
1%
224
7
8
1234
Jan
Apr
Jan
Jan
Apr
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
May
3%
2034
8
24
1%
1434
44
2
1334
17
4
314
15
1034
19
Apr
Feb
Feb
Apr
Feb
Apr
Feb
Jan
Jan
Jan
Jan
Feb
Apr
May
Feb
914
1334
44
74
14
231
19
50
2
7
444
831
57
1034
1434
44
74
1434
244
1934
5434
2
7
5
93.;
57
2,300
800
30
10
300
5,15
20
1,200
90
50
3,900
850
80
694
6
34
65
1134
1%
15
34
1
5
4%
734
44
Jan
Mar
Mar
Jan
Jan
Jan
Apr
Jan
Jan
Jan
154
1734
4
80
1634
444
25
62
4
1134
1334
1134
6534
Feb
Apr
Apr
May
May
Feb
Jan
Feb
Feb
Feb
Jan
Jan
Jan
63.4
1234
4%
15
17
514
1234
1734
35
18
17
63,4
1234
434
15%
19
53,4
13
1734
31
18
1734
10
10
.50
2,250
90
100
1,600
250
1.500
500
500
531
12
334
894
16
4
831
1534
34
1634
5%
731
Jan
May 1834
631
Feb
Jan 1534
Feb 20
7.%
Jan
Jan
1634
Mar 3234
134
June
May 22
Feb1931
Mar
Jan
Jan
June
Jan
Mar
Apr
Feb
Feb
Jan
May
7
5
434
5
66
23
1134
15%
13
3331
1834
10%
6
736
5
4%
544
66
2544
1134
18
13
35
1834
10%
644
500
100
200
100
10
250
10
4,900
50
1,350
250
30
650
334
5
331
4
423,4
17
1144
8
11
21
1131
10
435
9%
Jan
9
May
Jan
634
744
Jan
Jan70
Jan 26
June 1744
Jan 18
Jan 1634
Jan 38
Jan 2334
May 23
9%
May
Feb
Feb
Jan
Feb
May
May
Jan
June
Jan
Apr
May
Jan
Jan
Libby McNeil& Libby __10
6
Lincoln Print Co com____•
34
Lindsay Light corn
234
10
Loudon Packing corn_
*
Lynch Corp common_..S
McCord Rad & Mfg A___*
MCQUay-Norris Mfg corn *
McWilliams Dredging Co.*
Marshall Field common_ ..• 16
Mer & Mfrs Sec cl A com.1
1%
Mickelberry'sFdProdcom 1
Middle West Util com__•
34
*
36 cony pref A
3,4
•
MidlandUnited corn
Midland UM
7% prior lien
100
Miller& Hart Inc cony pf_*
Modlne Mfg corn
.
Mosser Leather Corp corn •
Muskegon Motor Spec A• 13
5%
%
231
18%
34%
9%
44
1934
16
2
1%
34
34
34
6%
%
2%
1896
37
10
44
20
16%
2
134
34
,34
%
4,450
300
200
50
750
100
50
300
1,450
50
1,000
7,450
450
2,200
3
34
2
1634
27%
234
4034
1431
1234
%
1
34
34
h
Jan
Jan
Apr
Apt
May
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Jan
7%
134
334
20
4034
20
47
2634
1934
434
394
34
2%
31
Apr
Feb
Jan
Mar
Feb
Apr
Feb
Jan
Apr
Feb
1% 1%
734 734
14
14
13
13
13
13
90
100
100
10
50
Jan
1
531 June
944 Jan
934 Jan
934 Jan
2
1034
16
15
1434
Mar
Feb
Apr
Feb
Jan
Nachman Springfilled com*
National Leather corn __ _10
National Standard corn _ 5
Noblitt-Sparks Ind eom__•
Northwest Bancorp com •
Northwest Eng Co corn_ __*
Okla Gas & El 7% pref_100
Ontario Mfg Co corn
•
Oshkosh Overall OOM
6
4%
1%
26
13%
3%
44,
81
10
Berghoft Brewing Co _ _ _ _1
Blake Mfg el A cony pref.*
Blum's Inc COM
*
Borg-Warner Corp com_10
100
7% preferred
Brown Fence & Wire cl A_*
Class B
*
*
Bruce Co(EL) corn
10
Butler Brothers
Canal Constr Co cony pier*
Castle & Co(AM)corn .J0
Cent Cold Storage com__20
•
Central Ill PS pret
Central III Security com 1
Central Ind Pow pref__100
Cent Public Mil class A__*
•
Cent S W UM common
Preferred
*
Prior lien pref
Chicago Corp common_ •
Preferred
•
Chicago Electric Mfg A_ _•
Chicago Flex Shaft corn...5
Chicago Mall Order com.5
Chic & N WRY corn_ _100
Chic Rivet & Mach com__*
Chicago Rys part ctfs 2 100
Chic Towel Co cony pref__*
Chicago Yellow Cab cap__•
Cities Service Co cona____•
Coleman L'p & Stove corn *
Commonwealth Edison 100
ConsumersCo7%cumpf 100
Continental Steel corn_ _ __*
Cord Corp cap stock
6
Crane Co common
25
Preferred
100
Deep Rock(Moony pref_.•
De Meta Inc pref w w____•
Dexter Co (The) com____5
Elec Household Utll cap_ _5
Gardner Denver Co corn _ _•
General Candy Corp A_ _ _5
Gen Household Util coin_•
Goldblatt Bros Inc com_.•
Great Lakes Aircraft A__ •
•
Great Lakes D & D
Greyhound Corp new corn •
Hall Print Co corn
10
Hart-Carter cony pref ____•
Houdaille-Hershey 01 B_ •
Illinois Brick Co
i5
1111nots Nor Util
_100
Indep Pneum Tool v tc__.
pref_Interstate Pow S7 pref. _ _•
Iron Fireman Mfg v t o___•
Jefferson Electric Co corn •
Katz Drug Co common__1
Keystone St & Wire com_•
Ken Util jr cum pref- -50
Kingsbury Brew Co cap__1
Parker Pen Co(The)com10
Penn Gas & Elee A corn_ _•
Perfect Circle (The) Co_ _°
Pines Winterfront corn _ _5
Potter Co (The) co
corn
•
•
Prima Co common
Process Corp corn
*
Public Service of Nor III
Common
•
Common
60
6% preferred
100
7% Preferred
100
Quaker Oats Co
Common
•
Raytheon Mfg
Common v t c
50c
5
6% Preferred v t c
Reliance Mfg Co
Common
10
Preferred
100
Ryerson & Sons Inc com_ •
Sears, Roebuck & Co cam •
Southern Union Gas corn...
Southw Gas & El 7% pf 100
St Louts NatStkydscapstk•
Stand Dredging cony pf __•
Storkline Furn cony pref_25
Swift International
15
Swift & Co
25
Thompson (J R)com
25
20 Wacker Drive S6 prat_ .
_
Union Carbide & Carbon.•
Utah Radio Prod corn_ •
Utll & Ind Corp corn
•
Convertible Dreferr.d. •
Viking Pump Co pret. •
5
Common
8%
2
16%
10
644
244
2644
734
13
1034
14
231
53%
2
7
44
931
57
6%
1544
17
534
12%
1734
31
1734
5
1531
34
1834
1394
44
3%
8
1731
56
6634
4%
1
21
12
341
4
6034
834
8%
Mar
Jan
Jan
Jan
June
May
Jan
Jan
Jan
534
254
2734
18
631
7%
8134
14
89,4
Jan
Feb
Feb
Feb
Jan
Mar
May
Feb
Feb
9
9
16
19
2834 28%
%
31
3
3
%
831
8
134
131
200
3,800
50
100
20
600
50
494 Jan
6
Jan
Jan
23
% June
244 Jan
754 Jan
1% May
9
19
32%
234
7
4
121,4
3%
Apr
June
Jan
Feb
Apr
Jan
Feb
17
17
56
66
1,600
50
50
60
13
1334
34
3834
22
22
65
71
Feb
Feb
Feb
May
18
17
58
663,4
40 106
3034
173,4
6%
34
1
25
%
1%
450
300
1434 15
100 100
1534 1534
55
234
Jae
Feb
Feb
Feb
50
150
100
1,650
1,050
20
10
10
450
11234 115
2
Jun
Jae
4%
I%
26
13%
3%
44
81
10
43,4
49,4
9
18%
June
300
10
50
2
134
44
1
593.4
55
234
6
3034
1644
Jan
Jan
Jan
Jan
Apr 12331
1% Jan
1
Apr
4
2
Jan
Jan
Jan
14
June 1931 Apr
May
Jan 100
90
Feb
123,4 Jan 20
100
44
100
1
30
593,4
10
55
100
2%
6
50
313,4 3,650
20,500
18
3834
14
40
50
234
444
24
14
June
51
Feb234
Jan 60
Jan 61
5%
Jun
6%
Jan
Jan 3234
1836
Jan
Feb
Mar
Mar
May
Feb
Apr
Apr
Feb
600
100
100
150
700
400
50
60
631
34
403.4
1
44
134
23
134
Jan
1031
34
Jan
May 50%
2%
May
2
Jan
6
Jan
Feb2934
5
Jan
Feb
Mar
Feb
Jan
Feb
Feb
May
Mar
674 734
Si
5'
4134 4134
I%
1%
1
144
3% 3%
28% 2834
44 434
4108
Financial Chronicle
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Vortex Cup Co
Common
Class A
•
Wahl Co corn
•
Walgreen Co
•
Ward (Monte) & Co clA_•
common_Waukesha Motor corn_
*
Wayne Pump cony pref_ •
Wisconsin Bksbares cora •
Yates-Amer Mach pt pf__*
Zenith Radio Corp corn__•
13%
30
134
28%
%
3
Bonds
Chic City Ry 55
1927
Certificates of deposit__ -----Chicago Rys 58 ctfs_ _1927
208 So La Salle St Bldg
534s
1958
3
14%
32
13-1
28%
116
31
234
2%
1,800
400
400
2,600
130
20
50
450
331
124
2934
I%
28
113
31
234
2%
600
400
Range Since Jan. 1.
Low.
High.
14%
831 Jan
Mar 32
25
Jan
2%,
1
17% Jan 28%
Jan 116
88
23% Jan 35
Jan
6
4
233 Jan
31 Jan
2% June
June
June
Feb
June
June
Feb
Apr
Feb
134 Feb
Feb
5
48% 4834 510,000
52% 52% 5,000
44
47
Jan
Jan
54
54
Jan
May
29
26
Jan
38
Mar
30
7.000
•No par value. x Ex-dividend
Toronto Stock Exchange.
-Record of transactions at
the Toronto Stock Exchange, June 9 to June 15, both
inolusive, compiled from official sales lists:
f r may
Stocks-
oUM4
Last Week's Range for
of Prices.
Sale
Week.
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Abitibi Pr & Paper corn... 1.50
1.50 1.60
6% preferred
100
834 8%
Alberta Pac Grain pref_100
1534 18
Barcelona T.L & I' corn..'
15
15
Beatty Bros pref
100
85
8.5
Beauharnois I'ower corn..'
6%
6
634
Bell Telephone
100 11731 11634 119
Blue Ribbon Corp corn_ _.•
4% 5%
53.4
634% preferred
50
30
31
Brantford Cord 1st pref_25
25% 25%
Brazilian T,L & Pr corn _ _*
934
9% 9%
Brewers dr Distillers corn_• 1.50
1.50 1.55
B C Packers corn
•
231 2%
Preferred
100 14
14
14
BC Power, A
•
2.531 28
B
*
534 6
Building Products, A____• 22% 22
22%
Burt(F N)Co corn
25
31% 32
1,150 1.00
25
434
15 15%
1
15
5 69
290
3%
350 110
470
4
34 23%
100 22
2,689
83.4
6,580 1.20
40
234
110 10
122 23%
110
4%
145 16
115 27
Jan 2.25
Jan 10%
June 23
June 1634
Jan 87
Jan
9%
Jan 120
May
531
Jan 32
Jan 25%
June 14%
June 2.95
May
3%
Feb
14
Jan 32%
Jan
831
Jan 2334
Jan 34
Apr
Apr
Feb
Feb
May
Feb
May
June
Apr
June
I. en
Jan
Feb
June
Feb
Feb
Feb
May
Canada Bread corn
*
234 2%
•
7
Canada Cement corn
7
734
Preferred
• 41
40% 44
Canada Steamship corn_ •
2
2
Canadian Bakeries pref 100
11% 114
Canadian Canners corn. •
5
534
Convertible preferred...'
84% 85
1st preferred
100
8
8%
Canadian Car & Fdy com_•
834
6.31
631
Can Dredge & Dock corn.' 21% 21
22
Can General Elec pref___50
62
62
Canadian Ind Alcohol A_ ..• 11% 11% 12%
New
•
10% 10%
Canadian 011 corn
• 16
16
18
l'referred
100 118
118 119%
Canadian Pacific Ry____25 15% 15% 15%
Canadian Wineries
*
634 634
*
Cockshutt Plow corn
634
6
6%,
Consolidated Bakeries._.'
93-4 10
934
Cons Mining & Smelting 25 150
150 155
Consumers Gas
100 183
182 186
Cosmos Imperial Mills___* 11
11
11%
Preferred
93
100 93
93
215
234
1,410
631
266 33
20
2
30 10
220
5
30 75
140
734
150
6
380 20
5 59
1,270 10
100
9
1,025 12
220 92
3,637 12%
220
634
192
6
405
7%
255 131
128 165
45
734
10 85
June
534
May
12
Jan 53
June
234
Apr 12
June
8
Jan 88%
May
10
May
9%
Jan 3434
Feb 63
May 20%
May
14%
Jan
18
Feb 120
Jan 18%
June 11%
June 10%
Jan 12%
Feb 170
Jan 186
Jan
II%
Jan 93
Jan
Feb
Feb
Feb
May
Apr
Apr
Feb
Mar
Feb
May
Jan
May
June
June
Mar
Jan
Feb
Feb
Apr
June
Feb
June
Dominion Stores corn....' 21
21
22
Easters Steel Prod pref._ _•
72
72
Easy Wash Machine corn.*
2% 2%
234
Economic Invest Trust__50
12
12
Fanny Farmer corn
• 32
28% 3234
Ford Co of Canada A
• 21% 21% 21%
General Steel Wares cora_•
4% 434
112% 113%
Goodyear Tire & Rub pf100 113
Gt West Saddlery pref_100
12% 14
Gypsum,Lime & Alabast_•
6%
6.31 6%
470 19
20 72
2%
200
1
10
478 13
5,778 15
25
33-4
88 106
20 11
1,055
4%
May 23
June 75
May
5%
Jan
15
Jan 32%
Jan 25%
Jan
6
Jan 113
Feb 15
Jan
831
Mar
May
Apr
Apr
June
Feb
Feb
June
Mar
Feb
25 14
Hamilton Cottons pref__30
20
20
Jan 21
155
Hinde & Dauche Paper___•
534 Jan
734 8
8%
•
11
11
10
Hunts Limited A
9
Jan 16%
16 99
Internal Mill lot pref_ _100 110% 108 110%
Jan 110%
Jan 29
International Nickel corn.' 26.40 26.00 26.80 10,513 21.15
334 34
25
International Utilities A.-'
634
3
May
•
.75
30 .75 June 1.50
.85
B
434 4%
15
4%
534
434 June
Kelvinator of Can corn__ _•
92
92
5 80
100
Jan 93
Preferred
Apr
Feb
Apr
June
Apr
Feb
Feb
Feb
May
Laura Secord Candy corn.*
Loblaw Groceterias A...."
B
•
Maple Leaf Milling 13._ •
Preferred
100
Massey-Harris corn
*
Monarch Knitting pref.100
Moore Corp corn
•
A
100
B
100
National Sewer Pipe A. •
55
1631
1631
55
1635
16
1
8
431
454
67
15%
15%
114
122
1834
.55
17
163-4
1
8
431
67
16
114
122%
19
25 46% May 59
Jan 18%
683 14
1731
305 13% Jan
3
1
June
6
12
10%
5
May
834
434 Jan
750
Jan 70
3 45
Jan 17%
265 11
Jan 114
16 96
26 10934 Jan 130
315 143-4 Jan 20%
May
Apr
Apr
Feb
Feb
Feb
June
Feb
June
May
Feb
Ont Equitable 10% Paid100
Orange Crush corn
•
1st preferred
100
Page-Hersey Tubes corn_ •
Photo Engravers & Elec..'
Pressed Metals corn
•
Russell Motors corn_ ..100
*
Simpson's, Ltd B
Preferred
100
Stand Steel Cons com..___*
•
Steel of Canada corn
25
I'referred
534
.45
1.10
6934
1934
20
1531
17
8
66% 66%
5
514
36% 36
3634
531
.45
1.10
70
20
1534
17
8
68
6
3734
38
100
100
365
70
160
20
25
25
80
392
255
178
534
.25
.30
55
14
1434
17
4
42%
5
28
31
9
June
Jan .90
Jan 1.10
Jan 77
Jan 20
May 2034
Feb 17
8
Jan
Jan 74
June 11%
Jan 38%
Jan 38%
Feb
Jan
June
Mar
June
Apr
June
June
June
Jan
Apr
Apr
*
734
Tip Top Tailors corn
234
20
Traymore, Ltd pref
434
Twin City Rapid corn....'
5
4
*
Union Gas Co corn
434
•
6%
4
United Steel
* 37% 36%
Walker, Hiram corn
• 1534
15%
Preferred
7
634
Western Can Flour corn..'
3734
Weston, Ltd.(Geo)corn_ _• 37%
110
100 110
Preferred
Winnipeg Electric pref...'
60
734
234
5
5
831
3934
16
7
38
110
60
5
40
20
1,374
475
4,009
1,085
70
1,805
10
10
7
2
134
331
4
30
15
6
36
88%
50
Jan 13%
Feb
434
8
Jan
634
Jan
June
6%
Slay 5731
Stay
17%
June
8.33
Jan 57
Jan 110
Mar 60
Feb
Apr
Apr
Mar
June
Jan
Jan
Jan
Feb
June
June
Banks
Commerce
Dominion
Imperial
100 148% 148
170
100 171
166
100 170
150
172
170
79 123
24 133
30 141
Jan 168
Jan 186
Jan 180
Feb
Mar
Feb
Montreal
Nova Scotia
Royal
100 191
100 260
100 152
Inn
191
261
155
20111
35
7
25
49
Jan 203
167
260% June 278
130% Jan 168
102
Jan 210
Feb
Jan
Mar
Slav
191
260
152
2nn
June 16 1934
Friday
Sales
Last Week's Range for
of Prices.
Sale
1Veek.
Stocks (Concluded) Par Price. Low. High. Shares.
Loan and Trust
Canada Permanent_ _100
Huron & Erie Mortgage 100 83
Ontario Loan At Debent 50 104
Toronto Mortgage
50
130
80%
104
108%
130
83
104
108%
Range Since Jan. 1.
Low.
10 118
83 70
2 102
40 100
High.
Jan 140
Jan 95
Feb 105
Jan 110
Apr
Mar
Slay
May
• No par value.
Toronto Stock Exchange-Curb Section.
-Record of
transactions in the Curb Section of the Toronto Stock Exchange, June 9 to June 15, both inclusive, compiled from
official sales lists:
Stocks-
Friday
Sales
Last 1Veek's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Biltmore Hats corn
•
Brewing Corp corn
•
Preferred
•
Canada Bud Brew corn..'
Canada Malting corn....'
Canada Vinegars corn...'
Can Wire Bd Boxes A....
,
Consolidated Press A____*
Cosgrave Export Brew__10
•
Cons Sand & Gravel
9%
29%
934
33
8
9%
•
Distillers Seagrams
Dominion Bridge
•
Dom Motors of Can..__10
Dorn Tar dr Chem cora_ •
Dufferin Pay & Cr St pd100
English Elec of Can A_ •
Goodyr T & Rub corn_
•
Hamilton Bridge corn....'
Honey Dew corn
•
Preferred
•
Howard Smith pret _ __ _100
Humberstone Shoe corn..'
16%
Imperial Tobacco ord____5
Langleys pref
Montreal Lit & I' Cons__•
National Grocers pref..100
National Steel Car Corp_ •
Power Corp of Can corn. •
Rogers Majestic
*
Robert Simpson pref___100
10
9
29%
9%
32
26%
14
8
934
30
16%
32
35c
3
25%
12
116%
531
900
6
65
25
35
10
10
16,322
30% 2,040
1034
5,385
34
1,590
2634
420
15
174
834
200
540
10
10
30
Range Since Jan. 1.
Low.
73-4 Feb
5
Jan
15
Jan
73-4 Jan
28% Jar
2134 Jan
13
Feb
6
Jan
5% Jan
30 June
High.
10
11
31%
12
35%
27
16%
11%
10
30
June
May
Apr
Mar
Mar
Feb
Jan
Feb
June
June
17
33
35e
3
29
12
118
6
90c
6
65
26
3,505
26
20
5
15
5
46
210
100
20
25
20
30e
2
18
12
90
53.4
40e
6
May 26%
Jan 37
June 80e
Jan
5%
Jan 40
June 16
Jan 136
May
93-4
June
1.60
June 11
Jan
Star
Jan
Feb
Mar
Feb
Feb
Feb
Apr
Feb
24
Mar
June
10%
53
36
3634
112
16
11
834
8%
93
1034
53
36%
112
16%
1234
931
93
455
10
757
45
30
60
3,928
75
10% June 1234
25
Jan 63
3334 Jan 39%
90% Jan 112
May
1834
14
15
7% Jan
Jan
9%
5
Jan 96
80
Feb
May
Feb
June
Feb
Feb
June
Mar
8
Service Stations corn A..*
55
100 55
Preferred
Shawinigan Wat & Pow__• 2131 21%
Stand Pay & Mat corn...*
2
2
•
Stop dr Shop corn
7
•
Supersilk Hosiery
23-4
Preferred
58
• 58
Tamblyns I.td (G) pret_100
105
Toronto Elevators pret_100 10014 9934
Walkerville Brew
934
•
97-4
•
Waterloo 1311g A
134
8%
5534
22
234
7
2%
58
105
10034
934
1%
215
115
80
495
10
10
20
25
20
2,155
25
6
32%
18
134
434
2
58
90
89%
531
134
10%
Jan
Jan 60
Jan 24%
Jan
434
9
Jan
May
23-4
June 65
May 106
Jan 10034
10
Feb
4
June
Feb
Apr
May
Feb
Apr
June
May
Apr
June
May
Feb
143-4 3,056
3
50
15
11,141
2934 12,192
13%
1,040
76
893-4
1231
2
1234
18%
10%
7131
Jan
Jan
Jan
Jan
Jan
Jan
1534
4%
1534
2934
14%
91
Mar
Mar
Apr
June
Apr
May
75c
1.40
75c
16
993.4
Feb
1.90
3.00
Jan
Apr
2
Jan
2934
Jan 107
1.,, 49
May
Mar
Feb
Mar
May
Oils
British American Oil
•
Crown Dominion 011
•
Imperial 011 I.td
•
International Petroleum..'
McColl Frontenac Oil com•
Preferred
100
10%
1431
15
2844
1334
89
North Star Oil corn
5
Preferred
5
Prairie Cities 011 A
•
Supertest Petroleum ord._•
Preferred A
100
'Move., 4.4 nrv./
14
3
1434
2734
13%
89
900 900
1.85 1.85
1.00 1.00
24
2634
105 105
49
*
42
25
300
5
255
30
In
15
29%
IR
26
T.no
• No par value.
Montreal Stock Exchange.
-Record of transactions at
the Montreal Stock Exchange, June 9 to June 15, both inclusive, compiled from officio," sales lists:
Stocks-
Friday
Sales
Last Week's Range
or
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Alberta Pacific Grain A__•
334
Preferred
100
16
Amal Electric Corp
•
135
1%
Bathurst Pow & Pap A •
6%
631
Bawlf N Grain pret____100 12
12
Bell Telephone
100 118
117
Brazilian T L & P
•
1131
931
B C Packers
•
234
13rit Col Power Corp A_ •
26%
•
534
Bruck Silk Mills
17
• 17
Building Products A._ •
22
3%
16
1%
7
12
119
Canada Cement
7
•
7
Preferred
100 40% 40
Can Iron Foundries pt_100 50
50
Can No Power Corp....* 21
20%
Can Steamship pref._100
7
Canadian Bronze
23
•
Canadian Cur & Fdry_ .._•
6
6%
Preferred
13
25 1331
Canadian Celanese
19
•
7% preferred
108
100
Canadian Cottons
62
100
Preferred
89
100 89
Caned Hydro Elec pf_100 73
73
Canadian Indus Alcohol.* 1131
1131
•
Class 13
10%
Canadian Pacific
1534
1531
Cocksbutt Plow
635
635
Con Alining & Smelting_25 151
150
79-I
44
50
21
7
23
Dominion Bridge
•
Dominion Coal pret__.100
Dominion Glass
100
Preferred
100
Dom Steel & Coal 13_25
Dominion Textile
•
Preferred
100
•
Dryden Paper
Range Since Jan. 1.
Low.
High.
20
3
10 16
10
134
770
3
25
7
815 110
3,975
8%
755
231
252 22%
1,340
434
420 10
55 1634
Jan
7
June 22
June
241
Jan
834
Jan
12
Jan 120
June 14%
334
Mar
Jan 32%
Jan
8%
Jan 22
Jan
233-4
Feb
Mar
Jan
Mar
Mar
Star
Feb
Jan
Feb
Feb
Mar
Feb
13%
19
110
62
90
74
1231
12
15%
7
155
960
6%
254 32
10 50
247 1631
135
234
75 17
338
(I
75 11%
190 1634
19 104
25 41
22 70
205 5434
919 10
235 1041
3,526 12%
166
634
623 132
Jan
12
Jan 5234
Feb 52
Jan 22%
Jan
9
Jan 27
May
934
May
16
Jan 2234
Feb 120
Jan 72
Jan 92
Jan 76
May 2035
Stay
19%
Jar
18%
June
1034
Jan 170
Feb
Feb
Feb
Mar
Apr
Mar
Star
Feb
Mar
Apr
Feb
Feb
Apr
Jan
Jan
Mar
Feb
Mar
3234 3354
85
87%
90
90
126% 12631
434
4
4%
8841 86% 88
135 135
441 5
780 2534
223 10
152 80
7 113
2,523
231
571 67
5 112
205
4
Jan 37
Jan 92
Jar 100
Jan 130
534
Jan
88
Jar
Jan 140
Jan
734
Star
June
Mar
June
Apr
11.1aY
Slay
Feb
5
60
3
Jan
10 10
18
Jan
765 10
1634
Jar
5
85
3% Jan
5 107
Jan 114
1134
115
6% Jar
8%
100
4% Jar
20
531 May
9%
10 26
37
Jun
2,227 11.40 Jan 19.50
Feb
Apr
Mar
Feb
June
Apr
Feb
Feb
Feb
Apr
9%
2%
27%
6
18
22
54
3235
85
90
•
Eastern Dairies
341
34.1
Famous Players C Corp. •
1434
Foundation Co of Can__ •
1431
General Steel Wares
4
4
•
Goodyear T pt Inc 1927 100
114
Gurd (Charles)
9
•
63(
Gypsum Lime & Alabas__*
6%
Hamilton Bridge
•
531
531
Preferred
26
100
Hollinger Gold Mines___ 5 17.50 17.50
341
14%
15
4%
114
9%
7
531
20
18.1
Financial Chronicle
Volume 138
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Stocks (Concluded) Par Price. Low. High. Shares.
Range Since Jan. 1.
High.
Low.
lIoward Smith Paper M _ _.
9
9
9
Preferred
100 61
60
6345
Int Nickel of Canada___* 26.40 26.10 26.75
International Power
•
2% 2%
Preferred
100 22
22
22
Lake of the Woods
• 1034 10% 1134
Lindsay (C W)
•
3
3
Preferred
100
35
35
MacKinnon Steel Corp_ _*
5
5
NIassey-liarris
•
434 4%
McColl-Frontenae OIL __* 13%
1334 1334
Montreal L It & P Cons_ _* 36
36
37
Montreal Tramways_ __100 100
100 101
Jan
11
Stay
4
235
May
Jan 73
95 33
4,936 21.15 Jan 29.00 Apr
Jan
3
Jan
2
5
June
Jan 22
14
ill
Feb
196 1034 May 15
3% Mar
134 Apr
5
May
Feb 40
3 35
Star
June
8
.5
25
Feb
8
4% Jan
756
1,788 1034 Jan 14% Apr
Jan 3934 Feb
4,853 33
Feb
June 125
68 99
National Breweries
0
lir Preferred
25
Natl Steel Car Corp
*
Ogilvie Flour Mills
•
Preferred
100
Ottawa L 11 & Power_ _100
Preferred
100
Ottawa Traction
100
3,045 2334 Jan 2834
Feb 36
155 31
1834
800 1235 Jan
Ap 209
26 180
Jan 138
16 125
Jan 92
25 79
Jan 103
25 90
Jan 20
20
5
Mar
Apr
Feb
Feb
May
Nlar
June
Apr
l'enmans
Power Corp of Canada..*
Quebec Power
St Lawrence Corp
•
A preferred
50
St Lawrence Paper pref 100
Shawinigan W & Power_ _
Sher Williams of Canada_*
Preferred
100
Simon (H) & Sons
Preferred
100
Slmpsons preferred_ _100
Southern Can Power_ _ _.*
Steel Co of Canada
Preferred
25
Windsor hotel
Preferred
100
Winnipeg Electric
•
Preferred
100
BanksCanadlenne
Commerce
Montreal
Nova Scotia
Royal
Toronto
100
100
100
100
100
100
2834
35
15%
17%
234
10
21%
21%
84
1434
2
29.4
138
149
190
260
152
27%
35
1534
198
13534
88
101
12
28%
3534
1634
198
140
88
102
15
60
11
1734
244
10
2134
21%
16%
83
61
12%
18
234
10%
22%
2244
1644
85
45
615
139
585
326
288
3,685
10
50
47
734
15
1%
534
12
1734
12%
60
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
62
15
20
334
11%
26
24%
21
87%
Feb
Feb
Feb
Feb
May
May
Feb
Mar
Mar
841
90
67%
14%
36
3734
2
63.1
2%
1034
844
90
67%
1434
36%
38
2
7
2%
11
so
69-4
65
60
11
28
31
2
534
Jan
Jan
Feb
Jan
Jan
Jan
Mar
Feb
Jan
Jan
10
90
70%
16
38
38%
2
18
4
12
Mar
June
Apr
Mar
Mar
Mar
Mar
Feb
Feb
Feb
136
148
190
260
152
201
138
149
194
262
155
201
70
100
83
38
25
5
50
55
33
51
171
48
88
47
4
Jun
136
Jan
129
Jan
169
260 Jun
12934 Jan
181% Jan
145
168
203
276
166%
205
Feb
Feb
Feb
Feb
Feb
May
No par value.
Montreal Curb Market,
-Record of transactions at the
Montreal Curb Market, June 9 to Juno 15, both inclusive,
compiled from official sales lists:
Stocks-
bales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
Range Since Jan. I.
Low.
High.
June 1334 Apr
June 13
Feb
Jan
Jan 35e
Jan
334 Feb
June
Feb 101
Jan
1534 Mar
Jan 273-4 Feb
Jan 3434 Feb
Jan 105 June
June 1144 Jan
Jan
244 Apr
Mar
9
Nlar
soe Apr 1.50 Jan
934 Apr
5% Jan
Asbestos Corp votg trusts.*
Associated Brew of Can.
•
Assoc Oil& Gas Co Ltd "
Bathurst Pow & Paper B.*
Beld-Cortleelli cum p1.100
Brit-Amer 011 Co Ltd_ _ _ _*
Canada Vinegars Ltd
*
Candn Dredge & Dck Ltd •
Candn For Invest pret.100
Canadian Wineries Ltd__ •
Catelli Mac l'roducts B *
Champlain 011 Prods pret_*
Comm Alcohols Ltd
•
COsgrave Expt Brew Ltd 10
9
934
20o
234
101
1434
1434
26%
22
2134
104%
634
2
9
89I
60c
60e
934
9%
10
10
21e
234
101
1434
2634
22
105
6%
2
9
600
936
266
305
200
50
10
812
10
135
205
100
38
620
360
1,010
9
934
20c
1.75
97
13
2244
20%
80
614
2
7%
Distillers Corp Sang Ltd_ ..•
Dominion Stores Ltd
•
Dorn Tar dr Chem Co Ltd 0
Home Oil Co Ltd
*
Imperial Oil Ltd
*
Imp Tob Co of Can Ltd_ _5
Intl Petroleum Co Ltd_ _ _•
NIelchers Distil Ltd A _
•
•
B
Mitchell & Co Ltd (Robt)•
163-4
21
2%
1.32
15
1034
2934
15
7
5%
1694
21
2%
1.15
1434
105-4
28
12
554
59.1
17
2234
3
1.45
15
1054
2934
1534
7
6
870
625
280
645
2,300
985
4,632
2,310
540
70
15
1934
2%
1.10
1234
1034
1934
11
5
594
May
Feb
Jan
June
Jan
June
Jan
Apr
June
Jan
26%
2254
5%
1.90
15
1294
2934
17
1134
io%
Jan
Mar
Feb
Feb
Apr
Feb
June
May
Jar
Feb
Regent Knittg Mills Ltd_ _•
Service Stations Ltd A.._*
Superteit Petroleum Ltd*
*
Thrift Stores Ltd
Cum pref 634%
25
United Distil of Can Ltd_ ..•
Walkerville Brewery Ltd.*
Walker Good & worts
. *
Preferred
•
434
4
834
24
934
2334
2
9.05
37
1534
434
834
24
9%
2334
2
0.50
39
1535
225
75
50
25
10
220
4,725
260
75
2
644
2334
9
23
1.25
3.90
3034
1534
Jan
Jan
Apr
Mar
Feb
May
Jan
May
June
634
10
2834
1134
25
314
10.00
58
1734
Feb
Feb
Mai
Jar
Jar
Ma.
Api
Jar
Jar
634 694
98 100
3
334
2
2
331 334
750 800
88
90
79
58
50
2
60
450
43
Public UtilityLleauharnols Power Corp_ 0
C No Pow Ltd pref.....l00
City Gas & Elec Corp Ltd •
Foreign Pow Sec Corp Ltd •
Inter Util Corp class A...'
Class 13
1
Sou Can P Co Ltd pref_100
934
10
9.20
1534
634
98
3
2
334
88
Mining
Base Metals Mln Corp Ltd*
1.30 1.45
Big Mlsouri Mines Corp_ .1
290 30e
300
13u1olo Gold Dredging Ltd 5 30.25 30.25 33.00
Cartier-Malartio G M Ltd 1
5c
40
5o
• 41.75 41.75 42.50
Dome Mines Ltd
F5lconbridgeNIcke1151 Ltd•
3.78
3.80
334 Jan
10
Fel
8834 Jan 100
Ma
3 June 1434 Ma
3
650
72
800
1.30
1,825 26, c
!
5
520 23.50
3,800
lc
345 32.75
180
3.00
Jan
May
Jan
June
June
Jan
Jan
Jan
Feb
6% Fel
1.50 Fel
9034 Ma
2.02
50e
34.50
90
42.50
4.15
Ma
Fel
Ap
Ma
Jun
Ma
80340
85c
400 67e Mar
1.20 Ap
Greene Stabell Mines__ _1
135 42.50 Jan 54.25 Ap
Lake Shore NI Ines Ltd__ __ 1 52.5052.50 53.00
1 1834e 17%c 2134c 162,675 89-40 Jan 2534e Ap
Lebel Oro Minos Ltd
130 13e
500 12%e May 21e Ma
Lee Gold Mines Ltd__ __I
10 39.60 Feb 49.65 Ma
48.25 48.25
McIntyre-Porcupine Ltd..5
2,930 33.25 Jan 45.00 Jun
• 43.50 43.50 45.00
Noranda Mines Ltd
40e 54e 50,200 360
40e
Parkhill Gold Nflnes Ltd_l
Jan 7134c Nia
150 250 29,750 15e June 700 Ap
18e
Quebec G Mining Corp_ __I
Read-Authier Mine Ltd 1
1
Siscoe G Minas Ltd
Sullivan Gold Nlines Ltd_ _1
_1
Teck-Hughes G NI Ltd_.
•
Ventures Ltd
Wayside Con G NI Ltd_ 50c
Wright lIarg Mines Ltd_ ..•
Unlisted Mines
Central Patricia G Mines 1
Ilowey Gold Mines Ltd._1
Pioneer G Mines of BC _1
San Antonio G NI Ltd____1
Sherritt-Gordon NI I.td_ _ _1
oneve mi.,. •
1.29 1.15 1.30 26,136
2.30 2.30 2.52 16,185
429-4e 16,275
41c 400
400
8.75 0.90
100
950 95e
200
29e
29e
29c
3,805
9.70 9.70 9.90
1,400
690 710
1,000
1.29 1.33
200
13.70 13.70
2,330
5.15 5.00 5.60
750
1.00 1.00 1.09
41e 000 45e 116.080
69e
26e
1.43
25e
5.80
77e
290
6.75
5494
98o
11.60
1.76
98e
831
Jan
1.30 Jun
Jan
2.65 Ap
Jan 50c
Ap
Jan
8.00 Ap
Jan
1.12 Ma
June 4834e Fe'
Jan 10.25 Ap
IJan
Feb
Feb
Jan
June
Jan
78c
1.37
14.00
.5.60
1.43
45c
Ma
Ap
Ap
Jun
Ap
Jun
4109
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
Sylvanite Gold M Ltd_ __I
Thompson Cadillac M Ltdl
2.90
46e
Unlisted
Abitibi Pow & Paper Co_ _•
Cum preferred 6 _ __100
Brewers & Distil of Vane_•
Brew Corp or Canada Ltd *
•
Preferred
2.98
46e
1.50
8
1.50
9*4
29%
33
Canada Malting Co Ltd...*
Canada Bud Breweri_ •
es
Candn Light & Poer Co100
Claude Neon Gen Ad Ltd_•
Consol Paper Corp Ltd_ _ _*
1.50 1.60
9
8
1.45 1.55
9
10
29% 30%
3
4i M3
23
23
35e 350
2% 3
2%
Ford Motor Co of Can A_ *
Fraser Cos voting trust ctf*
General Steel Wares p1100
Loblaw Groceterias Ltd A•
100
Price Bros Co Ltd
100
Preferred
34
4
27%
20%
534
32
16%
334
27
21%
534
34
16%
4
27%
Range Since Jan. 1.
High.
Low.
1.30 Jan
1,140
250 2034c Jan
3.20 Apr
Mc Mar
1,350
110
1,740
4,297
1,376
90e
4
1.20
5%
1534
Jan
Jan
June
Jan
Jan
2%
10%
.295
11
32
360
70
19
200
968
28
834
20
35e
1.75
Jan
Jan
Jan
June
Jan
35% Mar
12
Mar
40
Feb
80e
Jan
334 Jan
209
97
95
10
2,855
75
1534 Jan
2% Jan
14% Jan
14% Mar
Jan
95c
Jan
7
25%
9
33
18
6
37%
Feb
Apr
Feb
Apr
Apr
Feb
Apr
June
Apr
May
May
• No par value.
-Record of transactions
Pittsburgh Stock Exchange.
at Pittsburgh Stock Exchange, June 9 to June 15, both
inclusive, compiled from official sales lists:
.M.ile3
coact/
Last Week's Range for
Week.
Sale
ofPrices.
Par Price. Low. High. Shares.
Stocks-
Range Since Jan. 1.
High.
Low.
13%
11%
1%
1334
1334
3
5
13%
11%
134
14%
1434
3
534
27
5
900
502
1,465
400
800
11
1034
1%
11%
9
2%
434
Jan
June
Jan
May
Jan
Jan
Jan
is%
1634
3
19
18
4%
5%
Apr
Jan
Feb
Feb
May
Feb
Feb
6
234
61
5%
1
1
1%
3
3034
34
48
4
734
234
61
6%
1
1
1%
3%
33
34
49
4
245
800
15
8,439
50
33
67
690
525
10
95
75
5
1%
61
534
1
1
1%
3
28
30
3934
2
May
Jan
June
June
Mar
Jan
June
June
May
Jan
Jan
May
30
234
75
834
2
134
4%
5
39
37
57
4
Feb
June
Feb
Feb
Mar
Feb
Feb
Feb
Feb
Mar
Apr
June
Renner Co
1%
1
San Toy Mining
1
United Engine & FoundrY •
Vanadium Alloy Steel.. '
Victor Brewing Co
1
134
Waverly Oil Co class A _ _ _*
Western Pub Service v t c_•
.
Westinghouse Air Brake_ 0
Westinghouse El & NItg_50
1% 1%
30
3c
21
21
19
19
13-i
134
1% 1%
434 434
27
2834
363-4 3934
300
2,000
410
120
7.405
35
1,005
1,005
281
134
3c
16
1534
900
194
4%
26
3034
Jan
Jan
Jan
Mar
Jan
June
Slay
June
May
2%
7c
2534
20
134
2
7
35%
47
Apr
Feb
Feb
Jan
Mar
May
Feb
Feb
Feb
Unlisted
Lone Star Gas 6% pref_100
70
Amer Window Glass p1.100
Blaw-Knox
•
1
Carnegie Metals Co
Columbia Gas & Electric_•
Devonian Oil
10
Duquesne Brewing
5
Class A
5
1334
1134
1%
1434
5%
Follansbee Bros pref---100
1
Fort Pitt Brewing
Jones& Laughlin Steel Pf 100
Lone Star Gas
•
s
McKinney Mfg
Nat Fireproofing Cp com_•
50
Preferred
Pittsburgh Brewing corn__*
Preferred
Pittsburgh Coal pref _ _ _100
Pittsburgh Plate Glass__25
Pitts Steel Foundry com •
234
534
1
34
70
72
107
64
Jan
75
Feb
•No par value.
OHIO SECURITIES
Listed and Unlisted
GILLIS WOOD & CO.
!
Members Cleveland Stock Exchange
Union Trust Bldg. Cherry 5050
CLEVELAND, - - - OHIO
-Record of transactions at
Cleveland Stock Exchange.
Cleveland Stock Exchange, June 9 to June 15, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Of Prices.
Sale
Par Price. Low. High. Shares.
Aetna Rubber
Air-Way Elec Appl pref 100
Brown Fence & Wire till.
•
Central United National 20
City Ice & Fuel
Cleve Cliffs Iron pref.__•
Cleve Elec 111 6% pref.
_100
100
Cleveland By
Certificates of deposit100
Cleveland Trust
100
134
28%
2%
10
22
25
25%
109%
56% 5634
55
55
70
70
Dow Chemical
Elec Controller & Mfg__ *
Firestone T&R
pref100
•
Foote-Burt
Greif Bros Cooperage A.
83
Higbee 1st pref
100
Jaeger Machine
Lamson Sessions
Mohawk Rubber
National Acme
1
National Carbon pref__100
National Refining
25
Preferred
100
National Tile
Nestle LeMur cum cl A_
20
1900 Corp class A
•
•
Ohio Brass B
6% cum preferred__ _100
•
Packer Corn
Richman Bros
•
24
90
22
83
6
24
Seiberling Rubber
•
Selby Shoe
•
Sherwin-Williams
25
AA preferred
100
Van Dorn Iron Works..•
Youngstown Sheet dr Tube
Cum 534% pea_ _lop
* No par value.
20
3
414
1%
6
136
534
534
72
134
3
42%
23
21
12%
80
4
42%
134
25
2%
11
22%
25%
109%
58%
.56
70
93%
22
83
6
24
22
3
434
2
6
136
5%
75
1%
3)4
24
14
80
4
43
Range Since Jan. 1.
80
14
10
45
10
2% 2%
23
23
67
67%
105% 10534
134
1
5
2
72
31
70
4234 44%
118
May
3
June 25%
3%
June
Jan
16
Jan 23%
Feb
28%
Jan 110
Jan 58%
Jan 57
Jan 83
Feb
June
Apr
Jan
Feb
Jan
June
June
May
NIar
Apr
6934 Mar 100
May
Jan 22
15
79% Apr 84% Jan
734 Jan
Mar
6
Feb
21% Jan 25
6
70
3
25
4
150
134
530
4%
25
10 135
2
5
135 45
134
134
1%.
325
26
18
4
1
14
filch.
Low.
1
100
20 25%
234
200
274 10
112 17%
533 22
63 100%
20 44
161 39%
77 5034
Jan 22
5%
June
7%
Jan
434
June
Jan
8%
Jan 140
7%
Jan
Jan
75
3
June
3%
Jan
June
Feb
Jan
Jan
Feb
May
Feb
May
Feb
Mar
24
18
85
4%
4934
Apr
Feb
Mar
Feb
Jan
21
12
75
3%
39
Feb
May
May
Ma
Jan
234
21
4734
99
1
Jun
554 Jan
May 24% Apr
May
Jan 70
Jan 106% Apr
Feb
2
May
34
Jan
5834 Apr
Financial Chronicle
4110
Friday
Sales
Lou Week's Range for
Sale
ofPrices.
Week.
Stocks (Coneluded)-Par Price. Low. High. Shares.
BALLINGER
& CO.
Members Cincinnati Stock Exchange
•
UNION TRUST BLDG.,
June 16 1934
CINCINNATI
Specialists in Ohio Listed and Unlisted
Stocks and Bonds
Wire System-First of Boston Corporation
Cincinnati Stock Exchange.
-Record of transactions
at Cincinnati Stock Exchange, June 9 to June 15, both
inclusive, compiled from official sales lists:
84
Mere Amer Rlty 6% Pf 10
84
0
9
.•
8% 9%
Natomas Co
31
31
No Amer Inv 6% pref_100
28% 29
100
5%% preferred
7% 7%
North Amer 011 Cons. _10
17% 19
Pac
Pacific G & E com
25 19
21% 22%
6% 1st pref
25
25 19% 19% 1954
5%% Pre
31% 3244
Pan Light'n Corp corn_
•
6% preferred
• 8434 84% 8534
1
1
Pao Pub Ser (non-vot)com•
134
5% 7
Preferred (non-voting)_*
6
Pan Tel & Tel com
100 78% 78
7
8%
114 114
100 114
6% preferred
3514 37%
•
Paraffine Co's corn
Range Since Jan. 1.
Low.
10 73
2,520
8%
5 17
25 17
7%
355
5,307 15%
3,720 19%
1,085 17%
515 2334
273 7134
1,243
54
3,744
1%
65 71
60 103
1,755 25%
High.
Jan 85
Mar 1034
Jan 33
Jan 30
9
May
Jan 23%
Jan 23
Jan 21%
Jan 36%
Jan 89
Feb
Si
8
Jan
Jan 86
Jan 114
Jan 37%
May
May
Apr
Mar
Jan
Feb
Mar
Apr
Feb
Mar
May
May
Mar
June
June
Ry Equip di Rlty 1st pref.*
14
15
38
5
Mar 15 June
Series 1
9
13
30
•
2
June
Jan 13
Series 2
•
8% 12%
90
234 Mar 12% June
50
Can prat
334
1% Apr
•
345
334 May
High.
Low.
StocksRainier Pulp & Paper Co_•
135 17% Jan 2814 June
2734 2734
26 67% Jan 90
Apr
88% 89
Jan S J L & Pr 7% Pref- -100
7% Jan 16
322
Amer Laundry Mach___20 13%
1344 14%
•
834 8%
FebShell Union °Hearn
1,736
8 June 1134 Jan
834
784 17% June 28
Amer Rolling Mill
19% 20%
25 20%
.
10 62
73% 73%
Preferred
100
Jan 86% Feb
Feb
19 35 June 49
35
3515
Carey (Philip) corn_ _ 100 35
16% 16%
100 16% June 16% June
354 Feb Socony-Vacuum Corp_ 25
1% Apr
106
2% 244
Cincinnati Ball Crank pref*
1,642 18% Jan 33% Feb
Apr Southern Pacific Co___100 25% 24% 25%
Jan 83
315 66
79% 8034
Cincin Gas & Elec met100
225
7
So Pac Golden Gt A
•
5
6% 7
Jan
734 Mar
if
Jan
Jan 69
3 65
C N & C preferred
100
6844 6834
150
3% Jan
534 534
•
534 Mar
Apr
6
4% Jan
116
534
Cincinnati Street
5
5
50
35
3714 2,564 30% June 42% Jan
Standard 011 Co of Callf * 37
Jan 71
151 62
Cincinnati Telephone_ _ _50 6954 6934 70
AIR
13% 13%
125
834 Jan 14
Apr
6% preferred
12
Feb Tide Water Arrs'd 011 com_•
Jan
5
10
10% 1034
Cin, Tobacco Ware
125 64% Jan 85
8034 81
100
May
Mar 24% Feb
100 20
2014 2034
Mein Union Stock Yards•
5% May
634 6% 24,517
6%
Transamerica Corp
*
8% Feb
Jan 18% June Union Oil Co
2 12
18
18
Coca Cola A
561 15% May 20% Feb
17
17%
_
of Calif._ __25 17
7 75% June 75% June Union Sugar Co nom_ _ _25
7534 75%
Col By B preferred_ _100
100
4
6
6
7% Apr
Jan
8
Jan 16% June Utd Aircraft &
1,729
14% 16%
Crosley Radio A
* 16
305 19% Feb 3744 Feb
22
22%
Transport.*
2,261
9
11
9 June 14
Feb
5 June Western Pipe & Steel Co_10
Dow Drug
*
234 Jan
250
5
5
* No par value.
4% Jan
4
Eagle-Picher Lead
534 514
20
7% Mar
Jan
May 16
Formica
9
10
35
• 10
10
San Francisco Curb Exchange.
4
,
-Record of trarsac%
%
%
34 June
Gerrard S A
54 Feb
200
Gibson Art corn
9
151
• 15%
15
15%
Jan 15% June tions at San Francisco Curb Exchange, June 9 to June 15,
9
May
9% Mar •
Hatfield Camp prior pref.
75
9
9
May eoth inclusive, compiled from official sales lists:
Hobart
46 18% Jan 28
*
27% 28
Lazarus preferred
Jan 100
Feb
100
100 100
5 98
Sales
Friday
Leonard
3% Jan
5
Apr
•
414
120
434 4%
Last Week's Range for
Range Since Jan. 1.
Week.
ofPrices.
Sale
Magnavox Ltd
134 Apr
*
1
1%
810
54 Jan
Par Price. Low. IAA. Shares.
High.
StocksLaw.
Procter & Gamble
•
Jan
3434 35%
71 3334 June 41
8% preferred
100
Jan 175% June Alaska United
6 161
175% 175%
Jan .16
1,500 .05
Jan
.05 .05
5
5% preferred
100 112
34 103% Mar 112 June Amer Tel & Tel
112 1,12
236 108% Jan 125
Feb
100 116% 116 120
Pure 0116% preferred_ _100
Feb Amer Toll Bridge Del---1
16 4534 Jan 60
47
4934
600 .20
Jan
Mar .32
.24 .24
Apr Anglo
Randall A
*
Jan 21
20 14
1834 1834
560
9
10 June
3.15 Jan
10
• 10
Nat Corn
B
9
Apr Argonaut Mining
334 Jan
190
8
844
*
840
4.50 Jan 10% Apr
834 934
944
5
Rapid Electrotype
Feb
19 June Aviation Corp Del
25 12
18
18
654 Feb 10% Jan
365
5
6% 754
6%
Playing Card
US
Jan 28
Apr Calif Ore Pw 6% '27__100 30
319 17
24
24%
10 24
50 20
30
Jan 38
30
Feb
300 300 June 450
300 300
Feb
10
Calwa Co
•No par value.
1,280
2% 234
4% Feb
1% Jan
254
•
Cities Service
360
11
11%
8
Jan 12% Feb
St. Louis Stock Exchange.
at Claude Neon Elec
-Record of transactions
78
Jan 138
400 60
75
Feb
Claude Neon Lts
1
St. Louis Stock Exchange, June 9 to June 15, both in- Crown Will 1st Prat
60 43% Jan 70
58
59
Apr
•
40 19% Jan 35
30
30
•
Apr
2nd pref
elusive, compiled from official sales lists:
25 2054 Mar 24% Feb
21
21
Dominguez 011
• 21
Friday
Sales
General Motors
10 3234 31% 3354 1,627 2954 June 42% Feb
Last Week's Range for
Range Since Jan. I.
6
6
24
6
25
May
Holland Land
6
6
May
Sale
ofPrices.
Week.
50
50
200 50 June 51
Holly Oil
5
Jan
StocksPar Price. Low. High. Shares.
High.
Low.
3.00 3.20 2,050
1
3.20
2.50 May
Idaho Maryland
3.75 Jan
.20 .24 1,100
.10 Jan
.20
•
Italo Petroleum
.35 Feb
(A 5) Aloe Co corn
9 June
20
9
9 June
50
9
9
.91 1.10 2,412
.52 Jan
1.05
*
1.80 Feb
Preferred
•
American Invest B
434 June
4% 434
434 Apr
10
Brown Shoe pre
10 10
15 119% Jan 124
124 124
100
12% 12%
June Marine Bancorp
•
Jan
1434 May
7
Corno Mills corn
•
230
100 11% May 12% Apr Natl Auto Fibres A
11% 12
•
354 Jan
734
934 Feb
Columbia Brew corn
4% Apr Occidental Petroleum____1
344 334
5
3 May
35
.26
.38 4,900
.30
.26 June
.513 Feb
Falstaff Brew corn
754 Apr Pacific Eastern Corp
5
Jan
155
1
2% 2%
534 6
134 Jan
3
mar
430
1
Hamiltn-Brwn Shoe com 25
8
354 Jan
420
5
534
Feb Pineapple Holding
5
1,183
8% 8%
654 Jan 1044 Apr
20
International Shoe com_ •
49 4034 May 4934 Jan Radio Corp
4134 4236
18
634 Jan
734 7%
•
944 Feb
Key Boiler EquIpt com •
8
534 Jan
60
7% 7%
280 15% Jan 2034 Apr
1854 20
May Shasta Water corn
•
Laclede-Chr Cly Prod corns
7
4
Jan
200
172 15% Jan 22% Feb
15% 16%
Mar So Calif Edison
25 1634
534 5%
Laclede Steel corn
17% 17%
19
20
16
Apr
50 1334 Jan
16
245 15% Jan 19% Feb
25
534% preferred
McQuay-Norris corn
*
Jan 47
Feb
45 40
1,205 1744 Jan 2234 Feb
4434 4434
1834 1944
6% preferred
25 19%
Moloney Electric A
Mar 13
•
8% 834
209 2
Feb
8
50
7
25 2234
2234 2234
034 Jan 2434 Mar
Mo Portld Cem corn_ _.25
6 June
50
6% 654
25 24 June 24
24
9
24
Feb So Calif Gas 6% pref_ _25 24
June
Nati Candy corn
20 1514 Jan 21
17
17
•
110
Feb Universal Cons 011
2.50 2.65
2.50
10
2.25 June
5% Jan
1s1 preferred
Feb 11434 June Virden Packing
26 107
100 11436 11436 11434
175 375
375 450
5% Jan
25 400
may
Rice-Stix Dry Gds corn •
9
Jan 12% Feb Watalua Agricul
90
9% 10
20 32
20 34% 34% 34%
Feb
Apr 40
1st preferred
15 90 June 100
100 100
100
16
June West Coast Life
6
634
6
1
Mar
May ' 8
4
,
3
Scullin Steel pref
5
1
Jan
4% Feb
3
3
•No par value.
Southwstn Bell Tel pref 100
May
3 116% Jan 121
12034 12014
Stix Baer & Fuller com_ •
58
8 June 13
Feb
8
836
Los Angeles Stock Exchange.
-Record of transactions
Wagner Electric corn ___15 10%
170 10 June 1234 Jan I
10
1014
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Par Prize. Low. High. Shares.
BondsCity & Suburb PS 5s_1934
22
22
52,000
Range Since Jan. 1.
22
June
25
Mar
at the Los Angeles Stock Exchange, June 9 to June 15,
both inclusive, compiled from official sales lists:
•No par value.
San Francisco Stock Exchange.
-Record of transactions at San Francisco stock Exchange,June 9 to June 15,
both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.
Anglo Cal Nat Bk of SF-20
Assoc Ins Fund Inc
10
Associated 011 Co
25
Bank of Canto la N A_100
Byron Jackson Co
•
Calamba Sugar com____20
7% preferred
20
Calaveras Cement corn*
Calif Cotton Mills com_100
California Packing Corp-•
Cal West Sts Life Ins cap 10
Caterpillar Tractor
•
Cst Cos G&E 6% 1st pf 100
•
Cons Chem Indus A
Crown Zellerbach v t c_ _ _•
Preferred A
•
Preferred B
•
DI Giorgio Fri pref
•
Eldorado Oil Works
Fireman's Fund Ins
25
First Nat Cp of Portland_•
Food 'Mach Corp com ____•
Galland Mere Laundry_ __•
Gen Paint Corp B Com- •
•
Golden State Co Ltd
•
Hale Bros Stores Inc
Hawaiian C & S Ltd__ _25
Home F & M Ins Co_ _ _ _10
Honolulu Oil Corp Ltd_ _ _•
Honolulu Plantation__ _50
4,
Hunt Bros A com
Jantzen Knitting Mills_ •
Leslie-Calif Salt Co
LA Gas & Elec Corp pf 100
Magnavox Co Ltd
•
Marchant Cal Mach corn 10
14% 1434
1434
54
34
6
6
634
148 148
734
734
20
2034
20% 20%
44
34
954 II%
3234
31% 33
12% 14
27
27
27%
75
74
75
26
26%
534 5%
55
55
55
54
55
5754
1836
34
29
1334
6
%
2034
14
57
18
1734
34
1%
634
9%
4214
29
13
25
534
634
223-4
92
%
1%
2034
1534
58
18
19
3434
154
634
9%
43
29
1354
25
6
636
2214
92%
%
1%
Range Since Jan. 1.
Low.
High.
1,430
8
Mar 1434 June
2% Apr
500
1
Jan
2
Jan
263
7% Apr
42 159
Feb 121
Jan
856
334 Jan
8
May
665 1914 June 2514 Mar
200 19
Feb 20
Mar
500
14 Jan
54 Feb
95
434 Jan 12% Feb
1 792 19 , Jan 33% APT
.
,
259 11% June 14
June
615 2344 Jan 333.4 Apr
111 58
Jan 75 June
440 2014 Jan 2744 Ain*
625
4% Jan
6% Apr
248 34
Apr
Jan 56
Apr
125 34
Jan 56
146
200
150
13
3,930
150
620
617
128
110
5
1,211
10
250
210
181
47
2,785
221
203-4 June
14 June
47
Mar
15
Jan
1034 Jan
323/4 Feb
1
Jan
4% Mar
93-4 June
40
May
25% Jan
1134 Jan
24
June
4% Jan
554 Jan
2234 June
7934 Jan
% Jan
114 Jan
22
May
2054 Jan
6134 Feb
June
18
20
Mar
3454 Feb
2
Feb
7% Feb
11% Feb
Jan
52
31
Feb
1534 Jan
25 June
83-6 Apr
Apr
8
26
May
9434 Apr
1
Feb
2% Jan
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week
Par price. Low. High. Shares.
10
Bolsa China 011A
Byron Jackson
•
California Packing Corp...•
Chrysler Corp
5
Claude Neon Elec Prods._•
Consolidated 011 Corp._ _•
Emsco Derrick & Eq Co..•
Farmers & Mer Nat Bk 1011
G'year T & R (Akron) corns
•
Hancock Oil corn A
Honolulu 011 Corp Ltd_ •
Los Ang Gas& Elea pref100
Los Angeles Invest Co_ _10
Lockheed Aircraft Corp_i
Pacific Flrutnce Corp com10
10
Preferred A
Pacific Indemnity Co_ -10
pantnn Gm & men nom..23
6% 1st preferred
25
Pacific Mutual Life Ins__10
Pacific Western Oil Corp.*
Republic Petroleum Ltd_10
344
3314
11
1154
6%
02%
214
9
834
San Joaq L&P 7% pr pf 100
6% pr preferred
100
Sec First Nat Ilk of L A_25
•
Signal Oil & Gas A
So Calif Edison Ltd com_25
Original pref
25 34
25
7% preferred A
25 1934
6% Preferred 13
preferred C._25
So Calif Gas series A prof 25
So Counties Gas 6% Pf 100
Southern Pacific Co__100 2554
standard 011 of Calif
•
Superior Oil corn
25
Taylor Milling Corp
•
Transamerica Corp
•
634
Union Bank & Trust Co100
Union 011 of Calif
25 16%
WeberShowcase & F let Pf
•
• No par value.
3% 334
7% 714
3334 3336
4344 4336
1034 1134
11
1134
7
7
315 315
31
31
6
6%
14
14
91 34 93
334
315
234
254
93.4
9
9% 954
8% 8%
17% 1734
2234 2254
22
223-4
7% 754
334 4
8734
76
3154
314
16
34
2234
19
1714
23%
89
24%
3534
18
10
634
82
18%
4
87%
78
3114
334
1634
34
2234
1934
1714
2334
89
2534
37
18
1034
6%
82
1734
4
Range Since Jan. 1.
Low.
High.
200
234
200
4
100 1914
200 3
734
1,100
7%
200
954
100
3
6 300
100 26%
200
6
100 14
136 79
2%
400
2,100
1%
50
0
734
100
9
100
714
100 16
200 1934
100 2154
200
6%
8,100
3%
434
May
7%
Jan
Jan 3345
May go
Jan
1234
May
1454
814
Jan
Jan 325
June 4134
8%
June
June 14
95
Jan
Jan
334
354
Jan
Jan
103/4
Mar
034
9%
Jan
Jan 233-4
22%
Jan
Jan 2836
8%
Jan
June
534
15
1
750
100
1,500
16
100
500
300
200
5
1,300
500
200
300
6,900
10
1,200
120
80
mar
30
2
1534
3134
2044
1736
1554
2234
75
1854
3036
18
9
554
75
15
4
Mar 3634 Jan
4% Apr
Jan
Feb
Jan 22
Jan 373,1 Feb
Feb 2514 Jan
Feb 22
Jan
Feb 1954 Jan
Mar 2334 June
Jan 39
Feb
Jan 3334 Feb
May 4234 Jan
JUDO
June 20
Feb 1214 Apr
8% Feb
May
Jan
Feb 100
Feb
May 20
Feb434 May
gg
Jan
May
JUDE)
Feb
Feb
Feb
Apr
Apr
Feb
Feb
June
Feb
Apr
Mar
May
Jan
Feb
Feb
Feb
Feb
Apr
Jan
Apr
Volume
Financial Chronicle
138
New York Produce Exchange Securities Market.Following is the record of transactions at the New York
Produce Exchange Securities Market, June 9 to June 15,
both inclusive, compiled from sales lists:
Stocks-
Friday
Sates
Last Week's Range for
Week.
ofPrices.
Sale
Par Price, Low. High. Shares.
Abitibi Power
•
Admiralty Alaska
1
Aetna Brew
1
%
Allegheny Corp pr w 1
. 29
Allied Brew
2
1
Altar Cons Mine
1
1.50
American Republics_
10
494
Angostura Wuppermann_l
434
Arizona Comstock
1
Austin Silver
1
1%
I6c
%
27%
2
1.25
4%
4%
400
134
Ilancamerica-Blair
1
334
Beneficial Ind pref A
lietz & Son
1
434
JIG Sandwich Shops
•
Brewers & Distil v t c_•
134
Brewing Corp of Canada..
Bulolo Gold (I)D)
20 •
Cache La I oudre
20
Carnegie Metals
1
Clinton Distilleries
5
Color Pictures
•
6%
Columbia Broad A
5
Como Mines
1 60c
Cornucopia Gold
it
Croft Brew
1
2%
3
44
4
1%
13-4
9%
323-4
16%
1%
6
5
24%
60c
4I0
2%
Dehly Stores
1
Distilled Liquors
5
I:agle Bird Mine
1
Eldorado Gold
1
Llizabeth Brew
1
lads Radio
1
First Nat'l of Boston rts_ _ _
Flock Brew
2
I, uhrmann & Schmidt_ _ _ _1
2%
27
1.00
2.30
1
25o
30
.4
'
1
234
2855
1.00
2.30
194
500
3c
34
I%
134
400
134
Range Since Jan. 1.
Low.
High.
%
9c
34
2634
2
1.00
2
334
35e
1.50
Jan
Jan
June
Mar
May
Jan
Jan
Jan
June
June
2
36c
1
3534
434
2%
5%
7%
65e
1.50
Feb
Feb
Jan
Apr
Feb
Mar
Apr
Mar
Apr
June
334
1,000
44
10
4%
900
300
I%
1,800
1%
300
10
323-4
100
17%
600
I%
500
6%
200
655
600
24%
100
800 12,000
4,500
450
2% 6,000
2%
37
3
34
134
8%
23%
15
1.15
6
336
24
43c
41e
I%
Jan
Jan
Jan
Feb
May
May
Jan
May
Jan
June
Nlar
Slay
Slay
June
Jan
3%
44
5
3
2%
11
35
19%
3%
634
6%
28
900
51c
3
Man'
Apr
Apr
Nlay
Jan
Apr
Apr
Jan
Mar
May
June
June
Feb
June
Apr
100
500
500
200
2,500
2,800
1,000
600
3.900
2%
13%
900
2.30
%
250
2c
3,1
%
June
5
Jan 459-4
2%
Ma
June
4.00
Jan
134
June
134
June 33o
1%
Jun
Feb1%
Apr
Apr
Mar
Mar
Apr
Feb
May
Apr
Apr
1%
18c
94
29
2
1.75
434
4%
40c
134
100
1,500
300
150
100
2,300
900
1.200
500
1,200
4111
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Par Price. Low. High. shares
Golden Cycle
Hamilton Mfg A
Hendrick Ranch
'Lowey Gold
Huron Holding
Kildun Mining
Kinner Air
Kuebler Brew
Lockheed Air
10
10
•
1
1
1
1
1
1
Macassa Mines N
1
National Surety
10
*
Newton Steel
Northampton Brew pref _ _2
1
Oldetyme Distil
1
O'Sullivan Rubber
10
Paramount Publlx
Penn York Oil & Gas A_ _1
Petroleum Conversion_ _ _1
Petroluem Derivatives.._•
Polymet NIfg
1
Railways Corp
Rayon Industries A
Read-Authier Mine
Richfield Oil
Rustless Iron
San Antonio Gold
Simon Brew
Sylvestre Util A
1
1
1
1
•
1
1
*
Texas Gulf Producing__ _ •
10
Tobacco Prod (Del)
United Cigar
1
1
Utah Metals
*
Van Sweringen
West Public Service
•
5
Willys-Overland
c_d
5
30c
2%
234
2
434
13-4
2
934
294
134
434
24e
4%
20c
Bonds
American La Franee534s'36
Range Since Jan. 1.
Low.
High.
26% 28
3
4
%
%
1.35 1.35
300 30c
255 2%
%
14
134
1%
2% 234
300
150
100
500
200
900
200
400
100
1834
3
34
1.06
30c
2%
)i,
1%
215
Jan
June
Jan
Feb
Mar
June
Jan
June
June
28
8%
2%
1.39
14
4%
1
234
234
June
Feb
Feb
Mar
Feb
Mar
Feb
Feb
May
2.75 Z.75
%
%
4% 5
2
2
3% 3%
7% 734
434
5
1% 134
34
%
134 2
h.
100
400
1,000
600
300
500
7.300
600
200
1,000
100
1.95
34
334
2
3
655
134
I%
34
I
25c
Jan
Jan
May
June
Apr
June
Jan
May
Mar
May
May
2.75
2%
854
2
1934
734
5%
134
1%
5
1
June
Apr
Feb
June
Jan
June
Feb
June
Jan
Mar
Jan
1% 2
8% 9%
1.20 1.20
27c 30e
23.4 214
5.15 5.15
1%
13-4
% 1
1,300
6,300
100
1,100
800
200
2,400
200
134
634
1.20
25c
1%
2.90
55
h
June
Jan
June
May
Slat
Star
Jan
June
4
655
1.20
%
214
5.15
134
1
Jan
June
June
Feb
Apr
June
Apr
June
434.
30
220
334
21c
43.4
20e
16c
3,600
4%
120
31
300 27,200
2,200
434
21c
100
100
43.4
1,500
25e
600
200
4
63-4
lie
1.13
14c
4%
180
15e
Jan
Feb
May
Jan
Jan
June
Feb
May
7
32%
29c
33.4
50c
4%
%
%
Jan
Apr
May
Feb
Feb
June
Feb
Feb
40
40
g,
52,000
38% Stay
43
Apr
* No par value.
For Other Stock Exchanges See Page 4118.
New York Curb Exchange-Weekly and Yearly Record
NOTICE.
-Cash and deferred delivery salon are disregarded In the week's range, unless they are the only transactIont of the week, and wizen selling outside:of the
regular weekly range are shown in a footnote in the week In which they occur. No account is taken of such sales in computing the range for the year.
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 9 1934) and ending the present Friday, 15(June 1934). 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:
Friday
Sales
I ast Week's Range for
Week.
Sale
of Prices.
Par Price. Low. High. Shares.
Week Ended June 15.
Stocks-
Range Since Jan. 1.
Low.
High.
Friday
Sales
last Week's Range for
Week.
Sale
ofPrices.
Stocks (Continued) Par Price. Low, High. Shares.
Range Since Jan. 1.
Low.
High.
Indus. & Miscellaneous.
Chicago Nipple Mfg cl A 50
14 Feb
34 June
400
34
35
%
Acme Wire v t c
1434
4% Feb 17% Apr
800
13
25
73-4 June 11% Feb Chic Rivet dc 5.1ach
• 13%
200
734
7%
Adams Millis prof
Jan 100
100
Apr Childs Co pref
50 73
26% 27
50 14% Jan 42% Feb
100
95
95
A ero Supply Mfg cl 13....•
4
Jan Cities Service corn
1% May
134 Jan
235
200
•
2%
234 234
434 Feb
234 2% 26,900
Air Investors corn
3
151 May
Jan
500
3,000 11% Jan 26% Feb
Preferred
24
•
• 25
151
134
253-4
Alabama Gt Southern_ _50
Preferred B
Jan 63% Apr
1
Jan
100
2% 254
50 40
234 Feb
51
51
Allied Internatl Investing
Preferred BB
9
Jan 23% May
40
•
23
22
6 .i
9
855 Jan
9%
1,000
53 cony pref
934 Jan Claude Neon Lights Inc_ _1
•
114 Feb
"te
% Jan
100
iiie
8
Allied Mills Inc
800
9% Jan Cleveland Tractor
200
•
•
334 June
8
334 334
694 Feb
734 May
83-4
Aluminum Co common_ _ _• 68% 67% 72
750 6214 May 8534 Jan Columbia Pictures com •
100 2454 Feb 32% Slay
32
32
8% preference
700 65% Jan 78
Jan Compo Shoe Machinery
100 6934 69
71
Aluminum Ltd1134
Feb
Jan
stock trust ctfs
500
11
14
1
8
Star 36
100 22
Common
26
Apr Consolidated Aircraft newl
26
1214 Mar
•
751 Jan
2,000
8% 10
974
100 37
Mar 60
100
Apr Consol Retail Stores
I%
52
100 52
52
5
234 Feb
6% Preferred
19-4
134 Jan
100
134 Jan
Amer Beverage corn
2
2
1
33-4 Feb Cooper Bessemer Corp_ .._•
3
3%
May
100
3% 3%
634 Jan
30 48
Jan 56
American 1100k Co_ _ _ _100 53
Apr Cartoon & Reynolds
53
5535
Amer 13rit & Cont Corp..•
% Jan
400
I
14
%
NIar
1.1
56 preferred A
•
500 10% Jan 2651 Feb
18
20
Anxer CapitalCord Corp
5
451
7,50
434 554
454 Jun
85-t Jan
*
%
%
%
200
34 Mar
Corn class B
34 Jan CourtauMs Ltd
Amer Cyanamid el B n-v _• 1836
1714 18% 16,200 1534 Jan 22% Apr
Amer deposit receipts..
.
200 1034 Jan14% Apr
12
1234
Amer Equities com
30
1
1
Jan
2% Feb Crane Co oom
Jan
Jan
11
s
50
9% 951
8
114 1%
lit
%
Amer Founders Corp____1
2,00
•,.
35 June
400
4% 5%
854 Feb
4
5
May
134 Feb Crocker Wheeler Elec._ __•
220 11
50
Jan 21
7% pref ser 11
Apr
Crown Cork Internatl A- •
1414 15
200
834 Mar
651 Jan
674 7
6% 1st pref ser D...10
30
9% Jan
1434 1534
2234 Apr
Amer Hard Rubber com_50
100
9
10
10
894 Stay
Feb Davenport Iios Mills _ _ _ ..•
Feb20% May
800 12
2051
1934 z19
Amer Investors Inc-Dellavilland Aircraft Co
, -%
•t /
%
Option warrants
700
34 June
I
Mar
Feb
Am dep rcts ord reg1536 June
100 10
1514 15%
Amer Laundry Mach_..20 14
950 1074 Jan
13
14
18
% Jan
Jan Detroit Aircraft Corp_ _ _ _•
% Jan
700
Si
%
54
Amer Nita Co corn
25 10
_100
10
Jan
10
16
Feb Distillers Co Ltd
.
TA
0
American Meter Co
425
7
03-4
June 1734 Jan
Jan 2434 Apr
Amer deposit refs
2214 2,600 20
2234
2234
American Thread pref._ _5
4
4
500
4
334 Jan
Apr DLstillers Corp Seagrams_• 16% 16% 1751 6,300 14% May 26% Jan
Anchor l'ost Fence
•
134 Jan
200
1% 1%
400
23-4 Mar Doehler Die Casting
•
334 Jan II% Apr
854
8
Arcturus Itadlo Tube_ _1
%
%
100
7u Jan
1
Feb Dow Chemical
June
400 694 Mar 93
93
90
• 93
5
5%
Armour & Co new
53.4 6% 4,400
Apr
534 June
6% May Driver-II arrLs corn
100 12% Jan 23
17
10
17
Prior preferred
• 599.4 5934 6094 2,000 59
May 60% May Dublier Condenser com__.
Feb
1
h Jan
100
55
%
Armstrong Cork corn....*
19
500 149-4 Jan 2
19
1934
4
Jan
634 Feb Duval Texas Sulphur.___'
1034 May
200
9
9
Art Metal Works corn_ _5
200
134 Jan
3
3
415 Apr
Atlantic Coast Fisheries_ _•
6
1,400
474 6
2
Jan
400
634 Apr Easy Washing Mach"B" •
814 Jan
5
4% May
5
Atlas Corp common
9,000 1034 June 1534 Feb EBler Electric corn
11
• 1134
1136
•
%
14
500
% Jan
154 Feb
34
$3 preference A
100 39
4334 4394
•
Jan
49
Apr Elea Power Assoc com_ _ _ 1
Jan
854 Feb
4
1,300
5% 634
Warrants
4
434 2.800
334 May
334
651 Feb
Class A
1
200
5% 554
334 Jan
8
Feb
Automatio-Voting Mach_•
y
754
7
2,000
251 Jan
834 Apr Electric Shareholding
Axton-Fisher Tob A _ _ _ _10
100 59
59
June 6934 Feb
5954
Common
Jan
1,400
43-4 Feb
2
2% 2%
2%
1
$6 cony pref w w
Feb
Jan 52
225 36
48
• 48
4834
Baldwin Loco W"ks warr •
200
555 May
7% 754
11
Feb Emerson's Bromo Selzer
Bliss(E W)Co common_ •
100
7
7
23.4 Jan
1034 Mar
June
Class A
100 1934 Apr 21
2%
21
21
Blue Ridge Corp corn_ _ _ 1
.
1,00
194 2
19-4 Jan
33-4 Feb
19% Jan
Class 11 coin
•
Jun
350 17
1834 183.4
•
23 opt cony pret
900 3114 Jan 3951 Apr Equity Corp com
3734 38
2% Feb
10
1%
134
134 Jan
174 2,800
Bower Roller Bearing__ 15
1234 13
300 12
1234
May
1734 Mar Ex-cell-0 Air & Tool
851 Feb
454 May
3
7.34
5% 734 6,800
Bowman-Itiltmore Ilotels
100
40
4
4
7% 1st pref
2
Mar
4
Apr
Fairchild Aviation
June
9
1
534 Jan
8%
4,400
83.4 9
Machine
•
2%
Bridgeport
23-4 2%
600
A Jan
334 Apr Falstaff Brewing
1
1,200
89-4 Apr
451 Jan
531 634
•
134
134
Brill Corp class A
100
154 June
334 Feb Fansteel Products
•
2 June
100
434 Feb
234
234
•
1
1
1
Class It
200
1
Apr
2% Feb Ferro Enamel
• 1134
1434 Mar
79-4 Jan
.500
1134 12
634 6%
Brillo Manufacturing._ *
200
5% Jan
75-4 Feb Fiat am dep rcts
•
100 1834 June 2034 Apr
19% 1934
British Celanese Ltd- i
F1dello Brewery
1
1%
234 Jan
2,800
134 Jan
1%
1%
American deposit rcts_ _
100
3
3
3 June
414 Mar Fire As.soc of Phila_ _ _ _10 4934 4934 4934
Feb 4934 June
100 41
12
14
100
1,275
Brown Co6% pref
5
Jan
1654 Apr First National Stores11%
1,100 1094 May 2134 Mar
1131 12%
wn Forman Distillery_ I
Bro
May
7% 1s1 preferred
May 117
112 112
_100
10 111
•
134
134
100
134
Burco Inc corn
134 June
334 Feb Flak Rubber Corp
I
12
12
854 Jan 2034 Mar
1334 3,100
BUMP CorporationMar
$6 preferred
Jan 81
300 65
100
753-4 s753-4
351
•
-posit rcts
334
334
Amer dc
300
33-4 Jan
334 Feb Flintokote Co cl A
1234 Apr
• 1134
434 Jan
2,300
11
11%
9% 1034 2,100
10
4
Jan
Butler Brothers
1234 Apr Ford Motor Co Ltd
Am dep refs ord reg...51
9% May
551 May
8
8
834 3,700
Si
%
400
sis May
Cable Radio Tube v t c_ ..•
3.4
.4 Jan Ford Motor of Can cl A _ _• 21% 2114 22
Jan 2434 Feb
5,400 15
1134 1151
100 1051 May 20% Jan
Canadian Indus Alcohol A• 1134
Class B
June
Jan 40
475 20
• 383-4 38
3931
751 8% 2,500
8
•
Carrier Corporation
534 May
9
Mar Ford Motor of France655
63.1 6% 4,800
354 Mar
Catalin Corp of Amer_ _ _1
6% June
Amer dep rcts
451 Apr
400
3% June
334
33-4
Corp of AmerCelanese
Foremost Dairy Prod pr _ _•
100
134 Feb
134
15 Mar
134
134
87
25 82
87
May 10431 Feb Foundation Co (torn shs)•
7% let panto pret _100
855 Mar
634 Feb
200
73-4
734
•
300
454 4%
434 Jan
Centrifugal Pipe Corp_
735 Jan General Alloys Co
334 Mar
2
Jan
600
•
234 2%
15
•
153i
400
031 Mar 20
Apr General Aviation Corp _ _ 1
Claris Corporation
434 44
.
914 Feb
June
1,900
4
Financial Chronicle
4112
Stocks (coutnued)
Friday
Sates
last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High. Shares.
Gen Electric Co Ltd
Am dep rcts ord reg_ _£1
Gen Fireproofing com_
•
Gen Investment corn.
..b
$8 cony pref Masa B____*
Warrants
Gen Rayon Co A stock_ *
General Tire dc Rubber__25
Glen Alden Coal
•
Godchaux Sugars B
Gold Seal Electrical
1
Gorham Inc
$3 pref with warrants___
Gorham Mfg Co
Common v t C
•
Agreement ext
Grand Rapids Varnish_ •
Gray Teiep Pay Station_ *
Great Atl & Pao TeaNon-vol com stook- •
7% 1st preferred_ __100
Great Northern Paper 25
5
Greyhound Corp
Grocery Stores Prod v t o 25
751
17%
716
17% 1714
20
1,000
100
1,600
2,300
100
200
100
2,900
300
1,500
50
10% 10%
6% 614
Isle 132
16
20
732
1%
712
%
77
79%
1634 1734
8% 8%
%
14
14
14
14
5%
14% 15
100
100
100
100
Range Since Jan. 1.
Low.
High.
10%
5%
ha
6
L e
1
64%
10%
4%
44
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Apr
'53 Feb
3% Jan
Apr
99
20
Feb
10% Mar
% Feb
15
Feb
17% Apr
11%
816
3
22
19
1856
7%
19%
Mar
Apr
Jan
Feb
Jan 150
Jan 131
Mar 24
Jan 1934
34
Jan
Feb
June
May
May
Feb
Mar
Apr
June
Feb
Apr
Feb
Feb
May
June
may
Jan
12%
13
434
13
60 122
20 121
50 19%
5%
4,700
14
100
126
128%
23
1734
.56
138
12845
23
1814
34
1%
32%
80
1%
19%
5%
22
1%
34
80
1%
20%
5%
22
700
600
50
100
300
100
50
'he
19
44
• 1%
16%
5
19%
Feb
Jan
Mar
June
Jan
May
Mar
4
37
80
3
2114
8
24
9
1%
47%
4%
34
29%
6
7
1134
11%
73
11%
834
28
93
6
3%
34
914
1%
48%
43(
34
31%
6%
731
11%
12
73
12
836
28%
95
6%
4
37
900
200
300
100
600
150
300
300
100
400
10
200
700
200
250
1,000
9,200
2,100
7%
34
38%
314
14
24%
436
534
10%
10%
65
8%
534
14
53
2%
2%
29
Feb
Jan
Jan
Jan
May
May
May
Mar
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Jan
May
10
Apr
3
Apr
5134 Apr
734 Feb
114 Feb
48
Feb
9% Jan
834 Feb
11% June
14% Apr
73 June
12 June
10% Feb
31% Apr
9936 Apr
734 Apr
4
June
41
Feb
200
Marion Steam Shovel__ _ _*
234
2% 246
Maryland Casualty
136
1
1% 1% 1,300
100
Massey-Harris corn
4% 4%
11,
9,100
Mavis Bottling class A__ _1
34
3% 4% 1,000
McCord Bad dc Mfg 13._•
McWilliams Dredging
50
20
20
*
400
60
Mead Johnson cons
59
•
Michigan Sugar Co
200
1% 1%
•
Midland Royalty Corp
100
9% 9%
$2 cony preferred
Midvale Co
25
•
19% 19%
Minn Honeywell Regulator
60
100
101% 102%
preferred
736 8% 9,800
Molybdenum Corp v t o_ _1
Montgomery Ward A____• 11744 112% 11714
340
Nati tsellas Hess cons_ ___1
316 3% 26,000
National Bond & Share_ _* 30
30
100
30
200
34% 3531
Nati Container com
1
Nat Dairy Products
100
100
99% 99%
7% pref class A
National Investors
Warrants
%
32 2,200
134
•
1% 1%
300
Nat Leather corn
3,100
Nat Rubber Mach
•
6% 7
NatServicecommon
1
54 4,300
%
34
100
2%
234
Cony Part preferred
Nat Steel Car Corp
•
1634 1634
300
•
Nat Steel Corp warr
2% 2%
600
37
Nat Suga r Refining
3514 37
2,000
15,
Nat Union Radio com_ _1
100
9
Natomas Co
•
831 916 1,050
Neptune Meter Co
•
434
Class A
100
New Mel & Ariz Land_1
134 1% 2,300
NY Shipbuilding
Founders Shares
1 16% 16% 17
300
Niagara Share Corp
z4834 z4834
100
Class A preferred_ _100
10% 1014
100
Niles Bement Pond corn •
Nitrate Corp of Chile
3,600
h
Otis for ord B shares__
34
100
•
134 1%
Noma Elea Corp
25
22
22
North Amer Match
47 21% 21% 22
1.000
Novadel Agana
2
134
436
34
13.4
16
45
1
Jan
Jan
Jan
June
Ja
Jan
Jan
May
3%
3
8
2%
4%
26%
63%
134
Hartman Tobacco Co---•
Hoyden Chemical
10
100
Holly Sugar pref
Horn(A C) Co corn
•
Horn & Hardart com
Hydro Elec Secur corn--•
Hygrade Sylvania
Imperial Chem Industries
£1
Amer dep rcts
Industrial Finance v t c_10
Insurance Co of No Am_10
Irving Air Chute
Jonas & Naumburg
Jones & Laughlin cons_ _100
Kingsbury Breweries_ _1
Kleinert Rubber
10
Kress (S H)spec pref__100
1
Kreuger Brewing
Lane Bryant 7% pref.
-.100
Le:court Realty Pref---•
•
Lehigh Coal & Nay
Lerner Stores common__ *
6% pref w w__ _ _ _.100
Libby MoNeP& Libby__10
Louisiana Land & Explor_•
6
Lynch Corp
18
1%
32%
534
7
11%
93
6
4
37
•
14
13
Ohio Brass Co cl B
9%
9% 10%
5
011atocks Ltd corn
3
Overseas Securities
3
2% 2%
Pacific Eastern Corp
I
38
38
Pan Amer Airways._ _ _10
Parke, Davis & Co
• z2334 z2334 2434
55
5914
Parker Rust
55
-Proof
2%
PennroadCorpvto
2% 3
1
Pepperell Mfg Co
79
80%
100
Pet Milk 7% wet
103 104
100 104
Philip Morris Inc
834
10
7% 8%
Phoenix Securities
Common
1
1% I%
Pitney-Bowes Postage
•
Meter
3%
3% 4
Pittsburgh & Lake Elie-50
7334 73%
Pittsburgh Plate Glass...25 49% 47% 4934
PrentIce-Hall Inn
Participating cony
32
• 32
32
1% 114
Proper McCallum HosierY•
Prudential Investors
636 6%
634
•
Quaker Oats corn
11214 115
150
1,000
100
200
200
2,400
350
5,800
90
30
4.600
Rainbow Luminous A
Raytheon Mfg Co
500
*
Reliable Stores corn
Reliance International A_•
Reliance Management_ *
10
Reybarn Co
1
Reynolds Investing
BIke Kumler corn
5
Roosevelt Fluid
5
Russeks Fifth Ave
Safety Car Heat& LIght100
10
St Regis Paper com
100
7% preferred
•
Schiff Co com
•
Schulte Real Estate
Seaboard Utilities Shares_l
Segal Lock dr Hardware•
Selected Industries!no
25
$5.50 prior stock
Common
1
Allotment certificates___
34
100
1,000
100
1,100
100
2,800
700
300
700
100
300
2,100
140
600
100
400
100
5934 59%
1%
5734 58%
200
600
950
34
72
34 %
1% 2%
434 414
236
1% 1%
2% 214
1
1
20
20
136 2
7% 734
75
72
3% 3%
34% 36%
32% 33
34
34
g
5914
34
900
1,600
10
1,675
644 Mar
18% May
87
5
88
2
29
25
80
Jan 100
Jan
June
Feb
Mar
May
3% Jan
1
Jan
11
9% Jan
49
Apr
Jan 102% June
Jan
93.4 Apr
Jan 117% June
Jan
4% Apr
May 36
Feb
Feb 40% Apr
June
31
1i is,IFJaa
Jan
eybn
14%
1%
29
36
8%
Feb
Feb
Feb
Jan
Feb
Jan
Apr
Jan
1%
2%
7%
Isla
3%
18%
9
37
134
10%
Mar
Feb
Jan
Feb
May
Apr
Feb
Jan
June
May
Apr
Mar
6
254 Apr
Jan
Mar
50
1544 Feb
Sales
Friday
Las! Week's Range for
ofPrices.
Week.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
Sentry Safety Control- •
300
X
34
Seton Leather Co
516 534
200
•
Shenandoah Corp com _ 1
136 1%
200
25
1714 17%
$3 cony pref
100
Sherwin-Williams corn.
6846 3,025
.25 6616 66
107 107
20
6% preferred AA - -100
174 17714
200
Singer Mfg Co
100
2434 25
Smith (A 0)Corp cam- •
650
Sonotone Corp
1
3
234 3
1,600
Spanish & Gen Corp Ltd
Amer deposit receipts... -----100
%
X
134 1%
1%
Standard Brewing Co
700
Standard Investing Corp
21
21
100
$5.50 cony pref
Starrett Corporation com _ I
3.1
200
5i
31
1% 2% 1,400
6% preferred
10
2
1% 2
Stein Cosmetics
•
2,200
8% 8%
Stetson(John B)corn..
50
3% 4
334
800
11
11%
Sullivan Machinery
•
200
3% 4%
Sun Investing com
200
Swift & Co
25 1734 1614 18% 21,100
Swift Internacional
15 3034 3036 31% 4,500
2
2
Taggart Corp corn
•
100
1
1% 2,500
Tastyeast Inc class
•
14% 22,500
Technicolor Inc com
• 14% 11
48
48
Tobacco & Allied Stocks_ •
100
1% I% 1,600
Tobacco Prod Exports.-•
26% 27%
Todd Shipyards
300
•
234, 236
Transcont'lAir Trans_ -1
200
Trans Luz Pict Screen
Common
1
1% 134
500
114 1% 1,000
TM-Continental warrants-_ -----754 7% 1,000
Tubize Chatillon Corp
1
714
1934
18
200
Class A
1
4
Tung-Sol Lamp Works_ _.•
800
514
5
United Aircraft & Transp
634
Warrants
700
700
United Carr Fastener- •
10% 11
1
1,500
United Dry Pocks tom_ -•
34
31
200
11% 12%
United Elastic
•
United Founders
1
34
54 9,000
54
United Molasses Co
434
700
446
Am dep rota ord ref_ _.EI
1% 134
100
United Profit Sharing- -*
100
United Wallpaper
334 3%
•
314
700
65% 67%
United Shoe Mach com_25
120
33% 34%
25
Preferred
400
United Btores t
34
•
2
200
231
U S Finishing com
•
U S Foil Co class B
1314 12% 14% 8,900
1
334 3% 1,000
United Wall Paper Fact. •
U S & Internat'l Securities
600
134 1%
Common
•
100
5144 51%
1st prat with warr
•
10
25
12
Universal Ins Co
8
3
3
100
Universal Pictures
•
234 244
300
Utility Equities Corp....'
44% 46
100
• 46
Priority stock
Utility & Industrial
1
1
300
Common
•
200
331 3%
Cony pref
Waco Aircraft Co
• 17%
Waitt az Bond class A - -•
•
Class B
Hiram Walker-Gooderham
& Worts Ltd corn... • 3744
Cumul preferred
• 16
Watson(John Warren). _•
Wayne Pump Co corn. •
Western Air Express_-__10
Western Auto SupplyCom CI A w w
Westoaco Chlorine Prod
100
7% preferred
West Va Coal dc Coke_
•
Western Cartridge
100
6% preferred
Western Tablet & :hat
Common v t c
•
Williams (R C)& Co----*
VU-low Cafeterias corn. _1
Woolworth(F W)Ltd
26
Amer deposit rcts
Youngstown Sheet & Tube
100 44
514% Preferred
Range Since Jan. 1.
Low.
36
34
18
19%
Jan
Jan
Mar
May
34
2%
23
23%
Feb
Feb
Apr
Apr
12
May
Feb
Apr
Jan
Jan
Jan
Jan
Feb
Feb
Jan
June
June
Feb
35
82%
53%
2%
76
92%
2%
Feb
Jan
Jan
May
May
Feb
Jan
16%
1034
314
3%
51
2544
73%
4)4
101
104
814
I
Jan
2
14, May
1%
3% Feb
61
Feb
39
Jan
25 2134
54
100
536
700
30 108
34
134
216
2%
lt1
4% Apr
81
Apr
5716 Apr
Jan 32
2%
May
Jan
8%
May 122
June
Jan
Feb
Jan
44
4%
4%
3%
2
3%
134
20
2%
10
83
544
51
40%
g
34
1
Feb
Feb
May
Mar
Feb
Apr
Apr
June
Feb
Apr
Apr
Feb
Apr
Apr
Feb
Feb
Jan
Mar
Jan
Feb
Jan
Jan
Jan
34
11%
44
5
50
2%
21%
17%
ha
Jan
jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
15 Jan
13 May
40% Jan
1% May
Jan
40
6114 Apr
3
Feb
62% Feb
Public Utilities
Ala Power $7 prat
$6 preferred
Am Cities Pow dr Lt
Cony class A
25
New class B
1
Amer & Foreign Pow ware.
Amer Gan & Elea corn__ -•
Preferred
Amer L & Tr corn
25
*
Am Superpower Corp corn•
1st preferred
Preferred
Assoc Gas & Elan
Clams A
•
$5 preferred
Warrants
Assoc Telep Utilties
•
Brazilian Tr Lt &
British Col Pow cl A_
•
Buff Nlag & East Pr pref 25
•
$5 151 preferred
Cables & Wireless LtaAm dep rats B ord shs £1
Cent Bud G&E vs is- •
Cent States Elea corn_
I
6% pref without warrI00
Cleve Elec Ilium com. •
Columbia Gas & Elea
Cony5% pref
100
Commonwealth Edison.100
Common & Southern Corp.
Warrants
Community P dr L $6 pref•
ConsolG E L&P Balt corn •
Cont'l G & E 7% pr pf 100
East Gas & Fuel Awe_ •
% prior preferred..100
100
6% preferred
East States Pow cons B...'
Elea Bond & Share com.....15
$5 cumul preferred___ _•
•
$6 preferred
Empire Gas & Fuel Co-100
6% preferred
European Electric Corp
Class A
10
Option warrants
Gen G & E $6 cony prof B•
Gen Pub Serv $8 prat
Hamilton Gas Co v t c---1
High.
14 Mar
Jan
5 May 10% Feb
Feb
116 Jan
Mar
17
Jan 23
47% Jan 7011 May
100
Jan 107% Feb
166
Mar 17714 June
Feb
22 May 43
414 Mar
214 May
34
X Mar
.54 Jan
34 Feb
2% Mar
1436
he
154
34
8
3%
83.4
3%
13%
2334
1%
34
734
45
%
19
2
Jan
Jan
Jan
Jan
June
June
Jan
June
Jan
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Feb
25
136
3%
2
10%
1014
1731
534
19
32%
2%
134
14%
49
134
28
4%
Mar
Feb
Apr
May
Jan
Mar
Apr
Feb
Feb
Apr
Apr
Apr
June
Apr
Apr
May
Jan
1%
1
6
17
3
May
May
May
June
Jan
316
2%
15
3034
7%
Jan
Feb
Jan
Jan
Mar
516
5%
34
11%
lha
June
Jan
June
June
Jan
1534
12
234
14
116
Jan
May
Feb
May
Feb
334
1%
2
5734
32%
14
2
554
2
Jan
Jan
Feb
Jan
Jan
Jan
June
Jan
Feb
834
4%
4%
68%
36
1%
5
14%
434
Apr
Feb
Apr
Apr
Apr
Feb
Feb
Apr
Apr
I%
48
516
3
134
36
Jan
June
Jan
Jan
Jan
Jan
2
6036
12
5%
4
53
Feb
Feb
June
Apr
Feb
Feb
54 Jan
1% Jan
2% Feb
534 Feb
16% 1734
6% 634
1% 1%
1,60
100
100
1034 Jan
4% Jan
1
Jan
19
Apr
71: Apr
1% Jan
3754 39%
16
16
34
%
54
34
8
8
1,700
100
300
100
100
30%
15%
54
54
7
57%
1714
34
1%
20
42
42
87
May
May
Jan
Jan
June
Jan
Jan
Feb
Feb
Jan
87
14
14
1344 1351
1
1
2514 26
100
19
Jan
4834 Apr
12
100
85
Apr
74 Jan
9834 June
544 Apr
5
97
98%
336 3%
63% Jan
88
100
10
100
934 Jan
11% Jan
74 Jan
14% Apr
Mar
20
2
Feb
5,000
may
22% Jan
26
41
May
5944 Feb
5
150
313,4 Jan
32% Jan
5816 Apr
Apr
52
30
30
100
2% 2%
800
5% 6
500
24% 26% 8,600
87% 88
950
13% 14% 2,500
246 2% 14,900
z63 z63
100
18% 17% 2016
900
25
Jan
1% Jan
May
18% Jan
72
Jan
1034 Jan
236 Jan
51% Jan
1316 Jan
34%
414
9%
33%
88
19%
4%
70
33
'Is Jan
154 Jan
'Is Jan
Jan
41% 44%
7
56% 5616
48
48
20% Mar
40% Jan
9% Jan
June 16 1934
534
2614
88
14
2%
54
9% 934
2734 28%
17
18
7134 72
400
100
1,300
600
8%
27%
15%
6814
ha
ha
10
10
1% 1%
4% 4%
29
29%
1,000
300
1,800
100
200
May
9
Apr
134 Jan
3
Jan
25
Jan
85% 92
5054 53
1,125
400
Feb
68
Jan 103
3416 Jan 6134 Feb
34
In
7% 832
63% 65%
49
49
6,100
225
1,800
25
Jan
414 Jan
83
Jan
37% Jan
34
1134
65%
57
Jan
Jan
Jan
Jan
Jan
Jan
Jan
10%
72
esg
214
2314
50%
60
Jan
2514 Feb
5i
3
34
3
Ill
in
3-4
18
72
114
91%
53
3-1
64
814 8% 1,000
z7154 z713.4
50
65
6654
375
1% 134
600
1634 15% 1634 48,400
43
43
1,000
44
51% 3,500
60% 49
85
23
4014
Apr
Feb
Feb
Feb
June
Feb
Feb
Apr
Feb
2,400
100
500
600
54
'31
9%
June
23
932 10
1%
1
14% 14%
4034 4014
3-4
Yi
25
300
1,200
100
3
200
66
46
1
10%
2814
31
log
7
25
111
Jun
Jun
Jan
Jan
May
May
Jan
Jan
Jan
Feb
631 Feb
34 Feb
34 Feb
14%
31
19%
7536
Feb
Mar
Feb
Jan
Jan
Feb
13
23.4 Feb
Feb
3034 Feb
1244
2%
19
57
54
Feb
Apr
June
Apr
Feb
Apt
API%
Feb
Feb
Feb
Feb
Feb
Feb
Mar
Apr
Feb 4
Sales
Friday
Last Week's Range for
Public Utilities
Week.
Sale
of Prices.
(Concluded)
Par Price. Low. High. Shares.
•
Illinois P & L $8 prer
Ind.polis P&L 636% p1.100
Internat Hydro-Elec-Pref $3.50 series
50
Internat'l Utility
Class B
1
Interstate Power $7 pref_•
Italian Superpower A _ _•
Warrants
Long Island Ltg•
Common
7% preferred
100
Prat class B
100
26
25
2556
High.
Low.
350
25
1031 Jan
Mar
59
30
72
Apr
Apr
14%
31%
Apr
Jan
% May
831 Jan
1% Jan
31 Jai
1% Feb
Mar
19
Feb
3
Feb
1
Jan
Jan
Jan
8% Feb
6951 Apr
60% Apr
200
40
2,300
200
4% 431
6231 65
54
5651
300
120
125
351
4531
36%
Marconi Wirel T of Cam.1
251
251
231
Memphis Nat Gas com _5
334 331
Middle West Util cony _ __•
'11
'16
$6 cony pref A
%
%
Miss River Pow prat__ 100
89
89
Mob & Bud Pow 1st prat _*
49
50
2d preferred
24% 24%
Montreal Lt lit & Pow.. • 37
37
3731
National S'& L $6 pref.. _ _• 57
59
57
N Y Telep 656% pref 100
119% 12031
Niagara Bud Pow
Common
15
551 5%
(534,
Class A opt warrant _ _
3-6
Clas B opt warr
151
131
Nor Amer Lt & Pr
$6 preferred
•
10
10
Nor States Pow corn A.100
1931 20
Ohio Power 6% pref.. _ _100
8731 87%
Pacific G & E6% 1st pref25
2131 2251
531% 1st prat
25
19
1931
Pacific Pub Serv•
1st preferred
631 7%
6%
Pa Cent IA & Pow prof
*
29
29
l'a Gas & Elec class A
•
1731 1755
Pa Water & Power
•
5354 54%
• 14%
Philadelphia Co corn
1331 1451
•
Phila Elec $5 pref
103% 10351
Power Corp of Can corn •
12% 1234
Puget Sound P &
$5 preferred
15% 16
• 15%
*
$6 preferred
8
9
834
Sly & Light Secur corn -*
834 9
831
4,900
100
1,300
200
60
250
200
2,100
350
75
2
3
%
eye
70
46
20
35
3535
11455
4,400
300
100
4%
31
136
Jan
Jan
Jan
5
400
10
600
200
3%
15%
80
1934
18%
Jan
Jan
Jan
Jan
Jan
2131 22%
33
22%
19%
17%
45
531
273'
4%
1%
2%
4251
'be
331
1533
36
3n
19%
131
951
Former Standard 011
Subsidiaries
Borne Scrymscr Co
25
Chesebrough Mfg
25
Eureka Pipe Line
100
humble Oil& Ref
•
Imperial 011 (Can) coup •
Registered
Indiana Pipe Line
10
*
Northern Pipe Line
AO
1)11100116% pref
100
South Penn Oil
25
Southern Pipe Line
10
Standard 011(Indiana)- _25
Standard 011(KY)
10
Standard 011(Nob)
25
Standard Oil (Ohio) corn 25
Other 011 Stocks
1
Amer Maracaibo Co
Arkansas Nat Gas
Common elltf1g A
•
British Am Oil Coupon_ •
Registered
Carib Syndicate
25e
•
Colon Oil Corp com
Columbia Oil & Gas vtc _ _•
Consol Royalty 011
10
Cosclen 011 corn
1
Preferred
100
CreolePetroleum
Crown Cent Petroleum_ _ _1
I ntrby Petroleum
5
Gulf Oil Corp of Penna....25
International Petroleum _•
Kirby Petroleum new
_1
Leonard 011 Develop___25
Lone Star Gas Corp
•
McColl Flontenac Oil_ _ •
Mich Gas & OH Corp
•
Middle States PetrolClassA vte
•
Class Byte
•
Mountain & Gulf 011 Co _ I
Mountain Producers_ __10
National Fuel Gas
•
New Bradford Oils
5
Nor European Oil corn_ I
Pantepee 011 of Venez _ _ _•
Producers Royalty
1
Pure Oil Co 6% pref...100
25
Richfield 011 pre(
•
Ryan Consol l'etrol
Salt Creek l'rod Assn_ _10
-5
Southland Royalty Co
Sunray Oil
Texon Oil & Land Co_ .._ _•
..5
Venezuelan Petroleum.
1
Woodley Petroleum
11%
131
436
431
2%
42
%
3
15
In
1
33
22%
1836
17%
45
4%
27
436
1%
2%
40
all
2%
14%
%
he
1931
1
831
2731
1631
1931
134
12%
1
7
66%
2931
34
5%
13%
2%
1,500
17
Jan
2
20
3,400
1,100
50
300
300
1.700
800
6,000
1,800
1,000
2,600
2,500
1,500
300
50
1,100
150
31%
20
173-3
1534
36
35%
21%
335
1%
134
17
114
234
834
Si
'le
19
31
8
631
1%
7%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
May
Jo
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Apr
Apr
Feb
20
13
11
2431 Apr
36
25
21%
1931
4931
10
28
631
2%
3%
4551
131
5%
24%
%
31,
2651
251
17%
Feb
Feb
Feb
Feb
Feb
Feb
Apr
Mar
Feb
Mar
Apr
Mar
Feb
Feb
Feb
Jan
Feb
Feb
Feb
11
Jan
Jan
6
116
May 126% Feb
Apr
Mar 36
31
3331 Jan 46% Apr
15% June
1234 Jan
Jan 15% Apr
13
631 Feb
4% Jan
4%
8334
1734
4
25
1434
1234
1834
Jan
Jan
Jan
Jan
Mar
Jan
May
May
7
88
2631
551
3234
1731
1674
2833
Feb
Feb
June
Feb
Jan
Feb
Feb
Feb
31
Jan
131
Feb
Jan
Jan
June
Feb
Jan
Jan
Mar
Jan
Feb
Jan
Jan
May
May
Jan
Mar
Jan
May
Feb
Mar
234
15%
1431
531
33,4
I%
2
334
9
13%
131
731
7634
29%
3
34
834
14
5
Feb
Mar
June
Mar
Feb
Feb
Jan
Jan
Mar
Apr
Feb
Jan
Jan
June
?slay
Mar
Feb
Apr
Apr
21
4
31
%
5%
80
1,10
10
2,100
134
31
11.
4
Jan
Jan
Mar
Jan
15% 16%
251 2%
34
31
1% 2
%
48% 51
1
131
1% 1%
631 7
554 5%
1%
131
6% 736
'A
34
3% 3%
2,200
5,700
1,400
8,400
3,100
400
2,900
600
1,200
600
1,200
1,700
1,000
100
14
131
re
,
31
51
4331
34
14
631
474
IIre
434
"II
331
Jan
Jail
Jar
Jan
Jar
Jan
Jan
Jan
Jan
Jan
Jan
May
Jan
Jan
1,025
3931 May
231
31
5%
131
Ire
60
1
Apr
Feb
June
Mar
Feb
1
1334
1434
231
134
31
151
1%
5
931
34
631
5634
1934
131
ere
551
12
3
3.3
231
16
3254
87%
23%
2051
3,000
;i
1%
1451
1434
33-1
231
1
1%
234
6
12%
1
7
65%
2831
2%
31
536
1331
331
4
951 Feb
31 Fel
234, Feb
800
135
100
1451
600
1431
431 7,900
800
234
1% 2,800
1,000
131
300
2%
300
6
13% 13,200
1,600
1
500
7
6934 7,200
29% 24,000
100
2%
5,50
31
5% 3,00
1.
13%
10
351
34
131
15,
Mining
42
45%
44
Bunker Hill&
liwana M'Kubwa Copper
131
131
5s
•
Amer Shares
1
36 I%
Chief Consol Mining
,31
131
Copper Mines...
Consol
152 156
25 152
Consol Mink Smelt_
4% 431
Copper Range Co
134
1
1%
1
Cresson Consol G M
131 1%
155
Cusi Mexican Mining.. 50c
Jan
Jan
Jan
100
5%
200
8655
2634 1,800
100
5
2734 18,700
1631 4,400
300
13%
850
2031
Fe
Feb
Feb
Feb
May
Jan
Feb
Feb
Feb
June
1
300
3.6
2,000
31
6,700
50 132
434
100
%
2,100
1
8,100
336 Apr
136 Apr
31 Jan
551 Apr
1834
236
316
234
%
63
4
331
731
6
2
11
134
531
Apr
June
May
Mar
Jan
Feb
Feb
Jan
Apr
Feb
Feb
Feb
Mar
Feb
6331 Feb
Jan
134
13.3
Jan
Jan
131
Feb 170
Feb
554
134
Jan
Jan
2
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par Price. Low. High. Shares
Evans Wallower Lead._ *
Falcon Lead Mines
Goldfield Consol Mlnes_10
Hollinger Consol G M.......5 17%
1331
Flud Bay Min & Smelt.....*
Internat Mining Corp___1
551
Warrants
Lake Shore Mines Ltd _ _ _1 53
131
Nlining Corp of Canada_ *
25
New Jersey Zinc
Newmont Mining Corp_10 52
NY & Honduras Rosario10 35
Nipissing Mines
5
13%
Pioneer Gold Mines Ltd_ _1
1%
Premier Gold M ining _ _
1)Ii
St Anthony Gold Mines_ _1
Shattuck Denn Mining__ 5
951
5
Silver King CoalitIon
3%
So Amer Gold & Plat new_l
716
Standard Silver Lead__ _ A
1
Teck-Hughes Mines
Tonopah Mining Nev_ _1
Un Verde Extension _50c
2%
5
Utah Apex Mining Co
3n3
1
Wenden Copper
931
Wright-Hargreaves Ltd..'
11,
Yukon Gold Co
5
7% May
Jan
June
May 29
Jan 17% June
5631 Apr
Jan
1434 Apr
Jan
May 103% June
1451 Mar
Jan
11%
551
551
120
360
175
50
751 7%
150
120% 121%
50
34
34
4434 45% 12,400
1431 15% 10,500
100
15
15
100
431 431
434
5%
8631
2534
5
2631
1534
1331
1931
4%
Jan
4
Jai
34
Jan
2%
Jan
Jan 89
Jan 64%
40
May
Jan 39%
Jan 69%
Jab 120%
231
2,100
25 26
633
100
200 45%
8
2,800
25 101%
9
50
34
44%
15%
2533
Mining
(Concluded)
800
19.31 20%
69
69
19%
Range Since Jan. 1.
%
31
931 11%
134 2
34
.
3
4
Shawinigan Wat & Pow_ •
Sou Calif Edison
5% part orig prat _ _ _25
7% pref series A
25
6% pref series B
25
534% preferred C_...25
Swiss Am Elea pref._ _ _100
Standard P & L corn
Tampa Electric corn
•
Union Gas of Can
United Corp warrants
United Gas Corp com_ _ _1
Pref non-voting
•
Option warrants
United Lt & Pow corn A_ _•
•
$6 cony 1st pref
U S Flee Pow with warr_ _1
Warrants
Utah l'ow & Lt $7 pref___•
UM Pow & Lt new com__1
7% preferred
100
4113
Financial Chronicle
Volume 138
Jan
Nlar
Feb
Mar
Apr
Feb
Feb
Bonds
Alabama Power Co1946
1st Sr ref 58
1951
1st & ref 5s
1956
let & ref 5s
1968
1st & ref bs
18t& ref 4316
1967
Aluminum Co s 1 deb 55'52
Aluminum Ltd deb 5s_1948
Am Commonwealth Pow
1953
531s
Amer & Continental 551943
Am El Pow Corp deb 68'57
Amer 0 & El deb bs__2028
Am Gas dr Pow deb 85_1939
1953
Secured deb 58
Am Pow & Lt deb 6s 2016
Amer Radiator 4315-1947
Am Roll Mill deb 5s 1948
Amer Seating cony 68_1938
Appalachian El Pr 58_1958
Appalachian Power 58_1941
2024
Deb Os
Arkansas Pr & Lt 5.6. _1956
Associated Elec 451s._1953
Associated Gas & El Co1938
CODV deb 5316
Cony deb 4515 C.....1948
1949
Cony deb 4346
1950
Cony deb bs
1968
Deb 58
1977
Cony deb 6318
1950
Assoc Rayon 5s
Assoc Telephone Ltd 5s '65
Assoc T & T deb 551s ASS
Assoc Telep Util 530_1944
Certificates of deposit_
68
1933
Certificates of deposit_
Atlas Plywood 534s....1943
Baldwin Loco Works
1938
68 with warm
1938
68 without warr
Bell Telep of Canada
1st NI 58 series A_ _ _1955
lst NI 5s series B___1957
let M 56ser C
1960
Bethlehem Steel 6s....1998
Binghamton L H & P 55'46
Birmingham Elea 43 1968
-is
Birmingham Gas 5s_ _ _1959
Boston Consol Gas 58-1947
Broad River Pow bs_ _1954
Buff Gen Elea Ss ....1939
Gen & ref 5s
1956
p
134
85
1534
1834
938% 90
32
32
2751 27
58
573,4
10434 104
8734
88
6034 60
97
97
los%
8731 87
7534 75
3931 3834
1%
87
1953
9331
3434
297-3
5931
10431
88
6034
9731
10634
8734
75%
4031
$
10,000
1,000
6,000
2,000
41,000
38,000
64,000
88%
81
82
7431
6851
10331
8933
8131
67%
10333
8974
1734
1851
1831
19
6331
5133
1531
1551
2134
125
95
19
1734
1634
17.%
17%
19
62
9434
5031
1534
1551
20
2131
7534
1974 16,000
18
12,000
18 130,000
1874 138,000
1833 106,000
14,000
20
6431 19,000
95
7,000
5334 40,000
33,000
17
11.000
17
4,000
22
2131 2,000
7534 1,000
63%
5731
Jan
Jan
Apr
A pb
3 31 Fe r
2
5
14% Apr
1% Mar
121"
3lSi
5%
%
831
1%
5
274
%
1031
31
2
Jan
Jan 9331
Mar 20
Jan 9331
Jan 34
Jan 3251
Jan 6734
Jan 105
Jan 92
Jan 70
Jan 9751
Jan 107
Jan 8714
Jan 7934
Jan 4231
13
10
10
1134
1134
1234
53
8036
44
934
10
1431
14
503-3
29,000 10594
12131 126
923-3 9534 133,000 74
32,000
47,00
15,00
10,000
20,000
49,000
5,000
5,000
6,00
3,000
1,000
34
" ' pr
'
i Tai
19% Apr
14% Apr
1431 Apr
651 Apr
54% }e b
231 A_.pr
p
Fanr
Aje y
Feb
Feb
Apr
Feb
Feb
Apr
eb
Apr
Mar
Apr
Apr
Jan 89
Jan 8533 May
Jan 8434 Apr
Feb
Jan 75
Jan 7034 Apr
Jan 104
May
Feb
Jan 91
66
59
60
65
51
9511
72
1,000
1
3,000 79
98,000
934
148,000 73
169.000 1651
83,000 14%
139,000 4134
26,000 9774
12,000 7033
7,000 4731
129,000 76
7,000 102
3,000 59
62.000 57
04,000 2534
10834 109
1093-3 1093,4 109%
10931 10951 11051
119 120
9931 9731 9934
66
653-4 65
5534 5531 5831
10733 107%
53
52% 51
109 10953
108 108
Canada Northern Pr 58'54
Canadian Nat Ry 78._1935 10411
Canadian Pae Ry 68_1942 11334
Capital AdmInis Ss .1953
Carolina Pr & Lt 58...1955 75
Cedar Rapids M & P5*'53 111
Cent Ariz Lt & l'ow 52 1960 8634
Cent German PowerPartic ctfs 6s
1934
Cent III Light Ss.. ...194'J
Central III Pub Service
1956 6834
58 series E
1st & ref 431s ser F_1967 61
5s series G
1968 68.31
451 series II
1981
Cent Maine Pow 5* 1) 1955 101
43ts series E
1957 947%
Cent Ohio Lt & l'ow 5s1950
Cent Power 58 ser D...1957 5331
Cent Pow & Lt 1st 58_1956 55
Cent States Elec 58... _1948 3931
5345 with warrants _1954 42
Cent States P & L 5315_'54 47
Chic Dist Elea Gen 4318'70 8834
Deb 5338...._Oct 1 1935 96
Chic Jct Rys & Union
Stockyards 5s
1940
Chic Pneu Tool 5 As _ _1942
Chic Rye 58 etre'
1927
Cincinnati Street RY
5518 series A
1952 72%
65 series B
1955
Cities Service 55
1966 4811
Cony deb 5s
1950 4936
Cities Service Gas 5516 '42 68
Cities Service Gas Pipe
Line 66
1943
Cities Serv P & L 53351952 453/
1949 4553
534s
Cleve flee III 18t 58_1939 107%
5s series A
1954
5s series B
1961
Commerzund Privat
Bank 55111
1937 49
Commonwealth Edison
1st NI 55 series A.. 1953
1st M Ss series B___1954 10731
lot 451s series C__ _1956
4318 series D
1957 102
4338 series E
1960 10234
1st Si 48 series F_ _1981 9231
5318 series G
1962
Com'wealth Subsld 531848 8531
Community Pr & Lt bs 1957 5331
Connecticut Light & Power
1951
is series A
1962 10934
5s series D
High.
Low.
51 Jan
400
6,500
34 Jan
36 Jan
3,300
3,800 11% Jan
831 Jan
15,200
700 10% Uan
331 Jan
600
6,300 4131 Jan
134 Jan
100
1,200 47% May
Mar
2,600 45
Feb
250 28
Slay
2
2,200
8,100 10% Jan
Jan
1
2,800
lie Jan
8,000
1% May
200
Slay
8
400
351 Jan
4,700
51 Jan
15,200
531 Jan
10,400
Jan
100
336 Jan
5,300
% Jo
1,800
2,500
34 Jan
6% Jan
8,900
51 Jan
200
ie
3-6
'16
W.
17% 1831
1331 1451
1351 14
531
531
52% 53%
1%
1%
52
50
5053 52%
35
34
231 2%
13% 14
1%
131
el
, 11,
2
2
9%, 931
351 334
'1
34
6.3.1
7
Pos Pls
4% 4%
231
2
Si
31
93,6 10
11
34
87
81
81
74
6631
103
88
Range Since Jan. 1.
10234
101%
10131
105
7634
51
4031
104
3631
10351
10351
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
2834
2331
243-3
2531
25
2951
7534
9534
,
60
22
23
2633
2651
783-6
Jan 137
Jan 97
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
109
110
11011
12231
993-3
7051
60
107%
58
10934
10851
Jan
May
Feb
June
Feb
Apr
Feb
NiaY
Apr
AK
June
June
June
Apr
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Mar
Mar
Mat
Feb
Feb
Feb
Feb
Apr
Feb
Apr
June
May
June
May
Apr
Mar
Apr
June
Mel'
June
May
97
9731
10431 10433
112 113%
8331 83%
74% 76%
11051 111
86% 89
May
Jan 98
21,000 81
Jan 10551 Apr
20,000 102
Apr
94,000 1024 Jan 117
Apr
11,000 7031 Jan 90
7611 June
78,000 5234 Jan
Feb 11134 June
20,000 103
22,000 7631 Jan 94% Apr
42
40
106% 107
18,000 40
11,000 100
6734 70
6031 63%
69
68
6234 6255
10053 101%
9434 95
74
72
53% 55
55
5631
3951 4031
40% 42
4551 4731
8633 8834
95% 96%
47,000
59,00
48,00
5,000
13,00
8,00
8,00
20,00
84,00
127,00
78,000
95.000
69,000
16,000
73
77
4934
49l/
68
81
45%
45
10731
109
109%
8231
46
4611
10731
10936
109%
48
95
5451
46
June
Jan 105
Jan 843-6 Apr
Jan 5451 Feb
20,000
19,000
20,000
392.00
43,000
50
5234
3031
3034
4634
Jan
Jan
Jan
Jan
Jan
53
10631 10734
10631 10731
101% 102%
101% 102
101% 102%
91% 9231
107% 108
85%
83
5134 54
118
109
6251 Jan 76% Apr
Feb
4731 Jan 68
Jan 7431 Apr
52
Apr
4731 Jan 68
8511 Jan 101% May
Apr
Jan 95
75
May
Jan 77
57
Jan 6131 Feb
41
Apr
41% Jan 62
2734 Jan 5251 Apr
Apr
Jan 51
28
3334 Jan 5334 Apr
Jan 88% June
62
Jan 9634 Apr
74
2,000
5,000
15,000
105 105
77
77
5211 53
7134
77
48%
4731,
64%
June 63% Mar
Apr
Jan 107
Apr
81
Apr
83
5231 Apr
5331 May
6831 Apr
12,000 5736 Jan 8231 June
142,000 2734 Jan 4931 Apr
75,000 2731 Jan 4931 Apr
Jan 1073-1 Apr
35,000 105
Mar
Jan 111
7,000 106
2,000 10531 Jan 11031 May
87,000
11,000
32,00
16,00)
22,000
20,00
212,000
15,00
61,000
84,00
118
10951
4651 Mar
6251 Feb
92
Jan 10754 June
92
Jan 10731 June
84% Jan 102% June
May
86
Jan 102
85
Jan 10231 June
72% Jan 9274 June
June
9451 Jan 108
56% Jan 87% May
3634 Jan 54% Apr
3,00 112
4,000 104
May
Ma 118
Jan 109% June
•
4114
Financial Chronicle
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Price. Low. High.
$
Bonds (Continued)Conn River Pow bs A 1952
Consol GEL & P 44s 1935
Stamped
Consol Gas (Balto City)gen mtge 445
1954
Consol Gas El Lt dr P(Balt+
411s series G
1969
4%s series II
1970
1st ter s f 4s
1981
Consol Gas Util Colet & coll 68 set A_1943
Cone deb 6345w w_1943
Consol Publishers 745 '36
Consumers Pow 44s_ _1958
181 & ref 55
1936
Cont'l Gas & El 5s_ __ _1958
Continental Oil 5 4s....1937
Cosgrove Meehan Coal6165
1945
Crane Co 58_ _Aug 1 1940
Crucible Steel 58
1940
Cuban Telephone 74s 1941
Cuban Tobacco Co 5s_1944
Cudahy Pack deb 6481937
s f 5.9
1946
Cumberld Co P& L 4168'56
Dallas Pow dr Lt 65 A_1949
1952
5s series C
Dayton Pow & Lt 6s__1941
Delaware El Pow
'59
Denver Gas & Elea 58_1949
54s_Derby Gas & Elea 55_ _1946
Del City Gas 68 ser A1947
Ss 1st series B
1950
Detroit Interns t Bridge
1952
6%s
1952
7s
78 ctfs of dep
1952
Dixie Gulf Gas 616s__1937
Duke Power 445
1967
East Utll Assoc 59
1935
Eastern ULU Investing5s ser A w w
1954
Edison Elec 111 (Boston)
2
-year 58
1934
5% notes
1935
Elea Power & Light 55_2030
El Paso Electric 5s _ _ _1950
El Paso Nat Gas
deb 6745
1938
Elmira Wat,Lt & RR be'56
Empire Dist El 58_ _ _1952
Empire Oil & Ref 5481942
Ercole Sitwell' Elea Mfg648 x-warr
1953
Erie Lighting 58
1967
EuropeanElecCorp 614s '65
Without warrants
European Mtge Inv 78 C'67
Fairbanks Morse 55,1942
Federal Sugar pref 68_1933
Federal Water Serv 548'54
Finland Residential Mtge
Banks 68
1961
Firestone Cot Mills 58.'48
Firestone Tire & Rub 55'42
First Bohemian Glass 7857
Fla Power Corp 548_1979
Florida Power & Lt be 1954
Gary El & Gas beset A 1934
Gatineau Power 1st 5s 1958
Deb gold 6s June 15 1941
Deb 6s series B
1941
General Bronze 6s_ _ _1940
General Motors Acceptance
5% serial notes
1936
Gen Pub Serv 5s
1953
Gen Pub Util 614e A_ 1951s
General Rayon 65 A_1948
Gen Refractories es_ __1938
with warrants
Without warrants
Gen Wat Wks & El 55_1943
Georgia Power ref 55_ _1967
Georgia Pow & Lt 58_ _1978
Gesture'6s a-warrants 1963
Gillette Safety Razor 55 '40
Glen Alden Coal 4s___1965
Glidden Co 516s
1935
Gobel (Adolf) 614s_ _ _1935
with warrants
Godchaux Sugar 745-1941
Grand (F W)Prop 60_1948
Certificates of deposit _ _ _
Grand Trunk Ry 6345 1936
Grand 'I run k West 95_1950
Great Northern Pow 5835
Great Western Pow 55 1946
Guardian Investors 5s _1948
Gulf 01101 Pa 55
1937
bs
1947
Gulf States Util 55_ _ _1956
Hackensack Water be_ 1977
.58
1938
Hall Printing 5Sis_ _ _1947
Ilamburg Elea 75
1935
Hamburg Flee und 5165 '38
Hood Rubber 545---1936
75
1936
Houston Gull'Gas 65_ _ 1943
61is with warrants_ 1943
Hous L & P 1st 44s E_1981
be series A
1953
1st & ref 4148 ser D_ 1978
Hudson Bay M & S 68_1935
Hydraulic Pow 5s_ _ _ _1951
1st & ref 58
1950
Hygrade Food 68 A__1949
1942
(38 series B
1947
Idaho Power 58
Illinois Central RR 416s'34
1934
4%s stamped
65 w 1
1937
Ill Northern Util Se_ _.1957
III Pow & L 181 69 ser A '63
1st & ref 516s ser B_1954
1956
1st & ref 58 ser C
St deb 5348.3681 1957
Indiana Electric Corp1947
6s series A
636s series B
1953
1951
bs series C
Indiana Hydro-Elec 5558
Indiana & Mich Elea Se '55
1957
Ss
Indiana Service 58_ _ _ _1950
19113
1st lien & ref 5s
Range Since Jan. 1.
Low.
High.
103% 10336 104
51,000 9174 Jan 104
Mar
1024 102% 1024 38,000 10116 Jan 103% Apr
103
102% 103
7,000 102% Feb 1034 Feb
1094 10936
3,000 102
Jan
111
May
108 10811 5,000 105
Jan 109
May
1074 10774 10,000 103% Jan 108
May
104% 104 104% 31,000 93
Jan 104% June
474
4516
9
77
10516
10516
52
103%
105%
105%
52%
10334
47%
916
77
106
10516
53
10316
7
7
964 97%
91%
91
754 80
44
44
45
103% 1034 104
1054 106
106
94
9334 94
7
97
91
36,000 33% Jan 52% Apr
9,000
6
Mar 13
Apr
3,000 63
Jan 77
June
64,000 94% Jan 106
June
38,000 102% Jan 105% June
193,000 3616 Jan 57
Apt
13,000 10134 Feb 104% API'
Jan
9
Jan 99
Jan 96
Jan 80
Jan 50
Jan 104%
Jan 1064
Jan 94
Mar
Apr
Apr
June
Jan
May
Apr
Apr
109% 1094 110
4,000 1044 Jan 110
106 1064 2,000 99
Jan 1064
1074 1074 107% 18,000 1024 Jan 108
21,000 65
854 87
87
Jan 89
105 105
4,000 924 Jan 105
81% 814 82
8,000 5716 Jan 85
99% 994 5,000 844 Jai 101
894 87% 8916 68,000 73
Jan 914
Alm
June
May
May
Apr
Apr
MaY
May
1,000
416
31,000 85
12,000 7316
15,000 64%
2,000 40
57,000 98
11,000 103%
8,000 74
4
44 5,000
1
1
1,000
1
1
2,000
100
100 100
42,000
103% 102% 104
40,000
101
101 101% 6,000
194 19% 16,000
3% Jan
7
34 Jan
2
2
% Jan
79
Jan 100
Jan 104
85
94
Jan 110%
Feb
Jan
Jan
June
June
May
Jan
mar
10%
25
100% 1004 1,000 100% June 1014 Feb
10216 10234 102% 139.000 10034 Jan 103% Mar
43% 41% 433-4 303,000 2514 Jan 5116 Apr
22,000 64
8216 85
Jan 864 MaY
52
8016
68%
6416
54
12,000
83
5.000
6914 16,000
66% 54,000
35
62
4674
464
Jan
Jan
Jan
Jan
60
85
70
72
May
Ape
MaY
Apr
774
7514 774 10,00
100% 1001/ 1,000
72%
86
Jan 88
Jan 102
Apr
June
9016
46
9016 9214 9,000
46
48
34,000
80
29
Jan 1004 Apr
Jan 54
June
85
316
394
85
85
2,000
3% 3% 6,00
3916 4034 76.000
63
Jan
231 May
1836 Jan
83
6974
6531
824 8234 83
41,000
102
10116 10234 6,700
102% 101% 102% 53.000
67
67
10,000
714, 7134 7216 48,000
65
634 65 148,000
54
54
30,000
58
944 9334 9414 113,000
9174 914 913" 8,000
89% 894 903/ 22,000
764 77% 4,000
10434 10414
8134 814
464 4516 47
544 544 544
954
135
92
136
3,000
9534 65,000
56
584 14,000
77
80 121,000
57
60
19,000
3931 41% 19,000
101% 10216 21,000
7074 74 163.000
7316
1014 101 101% 111,000
_ _105%
86
100%
108
42
10534
10616
90
79
80
82
68
1014
105
112
106%
614
10336
9474
91%
10116
7414
7034
674
60
7134
74
66
60
95
44
14
79% 80% 12,000
105 105
1,000
36
35
10.534 105%
8334 8616
100 100%
106 108
41
42
105% 10534
10534 1064
88% 9016
Jan 8914 Apr
Jan 10234 June
Jan 1023.1 June
Jan 7034 Mar
Jan 80
Apr
Jan 71
Ate*
Jar, 6714 Apr
9414 May
Jan
Jan 9116 June
Jan 91
June
Jan 81% Apr
8,000 102% Jan 10436 Mar
4,000 64
Jan 82
May
5,700 2536 Jan
4714 Apr
2,000 45
Feb 584 may
57
7836
60
4116
8034
7334
8916
93
62
664
53%
34
77%
69
6814
60
89% Apr
10
Jan
42
May
9874 Jan 1464 Apr
Mar 9574 June
85
40
5974
40
39%
94
5736
974
Jan 61
Feb
Jan 844 Apr
Jan 65
Feb
June 73
Jan
Jan 102% May
Jan
June
74
Jan 10111 June
7316 May 85
95
Jan 105
11,000 1614 Jan
23,000 1004 Jan
39,000 70
Jan
14,000 9316 Jan
12,000 944 Jan
6,000 24
Jan
90,000 101
Jan
40,000 9934 Jan
Jan
43.000 66
41
106
884
100%
108
48
105%
1064
9216
Apr
June
Apr
Apr
Apr
May
June
Feb
June
June
Apr
10414 105
3,000
106% 107
11,000
7934 27,000
78
69
694 6,000
40
42
8,000
79
79%
2,000
80
80
3,000
7734 84
30,000
6314 724 26.000
1014 102
60.000
10414 105
12,000
102 104
8,000
122 115
35,000
1064 106% 4,000
1104 11074
2,000
604 63% 4,000
61
63
3,000
103 103% 12,000
92% 94% 169,000
93
944 64,000
9174 87,000
89
101 101% 9.000
7336 754 44,000
69
71
21,000
674 6816 84.000
59% 603-4 25,000
99
1004
61
69
40
66
74%
42
31
814
9316
85%
104
10336
104
48
50
874
75
92
87
824
62
474
434
37
72
71
754
74
634 66
594 62
95
95
108 108
4334 46
4314 4414
5434 Jan 7534 Feb
50
Jail 80
Apr
47
Jan 68
Apr
47
Jan 6714 Apr
71
Jan 96
Apr
91
Jan 108
Juno
254 Jan 484 Apr
2416 Jan 4834 Apr
11,000
21,000
17,000
32,000
7,000
2,000
17,000
9,000
Jan
Jan
Jan
June
Jun
Jan
May
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
May
June
Jan
Jan
Jan
Jan
Jan
1064 May
June
107
83
Apr
82
Feb
70% Jan
81
mar
83
Apr
June
84
7216 June
10236 June
June
105
June
104
118% Apr
106% June
1104 June
70
Apr
70
Apr
1034 June
9514 Mar
9416 June
934 Apr
101% Slay
78% May
75
Apr
70
Apr
66
Apr
Bonds (Continued)-
June 16 1934
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High.
$
Range Since Jan. 1.
Low.
Indianapolis Gas 58 A1952 88
87
88
10.000 71
Ind'polls P & L 5s ser A '57 954 9474 954 99,000 76
Intercontinents Pow 65 '48
4
4
2,000
24
international Power Sec78 series E
1957 804 80% 83
11,000 804
75 series F
1952 80
80
80
4.000 80
international Salt 58_l951
102% 103
24,000 84
International Sec 5s__1947 60% 57
60% 26.000 464
Interstate Ir & Steel 5148'46
78
784 11,000 5734
Interstate Nat Gas 65_1936 105
104% 105
10.000 103
Interstate Power 5s_1957 5474 54
5534 56,000 41%
Debenture 68
1952 43
43
43% 32,000 284
Interstate Public Service
bsserleaD
1956 55
54
56
26.000 48
1958 51
416e series F
494 5111 50,000 42%
Investment Coot Amer
bs without warrants 1947 84
83
84
2,000 67
Iowa-Neb L & P 5s
1951 83% 824 85
35,000 634
1961
5s series 13
83
83
1,000 64
Iowa Pow & Lt 4165._1958 94
93
944 45.000 75
Iowa Pub Serv 5s
1957 81
81
81
1,000 58
Isarco Hydro Elec 75_1952 7416 704 7434 7,000 70%
Italian Superpower of Del
Deb 6s without war_1963 52
52
644 35,000 52
Jacksonville Gas 5s___1942 37
36% 374
Jamaica Wat Sup 57451955
104% 10416
Jersey Cl'& L 4148 C..1961 92% 92% 93%
5s series B
1947 100% 994 100%
Jones & Laughlin 5S_1939
107% 107%
Kansas Gas & Eine 65.2022 89
89
89
Kansas Power 55
1947 7414 74
7534
Kansas Power & Light
1957 9414 92
Es series B
94%
Kentucky Utilities Co
1961 624 614 64
1st intge bs
1948
6168 series D
774 7774
1955
514s series F
68
68
1964 6216 61% 63
be series I
Kimberly-Clark 55-1943 96% 96% 98
Koppers G & C deb 58 1947 94% 944 944
Sink fund deb 5168_1950 9934 994 9916
Kresge(S S) Co 5s_ _ _ _1945
1024 103%
Certificates of deposit__ 1004 100 101
Laclede Gas Lt 5148_1935
Lartitan Gas Corp 61451935
With privileges
Lehigh Pow Secur 69_ _2026
Lexington Utilities 55_1952
Libby McN & Libby 55'42
Long Island Ltg 6s_ _ _1945
Los Angeles Gas & Elec5
8
1939
1942
6s
1943
5365 series F
1949
54s Series I
1961
Es
Louisiana Pow & Lt 5s 1957
Louisville G & E 68 A1937
1961
414s series C
Manitoba Power 545_1951
Mansfield M & S 7s___1941
With warrants
Without warrants
Mass Gas deb 58
1953
548
1946
McCord Radiator & Mfg
65 with warrants.. _ _1943
Memphis P & L 58 A__1948
Metropolitan Edison
4s series F
1971
58 series F
1962
Slid States Petrol 616s 1945
Middle West Utilities
bsetts of dep
1933
55 ctts or deo
1934
58 efts of deposlt__1935
Midland Valley 5&....,_1943
Milwaukee Gas Lt 4168'67
StInneap Gas Lt 448.1950
Minn Gen Elea 5s__1934
Minn P & L 448
1955
68
1955
Mississippi Pow 58_1955
Miss Pow & Lt 55.. _ _1957
Miss River Fuel 65___1944
With warrants
Without warrants
Miss River Pow 1st 58 1951
Missouri Pow & Lt 5168'55
Missouri Public Serv 55'47
Monongahela West Penn
Pub Serv 516 ser B_1953
Montreal L Fl & P Con
1st & ret 58 ser A_1951
5s series 13
1970
Munson 8 S Line 6165_1937
With warrants
Narragansett Elea 58 A '57
be series B
1957
Nat Pow & Lt 68 A
2026
Deb 55 series B
2030
Nat Public Service 58 1978
Certificates of deposit _ _.
1935
National Tea 5s
Nebraska Power 4168_1981
6s series A
2022
Neisner Bros Realty 611 '48
Nevada-Calif Elea 58_1956
New Amsterdam Gas Se '48
N E Gas & El Assn 58_1947
Cone deb 58
1948
1950
Cone deb 55
New Eng Pow Assn 55_1948
Debenture 54s__1954
New Orl Pub Serv 4103 '35
65 series A
1949
7,000
59.000
1,000
3.000
32.00
26.00
39,000
17,00
4,000
24,000
1,000
66
66
58,000 32
5,000 100
109,000 734
29,000 83
1,000 103%
2,00
62
26,00
6016
100
8374 8336
74
704
8616 85
90
894
101
8434
73
864
91
107
1064
106
106% 105%
1024
9336 9016
1024
994
6214 6236
107
10674
1064
10611
102%
944
104
994
64
9,000
38,000
11,000
61,000
37,000
734
Jan
Jan
Jan
June
June
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
High.
88
Apr
95% June
Apr
5
103%
102
103%
65
844
105
614
48
(34
61
Feb
Feb
June
Apr
Apr
Apr
May
Apr
Jan
Jan
Jan
Jan
Jan
June
84
89%
89%
954
8716
92
June
78%
Apr
May 53
Jan 105
Jan 9311
Jan 101%
Jan 1074
Jan 89
Jan 86%
Feb
May
June
May
May
May
Apr
Jan
Apr
96
47
Jan 68
58
Jan 864
51
Jan 73
454 Jan 68
88% Jan 98%
824 Jan
97
844 Jan 99%
89
Jan 104
87% Jan 10116
60
Mar
Mar
June
Jan
Apr
June
Feb
Apr
Mar
Apr
Apr
Mar
Apr
Mar
MaY
Apr
May
Jan
7614 Feb
93
Jan
614 Jan
54% Jan
6834 Jan
67
Jan
101
June
Feb
8(3
Apr
76
8934 May
9434 Apr
2,000 102
2,000 994
8,000 954
4,000 944
22,000 89
151,000 8816
4,000 90
12,000 82
30,000 384
854
97
Apr
Apr
June
Apr
Apr
June
June
June
May
6334
64
74
83
Jan 69
Feb 70%
Jan 954
Jan 10116
Mar
Apr
June
June
61
6414 11,000
91% 92
17,000
954
107
109
1064
106%
1024
944
104
9974
64
40
7()
Jan
Jan
70
92
84
85% 50,000
9434 97% 55,000
7131 724 12,000
66
73
5314
Jan
Jan
Jan
86
May
9734 June
7214 May
64%
64
9414
1004
64% 2,000
644 2,000
9536 46,000
10116 33,000
7
7
5,000
54
7
716
5,000
536
716
7
716 6,000
514
694 69
713
8,000 60
10434 1044 105
12,000 93%
884 86
8874 85,000 73
10134 10116 101% 34,000 100%
74% 7316 74% 11,000 5534
824 834 3,000 64
64
544 65% 207,00(1 40
66% 654 66% 43,000 4834
9816
984 9834 2.000
9614 97
2,000
10616 10734 13,000
9434 934 9434 20,000
4934 484 4914 22,000
904
89
96%
7016
37
88
61
85
89
100,000
108.4 1084 109
23,000 1044
109
10834 109% 7,000 10316
714
73-4
5,000
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
1034
1016
Jan
Jan
104
75
Jan
Jan 105
Jan 89
Jan 102%
Jan
7716
Jan 844
Jan 654
Jan 69
API'
Apr
Feb
Feb
Feb
Apr
June
Apr
Apr
Apr
June
Juno
Apr
Apr
Jan 100
Apr
Jan 99
Jan 107% Juno
Apr
95
Jan
Feb
Jan 56
Jan
Jan
Jan
611 June
89
June
May
110
11014 May
12%
Feb
10534 10516 1054 67.000
10574 10534 105% 10,000
72
z7114 73
45,000
6434 63
6536 152,000
98
98
67
474
Jan 1054 June
Jan 10514 June
Jan 83
Feb
Jan
Feb
74
10%
9% 1036
10014 1004 100%
105
10414 1054
10014 1004
78
774 78
7814
78
79
10034 101
574 56
58
57
57
55
57
5516 5714
68
68
69%
72
714 7316
53% 49
53%
38
354 38
714
9714
91%
77
43
574
85
3916
39
3816
514
54
3614
25
164 Feb
Jan
Mar
Jan 102
Jan 10516 June
Jan 101% May
Mar
Jan 84
Jan 7914 May
Jan 10116 June
Jan 65
Feb
Jan 61
Feb
Jail (114 Feb
Apr
Jan
72
Jan 77% Apr
Jan
5916 Apr
Jan 4934 Apr
NY Central El 548_1950
NY Penna & 001043.48 '36
NY P&L Corp 1st 4168'67 92%
NY State G & E 410_1980 8316
NY & Westch'r Ma 4820(14
Niagara Falls Pow 80 1950
6s series A
1959
Nippon El Pow 648_1953 79
No American Lt & Pow6% notes
1935
5% notes
1936
54eseries A
1956 5116
Nor Cont Util 54s_ _ _1948 35
Northern Indiana P 8bs series C
1966 704
Use:tea D
1969 7034
4 Sis aeries E
1970 67
No Ohio P & L 548_1951 100
Nor Ohio Trac & Lt 58 '56 9374
No States Pr ref 4%8..1961 91%
54% notes
1910 9034
7414 74%
10114 1023-4
92
93
81
834
100 100
109 109%
106 106
79
7931
70.000
25.000
77,000
6,000
6,000
44.000
21,000
55.000
35.000
107,000
83,001
74,000
130.000
22,000
1,000 69
27,000 9616
141,000 74
84,000 6414
3,000 88
8,000 1044
3.000 10034
26,000 65
Jan
Jan
Jan
Jan
Jail
Jan
Jan
Jan
85
1(1214
94
8314
101)
1103.4
107
80
May
June
Apr
Juno
June
Mar
Feb
June
10134 101%
1.000
101
10216 6,00
50
5134 90,000
3211 35
11,000
/52
2514
20
Jan 1014 June
Jttne
Jail 103
Apr
Jail 56
Jai
304 May
70%
7014
664
100
93
91
9014
5434
55
50
704
68
73%
71%
Jan
784 May
Jail 764 Mar
Mar
74
Jan
Jan 10034 May
Jan 97
May
Jan 92% May
Jan 924 Apr
724
7216
68
1004
93%
914
9014
40.000
50,000
10,000
27.000
3,000
100,00
4,00
01
Financial Chronicle
Volume 138
Bonds (Continued)-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High.
$
Range Since Jan. 1.
N'western Elect 6s_ _ _1935 74
13,000
7255 74
N'ivestern Pub Serv 5s 1957 7135 69
714 27,000
Ogden Gas 55
13,000
1945
9455 95
.
Ohio Edison 1st 55._ _1960 964 934 9634 174,000
Ohio Power let 55 13.1952 10534 lox 10555
9,001)
let & ref 4355 ser D 1956 1024 10234 10234 119,000
Ohio Public Service CoGs series C
1953 984 98
9835 12,000
50 series 1)
1954 924 924 93
23.000
5555 series E
1961 95
9335 95
15,000
Okla Gas & Flee 5s__,1950 95
74,000
9355 95
65 series A
1940 90
894 904 12.000
Okla Power dr. Water 55 '48 55
18,000
5251 55
Oswego Falls Cis
1941
3,000
63
6355
54
50(5
774
6754
954
85
Pacific Coast Pow 55._1940 9555 944 9535
Pacific Gas & El Co
let 65 series Et
1941
1114 112
1st & ref 54s ser C_1952
107 106
bs series D
1955 10534 10434 1054
let & ref 44s E_ __ _1957 10134 101
10134
let & ref 4555 F_ _ _1960 10134 10055 10155
Pacific Investing 5.9 A.1048
824
82
Pacific Pow & Ltg 58,1955 464 454 4754
Pacific Western Oil 6355'43
With warrants
9555 934 97
Palmer Corn Os
1938
994 100
77
Penn Cent L & P 448 1977 844
Penn Electric 45 F _ _ _1971 733-4
Penn Ohio Edison6s series A xw
1950 73
Deb 545series It _ _ _1959 6734
ens-Ohio P & L 555s 1954 103
Penn Power 55
1956 106
Penn Pub Sera 6sC._1947 99
55series D
1954 90
Penn Water Pow 56.. _1940
4555 series 13
1968
Peoples Gas L & Coke98 series B
1981
7555
4355 serial notes_ _1935
1957 9055
6s series C
Peoples Lt & Pr 55..„ _1979
334
21,000
7034 Jan 100
634 Jan 934
Jan 95
63
7334 Jan 964
Jan 92
66
Jan 60
44
5155 Jan 65
Jan 97
Jan 100
5935 Jan
57
Jan
18,000 4655
52,000 4134
25,000 79
16,000 95
3,000 75
22,000 64
14,000 10334
20,00
95%
7555 34,000
75
10034 1004
1,000
89
9035 95,000
335 33-4 18,000
PhDs Electric Co 55_1960 11235 11134 11234
PM% Elec Pow 5945.1972 10834 1084 109
Fhila Rapid Transit 6s 1962 6855 6835 74
Phil Sub Co G & E 4555'67 10634 10634 10634
1955
Phil Sub Water 55_
10454 10455
Pledm't Hydro-El 6555 '611 71
71
74
Piedmont & Nor 5s_ _1954 914 90
91%
Pittsburgh Coal(15_ _1949
9934 100
Pittsburgh Steel 65._ _1948 9535 9534 96
Pomerania Flee 8s____1953 3374 3235 36
1939 91
l'oor & Co 65
90
91
Portland Gas & Coke 58'40 88
88
89
Potomac Edison 5s...1959 9834 9855 99
1961
4348 series F
9255 93
Potomac 1-Sec l'ow 55.1936
10635 10634
Potrero Sugar 78
1947
28
28
PowerCorp(Can)4 358 B 511 7834
7834 793-4
Power Corp of NY1947 6234 6234 64
645
Power Securities Gs _ _ _1949 59
5855 5935
Quebec Power os
1968
101
101
Queens 13oro0 de E 4355'58
0955 101
1952
8155 8136
53.4s series A
Reliance Mgt 55
1954
with warrants
773-4
76
374
Republic Gas Os
1945
36
Certificates of deposit _. 30
35
37%
Rochester Cent Pow bs '53 40
4355
40
Rochester Ry & Lt 55_1954
110 11055
Ruhr Giu3 Corp 61-48..1l153 45
4455 4555
Ruhr Housing 0558___1058
3255 33
Ryerson (Jos T) & Sons1943
se
10034 101
Safe Harbor Water Power
434s
1979 10534 log 10635
7555
73
71
7034
10554 105
10754 1073-4
10534 105
10434
9054
10355
105
9894
108
1074
644 6334
90
73
57
1014
794
50,000
20,000
18,000
8,000
11,000
10,000
22,000
15,000
28,000
28,000
10,000
54,000
26,000
15,000
8,000
1,000
18,
000
10534
1044
4934
100
9651
71
744
93
85
324
83
83
744
73
10275
18
63
Jan
Jan
Jan
Jan
Jan
June
Jan
Jan
Mar
June
Jan
Jan
Jan
Jan
Jan
Jan
Jan
30,000
15,000
5155
45
Jan
Jan
2,000
32.000
3,000
89
88
02
85
75
74
70
10335
106
101
92
10934
105%
June
May
June
May
Apr
Apr
June
June
June
May
May
June
112%
10954
744
1064
1044
0255
9134
100
96
6434
91
9555
100
93
1063;
344
7935
June
Apr
Apr
May
June
Apr
Apr
May
June
Feb
May
Mar
May
June
June
Apr
June
64
JUne
6254 Apr
Apr 73
Feb
Jan 103% June
Jan 117
May
Jan
Jan
Jan
Jan
Jan
Jan
90
7955
79
784
9934
9336
Apr
May
May
Apr
June
Apr
Jan
Jan
Jan
Jan
Jan
Jan
90
004
8534
5934
5754
53
June
June
June
Feb
Feb
Feb
Jan 10155 June
Jan 101
June
Jan 89
Apr
5,000
9115
Jan
31,000
9674
Jan 1064 June
8.000
354
9,000 65
14,000 103
96
59
87
317-4
8855
93
924
10155
9236
100%
4755
9,000
19,000
11.000
40.000
10,000
02,000
30,000
16,000
67,000
14,000
5,000
7534
4,000
734
73
72
73%
6155 6294
8955 9054
8854 90
7155 73
52
5355
5634 5735
784 79
101
1014
June
June
June
June
June
May
Feb
2,000 59
Jan 79
May
4,000 1454 Jan
39
May
Jan 374 June
29.000 15
4,000 2834 Jan 47
Feb
2.000 10234 Jan 1104 June
67,000 4134 Mar 66
Feb
2,000 3235 June 7051 Feb
8954
107
7234
1053.4
10854
10555
10555
96%
10355
105
9855
108
6455
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
112
108
10554
10134
101%
8234
57
624 Jan 80
May
95
Jan 10055 June
75
Jan 99
Apr
2
Jan
555 Jan
Prussian Electric 68_ 1954 52
6,000 49%
52
53
Pub Serv of NH 4345 B '57
10255 1034 14,000 834
Pub Serv of NJ pet ctf5_-_ 116
11555 11655 8,000 103
Pub Serv of Nor Illinoislet & ref 58
1956 84
83
85
33,000 654
448 series D
1978
2,000 66
74
74
44s series E
1980 73% 73% 743-4 31,000 55.4
let & ref 4555 ser F.1981
7355 734 737-4 38,000 55
6558series G
1937 99
9855 9955 69,000 764
63-4s series H
1952 9255 92
9234 22,000 7135
Pub Serv of Oklahoma5s series C
14,000 62
1961 8834 864 90
59series I)
1957 90
8635 904 21,000 574
Pub Serv Subsid 5555_1949 82
7,000 42
82
8255
Puget Sound P & L 534e'49 554 54
554 130,000 4155
1st de ref 58 series 0_1950 51% 5055 5175 47,000 3934
1st & ref 445 ser D1350 474 47
484 41,000 364
Sou Carolina Pow 55_1957
Southeast P de L 68...2025
Without warrants
Sou Calif Edison 511___19111
5s
1939
Refunding 55 June 1 1954
Refunding 55 Sep 1952
Sou Calif Gars Co 448_1961
1st ref 55
1957
5555 series 11
1952
Sou Calif Gas Corp 55 1037
Sou Indiana G&E 5481957
Sou 18diana lty 45_ _ _ _195 I
Sou Natural Gas (is_ _ _ 1944
Stamped
Unstamped
Southwest Assoc Tel 55 '61
Southwest G & E 58 A.1957
Ss series 13
1057
S'western I.t & Pr 55__1957
S'western Nat Gas 65_1945
SoWest l'ow & 1.1 55_2022
S'west Pub Serv 65_ _ _1945
11142
Staley id fix 115
Apr
June
June
Apr
Apr
Feb
Apr
9536 June
139,000
15,000
73
0834
10334
106
101
9134
1094
10534
7
St Louis Gas & Coke (is '47
7
Ban Antonio Puulic Service
58 series B
1958 8954 89
San Diego G & C 534s '60
107
San Joaquin Lt .In Power55 series D
1957
9555
Saxon Public Wks 65._1937 50
50
Scripp(E NV) Co 5355_1043 87
85
Seattle Lighting 58_ _ _1949 3136 2354
Servel Inc 55
1948 88
88
Shawinigan W & P 4555 '67 9234 9274
448 series 13
1908 9235 9234
lat 55 series C
1970 10135 101
1st 4 455eries D___ _1970 929-4 924
Sheffield Steel 555B__ -1948
100
Sheridan Wyo Coal 6s 1947
4535
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
76
8535
Bonds (Concluded)-
Jan 87
Apr
Apr
Jan 72
Jan 9634 May
Jan 964 June
Jan 10555 June
Jan 10234 June
20,000 10134
23,000 954
10,000 92
60,000 8555
53,000 854
12,000 70
102,000 3534
8334 8434 65,000
7334 7455 11,000
70
67
103
1054
99
90
1094
105
High.
Low.
Jan
10155
Apr
11
Feb
Jan 91
Mar 107
May
June
754 Jan 96
Apr
50
June 724 Mar
73
Jan 8954 May
233.6 Jan 41
Feb
71
Jan 89
May
72
Jan 9355 May
May
7234 Jan 93
Jan 10154 June
79
724 Jan 9334 May
85(4 Jan 1003.4 June
4174 Jan 4955 Feb
514 Jan
79
May
139,000 434 Jan 7434
38,000 9315 Jan 10554
16,000 10255 Jan 10854
36,000 9335 Jan 10555
Jan 10555
40,000 93
Jan 904
36,000 82
Jan 1037-4
5,000 89
1,000 9355 Jan 105
16,000 8374 Jan 9855
Jan 108
11,000 101
19,000 5155 Jan 73
Apr
June
June
June
June
June
June
June
May
June
Apr
Jan 7455
Jan 744
Jan 8434
Jan 904
Jan 00
Jan 7534
Jan 544
Jan 6655
Jan 84
Jan 1014
Apr
Apr
Apr
June
June
May
May
Feb
May
June
3,000
49,00
11,000
36,000
23,000
23,000
8.000
13,000
4,000
10,000
60
59
42
6255
6355
47
34
40
57
87
4115
Friday
Sales
Last 1Veek's Range for
Sale
ofPrices.
Week.
Price. Low. High.
$
Stand Gas & E'en 6s__1935 3234 814
Cony 68
1935 92% 82
Debenture 68
1951 58
533-4
Debenture 6s.Dec 1191111 57
5234
Standard Investg 535s 1939
77
Deb 5s x-warr
77
1937 77
Stand Pow & Lt 65._ 1957 5455 51
Stinnes (Hugo) Corp
7s stamped
1936
42
7s ex-warrants
45
1946
1946 35
7sstamped
35
Sun 011 deb 5%s
1939 10435 104
Sun Pipe Line 55
1940
104
Super Power of III 4555 '68 81
7935
lot 4555
1970 8055
79
1961
Os
95
Swift & Co 1st mat 55_1944
6% notes
1940
Syracuse Ltg 58 B _... _1057
1st & ref 54s
1954
Tennessee Elec Pow 55 1956
Tenn Public Service .58 1970
Tern! Hydro Flee 6 5513 1953
Texas Cities Gas 5.9_ _1948
Texas Flee Service 55_1960
Texas Gas Util 65_ _1945
Texas Power & Lt 65_ _1956
58
1937
Thermeld Co Os w w 1934
Os stamped
1937
Tide Water Power 55_1979
Toledo Edison .55
1962
Twin City Ilap Ti 548'52
1064
104
107
10734
71
75
6635
8135
154
9334
10234
83
733-4
10334
4735
Range Since Jan. 1.
Low.
High.
93
93
5855
59
82
83
5734
June
June
Apr
Apr
Apr
Apr
Apr
6,000 42
June 55
Jan 51
5,000 44
June 50
31,000 35
Jan 106
24,000 103
10,000 101
Jan 10435
Jan 8134
58,000 59
43,000 5755 Jan
81
Jan 9755
7,000 73
Feb
Jan
Jan
Mar
May
Apr
Apr
Apr
36,000 10355 Jan 108
1064 107
10334 10435 41,000 9834 Jan 10455
Jan 107
1,000 100
1064 107
1074 1074 2,000 10335 Jan 108
Jan
75
31,000 55
72
71
Jan
76
5755 76 238,000 44
June 8634
20,000 62
62
68
Jan
61
2,000 51
57(4 58
Jan 884
8035 814 116,000 63
15
1634 5,000 144 Jan 25
9355
91
934 89,000 6735 Jan
61,000 8955 Jan 103
1024 103
Jan 83
16,000 50
7855 83
Jan 76
4,000 55
684 70
Jan 7434
7234 7396 28,000 50
10334 1034 110,000 864 Jan 10334
58
474 4955 79,000 234 Jan
May
Mar
Apr
Mar
Jan
June
Apr
Feb
Apr
Apr
June
Apr
June
Feb
May
May
Apr
93
93
58
57
7735
784
5434
44
40
43
1044
1044
81
8034
96
475,000
535,000
123,000
72,000
7,000
7,000
164,000
434
434
324
324
644
66
2954
Ulen Co deb 65
1944
50
5155 13,000 3835
Union Elec Lt & Power
____ 10535 1054 2,000 101
1954
5 series A
2,700 92
4556
1957 10455 104 105
17n Gulf Corp 55 July 1 '50 1053-4 10434 105% 63,000 1014
United Elec N J 4s_ _ 1949
„
1054 10555 5,000 100
United El Serv 75 x-w_1956 67
9,000 6635
664 67
United Industrial 6555 1941 5134 50
50
5535 71,03
let 6
8
5055
1995 5034 5034 5455 81,00
33,000 2755
United Lt & Pow 65_ _ _1975 40
4594 47
536s
4 7994 794 12.000 50
Apr 1 1959 795
Deb a 6555
1974 4935 4834 4955 10,000 31
63,003 3535
United Lt & Ry 545..1952 54
534 54
Os series A
84
8434 16,000 56
1952
65 series A
45
403-4 18,000 2835
1973 46
U S Rubber
68
16,000 90
1936 101
10034 101
57,000 8954
655% serial notes_ _ _ 1935
100% 101
974 0855 4,000 77
634% serial notes__ _1936
93
3334 2,000 7055
634% serial notes_ __1937
924 9255 3,000 694
634% serial notes_ __1938
9355 13,000 6955
92
634% serial notes_ 1939
1,000 68
655% serialnotes _ _1940
92
92
Utah Pow & Lt (is A_.2022 53
5535 5835 5,000 464
674 6,000 544
67
434s
1944 67
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
June
June
June
Jan
Jan
Jan
Jan
Jan
Jan
4534
104
5655
1955
Danish 514s
58
1953
Danzig Port Waterways
63-48
1952
German Cons Music 78'47 364
Secured Os
1947 34
Hanover (City) 7s....1939
Hanover(Prov)645_1949 3354
Indus Mtge Bk (Finland)
Ist mtge coils f 78. _1949 101
Lima (City) Peru 634s 1958
Maranhao (State) 7s _ _1958
Medellin 7s ser I'
1951
Mendoza 7555
1951
stamped
mortgage Bank of Bogota
75 issue of Oct '27__1947
Mtge Bk of Chile 118.. _ 1931
Mtge Bk of Denmark 55'72
Parana istate) 71.___1955
Rio de Janeiro 64s_ __1959
Russian Govt
6%8
1919
_1919
61-45 certificates
5%a
1921
545 certificates _ _ _1921
.
Santa Fe 75
1945
1961
Santiago 75
78
1949
16
1155
315
355
44
51
4355
1034
20
16
10355
97
9535
9654
71
674
Jan
Feb
June
May
June
June
Apr
Apr
465(
Apr
88
10554
1044
9136
7954
80
9835
93
98
May
Apr
Apr
May
Apr
Apr
June
June
Apr
21,000
2634 June
5255
Jan
2555 Jan
Jan
35
2955 Jan
Jan
8
46
5155
48
16
Feb
May
Apr
Feb
47,000
22,000
Jan
50
4034 June
73
70
5596 60
4055 46
88
15,000
85
8196 8155 7,000
7935
624
Jan
Jan
6734 5,000
394 281,000
36 156,000
3435 30,000
3555 19,000
44
354
33%
294
3255
Jan
Apr
June
June
June
10,000
101
101
74 84 11,000
8854
5
67
36%
334
297-4
3236
10215 June
Apr
80
Apr
76
Apr
70
1,000
45
5194 5,000
954 21,000
1194 8,000
2635 30
45
June
June
Apr
June
Apr
Jan
Jan
Apr
June
Feb
Feb
June
Feb
Jan 1014 May
Jan 1014 May
Jan 994 Apr
Jan 9955 Apr
Jan 9955 Apr
Jan
9855 Apr
Jan 99
Apr
Jan 6734 Feb
Apr
Jan 75
Jan
Va Elec & Power 55__ _1955 1024 1014 1024 36,000 89
48,000 5555 Jan
VS Public Serv 555s A.1940 75
7455 76
Jan
7055 7,000 51
1st ref 55 eer B
1950 7035 69
Os
1948 6354 634 633-4 3,000 4754 Jan
Waldorf-Astoria Corp-June
75 with warrants_ 1954 114 104 114 7,000 10
75 ctfs of deposit
June
11
12,000
9
10
1954 10
Ward Baking 6s
1937 1033-4 102% 10335 30,000 9655 Jan
Jan
Wash Gas Light 5s._.1958 9654 9655 9654 77,000 79
Wash Ry & El 45
9455 9555 12,000 834 Jan
1951
Jan
Wash Water Power 58_1960 9035 9555 9655 26,000 80
Jan
6,000 55
West Penn Elec 55_ _ _ _2030 70
70
70
Jan
6434 65,000 46
West Texas Util 55 A1957 634 63
Western Newspaper Union
6
8
Jan
1,200 25
1944 3934 3934 42
Western United Gas & Elec
Jan
1st 548 series A _ _ _1955 844 824 8455 30,000 65
Wheeling Electric Co 5s '41
10534 10594 1,000 1024 Jan
Jan
3.000 99
10455 104%
Wise El Pow 55 A___1954
89
Jan
9055 17,000 64
Wise-Minn Lt & Pow 68'44
4,000 594 Jan
Wise Pow & Lt 5s F__1958
764 78
55 series E
7755 6,000 58
Jan
1956
77
Wise Pub Serv 65 A_ _ _1952 97
9634 9755 5,000 7855 Jan
9255 93
Jan
10,000 66
Yadkin Riv Pow 58_1941 93
Jan
94
9555 45,000 76
1937 95
York Rye Co 58
Foreign Government
And Sfunici panties
1951
Baden 75
Buenos Aires (Provinces1952
7s stamped
1947
External 73.4s
1947
734s stamped
1948
Cauca Valley 7s
Cent Bk of German State &
Prov Banks 65 13__ _1951
Os series A
1952
5255 May
1054
105
1054
10634
90
6934
6755
5234
80
58
5634
8434
52
Feb
Feb
Apr
89
814 June
6934
594
574
53
55
Mar
Feb
Feb
Feb
Feb
Jan 10134 May
Jan
1255 Mar
1554
114
41
3635
1755
1,400
1174 3,000
2,00
41
3655 10,00
124 Jan
1034 Jan
203-4 Jan
2655 Jan
21
204
4534
4434
Feb
Feb
May
May
22
124
7834
1135
144
1,000
22
133-4 24,000
7835 5,000
1196 8,000
7,000
1555
16
854
75
83-4
1455
Jan
Jan
Jan
Jan
Jan
24
1555
82
17
194
May
Feb
Mar
Feb
Feb
1,000
4
4
3% 474 20,000
355
314 4,000
355
35.5 20,000
35
2,000
35
93-4
8,000
93-4
10
10
1,000
234
2
234
2%
1835
655
57-4
Jan
Jan
Jan
Jan
Jan
Jan
Jan
5
5
555
5
37
13
13
Mar
May
May
1Sfay
May
Feb
Feb
• No par value. a Deferred delivery sales not included in year's range. e Cash
sales not Included in year's range
r Ex-dividend. z Deferred delivery sales not
included in the current week's range are given below:
National Pow & Lt 5510 2030. June 11 at 7034.
Peoples Lt. & Pow 5s 1979, June 14 at 3.
Tung Sol Lamp com., June 12 at 434.
Abbreviations Used Above.
-"cod" Certificates of deposit. "cons" Consolidated.
"cum" Cumulative. "cony" Convertible. "m" Mortgage. -n-v" Non-voting
stock. "v t c" Voting trust certificates. "w 1" When Issued. "w w" With warrants. "x w" Without warrants.
4116
Financial Chronicle
Over-the-Counter +
We maintain markets in Bank,
Insurance, Industrial, Public
Utility, Trust Company and
Investment Trust Stocks.
June 16 1934
Securities +
Bought and Sold
Real Estate, Industrial, Public I
Utility, Railroad, Guaranteed
Mortgage Bonds, Canadian
Stocks and Bonds.
.1101T,ROSE&TICATElt,
74 Trinity Place, New York
Whitehall 4-3700
Open-end telephone wires to Boston, Hartford, Newark and Philadelphia.
Private wires to principal cities in United States and Canada
Quotations on Over-the-Counter Securities-Friday June 15
Industrial and Railroad Bonds.
Port of New York Authority Bonds.
Bid
Bid
Ask
Ask
Bayonne Bridge 45 series C
9612
1938-53
J&J 3 94
Inland Termlnal 430 ser D
M&S 931s 95
1938-60
Geo. Washington Bridge
4
64.10 4.7 Holland Tunnel 43‘s aeries E
45 series B 1936-50_ _
1935-60
430 ser B 1939-53 M&N 94.15 4.10
M&S 64.05 3.95
Arthur Kill Bridges 434s
Mez13
aeries A 1935-46
94
96
U. S. Insular Bonds.
Philippine Government
-Bid Ask
95
97 Honolulu be
4s 1946
430 Oct 1959
96
98 US Panama 38 June 1 1961..
97 100
2.13 Aug 1 1936
434s July 1952
bs April 1955
2s Nov 1 1938
100 103
101 103 Govt of Puerto Rico-bs Feb 1952
434s July 1958
530 Auc 1941
105 10612
Hawaii 430 Oct 1956
103 106
ba July 1948
Bid
Ast
101 104
10512 1061
.
1017 10238 Deep Rock 0117s
8
1937
1017 1023
8
s Equitable Office Bldg 58 '52
Forty Wall Street 6s_ _ _1958
102 105
Hayden Corp 88
1938
104 107
Hoboken Ferry bs
1946
Federal Land Bank Bonds.
is 1957 optional 1937_M&N
is 1958 optional 1938.M&N
43.(s 1956 opt 1936____J&J
tha 1957 opt 1937____J&J
434a 1958 opt 1938__M&N
le 1941 optional 1931_M&N
130 1942 opt 1932___M&N
Bid Ask
10014 1003
4
10014 1003
4
19012 101
10012 101
10012 101
10114 102
10012 10114
430
430
43411
440
43iti
4449
1943
1953
1955
1958
1953
1954
opt
opt
opt
opt
opt
opt
1933____J&T
1933____J&J
1935-__Jea
1936____J&J
1933____J&J
1934.......J&J
Adams Express 4s ___1947
American Meter 6s _ _ _ _1946
1951
Amer Tobacco 4s
1937
Am Type Fdrs 138
Debenture 85
1939
Am Wire Fab 78
1942
Bear Mountain-Hudson
River Bridge 7s
1953
Chicago Stock Yds 5s__1961
Consolidation Coal430 1934
Bid lAsk
10012 10114
10012 10112
10012 10112
10114 102
100 1003
4
100 1003
4
Journal of Comm 630_1937
Loews New Broad Prop
1945
lot Os
Merchants Refrig 6s__ _1937
Bid
N Y & Hob F'y bs _ _1946
NY Shipbldg be
1940
NorthAmerican Refractories
34
634s
1944
34 Otis Steel 8s ctfs
1941
93 Pierce Butler & P 630_1942
Prudence Co guar collateral
7412 7712
534s
1961
Realty Assoc sec 139 _1937
86
e21 I3 - Sixty-One Bway 1st 534s '50
-12
Stand Textile
1st 630 nnaented _.A942
46
e43
50
52 Starrett Investing 55_ _ _1950
52 Struthers Wells Titusville
50
81414 1614
1943
630
87
84
Tol Term RR 4 Hs ..__1957
1939
4412 4812 Trinity Bldg 5348
Ward Baking 1st 6s
1937
93 Witherbee Sherman 65_1944
90
8912 ---- Woodward Iron ba ___ _1952
Adams &Peck
92.00
63.25
93.25
92.75
92.75
Ask
10314
10314
10314
10314
10314
1053
4
1053
4
1053
4
1053
4
Bid
1023
4
1023
4
1023
4
1023
4
1023
4
10514
10514
10514
10514
658 Jan 25 1935
06s Jan 25 1936
6613 Jan 25 1937
10238 103
104 10412
10614 10612
coupon (serial). 4 Coupon.
Bank and Insurance Stocks
I3ought, Sold and Quoted
MUNDS WINSLOW & POTTER
40 Wall Street, New York
Whitehall 4-5500
Members New York, Chicago and other Stock and Commodity Exchanges
New York Bank Stocks.
Par Bid
Ask
Bank of Manhattan Co..10 31
33
Bank of Yorktown
100 30 40
Bensonhurst National 100
__
Chase new
13.55 25273 2914
4
1234
2912
City (National)
28
Comm'l Nat Bk & Tr___100 151 161
Bid
Ask
60
20
15
73
4 812
512 7
80
36
2112
32
35
Chicago Bank Stocks.
Par Bid lAsk
Par Bid Ask
Amer Nat Bank dc Trust_100 100
First National
100 98 101
Continental Ill Bank &
Harris Trust & Savings_ _100 5180 205
Trust
100 42 4212 Northern Trust Co
100 380 390
New York Trust Companies.
Par
Banos Comm Italians_ _ _100
Bank of New York & Tr-100
20
Bank of Sicily Trust
Bankers
10
20
Bronx County
100
Brooklyn
Bid Ask
__
145
364 370
10
12
62 64
614 814
109 114
Empire
Fulton
Guaranty
Irving Trust
Kings County
Lawyers County
Par Bid Ask
10 19
20
lOOt 240 260
1001 373 378
1
163 1814
4
100 1800 1830
25 3912 4112
Manufacturers
20 z127 131
Central Hanover
20 2112 23
Chemical Bank dr Trust 10 4012 4212 New York
25 108 111
Clinton Trust
ao 40 50 Title Guarantee& Trust 20 7 812
100 1212 1412
Colonial Trust
104 1312 15 Underwriters Trust
Continental Bk & Tr
100 45
55
53 United States
201 51
100 1720 1770
Corn Eli% Bk & Tr
•No par value.
8 13)faulted.
4 Last reported markst.
f Ex-coupon.
48
9912
98
101
814
62812
101
9912
103
16
32
63 WALL ST., NEW YORK
BOwling Green 9-8120
Boston Hartford Philadelphia
100
Alabama & Vicksburg (Ill Cent)
Albany & Susquehanna (Delaware ag Ducison) 100
100
Allegheny & western(Buff Roch & FItta)
50
Beech Creek (New York Central)
100
Boston & Albany (New York central)
100
Boston dr Providence(New Haven)
100
Canada Southern (New York Central)
Caro Clinchneld & Ohio(L & N A CL)eq.- _100
100
Common 8% stamped
-100
Chic Cleve dine & St Louis pref(NY Cent)
50
Cleveland & Pittsburgh (Pennsylvania)
60
Betterman stock
25
Delaware (Pen416311wole)
100
Georgia RR & Banking(L & N. A CL)
Lackawanna RR of N J (Del Lack dr western)-100
100
Michigan Central(New York Central)
50
Morris & Essex (Del Lack & Western)
New York Lackawanna St Western(D L & W)_100
50
Northern Central (Pennsylvania)
100
Old Colony (N Y N H es Hartford)
- 80
Oswego & Syracuse (Del Lack dr Western)
60
Pittsburgh Bess & Lake Erie(U S Steel)
50
Preferred
Pittsburgh Fort Wayne & Chicago (Penn).--100
100
Preferred
.100
Rensselaer & Saratoga (Delaware & Hudson)
100
St Louts Bridge let pref (Terminal RR)
2nd preferred
100
Tunnel RR St Louis (Terminal RR)
100
100
United New Jersey RR & Canal(Penne)
Utica Chenango & Susqueluinna(D L & W) 100
Valley (Delaware Lackawanna & Weatern).- _100
200
Vicksburg Shreveport dc Pacific (Ill Cent)
100
Preferred
Warren RR of N J (Del Lack de western)
50
West Jersey & Boa Shore (Penn)
50
8.00
11.00
6.00
2.00
8.75
8.60
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
8.00
3.00
3.00
10.00
6.00
5.00
5.00
6.00
3.50
3.00
Bid.
Ask.
94
260
102
85
136
150
52
85
91
91
76
43
41
172
75
900
70
95
86
103
72
333;',
65
146
162
125
126
63
125
231
94
95
78
78
51
60
98
206
106
88
139
66
88
94
94
78
46
43
177
79
-; 5
7
98
89
106
77
36
152
165
128
130
65
130
234
98
"83
83
56
63
Railroad Equipments.
Mantic Coast Line Os
Equipment 6 Hs
laltimore & Ohio Os
Equipment 430 & 55
{nit Rods de Pitts equip 6a._
:anadian Pacific 434s & 6s.
:Karel RR of N J 68
:hesapeake & Ohio Os
Equipment 634s
Equipment 5s
:fficago & North West as
Equipment 630
:Mc R I & Pac 434s &fa_
Equipment 68
'olorado & Southern 6s- _
>elaware & Hudson 1313:rue 434e ifs
Equipment 6s
;mat Northern 68
Equipment 55
locking Valley 58
Equipment 135
Ilinola Central 430 & Se.....
Equipment Os
Equipment 75 & tisia.s Ex-stock dividends.
0421.4,044100QQQ000.0.0.0,0,0.0.0
34
20
28
25
44
Guaranteed &Leased Line
Preferred
Common
Dividend
Par In Dollars.
,Qm4c4auivvim.immimm.omyyyymmayv
Peoples National
100
25
Public Nat Bk & Tr
1080 Sterling Nat Bank & Tr_ _25
100
1740 Trade Bank
35
Yorkville(Nat Bank of)_100
11734
-
33
3512 1612
1
100 1030
1700
100 30
Fifth Avenue
First National of N
Flatbush National
Par
100
Klngsboro Nat Bk
50
Nat Bronx Bank
Nat Safety Bank & Tr__ _25
25
Penn Exchange
656
e383
4
5914
(Guarantor in Parenthesis.)
a43Sa June 1974
a43Ss Feb 15 1978
a4 Xs Jan 1977
a43(ii Nov lb 1978
a434s March 1981
a440 M & N 1957
0434a July 1967
a430 Dec. 15 1974
a434s Dec 1 1979
a Interchangeable. 1) BMW. C Registered
e3812 4012
860
63
58
12
Guaranteed Railroad Stocks.
New York City Bonds.
Bid ask
10118 10138
a3s May 1935
94
9412
d.3393 May 1954
94
9412
0340 Nov 1954
a4v3 Nov 1955 & 1958
9812 9914
048 M & N 1957 to 1959
10012 101
wit; May 1977
10012 101
wis Oct 1980
10012 101
c434e Feb 15 1933 to 1940
94.00
a434s March 1982 & 1964_ 1023 10314
4
a4301 Sept 1960
1023 10314
4
a444s March 1960
100 10012
1023 10314
4
a4 Xs April 1966
(Ohs April 15 1972
1023 10314
4
Bid
As'
7Or 75
8412
ailroad onds
Ask
92.00
92.50
Ask
81
Railroad Stocks
New York State Bonds.
Bid Ask
World War Bonus
Canal & Highway
43is April 1933 to 1939_ _
Se Jan & Mar 1934 to 1935 51.50
be Jan & Mar 1936 to 1945 92.5044s April 1940 to 1949_ _
.
Se Jan & Mar 1946 to 1971 93.50 3 55 Institution Building
45 Sept 1933 to 1940
11.ghway Imp 4348 Sept'63_ 122 12312
is Sept 1941 to 1976
Canal Imp 4345 Jan 1964_ 11914 12112 Highway Improvement
48 Mar & Sept 1958 to '67
Can & Imp High 434s 1965_ 11914 12112
Canal Imp 4s J &J '60 to'67
Barge CT 45 Jan 1942 to '46
Bid
7912
83
10014
e30
e30
03
Ask
2.00
3.00
2.00
3.75
4.20
3.75
3.25
3.00
3.00
3.00
4.50
4.50
6.50
6.50
5.00
2.00
3.75
3.75
3.75
3.75
3.25
3.25
3.75
3 75
3.75
Kanawha Sr Michigan 6s_
Kansas City Southern 534s.
Louisville & Nashville 66-Equipment 630
Minn SIP & SS M 430 & bs
Equipment 6349 & 7s___,
Missouri Pacific 634s
Equipment 1314
Mobile & Ohio bs
New York Central 4 As & 5a
Equipment Os
Equipment 7e
Norfolk & Western 4 Ha_
Northern Pacific 7s
Pacific Fruit Express 7s_ .
Pennsylvania RR equip 58._
Pittsburgh dr Lake Erie 630
Reading Co 4 34s & ba
St Louis & San Fran bs_
Southern Pacific Co 4;ie.__
Equipment 78
Southern Ry 434s & be
Equipment (38
Toledo & Ohio Central Os....
Union Pacific 7s
w I When Issued,
s Ex-dividend
Bid
3.50
5.00
3.75
3.75
8.00
8.00
9.00
9.00
8.00
4,20
4.20
4.20
2.00
4.25
4.00
3.50
4.25
3.75
8.00
4.25
4.25
4.40
4.40
3.50
3.00
Ask
2.50
4.06
3.21
3.21
6.0(
6.00
0.00
6.0C
6.50
3.71
3.71
3.71
LOC
3.71
3 00
.
3.00
3.00
3.25
6.50
3.71
3.71
3.71
3.75
2.00
2.00
4117
Financial Chronicle
Volume 138
Quotations on Over-the-Counter Securities-Friday June 15-Continued
Industrial Stocks.
Investment Trusts.
Par Bid Ask
Administered Fund
1 15.49 16.48
134 1414
Amerex Holding Corp
Amer Bankstocks Corp. _ 1.13 1.27
Amer Business Shares
.97 1.06
35
8 414
Amer Composite Tr Shares_
Amer & Continental Corp_ _
714 814
Am Founders Corp 6% pf 50 1312 1512
7% preferred
50 1312 1512
4
Amer & General See cl A...'
6
• 38
43
$3 preferred
Amer Insuranstocks Corp.'
13
4 214
Assoc Standard Oil Shares__
5 8 612
5
Bancamerica-B lair Corp _ _
3% 3%
Bancshares. Ltd part 8122 50c 1.04 1.28
Basic Industry Shares
• 3.18
British Type Invest A __ _1
.45 .70
Bullock Fund Ltd
3
114 127
/
1
Canadian Inv Fund Ltd_ _ _ _
3.35 3.60
2112 2312
Central Nat Corp class A
13 218
Class B
Century Trust Shares
19% 2114
Commercial Natl Corp
3
4
Corporate Trust Shares__ 2.05
Series AA
1.97
Accumulative series
1.97
Series AA mod
2.27 2.40
Series ACC mod
2.27 2.40
Crum dr Foster Ins Shares
Common B
25
10 21
100 100 105
7% Preferred
Crum dr Foster Ins corn_ _• 16
20
8% preferred
103 108
Cumulative Trust Shares..' 4.00
Deposited Bank fibs ser A._ 2.34 2.60
Deposited Insur Shs A
3.33 3.70
Diversified Trustee Sha B
75
3.05 - 753 5
458 518
Dividend Shares
1.22 1.24
Equity Corp cv pref
30
26
Equity Trust Shares A
2.75 3.10
Fidelity Fund Inc
• 45.45 48.94
Five-year Fixed Tr Shares__ 3.73
Fixed Trust Shares A
• 8.29
• 7.19
8
418 15Fundamental Tr Shares A__
37
8 _
•
Shares B
Fundamental Investors Inc 1.99 2.19
.1 4.22 4.68
General Investors Trust.
Guardian Invest pref w war
912 1214
14
Huron Holding Corp
3
8
Incorporated Investors_ _• 17.91 19 25
-s 2.12 2.42
Independence Tr Shares.
8
1318 145
Indus dr Power Security__
Internet Security Corp(Am)
1
•
Class A common
12
18
•
Class B common
1612
preferred
100 13
8
16I2
100 13
6% preferred
Investment Co. of Amer
2512
10 23
New common
• 23
7% preferred
Ask
Paz
4% 514
Investment Trust of N Y.
514
Low Priced Shares
218
Major Shares Corp
18.81 211.4
Mass Investors Trust
1.14 1.25
Mutual Invest Trust
3.34 3.44
Nation Wide Securities Co_
Voting trust certificates z 1.21 1.31
318
N Y Bank dr Trust Shares_
.
857 8938
8
No Amer Bond trust ctfa___
No Amer Trust Shares, 1953 1.88
2.37
Series 1955
2.35
Series 1956
7
2.37 2:7 5
Series 1958
75
100 70
Northern Securities
32
Pacific Southern Invest Pf• 28
4
412 53
•
Class A
7
8
•
Class B
.97 1.07
Plymouth Fund Inc clA_100
1.32 1.42
Quarterly Inc Shares
Representative Trust Shares 8.48 9.23
1
Royalties Management....
12 2
SecondInterruit See el A___•
15
I
•
Class B common
31
50 25
6% preferred
1.19 1.28
Selected Amer Shares Inc__
2.60
Selected American Shares_
- x 6.60 • ___
Selected Cumulative She
3.42 3.88
Income Shares_
Selected
514 578
Selected Man Trustees Sha_
16
167
8
Spencer Trust Fund
Standard Amer Trust Shares 2.80 3.05
76
.70
Standard Utilities Inc
65.40 70 64
State Street Inv Corp
Super Corp of Am Tr Shs A 2.92 --2.15 --AA.
3 07
2.17 --BB _
5 65 --5.66 -- 13
1.29 1.42
Supervised Shares
4
3% 33
Trust Fund Shares
2% 318
Trust Shares of America
1.07 1.19
Trustee Industry Shares
Trustee Stand Investment C 2.10 2.50
2.08 2.45
Trustee Standard 011 Shs A 5.65
5.25 5.85
1 03 1.15
Trustee Amer Bank fibs B._
1.45 1.60
Trusteed N Y Bank Shares
1.60
20th Century orig series
2.60 3.00
Series B
United Gold Equities (Can)
1
Standard Shares
U S dr Brit Int class A com •
•
Preferred
US Elea Lt & Pow Shares A
Voting trust Ws
Un N Y Bank Trust C 3
Cu Ins Tr She ser F
.4
2.49 2.76
114
8
3
1212 13
2.03 2.13
.76 .84
412
4
11 2%
/
4
Public Uti ity Bonds.
Par Bld
Amer S PS 554s 1948_M&N 47
Amer Wat Wks dz Elee 58'75 694
Arkansas Water 5s._ _ _1956 9814
Bellows Falls Hydro El 58'58 88
Central 0 & E &He '46J&O 49
1st lien coil tr Os '413_M&S 4912
Fed P S 1st 63 1947.....J&D 624
Federated Utll 5345'57 M&S 4112
III Wat Ser 1st 55 1952-Ida 87
Iowa So Util 5745 1950.J&J 59
Kan City Pub Serv 3s 1951_
32
Keystone Telephone 5%e'55 64
News N & Ham 56 '44.Jda 883
4
Ask
4912
713
4
993
4
893
4
51
513
4
26
43
1812
604
33
6612
904
Par
NY Wat Set M 1951.M&N
Nont & Portsmouth Tr 5s '36
Old Dom Pow be _May 15'51
Parr Shoals P be 1952_ _A&O
PeninsularTelephone534s'51
Pennsylvania Elec be 1982..
Peoples L & P 5 WI 1941 J&J
Public Sem of Colo 65 1961.
RoanokeW W 5e 1950.J&J
Scranton Gas & Wat 455858
Sioux City Gas & Elec 6s '47
Virginia Power 58 1942
Western PS 574s 1960.F&A
BM
8912
10514
50
7312
10014
8218
35
92
74
933
4
8412
104
6514
Ask
91
106
52
7612
102
827
8
37
92%
7512
953
4
8612
6612
Public Utility Stocks,
Par Bid Ask
Par Bid Ask
• 67
Alabama Power $7 Pret_100 r 56
58 Idaho Power 6% pref
82
100 79
4
Arkansas Pr & Lt $7 prof __• 384 403
7% preferred
12 112 Illinois Pr & Lt 1st pret___• 20
21
Assoc Om & El orlg pref..*
912 12
$6.50 preferred
•
112 Interstate Power $7 pret__•
•
12 112 Jamaica Water Supply p1_50 484 51
67 preferred
71
Atlantic City Else 56 pref.* 8334 8512 Jersey Cent P & L $7 p1_100 68
Bangor Hydro-El 7% pf _100 z 9712 101
Kansas Gas & El 7% pf 100 7612
Birmingham Elec $7 pref_
.• 33
35 Kings Co Ltg 7% pref_100 z 84
Broad River Pow prof..100 3314
Long Island Lig 6% of_ 100z 5312 5512
100 z 6312 6512
Buff Niag & East pr pret-25 1712 1814
77 preferred
55
Carolina Pr & Lt $7 pref..* 4012 42 Memphis Pr & Lt 7% prof.' 52
Cent Ark Pub Sere pret.100 6212
Metro Edison $7 pref 13-* 7312
ii"
6% preferred ser C____• 71
Cent Maine Pow 6% p1_100 Z 6112
293
4
$7 preferred
100 x 71
7312 Mississippi P & $6 pref--• 28
Cent Pr dr Lt $7 pref.. 100 1614 1812 Miss River Power pref 100 z 8612 89
14
100
4
8
Cent Pub Sem Corp pref.'
Mo Public Sony pref
1
14 2
Cleve Elm Ill $6 pref. _.100 10912 11114 Mountain States Pr COM.-*
100
7
10
Columbus Ky. Pr & Lt
$7 preferred
012 53
let $6 preferred
100 8212 86 Nassau & Suffolk Ltg pf 100 z 5
100 7512 78 Nebraska Power $7 pref _100 100 102
$6.50 preferred D
100 104
COODOITraction(N .1)_._100 3514 383 Newark Consol Gas
4
5212
Consumers Pow 5% prof.' z 72
7412 New Eng Pow Assn 6% pt100 52
84 New Jersey Pow dr Lt $6 pf • 6412 68
100 x 81
6% Preferred
100 z 85 87 2 N Y & Queens E L P p1100 9912 105
,
6.60% preferred
63
Northern States Pr $7 pf 100 60
Continental Gas & El
$7 preferred
100 49
52 Philadelphia Co $5 prof. 50 5012 5412
Dallas Pow dr Lt 7% pref 100 99
Somerset Un Md Lt_ _..100 83
Dayton Pr & Lt $6 pref _100 97
0
131 South Jersey Gas & Elea-10 167 172
/
1
4
52
Derby Gas & Elea $7 pret.• 63 67 Tenn Else Pow 6% pret.100 49
/
4
Fasex-HUclson G as
United G & E(N J) pref 100 481 5112
100 166
Foreign Lt & Pow unite.... 63 16' Wash Ry & Elec nom_ _ _100 315
100 98
Gas & Elea of Bergen_ _.100 10112
5% preferred
Hudson County Gee__ _ _100 166
Western Power 7% pref _100 82
Telephone and Telegraph Stocks.
Par Bid
Ask
Par Bid Ask
Amer Dist Teleg(NJ)corn •z 7212 76
95
New England Tel & Tel-100 93
71
Cincin dr Sub Bell Telep_ _50 co
Northw Bell Tel pf 614% 100 10918 111
4
Cuban Telep 7% pref-100 2512 31 Pao & All Teleg US 1%.25 143 1734
Empire & Bay State Te1.100 50
60 Koch Telep $6.50 let p1_100 9812 101
Franklin Teleg $2.50____100 37
41 So & Atl Teleg $1.25____25 16 2 1912
,
• 75
lot Ocean Teleg 6%._._100 8012 85 Tri States Tel & Tel
10
97 fit;
8
Lincoln Tel & Tel 7%
Preferred
• 90
Mount States Tel & Te1.100 10712 109; Wisconsin Telep 7% pref 100 10712 11012
-1
New York Mutual Tel_100 2212 25
Aeronautical Stocks.
Par Rid 'Ask
Parl Bid lAsk
/
1
4
34
Aviation See Corp(N El__•
b
7 1Kinner Airplane & Mot__ _1
*
1
3 Warner Aircraft Engine ---•
Central Airports
12
7
8
Par Bid Ask
8
• 147
American Arch $1
100 5312 57
American Book $4
2
1
American Canadian Prop.,'
American Cigar $6 Pret-1181 99
•
American Meter corn
74 1112
30
50 20
Bliss(E W)1st pref
7
4
10
2d pref B
1412
Bohn Refrigerator pref_ _100 11
40
Bon Anal Co B common_ _ _• 35
57
Brunsw-Balke-Col pref__100 54
Canadian Celanese com_ • 1812 21
ioo 107 111
Preferred
Carnation Co $7 pref _ _ _100 97
912
6
.100
Chestnut & Smith pref.
51
Color Pictures Inc
612
8
Colts Patent Fire Arms_25 211 223
138 214
Columbia Baking corn....
614 73
•
1st preferred
1st
4
8
•
8 25
2d preferred
15
2512
Crowell Pub Co $1 corn_'23
ioo 901
$7 preferred
s
De Forest Phonotilm Corp..
/ 13
1
4
• 191 2212
Dictaphone Corp
100 102
Preferred
68
• 61
Doehler Die Cast pref
Preferred
50 301 35
52
Dixon (Jos) Crucible__..100 48
21
Douglas Shoe preferred__100
2
• Wic 6012
Draper Corp
100 7712 85
Driver-Harris pref
13
8
Eiseman Magneto pref 100
20
54 2118
First Boston Corp
2% 3 4
•
,
Flour Mills of America
Gen Fireproofing $7 pf _ _100 50 65
/
1
4
4
/ 5
1
4
Graton dr Knight corn....•
Preferred
ci 3712 4112
Herring-Hall-Mary Sate_ 100 1812 21
114
Howe Scale
100
100
Preferred
74
3
30
Industrial Accept prof.
.100 25 -
Par
King Royalty corn
$8 preferred
Locomotive Firebox Co_ _ _•
Macfadden Publica'ns corn b
•
Preferred
..100
Merck Corp $8 pref..
National Casket
•
Preferred
•
National Licorice corn.._100
Nat Paper & Type pref _100
New Haven Clock pref._100
New Jersey Worsted pref 100
..100
Northwestern Yeast.
;
Norwich Ptuarmacal Co.__
Ohio Leather
100
Okonite Co $7 pref
Publication Corp corn
100
$7 1st preferred
•
Riverside Silk Mills
Rockwood & Co
100
Preferred
4
Roxy Theatre preferred A.
100
Ruberoid Co
100
Standard Screw
Stetson (J B) common_ _ __•
25
Preferred
•
Taylor Milling Corp
Taylor Wharton Ir&St corn •
100
Preferred
TennProducts Corp pref _50
_100
Tubize Chatilloa cum pf.
100
U S Finishing pref
10
Unexcelled Mfg Co
.100
Welch Grape Juice pref.
White Rock Min Spring
100
57 1st preferred
50
Wilcox-Gibbs corn
100
Woodward Iron
100
Worcester Salt
Young (2 5) Co com___ _100
100
7% preferred
Ask
Bid
712 10
74
70
4
4 63
43
512 612
37
35
122 126
39
99
30
5
1
37
30
56
14112
8012 84
22
19
40
33
14
18
82 88
2412
22
10
52 "if"
1
2912 32
65
60
73
4 912
1212 15
84 1112
13
4
512
15
8 312
5712 61
4
6
/ 83
1
4
238 3%
6312 68
90
22
27
612
49
45
6912
90
Insurance Companies.
Ask
Par Bid
Par Bid Ask
10 5234 544
Aetna Casualty & Surety _10 4912 5112 Hartford Fire
10 383 403 Hartford Steam Boiler_ 10 5212 5412
4
4
Aetna Fire
2512
5 24
Aetna Life
10 2012 22 Home
3
4 15
10
25 53
543 Home Fire Security
Agricultural
4
4
1712
10 16
American Alliance
10 183 2014 Homestead Fire
4
714
10
American Colony
43
4 6 Hudson Insurance
6
American Equitable
5 174 204
American Home
10
514 7
612 712 Importers & Exp.of N Y_25
4
American of Newark....234 1014 113 Knickerbocker
714 94
5
412 512
4012 Lincoln Fire
American Re-insurance. _10 38
10 1814 193
4
American Reserve
2
2612 Maryland Casualty
25 25
15
4 212
American Surety
14
25 13
4
4
Automobile
10 203 213 Mass Bonding & Ins
MerchantsFireAssurcom2 35 3012 3212
5
7
354 45 Merch & Mfrs Fire Newark.5
4
Baltimore Amer
274
25 5612 6012
Bankers & Shippers
10
5 4 64
3
Boston
100 472 482 National Casualty
10 543 563
4
National Fire
4
512 612
2
17
18 National Liberty
Camden Fire
88
20 84
10 2012 22 National Union Fire
Carolina
5 1014 1114
City of New York
100 179 189 New Amsterdam Cas
10 2512 27
Connecticut General LIMA() 2914 304 New Brunswick Fire
10 1212
New England Fire
14
5 13
Continental Casualty
355
4
20 New Hampshire Flre_ _ _ _10 35
Cosmopolitan Fire
10 15
20 2814 315
4
New Jersey
13
10
2
2 4 New York Fire
3
Eagle Fire
274
69
12.50 68
27 Northern
Employers Re-Insurance.10 24
2112
2.50 20
5 1114 12 North River
Excess
Northwestern National_ _25 z101 105
4
10 603 64
Federal
25 6412 69
Fidelity & Deposit of Md.20 3914 4014 Pacific Fire
10 6254 64 4
3
Firemen's of Newark
5 512 612 Phoenix
5
93 1112
4
5 22
2312 Preferred Accident
Franklin Fire
Providence-Washington..10 2812 3012
• 1012 12
General Alliance
10 1612 2012
22 Rochester American
10 20
Georgia Home
2814 29 4 St Paul Fire & Marine__ _25 135 140
5
Glens Falls Fire
Globe & Republic
5 914 12 Security New Haven_...l0 2712 2814
10 1812 198
38 Southern Fire
4
Globe & Rutgers Fire---25 34
5 183 2014 Springfield Fire & Marire_25 97 100
4
Great American
4
10
3
8 Stuyvesant
6
1
Great Amer Indemnity
400 420
100
Sun Life Assurance
10 1632 18
Halifax Fire
100 444 459
30 Travelers
25 25
Hamilton Fire
5
54
.2
5
10 Z284 3014 U S Fidelity & Guar Co..
Hanover Fire
4 3812 4012
10 2214 234 U S Fire
Harmonia
2.50 2612 28
Westchester Fire
Water Bonds.
Bid
Alton Water 5s 1958„A&O
Ark Wat 1st 5s A 1956.A&O
Ashtabula W W ba'58_A&O
Atlantic Co Wat 56'58 M&S
Etirm WW let 5 Hs A'54A&O
1st m be 1954 ser B__J&C)
1st 58 1957 series C__ F&A
Butler Water ba 1957__A&O
City of Newcastle Wat58'41
City W (Chat)55B'54 J&D
let 55 1957 series C_M&N
Commonwealth Water
F&A
let 5a 1956 B
1st m 5s 1957 ser C F&A
Davenport W 58 1961_ _J&J
E S L dr Int W 55 1942_J&J
let m 65 1942 ser B J&J
1st 581960 ser D_ _ _ _ F&A
Ask
4
Hunt'ton W 1st 68'54._11 &S
1st m 55 1954 ser B__M&S
98
9914
92
92
55 1962
9012 ---- Joplin W W 58'57 ger A M&S
Kokomo W W bs 1958.J&D
101 10212 Monm Con W 151.50'56 J&D
Motion Val W 5745'50_J&J
98 100
9712 9914 Richm W W let 55'57.61&N
St Joseph Wat 58 1941.A&O
91
South Pitts Water Co
10012
F&A
1st 58 1955
99
lst & ref 511'60 ser A.J&J
99
1st & ref 55'60 ser B.J&J
Terre Hte WW 6e'49 A MD
9914
1st m 581956 ser B_.J&D
99
Texarkana W let 55'58 F&A
99
_
84 8&- Wichita Wat let 6s'49_M&S
let m 5s'56 ser B._F&A
90
93
let m 58 1960 ser C_M&N
84
82
Bid Ask
101
98 ____
95
9112 93
88
90
87
8812
9812 ---95
99 11g102 103
10012 102
10012 101,
2
10012
95
80
82
100
95
94
Chain Store Stocks.
Ask
Par Bed
Par Bid Ask
100 135
Behack (H C) corn
• 10
13 Lord & Taylor
100 85
7% preferred
100 54
1st preferred 6%
62
i2 212
100 80
Sec pref 8%
Butler (James) com
100
100 9812
Preferred
100
314 74 Melville Shoe prof
2
4
Diamond Shoe pref
Miller (I) & Sons pref._ _100 153 161100 60
MockJuds&Voeheiter pf 100 60
Edison Bros Stores pre!
-100 83
Murphy(0 C)8% pret_100 105 if‘"
Far) Farmer Candy Sh pt__• 34
17
4
Fishman(M H)Stone,....' 10
15 Nat Shirt Shops (Del)----•
100 22
let preferred
Preferred
100 84
94
Great A & 1 Tea pf _ -.100 127 130
5
2nd preferred
100 48
Kobacker Stores prof.. 100
Kress(8 H)6% prof
10
Lerner Stores pref
100
38
11
90
107
Reeves (Daniel) pret
Schiff Co preferred
100 88
...100
6
9912 U S Stores preferred.
92
9
• No par value. d Last reported market. e Defaulted. z Ex dividend.
4118
Financial Chronicle
Quotations on Over-the-Counter Securities
(Concluded)
FRIDAY JUNE 15 1934
New York Real Estate Securities Exchange
FRIDAY JUNE 15 1934
Bonds and Stocks.
Sugar Stocks.
Fajardo Sugar
Haytlan Corp Amer
June 16 1934
Acme IMO,
Pal Bid lAsk
Par Bid Ask
100 65 75 Savannah Sugar Ref
• 88
9312
100 97 101
•
3
4 112 7% preferred
United Porto Rican ctLs___•
12
Preferred ctfs
Realty, Surety and Mortgage Companies.
Butler Hall 6s
AU
3312 3612
25
25
50
52
1946
Film Center Big Cs__ _1943
36
Term Securities.
1Bid Ask
Aills-Chal Mfg Si May 1937 9718 97% Humble 011 55
1937
Amer Wat Wks 55
1944 10712 108 Mag Pet 45.45__Feb 15 1935
Atlantic Refining 5e.....1937 10612 10712 Midvale Steel 55
1938
Bethlehem Steel 5s.... __1936 10214 1023 Pennsylvania Ry 6%8..1938
4
*No par value.
d Last reported market.
e Defaulted.
1:156
Ai
46
FoxThe &OfficeBidg6s'41
1812 22
60 6212
42
1958
39
5012
912 13
Mortgage Bond (N Y) 53.4,
(Ser 6)
1934
Short
ACI100 MULL
Bonds (Concluded)—
Sherry Netherlands Hotel
5345
1948
61 Sway Bldg 534s
1950
Textile Bldg 65
Dorset (The) 13s Ws_ _1941
Equitable Office Big 18A952
50 Bway Bldg 68
Par Bid Ask
Par Bid
Ask
Bond & Mortgage Guar-20
28
134 214
133 Lawyers Title & Guar__100
Empire Title & Guar__ _100 15 20 NY Title dc Mtge
12
10
12
Lawyers Mortgage
20
1
4
13
Ma
nu
45
2124-34 13way Bldg ctfs__ _
13% 1512
West End Ave & 104th St
Bldg 6s
1939
1612 1912
Stocks—
Beaux Arts Apts Inc units__
40 43
1012 ---111 John St Bldg 68—.1948 4212 4612 City & Suburban Homes__
3
5
Bid Ask
104 10412 Penny (3 C)Corp 5348.1950 100 ____ French (F F) Investing__
21,
1
10113
102% 1021
. Prudence Co 5345
1961 5512 59 Hotel Barbizon, Inc
50
s
10623 1067
f Ex-coupon.
z Ex-stock dividend.
w i When issued.
z Ex-dividend.
Outside Stock Exchanges—Concluded from page 4111
Philadelphia Stock Exchange.—Record of transactions
Baltimore Stock Exchange.—Record of transactions at
at Philadelphia Stock Exchange, June 9 to June 15, both Baltimore Stock Exchange, June 9 to June 15, both ininclusive, compiled from official sales lists:
,
clusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Bell Tel Co of Pa pref_100 11734 11734 11734
Budd (E G) Mfg Co
•
634 634
Budd Wheel Co
•
314 334
Cambria Iron
50
39
3934
Central Airport
•
234 234
Electric Storage Batt__100
4334 4334
Fire Association
10 4834 4834 49
100 11134 Jan 11734 Mar
100
534 Jan
Th Apr
100
334 May
534 Jan
30 34
Jan 40
Feb
134 Feb
300
234 June
10 4034 June 5134 Jan
550 313( Jan 6034 Apr
Insurance Co of N A
_10
Lehigh Coal & Navigation•
Lehigh Valley
50
Mitten Bk Sec Corp pref 25
48
4834
834 834
1634 1634
134 234
300
200
70
300
3934
534
1234
.
4
7
Jan
Jan
May
Jan
5134
1034
2034
334
Apr
Feb
Feb
Apr
Pennroad Corp v t c_-___•
3
234 3
Pennsylvania RR
* 3134 3034 3134
Penns Salt Mfg
50
5934 6134
Phila Elec of Pa 25 pref__' 10434 10334 105
Phila Elec Pow pref____25 3214 3234 3234
Phila Rapid Transit____50
334
334 434
7% Preferred
50
734 1134
934
Philadelphia Traction_ _ _50 23
22
26
Ctfs of deposit
2534 2534
Reliance Insurance
10
9
9
9
4,200
2,600
175
150
400
234
2834
51
93
3034
May
434
June 3934
Mar 6134
Jan 105
Jan 33
Feb
Feb
June
June
Jan
700
540
650
20
100
1
434
1634
1834
434
Jan
Jan
Jan
Jan
Jan
13
1534
2934
2634
934
May
Apr
Apr
Apr
June
Tonopah Mining
1
Union Traction
50
Certificates of deposit__
United Gas Improve com.•
Preferred
•
1634
99
%
%
634 934
6
6
1634 1634
9734 99
200
1,800
12
3,600
70
h
8534
5
1434
86
Apr
Jan
Jan
Jan
Jan
PH
1134
9
2034
99
Feb
Apr
May
Feb
May
Victory Insurance Co_ _ _10
Westmoreland Coal
•
1
834 934
6
6
400
25
4.11 Jan
6
Mar
934 June
734 Apr
2334 27 $70,300
22% 2234 2,000
1534 Jan
18
Jan
2934 Apr
2734 Apr
13.4
734
Sonde—
Elec & Peoples tr ctts 4s'45
Certificates of deposit_ __
Vann!.Voca. tr of fa .12
1019
.
99V
AR
e 011f1
97
inn
SR
•No par value. z Ex-dividend.
CURRENT
NOTICES.
—Investigation of the practicability of constructing and operating municipal light and power plants in 20 cities of Texas has shown that municipal
plants cannot be considered successful if deductions for depreciation,
Interest, amortization and inter-corporate transfers, such as are required
of private companies, are made, J. L. Amberg, economist of Harriman
& Co., says in the firm's current "Views and Reviews," issued this week.
The City Engineer of Fort Worth is authority for the statement that it
would not be economic to construct and operate municipal light and power
plants there and in the other cities of Texas surveyed. It is stated that
several cities in Texas may be deterred from constructing municipal light
and power plants as the result of these findings.
—Economic Associates, 91 Wall St., New York city, have published a
series of charts and surveys on cotton, wheat, corn, oats, barley, rye,
silk, silver, rubber, sugar, cocoa, copper, hides and leather, tin, lard and
cottonseed oil. Each chart consists of three sections: One devoted to
production and carryover (visible supplies, or stocks); one showing prices
and events which aided in establishing values; and the third covering
consumption or absorption. Each chart or survey may be secured at
a cost of one dollar.
—Mercantile
-Commerce Bank & Trust Co. of St. Louis, which recently
announced the dissolution of the Mercantile-Commerce Co., its investment
affiliate, and the absorption of the latter's Government and municipal bond
business by a newly created bond department of the bank, has appointed
W. P. Sharpe as its New York correspondent, with offices at 14 Wall St.
The bank will continue active in the municipal bond field. Mr. Sharpe
was Vice-President in New York of the Mercantile-Commerce Co.
—Philip A. Knight and Lester liming, both formerly with Chase Harris
Forbes Corp., have become associated with the New York Office of Schwabacher & Co., members New York Stock Exchange, whose head offices are
in San Francisco. The firm moved their New York office to larger quarters
at 20 Exchange Place. Tile office in this city is under the management of
Robert B. Hollomon who opened it several months ago.
—G. Munro Hubbard. President of Doremus & Co., announced that
Clarence A. Ryerson, formerly affiliated with Batten, Barton, Durstine
& Osborne, and James N. glee, a former member of the New York Stock
Exchange and previously affiliated with advertising agencies, are now
associated with the Doremus organization. Mr. Ryerson will assume his
new duties on July 1. Mr. Slee is now with the firm.
Stocks—.
"natty
owes
Last Week's Range for
Sale
ofPrices.
Week.
Par Price, Low. High. Shares.
Arundel Corp
• 15
1434 1534
737
Baltimore Comm Bank_ 100
8
8
3
Black & Decker rem
•
634 654
80
Ches &P T of Salt pref_100
117 118
26
Comm Cr Corp 7% pref-25
27
2834
19
Consol G E L &
• 6434 6334 65
188
6% pref ser DPow--150
110 110
5
5% Preferred
100 103
103 104
99
Emersn Bromo Stets A2.50
2034 2034
10
Fidelity & Deposit
20
3934 40
48
Fid & Guar Flre Corp_ _10
18
1834
54
Houston 011 pref
100
734
734 814 1 459
Mfrs Finance 1st pref___25
834 834
33
2d preferred
25
160
3.13 314
Maryland Cas Co
1
134
134 1,223
134
Jr cony pref ser B
134 17%
1
63
Mercantile Trust Co_ _50
200 200
4
Merch dc Miners Traasp_ •
32
34
268
Monon W PennPS7%pfd25
1834 1834
140
New Amsterdam Cas_ _10 11
1014 11
598
Northern Central
50
8734 8734
20
Penns Wat & Pow corn...* 54
5334 553-4
255
U S Fid & Guar
5
2
5
534 1,306
Bonds—
Baltimore City
4s water loan
1958
Chesapeake & Potomac Tel
of Virginia lit 5%__1943
Maryland El Ry 6s,..1933
United Ry dr El—
let Cls (flat)
1949
1st 65 Ws (flat). -1949
Income 48 (flat).— -1949
1st 4s (flat)
1949
Wash B & A (ctfs) flat 1941
Range Since Jan. 1.
Low.
1334 June
8 June
Jan
5
112
24
5234
10534
93
18
19
1034
4
734
2
134
134
185
28
13
93-4
7434
4554
3
104
$200
106
1.000 106
19
9
104
106
19
834
834
34
834
114
3,000
MO.
pm
8
ag
Jan
June
Feb
Jan 11814 Apr
Jan 29 May
Feb
Jan 65
Jae 11134 May
Jan 104 June
22
4434
20
9I4
Mar
May
Apr
June
834
Apr
4
May
Jan
234
2
June
Mar 200
Jan 35
Jan 1834
June
Feb
Feb
June
may
Feb
Mar
Jan
Jan
Jan
May
Apr
Jan
Jan
Jan
1234
88
56
7
Jan
May
Feb
Feb
9434 Jan 10434 Apr
June 106
1334 Mar
9
3,000
854 3,000
fi 2,000
9
23,000
134 2,000
834
834
ti
854
134
Jan
Jan
Jan
Mar
Feb
June
19
June
12
10
1
12
2
Feb
Feb
Feb
Feb
Mar
* No par value.
CURRENT
NOTICES.
—In importance and complexity the question of War Debts exceeds that
of all other financial transactions in history, and while predictions as to
the ultimate outcome are idle, no lasting world wido peace or prosperity
can be expected until a final settlement is reached, according
to the firm
of Calvin Bullock in a pamphlet just issued reviewing the
status of the
international war debt situation at the present time.
—The Continental Bank & Trust Co. of New York will supervise
the
preparation and certify to the genuineness of signatures and seal of $91,000
coupon general bonds of the town of Morristown, New Jersey.
—D. P. Peck & CO., Chicago, announce that Jason Paige is now associated with them. mr. palge was formerly with
Lee, Higginson & Co.
and the Chicago office of the Guaranty Co. of New York.
—Richard F. Abbe Jr., formerly with Henry L. Doherty & Co., and
Alpha Distributors, Inc., has become associated with Burnett & Van
Tull
n their trading department.
—Boettcher-Newton & Co., members of the New York Stock Exchange.
announce the removal of their Chicago office to Room 1913, Continental
Illinois Bank Building.
—Schaumburg, Rebhann & Osborne, 120 Broadway, New York, have
prepared a booklet entitled Taxation and Investments Under the Revenue
Act of 1934.
—P.R. Henderson of 25 South William St., N.Y. City, has just issued
an 18
-page booklet entitled "Rubber—Its Position and Prospects."
—Leigh Chandler,for 14 years associated with Chandler & Co., has been
elected Vice-President of Hill, Thompson & Co. of New York.
—Watson Sz White have issued a circular containing a discussion of the
Interborough Rapid Transit Co. and Manhattan Railway Co.
—James Talcott, Inc. has been appointed factor for Shendell Drape*
,
Corp., New York City, manufacturers of draperies.
—F. J. Young & Co., Inc., announce the removal of their offices to
52 Wall Street, New York.
Financial Chronicle
Volume 138
4119
General Corporation and Investment News
-MISCELLANEOUS.
RAILROAD-PUBLIC UTILITY-INDUSTRIAL
Below will be found in alphabetical arrangement current news pertaining to all classes of corporate
entities-railroad, public utility and industrial companies. This information was heretofore given
under classified headings, such as Current Earnings, Financial Reports, Steam Railroads, Public Utilities
and Industrial and Miscellaneous.
stock, par $10, both payable July 2 to holders of record June 21. Like
-V.138, p. 2088.
amounts were distributed on January 2 and April 2 last.
Monthly Gross Earnings of Railroads.
-The following
are comparisons of the monthly totals of railroad earnings,
both gross and net (the net before the deduction of taxes), of
all the Class I roads in the country reporting monthly returns
to the Inter-State Commerce Commission:
1933.
1932.
228,889,4.21
213,851,168
219,857,606
227,300,543
257,963,036
281,353,909
297,185,484
300,520,299
295,506,009
297,690,747
260,503,983
248,057,612
274,890,197
266,231.186
288,880,547
267,480.682
254,378,672
245.869.626
237,493,700
251.782,311
272,059,765
298.084,387
253,225,641
245,760,336
1934.
January__ 257,719,855
February_ _ 248,104.297
March
292,775,785
April
265,022,239
1933.
226,276.523
211,882,826
217,773,265
224,565,926
January-- February..__
March
April
May
June
July
August
September_ _
October
November_ _
December.- _
Inc.(44 or
Dec.(-)•
-46,000.776
-52,380,018
-69,022,941
-40,180.139
+3.584.364
+36,484,283
+59.691,784
+48,737.988
+23.446,244
-393,640
+7,278,324
+2,297,276
+31.443,332
+36,221,471
-1-75,002,520
+40,456,313
Net Earn nos.
Month
Investment trust securities moved upward during the week ended
June 8, accompanying the general market. The average for the common
steaks of the 10 leading management trusts, influenced by the leverage
factor, as compiled by that corporation, stood at 13.83 as of the close
June 8, compared with 12.78 on June 1.
The average of the non-leverage stocks stood at 15.05 as of the close
June 8. compared with 14.57 at the close on June 1. The average of the
mutual funds closed at 10.94. compared with 10.23 at the close of the
previous week.
-V. 138, D. 3759, 3593.
Length of Road.
Gross Earnings.
Month.
-Investment Trust Averages
Allied Distributors, Inc.
Higher.
-
Per
Cent.
1933.
1932.
-16.73
19.67
23.89
15.02
+1.41
+14.43
+25.13
+19.36
+8.62
-0.13
+2.87
+0.93
Miles
241,881
241.189
240,911
241.680
241.484
241.455
241,348
241,166
240,992
240,858
242.708
240.338
Mass
241,991
241,467
241,489
242.160
242,143
242.333
241,908
242,358
239,904
242,177
244,143
240,950
+13.90
+17.10
+34.44
+18.02
1934.
239,444
239,389
239,228
239,109
1933.
241.337
241,263
241,194
241,113
-Preferred Dividend
S.) Aloe Co.
A dividend of 1i% has been declared on the 7% cum. pref. stock, Par
$100, on account of accumulations, payable July 2 to holders of record
June 21. A like amount was distributed on Jan. I and April 2 last. The
previous quarterly payment was made on Jan. 2 1933.
1%.-V. 138.
,
Arrearages, after the July 2 distribution, will amount to 53
p. 1920.
-Changes
American Agricultural Chemical Co. (Del.).
in Personnel.
Horace Bowker, President, has been elected Chairman of the board, and
-V.138.
I. H. Carter, formerly Vice-President has been elected President.
P. 3260.
-Meeting Postponed-New
American Beet Sugar Co.
Directors.
Three important matters scheduled to be voted upon by the stockholders
at the annual meeting held on June 12 were deferred for the reason that twothirds of each class of stock was not represented. The vote was postponed
until July 12, when the company expects to receive sufficient proxies to
make ratification of the proposals effective.
The proposals were:
Change of the company's name to another name to be determined at the
adjourned meeting.
An amendment to the certificate of incorporation, changing the common
stock of no par value to a stated par value to be determined.
Authority to increase the number of directors at any time, new directors
to be named by current directors to hold office until some regular election
or until the annual meeting of stockholders.
Represented at yesterday's meeting were 28,183 of the 50,000 outstanding
shares of pref. stock and 192,182 shares of the outstanding 364,017 shares of
common stock.
Sufficient proxies were in the hands of the management, however, to
approve the election of two new directors, H. A. Benning, of Ogden, Utah
and 0. K. Boettcher, of Denver, Colo. They succeed Clarence Daly
-V. 138, p. 3593.
S. W. Sinsheimer, respectively.
Inc.(+)or Dec.(-)•
Per Cent.
1933.
1932.
Amount.
February
March
April
May
June
July
August
September
October
No:ember
December
$
45,603,287
41.460,593
43,100,029
52,585,047
74.844.410
94,448,09
100,482,838
96.108,921
94,222,438
91.000.573
66.866,614
59.129,403
$
45,964.987
56,187,604
68,356,042
56,261,840
47,416.270
47,018,729
46.148,017
62,553.029
83,092,822
98,337,561
63,962,092
57.861.144
$
-361,700
-14,727.011
-25,256.013
-3,676.793
+27,428.140
+47.429,940
+54,334.821
+33,155,892
+11,129,616
-7,336,988
+2,904,522
+1.268,259
-0.79
-26.21
-56.94
-6.55
+57.85
+100.87
+117.74
+53.64
+13.39
-7.46
+4.54
+2.19
January
February
March
April
1934.
62,262,469
59,923.775
83.939,285
65.253,473
1933.
44,978,266
40,914,074
42,447.013
51.640,515
+17.284.203
+19,009.701
+41,492,272
+13,612 .58
+38.43
+46.46
+97.75
+.
January
err
--rAcme Steel Co., Chicago.
-Special Div. of 12
-Bankruptcy Petit'
American Electric Power Corp.
A debtors petition under the National Bankruptcy Act asking for a po tInent of trustees for the corporation was filed in U. S. District Court in
Wilmington by debenture holders. The petitioners are: Esther F. Poland,
Boston; Louis A. Merry, Somerville, Mass.; Doris Rubenstein and Helen
Minsy, both of New York.
Assets are set forth as $16,000,000. The petitioners seek reorganization
-V. 138. p. 2563.
under provision of the Act.
Pr'
eats.
-
The directors have declared a special dividend of 12% cents per s
in addition to the regular quarterly dividend of 37% cents per share on
the common stock, par $25, both payable July 2 to hol,ders of record
June 20. Three months ago, the quarterly payment on this issue was
increased to 373 cents from 25 cents per share. An extra of 12% cents
per share was also paid on Jan. 2 last.
-V. 138, p. 2087.
-Anrcan Machine & Metals, Inc.-Lietiorp-
Mills at Biscoie, N. C.Sole.-
-Tile ale of the Aileen Mills at Biscoe, N. C., en-March-11 to D. W.
Brooks, trustee, of Memphis, Tenn. has been affirmed by Judge Jahn
Ogiesb3
r
9 Mr. Brooks, the principal creditor, was the only bidder at the
'
receive sale, and secured the property for $150,000. The mill continues
in operation without interruption, under the supervision of D. D. Bruton
of'oy,who has operated it for some time as receiver.
-To Waive Sink. Fund.
----Alberta Pacific Grain Co., Ltd.
The holders of the 6% first mortgage sinking fund gold bonds will vote
at a special meeting on July 4 on approving the waiving of the sinking fund
operations for a period of three years viz.: June 11934. 1935 and 1936.
The amount of the first mortgage bonds issued in 1926 was 83,500,000.
Since that time additions to property account have been made to a total of
$1.232,168. The book value, based upon valuations made in 1926, of
physical properties as at June 30 1933, was $7,678,424; after deducting
provision for depreciation of $1,146,505; net book value amounted to,
$8,531.919.
Through the operation of sinking fund during this period, first mortgage
bonds have been reduced to $2,678,000.
II. E. Sellers, President, says in part:
• During the past four years the company has been operating under the
necessity of recovering from an impaired working capital position, while at
the same time maintaining its properties and meeting interest and sinking
fund charges.
Notwithstanding difficult operating conditions and a reduced volume of
grain handled, substantial progress has been made, and, from June 30
1930, to March 31 last, the working capital position of the company has
been improved by some $670,000. This improvement, however, during the
past three years has been at the average rate of approximately $150.000
only. On this basis, some six or seven years would be required to place the
company in a working capital position in keeping with its large volume of
business. By waiving sinking fundyments for a period of three years.
an additional sum of approximately 400,000 will be made available for the
improvement of the company's working capital position.
In face of the present uncertainty surrounding world wheat production it
is the carefully considered view of directors and management that the sooner
a substantial improvement in working capital can be effected, the more
efficiently can the company's business be carried on and the better will the
interests of the bondholders be served. You are,therefore, urged to approve
-V. 137, p. 2465.
the proposal being submitted, toward this end.
Allegheny Corp.
-Trading on New Prior Preference Stock
Again Permitted.
The Securities Market on the New York Produce Exchange has resumed
trading in Alleghany Corp. new prior preference convertible stock, no par,
when Issued.
The New York Produce Exchange is in receipt of the following telegram
from Baldwin II. Bane, Chief, Securities Division, Federal Trade Commission:
"Prom our understanding of the facts the prior preference stock to be
issued by Alieghany Corp. is exempt from registration. Trading in such
on when as and if issued basis by usual form of such con ract ppar tly
,
1egal.' --V. 138. P. 3759.
-Extra
(The) Allemania Fire Insurance Co.
widen .-
The directors have declared an extra dividend of 10 cents per share
addition to the usual quarterly dividend of 25 cents per share on the capital
c
i
e
The ew York Stock Exchail has authorized the listing of 154.800
I shares of capital stock (no par), on official notice of issuance
additi
ificates representing 154,800 shares).
(and additional voting trust
making the total amounts applied for 389,000 sharea of capital stock.
Consolidated Balance Sheet.
Mar.31'34. Dec.31'33.
LiabilitiesMar.31'34. Dec.'31'33.
AssetsCash
$239,301 $243,644 Accounts payable_ $110,464 $117,611
Accts. pay. seq. of
d Notes & trade
844,301
Oil Prods. Apacceptances rec _ 762,915
56,833
36,167
413,987
pliance Co
e Accounts reedy_ 346.531
139,507
101,228
Other accruals
Accts. rec., empl.
3,011
3,249 Adv. paym'ts on
& adv. to salesm.
19,798
29,115
108,402
Accr. Int. receiv__
97,064
contracts
Deps. with insur.
15-yr. cony. s. t.
1,548,000 1,548.000
oos. & to secure
63% debs
94,079
81,325
33,013 Res.for conting__
bids
32,301
Inventories
796,855 c Capital stock (no
853,941
1,085,000 1.085,000
Stocks, bonds 44
Par)
3,425 Capital surplus_ 1,300,687 1,306,249
1,98.5
mortgages
a Ore reserve and
Earned surplus-def95,112 de155.144
833,970
849,680
mineral rights
b Fixed assets,
980,711
989,364
Prepaid rent, ins..
45,145
26,012
int., taxes. dm
1
1
Gd.-will pats., Arc.
$4,196,874 $4,311,934
Total
Total
$4,196,874 84,311,934
a After depletion of $158,244 Dec. 31 and $173,954 March 31. b After
depreciation of $468.715 Dec. 31 and $488.260 March 31. c Represented
by 217.000 shares (Incl. 4,485 shares held for exchange of predecessor company stock). d After reserves or doubtfuls of $404,504 Dec. 31 and $380.298 March 31. •After deducting $49,260 Dec. 31 and.46,891 March 31
reserve for doubtful accounts.
-V. 138, p. 3593.
-Earnings.
American Public Service Co.(& Subs.).
3 Months Ended March 31Total gross earnings
Operating expenses and taxes
1934.
$989,608
655,635
x1933.
$969,058
620,582
Net earnings from operations
Other income (net)
$333,974
Dr655
$348,476
3,145
Net earnings
Total interest and other deductions of subsidiary
companies
$333,319
S351,621
407,199
407.324
Net loss applicable to American Public Sercie Co.
General int. expenses of Amer. Public Service Co-..
$73,879
3.706
$55.703
6,789
Net loss before providing for cumulative unpaid
dividends on preferred stock of American
$62,492
Public Service Co
$77.585
x Adjustments, including increased provision for depreciation, made
subsequent to March 31 1933 but applicable to the period beginning Jan. 1
1933 have been given effect to in this column.
-V. 138, p. 3761.
American I. G. Chemical Corp.
-Dividend Outlook.
At the annual meeting of the stockholders held on June 12. Dr. Wilfrid
Greif, Chairman, in reference to dividends, stated:
"This company while earning 1.88 times its bond interest has declared no
dividends. If, however, present favorable conditions and tendencies con-
4120
Financial Chronicle
tinue it might be clearly the part of widsom for your board of directors later
In the current fiscal year to consider the beginning of dividend payments
on the common stock."
The stockholders elected the following directors: Hermann Schmitz,
Walter C. Teagle, Carl Bosch. Wilfrid Greif, Walter H. Duisberg. Edsel B.
Ford, W. E. Weiss, D. A. Schmitz, William H. vom Rath, William J.
Quinn and Dr. Sanford D. Stockton Jr.
-V. 138. p. 3760.
American Stores Co.
-June Sales Higher.
Period End. June 2- 1934-5 Weeks
-1933. 1934-5 Mos.-1933.
Sales
$11,231,864 $10,363,100 $49,154,816 $45,741,265
-V. 138, p. 3430, 2735.
American Water Works & Electric Co., Inc.
-Output.
-
Output of electric energy of the company's electric properties for the week
ended June 9 1934 totaled 35,014,000 kwh., an increase of 5% over the
ourt of 3 i e t e tri for ViLcipprrunin
ni ara f ,280
l l0
m:
period
193 •
electric energ for thelast five
years Follows:
Week Ended
1934.
1930.
1933.
1932.
1931.
May 19--- 35,528,000 31,866,000 26,635,000 34,435,000 35,984,000
May 26_ _ - 35,634,000 32.274.000 26,164,000 x31,689.000 36,597,000
June 2_ --x33,692,000 x31,356,000 x24,932,000 32,861,000 x33,930,000
June 9- _ - 35,014.000 33,480,000 25,768,000 32,751,000 34.686,000
x Includes Memorial Day.
-V. 138, p. 3936.
Anglo American Corp. of So. Africa Ltd.
-Earnings.Results of operations for the month of May 1934 follow:
(South African Currency.)
Tons
Total
Profit
CompanyCosts.
Milled.
Revenue.
Brakpan Mines,Ltd_ __ £127,567
£108,254
127,000
£235,821
Daggafontein Mines,Ltd
£90,051
£87,340
78,000
£177,391
Spring Mines, Ltd
£146,401
£238.366
£91,965
86,000
West Springs, Ltd
94.000
Note.
-Revenue has been calculated on the basis of £6 15s. Od. per mince
.
fine.
-V. 138. p. 3262.
'Anglo Persian Oil Co., Ltd.
-To Redeem Debentures.
Sir John Cadman, Chairman of the board,at the annual meeting of stockholders stated that in view of the ample resources of the company, it has
been decided the debenture stock, amounting to $4,850,000, should be
repaid.
"I am satisfied after repayment of these debentures the company will
have adequate liquid resources for any requirements that can be foreseen,'
he stated.
The statement for the year ended Dec. 31 1933 shows a profit of £2,643,978 after making provision for royalty and taxation due to the Persian
Government and income taxes against profit of £2.379.677 in 1932. After
providing £1,071.234 for dividends on preference capital; £302,184 for extra
depreciation and allocation of £200,000 to debenture stock redemption
reserve fund,the directors decided to declare a common dividend of 73•i%
less tax amounting to E1.006.875 and carry forawrd .C510,944 to a next
account.
-V. 137, p. 4016.
Arbor RR.
-To Pay April 1 Interest.
The interest due April 1 1934 on the first mortgage gold 4% bonds,
due 1995, is now being paid.
-V.138. p. 3595.
June 16 1934
behind a year ago,in the face ofimproving output, has ben due to a number
of causes, it was stated.
The company says: "Chief among these has been the tax assaults in
recent months. In addition to the manifold taxes to which all corporations
are subject, the utilities have been singled out for special Federal, State
and local taxes.
"Where the combined effect of soaring taxes and higher operating costs
incident to National recovery have not drastically reduced earnings, rate
cuts have completed the work. The result is that to-day, when many
industries appear to be participating in recovery, the utility industry, as
reflected in the prices of its securities, is still at low ebb."
Gas sendout for May was 1,427,164,100 cubic feet. or 5.9% above May
of 1933, while for the 12 months neded May 31, production of gas was
17,582,254,400 cubic feet, an increase of 5.2% above the previous year.
The electric production for the week ended June 2, was 48,250,754 units,
or 1.1% above the same week a year ago. This is the lowest per cent
increase in more than a year, it was said.
For the week, gas output of 303,630,600 cubic feet was 2.3% above the
same week a year ago.
Reorganization Asked-Bondholders Desire to Submit Plan
Under Bankruptcy Act
-Insolvency Is Denied.
Reorganization of the company under the new Corporation Bankruptcy
Act is asked by a creditors' petition filed in Federal District Court at
Utica, N.Y. The petition,signed by five bondholders, asks the court to appoint trustees to continue the business and that the petitioners be permitted
to submit a plan for reorganization.
The creditors assert that the company is insolvent and committed an
act of bankruptcy April 1 by paying interest on various debenture bonds,
thus preferring some creditors over others.
The petition states that equity receivership proceedings are pending
and numerous suits are being brought and asks that subsidiaries unable to
meet their obligations be required to file petitions for reorganization under
the amended act.
An answer by the company is required June 27 at Albany before Federa
Judge Frank Cooper.
At the office of the company the following statement was given out:
"The petition under the new Bankruptcy Act appears to have been filed
by five alleged security holders, led by David Stoneman of Boston. One
of the petitioners, it is understood, has already participated in the plan
of rearrangement of capitalization of Associated Gas at Electric Co.., and
the remainder are holders almost exclusively of securities junior to the
debentures of the company.
"The petition has apparently been filed under a misunderstanding of the
situation of Associated Gas & Electric Co., which has been considerable
improved through the marked success of its plan of rearrangement of
capitalization, under which a substantial majority of the outstanding
debentures has already been deposited.
"It is reported that the application is based upon alleged insolvency of the
company and inability to pay its debts as they mature, neither of which
Is a fact. There has been no default in the payment of interest on he
debt of the company and there are no current maturities to be met."
V. 138, p. 3937.
-Omits Common Dividend.
Auburn Automobile Co.
The directors on June 11 voted not to pay the regular quarterly dividend
due in July on the common stock, no par value. From April 1 1933 to and
Including April 2 1934,the company made quarterly distributions of 50 cents
per share, while from Jan. 2 1928 to and including Jan.2 1933 dividends of
. 138.
$1 per share in cash and 2% in stock were paid each qu ter
p.2738.
-----• Antofagasta (Chile) & Bolivia Ry.-Omits Dividend.
The directors announce that, although the accounts for 1933 are not yet
completed, the net revenue. including £155,000 received from the Andes
-Petition in Bank
Trust, Ltd. and income arising from other investments, was approximately ----Austin Hotel, Chicago.
1382,000. 'After deducting about £15,000 for loss due to differences in
exchange, £32,500 balance of amount Provided under the lease of the
Aguas Blancas Ry. and £230,447 for interest on the debenture stocks,
there remains an amount of £104,000 to be added to the balance brought
forward. It is proposed to transfer E38,000 to renewals accounts (making
the total contribution to those accounts for the year about £50,000),
£70,000 to exchange reserve account and to carry forward approximately
E241.000 compared with £244.753 last year. The directors regret that,
owing to the large currency balances which are accumulating in Chile and
Bolivia. the uncertainty as to when it will be possible to remit same and at
what rates of exchange they are unable to recommend a payment on account
of the arrears of dividend on the 5% cumul..preference stock. (London
'Stock ExchangeWeekly Official Intelligence. ').--V. 136, P. 3 16. ,,
i
A
ptcyA- ,
The Austin Hotel in Chicago has filed a petition in United Stafed District
Court Chicago for reorganization under Section 77B of the bankruptcy act.
Automatic Products Corp.
-Admitted to List.- •
The New York Produce Exchange has admitted to the list the common
stock, par $5.-V. 138, p. 3763.
Baldwin Locomotive Works.
-Receives Orders.-
The corporation has entered orders for 15 locomotives on its books at
an aggregate cost of roundly $1,000,000. The locomotives include five
for the Lehigh Valley Ry. to cost $600,000 and ten for the Chilean State
Rys. to cost $400,000. The Lehigh Valley Ry. order was given tentatively
to Baldwin some weeks ago but was not entered on the books pending
completion of financing arrangements. The Chilean inquiry originally
Arkansas Power & Light Co.
-Preferred Divi en sA-"‘ . was for five locomotives, but when the order was actually placed the
The directors have declared dividends of 58 cents per share on'the $7
number was increased to ten. Work on the Chilean order has been started,
cum. pref. stock, no par value, and 50 cents per share on the $6 cum. pref.
Within recent weeks the Baldwin company received an order for five
stock, no par value, both payable July 2 to holders of record June 15.
mountain type freight passenger locomotives to cost $625.00 from the Boston
Like amounts were paid on the respective issues on April 1. July 1 and
& Maine RR.
-V. 138, p. 3432.
Oct. 2 1933, while on Jan. 2 and April 2 1934 the company distributed 59
cents per share on the $7 pref. and 50 cents per share on the $6 pref.stock. '''`" -Bancamerica-Blair Corp.
-25-cent Divt en
Previously, regular quarterly distributions were made quarterly.
-V. 138,
The directors on June 12 declared a dividend of 25 cents
share on the
p. 3936.
•
capital stock, par $1, payable June 30 to holders of record June 20
c
4
.
initial distribution of $ .50_per share was made on Dec.
I. .-Listi g
-'Armour & Co.
Deposit Receipts for followed by a payment on Dec. 28 (from funds in excess 15 last, which was
of working capital
requirements) of $3 per share.
-V. 138. p. 506.
Prefer ed Stock.
'The New York Stock Bache
zed the listing of deposit
has aut
ay-Cumberland Bldg., Ltd.-1.4444r-receip
r 572,313 shares of the 0 cumulative preferred stock.
nnouncement has been made that the interestto the first mortgage
sl
e
The directors at a meeting held May 28 authorized the issue of the deposit
bo s of 1944, due April 1 1934, has been defaulted
The sinking fund
receipts for shares of 7% cumulative preferred stock deposited for exchange
has been in arrears forsome time. The bonds are ou
nding in an amount
under the plan of recapitalization. The directors appointed and designated
of $220,000. The company operates a five-story building and two-story
Kuhn, Loeb & Co., New York, Old Colony Trust Co., Boston, and Congarage at Bay and Cumberland Streets, Toronto.
tinental Illinois National Bank & Trust Co., Chicago, as agents and depositaries of the company in connection with the proposed exchange of
& Ohio RR.
-Plans to Refund $17,500,000
The
shares of 7% cumulative referred stock as provided in the plan.
agent
-depositaries are authorized , on behalf of the company, to accept
Notes Due Aug. 10 Reported Under Way.
deposits under the plan of certificates for 7% cumulative preferred stock of
Kuhn,Loeb & Co.,It is stated,plan soon to offer to holders of $17,500,000
the company and to countersign and deliver, against receipt of the certifi6% secured notes which will mature on Aug. 10 a new issue of 3
-year notes
cates. the company's deposit receipts.
bearing possibly a 5% coupon. The financing is subject to approval by
The filing of a registration statement in respect of the deposit receipts is
the I.
-S. C. Commission.
not required in the opinion of Charles J. Faulkner. Jr.. general counsel for
The maturing issue of notes is held by banks and other large institutions.
the company. and Messrs. Cravath, de Gersdorff, Swaine & Wood, of New
These holders will, it Is said, receive oral offers of amounts of the proposed
York, who are of the opinion that the issue of such receipts from time to
new issue equal to their holdings. It is not expected that any substantial
time are exempted transactions within the terms of subdivision 3 of Section 4
amount will remain for offering to the public.
of the Securities Act of 1933.
The $17,500,000 of maturing notes were issued partly to refund $35,000,
- 000 of 4% unsecured notes which matured on Aug. 10 1932, the remaining
Issues Restored to Trading on a "When Issued" Basis.
$17,500,000 being paid in cash from an RFC loan. The present issue is
The Armour & Co.issues have been restored to trading on a "when issued"
secured by $17,500,000 gen. & ref. mtge. 6% bonds and Reading Co.
basis on the New York Curb Exchange, following the ruling of Baldwin B.
1st and 2d preferred and common stock.
Bane, chief of the securities division of the Federal Trade Commission.
•
The New York Curb Exchange issued the following notice:
Public Works Improvement Loan of $900,000."Dealings in Armour & Co. MI.) new common stock par value $5 and
A $900,000 loan by the PWA to the company for purchasing new equipnew prior pref. stock without par value on a when, as and if issued basis.
ment was approved June 9 by the I.
-S. C. Commission.
in accordance with plan as set forth in notice addressed to stockholders
The report of the Commission says in part:
under ate of May 28 1934, will be resumed (June 9) at 10:15 a. m., SatThe company on May 19 applied under section 203(a), clause (4), of
urday."
-V. 138, p. 3761.
the NIRA for approval of certain railroad equipment, the cost of which
it proposes to finance with the aid of the Federal Emergency AdminisAsbestos Corp., Ltd.
-Committee Named.
tration of Public Works.
A committee of holders of various securities of the corporation was named
The applicant states that,in order to meet its needs in providing adequate
at a meeting held in Montreal June 8 to oppose the move to give shares to
transportation services, it proposes to acquire the following: 1 Diesel elecColonel Robert Massie, President and Managing Director, in lieu of adjusttric engine, 2 combination mail and baggage cars, 6 reclining-seat passenger
ment of salary. Proxies *ill be asked in a letter to go forward over the
cars, 2 combination dining and lunch cars, 4 chair cars and 2 observation
week-end -V. 138, p. 2736.
chair cars, at an estimated total cost of $905,190.
A separate application under section 20a of the Inter-State Commerce
----Associated Gas & Electric Co.
-Appoints Stockholders'
Act has been filed by the applicant, requesting authority to assume obliCommittee.
gation and liability in respect of $900,000 of 4% equipment trust certifcates, series H, proposed to be'issued in connection with the procurement
At the annual meeting of stockholders held on June 6 1934 a resolution
of the equipment.
was adopted authorizing and directing the President of the company to
appoint three or more of its stockholders as a committee to give general
107th Annual Report, Year Ended Dec. 311933.
-Daniel
consideration to the subject of safeguarding the investment of the stockholders and debenture holders in the company so that a more organized
Willard, President, says in part:
effort may be made to counteract the unjust attacks now being made on
revenue from carriage of freight was $113,380.29 .
Results.
5
-The total
public utilities which have been harmful to the system.
and shows an increase over 1932 of $7,320.235, or 6.90%. Emergency
Associated System Reports May Output 6.2% Above Last Year. increase in rates authorized by the I. C. Commission, effective Jan. 4
-S.
1932, which had contributed about $300,000 per month to the company'B
For the month of May, the Associated System reports net electric outrevenues, terminated as of Sept. 30 1933. This and other adjustments
put of 226,546,332 units (kwh.) an increase of 6.2%. This is the lowest
In rates caused a reduction in the average rate per ton per mile from .988
per cent increase reported for any month this year. For the year ended
cents in 1932 to .936 cents in 1933. Revenue freight carried shows an
May 31, output, at 2,731,498,495 units, was 10.4% above the previous
increase of 6,751,110 tons, or 12.43%, and revenue tons carried one mile
12 months' period. That net income so far as figures are available 18 far
Volume 138
Financial Chronicle
increased 1,373,884,702, or 12.80%. The major portion of the increase
in tonnage was from products of mines, principally bituminous coal and
iron ore, the latter reaching a total of 1,837,999 tons in 1933 compared
with 96,472 tons in 1932. or an increase of 1.741,527 tons.
Passenger revenue aggregated $9,798,465 for the year, a decline of
$564,217, or 5.44%, when compared with the previous year. While there
was a marked improvement in the passenger traffic during the last six
months of the year as compared with the corresponding period of the previous year, the increase was not sufficient to overcome the drastic decline
in the first six months. There was, however, an increase of 1.62% in
revenue passenger miles, reflecting improvement in the long-haul business.
The Century of Progress Exposition held at Chicago from May 27 to Nov.12
1933 was a contributing factor to the increased passenger revenue realized
during the last half of the year. The operation by company of completely
air-conditioned trains between New York and Chicago and St. Louis was
also effective in regaining to the line some of the passenger traffic which
had been diverted to other forms of transportation. Further additions
during the year to the air-conditioned equipment permitted more extended
service of this character.
Operating revenues aggregated $131,792,253, an increase over 1932 of
$5,909,429, or 4.69%.
Expenditures for maintenance of way and structures were $10,939,855
and for maintenance of equipment $24,011,164, and together aggregated
$34,951,019, representing 26.52% of all operating revenues and an increase
over 1932 of $2,476,025, or 7.62%. The property was adequately maintained for the safe and expeditious handling of traffic.
Transportation expenses amounted to $43,771,782. a decrease when
compared with 1932 of $2,571,340. or 5.55%, notwithstanding the increase
in total business handled. This saving was realized in part through the
increase in the average train load which was 808.78 revenue tons in 1933
as compared with 724.84 revenue tons in 1932, an increase of 83.94 revenue
tons, or 11.58%. Transportation expenses in 1933 consumed 33.21% of
total revenues compared with 36.82% in 1932, indicating a saving in traisportation costs of $4,754.125 when applied to the business done in 1933.
Total operating expenses for the year aggregated $90,369,700, a decrease
under 1932 of $1,285,234, or 1.40%, and were 68.57% of total operating
revenues compared with 72.81% in 1932.
Railway tax accruals aggregated $8,156,726 in 1933 and in comparison
with 1932 shows a decrease of $748,291. or 8.40%, due to reductions in the
tax rate and to reduced assessments of value of taxable property. Notwithstanding the decrease this uncontrollable item of expense constitutes
a heavy burden. After the payment of all operating expenses. 19.69 cents
of each remaining dollar of operating revenue is paid out in taxes. Included
in taxes for 1933 is $376,634 for a new capital stock tax imposed by the
Federal Government in 1933 as an emergency measure.
Net railway operating income aggregated $28,849,201, an increase over
1932 of $6,875,803, or 31.29%, and is equivalent tom return of 2.92% on
the recorded investment in property held by the company for and in the
service of transportation compared with a return of 2.20% for 1932.
After the payment of all fixed interest and other charges there remained
net income of $204,771, as compared with a final deficit in income of
$6,334.978 in 1932.
Additions and Betterments to Road.
-There was expended and charged to
capital account during the year $2.362,073, and side tracks and other property of a book value of $2,887,835 was retired, leaving a net credit to investment account of $525761.
Reading Co.
-No additional shares of stock of the Reading Co. were
acquired in 1933. The company owns 235.065 shares of 1st pref. stock.
345,600 shares of 2d pref. stock and 600.800 shares of common stock,
making, a total of 1,181,465 shares of voting stock, or about 42.21% of the
total shares of Reading Co. stock issued and outstanding.
Western Maryland Ry -The status of the stock of the Western Maryland
Ry. owned and comprising approximately 43.10% of the total stock issued
and outstanding, remains unchangeu, being deposited in trust pursuant
to order of the I.
-S. C. Commission.
Emergency Surcharge Rates.
-The emergency increase in freight charges
authorized by the
C. Comniission, effective Jan. 4 1932, which was ta
cease on March 31I.-S. was, upon representation of the carriers, extended
1933,
until Sept. 30 1933, since which time no such charges have been collected.
The emergency charges accruing to March 31 1933 were advanced to the
Ra.lroad Credit Corporation under the marshalling and distributing plan,
and the total so advanced by company less credits received on account to
Dec. 31 1933 is $3,830,696. Company has received by way of loans from
the Radroad Credit Corporation $3.002,367.
Income Account Years Ended Dec. 31.
1930.
1931.
1932.
1933.
5,568
5.556
*Aver. miles operated...
6.309
$6.30
6,312
Railway Oper. Revenues- $
$
Freight
113,380,296 106,060,060 131,977,796 173,706,337
Passenger
9,798,466 10,362,683 14,801,546 18,567,622
Mail
3,038,397 3.227.953 3,139,125 3,353,729
Express
1,800.567 2,751,822 3,811,357
1,462,160
Other transport. revenue 1,818,615
1.873,845 2,190,844 2,791,859
Miscellaneous revenues_ 2,294,320 2,557,716 3,613,494 4,429,533
Total ry. oper. revs_-131,792,253 125,882,823 158,474,628 206,660,435
Railway Oper. ExpensesMaint. of way & struc__ 10,939,8.55 10,317,522 13,524,048 22,442,388
Maint. of equipment.-- 24,011,165 22,157,472 31,542,647 41,693,160
4,734,047 5,887,545 6,269,933
Transportation
43:771:782 46,343.123 59,443,637 72,500,106
1,773,296 2,142,666
1,301,420
Miami'. operations
1.152,283
General
6,545,184 7,153,929 7.790,757 8,145,896
17,490
51,769
Transp. for invest. (Cr.)
352,577
76,840
Total ry. oper. exps__ 90,369,700 91,654,935 119,944,440 153,142,375
Net rev,from ry. oper__ 41,422,553 34,227,888 38,530,187 53.518,061
Ratio of oper.ps. to
operating revenues.. _ ..
74.10%
75.69%
72.81%
68.57%
Other Oper. Charges
Railway tax accruals..__ 8,156,726 8,905,018 8.893,647 10,326,669
Uncollectible ry. revs. __
50,537
Cr26,370
28,766
32,854
1,981,352 2,059,983
Equip. rents (net debit) 2,819,768 1,883,256
1,450,707
854,028
1,415,679
Jt.facil. rents(net debits) 1,564.004
Total other oper.chgs. 12,573,351 12,254,490 12,299,336 13,269,447
Net ry. oper. income-- 28,849,201 21,973,398 26,230,851 40,248,613
Other Income
136,461
137,851
136,724
Income from lease ofroad
131,395
690,805
Miscell. rent income..
677,057
689.156
599,727
210,377
162,898
215,299
Misc. non-op. phys. prop
132,675
145,478
119,315
873,527
Sep. oper. prop. (profit)
160,793
2,465,043 5,257,963 5,372.291
Dividends income
2,423,123
1,800,460 1,688,987
1,690,302
Inc.from funded securs_ 1,806,604
Income from unfunded
966,204 2,169,082
securities & accounts_
957,566
821,663
Income from sinking and
Dr29,063
201,398
43,829
other reserve funds_ _ _
88,380
51,742
57,241
53,712
Miscellaneous income--53.659
4121
General Balance Sheet Dec. 31.
1931.
ASSe1S-1933.
1932.
Investments in:
3
$
$
Road
304,773,769 298,106,137 295,583.880
Equipment
260,015.002 270,813,497 268,311,188
Subsidiary cos. oper. as constituent
parts of the companies
405,867,475 413,930,049 347,795,495
Miscall, physical properties held for
8,257,323
transportation purposes
6,123,588
5,776,788
Perpetual leaseholds-capitalized (per
contra)
10,463,200
3,713,200
10,463,200
Inv. in sub.& Mill. cos. separately oper.:
Pledged. Unpledged.
Stocks
65,074,012
$38,840,212 $4,199,394
43,039,606
42,484,127
Bonds
38,125,940
1
38,125,941
38,125,941 37,056,441
Miscellaneous 4,851,063 13,062,445
16,934,303
17,913,508
16,857,174
Investment In other misc. phys. prop
4,646,558
4,567,763
4,662,247
Investment in sinking funds
5,043
4,500
5,127
Deposits in lieu of mortgaged prop. sold_
70,961
55.865
37,153
Investments in other companies:
Pledged. Unnledged.
Stocks
92.211,422
88,071,007
$89,988,053 52,305,283
92,293,336
817,929
Bonds
95,455
946,337
1,041,793
917,892
1.773,264
Miscellaneous
1 2,048.992
2,048,993
1,791.667
13,118.598
Cash
6,674,116
8,688,798
1,495,827
Special deposits
669,793
1,021,058
94,411
Loans and bills receivable
106,073
129,950
2,528,488
Traffic and car service balance receivable
2,325,634
2,078,596
2,223,578
Net balances receiv.from agts.& conduc.
2,324,754
1,916,715
7,258,861
Miscellaneous accounts receivable
7,150.278
7,167,305
15,081,656
Materials and supplies
10.081,093
13,437,327
65,990
Interest and dividends receivable
10,337
38,802
31,933
Rents receivable
19,882
23,304
141,613
Other current assets
212,383
326,860
3,260,769
Deferred assets
4,390,746
4,226,118
2,758,027
Unadjusted debits
467,227
360,484
Total
1,220,833,814 1,235,564.391 1,186,136,546
Total
Held by or
Issued.
for Co.
Outstanding.
Liabilities$
$
$
$
$
Corn. stock._ _256,302,100
6,752 256,295,348 256,295,348 256,295.348
Pref. 8tock___ 60,000,000 1,136,838
58,863,162
58,863,162 58,863,162
Premium on
capital stock 3,355,721
3,355,721
Equip. oblig__ 42,888,200
42,888,200
50,313,300
57,044.800
Mtge. bonds__618,671,900 125,257,600 493,414,300 524,731,200 347,939,850
L'ns& billspay.:
RFC loans.. 69.582,777
69,582,777
0th. loans &
bills pay_ 22,102,367
22,102,387
Coll. tr. bonds
55,985,200
Misc.oblig'ns_ 2.358.076
2,358,076
63,614,000 135,482,196
Misc. obi's. of
oper. subs... 44,577,000 1,000,000
43,577,700
44,210,700
Dayton&M(ch.
RR. Co.:
Corn, stock- 2,401,950
5,000
2,396,950
2,396,950
2,396,950
Pref. stock_ 1,211,250
1,211,250
1,211,250
1,211.250
HomeAve.Ry.
Co.cap.stk.
100,000
250
99,750
99,750
99.750
Allegh.& Wes.
RR. Co.:
Cap. stock.. 3,200,000
3,200,000
3,200,000
Mtge. bonds 2,000,000
2,000,000
2.000,000
Clearf. & Mahon.RR.Co.:
Cap. stock_
900,000
900,000
900,000
Mtge. bonds
650,000
650,000
650,000
Loans and bills payable
43,000,000
Traffic and car service balances payable_
2,356.737
2,268.899
2,295,030
Audited accounts and wages payable
7,200,776
6,107,733
5,380,371
Miscellaneous accounts payable
1,837,563
1,321.681
3,602,966
Interest matured unpaid
2,296,265
2,255,403
2,165,582
Dividends matured unpaid
87,798
89,483
134,358
Funded debt matured unpaid
147,700
26,250
91,650
Unmatured dividends declared
588.632
Unmatured interest accrued
6,794,059
7,126,387
6,264,770
Unmatured rents accrued
45,810
46,051
24,485
Other current liabilities
1,932,628
1,393.602
1,346,793
Liability for provident funds
707,709
1,810,530
3,395,448
Other deferred liabilities
396.400
366,603
7,740,476
Tax liability
2,287,766
1,970.362
2,887,217
Insurance reserve
4,026,545
3,714,824
3,461,985
Accrued depreciation-equipment
82.455,574
83,676,159
79,700,506
Other unadjusted credits
2,312,433
2,688,770
3,396,471
Inter-company now-negotiable accounts_ 14,597,060
13,690,217
Sinking fund reserves
361,500
335,127
313,043
Add'as to prop, through inc. & surplus_ 27.576,407
27,530,434
27,452,694
Premium on sale of common stock
3,355,721
3,355,721
Profit and loss, balance
60,517,482
67,304,494
74,219,840
Total
1,220,833,814 1,235,564,391 1,186,136,546
Note.
-As of Dec. 31 1933, the following securities bear the endorsement
of the Baltimore & Ohio RR.,jointly with other companies, viz.: Kentucky
,Sc Indiana Terminal RR. 1st mtge. sterling bonds, $7.041,776; RichmondWashington Co. 1st mtge. bonds, $10,000,000; Washington Terminal Co.
1st mtge. bonds, $12,000,000; Cincinnati Union Terminal Co. 1st mtge.
bonds, series "A," $12,000,000; 1st mtge. bonds. series "B." $12,000,000.
and 1st mtge. bonds, series "0," $12,000,000.
To Use Cleveland Station.
Arrangements have been completed for the Baltimore & Ohio Railroad
to use the Union Station at Cleveland, Ohio,and according to an announcement by W.B. CallowaY, General Passenger Traffic Manager,all Baltimore
and Ohio passenger trains operated to and from Cleveland, Ohio, will use
the facilities of the Union Station, effective June 17.
Train schedules now in effectfrom the present Baltimore and Ohio station
at Cleveland will be observed at the Union Station, except that of train
number 34, which will leave Cleveland at 9:15 p. m.instead of 9:30 D. m.
as at present.
The new Union Station or Tower Terminal in the heart of the business
district at Cleveland is one of the notable additions to modern railroad
facilities.
Three railroads have been operating from the station, namely he New
York, Chicago & St. Louis Ry. (Nickel Plate), Cleveland, Cincinnati,
Chicago & St. Louis Ry. (Big Four), and the New York Central Lines.
These railroads operate east and west and into Michigan and Canadian
territory, and with the entrance of the Baltimore & Ohio RR. into the
Union Terminal, there will be afforded more direct interchange between
these lines and the Baltimore and Ohio lines, particularly to Pittsburgh,
Washington and the southeast.
-V.138, p. 3937.
6,578,829 9,118,957 11,243,924
Total other income- _ 6,218.021
35,067,222 28,552,227 35,349,808 51.492,537 **----Bay State Fishing
Gross income
Co.
-Pays Accumulations.
Deductionsfrom Gross Income
A dividend of $3.50 per share has been declared on the 7% cum. prior
470,054
846,511
593,472
849,042
Rent for leased roads_ _ _
pref. stock and on the 7% cum. pref. stock, par $20, both payable June 30.
296,774
273,154
280,477
Miscellaneous rents_ _
270,357
This wipes out all accumulations on these issues to and incl. April 1 1934.
433.736
374,042
310,932
242,877
Miscell, tax accruals__ _
the last regular semi-annual payments of 70 cents per share having been
753,269
1,008,401
503,292
810,424
Sep. oper. Pron. (loss).made on Oct. 1 1931.-V. 137. p.690.
28,107,977 27,946,177
Interest on funded debt 31,381,633 30,667,374
1,388,753
1,608,927
335,740
1,214,298
Int. on unfunded debt.
93.819
Beaver Fire Insurance Co., Ltd., Canada.
-Larger
96.267
108,796
98,678
income charges_
Miscall.
Total deductions from
34,862,450 34,887,205 31,546,830 30,068,767
gross income
204,772 def6,334,978 3,802,978 21,423,770
Net income
2,354,528 2,354,528
diva. (4%)-....
Preferred
8,970,341 17,940.687
Common dividends
(3Ji%)
(7%)
Bate
204,772 def6,334,978 def7,521,891
1,128.555
Balance, surplus
Shares of common stock
2,562,954 2,562,954 2,562.954
outstanding (par $100) 2,562,953
Nil
Nil
$0.57
$7.44
Earnings per sh. on com.
* Excludes passenger trackage rights between Phila. and New York.
Payment.
The directors have declared a dividend of $6.50 per share on the common
stock, payable in Canadian funds on July 2 to holders of record June 15.
This compares with $2.50 per share paid on Jan. 2 last and $4 per share
on July 2 1933.-V. 138, P. 152.
Bayer Co., Inc.
-Trade Commission Charges Misrepresentation.The Federal Trade Commission has issued a formal complaint against
the company, manufacturers of aspirin, charging misrepresentation in
sales of its tablets. The company was ordered to file an answer to the
charges by July 13.
4122
Financial Chronicle
The complaint charged, "the company represented in advertising that
only Bayer aspirin is genuine aspirin, that aspirin sold by its competitor
is not aspirin, is not as beneficial to the user as Bayer's and is counterfeit
or spurious."
The Trade Commission alleged the assertions are untrue.
Benesch & Sons Co., Inc., Baltimore.
-To
Purchase Own Stock.-
June 16 1934
Canadian National Ry.-Earnings.Earnings of System for First Week of June.
1934.
1933.
$3,042,362 $2,804,154
Gross earnings
-V. 138, p. 3939.
Increase.
3238,172.
Canadian Pacific Ry.-Earnings.-
Earnings for First Week of June.
The stockholders last month approved a proposal to amend the company's
1934.
„(....
.
1933. . e e, ieczse
(
In
charter and reduce the amount of issued capital stock.
Gross earnings
$2,131,000
,- $
81,0
00
$2.050,000,
The corporation was authorized to purchase shares of its own stock out
-V. 138, p. 3939.
of its surplus created by reduction of the amount of its issued capital, which
now consists of 212,500 shares of no par value representing,lathe aggregate,"-Canadian Wirebound Boxes, Ltd.
-25-cent Pre Div.- f.
canital to the extent of $1,500,000.
A dividend of 25 cents per share has been declared on the $1.50
los It was further asserted that before these charter amendments were
class A partic. stock, no par value, payable in Canadian funds on June 30
advised by directors, certain stockholders said to represent 40.791 shares
to holders of record June 15. Distributions of 373 cents per i4 ii.r r:,(
share we
requested the company to buy their shares at $3 a share, and that options
made on this issue on Jan. 2 and April 1 last.
have been given to Baker, Watts & Co. and George G. Shriver & Co., Inc.,
Accruals, after the June 30 payment, will amount to $2.37% pr share.
a
both of Baltimore, Md., to sell these holdings at that figure.
-V. 138, p. 1749.
However, it was said, certain other stockholders owning an aggregate of
160,668 sha es have consented that their holdings be excluded from the
Carolina Power & Light Co.
-Preferred Dividends.- r
purchase offer.
The directors have declared a dividend of 87 cents per share on the($7
The directors, accordingly, have authorized the purchase by the corporacum. pref. stock, no par value, and a dividend of 75 cents per share on he
tion out of its surplus at $3 a share of any of the 40,791 shares covered by
$6 cum. pref. stock, no par value, both payable July 2 to holders of record
the option as well as any other shares (except the 160,668 shares mentioned)
June 15. Like amounts were paid on the respective issues on Jan. 2 last
tendered to the corporation for purchase not later thanextgul7 10.7V.
and on July 11933. while on April 2 1934 and on April 1 and Oct. 2 1933
a dividend of 88 cents per share on the $7 pref. and 75 cents per share on
e
c."
the $6 pref. stock were paid. The last regular quarterly payment, on
-40-cent Dividend.
Boston Herald-Traveler Corp.
-these issues were made on Jan. 3 1933.-V. 138, p. 3939,
The directors have declared a dividend of 40 cents per share one com'
mon stock, no par value, payable July 2 to holders of record June 2. On Central Funding Corp.
-Bankruptcy Proceedingso-- 7L
"
Jan. 24 1934. a dividend of 50 cents per share was paid, the first since
Involuntary bankruptcy proceedings were filed in Federal Dista,lot Court
Jan.2 1932 when the last quarterly payment of 10 cents per share was made.
on June 11 by three creditors, with claims in excess of $1,000, to permit a
-V.138, p.507.
reorganization under provisions of the Corporate Bankruptcy Law. Petitioners assert that $8.424,000 in outstanding bonds of the company were
----'.Boston & Maine RR. kbendonmentr-guaranteed by the National Surety Co. and that action is taken to fall in
e
,The I.
-S. C. Commission on June 9 issueda certificate permitting the
file with rehabilitation plans now under committee control. Judge Coxe
from a connection
company to abandon its Belmont branch extending
on June 14 approved the petition. No trustee was named.
-V.138, p.2567.
with another of its lines at Belmont Jun on to Belmont, appximately
-V.138, p. 3764.
1
miles, all in Belknap County, N. II.
four
---Central German Power Co. of Magdeburg.
-Probable
Ltd.
-New Financing.
Refinancing.
-
; 1.1
Notice is given that the scheme of arrangement has now been sanctioned
by the court and the necessary meeting Vas been held increasing the capital
by the creation of 500,000 4%% pre-preference shares of Li. The directors
offered during the week the said new shares to shareholders at par, payable
is, per share on application and allotment respectively, 4s. on Sept. 29,
and the balance as and when required in calls not exceeding 5s. per share
and at intervals of not less than two months. These shares carry a cumulative dividend of 4%% per annum, payable half-yearly, the first payment
to be made in March 1935, calculated on the instalments as from the due
dates of payment to Dec. 31 1934, and rank both as regards dividend and
capital in priority to the preference, ordinary and deferred shares, the
holders thereof having the right on a poll to 2 votes per share. The share
certificates will be ready on Oct. 1. Application form, together with remittance, had to reach Lloyds Bank, Ltd., Law Courts Branch, 222 Strand,
London, W.C.2, England, on May 12. (London "Stock Exchange Weekly
-V. 138, p. 2913.
Official Intelligence.")
ti-(6
,
siteZa
--Bralorne Mines, Ltd.
-Larger Dividend.
--
A notice, dated June 1, to the holders of participation certificates in
the 4
-year 6% gold note dated J1.1118 1 1930, due June 1 1934, states:
Regulation of the German Foreign Exchange Control Authorities prevent dollar repayment of the above loan at this time. A proposal in
connection with this maturity is being prepared and will be announced
shortly.
-V. 138, p. 3940.
193 .x
Central & South West Utilities Co.(& Subs.).-Earn8.
3
3 Months Ended March 31Total gross earnings
Total operating expenses & taxes
1934.
$5,809,689 $5,664,219
3,805,668 3,537.755
Net earnings from operations
Other income (net)
$2,004,021 52,128,465
30,759
29,669
$2,034,779 $2,156,134
Net earnings before interest
1,521,106
Total interest and amortization
1,522,332
Dividends on pref. & class A common stocks of
subsidiary companies held by the public:
383.977
Paid and accrued
663,088
440,025
140,682
/ y Suspended
A quarterly dividend of 15% has been declared on the common stock,
payable July 16 to holders of record June 30. This compares with 12% o
Paid on April 16 last.
-V.138. p. 1565.
e--t, WV
cum. unpaid
t•
--$1 Prej. viv e Deficit before providing forpref. stocks ofdivi--- Bridgeport Machine Co., Wichita, Kan.
the
dends on prior lien and
cum. pref. st
A dividend of $1 per share has been declared on the 7%
Central & South West Utilities Co
$290.329
$169,949
par $100, on account of accumulations, payable June 30 to holders of record
x Adjustments, including increased provision for depreciation, made
June 20. Similar distributions were made on this issue on Jan. 2, Mar. 1,
subsequent to March 31 1933 but applicable to the period beginning Jan. 1
Mar. 25, Apr. 30 and May 31 last,
,
1933 have been given effect to in this column. y Cum. dividends on
After payment of the June 30 dividend, accruals on the pref. stock will
pref. stocks of subsidiary companies in the hands of the public suspended
amount to $5.25 per share.
-V.138, P.3765.
in the three months ended March 31 1934 are detailed below: '
American Public Service Co
$139,555
-Files Objection.Brooklyn Borough Gas Co.
West Texas Utilities Co
37.474
Objection to applying the new utility statutes in the continuance of
Central Power & Light Co
210.814
this company was entered on June 14 by William
the rehearing on rates of
Southwestern Light & Power Co.(Incl. class A cora,stock divs.)52,382
Ransom, company counsel, before Public Service Commissioner George
R. Van Namee at a hearing in New York City. The entire Commission
Total _____ ___$440,025
will consider the objection before the next hearing on June 29.
V. 138, P. 3767.
The rehearing was granted to the company by the Commission on appliestion of company counsel following a temporary rate reduction of 13% ---Proposes Bond Adjust-Central States Utilities Corp.
ordered by the Commission last March 3. At that time it was estimated
that the lower rate would save consumers $350.000 a year. Mr. Ransom
ment to Avoid Default.
the company
introduced exhibits to show increased operating costs of
D. II. Bender, V.-Pres., has advised holders of the company's 10-year
under the NRA.
6% secured bonds that a default in the interest due on July 1 appeared
One exhibit showed operating revenues had increased $10,910.26 to
inevitable, as further advances from the Utilities Power & Light Corp.,the
$1,069,619.41 in the first five months of 1934, compared with the corre-expected.
p nt company. could n
-V. 138, p. 240 . /
sponding period of 1933. ("New York Times")
He explained that normally the company is dependent upon the receipt
principal subsidiary. Central States Power & Light
‘e & f dividends from its
-50-Cent Preferred Dividend.,
--Bucyrus-Erie Co.
p., for its bond interest, but that no diva, had been received from that
of 50 cents per
on the
The directors have declared a dividend
source since June 30 1931. Its interest payments were madepossible by
assistance rendered by Utilities Power & Light Corp. throughJan. I 1934.
7% cum. pref, stock, par $100, payable July 2 to holders of record June 21.
Similar disbursements were made in each of the five preceding quarters,
A plan of exchange has been offered to holders of the bonds, of which
as compared with $1 per share on Jan. 2 033 and $1.75 per share pre$3,500,000 are outstanding, on the basis of $1,400,000 of the amortized
viously.-V. 138, p. 1921.
amount of $6,000,000 5% debentures due in 1944, of Central States Power
& Light Corp. or 40% in dabs. for 100% of the bonds.
-Changes in Personnel.Building Products, Ltd.
It was stated that because of the desire to prevent a default in the bonds,
if possible, by any of its public utility subs., the Utilities Power & Light
P. R. Allen. President, has been elected Chairman of the board, and
Corp. had caused the Central States Power & Light Corp. to create under
W. R. McNeil, former Vice-President and Managing Director, has been
aggregatetacteed Jnapinrsi.Einulip9oarUnsecuredtho Continental
elected President and Managing Director. D.P. Hatch and C. P. Cowan,
Il ino t
iy t r%of tlle ,stt Indentureasatnrusd
l
li
e i. rus ol
tu
,to
een ou es,
-V. 138, p. 1047.
directors, have been appointed Vice-Presidents.
debentures
known as its 5% debentures
..
amount
-Earnings.Bum°. Inc.
dated Jan. 1 1934.
Utilities Power & Light bought these debentures, by surrendering a
Earnings for Six Months Ended March 311934.
demand note of Central States Power & Light and paying the difference In
x Net profit after expenses and ordinary taxes, but before
cash.
-V. 138, p. 3768.
$16,782
provision for Federal income taxes
Interurban RR. Co.
-Receiver's Report.
X Exclusive of net profit on sales or securities during the period amounting --- Charleston &
./
to $66,059, which was credited to capital surplus account.
Earnings for Year Ended Dec. 311933,
Securities, including U. S. Government securities, carried at an aggregate
Gross revenue-Cars---------------------------------------$435,t1(3
coat of $1.515,992 had an approximate market value on March 31 last of Gross revenue-Buses--------------------------------------- 29,180
51.437,901. On Sept.30 1933 securities costing $1.518,429 had an approximate market value of$1,390.337. Cash on March 31 1934 totaled $292,568,
Total revenue--------------------------------------------$484.897
against cash of $174.828 on Sept. 301933.-V. 137, p.4192, 1244; V. 135.
Car expenses---------------------------------------------- 270.577
Bus expenses---------------------------------------------- 26,913
1/0 3695; V. 134, p. 1961.
.
Taxes(including license tax on buses)
-Suit to Oust Receivers Fails.
.---Bush Terminal Co.
ec
Depriation (railway property')
Judge Robert A. Inch in Federal Court in Brooklyn denied on June 12
Interest: On funded and unfunded debt
1306042,969824699
a motion made by Irving T. Bush for permission to Intervene in litigation
Amortization of discount on funded debt
4,666
in which the company is involved and to have two receivers in equity appointed by the Court replaced by one receiver "experienced in the terminal
Net loss------------------------------------------------- $36,024
business.'
Balance Sheet Dec. 311933.
The receivers for the company are James C. Van Sidon and C. Walter
Liabilities
AssetsRamsdell, who were appointed on April 1 1933. In his application Mr.
$5,017,507 Common stook
Road and equipment
$1,500,000
he controlled120,000 out of 242.868 shares of common stock
Bush said
.
Preferred stock
413.200
, Other real estate
of the company. He said the company was the largest and most completely
Terminal Realty Co., net Inv. 143,887 Funded debt
1,765,500
mechanized terminal in the world, dealing in many diversified and special
Audited accts. & wages pay
Inv. In co.'s own secure. held
15,806
services and "to administer this vast business successfully requires a com38,210 Matured interest unpaid
In treasury
151,088
plete business experience, a background of years and knowledge and train9,873 Accrued Int. & rents payable__
Other investments
39,118
highest order." The receivers are lawyers.
ing of the
210,104 Deferred liabilities
14,990
Cash
In his decision Judge Inch said:
4,893 Unadjusted credits
1,389.568
Accounts receivable
"The Court is exceedingly concerned to see that the rights of these stock1,550 Surplus
273.769
Loans and notes receivable__
holders as well as the creditors are protected and the estate of the defendant
23,385
Material and supplies
is properly conserved. It does not appear that it is either necessary or
74,466
Unadjusted debits
advantageous to allow such an intervention as is here asked for. The receivers are doing an excellent piece of work and should not be harassed and
$5,563,041
Total
$5,563,041
Total
obstructed by internal trouble any more than is absolutely necessary. I
-V. 137. p. 3325.
am convinced that any of these stockholders who honestly desire to assist
can do so best by consulting with the receivers and finding out in this way
-May Retail Deliveries Up.
Chevrolet Motor Co.
that their interest is being looked after as well as may be expected by those
A total of 83.839 units was delivered by Chevrolet dealers during May.
now in charge. The manner in which the petitioner obtained the right to
according to figures released on June 6,by William E. Holler, General Sales
represent these stockholders is based upon statements that are false in
Manager. This total includes Canadian, export and domestic deliveries
some particulars and misleading in other instances and his purpose appears
and represents a substantial increase over the same period of 1933 when
to be more to obstruct than to construct. Upon all the circumstancess.
application is denied."
-V.138. p. 3596.
99,125 units were delivered.
the
lt.eeiA /
dire
Financial Chronicle
Volume 138
"Deliveries of commercial cars and trucks were especially significant."
said Mr. Holler. "The commercial car and truck total for May of 15,134
• units overshadows the excellent figure reached in May 1933. when 10,879
units were delivered. Sales of both passenger cars and trucks improved
greatly during the last ten-day period of May and accounted for the impressive retail sales total for the month."
Retail sales the first five months of this year now total 364.872 as compared with 253,263 for the same period a year ago, an increase of over
110.000 units. Domestic truck deliveries for the five months nearly
doubled last year's figure. 68.207 units being delivered against 34,372
units in 1933.-V. 138, p. 3941.
Chicago Milwaukee St. Paul & Pacific RR.-Construction.r-The I.
-S. C. Commission on June 1 issued a certificate authorizing the
company to construct an extension of its Blackfoot branch line from the
terminus thereof at Sunset, engineers' station 1502 +16.5. in a general
northeasterly direction to engineers' station 970 +07, near the mouth of
Cottonwood Creek, 14.13 miles in Missoula and Powell Counties, Mont.
-V. 138, P. 3941.
--Chicago & North Western Ry.-Reduces RFC Loan.
-
The company last month repaid $187,000 in reduction of its $34,687,633
loan from the Reconstruction Finance Corporation. As of May 31, the
repayments totaled $3,159,000 on total loans of $34,687,633.-Y. 138.
P. 3769.
,
---Chicago Rock Island & Pacific Ry.-Wou)A Pay Interest,.
The trustees have authorized counsel to apply' to-tile Federal Distrigt
,'Court on June 20 foriu_thority to pay the Jan.1 1934 interest due on the
(1. mtge. 4% bonds. V. 138, p. 3769.
Chrysler Corp.
-May Sales Continue Ahead of a Year Ago.
Total factory sales to distributors and dealers by this corporation in May
totaled 73,681 cars and trucks compared with 82,481 in April and 54,341
in May 1933. In the first five months of 1934 factory sales were 324,154
compared with 151,518 in the like period of 1933.
Further Price Reductions Announced.
-
The Chrysler Corp. announces price reductions up to $35 in the various
body styles of the Chrysler six line. No reductions are contemplated in
the airflow Chrysler eight, airflow imperial or airflow custom imperial.
it was stated.
Price reductions were announced on June 7 by Dodge Brothers Corp.
New quotations, which are in effect now,reduce former figures by amounts
up to $45 and make the base price of the 117-inch wheelbase line $645.
Dodge Bros. also announced price reductions on its commercial line
ranging from $20 to $70. The new chassis base price is $365.-V. 138.
P.3941.
-Definitive Bonds Ready.
Cleveland & Pittsburgh RR.
Definitive gen. & ref. mtge. 43% series B bonds, due July 1 1981.
wil be ready for delivery June 18 1934, on surrender of temporary bonds
at the office of the Treasurer of the Pennsylvania RR., Room 1846, Broad
Street Station Bldg., Philadelphia, Pa., or 380 Seventh Ave., N. Y. City.
To facilitate prompt delivery, all exchanges made by mail or express
should be forwarded directly to the Treasurer at Philadelphia. It was
announced.
-V. 138, D. 3598.
Cockshutt Plow Co., Ltd.
-New Directors.
0.Gordon Cockshutt and George K. Wedlake have been elected directors
increasing the board to seven from five members. Mr. Wedlake was also
elected 2d Vice-President,succeeding the late A.K.Bunnell -V.
138,13.867.
Collins & Aikman Corp.
-New Licenses.
Thin corporation and the Bigelow-Sanford Carpet Co., Inc., have signed
an agreement whereby the latter is licensed under the Chance patent No.
1.842,746, owned by the Collins & Aikman Corp., to manufacture and sell
carpets under the provisions of said patent. This in no way affects the
former license granted to Sanford Mills (L. C. Chase & Co.,selling agents)
to operate under this patent, it was stated.
-V. 138. p. 2917.
air
---Colombia Syndicate.-Liouidazing Dividend.
The directors recently declared a liquidating dividend of 1.21 cents per
share, upon surrender of the common stock certificates at the New York
Trust Co., New York City.
-V. 126, 13• 875.
Colon Oil Corp.(& Sub.).
-Earnings.
3 Months Ended March 31Net loss after intangible drilling expenses,interest,
depletion, depreciation.&c
-V.137, p. 4017.
1934.
1933.
$335,136
$294,113
Colorado Fuel & Iron Co. .3._ 1 1933 Interest on Ge .
Aug.
-Colorado-C
Mtge. 5% Sinking Fund Gold Bon s, Due 1943, Being Paid.
The interest due Aug. 1 1933 on the general mortgage 5% sinking fl1d
gold bonds, due 1943, is now being paid.
Coupons may be presented in the usual manner to Chase National Bank
11 Broad St., New York, N. Y. The Federal District Court for Colorado
which ordered this payment has reserved for consideration at an early date
the question of the payment of the interest due Feb. 1 1934.-V.138,p.3085.
Columbia Broadcasting System, Inc.
-Stock Increased
--Oytion granted-Earnings, &c.
It is announced that since the close of 1933 there has been a stockholders'
meeting authorizing an increase in the authorized shares from 75,000 "A"
and 75,000 "B." both of no par value, to 375,000 "A" and 375,000 "B,"
both of $5 par value. For each share held stockholders received in exchange
five new shares of the same class.
As of May 23 1934, officers and directors of this corporation were registered holders of 138.582 shares of the outstanding 316,250 shares of class
"A" and 187,373 of the outstanding 316,250 shares of class "B" stock.
William S. Paley, President, was the largest registered holder, with 59,905
shares of class"A" Including stock held in personal corporations, and
115,675 shares of cltiss "B.' Other large holders in the official family
were directors Jacob Paley, 13,479 "A" and 11,121 "B"; Isaac D. Levy,
25,524 "A," and 24,536 "B"; Leon Levy, 12,959 "A" and 23,041 "B";
Samuel Paley, 12,000 "A" and 13,000 "B", and Jerome H. Louchheim,
8,270 "A.'
An option running to March 10 1936 has been granted to Herbert Bayard
Swope. a director to purchase 6,080 shares of class "A" treasury stock at
$16.44 a share plus interest at 67 from March 10 1932.
0
Operating profit for the year to Dec.30 was $1,381.698 after charges, but
before depreciation, and net profit after this charge was $923,794. On
the combined 49,194 shares of class "A" and 63,250 shares of class "B"
stock, the net was equal to $8.21 a share.
No income accountfor 1932 is available, but the company,it was reported,
made a substantial profit during that period. Earned surplus as of Dec. 31
1932, amounted to $3,676,534, against $2,502,459 on Dec. 31 1931. This
is after deduction of dividends. For the year ended Dec.26 1931. the company snowed a net profit of $2,346,766, or $18.55 a share on the combined
63,250 shares of class "A" and 63,250 shares of class "B" stock then outstanding.
The balance sheet as of Dec.
shows total assets of $5,769.025; current assets, including cash31 1933
of $871,012, were $2,933,881; current
liabilities, 8662,493; and working capital $2,271,388. Balance sheet shows
earned surplus of $4,150,853. Treasury holdings of 14,056 A shares
total
were acquired at a cost of $1,155,638. or $82.21 a share. This is equivalent
to $16.44 a share on the stock now outstanding.
-V. 138. p. 3942.
Connecting Ry.-Pennsylvania RR. to Sell $1,217,000
Bonds.
The Pennsylvania RR. has filed an amended application with the
-S. 0. Commission requesting authority to sell $1,217,000 1st mtge.
I.
4% bonds of the Connecting Ry. The bonds will be sold to Edward B.
Smith & Co., Philadelphia, at 101.25 and int.
The Pennsylvania RR.also requested permission to guarantee the bonds.
-v. 138. P. 2570.
Consolidated Gas, Electric Light & Power Co. of
Baltimore.
-To Appeal Rate Cut.
The company will appeal within the 90
-day period allowed the decision
of Judge Coleman in the U. S. District Court which ordered that the
4123
company reduce the rate at which it sells power to United Railway &
Electric Co. of Baltimore to 7.5 mills per kwh.,from 9.5 mills. The order
would result in a refund of $353.469.-V. 138, p. 3086.
Continental Life Insurance Co. (Mo.).-Proposed Rehabilitation.
After a brief hearing on May 31, Judge O'Neill Ryan approved an order
for the rehabilitation of the above company, which includes the immediate
payment in full of all the uncontested death claims that were unpaid and
which have accumulated since the filing of Superintendent of Insurance
R. Emmet O'Malley's receivership suit against the company on January 3.
The Court's order permits the Superintendent of Insurance to conduct
the business of the company during the period ofrehabilitation. The motion
filed by counsel for Mr. O'Malley stated that it would be for the best
interest of the company's policyholders, creditors and stockholders if the
Court would authorize the Superintendent to take over the company's
assets and to take all proper steps to remove the causes and conditions
which made the Insurance Department's receivership suit against the concern necessary. Mr.O'Malley in therehabilitation stepsis proceeding under
the new Missouri laws that went into effect on April 12.
During the period of rehabilitation or until further orders are issued by
the Court, which retains jurisdiction, the Superintendent is authorized to
continue in force all outstanding policies of the company and all policies
reinsured by it, under such conditions as the Court may approve, but he
Is not required to issue any new policies except as provided by the Court's
order. The Superintendent is also to be permitted to incur all necessary
items ofexpenses during the rehabilitation period and to receive all premiums
and other income for the company.
In addition to paying the death claims in full, provision is also made
to continue in full force and effect all life contingency payments in cases
where the insured prior to his death provided in his policy that the proceeds
should be paid to the beneficiaries over a period of years.
Claims on endowment contracts that have matured through the lapse
of the endowment period and all supplemental contracts are to receive
a 50% payment, but the balance of such claims will be withheld subject
to further Court orders.
On sums that have been left on deposit with the company at interest
-day waiting period
and subject to demand, provision is made that a 60
shall elapse after a demand for payment of such sums and that then only
a partial payment of 33 1-3% shall be made, the balance to be withheld
subject to Court order.
A moratorium is declared on all policy loans and cash surrenders, except
that policy loans may be made for the payment of premiums on policies
of the insured or for the payment of interest on debts due the company
under other policies held by the borrower.
No other cash surrender payments shall be made until further Court
order, except in instances where the transaction for the cash surrender
had been completed before Superintendent O'Malley filed his suit on
January 3 last.
The Superintendent is also authorized to receive applications for paidup and extended term insurance under the provisions of existing policies.
Payments being, made under the disability provisions of existing policies
are to be reduced 50% for the time being.
Under the Court's ruling the Superintendent is not compelled to adhere
to the terms of any existing contracts with agents of the company, but he
may arrange with the agents of the company to pay them a collection fee
In return for their aid in the conservation of the business now on the books
of the company. The Superintendent is also authorized to borrow money
on the assets of the company,subject to approval of the court.
He is also directed to make a full and complete appraisal and valuation
of all of the assets of the company at the present, so that he may ascertain
the exact financial status of the company.
As is known, Ed Mays, President, on May 29 was granted permission
to appeal to the Missouri Supreme Court from the decision of Judge Ryan
on May 25 declaring the company impaired and permanently restrained
thecompanyfrom further operations and itsofficers,directors and employees
from interfering with the administration of its affairs by Superintendent
O'Malley.
The company has 90 days in which to perfect its appeal by filing a bill
of exceptions, &C. The $500 appeal bond was furnished by the National
Surety Corp. This nominal bond was set because the appeal does not
act as a supersedeas suspending judgment of the lower court, and Superintendent O'Malley will remain in charge until the Supreme Court Passes
in the case if the company does perfect the appeal. ("Journal of Commerce")
-V.138, P. 3943.
-Semi-Annual Report.
Continental Motors Corp.
r. R. Angell, President, says in part:
In comparison with the same period of 1933 the net loss from all operations was reduced $526,977 from $1,432,917 to 8905,940, which includes
depreciation of $301,768 and property taxes of $105,377; manufacturing
loss on sales before provision for depreciation and property taxes was
reduced $278,596 to $84; selling and administrative expenses and other
deductions were reduced $190,367 to $554,670, and miscellaneous income
Increased $15,275 to 855,960.
At Oct. 31 1933 commitments for materials, supplies, &c., not reflected
in the balance sheet, approximated $800,000, and at April 30 1934 approximated $318.000, an approximate reduction of $482,000.
At Oct. 31 1933 there was a contingent liability of $23,022 under wholesale automobile repurchase agreements. This has been entirely eliminated.
There was also at the same date a contingent liability of $38,495 on discounted acceptances and contracts receivable, arising out of Divco truck
sales. At April 30 1934 this figure is $19,847.
These results are due in part to an improvement in volume of business
during the period but principally to continued economies in operation to
the end that operating expenses may be brought in line with the total
volume of business available.
The corporation has not concluded definite arrangements for additional
working capital, but continued Improvement in the general financial
situation no doubt will expedite efforts in this direction.
Consolidated Income Account Six Months Ended April 30.
1931.
1932.
1933.
1934.
$242,804 prof$31.907
$278,681
Manufacturing loss_ -$85
137.652
152,226
40,684
55,961
Other income
$169,559
$55,876 loss$237,997 loss $90,578
Total income
Selling, admin. & other
496.278
437.620
745,038
miscell. expenses
554,670
304,039
331,506
313,286
301,768
Depreciation
Net loss & dev. exp. of
220,508
Cont'l Aircr.Eng.Co
166,955
136.597
Local taxes
105,377
$851,266
$905,940 $1,432,918 $1.026,660
Consolidated Balance Sheet April 30.
1933.
1934.
1934.
1933.
$
AssetsS
S
S
Liabilitiesa Land,bldgs., &c 10,435,331 11,277,942 Capital stock___623,955,517 23,459,645
Good-will
5,908,317 5,908,317 Notes & accounts
848,262
366,427
Invests. & advs
payable
147,290
151,089
251,762
Treasury stock_
c40,115 Accrued accounts_ 284,481
78,206
Marketable saes_
271,613 Conting. res.. &c_ 754,695
112,931
Inventories
940,947 1,575,655 Capital surplus
Notes & accts. rec. 283,021
524,118 Def, from oper___ 6,797,804 3,827.017
Mbc.accts., claims
&c.(not current)
49,778
Cash
92,923
181,414
Cash in clos'd bks_
13,383
38,720
Deferred charges_ 825,257
841,875
Net deficit
C
18,676,247 20,810,858
Total
18,676,247 20,810,858
Total
a After depreciation. &c. b Represented by 2,436,752 no par shares.
Consists of 21,900 shares.
-V. 138, p. 509.
-Scheme Not Approved.
Dairy Corp. of Canada, Ltd.
In a judgment issued at Toronto last week, Justice Middleton refused to
approve a scheme of re-organization as submitted to the shareholders.
His lordship holds that the required statutory majority of holders of
preference shares did not approve the scheme and that the ruling of the
chairman that additional proxies might be voted upon at an adjourned
shareholders' meeting vitiated the validity of the proceedings.
In view of this new event the directors of Silverwood's Dairies, Ltd., have
decided to withdraw temporarily their proposed option to purchase the
Financial Chronicle
4124
assets of the Dairy Corp. of Canada, Ltd. (Toronto "Monetary Times.")
-V. 138, p. 2744. 1751.
Dallas Power & Light Co.
---Finance Offer Made.
The "Wall Street Journal" June 12 stated: An offer to finance the
purchase by the City of Dallas of properties of the company has been
made by George L. Simpson & Co., Inc., local bond dealers, who would
purchase 5% revenue bonds of the city which would constitute a mortgage
against the property and would be amortized out of revenue from sale of
electricity.
An alternative proposal, also by the Simpson firm, suggested purchase of
4;4% bonds, if in addition to the power and light revenues, certain revenues
of the waterworss plants would be set aside for meeting the interest and
maturities. This latter plan, however, has not found favor with city
officials.
The city and the company are having a controversy over rates, which the
former wants reduced to 4.5 cents a kwh. from the present level of 5.75
cents. Outside rate experts are to be employed to determine an equitable
rate as well as evaluate the properties.
Under the company's franchise with the city, a purchase price of about
$32,000,000 is indicated for the properties.-V. 138, p.3943.
-Dividend Resumed.
I)eisel-Weramer-Gilbert Corp.
A dividend of 123I cents per share has been declared on the common
stock, par $10. payable July 2 to holders of record June 20. Quarterly
distributions of 25 cents per share were made on this issue on Sept. 15
-V.138.P.3943.
and Dec. 15 1931 and on March 15 1932: none since.
Denver & Rio
Dotsero
Grande
-Opening of
Western RR.
June 16 1934
-Expansion.
Eaton Paper Corp.
A formal statement issued on May 18 by Col. W. II. Eaton, President
of the corporation, follows:
"The Eaton Paper company announces the completion of negotiations
for the purchase of Whiting & Cook, Inc., of Holyoke, Mass., manufacturers of fine stationery.
"The machinery and stock of the Holyoke plant will be moved to Pittsfield at once and the manufacture of the Whiting & Cook line will be carried
-V. 137, p. 2981.
on hereafter in the factories of the Eaton company."
-$35,Edison Electric Illuminating Co. of Boston.
000,000 Offering Registered with FTC.
Filing for registration under the Securities Act of 1933 of a $35,000,00
coupon note issue bv the company was announced June 14 by the Federal
Trade Commission. The proceeds of the issue are expected to provide
funds for payment of $25,000.000 in coupon notes and $7,000.000 in bank
loans, the balance to be used for expenses of the issue and general corporate
purposes.
Interest on the coupon notes of denominations of $1,000 is to be payable
semi-annually on Jan. 16 and July 16 of each year. The prices at which
they will be sold to underwriters and the public has not been determined,
but the company announces it will file an amendment covering this feature
prior to the effective date of the registration statement.
It is expected, subject to approval of the final terms of the underwriting
agreement, the amounts to be underwritten by the various underwriters
will be as follows;
The First Boston Corp.. $8.750,000; Lee Higginson Corp., $4,462,500;
F. S. Moseley & Co.,$4,287,500; Kidder,Peabody & Co.,$2.887,500; Burr,
Gannett & Co., $2,362,500; Brown Bros., Harriman & Co., $1,750,000;
White, Weld & Co.. $1,400,000; Goldman Sachs & Co., $1,050,000; Hornblower & Weeks,$875,000; Stone & Webster and Blodget, Inc., $875,000;
Estabrook & Co.. $875,000; R. L. Day & Co.. $875,000,• I3lake Bros. &
Co., $700,000; Hayden, Stone & Co.. $700,000; Paine, Webber & co.,
$700,000; Jackson & Curtis, $700,000; Tucker, Anthony & Co., $350,000;
Coffin & Burr, Inc., $350,000; Whiting, Weeks & Knowles, Inc.. $350,000;
Arthur Perry & Co., Inc., $350.000; Newton, Abbe & Co., $175,000. and
Spencer Trask & Co., $175.000.-V. 138, p. 3944.
The opening of the Dotsero railroad cut-off, west of Denver is scheduled
to take place to-day (June 16). The New York "Times" on June 11 had
the following:
isk"When the cut-off actually goes into operation in connection with Coloraft's Moffat Tunnel, one of the longest railroad tunnels in the Western
Hemisphere, Denver will find itself for the first time in history on a main
transcontinental railroad line. Cross-country travelers will have a new
path made for them, combining directness, speed and scenic attraction.
-Dividend Resumed.
The Main transcontinental railroad lines now are either to the north or'Elder Mfg. Co.
A dividend of 25 cents per share has been declared on the common
south of Denver.
1 to holders of record June 20. Quarterly
James
stock, no par value, payable July
"The Moffat Tunnel. which is 6.2 miles long, runs underneath
distributions of like amount had been made from July 1 1927 to and incl.
Peak, a part of the Continental Divide. The tunnel and cut-off will
April 1 1932: none since.
-V. 138. p. 2092.
Dave 175 miles from Denver to Salt Lake City (approximately 8 hours
running time).
The tunnel and cut-off plan was first envisioned by David H. Moffat, '',Electric Auto Lite Co.-Asquieitionthe company has acquired the Owen-Dyneto Corp. of Syracuse, N.la
one of Colorado's first financiers, and John Evans, Colorado's first Terriobi
ufacturers of lighting, starting and ignition units for automs,
torial Governor, both of whom are now dead.
regulators and other products,for a reported consideration ofapproximately
through his plan, Mr. Moffat, many times a mil"In an attempt to put
$3.000.000.
lionaire, spent his entire personal fortune. In 1902 he constructed the
President C. 0. Minger states: "This gives the Electric Auto-Lite
Denver & Salt Lake RR. with the intention of building the tunnel and
Co. additional facilities and enables it to supply its customers feom two
cut-off.
sources," the announcement stated.
"The large expense involved of building a railroad through the ContinPrincipal customers of the Owen-Dyneto Corp.are Packard.Pierce-Arrow
ental Divide absorbed Moffat's fortune and he was unable to raise additional
Reo and other automakers. It has numerous branches in both the United
funds.
States and Canada which Auto-Lite will continue to operate when they
As a result he constructed the road over the summit of the Continental
do not conflict with the present Auto-Lite branches.
Divide, stopping at Steamboat Springs, instead of through a tunnel.
1933.
1932.
1931.
Moffat died in 1911,still hoping that some day his dream would be realized.
Quar. End. Mar. 31- 1934.
authorized bond
"During the last 12 years Colorado taxpayers have
$548,674 $1,053,484 El 778,588
Profit after depreciation $891,969
8
59 687
1.10;129
y478,272
y505,804
y517,147
issues totaling $18.000,000 for construction of the tunnel. The Denver &
Expenses, &c
Rio Grande RR. two years ago began construction of the cut-off which
Interest
cost $3,800,000. The cut-off, which is 38.10 miles long, connects with the
470.402 4547,680 $1,169,762
Moffat road at Orestod, Col., and the main line of the Denver & Rio
Profit before Fed.tax_ 4374,822
-V.138.
x After Federal income taxes. y Includes Federal income taxes.
Grande. at Dotsero.
'"the distance from Denver to Orestod is 128.75 miles and from Denver
P. 3088.
to Dotsero 166.85 miles.
Co.
-Output of Affiliates.
Electric Bond & Share
"The Burlington and Rock Island railroads Wan to route their transcontinental sleeping cars from the East to the West Coast via Denver,
Electric output for three major affiliates of Electric Bond & Share system
for the week ended June 7 compares (in kw.h.);
through the tunnel, over the Dotsero cut-off and over the Denver & Rio
Increase.
1933.
Grande main line to Salt Lake City, Rock Island cars will travel from
0
2
19 40
$77, 36; 00 572.684.000
American Power & Light Co
Salt Lake to the West Coast over the Southern Pacific.
37,028.000 33.669,000
Electric Power & Light Corp
10.0
"The Denver & Salt Lake RR., more commonly known as the Moffat
64,577,000 58,755,000
National Power & Light Co
Road, has the Moffat Tunnel leases from the State, and the roads using it
9.9%
-V. 138. p. 3944, 3602.
will have to pay the Moffat Road for the use of tracks from Denver to
Dotsero. The Burlington and Rock Island lines will have to pay the Denver
11 West 42d Street, Inc., New York.
-Bondholders
& Rio Grande for using its line from Dotsero to Salt Lake City.'
Asked to Reduce Interest Rate to 4%for Next Two Years.
-
Operation Authorized.---
-S. C. Commission has issued a special service order authorizing
The I.
Denver & Rio Grande Western RR. to operate over tracks of the Chicago
Burlington & Quincy RR. to a connection with the Denver & Salt Lake
Western Ry. at Utah Junction in the outskirts of Denver, Colo. The
authorization is effective June 15, a day previous to the scheduled formal
opening of the 38
-mile Dotsero cut-off between Dotsero and Orestod, Colo.
-V. 138. p. 3086, 3770.
Detroit Street Rys.-Earnings.1934-12 Mos.-1933.
-Month-1933.
Period End. May 31- 1934
$1,532,255 $1.140.223 $15,236,017 $12,942,592
Operating revenues
751,174 11.247.405 9.683,020
1,182,505
Operating expenses
1,185.368
922,594
114,348
74,556
Taxes assignable to oper.
Operating income_ _ _ _
• Non-operating income
$275.193
7,866
$274.700 $3,066,018 $2,074,204
161,849
45,171
2,946
Gross income
Interest on funded debt_
Other deductions
$283,060
155,793
6,615
$277.647 $3,111,190 $2,236,053
1,851.586
1,836,376
157,139
90,706
85,203
7,879
Total deductions
Net income
-V.138, p. 3437.
$162,409
120,650
$165,019 $1.921,580 $1,942,293
293,759
1.189,609
112,627
Distillers Corp.-Seagrams
-Expansion etc..Ltd.
The corporation has acquired Maryland Distillery, Inc., which operates
a distillery at Relay, near Baltimore, Md., through exchange of 70,016
shares Distillers' common stock for the total issued capital stock of Mary
and Distillery, Inc. The property acquired comprises a fully operating
distillery and places Distillers, it is stated, in control of adequate and
continuous supplies of Maryland rye whiskey for United States market.
Last fall the Distillers corporation purchased a distilling plant at Lawrenceburg. Ind. which is now being operated under the name of Joseph
E. Seagram & bons, Inc.
The Montreal Curb Market has listed 242,639 additional (no par)
common shares. Of these additional shares, 172.623 were issued in connection with acquisition of Roseville Union Distilleries property at Lawrenceburg, Ind., and 70,016 in acquiring all of capital stock of Maryland Distillery, Inc., operating at Relay. near Baltimore, Md.-V. 138, p. 1235.
Dominion Engineering Works, Ltd. Stelts-.--be-iletire
Charles Walmsley & Co., Ltd., a subsidiary, plans to zexleem on Aug. 1
ali'Vitsoutstanding 6% 1st mtge. bonds,due Feb. 1 1943.-V. 137,19• 497.
-Sales Off Slight
Dominion Stores, Ltd.
-1933.
-1933. 1934-20 Wks.
Period End. May 19-1934---4 Wks.
51,543,289 31,544,037 $7,431.446 $7,504,972
Sales
The company operated 14 fewer stores during the four weeks ended
May 19 1934 compared with same period of 1933.-V. 138. p. 3601.
-33/2% on Account of Arrearages.Dow Drug Co.
The directors have declared a dividend of 33-5% on account of accumu0
lations on the 77 cum. pref. stock, par $100, payable July 1 to holders
of record June 20. A distribution of 1 % was made on this 1/38110 on
April 1 last, which was the first payment made on this issue since April 1
1932.
Arrearages on the preferred stock, after the July 1 disbursement, will
amount to 10%.-V. 138. P. 2091
.
-Earnings.
Eastern Gas 8c Fuel Associates.
1934.
1933.
12 Months Ended May 31Net income after int., deprec.,depl./ Fed.taxes,&c $4,162,929 $3,851,103
$0.39
50.54
Earns, per sh. on 1,987,762 13118. COM. stock
138, p. 3602.
The holders of the 1st mtge.leasehold sinking fund 6%% gold bonds are
advised that while the interest coupons which were due May 11934. on the
bonds, have just been paid the financial difficulties under which the
company is laboring, make it imperative that the bondholders should
consider a reduction in the interest rate to 4% for next two years. A letter
to bondholders says in part:
-story store and office building located at
"Company operates the 30
Nos. 11-27 West 42nd St. and 18-30 West 43rd St., New York. The land
is not owned, but is rented from two owners, each owning a portion of the
plot upon which the building stands. Bonds are secured by a mtge. on the
two leases. Under the terms of these leases company is required to pay
rent to each landlord and to pay all real estate taxes.
Like all real estate enterprises, our business has suffered greatly during
the past few years. Nevertheless, we have paid the interest on our bonds
and have met our other obligations thus far through the depression. In
view of the continued very difficult real estate conditions, however, we
feel that the time has come when we should appeal to our bondholders for
some help, as otherwise the company may not be able to go on.
During this depression period, a large increase in vacant space has taken
place. At the same time the scale of rentals obtainable has steadily decreased. The quantity of space in the building (above the store floor) now
under rental is at present only about 68% of the gross rentable floor area.
Energetic efforts have been made by the company to reduce expenses of
all kinds. Urgent representations have been made to the City of Now York
for reductions in the assessed valuation of the premises, with the result that
substantial savings in taxes have been effected. For instance, real estate
taxes paid in 1930 were $305,100, and in 1933 were $223,560. However,
for the year 1934. although a reduction has again been made in the assessed
valuation, the taxes required to be paid by the company will amount to
5239.360 because the City of New York has increased the tax rate.
Despite the economies effected, however, the company is not taking in
sufficient income to meet the interest and sinking fund requirements of its
bond issue after payment of all its other expenses, and the budget which
follows presents a picture of the serious financial difficulties during the next
two years which the company anticipates having to thee.
Assuming that business conditions will continue about as they are at
present, the probable results from the operation of the property during the
two years' period commencing May 1 1934 (without deductions or allowance for depreciation), we estimate will be approximately as follows:
Estimated Results of Operationsfor Two Years' Period, Beginning May 1 1934.
and Ending April 30 1936, on a Cash Basis.
Income for Two Years:
Rental collections
$1,524,062
64,414
Miscellaneous
Total income
$1,589,376
Expensesfor Two rears:
Rent to be paid to owners offees
$4277888.:070002000
estate taxes, City of New York
183..367188
Water
13,618
Insurance
495.132
Building operating
15.000
Brokers' commissions
Advertising
5102:000000
General expense, including officers' salaries
Federal, State and miscellaneous taxes
Leasing, supervising, collecting, accounting & other managerial
77,624
duties
665.925
%
Interest on 1st mtge.leasehold bonds at
$513,020
Est,cash deficit for the two years (before sinking fund)
Even though the company has the privilege of tendering for retirement
bonds purchased in the open market (the current market price being quoted
at about $345 bid per $1,000 bond), thereby being enabled to effect substantial savings, nevertheless the company's income, after payment of
rent to the two landloards, real estate taxes, building operating expenses,
bond interest and other expenses, will leave, as is obvious by reference to
Financial Chronicle
Volume 138
the above estimate, no funds whatsoever with which to purchase bonds
for the sinking fund. In fact, there will only be earned toward interest
requirements of 8665,925 (at the rate of 634% for the two-year period), the
sum of $152,904, together with whatever additional income may result
from the leasing of vacant space, renewal of expiring leases, and avoidance
of cancellations.
When the original issue of $6,500,000 of 1st mtge.leasehold sinking fund
634% gold bonds was created Walter J. Salmon (Pres.) guaranteed the
payment of the principal of and interest on each bond, and also executed
an agreement of guaranty whereby he guaranteed payment of the sinking
fund instalments; said guaranties to be without force or effect, however,
whenever the principal amount of bonds outstanding shall have been reduced
to $4,500,000. The principal amount of bonds now outstanding is $5,290.000. It is therefore apparent that Walter J. Salmon will be relieved, upon
the retirement of an additional $790,000 principal amount of bonds, from
all further personal liability, under said guaranties.
Considering all these circumstances and the further fact that our bondholders have received full 63 % interest thus far through the depression,
,
6
we now ask you to consent to a reduction in the rate of interest on your
bonds for the next two years from 6)i% per annum to 4% per annum;or,
in other words, beginning with the coupon payable Nov. 1 1934, to accept
$20 per coupon instead of $32.50 for that and the three following coupons
attached to each $1,000 bond and the proper pro rata lesser amount for
coupons attached to bonds of lesser denominations than $1,000.
Operating Income Year Ended April 30 1934.
Income-Rental charges, less reserve for doubtful collections,
$1,019,616; miscellaneous,$39,867;int. & divs.(net),$3,279--$1,062,762
Expenses
-Rent, $139,000; real estate taxes. $228,827; insurance, $6,781; water tax, $5,122; general operating, $245,273;
general expenses, $24,206; brokers' commissions, $3,356;
707,352
advertising,$2,752; management,$52,035
Net Income_
------- $355,410
Other charges--356.962
-ItOniriiii;iggel, -- ;- 2 siintfriaies,W,E6i
97
Deprec. of fixed assets, 334,553; of bond discount &c
amortiz.
expense, $28,147; amortiz. of cost of cancellation of leases
,
38,710
371,410
Net loss for year
$372.961
Balance Sheet April 30 1934.
Assets
Cash
$19,577
$36,431 Accounts payable
Rents receivable,less reserve__
32,072
15,014 Tenants' security & adv. rents
Accounts receivable
3,429 Frist mtge. leasehold sinking
Accts, receivable, allied cos_
% bonds, due
20.000 fund 6Si
Rent contingent deposit
5,290,000
Nov. 1 1945
34,750
10,000
Marketable securities
41,237 Capital stock
2,644,460
Company's own bonds at cost616 Surplus-debit balance
* Fixed assets, less depree.
amortiz
2,165,270
Loan receivable., allied co..
less reserve
575
Deferred charges
• 343,371
Deposit in closed bank
5,805
Suspended accounts
24,536
Suspense
16,150
$2,707,189
Total
Total
$2,707,189
•The above does not give effect to additional value of leaseholds as they
were appraised Oct. 7 1925, by Brown, Wheelock, Harris. Vought &
Co., Inc.
-V. 122, p. 2954.
Electric Public Service Co.
-Court Approves Committee.
Chancellor Josiah 0. Wolcott has granted W. W.Turner, A. F. Beringer.
R. W. Rea and James Lee Kaufman permission to act as a reorganization
committee. The Chancellor reserved the right to supervise any other
plan of reorganization that might be devised and most with the approval
of the creditors of the company. Hugh M. Morris of Wilmington and
Herbert W. Briggs of Chicago were. appointed receivers of ti&Za rn on
March 7 1932.-V. 138. p. 3945.
-Larger Div
"Elizabethtown Consolidated Gas Co.
A quarterly dividend of $2 per share has been declared on the ca al
stock, par $100, payable July 2 to holders of record June 26. PreviouMy.
the company paid quarterly dividends of $1 per share. An extra of $1 per
share was also distributed on Dec. 1 1933.-V. 137, P.2272.
Empire Gas 8c Electric
12 Months Ended March 31Electric revenues
Gasrevenues
-Earnings.
Co.(& Subs.).
1934.
1933.
$2,244.806 $2,221,098
792,238
849,615
Total
$3,037,044 $3,070,713
Operating expenses
1,684,995
1,601.973
Maintenance283,092
287,167
Provision for retirements
250,292
246,021
Taxes (incl. prov. for Federal tax)
242,104
268,954
Operating income
Other income
$576,560
3.507
$666.598
2,817
Gross income
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount and expense
Interest during construction
$580,068
268,990
105,167
26,393
Cr4,777
$669,416
268,979
127.419
26,393
Cr8,564
Balance of income
Preferred stock dividends
$184.295
174,430
$255,187
174,440
$9,865
$80,746
Balance
-V.138. p. 1230.
Escanaba Iron Mountain & Western RR.
-Dock Loan.
Construction of a 130,000
-ton reinforced concrete ore deck at North
Escanaba, Mich., with funds loaned by Public Works Administration, has
-S. 0. Commission.
been approved by the I.
The report of the Commission says in part:
The company, by application filed on May 3 1934 as amended May 28
1934 has applied under section 203(a), clause 4, of the National Industrial
Reeovery Act, for approval of equipment which it proposes to finance by
a loan from the Federal Emergency Administration of Public Works.
The equipment for which our approval is sought is to consist of an ore
dock with approach and tracks, to be constructed adjoining and imme..
diately north of the two ore docks of the Chicago & North Western Ry.
(North Western) at North Escanaba, Mich.
All the outstanding stock and bonds of the applicant is owned by the
Northwestern, which operates, as a part of its system, the applicant's
-year lease beginning March 1 1934, as authorized
properties under a 35
by our order of March 9 1934.
The applicant states that the two docks owned by the North Western
have heretofore furnished sufficient capacity for handling ore traffic of the
North Western system for lake boats loading at North Escanaba. However, one of these, a wooden dock known as Dock No. 5, was constructed
in 1890, and reconstructed in 1910, and because of its age and condition
cannot be economically operated beyond the present year. As the volume
of ore traffic for the future is expected to be substantially the same as in
the past, it is necessary to provide new dock capacity at least equal to that
of Dock No. 5, in order to provide proper facilities for the continued handling of the ore traffic.
The life of a wooden ore dock has been found by the North Western to
be from 20 to 25 years. while the proposed dock, which will be of reinforced
concrete or of steel construction, will have a probable life of more than 50
years, a period during which it is expected that little maintenance expense
will be incurred.
The proposed dock will be constructedoto have a capacity of 130.000 tons
if certain additional traffic is assured to the applicant within the next few
weeks, and will cost 83,500,000. Should it appear later that volume of
traffic cannot be obtained, then the proposed dock will be constructed to
haves capacity of 92,500 tons, and will cost $2,600,000.
Upon completion of the construction of the proposed dock and tracks
and subject to obtaining an order from us approving and authorizing the
leasing thereof,the North Western proposes to lease this property for a term,
4125
expiring Jan. 1 1950, at a rental sufficient to pay interest charges upon,
and to retire by that date, the bonds proposed to be issued by the applicant
in connection with the project, and to pay all taxes, maintenance costs,
and other charges pertaining thereto.
-V. 138, p. 3269.
Exeter Oil Co., Ltd.
-Earnings.
Quarter Ended March 31Net income after deprec., depict. & other charges..
-V.138, p. 2574.
1934.
1933.
$5,838 loss$49,938
Federal District Trust, Boston.
-Bond Committee Sued.
Alexander Whiteside of Boston, as trustee, on behalf of himself and other
bondholders, has brought a bill in equity against a protective committee
for bondholders ofthe property at 30 Federal St.to enjoin them from putting
into effect a plan of reorganization. The bill avers the plan is unfair because it provides that the committee may alter the plan, and claims that
the committee has arrogated to itself rights no honest trustee can or should
exercise without consent of his ward.
The defendant trustee owners are Albert T. Dewey, Carlos S. Holcomb.
and Winfred P. E. Viering, all of Hartford; William H.Phelps of Winsted;
Conn.; G. Arthur Heermans of Corning, N. Y., and C. A. Neumeister of
Auburn, N. Y., and also the Old Colony Trust Co., as depository of the
bonds as agent of the committee.
The Federal District Trust was organized in 1923 to hold title to 30
Federal St. In 1924 that trust executed a first mtge. deed to the National
Shawmut Bank to secure a bond issue. The bank on July 21 last filed a bill
against the Federal District Trust, still pending, asking for a decree offoreclosure because of default on the bonds.
The bill says Dewey, Heermans, Neumeister, Phelps, Viering and Holcomb are the bondholders' committee which has now secured deposit of
75% of the bonds under the proposed plan of reorganization.
The bill avers the trustee's voting committee, Viering, Neumeister and
Phelps, are acting in had faith toward plaintiff and other depositing bondholders, having violated their duty as truStees and are acting for their own
selfish enrichment and with the intention of perpetuatung themselves in
the control of the property. The bill also avers the voting committee has
done nothing to warrant the $8,000 fee for services they ask and that a
$15,000 fee for an unnamed law firm is not warranted. (Boston "News
Bureau.").
Federal Light & Traction Co.(& Subs.).
-Earnings.
Period End. Mar.31- 1934-3 Mos.-1933. 1934-12 Mos.-1933.
Gross oper. revenue_ --- $1,886,103 $1,844,372166,855,782 $7,113,938
Oper. exp., maint, and
taxes (incl, prov. for
est. Fed, income tax).. 1,147,658
1.042,199
4,053,531
4,056,698
Net oper. revenue_ _ _ _
Other income
$738,445
34,204
$802.173 $2,802,250 $3,057.240
29,603
128,334
131,631
Total income
Int., disct. & other chgs.
of subsidiary co's_ _
Pref. div. of sub. co's_ _
Proportion of net loss of
a sub. co. applicable
to minority interest
Int., disct. & other chgs.
of Fed. L.&T. Co.less
int. debited to dev.cos.
Provision for deprec
$772.649
$831,776 $2,930,584 $3,188,870
107,228
47,201
104,973
47,734
432,948
189,575-
416,828
191,132
Cr453
Cr612
Cr3,174
Cr2,830
220,276
127,740
207,734
127,891
837,682
510,238
853,889
506.756
Net income
Pref. divs., Fed. L.&T-
$270,657
66,561
$344,055
66,561
$963,315 $1,223,095
266,244
266,244
Net after deducting
pref. dividends.._- -V. 138, p. 1042.
$204,096
$277,494
$697.071
$956,851
Fidel Association of New York, Inc.
-Earnings in
Excess of Reserve Requirements.
The corporation earned at the annual rate of more than 8% on its investTient account for the four months of 1934 ended April 30, it was announced.
The yield from interest alone, including uninvested funds was 4.51% for
the period, and the remainder was realized on profits taken from the sale
of securities.
It was further announced that more than 40 high-grade bond issues have
been added to the portfolio since Jan. 1, which is now divided as follows:
U. S. Government, State and municipal bonds, 22.8%; railroad bonds,
30
,
.2%; public utility, 18.7%; industrials, 17.4%; cash, 10.9%.
"The four-month period covered," says a statement by Hubert F. Young,
Controller,"has been an unusually profitable period for those institutions
investing in high-grade bonds. It might therefore be misleading to leave
the impression that earnings of 8% were always possible. Every indication points to the possibility, however,of earnings well in excess of the Fidel
reserve requirements of 4%.'-V. 138, p. 1051.
Fifth Avenue Coach Co.
-New Officer.
John E. McCarthy has been elected Vice-President and General Manager
to succeed the late Louis H.Palmer. Recently Mr. McCarthy was Assistant to the President.
Francis X. O'Leary has been electedSec retary of the company to succeed
Mr. McCarthy.
-V.138, p. 860.
Firestone Tire & Rubber Co.(& Subs.).
-Earnings.
6 Mos. End. April 30- 1934.
1932.
1931.
1933.
Net profit after int., deprec., Liberian devel.,
expend.,Fed.taxes,&c $1,521,7451'41.575,917 $1,639,739 $2,908,553
Shares corn. stock outstanding (par $10)--- 1,970.849
2,050,487
2,154,861
1,986,189
Earnings per share
Nil
$0.56
$0.06
$0.04
-V. 138, p. 510.
First Mortgage Guaranty 8z Title Co., New Rochelle,
N. Y.
-New Company Formed to Service Mortgages.
See Title & Mortgage Co.of Westchester County below,and Westchester
Title & Trust Co.in last week's "Chronicle," page 3963.-V. 138. p.1752.
First National Stores, Inc:
-May Sales Up.
Period End. May26-- 1934-4 Wks.
-1933. 1934-8 Mos.-1933.
Sales
$8,484,633 $7,926,903 $16,763,108 $15,582,256
-V.138, p. 3945,3438.
Fonda Johnstown & Gloversville RR.
-To Pay Jan. 1
Interest.
J. Ledlie Hoes, trustee, in a notice on June 8 to the holders of general
refunding mortgage 4% bonds, due 1950, stated;
"The Honorable Frank Cooper, U. S. District Judge for the Northern
District of New York, under date of June 1 1934, issued an order directing
the payment of the semi-annual installment of interest due Jan. 1 1934.
on the general refunding mortgage bonds of the debtor now outstanding.
"The funds for the payment of the Jan. 1 1934 coupon have been deposited by the trustee with the New York Trust Co., 100 Broadway, N.Y.
City, and payment to holders of said coupons will be made upon presentation providing that such interest be accepted by the holders in full settlement for all interest due on Jan. 1 1934."
Deposit of Bonds.
Pursuant to order entered June 4 1934, in the office of the Clerk of the
District Court of the United States for the Northern District of New York
in proceedings for the reorganization of this railroad, the New York Trust
Co., 100 Broadway, N. Y. City.will accept until Nov. 1 1934 1st consol.
gen. ref. mtge. 50
-year 4;4% bonds, due Nov. 11952, with all coupons due
Nov. 1 1931 and subsequent thereto annexed,for amendment and exchange
for amended and modified bonds, with new coupon sheets attached, in
accordance with the provisions of agreement dated Dec. 1 1931.
Bonds for amendment must be deposited at the office of the Trust company, accompanied by signed form of authorizatioin which can be obtained
at said office. In case of bonds already on depsiot with bondholders'
protective committee, the committee should be authorized to present the
same for amendment. In cases where suits have been brought on matured
coupons pertaining to bonds presented, special forms wilt be required.
4126
Financial Chronicle
The amendment of bonds under said order wi,.enable the holder to collect
nterest at the reduced rate. namely, $10 per coupon on the coupons due
Nov. 1 1931 and May 1 1932, pertaining to the amended bonds -V. 138.
Po• 3438.
Ford Motor Co., Detroit.
-Prices Reduced.
Reductions of $10 to $15 in list prices of 1934 Ford V-8 passenger cars
and $10 to $20 in list prices of Ford V-8 commercial cars and trucks were
announced by the company on June 14,effective June 15. These reductions
represent new low prices on 1934 models, as there have been no Ford price
increases this year. The new prices follow:
Ford V-8 Passenger Cars (112
-Inch WheelBase).
With Standard With De Luxe
Equipment.
Equipment.
Tudor Sedan
3520
$560
545
Coupe
505
615
Fordor Sedan
575
600
Victoria
590
x Cabriolet
525
z Roadster
550
x Phaeton
x These prices remain unchanged.
Ford V-8 Trucks and Commercial Cars.
$350
Commercial Car Chassis
-112-inch wheelbase
485
Truck chassis
-131-inch wheelbase
510
Truck chassis
-157
-inch wheelbase
650
Stake truck (closed cab)
-131-inch wheelbase
715
-inch wheelbase
Stake truck (closed cab)
-157
In addition to above, prices are also reduced on other commercial ear and
-V. 138.
truck types from $10 to $20. All prices are f.o.b. Detroit.
p.3773.
-Contract for Oil Equipment.
Foster-Wheeler Corp.
The corporation has closed a contract for the sale of approximately $1,
000,000 of oil refinery equipment to the Standard Oil Co. of New Jersey.
Delivery will not be made for about a year. It is understood that most
of the equipment will be installed at the Standard company's plant on the
-V. 138, p. 3773.
Island of Aruba, off the coast of Venezuela.
o.-Removed from List.
Hr H.) Franklin Mfg.j
csew York Curb Exchange has removedfrom unlisted trading
e
N
privile
the common stock (no p
and the 7% preferred stock, par $100.
- 138, p. 3946.
V.
-Earnings.
Froedtert Grain & Malting Co., Inc.
Earningsfor 6 Months Ended Jan. 311934.
'
Net income after expenses, deprec., maint., repairs, Fed. taxes,
$365,997
interest, bad debts,&c
$0.73
Earnings per share on 420,000 shares common stock
The Registrar & Transfer Co. has been appointed transfer agent in New
York and co-transfer agent in New Jersey for the pref. and common stock.
- 138, p. 3946.
V.
(Robert) Gair Co., Inc.
-New Vice-President, &c.
R. H. Bursch has been elected a Vice-President to assume complete
charge of production and sales in all operating divisions of the company in the United States, including subsidiaries engaged in the manufacture of boxboards, folding cartons and shipping containers.
Mr. Bursch most recently has been Executive Vice-President and General
Manager of the container divisions, to which posts he will now be succeeded
by Lorin B. Miller.
-V. 138, p. 3270.
-Resumes Common Dividend.
---Gardner-Denver Co.
The directors have declared a dividend of 25 cents per share on the common stock, payable July 1 to holders of record June 20. Quarterly distributions of 20 cents per share were made on this issue on July 1 and Oct. 1
1931; none since. Previously, the company paid 40 cents per share each
quarter
.-V. 137, p. 2643.
-The
-Sales for May Lower.
General Motors Corp.
company on June 8 made the following annoucement:
May sales of General Motors cars to consumers in the United States
totaled 95,253 compared with 85,969 in May a year ago. Sales in April
this year were 106,349. Sales for the first five months of 1934 totaled
382,125 compared with 297.937 in the same five months of 1933.
Sales of General Motors cars to dealers in the United States in May
totaled 103,844 compared with 85,980 in May a year ago. Sales in April
this year were 121,964. Sales for the first five months of 1934 totaled
474,078 compared with 327,806 in the same five months of 1933.
May sales of General Motors cars to dealers in the United States and
Canada, together with shipments overseas, totaled 132,837, compared
with 98,205 in May a year ago. Sales in April this year were 153,954.
Salesfor the first five months of 1934 totaled 603,395 compared with 384,921
In the same five months of 1933.
January
February
March
April
May
June
June
August
September
October
November
December
Total
January
February
March
April
May
June
July
August
September
October
November
December
Sales to Consumers in United States.
1934.
1932.
1933.
47,942
50.653
23,438
42,280
46,855
58.911
48,717
98,174
47.436
106,349
71.599
63,500
85,969
95,253
101,827
56,987
32,849
87,298
37,230
86,372
71,458
34,694
26.941
63,518
12,780
35.417
19,992
11,951
755,778
510,060
Sales to Dealers in United States.
1934.
72,2'i4
46,190
82 38
55 2
,539
50,212
82,222
48,383
45,098
119.858
69,029
74,242
121,964
60,270
85,980
103.844
46,148
99,956
31.096
92,546
24,151
84,504
23,545
67,733
5,810
41,982
2.405
3,453
44,101
11,191
1931.
61.566
68,976
101,339
135,663
122,717
103,303
85,054
69,876
51,740
49,042
34,673
53,588
937.537
1931.
'
76,681
80,373
98,943
132,629
136,778
100.270
62,66
7 72
8 7
3
47,895
the month of May 1933 and an increase of 223% from the volume in May
1932.
American-source sales predominate in this total and show an increase of
168% over the corresponding month a year ago and an increase of 273%
over the corresponding month in 1932.
Sales from the corporation's English and German sources at Vauxhall
Motors Ltd. and Adam Opel A. 0., respectively, also reveal encouraging
gains.
For the first five months of 1934 General Motors overseas volume has
reached a total of 83,811 units, an increase of 93% over the total in the
corresponding period in 1933, 123% over 1932 and 23% over 1931.
The gains in question, as they apply to the American-made products,
are in evidence in practically every market throughout the world, with
emphasis particularly in South America, the Far East, South Africa and
Australia.
-V. 138, p. 3946.
Production of Buick Cars Increased.
Production of Buick automqbiles for the week ended May 26 was 2,788
units, the highest week's output since December 1931 and more than double
that of the corresponding week of last year, according to Harlow H. Curtice, President and General Manager of the Buick Motor Co. This compares with 1,293 built during the week ended May 27 1933 and was 1,170
more cars than were produced in the corresponding week of April this year.
Retail deliveries of Buick cars in first five months this year totaled
23,347, against 20.091 in like 1933 period. The company has orders
on hand for more than 10,000 cars in June, the highest June production
schedule since 1929.
Number of Stockholders Declines to 348,230.
The total number of General Motors common and preferred stockholders
for the second quarter of 1934 was 348,230 compared with 351,949 for the
first quarter of 1934 and with 366,084 the second quarter of 1933.
There were 329.495 holders of common stock and the balance of 18,735
represents holders of preferred stock. These figures compare with 333,524
common stockholders and 18,425 preferred for the first quarter of 1934.
The total number of stockholders of both.,;classes by quarters since
1917 follows:
25 3rd Quar.
2
2nd Quar.
Y
Year7
1st Quar.
4th Quar.
2,920
1917
1,927
2,699
3,737
4,739
3,918
1918
12,523
631668:,838291744
m8:014182
123,385185
1919
26,136
31,029
1920
71:331
59,059
65 3 4
2
1921
49,035
72,665
1922
70,504
67,417
68,281
6885,0135
67,115
1923
71,382
69,428
66,097
1924
70,009
5630:049174
50,917
58,118
60,458
47,805
50,369
54.851
192
96
2
5
57,595
57,190
:3 0
52
6
3
1927
88.185
71 299
'
71,682
72986
,
1928
198,600
125,165
140,113
105
5
6
243,428
249,175
263,528
240,483
192
90
3
9
313,117
293,714
285,665
286,378
1931
364,401
359,046
365,985
345,194
1932
351,761
366,084
355,789
372,284
1933
16348,230
351,949
1934
stockholders of record April 9 1934, and common stockholders
x Preferred
of record May 17 1934.
Prices of Olds and Pontiac Models Reduced.
The Olds Motor Works announces price reductions ranging from $10 to
$35 on the six-cylinder line and $15 to $25 on the eight-cylinder line. The
new base price for the six is $650 and for the eight $885.
The Olds Motor Works is said to be shipping an average of 600 cars a
day to meet continued strong public demand for its cars. June production
-V. 138, P. 3946.
Is expected to reach a new peak for this year.
Price reductions of $40 have also been announced by Pontiac division on
all models.
-V. 138. P. 3946.
-Petition Filed.LGary Electric & Gas Co.
A petition has been filed in the Federal Court. Chicago, on behalf of a
number of security holders of the company, asking reorganization under
the Bankruptcy Act as amended. The petition was filed by Edgar J.
Schoen, attorney, apparently independently of the management, which
early in May issued an extension plan for taking care of maturity of $8.000,000 of first lien collateral 5% bonds series A on July 1 1934. These
-V. 138. p. 3438.
bonds constitute sole funded debt of company.
-Offers to Purchase One-third
General Investment Corp.
of Preferred Stock.
The corporation has invited tenders of one-third of the total amount
of its outstanding $6 _div. series cumul, pref. stock for retirement. For
each share of pref. stock purchased, it will pay $15 in cash and seven shares
of the corporation's $5 par value common stock. Tenders must be made
by stockholders ofrecord by Juno 30. Each holder will be given a preference
In acceptance of tenders to the extent of one-third of the total number of
shares held by him at the close of business on June 30, and additional
amounts tendered will be accepted prorata from all stockholders tendering
-V. 138. p. 2409.
until the maximum amount is exhausted.
-New Vice-President of Affil. Cos.
General Mills, Inc.
James F. Bell, President of General Mills, Inc., on June 11 announced
the election of Charles F. Newman as Vice-President of the Wichita Mill &
Elevator Co., Wichita Falls, Tex., and Vice-i'resident of the Kell Mill &
Elevator Co.. Vernon, Tex. Mr. Newman has been associated with the
Texas units of General Mills for some time. He will continue to make
-V. 138, p. 3439.
his headquarters in Wichita Falls.
General Outdoor Advertising Co. (& Subs.).
-Earnings.1934.
1933.
Quar. End. Mar. 311931.
1932.
$2,151,140 $2,010,370 $2,855,646 $4,424,498
Operating revenues
31
2,412,203 3,256,957 4,546,318
Oper. exp., incl. deprec_ 2,438,409
Loss from operation__
Miscellaneous income__
$287,269
26,505
$401,833
37,612
$401,311
89,922
$121,820
38,912
Gross loss
Amortization
Interest
$260,764
369,693
4,558
$364.221
422,409
11,189
$311,389
500,541
4,159
$82,908
560,883
6,426
$635,015
$797,819
$816,089
$652i7
- .tmgssp. 1753.
N lo,
ye
21. --305
"General Tire & Rubber Co.
-Preferred
23,716
68,650
928,630
472,859
729,201
Total
Total Sales to Dealers in U. S. & Canada Plus Overseas Shipments.
1934.1931.
89,349
74,740
62,506
82,117
January
96.003
100,848
59,614
62,850
February
119,195
59,696
153,250
58,018
March
154,252
78,359
153.954
86,967
April
153.730
66,739
132,837
98,205
May
111,668
52,561
113,701
June
87,449
106,918
36,872
July
30.419
70,078
97,614
August
30,117
58,122
18,148
September
25.975
10,924
53,054
October
29,359
5,781
10.384
November
79,529
21,295
53,942
December
1,074,709
869,035
562,970
Total
United sales of Chevrolet, Pontiac, Oldsmobile, Buick, LaSalle and
Cadillac passenger and commercial cars are included in the above figures.
-The following
General Motors Foreign Sales at 1929 Levels.
announcement was made on June 11:
General Motors sales abroad from all sources for the month of May totaled
23,994 units, the highest figure on record for any month since July 1929.
The May 1934 volume represents an increase of 112% from the volume in
June 16 1934
n holdDiv A-The directors have declared a dividend of 1%7,, on account of
tions on the67 cumul.pref.stock, par $100, payable June 30 to holders of
0
record June 20. Like amounts were distributed on March 31 last and on
Dec. 30 1933. Previously, the company had paid regular quarterly dividends of 1%7,, up to and incl. March 311932. Accruals, after the June 30
payment, will amount to 9%.-V. 138, p. 1924.
General Water Gas & Electric Co.
-Annual Report
for 1933.
Company was organized in pursuance of the plan of readjustment of
General Water Works & Electric Corp. and accordingly acquired (1) on
April 28 1933, from or through American Equities Co., the interests in
utility companies therein provided to be so acquired, and (2) on May 26
1933, all of the assets then included in the receivership estate of General
Water Works & Electric Corp. As provided in that plan,company assumed
6% convertible gold debenthe liabilities of that corporation other than its.
tures and the guarantee of the loan of General Water Securities Corp.
The assets acquired from the receivership estate included all of the capital
stock of General Water Securities Corp. At the time of such acquisition
General Water Securities Corp. had outstanding a loan of $3,100.000.
secured by the pledge of 29,993 shares common stock of San Jose Water
Works. 28,888 shares of 6% cumulative preferred and 40,000 shares of
common stock of San Jose Water Works (which securities represent the
ownership of San Jose Water Works excepting $813,000 1st mtge. 5% bonds
and $277,800 6% cum. pref. stock), $1,600,000 1st mtge. 5)"' bonds of
Alabama Utilities Co., all of the securities representing ownership of New
Mexico Public Utilities Corp. (excepting $5,000 1st mtge. 6% notes).
and $750,000 Texas-Louisiana Power Co. 6% debentures.
Volume 138
Financial Chronicle
Alabama Utilities Co. and New Mexico Public Utilities Corp. are subsidiaries and all of the preferred and common stocks of Alabama Utilities
Co. and the securities of New Mexico Public Utilities Corp. above mentioned are owned. While company is not directly or indirectly liable on
said loan, the securities held as collateral therefor represent an important
part of the assets of the company(subject to the prior payment of said loan).
and therefore directors have felt it necessary to keep this loan in good standing and to reduce the principal amount thereof.
At Dec. 31 1933 the principal amount of this loan had been reduced from
$3,100,000 to $2,780,000. This reduction has been accomplished out of
earnings derived from the pledged collateral and from advances by company
in the amount of $140.500. Under conditions calling for a further minimum
reduction of $180,000 in the principal amount of the loan in the interval(of
which $80,000 has been paid as of March 19 1934), the maturity date thereof
has been extended (since Dec. 311933) to Aug. 1 1934. Largely because
of the diversion of cash income to the reduction of the aforesaid loan.
company has exercised its right (effective during the period ending Sept. 30
1935) to pay dividends on shares of its $3 preferred stock wholly in shares
of such stock taken at 850 per share. Such dividends have been so paid
reg:ularly to date.
The consolidated earnings statement relates to the period from May 1
1933 in the case of the "American Equities" companies, and June 1 1933
in the case of the "General Water Works & Electric Corp." companies,
which dates, for accounting convenience, have been used as the dates of
acquisition. In order to indicate the trend of the operating income and
to inform stockholders in regard thereto, there are submitted the following
comparative statements of operations and operating statistics for the years
1933 and 1932 of the companies comprising the system. The statement
of operating income for the year 1933 includes provision for expenses of
General Water Gas & Electric Co.from May 1 1933 to Dec. 31 1933. In
both years the operating income accounts are stated before provision for
interest and dividend charges on securities outstanding publicly held,
charges for depreciation and depletion, and other similar deductions from
operating income.
Comparative Statistics for 12 Months Ended Dec. 31 1933 and 1932.
1932.
1933.
Sales of electricity in kilowatt hours
19.170,516 20,870.370
Electric customers served
13,152
13.146
Sales of water in thousand gallons
8.445,317
8,317,621
Water customers served
72,653
72,181
Sales of gas in thousand cubic feet
1,094.214
959,334
Gas customers served
4,269
4,233
Consolidated Statement of Earnings 12 Months Ended Dec. 31.
[Irrespective of dates of acquisition.]
1932.
1933.
Operating revenues
$2.496.259 $2,581,353
-water
Electric _
872,646
804,793
Manufactured gas
211,793
225,928
Natural gas
159,714
185.419
Ice
119.203
122.779
Steam and hot water, &c
50,112
52,062
Total operating revenues
Operation
ration
e
Taxes( other than Federal income)
$3,841,876 $4,040,190
1,412.254
1,439,032
144,430
142,667
331,336
342,043
Net income from operation
Non-operating revenues (net)
$1,927.077 $2,143,225
22,002
31,927
x Total income
$1,949,080 $2,175,152
x Before provision for interest and dividend charges on securiti pu • icly
held, charges for depreciation and depletion. &c.
-V.138, p. 208
'General Water, Gas & Electric Co.
-Stock Dtviden
AA dividend of 75 cents per share payable in $3 pref. stock has ren
declared on the 83 cum. pref, stock, no par value, payable July 2 to holders
of record June 15. A similar distribution was made on this issue on Jan. 2
and April 2 last.
-V. 138, p. 2082.
`""••-(A. C.) Gilbert Co., New Haven, Conn.-Pref. Div,,,r-
A dividend of 8734 cents per share has been declared on accoliht of
accumulations on the $3.50 cum. preference stock, no par value, payable
July 2 to holders of record Jane 20. Similar distributions were made on
March 1 and April 2 last.
Accruals, following the July 2 disbursement, will amount to $2.623per share.
-V. 138, p. 2093.
Glidden Co., Cleveland.
-May Sales Up.Sales for Month and Seven Months Ended May 31
-Month-1933.
1934
Increase.' 1934-7 Mos.-1933.
Increase
$2.922.286 $2.595,020
8327,2661816.682.986 $12,321,232 $4,361,754
-V. 138, p. 3776, 3603.
Godfrey Realty Co.
-To Pay Bond Interest.
-
1,500.000
2,282,889
1,497,000
159.000
13,119
461,161
10,918
234,120
74,820
14,000
82,000
70.000
41,216
508,646
1,623,813
66,997
10.158,404 8.639,700
y After deducting depre-
Greif Bros. Cooperage Corp.(& Subs.).-Earnings.-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 est. Fed. taxes
1934..
1933.
1932.
1931.
8555,352
104,885
223,020
59,511
25.000
$268,685
91,711
148,632
70,478
$272,347
103,499
183,411
8.403
$390,468
101,374
195,671
44.684
5,000
Net profit
Previoussurplus
$142,936 1os442,137 loss$22,967
477,790
353,746
519,420
$43,737
695,228
Totalsurplus
Divs. paid on class A
common stock
$620,726
$311,609
8496,453
$738.965
51,200
51.200
32,000
Balance Apri130
$588,727
8311,609
$687,765
8445,254
Balance Sheet April 30.
Assets1934.
1933.
Liabilities1934.
1933.
Land,bldgs., mach.
x Capital stock _ _ _$2,491.113 $2,491,113
& equip., &c.
10-yr. 8% sinking
less depreciation$1,022.797 $1,251,982 fund gold notes. 651,000
891,000
Cash
356,876
711,482 Notes payable__
326,256
Customers' notes dc
Cap.stock of subs_
20,383
10,891
accts. receivable 482,709
327,698 Long-term
conLiberty bonds on
tract payable.
21,000
dep. with State
Accts. pay,for pur.
of New York_ _ _
24,272
expenses, &c_ _ _ 118,896
24,376
26,917
Cash surr. value of
Accrd. taxes, int.
life insurance_ _ _
17,132
&c
28.691
63,366
Inventories
1,992,313 1,229,448 Accts. payable to
Officers. employ.
aMl. cos.(partly
& misc. notes &
owned)
16.570
22,669
accts. receivable
36,920
42,508 Res. for cooling..
Invin otb.cos.,&c.
25,500
292,101
238,531
Invest.(MM. cos.) 144,306
139,306 Unearned surplus_ 284,152
358,634
Notes dr accts. rec.
Profit and loss_ _ _
588.727
311,609
(affiliated cos.) _ 318.878
213,690
Timber properties_ 403,335
401,832
Good-will
1
1
Deferred charges
49,632
36,621
$4,849,172 54,404,447
Total
Total
$4,849,172 84,404,447
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.
-V. 138.
p.3947.
.
*---Greyling Realty Corp.
-Bankruptcy Proceedings
Voluntary bankruptcy proceedings were filed by the corpo than on
June 11 in Federal District Court for reorganization under the orporate
Bankruptcy Law.Corporation is a wholly owned subsidiary of the National
Surety Co. with debts of $15,144,001 and assets of $14,559,854. Judge
Coxe on June 14 approved the petition and appointed Edwin C. Davis
temporary trustee. Hearing will be held July 10.
Investment Securities Corp., Union Mortgage Investment Co., Southern
Securities Corp., Empire Bond & Mortgage Co. and Mortgage Guarantee
Co. of America, subsidiaries or affiliates, all petitioned to come in with
Grayling R
Realty Corp. and the Natiol
National
Co. in its reorganization
plan.
-V. 136, p. 3356.
Hahn Department Stores, Inc.
-Expansion.
See Smith-liasson Co. below.
-V. 138, p. 2576.
*-----Hamilton-Brown Shoe Co.
-To Increase Stock.
-
ferred stock (par $100), at the rate of
in exchange for 7% cumulative
12 shares of common stock for each share of preferred stock, making the
total amount applied for 2,499,341 shares of common stock.
Stockholders on April 16 1934, approved the plan to exchange
cumulative preferred stock for common stock and at the adjournedthe 7%
session
of the annual meeting held April 30, waived their preemptive rights
172,452 shares, makingthese shares available for such exchange.
On May 25 1934. the directors approved the action of the stockholder
and determined that the basis of exchange should be 12 shares of common
for each share of preferred stock surrendered for exchange, all rights to
accumulated dividends on such preferred stock to be extinguished by
such exchange.
The 7% cumulative preferred stock is outstanding in the amount of
14,371 shares, with 629 additional shares in the treasury. No shares of
conunon stock will be issued in exchange for such treasury stock.
Consolidated Income Account 3 Months Ended march 311934.
Sales of cars and parts
$3,938.286
Cost of sales, etc
3,589.008
Selling, advertising and administrative expenses
272,914
Miscellaneous charges (net)
22,075
income
Net
$54,289
Depreciation _
87,590
Net loss
$33,301
Discount on debentures and mortgage bonds retired
7,000
Claim for duty and excise tax draw back on shipments to Canada
47,762
Net profit
$21,461
Subsidiary selling companies
-loss from operations
6,319
Net profit
$15,142
Total
10,158.404 8,639,700
Total
x Represented by 2.282,889 shares of 81 par.
ciation.-V. 138, p. 3947.
Dec.31'33.
Frank Mackey, trustee in bankruptcy, was authorized on June 14 by
Edmund D. Addock, referee in bankruptcy, to sell the assets of the company at public or private auction. The assets at one time were estimated
at $4.000,000.-V. 138, p. 3947.
In a decision handed down June 12 in the U. S. Circuit Court of Appeals
for the Third Circuit the Tines patent, covering the manufacture of adiustaable-length hosiery for women by the company, was sustained and the
cagragls tiTystatouttezlimbzutpientgtgcermafetntSiwlkerleigsirdas
pwh3027rre
ed
"Gram-Paige Motors Corp.-Iyiting.gElite(Now York Stock Exchanv has authorized the
y
of 172,452
addltlo al shares of common stoc (par $1) on official listing of issuance
notice
Consolidated Balance Sheet.
Mar.31'34. Dee.31'33.
Mar.31 34.
.
Assets
9 Fixed assets_ _ _ _ 6,287,124 6,339,934 7% pret.stock_ __ 1,500,000
Prepayments
55,187
148,241 x Common stock-- 2,282,889
Investments
21,635
20,948 Funded debt
1.504,000
Pref. stk. redemp_
7,056
7,055 Mtge.& land contr 118,000
Deferred charges__ 136,715
11,680
84,905 Minority interest _
Adv. to dist.butors
31,153
28,622 Accounts payable_ 1,633,679
Funds in closed bks
85,071
86,718 Notes payable_
100.000
Cash
795,323
707,123 Obits's. of subs, to
Collection drafts
901,692
banks & finance
96,122
Misc. notes & accts
company
30,498
receivable
366,759
35,836 Accruals
92,939
Inventories
1,726,999 1,051.724 Sundry accts. pay_ 117.932
Adv. to assoc. cos_
32,469 Debs. & notes not
17,507
yet exchanged__
7.000
78,722
Res. for conting_
Land contr. (curr.)
70,000
Operating res._ __ _ 122,647
Appraisal surplus_ 508,646
Capital surplus_ __ 1,623,813
82,139
Earned surplus_ _ _
Grigsby-Grunow Co.
--Sale Ordered.
-
First mortgage bond holders received a payment of 3% on the scrip
coupons for deferred interest on June 1.
The scrip coupons are referred to as "certificates of indebtedness." This
refers to a scheme of reorganization approved Nov. 20 1933. Under the
plan, interest coupons for three years are exchangeable for these certificates
payable out o earnings.
The Juno 1 payment was the first on the scrip, the payment for Dec. 1
1933, not having been made.
Gotham Silk Hosiery Co. Inc.
-United States Appeals
Court Validates Gotham Adjustable-Length Hosiery Patent.-
4127
A special stockholders' meeting has been called for Aug. 9 to vote on a
proposal to authorize 100,000 shares of additional capital stock of no par
value and to change the present 200,000 shares of $25 par value to a like
number of no par shares. The stockholciers'will also be asked to approve a
change in the fiscal year closing from Dec. 31 to Nov. 30.
A copy of the resolution of the directors covering these proposals which
has been mailed to stockholders states that "interests of the company
require that 100,000 shares of additional stock be authorized in order to
give those who will direct the company's affairs an opportunity to acquire
an interest in the business by the purchase of capital stock and in the event
additional capital stock is required by the company the proposed stock will
be available for sale."
-V. 134, P. 1382.
Hat Corp. of America.
-New Directors.
Henry P. Bristol, President of Bristol Myers Co., Inc., and Frank M.
Votaw of the Title Guaranty & Trust Co. have been elected directors to
succeed W. M. Vermilyea and to fill a vacancy.
-V. 138, p. 692.
(G„) Heileman Brewing Co.
-Omits Dividend.
-
The directors recently decided to omit the dividend which ordinarily
would have become payable about Juno 1 on the capital stock, par $1.
Quarterly distributions of 20 cents per share were made on March 1 last
and on Dec. 11933.-V. 138, p. 1054.
Holmes Mfg. Co., New Bedford, Mass.
-Sale Approved
-To Wind Up Affairs.
Unanimous approval of the plan to sell the plant, equipment and all
other assets of this company to the Kendall Co. for 850,000 plus the taxes
of 1933 and 1934 was voted by the stockholders at the special meeting held
on May 23. It was also voted unanimously to distribute the available
assets of the Holmes company, following the sale of the plant, and to wind
up the affairs of the corporation.
There are 6,000 shares of pref. stock and 6,0(10 shares of common stock
of the Holmes company, each being of $100 par value. The voting rights
of the common stockholders have lapsed through non-payment of pref.
dividends, according to the provisions of the company charter, and the
entire voting rights of the corporation are in the pref. shares, of which
more than two-thirds were represented at the meeting.
The Holmes plant will go Into production with approximately 250 employees when necessary changes are made, it was stated. New machinery
to be installed includes 800 looms purchased from the General Cotton Corp.
Hitherto a yarn mill, the plant will be operated as a weaving mill, probably
on gauze. The initial payroll is expected to be approximately $250,000 a
year.
-V. 138. p. 3440.
4128
Financial Chronicle
Home Title Insurance Co.
-Outstanding Mortgages.-
June 16 1934
May Shipments Up.
Shipments of Hupmobiles for May showed an increase of 24% over April,
according to Rufus S. Cole, Vice-President and Assistant General Manager.
"We must go back as far as April. 1932, to find shipments as high in any
one month," said Mr.Cole. "With shipmenst and unfilled orders on hand,
we alma'y have 66% of the total shipments for 1933.
"Export shipments for the first five months of 1934. compare with the
i(correspondIng period of 1933, show an increase of 82%. and considering
, export shipments and unfilled orders now on hand, our shipments already
amount to 16% more than volume for the entire year of 1933.-V. 138.
Hotel Sherman Co., Chicago.
-Reorganizationp. 3948.
Company in receivership, has filed a petition under Section 713 of the
Federal Bankruptcy Act looking toward reorganization under is recently
-Condition Governing RFC Loan
Illinois Central RR.
enacted section of the Act.
-V. 138. p. 3830.
Total outstanding guaranteed mortgages and certificates of the company
as of June 1 1934 amounted to $45,111,786, according to a report to the
Superintendent of Insurance. Since Aug.4 1933. the date ofrehabilitation,
Interest payments to investors of the company aggregated $1.949,308.
Current interest due on outstanding guaranteed mortgages during the
calendar year 1933 totaled $3,861,000, of which $3,680.000 has, been
collected, the report states.
-V.138, p. 872.
-Earnings.Houston Gulf Gas Co. (8c Subs.).
Calendar YearsOperating revenues-Natural gas
Crude oil
1932.
1933.
$5,553,321 $6,140,842
18,761
12,562
Total operating revenues
Operating expenses, including taxes
Rent for leased property
$5,565,883 36,159,604
3,953,012
3,233,192
104,166
Balance
Other income
$2,228,524 $2,206,592
36,962
9,961
Gross corporate income
Net interest and other deductions
Property retirement & depl. res. appropriations
$2,238,486 $2,243,555
2,482,698
2,107,551
613,200
450,250
$319,315
9,730
$852,343
9,730
$329,045
Deficit
Portion oflosses ofsubs,applicable to minority int. Cr16,555
$862,073
Dr5,051
$312,489
$867,124
Deficit
Preferred dividends of subsidiary to public
Balance, deficit
Consolidated Balance Sheet Dec. 31 1933.
Liabilities
Assetsx$10,503,325
Plant,prop'y, franchises, &c.$59,111,130 Capital stock
1,007 Long-term debt
17,984,700
Investments
Matured mtge bonds & lot
5,140,306
Current assets:
336,836 7% 'income demand notes
-on demand
Cash in banks
United Gas Public Serv. Co 9,341,000
8,888
Notes & loans receivable_
Note payable (secured)Accounts receivable:
587,854
United Gas Pub. Serv. Co_ 7,500,000
Customers and Miscell__
53,338 Contracts payable
Affiliated companies____
139,176
240,136 Accounts payable
165,577
Materials and supplies____
14.288 Customers' deposits
Prepayments
191,077
16,542 Accrued accounts
Miscell. current assets__
707,651
Miscellaneous assets
535,701 Misc, current liabilities
206
81.398 Mat'd int, on long-term debt_
Contingent assets (contra)__
13,922
Contingent liabilities (contra)
Unamortized debt discount
81,398
99,492 Reserves
and expense
7,774,642
Minority int. in surp. of subs_
143,394
Capital surplus
2,188,549
788,316
Earned surplus, deficit
$61,086,613
Total
$61,086,613
Total
A Represented by 7% preferred, series A, 8,068 shares: 7.% preferred,
series B 15,000 shares;common (no par),517,008 shares, valued at $6,758,231. Subsidiaries: Preferred stocks, 13,295 shares;common stocks, 28,412
shares, valued at 3108,794.-V. 134, P. 325.
Modified-Commission to Require only 80% Noteholders
Consent as Condition for Advance.
-S. C. Commission on June 12 granted the request of the company
The I.
and will require consent of only 80% of the $20,000,000 of matured 4%
notes, instead of assent by "substantially all" as a condition precedent to
the advancement of $7,500,000 from the Reconstruction Finance Corporation to assist in the road's June 1 refinancing operations. The road
already has such consent.
The carrier said over 77% of the holders of the notes had consented to
the refinancing arrangements whereby 37M % of the principal will be
paid in cash and the remaining 623, % covered by three-year extended
notes.
The Commission further modified its original condition by eliminating
the requirement that the Illinois Central endorse bonds of the Yazoo &
Mississippi Valley RR. to be pledged with the RFC under the loans.
As modified, the Illinois Central loan is subject to the following requirement: "That the RFC shall make advances on the loan from time to
time only upon the furnishing to the RFC by the applicant of evidence
satisfactory to the Corporation that the holders of said notes in a principal
amount equal to 2 2-3 times the amount of the advance then made and
advances previously made, have agreed to extend 62A % of the principal
of the notes then being refinanced for a term not less than the term of the
loan herein approved: provided, however, that no advance upon the loan
herein approved shall be made unless and until the RFC Is satisfied from
evidence before it that the holders of notes of a principal amount of 80%
of said notes outstanding shall have assented to the said plan of refinancing;
and provided further, that before any advance shall be made on the loan.
the applicant shall agree in writing with the RFC that it will enter into no
understanding to vary the terms of the said plan of refinancing by paying
In cash any greater proportion than 373i% of any part of said notes."
.
--V• 138 p. 3949.
-Ruling on Preference
Imperial Tobacco Co. of Canada.
Shares.
Under date of May 3 the British-American Tobacco Co., Ltd., announce
that they have been requested by the above company to advise shareholders
of the following: In 1912 the preference shares of the Imperial Tobacco Co.
of Canada were issued on the London market as El shares. Until quite
recently there was no suggestion that these shares were other than £1
sterling shares. Last year a shareholder contended that the preference
shares are dollar shares and not sterling shares. In order to clear up the
question, the directors of the company decided to take the opinion of the
Canadian Court on the point. The case was heard in March and judgment
reserved. This judgment was delivered on April 16 and was to the effect
that the shares are dollar shares of the nominal value of $4.86 2-3. As a
result of this, the dividends will now be paid in dollars at the current rate
of exchange on the day the dividends is due. As a further necessary result,
the capital value of the snares will be in dollars and redeemable in that
currency. (London "Stock Exchange Weekly Official Intelligence.")-V. 138, p. 2749.
-Regular Dividend.
, Incorporated Investors.
The directors have declared the regular semi-annual cash dividend of
25 cents per share, payable July 20 to holders of record June 21.
The company announces price reductions up to-350 on the Hudson'and
This payment is in accordance with the company's policy of paying 25
Terraplane cars.
cents semi-annually and, when earnings warrant, an extra at the end of the
year. Last January a special of five cnets per share was paid. In April
The new prices are as follows:
the company paid 2M % in stock and it is expected that a similar distribux TERRAPLANE
Y HUDSON
tion will be made in October.
Challenger Series.
Challenger Series.
At the end of May there were over 25.400 holders of Incormle In-passenger coupe
$565 2
-passenger coupe
2
-V.138. p.2927.
vestors Shares.
8
7
65
$ 05
575 Coach
Coach
-passenger coupe
-passenger coupe
610 4
4
"'........Independent Pneumatic Tool Co.-ExtraDividend.735
765
635 Sedan
Sedan
on
The directors have declared an extra dividend of 25 cents per oh
Special Series.
Special Series.
the common stock, no par value, in addition to the usual quarterly dividend
$725
-passenger coupe
$600 2
-passenger coupe
2
50 cents per share, both payable July 2 to holders of record June 22.
615 Coach
Coach
Tnree months ago, the quarterly payment was increased to 50 cents from
775
-passenger coupe
645 4
4
-passenger coupe
25 cents per share. An extra of 25 cents per share was also paid on Jan. 2
805
675 Sedan
Sedan
last.
-V. 138, p. 1926.
695 Convertible coupe
835
Convertible Coupe
DeLure Series.
Major Series.
-Earnings.---Indiana Harbor Belt RR.
-passenger coupe
$665 2
$615
-passenger Coupe
2
-Month-1933.
1934-4 Mos.-1933.
Coach
835
680 Coach
Period End. Apr, 30- 1934
$717.451
$603.310 $2,810,972 $2,239,338
855
-passenger coupe
710 4
Railway oper. revenues-passenger coupe
4
405,255
352,177
1,413,600
1,684.679
Railway oper. expenses..
895
740 Sedan
Sedan
56,529
170,648
50,020
212,528
Major Series.
Convertible coupe
750
Railway tax accruals_ _
Cr3
$1,070
Club sedan
Commercial Cars.
Uncoil. rwy. revenues...
56,972
39,341
59
190,724
1,145
0
C3
226,7r0
Equip. & joint fac. rents
$405 Brougham
Chassis
480
Chassis with cab
$198,698
3464,305
3161,766
$687.068
Net ry. oper. income_
515
Cab Pick-Up
3,236
12,206
5,039
12,694
530
Misc.& non-oper.income
Utility coach
595
Sedan delivery
$476,512
3165,002
$203,736
Gross income
$699,762
85 horsepower 112-116 inch wheelbase. y Eight
x Six cylinder 80 and
42,392
41,876
170,203
167,658
Deduc'nsfrom gross inc.
cylinders, 108 and 113 horsepower. 116-123 inch wheelbase.
-All prices at factory, subject to change without notice.
Note.
$122,610
$161,860
$306,308
Net income
$532,104
-V. 138, p. 3440.
May Production Double That of May Last Year.The Hudson Motor Car Co. for May and for the first five months of"
----.Indiana Southwestern Gas & Utilities Corp.
the current year registered a sharp gain in production as compared with
Interest Plan in Effect.
the corresponding period last year, according to figures announced by
The plan for readjustment of payments of interest on the convertible 6%
Roy D. Chapin, President, on June 15.
-year series A secured notes has been declared operative. More than
10
May production aggregated 11,782 cars, an increase of 5,936 cars, or
805, of the issue has been deposited with the Continental Bank & Trust Co.
101.5%, compared with the total of 5,846 cars reported for May last
Depositing noteholders agreed to accept interest of 2% a year instead of
year. The output was also the largest reported for any corresponding
month since 1930.
, 6% from Dec. 1 1933 to Dec. 1 1936. The plan provides that half of all
net earnings of the company in that period in excess of the amount required
For the five months ended May 31 1934 the company produced 60,740
to pay the interest as stated, and any cash which the directors may
cars, an increase of 267%. compared with output of 16,557 cars in the
determine to be available for the purpose, will be applied toward the
corresponding period last year. In addition to being the largest output
payment of unpaid coupons in the order of their maturity.
reported for any similar period since 1930, the five months' production
From and after Dec. 1 1936, interest will be at the full rate of6%. The
this year exceeded the total production for each of the years 1933, 1932
remainder of matured coupons and of extended coupons not paid in full will
and 1931.
A substantial increase in sales of cars was noted in the last two weeks
be extended to June 11940, or the earlier maturity of principal of the notes.
-Ar. 138. p. 1926.
of May, Mr. Chapin said, this being due to the inauguration on May 22
of lower prices on the Terraplane Challenger series, for which an increas
1nterborough Rapid Transit Co.
c
e< .e...".1
-Ordered to Pay Int.demand is repdrted from virtually all sections of the country, as evidenc° t
Federal Judge Julian W. Mack has ordered the I. R. T. receivers to pay
by actual sales to the public. Preliminary reports for the week ending
the semi-annual installment of interest and sinking fund. due July 1. on
June 2 show gains of from 25 to as much as 90% in actual retail sales,
the 1st & ref. 5s. The payment will approximate $6,000,000.
as compared with the previous week, in numerous of the larger cities
Judge Mack denied the city's motion to dismiss the order that it show
of the country.
-Manhattan
cause why it should not be made a party to the general I. It. T.
On June 4 the prices of Hudsons and Terraplanes were generally reduced
By. receivership proceedings. After arguments by both sides Judge Mack
and a resulting additional impetus to sales is expected to occur.
held that the show cause order was in reality merely an invitation to the
New Hudson Motor Executives Announced.
city to cite its reasons for not being made a party to the proceedings. He
Elections of A. Edward Barit, as General Manager of the Hudson Motor
assured the city however that if it would be made a party in the case, it
Car Co. and Stuart G. Baits, as Assistant General Manager were also anapplication for leave to sue in the State courts the I. R. T. receivers would
nounced on June 15 by Mr. Chapin.
not be affected. The city Is contesting the I. It. T. receiver's efforts to
Barit continues as Vice-President and
In assuming his new position, Mr.
disaffirm the Interborough's lease of the Manhattan Railway.
Treasurer. He has been with the Hudson company for 25 years and in
Thomas E. Murray Jr., receiver, 165 Broadway, N. Y. City, will until
announcement of the election, Mr. Chapin stated that the new
making the
10 a. m.on June 19receive bids for the sale to him as receiver of the company
responsibility is in recognition of the intimate knowledge possessed by Mr.
at the lowest prices offered of $500.000. more or lees, face amount of lit &
Barit of every detail of the company's business. Mr. Baits has been with
ref. mtge. 5% gold bonds, due Jan. 1 1966.
the Hudson company for 19 years and for some years has been its chief
Tenders.
engineer. In addition to his new duties, he will continue to head the enp. 3777.
-y. 138.
Holders of 1st and ref. mtge. 5% gold bonds due Jan. 1 1966 are being
gineering department.
Invited to submit tenders for the sale to Thomas E. Murray Jr. as receiver
of the company, at the lowest prices offered, of $500,000, more or less,
-Prices Reduced.
Hupp Motor Car Corp.
face amount of these bonds. Tenders will be received at the company s
The corporation announces a reduction of $50 on its "417" series sedan,
offices, 165 Broadway, N.Y. City, up to 10 a. m.on June 19. The receivers
The coupe, the only other body type in this
bringing the price to 3795.
will pay accrued interest on the bonds purchased from Jan. 1 1934 to and
series, and other Ilupmobile models are unchanged a new de luxe line in
incl. June 24 1934. Right is reserved to reject any or all offers or to accept
the "417" series has been introduced which will sell at $845, the former
-V. 138, p. 3949.
any offer in part.
price of the standard car.
Hudson Motor Car Corp.
-Reduces Prices.-
4129
Financial Chronicle
Volume 138
June
and $0.328877 on Dec. 15 1932, and
-Record Do- about15 1933the current sales price of this series. is at the annual rate of
International Business Machines Corp.
7% of
The semi-annual distribution amounting to $0.062545 per share has been
mestic Sales.declared on Keystone Custodian Fund, series G1,for payment on June 15
Domestic sales of this corporation for the year to date are the best in its
1934. This compares with $0.04794 paid on Dec. 15 1933 and is at the
history and the company's sales throughout the world for the same period
-V. 138.
annual rate of 6.62% of the current sales price of this Series.
are the best since its all-time record year of 1930.according to an announceP. 3606.
The company now has in the field the largest sales force in its
ment.
history, which soon will be augmented by the graduation of the June class______
-Offer to Purchase Stock.
1Cresge Department Stores, Inc.
--in the Company's sales school at the Endicott, N. Y. plant.
Holders of pref. stock of record June 15 1934, will be offered the right to
Thomas J. Watson President before sailing for Europe en June 11.
supply their stock to the corporation on or before June 25 1934, at 12
stated: "The improvement in the company's business has been progressive,
o'clock noon, at the lowest prices, not exceeding $75 per share, to the
May being the best month this year in both its domestic and foreign fields.
extent that the sum of $100,000 will permit, such purchases to be proBusiness in general also has improved throughout the world since the
-V. 138, p. 3093.
rated.
beginning of the year. Unemployment in most of the great industrial
commerce is greater
countries is materially diminished, the volume of world
-Directors Sued.Lawyers Mortgage Co.
than last year and the major currencies of the world continue comparatively
A suit for $3.000,000 and an accounting for losses of the company was
stable relative to each other."
-V. 138, p. 3949.
filed June 12against the directors of the company by George S. Van Schaick,
Superintendent of Insurance, as rehabilitator of the company. The
'-----International Button-Hole Sewing Machine Co.- defendants named in the Supreme Court action include Richard M. Third,
To Pay Extra Dividend of 10 Cents.Howard S. Borden, Guy Cary, Frederick R. Coudert, Frederick J. Fuller,
-V. 137. p. 1251.
Robert Walton Goelet and Bronson Winthrop.
The directors have declared an extra dividend of 10 cents per share in
addition to the usual quarterly dividend of 20 cents per share on the capital
Lawyers Westchester Mortgage & Title Co. of White
stock, par $10, both payable July 2 to holders of record June 15. An extra
distribution of 20 cents per share was made on April 2 last, while on April 1
-New Company Fromed to Service Mortgages.
Plains, N. Y.
and Dec. 27 1933 extras of 10 cents per share were paid -V.138, p.1926.
See Title & Mortgage Co. of Westchester County below and West
International Telephone & Telegraph Corp. (& chester Title & Trust Co. in last week's "Chronicle," p. 3963.-V. 138.
P.3275.
Subs.).
-Earnings.-
-
1931.
Quar. End. Mar. 31.
1932.
1934.
1933.
Earnings
$20,047,078 $15,539,853 $18,789,986 $24,165,338
Expenses
16,012,578 13,550,922 15,359,860 18,938,931
Net earnings
$4.034,499 $1,988,930 $3,430,125$5.226,407
951,668
Charges of assoc'd cos
1,298,501
1.400,743
1,693,295
1,442,437
1,442,437
Ipt.on debenture bonds_ 1,442,437
1,442,437
Leominster (Mass.) Electric Light & Power Co.Merger Denied.-V.123. p. 2139.
See Wachusett Electric Co. below.
-Accumulated Dividend B?- •
Lerner Stores Corp.
The directors on June 11 declared a dividend of 1X% oirAlie 6;4% cum.
pref. stock. par $100, payable June 21 to holders of record June 14. This
dividend covers the quarterly payment due Aug. 1 1932.
Net income
$689.186 $2,832,302
$898,767loss$854,251
Distributions of 1)4% were also made on the preferred stock on March 24
Stock outs. (no par) (inand May 1 last. Accruals,following the June 21 disbursement, will amount
eluding shares to be
to 9)% as of Aug. 1 1934.
issued)
6,399.970 6,642.508
6,399,002 6.399,092
Earnings per share
Nil
$0.14
Sales for Month and Five Months Ended May 31.
$ i
Note.
-The accounts of the Compania Telefonica Nactnal de Espana
Increase.
Increase. 1 1934-5 Mos.-1933.
-Month-1933.
1934
(Spanish Telephone Co.), as heretofore, have not been included in the
$625,0031$10,506,122 $7.657.446 $2,848.676
82,524,854 $1,899,851
consolidation. The net earnings after depreciation as provided for by
-V. 138, p. 3276.
interest and
contract with the Spanish Government were in excess of
-New
dividends paid.
Little Schuylkill Navigation RR. & Coal Co.
In 1933 the appreciation in the United States dollar value of the net
Member of Board of Managers.current assets of the foreign Associated Companies and other exchange
Edwin N. Benson Jr.. has been elected to the board of managers of the
items were credited to a special foreign exchange reserve account. This
4233 vacancy caused by the death of George R. Sinnickson.
company to f111a .
reserve, which amounted to $9,517,938.77 on Dec. 31 1933, was further
___IT. 132, p.
increased in the first quarter of this year and totaled $10,661,521.87 on
March
934.
-Common Dividend Omitted.The notes and loans payable io banks were further reduced by approxi- ......--Lone Star Gas Corp.
The directors on June 11 decided to omit the quarterly dividend ordinarily
mately $2.300,000 during the period from Jan. 1 1934 to May 31 1934, and
-V. 138, p. 3274.
payable about June 30 on the common stock, no par value. Quarterly
amounted to 32,419,409 at tho latter date.
cents
distributions of 16 cen per share, payable in 6% cum. cony, preference
st
-May Sales Higher. stock of $100 par value, were made on the common stock from June 30
Interstate Department Stores, Inc.
1932 to and including March 31 1934, while on March 31 1932 a dividend
Sales for Month and Four Months Ended May 31.
of 15 cents per share was paid in cash. Previously, quarterly payments of
-Month-1933. Increase. 1 1934-4 Mos.-1933. Increase.
1934
22 cents per share in cash were made on the common stock.
$1,807,818 $1,529.953
$277,8651$6.504,055 $5,122,410 • $1,381,645
1934.
4 Months Ended April 30departme=
-Sales are exclusive of groceries and leased
Note.
1 3.
49 ,5
$2,606,126 $2, 513 59
ur
.,.6 Surplus after charges, taxes & pref. dividends
P. 3778, 3274.
$0.46
$048
Earns. per sh.on 5,451,056 shs.corn.stk.(no par)..
*
-V.
'Investment Foundation Co., Ltd., Montreal.-Divs.A- ' „ 138, p. 3442.
A dividend of 38 cents per share (being at the rate of 3% per annalin)„,.. Long Bell Lumber Corp.
ttri?
-Files Petition'ed
and a further dividend of 13 cents per share(on account of arrears) have been
payableThe company has filed a petition with the Federal District Court at
declared on the 6% cum. cony, pref. stock, par $5 ,_
Kansas City under the Federal Re-organization Act. The petition recites
30. Three months ago,the
nadian funds on July 16 to holders of record June
the company has obligations it cannot meet, including $19,000,000 1st
company declared on this issue a quarterly dividend of 37 cents per share
mtge. bonds, timber contracts of 81,900,000 and guaranteed Longview.
and a further dividend of 13 cents per share on account of accumulations.
Wash., municipal bonds of $3,956,000. A hearing is expected within 30
p. 1926.
-V.138,
In the case of non-residents, a 5% tax will be deducted.
-V.138, p. 3607.
days before Federal Judge Merrill E. Otis here.
-Production.Island Creek Coal Co.
Coal Output (Tons)January
February
March
April
May
June
July
Auxust
September
October
November
December
Year's total
-V. 138. P. 3441, 3274.
-To Dissolve.'Lyman (Cotton) Mills.
1933.
279,1
292,116
249,143
215,856
315,919
334,352
396,209
417.208
376,352
362,803
232.460
216.966
1932.
285,245
274,145
327,707
244.243
246.172
224.635
228,989
286,321
319,195
427.664
323,917
296.390
375,678
285,901
332.220
300,349
336,362
372.228
374349
393,015
419,101
461,061
343,055
336,404
3.688,500
3,484,623
4,329,023
1934.
296,427
302,235
390.864
237.116
333,721
-Payment on Notes.
Island Oil & Transport Corp.
Some holders of bearer certificates of deposit for 8% and participating
secured gold notes, issued under deposit agreement dated March 31 1922,
have failed to exercise their right to receive $290 and ;4 share of Antillian
Corp. per $1,000 of deposited notes against surrender of the certificates of
-V. 138. P. 872.
deposit to Irving Trust Co., 1 Wall St., N. Y. City.
Kansas City Ice Co.
-Consent Decree.
consent decree providing for the dissloution of the company within
three months and prohibiting that company and 12 other ice companies
in the Kansas City area from conspiring to impose upon independent
dealers restrictive contracts has been entered in the U. S District Court
at Kansas City. Mo. the Department of Justice has announced. The
'
consent decree also prevents agreements among the ice companies to curtail
the number of cash and carry ice stations.
-Subsidiary Shipments Gain.
Kelvinator Corp.
The Lenard Refrigerator Co.. a subsidiary made a new all-time shipping
record during May,officials of that company announced. May shipments
not only established a mark higher than that for any previous month in the
Leonard company's 53 years of existence, but also broke the May 1933,
record by 42.3%, the announcement said.
Leonard's shipments for its current fiscal year's first eight months, concluded on May 31, were 68.3% greater than for the corresponding period
last year, it was revealed.
The May figures, together with the number of unfilled orders still on
company's books, make unquestionable the prediction that Leonard will
close the year with the greatest sales record in the history of the company,
company officials said.-V. 1'38, P. 3275.
Kendall Co.-Acguieittion.-
-V. 138. p. 3093.
See Holmes Manufacturing Co. above.
RR.
---.•...-- Kentucky & Indiana Terminal Stock-Interest Payment.
Exchange that it will pay
New York
The company has notified the
interest on the £958,500 of 4)4% bonds in dollars unless the holder requests
payment in sterling and files affidavit showing that the holder is a bonafide
resident of a country other than the U. S. and that such bonds on and
continuously since June 5, 1933, have been owned by bona fide residents
of countries other than the U. 8.
-S. C. Commission on June 2 authorized the company to pledge
The I.
to and incl. Dec. 311935. all or any part
and repiedge, from time to timeX%
ity fop'
of first mortgage 4
a $511.000notes.-V. 134, p. 2331.gold bonds as collatera
short-term
.theet.
---.....--Keystone Custodian Funds, Inc.-InitialDividen ---*
per
p
e
Tile directors have declared an initial dividend of $0.003224415. are
his
Keystone Custodian Funds, series 112, payable June
ik
on the
liquidating dividend of $19.07
issue replaced the series It shares on which a
per share was recently paid.
$0.3596 Per share
The semi-annual distribution amounting to D, for payment onhas been
June 15
declared on Keystone Custodian Fund, series
1924. This compares with $0.346855 paid on Dec. 15 1933, 30.346872 00
The business of this company was ordered liquidated in 1927, and since
all assets have been sold, all property reduced to cash and distributed to
stockholders, the corporation in May filed a petition for dissolution, which
comes up before the Superior Court in Boston on July 2. The company
-V. 137. p. 4368.
was organized 80 years ago.
-Earnings.McGraw Electric Co.(& Subs.).
1932.
1930.
1933.1931.
Calendar Years
Net sales after deduct.
returns, allow. & cash
31,910,252 $1,682,429 $3,092,257 $3,990,101
discounts
Coat of sales. selling &
3,627,533
1,976,8,60
2,910,521
administration exp_ _ _ 1,814,964
Net profitfrom oper_ _
Other income
$95,288 loss$294.430
21,466
25,307
$171.736
43,195
$362,568
114,770
$477,338
$214,932
$116,754 loss$269.124
Total profit
.
Develop. SIC pat. expense
16,955
written off
55,000
26,000
Prey. for Fed. inc. taxes
Write-down of secur. to
6.653
market
4.552
Prov.for State inc. taxes
$405,383
$188,932
Net profit
$105.550 loss$269,124
Consolidated Balance Sheet Dec. 31.
1932.
1933.
Liabilities1932.
1933.
Assets
$43,526
Cash
5425,761 $438,770 Accounts payable_ $98,007
60,123 Wages, salaries &
D.I'letable secure_ 143,860
2,746
6,626
comm'ns, accr'd
214,469
Notes & accts. rec. 281,874
307,700 State & local taxes
358,673
Inventories
accrued
Prepaid insurance,
9,470
taxes, &c
25,398 Provision for Fed.1} 51,182
21,245
40,359
inc. taxes neer_ ___
Officers' &employ.
50,000
50,000
2,180
10,432 Res. for conting...
• notes & accounts
1,250,000 2,917,430
Capital stock
Stks. & bonds on
31,390
7,284 Surplus, paid in.__ 119,912
3.637
hand
105,550
Earned surplus
62,020
Treasury stock._.
Cash surr. value of
14,421
life insurance_ _ _
16,989
xLand, bldga., ma351,466
chinery az equip_ 326,420
G'dwill, pats., &c_
1 1,630,230
38,615
Dev.& invest. exp.
34,630
$1,681,277 $3,094,922
Total
Total
$1,681,277 83.094,922
x After depreciation of $497,179 in 1933 and $464,552 in 1932.-V. 138,
p.3276.
(Arthur G.) McKee & Co.
-Earnings.
Calendar Years1933.
Net profit on construen
contracts, &c
$136,306
Expense
505.034
Items applied on contr'ts Cr258.310
1932.
1931.
1930.
$774,740
$746,745
$570.539
1,226,570
1.362,656
571,400
Cr351,160 Cr1,266,564 Cr1.069.856
loss$110418
Dr42,060
$350,298
Dr39,718
$650,653
Dr20.535
$618.026
3.722
Total profit
loss$152478
Prov.for est. Fed.taxes-
$310,580
45,500
$630,118
75,000
$621,747
74,000
Net profit
loss$152478
Dividends paid
Class B stock
Rate
Earns, per sh. on 84.410
Nil
shs. Cl. B stk.( no par)
$265,080
$555,118
$547,747
195.549
(82.37)4)
296,184
$3.50)
(
310,716
$3.75)
$3.14
$6.58
$6.49
Net profitfrom oper
Other income-net
Financial Chronicle
4130
Condensed Balance Sheet Dec. 31.
Assets1932.
1933.
1933.
LiablliliesCash
$227,058 $289,811 Accounts payable. $135,534
U. S. Govt. sec_
254,388 Accrued Fed.taxes,
2,144
Customers' accts.
dtc
receivable
136,705 Dividend payable_
Contr'ts in process 194,338
Deferred income_ _
Other assets
84,4101
298,333
324,245 xCapital stock_ _ _ _
Land,office equip.,
542,118J
Surplus
tools,&c
39,433
39,353
Supplies,inventory
& unexpired insurance prem...
5,042
16,879
1932.
$9,743
45,500
42,205
60,958
302,376
$764,206 $1,061,382
Total
Total
$764,206 $1,061,382
x Represented by 84,410 shares no par class B stock.
-V.138, p. 2254.
-Earnings.
McIntyre Porcupine Mines, Ltd.
1932.
Years End. Mar.31- 1934.
1933.
Bullion recovery
$7,901,282 $5,957,216 $5,305,521
2,813,624
3,341,829
Operating costs
3,559,193
1931.
$4,633,324
2,547,274
Operating profit
Other income
$4,342,089 $2,615,387 $2,491,897 $2,086,048
206,496
101,986
119,766
111,654
Total income
Taxes
$4,453,743 $2,735,152 $2,593,882 $2,292,545
220,134
158,168
778,804
330.801
$3.674,938 $2,404,352 $2,373,748 $2,134,376
Net income
4,158,140
4,653,623
Previous earned surplus_ 5,379,847 x4,412,363
Transf.from secur. res-- 1,058,933
Over-prov. for purch. of
40,202
New York funds
Non-recum net prof. on
568.407
bullion stored
15,034
Sundry adjustments_ _ _ 2,373
$10,724,700 $6,816,715 $7,042,406 $6,292,516
Total
798,000
798,000
1,097,250
1,596,000
Dividends
5.202
9.327
Sundry deductions
10,585
42,287
22,299
Develop, written off_ _ -14,275
261.105
355,570
Depreciation
Cost of dismantling old
38,383
plant & equipment,&c
96,287
Develop. undistributed192,028
Sundry invest,in mining
33,645
prospects
Workmen's comp. spec.
37,833
145,987
assessment,re silicosis
Add. prov.for Dominion
& Provincial taxes
32,072
41,582
prior years
Adjust,ofearned surplus
prior year
19,494
Amt.trans. to gen.res_
500,000
400,000
Earned surplus
$8,902,904 $5,379,848 $5,392,750 $4,653,623
Shares of capital stock
outstanding(par $5)-798.000
798.000
798,000
798,000
Earns.per sh.on capstk.
$2.23
$3.01
$2.65
$4.60
x After transferring $980,386 to capital surplus account.
Balance Sheet March 31.
1934.
1933.
1934.
1933.
Assets$
$
3,990,000 3,990,000
Capital stock
Mining proP.,Plant
84,616
& equip., &c__ - 8,998,767 8,899,073 Accounts payable_ 212,493
83,806
Oper. & admin.
Payrolls
95,262
20,227
expenses prepaid
26,736
54,115
45,672 Unclaimed diva..
Cash
340,253 1,033,767 Prov. for sundry
Bullion
19,087
20,916
435,224
liabilities, &c__ _
733,230
Marketable secure. 7,624,565 3,083,824 Prov. for purch. of
79,800
Investments
908,942
U. S. funds_
Accts. & int. recle
45,386
24,775 Prov. for silicosis
92,797
87,105
assessment
Supplies at cost_ _ _ 293,477
297,294
769,710
376,961
Prov. for taxes
Depreciation
3,832,593 3,587,761
8,902,904 5,379,848
Earned surplus_
Capital surplus.... 148.211 1,017,530
Total
18,089,794 14,728,572
-V. 138, p. 2753.
Total
18,089,794 14,728,572
-New CommunicaMackay Radio & Telegraph Co.
tion Service On Ships at Sea.
A new communication service for passengers on ships at sea, a radio-mail
or S L T service has been announced by the company, effective on June 14.
Messages sent fronrships on both the Atlantic and Pacific oceans will be
received by Mackay Radio coastal stations and mailed to the addressees
anywhere in the United States.
The rate announced for this service is $2.50 for a 25 word message with
a charge of 10c.for each additional word. This rate is substantially lower
than rates for the regular fast ship-to-shore service by which messages are
transmitted from the coastal radio station to their destination by wire or
radio.
In announcing this new service Ellery W. Stone, Operating Vice-President. stated that he considered that such a service would be valuable to
tourists and other passengers whose messages to shore might not require
the utmost speed in giving them a deferred service at a substantial reduction.
-V.138, p. 3276.
-Earnings.
-(P. R.) Mallory & Co., Inc.(& Subs.).
Earnings for the Year Ended Dec. 31 1933.
Net sales
Cost of sales, selling, administrative & general expenses
Miscellaneous charges (net)
$2,313,973
2,308,413
928
Net income
$4,631
Note.
-During the year the company has reverted to its previous policy
of deferring development expenses applicable to future operations. Development expenses in the amount of $39,780 have been capitalized and
shown as deferred charges at Dec. 31 1933; during the year 1932 all such
expenses were charged to operations.
Consolidated Balance Sheet Dec. 31 1933.
Liabilities
Assets$335,610 Trade acceptances payable_
Cash
$12,372
192,868 Accts. pay. & accrued exps__
Notes & accts. receivable
339,129
330,491 Notes payable-bank
Inventories
150,000
Def. notes payable & liability
Spec. deposits held by bank
under guarantee
under agreements securing
29,737
payable
24,541 6% 10-yr. coll. trust gold bds
notes
696,000
Accts. rec. & aces. royalties
Interest accrued on funded
assigned to bank as collat.
debt-deferred
53,360
89,827 Yaxley Mfg. Co., Inc., stock
security to notes payable__
49,516
in hands of public
Prepaid expo. & def. charges_
262,400
38,006 Reserve for contingencies
Due from officers & employ.
48,244
1,923 x Capital stock
Sundry accounts receivable__
659,724
244,006 Deficit from operations
Investments
551,144
693,032
Prop., plant & equipment_ _ _
Patents, licenses & tr. names
$1,699,823
Total
Total
$1,699,823
-V. 131. p. 2389.
x Represented by 131,945 no par shares.
Maryland Casualty Co.
-New Officers.
F. Highlands Burns, at a meeting of the board of directors June 11,
tendered his resignation as President and was elected chairman of the board.
Stillman Evans, Executive Vice-President, was elected President.
Following the meeting of the board it was announced that the company
had recorded an increase of $700,000 in premium volume in the month of
May as compared with May 1933. There was a favorable reduction in
claim payments and general operating expenses. During the past four
June 16 1934
months the company has shown a 29% increase in premiums over the same
period of last year.
Mr. Evans has been Executive Vice-President since the Reconstruction
Finance Corporation began its interest in the company by subscribing to
$7,500,000 of the capital stock of the company.
Following his election, Mr. Evans announced there would be no change
in the company's present underwriting policies. He indicated a vigorous
-V. 138. p. 3443.
program of business development.
-Earnings.
Marchant Calculating Machine Co.
Calendar YearsNet sales
Cost of sales
1933.
Gross profit on sales_ _
Income from repairs,
service & rentaLs_ _ - _
Total income
Selling expenses
Gen.& admin.expenses_
Other deductions (net)_
Prov. for Federal taxes
1932.
I
I
1
Not available.
1930.
1931.
$1,072,516 $1,716,876
621,763
398,138
$674,378 $1,095,113
98,454
147,354
$552,473
460,098
52.610
397.036
$508,451
528.503
50,275
145,536
$821,733 $1,193,567
889,979
755,863
97.664
77,506
77,474
143,392
15,809
$357,270
$155,028prof$112,641
Net loss
$215,865
Preferred dividends_
17,427
8.713
Common dividends
-150,453
$357,270
Deficit
$215,865
$55,239
$163,741
Shs. common stock out188,066
standing (par UM.-188,066
188,086
188,066
Nil
Nil
Earnings per share
Nil
$0.50
Comparative Balance Sheet Dec. 31.
1932.
LiabilitiesAssets1933.
1932.
1933.
$62,928 Accounts payable. $45,746
Cash
$72,729
$23,061
174,503
131,301 Notes payable_ ___
Cust's accts., &c._
3,352
757,226 General reserve_. 263,120
241,493
Inventories
120,697
49,923 Res. for conting__
Adv. to salesmen_
52,222
Mainten. charges
Adv. to Instounearned
13,786
graph, Ltd
31,640
31,458
5.057 Pref. 7% cum.stk. 248,961
Other accounts_
248,961
Common stock__ 1,880,664 1,880,664
x Land, buildings,
Unearned surplus_
machinery and
78,327
93,964
643,756 Paid-in surplus_ _
equipment, &c. 613,685
84,282
363,493
Prof. & loss deficit 1,326,741
Pats., patent ap157,615
932,275
219,008
plications, &a
13,998
Other assets
8,432
Deferred charges_
26,158
$1,361,575 $2,604,686
51.361,575 $2,604.686
Total
Total
x After depreciation of $113,585 in 1933 and $399,091 in 1932.-V.
136, p. 1729.
-Earnings.
(M.) Marsh & Son, Inc.(& Sub.).
Earnings for Year Ended Dec. 311933.
-before providing for depreciation & amortization_
Oper. profit
Depreciation
Amortization of cigar machine leases
Other deductions (including interest, $18,293)
Other income
Provision for Federal income tax for 1933 (estimated)
$159,90
17,798
20,700
24,103
Cr890
14,000
.192
F81,562
Net profit
Surplus, Dec. 31 1932
Total surplus
Adj. of book val, of treasury stk. to stated val. prior to retire..
$264,753
1,326
Consolidated surplus. Dec. 31 1933
Condensed Consolidated Balance Sheet Dec. 31 1933.
Liabilities
Assets
$24,060 Notes payable
Cash
81,172 Accounts payable
Accounts receivable
Accrued accounts
Raw & in process tobacco,finPreference stock
ished stogies & supplies
697,815 Common stock
(partially pledged)
275 Surplus
Personal & misc. accts. sec669
Treasury stock
x Land, bldgs., equipment,
391,208
cigar machine leases, &c_..
1
Good-will
22,211
Deferred charges
$263,427
$300,000
39,822
22,171
26,310
565,683
263,427
Total
$1,217,413
Total
$1,217,413
x After reserve for depreciation and amortization of $191,532.-V.
133, p 3798.
*
.
-19-Cent Dividend.
Massachusetts Investors Trust.
-
The trustees on June 13 declared a quarterly distribution of 19 cents
per share, payable June 30 to holders of record June 15. This compares
with 21 cents per share paid on March 31 last and on Dec.301933; 19 cents
per share on June 30 and Sept. 30 1933, and 20 cents per share on March
31 1933.-V. 138, p. 1927.
Plans 500,000 Sharelssue.The company seeks to register with the Federal Trade Commission
500,000 shares of beneficial interest Stan estimated price of $19.37 each, or
an aggregate of $9,685,000, of which the estimated net proceeds would be
$8,910,000 less $4,718 estimated expenses, The company invests its funds
in securities of corporations and governments. The present policy is to
invest principally in common stocks. In the present issue the underwriter,
Massachusetts Distributers, Inc., has right to purchase from the investment trust its shares at net assets value as determined by the trustees each
business day.
-V. 138. p. 3608.
Material Service Corp.(& Subs.).
-Earnings.
-Calendar YearsSales
Cost ofsales,inc. deprec.}
Feral taxes
ed
1933.
Not
Avail.
1932.
1931.
1930.
1 $2,943,721 $5.648,315 $7,571,465
2,906,819
5.346,235 17,266,425
40,000
i
Net income
$86,526
$36,902
$265,050
$302,080
Shs. corn. stk. outstanding (par $10)
121,450
125,000
125,000
125,000
Earns. per share
$0.71
$0.30
$2.12
$2.41
Consolidated Balance Sheet Dec. 31.
1932.
Assets-1933.
Liabilities1933,
1932.
Current assets_ ___$1,437,881 $1,327,053 Current liabilities. 8888,906 $769,272
Fixed assets
1,943,022 2,024,374 Capital stock
1,250,000 1,250,000
Other assets
980,154 1,152,437 Capital surplus... 837,071
866,833
Good-will
1 Profit & loss Burp_ 1,392,530 1,422,761
1
Treasury stock...
32,450
Minority interest_
25,000
25,000
1st mtge. bonds._.
170,000
Total
54,393,509 54.503,866
-V.137, p. 503.
Total
14.393,509 $4,503,865
Maverick Mills.
-Earnings.
Grosssales
Cost°tastes
Depreciation
Earnings for Year Ended Dec. 31 1933.
$1,422,805
1,204.655
100,000
Operating income
Other income
$118,110
88,307
Totalincome
Interest
Other charges
$206,417
58,093
77,616
Surplus for year
$70,708
4131
Financial Chronicle
Volume 138
Balance Sheet Dec. 31.
1932.
1933.
Assets Liabilities$500
$500
Plant
$1,823,'720 $1,780,357 Preferred stock_ _ 500,000
Cash, accts. reed. 205,846
124,554 Common stock,. _ _ 500,000
1,050,000 1,050,000
Inventories
155,899
183,076 Bonds
49,282
84,308
Invests., skg. fund 1,862,851 1,704,596 Accounts payable_
1,510,359 1,410,359
Deprec'n reserve
150,000
200,000
Special reserve_
632,442
703,149
Surplus
Mississippi Power Co.
-Tenders.
The New York Trust Co., trustee, 100 Broadway, N. Y. City, will until
10 a. m.,July 10 receive bids for the sale of it of 1st & ref. mtge.gold bonds,
5% seires, due 1955, to an amount sufficient to exhaust :50,IuI. Bqdrds
-V. 138,P 9g.'
will be purchased at the lowest prices offered.
-Preferred Dividend.' le directors
-Missouri Edison Co.
on June 8 declared -a quarterly dividend of/58 1-3 cents per
share on the $7 cum. pref. stock, no par value, payable
Total
$4,048,316 $3,792.583
Total
$4,048,316 53,792,583
July 2 to holders of record June 20. A similar distribution
-V.137,p. 503.
was paid in each of the three preceding quarters, prior to
which the stock received regular quarterly payments of
Meco Realty Co. (Pa.).
-Bonds Called.
-year coupon gold
$1.75 per share. After the July 2 dividend, arrearages will
A total of $28,700 of 1st (closed) mtge. s. f. 63 % 20
bonds, dated Feb. 15 1927, have been called for payment Aug. 15 next
-V. 138, p. 2084.
amount to $4.66 2-3 per share.
at 104 and int. Payment will be made at the Bankers Trust Co., trustee.
16 Wall St., N. Y. City.
-V. 124, v. 1370.
-Final Valuation.
Missouri-Illinois RR.
-S. C. Commission has placed a final valuation for rate making
The I.
Drug Co., Phila.-Reorganization Approved.
purposes of $5,600,000 on the common carrier, properties of the company
The plan previously announced for the reorganization of the company,
operating a chain of 18 stores in Philadelphia and vicinity, was approved
by the U. S. District Court at Philadelphia on June 4 and the company's
receivers, who were appointed June 23 1932. were discharged. The essential features of the plan are that the creditors will accept snares of a new issue
of stock, which will be a first lien on the assets, and the company is to remain under the supervision of directors representing the creditors until the
stock has been redeemed.
Melbourne Electrical Supply Co., Ltd.
-Debenture
Stock to Be Redeemed.
The company intends to redeem.= Nov. 1 1934, the whole of the 5%
red. 1st mtge. debenture stock and 5% red. consol. debenture stock tnen
outstanding at 105,it is announced.
-V.138, p.3953.
Mexican Northern Ry.-Moves to Reorganize.
The company,operating a railroad from Escalon,a village on the Mexican
Eastern Ry., to the mining district of Sierra Mojado, on June 11 filed a
petition to effect a reorganization in accordance with Section 7711 of Chapter
8 of the bankruptcy act. The company,through Vanvorst, Siegel & Smith,
attorneys, set forth that its liquid assets amounted to $200,000 and liabilities approximately $900,000 including $609,000 outstanding bonds now in
default.
Of the total amount of the bonds, $427.000 have been deposited with
Spencer Trask & Co.
-V. 108, p. 480.
Mexican Telephone & Telegraph Corp.
-Tax Ruling.
The Commissioner of Internal Revenue has agreed that interest on bonds
and dividends on stock of this company are to be regarded,for tax PurPoses,
as income from sources without the United States during the year 1934.
Such income, when received by a non-resident alien,is not subject to United
States income tax during the year 1934.
The following is taken from a letter received by the above company from
the Commissioner's office under date of May 19 1934:
"Inasmuch as you have shown to the satisfaction of the Commissioner
thrill ass Than 20% of your gross income was derived from sources within
the United States for the the three year period ended in 1933, you have
satisfied the requirements of Section 119 (a)(1)(b) and (a)(2)(a) of the
Revenue Act of 1934 for the calendar year 1934. Therefore, the interest
on your bonds and dividends on your stock paid to non-resident alien
individuals during 1934 should be treated as income from sources without
the United States. Consequently, you will not be required to wit hold
n r ident
any tax from the interest on your bonds paid during 1934 to
aliens."
-V. 136. p. 4459.
•••••••-Meyer-Blanke Co., St. Louis.
-33.50 Preferred Div.
ulaThe directors have declared a dividend of 315% on account of acc
,
tions in addition to a regular quarterly dividend of 11(% on the 7% cum.
pref. stock, par $100, payable July 1 to holders of record June 20. This
wipes out al) unpaid arrearages on this issue. Quarterly dividends of
11(% were paid up to and incl. Jan. 1 1932, then none until Jan. 18 1934
when a payment of 1014% was made, which was followed by a further
dividend of1% on April 2 1934.-V. 138,p. 1575
.
"'"'Middle West Utilities Co.
-To Review Receivership.
The Federal Court of Appeals at Chicago will review the decision of
Federal Judge Lindley that there was no fraud or collusion in the appointment of receivers for the company. On Juno 12 Judge Will H. Sparks
granted a motion for appeal made by Samuel H.Ettelson,counsel for Sidney
B. Pollak, a stockholder in the company.
-V.138. P. 3608.
- "'"Midland United Co.
-Files Petition to Reorganize Under
New Bankruptcy Act.
Hearing will be held in Federal Court at Wilmington, Del., June 16, on
the transfer of the proceedings for reorganization of the Midland United
Co. and the Midland Utilities Co., its principal subsidiary, to the Federal
court for the northern district of Indiana. Most of the 800 communities
served by the Midland group are in Indiana.
Judge John P. Nields, of the Federal court for the Delaware district, on
June 9entered an order approving the petition of the companies for reorganization under the provisions of the recently enacted McKeown bill.
"Although action under the new statute had not been contemplated until
after the adjourned annual stockholders' meeting in Chicago, June 14, it
was decided on June 8 at a meeting of the board of directors that the
interests of stockholders could best be protected by proceedng at once with
a reorganization program under Federal court guidance." said John N.
Shannahan, president of the companies, who came to Wilmington to file
the petitions. "A comprehensive reorganization plan will be prepared and
submitted to the court for approval under the new law as soon as possible."
The petitions set forth that the two Midland companies are unable to
meet their debts as they mature.
The principal operating utilities of the Midland group, which provide
electric, gas, water or transportation service, include the Northern Indiana
Public Service Co., Public Service Co. of Indiana, Indiana Service Corp.,
Northern Indiana Power Co., Central Indiana Power Co., Chicago South
Shore & South Bend RR., Indiana RR., Terre Haute Electric Co., Inc.,
Gary Heat, Light & Water Co., and West Ohio Gas Co. None of these
companies is affected by the reorganization.
The McKeown bill, under which the petitions were filed, was signed by
President Roosevelt June 7, and amended the bankruptcy act to provide
for corporate reorganizations. The act provides that corporations with
financial obligations which they are unable to meet may reorganize without
obtaining the unanimous approval of security holders.
Stockholders Again Adjourn Sessions-Information Promised.
Shareholders of the Midland United Co. and its subsidiary, the Midland
Utilities Co., voted on June 14 to adjourn their meetings again until July 19
the fourth adjournment since March 8.
Resolutions presented by E. J. Thelin demanding that the management
make public certain information about the company's affairs was adopted
and John N. Shannahan, President, who presided, said the information
would be supplied on July 19.-V. 138, p.37 2.
Minneapolis Northfield & Southern Ry.-Bonds.--
-S. C. Commission on June 5 authorized the company to extend
The I.
for a period of not less than one nor more than five years from Sept. 1 1934.
-year cony.6% gold notes.
the maturity date of not exceeding $250.000 of 5
-1/. 132, P. 4233.
Minneapolis & St. Louis RR.
-Earnings.
-Gross earnings
-V. 138, p.3953.
as of Dec. 31 1927.-V. 138, p. 3783.
-Stockholders' Committee
Missouri
-Kansas Pipe Line Co.
Objects to Company's Agreement with Noteholders.
Franklin B. Richards, Robert W. Woolley and A. P. McManus. comprising the New York protective committee for stockholders have filed a
petition in Chancery Court, Wilmington objecting to the approval by the
court of the proposed agreement between the receivers for the company
and the noteholders' protective committee.
The stockholders' committee alleges the agreement is a plan or scheme of
Columbia Oil & Gasoline Corp. and Columbia Gas & Electric Corp. to
acquire complete operation and control of Panhandle Eastern Pipe Line Co.,
for inadequate consideration and to secure full and complete release from
all liabilities. Stephen J. McTague of 67 Wall St., has been appointed
commissioner to take testimony of witnesses at the request of the stockholders' committee in respect to allegations, the commissioner to report to
the court on or before July 26.-V. 138, p.695.
-Interest, &c., Payments.
Missouri Pacific RR.
Federal Judge Faris at St. Louis, has authorized the trustees to make
principal and send-annual interest payments totaling $1,611,222 due May 1
on underlying mortgages and equipment trusts of the railroad as follows:
Third mortgage Missouri Pacific Ry. $76,560 interest.
Real estate security mortgage of Pacific RR.of Missouri,$19,975 interest.
First mortgage Plaza-Oliver Bldg., $3,932 interest.
St. Louis, Iron Mountain & Southern, River & Gulf Division first mortgage, $690,960 interest.
Equipment trust series B,$36,575 interest,and series C,$39,000 interest,
series F, $147,262 interest, and principal due May 1 upon series F of
$595,000.
Principal on Plaza-Oliver Bldg. mortgage, $1,958.
The order further authorizes payment of interest due Dec. 1 1933, on
first mortgage 4% bonds of Central Branch of Union Pacific Ry.amounting
to $32,560. In connection with Union Pacific bonds the order states.
"It appears to the Court from evidence introduced by trustees that there
is a question whether Guaranty Trust Co., trustees of first & ref. mortgage
bonds, is entitled to receive the interest upon $872,000 of the Central
Branch of Union Pacific Ry. first mortgage 4% bonds, which it claims
have been pledged with it as trustees of the mortgage. The trustees of
railroad are ordered until a decision by the Court as to the validity of the
pledge to withhold payment of interest due on this mortgage until further
instructions of the Court."
The trustees stated in their petition that they are provided with cash
sufficient to pay operating expenses and for all betterments and improvements needed during 1934 and also any income taxes which may be subseveidi allo;ved in this cause in favor of the United States Government.
p 94
5
Monongahela West Penn Public Service Co (& Subs.).
1932.
$7,332,545 $7,525,312
23,607
16.364
Calendar YearsOperating revenue
Non-operating income
$7,348.910 $7,548,919
Gross earnings
3,516,607
3,192,457
Operating expenses
583,849
476.162
Maintenance
721,500
758,000
Taxes
402,726
403,303
Reserved for renewals, retirements & depletion..52,518,986 $2,324,235
1,254,791
1,255,508
264,708
270.351
31,268
29.429
21,661
22,692
Gross income
Interest on funded debt
Interest
-other
Amortization of discount and expense
Miscellaneous
Net income
$945,525
$747.285
Consolidated Balance Sheet Dec. 31 1933.
Liabilities
Assets
$60,108,259 Funded debt of subsidiaries__ $2,853,400
Plant and property
Miscellaneous investments
95,617 Funded debt of company.... 20,733.000
212,900
Cash on deposit with trustees
59,025 Accounts payable
5,276,383
Cash in banks & on hand....
506,575 Due to affiliated companies
398,979
Cash in closed banks,less res.
87,471 Taxes accrued
435,322
Accts. & notes receivable..__ 1,088,076 interest accrued
Due from affiliated cos_ ___
6,658 Customers' security & con246,358
Accrued interest receivable__
struction deposits
8,296
2,482
Materials, coal, &c., supplies,
Other deferred liabilities_ _
17,930
(at cost or less)
287,552 Deferred credits
4.313,975
Unamort. disc, on bonds,&c.,
Reserves
7,297,050
deferred charges
1,231,246 7% preferred stock
500
Unamort. comm. & expense_
67,234 6% preferred stock
14,602,450
Common stock
131,206
Surplus invest. in fixed capital
6,065,111
Capital surplus
958,963
General surplus
Total
-V.138, p. 1742.
$63,546,013
$63,546,013
Total
-Bankruptcy
Mortgage Security Corp. of America.
Petition.
Three creditors, with claims totaling more than $1,000 on June 11
petitioned to permit reorganization under the Corporate Bankruptcy Law,
alleging corporation is insolvent. Outstanding bonds of $17,000.000 are
said to have been guaranteed by the National Surety Co Judge Coxe on
June 14 approved the petition and appointed Edwin G. Davis temporary
trustee.
-Y. 138. p. 2583.
Motor Transit Co.
-Earnings.
Period Ended May 31Gross earnings
Operation
Maintenance
Taxes
Interestx_Balance
Reserve for retirements(accrued)
-Month-1933. 12 Mos.1934
1934
5581.903
557.124
$47,424
367.667
30,512
30.346
97.516
8.316
8.183
66.043
5.511
5.318
9,168
964
666
52.551
512.179
511.506
98,882
Deficit
-First Week of June- -Jan. 1 to June 71934.
1933.
1934.
1933.
x Interest on 6 % secured income bonds is deducted from 5 .6
surplus
pl7
3us
$121,712
$181,642 $3,012,541 $2,9 1 46z when declared and paid. Interest not declared or paid to May 31 1934
amounts to $115,918 and is not included in this statement.
-V.138. p.3444.
-Petition to Reo anzze
-Minnesota & Ontario Paper Co.
Munson Building Corp., N. Y.
-Call for Deposits.
-
Reorganization of the company, now in receivership, was ask
June
The Real Estate Bondholders Protective Committee (Geo. E. Roosevelt,
Chairman) in a letter to the holders of the participation certificates reprein Federal Court in Minneapolis under provisions of the recently (mac
,
Federal corporate bankruptcy legislation, Petitioners are Minneapolis
senting shares in 1st mtge. 15
-year 654% sinking fund gold loan dated
Moline Power Implement Co., First National Bank of Park River, Graybar • May 1 1924, due May 1 1939 states:
The certificates of this issue are secured by the Munson Building, 67
Electric Co., McGill Paper Products, Inc., Carnegie Dock & Fuel Co. and
-V. 138, p. 1059.
Wall St., N. Y. City, title to which is owned by Munson Building Coro.
Peat, Marwick & Mitchell Co.
Financial Chronicle
4132
All of the stock of Munson Building Corp. is owned by Munson Steamship Line. Munson Steamship Line has guaranteed the payment of the
interest on these certificates, and has also guaranteed the payments required to be made by Munson Building Corp. on account of the sinking
fund.
On June 11 1934 Munson Steamship Line filed a petition under the
recently enacted Section 77(b) of the Bankruptcy Law, requesting permission to effect a plan of reorganization of Munson Steamship Line
[Petition approved June 13 by Judge Coxe who appointed Ed. P. Farley
and Norton L. Fearey temporary trustees, vested with usual powers of
equity receivers], and on June 12 1934 Munson Building Corp. filed a
similar petition to reorganize Munson Building Corp.
Munson Steamship Line has never made any payments on account
of its guaranty and, moreover, on Dec. 31 1933 Munson Steamship Line
and an affiliated corporation known as 67 Wall Street Restaurant Corp.
were in arrears to the extent of 5192,757 and $28.062 respectively, in the
payment of rent for the space occupied by them in the building. These
rent arrears are still unpaid and additional rent has accrued during the
past five months. In view of these various claims against the Munson
Steamship Line, the certificateholders have a substantial interest which
should be protected not only in any reorganization involving Munson
Building Corp. but also in any reorganization involving Munson Steamship Line. Moreover, steps should be taken on behalf of certificateholders
to see that an adequate amount is paid for the use of the space occupied
by the Munson Steamship Line during the pendency of the above proceedings.
Defaults of a serious nature exist as to payments required to be made
under the mortgage. These defaults are as follows:
Sinking fund payments which came due on Nov. 1 1933
550,000
Sinking fund payments which came due on May 1 1934
50,000
Real estate taxes for the year 1933 (exclusive of penalties)
99,630
Real estate taxes for the first half of year 1934 (excl. of penalties) 51,000
Total defaults
$250,630
On Feb. 2 1933 holders of these certificates were notified of the defaults
then existing under the mortgage. Thereafter, as the result of prolonged
negotiations, the committee entered into an agreement dated April 11
1933. pursuant to which the receipts from the operation of the Munson
Building were deposited from time to time in a special account for the
benefit of the certificateholders. The agreement provides that withdrawals from this account are to be supervised by the committee, acting
in the interests of certificateholders, and are to be made in the following
order: (a) Payment of operating expenses, premiums on policies of insurance and current accounts payable; _(b) payment of interest on the
outstanding certificates; (c) payments on account of real estate taxes,
and (d) payments on account of the sinking fund.
At the time of the execution of the agreement of April 11 1933, Frank
C. Munson stated that he was confident that the net income of the building
during the next year would be sufficient to pay interest and to pay a substantial amount towards the reduction of the delinquent real estate taxes.
Mr. Munson also stated that any direct action taken at that time on
behalf of certificateholders might have serious detrimental effects on
the conduct of the business of Munson Steamship Line. By reason of the
fact that the success of such business had a direct bearing on the value
of the guaranty of Munson Steamship Line and in view of Mr. Munson's
estimate of future earnings, the committee took no direct action against
the mortgagor and made no further efforts to obtain deposits of certificates. In view of the proceedings which have been instituted, it is now
evident that certificateholders must unite for their protection.
According to statements of cash receipts and disbursements furnished
to the committee by Munson Building Corp.. the income of the building
during the past year has not been sufficient even to pay interest and currently accruing taxes. Although interest payments were made during
the past year. defaults under the mortgage have substantially increased
because of the failure to meet the sinking fund requirements. The delinquent taxes, which constitute a lien against the property prior to the
mortgage, bore interest at the rate of 7% per annum prior to Jan. 1 1934
and since that date bear interest at the rate of 10% per annum.
In view of the foregoing it is important that concerted action be taken
to protect the interests of holders of the certificates. You are therefore
urged to deposit your certificates immediately in order that the committee
may be placed in a position to take whatever action it may deem necessary in the bankruptcy proceedings and otherwise for your protection.
The Chase National Bank, 11 Broad St., N. Y. City, is depositary.
V. 118, p. 2833.
••" - 1101unson Ship Line.
-Files Plea in Federal Court Under
Terms of New Bankruptcy Law-Trustees Appointed.
The company sought permission June 11 in Federal Court to reorganize
its business under terms of the new Bankruptcy law. Application was
made at the same time for an extension of time in which to meet its debts,
which were estimated in the petition to exceed $18,000,000.
The petition seeking permission to reorganize blamed the general depression for a decline in business which cut gross earnings from $22,963,402
for the fiscal year ended June 30 1929. to $8,380,390 for the fiscal year
ended June 30 1933. Far-reaching economies, it was explained, have
failed to solve the company's financial difficulties.
Judge Coxe on June 13 approved the petition and appointed Edward P.
Farley and Norton L. Fearey temporary trustees, pending a hearing on
June 28. The trustees were vested with the usual powers of equity receivers
and directed to file quarterly reports.
-V.138, p.3270.
National Bellas Hess, Inc.
-May Sales Up.
1934
-May
-1933.
Increase.
Increase. I 1934-5 Mos.-1933.
3828.675
8526,045
$302,630'$3,625,970 $2,575,815 $1,050,155
-V.138. p.3610,3279.
National Bond & Share Corp.
-Asset Value.
The net asset value as of May 31, last, after provision for the dividend
of 25 cents a share, paid June 15, was $40.75 a share on the 182,600 shares
of capital stock then outstanding, according to Gayer G. Dominick.
President of the corporation. In a letter to stockholders accompanying the
dividend checks, Mr. Dominick points out that assets of the corporation
on May 31 were distributed as follows; Cash and U. S. Government
securities, 20%; bonds and preferred stocks, 20.5%; and common stocks,
59.
5%.
Mr. Dominick recalled that at the annual meeting the retirement of
200 shares of the corporation's capital stock Was authorized and effected
and said that during the quarter ended May 31 the board of directors had
caused to be purchased and placed in the treasury for subsequent r tirement 4.400 additional shares, leaving 182.600 shares outsta3ldi
May 31.-V. 137, p. 4369.
National Department Store's, Inc.-Bankruptc
A voluntary petition in bankruptcy under Sections 77-A
the amended Bankruptcy Act has been filed in U. S. Dist
Wilmington, Del. Judge John P. Melds appointed Joseph Bancroft
Samuel C. Lamport and Harry H. Schwartz as temporary trustees and
fixed July 9 as the date for a hearing on the question of whether the appointment of the trustees shall be made permanent.
The corporation's petition held that the involuntary petition filed against
it last week by creditors was wholly ineffective and did not comply with
the Bankruptcy Act, was not properly filed and was invalid and contrary
to spirit and purposes of Sections 77-A and 77-B.
The. balance sheet lists $37.187.121 total assets and $13,526,636 current
assets with current liabilities of $3.685,249. Most of the current assets
are made up of inventories and notes and accounts receivable.
-V. 137,
p. 154.
National
Whiskey.
-
Distillers Products
Corp.
-Sells Bonded
The corporation is placing on the market a substantial portion of the
stocks of pre-prohibition bonded whiskies held by its various subsidiaries.
This whiskey, aged 12 to 17 years in the wood, has been held in bond for
medicinal purposes. This action is preliminary to reintroduction of standard four-year old aged-in-the-wood bottled-in-bond whiskie such
were
in general use prior to prohibition.
-V.138. p. 3279.
June 16 1934
National Rys. of
Mexico.
-Earnings.
(In Mexican Currency(
Period End.ApriI30- 1934
-Month-1933.
1934-4 Mos.-1933.
Railway oper.revenues_ 8,283,424 6,027,045 33.454.446 24,694,608
Railway oper. expenses- 6,103.421
5,670,006 24,491.072 22,943,148
8,963,373
73
1,751,460
92
48,437
189,163
178,206
1,081,435
136,853
820,174
1,924,682
216,311
Balance
Kilometers operated_ _ _ _ 11,290.519 11,315.019
-V.138, p. 3610.
8,060,144
11,290.519
1,065,884
11,315.019
Net oper.revenue---- 2,180,003
Percentage. exp. to rev.
73
Taxaccruals & uncollect.
revenue (deduction)-
357,038
94
Non-operating income_ _
Deductions
2,254
1
47,110
302,431
-Reorganization Asked.
National Surety Co.
-V.138, p.3784.
See New York Title & Mortgage Co. below.
New Bedford Gas & Edison Light Co.
-Income Account.
Years Ended Dec. 31Total operating revenues
Operating expenses
Maintenance
Provision for retirement
Taxes (including provision for Federal taxes)
1933.
1932.
$3,988,856 $3,894,483
1,627,791
1,687,798
253,989
260.974
336,779
340,665
754,703
743,420
Operating income
Other income
$955,997
Dr1,266
$921,219
10,105
Gross income
Interest on unfunded debt (net)
$954,730
146,028
$931,325
162,646
Net income
Dividends on common stock
-V.136, p. 4266.
$808,702
641,088
$768,678
641,088
-Earnings.
New England Telephone & Telegraph Co.
-Month-1933.. 1934-4 Mos.-1933.
Period End. Apr. 30- 1934
$5.445,367 $5,257,603 $21,806,425 $21,024,295
Operating revenues
53.804
26.548
106.547
218,270
Uncollectible oper. rev.Operating revenues--- $5.471,915 $5,311,407 521,912,972 $21,242,565
3,833,828 15,613,537 15.495,435
3,849.592
Operating expenses
Net oper. revenues_ _ _ $1,622,323 $1,427,579 $6,299,435 $5,747,130
448,324
1.852,863
1.800,323
470,437
Operating taxes
Net oper. income
-V. 138, p. 3280.
$1,151,886
$979,272 $4,446,572 $3.946,874
•
-Income Account.
New Jersey Power & Light Co.
1932.
1933.
Years Ended Dec. 31$4,115,590 $4,369,461
Total operating revenues
1,844,793
1,722,827
Operating expenses
364,808
451,529
Maintenance
579,000
600,242
Provision for retirements(renewals & replacements)
381,071
349,777
Taxes (including provision for Federal Income tax)
Operating income
Other Income
$1,012,456 $1,178,544
239,516
267,673
Gross income
Interest and amortization
$1,280,129 $1,418,061
672,641
684,463
Net income
Dividends on preferred stock
Dividends on common stock
$745,419
203,565
481,250
$595,665
203,565
504,500
Balance Sheet Dec. 311933.
LIabilitiesAssets
Plant, Property, equip., &e_ _327,177,138 Capital stock
4,420,574 Funded debt
Investments
Matured bond interest unSinking funds, ea. deposits
claimed (contra),.
300
2,713
with trustees,
Notes payable (bank)
Deposits for mfttured bond
50,000
2,713 Advances from financing Co_
interest (contd.)
50,400
71,783 Accounts payable
Cash, incl. working funds._
Taxes
Notes receivable
1,780 Tax accrued
421,211 Int. & miscellaneous accruals
Accts.receivable
25681756
1168,6971
0: 4
Accrued int. receivable
63,886 Consumers' service and line
Materials and supplies
92,823 Res velts
ders
307,154
1,314,750
Deferred debit items
3,514,643
Capital surplus
6,186,413
Corporate surplus
56,939
Total
-V.138, p. 3445.
833,566,959
Total
$33,566,958
New York Central Electric Corp.
-Earnings.
12 Months Ended March 311933.
1934.
Total operating revenues
$1,782,527 $1,772,524
Operating expenses
925,872
918.864
Maintenance
106,032
141,021
Provision for retirements-renewals& replacements
72,077
30,303
Taxes (including provision for Federal income tax)_
100.140
137,825
Operating income
Total other income
$554.514
11,109
$568,403
82,937
Gross income
Interest on funded debt
Interest on unfunded debt
Amortization ofdebt discount and expense
Interest during construction
$565,623
238,298
154,491
17,121
Cr4,321
$651,340
238,297
143.878
18,995
Cr7,565
Balance of income
-V. 138. p. 1230.
3160,033
$257,734
New York Central RR.
-Earnings.
[Including All Leased Lines.]
Period End. April30- 1934
-Month-1933.
1934-4 Mos.-1933.
Railway oper. revenues_$24,940.915 820.403.9865100,473,803 $82,593,235
Railway oper. expenses_ 18.391,244 15,380,028 74,644,569 63,367,286
Railway tax accruals_ _ _ 2,354,260 2,374,690 9,429,284
9,525,353
Uncoil, railway revenues
22.289
5,748
20,866
72,936
Equip. & it. fact]. rents_ 1,586,075
1,172,437
5.528,772 4,672,680
Net oper.income__ __ $2,587,045 $1,471,081 $10,798,240 $5,007,148
Miscell.& non-oper.inc. 1.786,683_ 1,789,113 7.110,908 7,341,571
Gross income
$4,373,729 $a.260,195 817,909,148 $12,348,719
Deduct,from gross inc_ 4,913,917
5,107,756 19,621.313 20,424,937
Net deficit
5540,187 $1,847,561 81.712,165 58,076,217
New Member on Board and on Executive Committee.
-
Walter P. Chrysler has been elected a director to take the place of
C. D. Seger, who in the past has represented the Union Pacific holdings
in New York Central stock. Robert F. Loree has been elected to the
Executive Committee to take Mr. Seger's place. Mr. Chrysler has reNational Grocers Co., Ltd.
-Accumulated t t en .signed his directorships with the Erie ER. and the Ann Arbor RR. and
The directors on June 14 declared a dividend of 1%'% on acco t of
will resign from the board of the Chicago Milwaukee St. Paul & Pacific RR.
accumulations on the 7% cum. pref. stock, par $100, payable in Can dian
Alexander It. Flinn, Pittsburgh, has been elected a director of the
Pittsburgh & Lake Krie RR. to succeed Mr. Seger who resigned. Edwin
funds on July 2 to holders of record June 19. A similar distribution was
made on this issue on April 2 and May 1 last.
• Hodge, Jr., has been elected a memberpf the Executive Committee of
Following the May 1 payment, accruals on the pref. stock will amount
the Pittsburgh & Lake Erie RR. to tglce Mr. Seger's place.
-V. 138,
-V. 138, p. 2257.
p. 3784.
to $40.25 per share.
.
Volume 138
Ne
^rat
1
./1/
York Lackawanna &J Weste n
of 813,639,000
ew York Stock Exchange hasjauthorizedl the listing 1973.
series A ue May 1
ist & rdrmtge. guar. 4% gold bon
-S. C. Commission on June 14 authorized the company to issue
The I.
with
$13,639.000 1st and ref. mtge.gold bonds,series A,in modified form 5%
interest rate reduced from 5 to 4%,in replacement of a like amount of
Western
bonds ofthat series now outstanding. The Delaware Lackwanna &
guarantor in
RR. was authorized to assume obligation and liability as
the
respect of the modified bonds and to sell them at not less than 91,
to be used in the payment ofshort-term notes.
proceeds
part:
The report of the Commission says in
2 1922
It appears that uncle, authority granted by our order of Aug.
A, were issued by
$13,639,000 of 1st & ref. mtge. 5% gold bonds, series which endorsed on
W.
the N. Y. L. & W. and delivered to the D. L. & interest.
them its guaranty of the payment of principal and
the D. L. & W.
Of the $13,639,000 of bonds, $7,300,000 are pledged by York, which are
as security for its notes to the First National Bank, New for notes to the
to the amount of $11,000,000. $2,750,000
outstanding
National City Bank,outstanding to the amount of$2,000,000,and $500,000
the amount
for notes to the Railroad Credit Corporation, outstanding to
proceeds from
of $1,271,583. The D. L. & W. will use $2,000,000 of the
remainder
the sale of the bonds tofpay off the loan of that amount and the bonds so
the
is to be applied on the loan of $11,000,000, thereby releasing
Credit Corporation can
pledged. The $500.000 of bonds pledged with the
collateral.
be released for sale by the deposit, if required, of otherwith the City Bank
An agreement will be entered into by the applicants
the
Farmers Trust which will make provision for the modification of nowform
outof the $13,639.000 of 1st & ref. mtge. 5% gold bonds, series A. to profrom 5 to 4% and
standing,so as to reduce the interest rate thereon
vide for the guaranty by the D. L. & W. of the bonds, with the interest
rate reduced, and also for a change of their title to "1st and refunding
modimtge.4% gold bonds, series A." The bonds will be executed in the them
fied form by the N. Y., L. & W.and the D L. & W.will countersign and
the form prescribed in the first
and endorse thereon its guaranty in
refunding mtge., whereupon they will be delivered to the trust company for
authentication. The trust company, after authenticating the bonds,
will deliver them in modified form to the D. L. & W.in replacement of,
and upon surrender to the trust company for cancellation and cremation
modified
of.the $13.639,000 of bonds in the form now outstanding. The pertinent
form of the bonds will contain a notice calling attention to the approved
of Public Resolution No. 10 Seventy-third Congress.
provisions
June 5 1933.
The applicants state that it is to their interest that the rate of interest
on the bonds be reduced, in that the reduction will reduce the interest
charges and that 4% bonds can be sold at a relatively higher price than
5% bonds. It IS represented that the bank loans mentioned are substantially
demand loans, bearing 4)4% interest, which may be called at any time,and
and
that the D. L. & W. could not pay the loans on peremptory demandit.
to
the sale of the pledged bonds to satisfy the loans would be injurious but has
bonds
The D. L. & W. has made no contract for the sale of the lots at 91%%
offered them to about 30 banks and bond dealers in various
of par and expects that the offers will be accepted, but as the bonds are to
be sold in various amounts to upwards of 30 dealers, it asks authority to
sell them at not less than 91, which is on a basis of approximately 4.49%.
-V.138, p. 3785.
-Abandonment.
New York New Haven & Hartford RR.
-S. C. Commission on June 1 issued a certificate permitting the
The I.
company to abandon a line of railroad extending from Woonsocket Junction
to Bellingham Junction, about 4.9 miles,' all in Worcester and Norfolk
Counties, Mass.
-V. 138, p. 3611.
-Earnings.
New York State Electric & Gas Corp.
1933.
1934. .
12 Months Ended$12,964,819 $12,912,098
Total operating revenues
6,764.034 6,401,265
Operating expenses
1,011,853
1,005,529
1)/laintenance
311,195
346,852
Provision for retirements-renewals & replaceMts
1,063.932
Taxes (including provision for Federal income tax) 1,118,003
Operating income_
Other income
$3,730,401 $4,123,853
110,724
144,242
Gross income
Interest on funded debt
Interest on unfunded debt
Amortization of debt discount and expense
Interest during construction
$3,874,643 $4,234,577
1,579,572
1.586.152
120,104
95,369
119,073
120,186
42,567
Cr38,172
Balance ofincome
-V.138, p. 861.
$2,111,108 $2,458,395
-New York Steam Corp.
-Tenders.
The corporation has asked sealed tenders of series A preferred stocks,
which it will purchase until $41,930 is exhausted. The stock will be bought
on July 2, at the lowest price, not exceeding $105 a share. The National
City Bank, as fiscal agent, 22 William St. N. Y. City, will receive tenders
until 10 a. m. on Juno 23.-V. 138, p. 2935.
-Reorganization Asked.
New York Title & Mtge. Co.
Two groups of creditors filed petitions in Federal Court at Utica, N. Y.
June 8 asking that the New York Title & Mortgage Co. and the National
Surety Co. be reorganized under the new Bankruptcy Act.
The Court is asked to appoint trustees in each case and that the petitioning creditors be permitted to offer plans for reorganization.
Attorneys representing the petitioners are Kraus, Leman & Parker of
551 Fifth Ave.
The papers state that George S. Van Schaick is nose serving as rehabilitator under the Supreme Court and that the new law permits unified
and simplified action with much saving for depositors and creditors.
Liabilities and assets of the Now York Title & Mortgage Co. are placed
at $68,304,487. Petitioning creditors are Wilbur Burbank, Harry S.
Chochran and Josephine Connolly, as trustee, all of N. Y. City. They
hold certificates totaling $25,250.
The National Surety Co. liabilities and assets are placed at $47,981,370.
The company is liable, in addition, for $75,000,000 on its guarantee of
mortgage bonds, of which $45.000,000 are in default, the papers state.
The petitioning creditors are the Sun Life Insurance Co. of America,
holding certificates for $115,000; Louisa Van Wezel, Lewis Van Wezel,
Randolph Winslow, Anna Zang and Mosses Rotschild, all of Dalitmore,
and holding certificates for $35,500
The Now York "Times" in reporting the foregoing further said:
No legal papers or copies of the petitions for the reorganization of the
New York Title & Mortgage Co. and the National Surety Co. under the
new Federal Bankruptcy Act had been received up to closing time last
night at tho offices of State Superintendent of Insurance George S. Van
Schaick.
It was stated at the offices that the Bankruptcy Act does not include
insurance companies and therefore its provisions do not apply to the two
companies. A careful Study will be made of any legal papers served on
the insurance department in connection with the proposal to reorganize
the companies and appearance will be made in the Federal Court in Utica
in the event such action becomes necessary, it was said.
Mortgage Decision Void-Court Had No Power to Substitute
Trustees.
The New York Supreme Court has no power to appoint substitute
trustees to administer certificated mortgages issued by the title and mortgage companies in rehabilitation according to a decision handed down by
the Appellate Division of the First Department. The ruling of the Appellate Court was the result of an appeal taken by George S. Van Schaick,
State Superintendent of Insurance, from a decision of Supreme Court
Justice Alfred Frankenthaler, in which three trustees were appointed for
the series F-1 mortgage issue of the New York Title & Mortgage Co.
In reversing the ruling of the lower court, the Appellate Division pointed
out that the Schackno Law, by which rehabilitation authority is vested
in the Superintendent of Insurance, gives exclusive power to the Superintendent of Insurance to administer the guaranteed mortgage certificate
-V. 138. p. 3281.
issues.
-To Vote on DisNew York Title & Mortgage Corp.
solving.The stockholders will vote July 6 on dissolving. Virtually its only assets
are shares in the New York Title & Mortgage Co., taken over by the
4133
Financial Chronicle
New York Superintendent of Insurance for rehabilitation. Stockholders of
the mortgage corporation,in the event of dissolution, will receive one share
of the mortgage company for every share held, Cyril H. 13urdett said.
Mr. Burdett added that the mortgage corporation has no current income
and will face soon office rent,franchise taxes and like expenses. He points
out also that through the dissolution the mortgage corporation stockholders
would have direct voting control over the mortgage company.
-New Directors.
Niagara Hudson Power Corp.
William L. Hinds, Vice-President of the Crouse-Hinds Co.Syracuse,
N. Y.,
and Harry S. Lewis, President of the J. P. Lewis Co., Beaver Flab,George
have been elected directors to succeed Landon K. Thorne and
-V. 138, p. 3100.
Roberts, New York, who resigned.
-Directorate Reduced
North American Aviation, Inc.
-New Set-up to Qualify for Air Contracts
to Seven Members
Three Companies Formed.
The Board of directors has been reduced to 7 from 21, the present board
3
consisting of 4 members identified with General Motors interests, andits
members representing minority interests. General Motors Corp., with
General Aviation Corp., controls 51% of the stock of the company.
affiliate,
Present board members representing General Motors are: Ernest R.
Breech, Chairman; Henry B. duPont, John Thomas Smith. and Henry M.
Hogan. Members representing minority interests are LaMotte T. Cohu,
Edward R. Stettinius, and John Hertz. Messrs. Hogan and Hertz are
additions to the board, the other five having formerly been members.
Mr. Stettinius, now Vice Chairman of the Finance Committee of United
States Steel Corp. was formerly a vice-president of General Motors Corp.
Co.,
Mr. Hertz was head of the Yellow Truck & Coach Manufacturing
prior to acquisition of control of the company by General Motors. and
Prior to the reduction the board • with exception of Messrs. Hogan
Hertz, consisted of the above, plus George N. Armsby, J. Cheever Cowdin,
Thomas B. Doe. Lindsey Hopkins, Charles F. Kettering, Robert Lehman.
Nicholas S. Ludington, Roland L. O'Brian, Richard W. Robbins, D. M.
Sheaffer, E. E. Thompson, James C. Willson and C. E. Wilson.
Several of those directors not re-elected continue to remain on the board
of Transcontinental Air Transport, Inc., and Transcontinental & Western
Air, Inc., which was one of the important airlines in the General Motors
air transport group.
The General Motors aviation set-up,like that of other prominent aviation
companies, has been altered to enable the company to comply with conditions laid down by the Government in regard to bidding for airmail contracts.
Prior to the cancellation of contracts in February. set-up of the three
operating companies in the General Motors group, with their controlling
Interests. was as follows:
Eastern Air Transport, Inc., 100% controlled and owned by North
American Aviation, Inc.
Western Air Express, Inc., 100% owned by Western Air Express Corp.,
in turn owned 51% by North American Aviation.
Transcontinental & Western Air, Inc.,5% owned by Pittsburgh Aviation
Industries Inc., 47.5% by Western Air Express Corp., and 47.5% by
Transcontinental Air Transport, Inc., the latter being controlled 25% by
North American Aviation.
North American Aviation, Inc., is controlled 43% by General Aviation
Corp. and 8% by General Motors Corp. The latter company stands at
the peak of the set-up, with 51% ownership of General Aviation Corp.Post
Following cancellation of airmail contracts in February, by the
Office Department, conditions were laid down under which no company
which was represented at the so-called "collusion conferences" of 1930 could
bid to carry mall. Since all three of the companies in the General Motors
group had been represented at the conferences, new companies had to be
organized to allow the group legally to regain the franchises it had controlled
prior to the cancellation.
The first step in the process consisted of the creation of three new companies, wholly-controlled by North American Aviation, Inc. These companies were: Eastern Air Lines, Inc., to correspond to Eastern Air Transport, Inc.; TWA, Inc., to correspond to Transcontinental & Western Air,
Inc.; and General Air Lines, to correspond to Western Air Express, Inc.
Each of the three companies formed was a successful bidder for temporary
contracts.
of
Under the plan, assets of Eastern Air Transport, consisting mainly
now becomes
operating equipment, are leased to Eastern Air Lines, which the mail conin its own name,
the actual operator of the airway and holds,
Air
tracts for its routes. Eastern Air Lines, as was the case with Eastern
Transport, is 100% owned by North American Aviation, Inc. Western
Stocks of the newly-formed General Air Lines, which succeeds North
Air Express, Inc. as the actual operator and is now owned 100% by Corp.
American Aviation, is to be turned over to Western Air Express Inc.
General Air Lines, Inc. is leasing the assets of Western Air Express,
Stock of TWA. Inc. successor as a contract holder to Transcontinental
'
& Western Air, Inc., will be turned Over to the latter company's three
stockholders-Pittsburgh Aviation Industries, Inc., Western Air Express
Corp. and Transcontinental Air Transport, Inc. Thus, the latter three
companies, in lieu of owning their respective amounts of the operating
company, will own like amounts of a holding company, which in turn, will
control the operating company 100%•
With the exception of Eastern Air Lines, the General Motors airmail
picture is not substantially changed from its status prior to the cancellation.
Eastern Air Lines, on the rebidding, not only regained its Newark-Miami
run but also branched out to the southeast on the run from Newark to New
Orleans and also entered Middle Western and southeastern territory by
obtaining the temporary franchise between Chicago and Jacksonville. The
company's new mail contracts generally call for lower payments than prior
to cancellation, as Is the case with the majority of carriers.
On the transcontinental run. TWA. Inc., currently is taking delivery of
Its new Douglas.transports, which are reported to be finding increasing
favor of the traveling public, due to their high speed, quietness and general
comfort. The new-type plane is reported to be one of the most efficient
yet produced for passenger operation from the viewpoint of operating costa
-V. 138, p. 3282.
and payload.
-Earns.
North American Gas & Electric Co.(& Subs.).
Calendar YearsOperating revenues
Other income (net)
1930.
1931.
1932.
1933.
$1,874,608 $1,946,784 $2.143,332 $1,760,376
20,237
6,104 Dr.12,427
Dr.3,717
$1,870,891 $1,952,888 $2,130,905 $1,780,613
Op. & maint. exps., incl.
1,032,739
1,103,751
988,378
taxes (other thanFed.) 1,045,864
b Net earns, of engineer.
101,994
95,286
33,749
11,437
& management subs
Other income of holding
11,656
Dr.2,321
Dr.4.967
Dr.5,926
company (net)
$861,525
$993,292 $1,120,119
$830,536
Total income
Int. & div. charges of
subs, pay. to public:
Int. on funded & un364,963
562,691
559,806
funded debt (net)_
553,828
Divs, on pref. stocks
:
67.265
72,992
76,534
1,994
Divs, currently paid
Cum. city& undecl'd
and not paid
75,726
Realized loss on Cana16,649
dian exchange
13,279
Int. charges on funded &
160,198
203,110
210,100
211,400
unfunded debt of co_
Prov. for loss on Cana4,325
3,891
dian exchange
Consol. net income_ _ _ loss$25,693
39.755
Amortization
128,132
Depreciation per books_
Federal income tax
8,700
Special reserves,sub.cos.
$126,310
32,146
134,090
$276,998
27,494
114,422
14,440
$269,097
21,983
71.242
17,000
7,800
$158.871
$120,641
Balance
def$202,281 def$47,725
149,260
107,590
17,312
a
Divs, on stocks of co
a Dividends on the cumulative preferred stock $6 series of North Amerifrom Nov. 1 1932 to
can Gas & Electric Co. have not been paid or accrued
Dec. 31 1933. Dividends on tne class A cumulative $1.60 series stock of
North American Gas & Electric Co. are in arrears to the extent of $3.10
per share to Nov. 1 1933 and have not been accrued. b After deducting
Inter-company revenues as follows; 1933, $224; 1932, $2,343; 1931,
$13,657; 1930, 87,340.-V. 136, p. 3722.
Financial Chronicle
4134
"--- Noc, American Co.-Listin . --)..t •
'
-IL
Northwest States Utilities Co.
-Income Account.
-
The New York Stock Exchange hasAauthorized he listing on or after
July 2
83,925 additional shares (do par) coeflmon stock, on official
notice of issuance as a stock dividend, Making a total of 8,518,334 shares
applied for.
Income Statement (Parent Company Only).
12 Months Ended March 311933.
1934.
Interest received & accrued
$981,232 $1,880,932
Dividends
10,202,405 *11,360,531
Other credits
581,000
536,000
Total
$11,764,637 $13,777,463
Expenses & taxes
687,206
605,789
Interest on debentures
1,250,000
1,250,000
290
195,505
Other interest paid & accrued
Amortization of discount & expense on debentures
56,038
56,038
Balance for dividends & surplus
$9,852,519 $11.588,713
* Includes $125,080 stock dividends received from non-subsidiary
companies taken up at amount not in excess of charge in respect thereof
to surplus of issuing company.
Balance Sheet March 31 (Parent Company Only).
1934.
1934.
1933.
Assets$
Stocks & bonds
6% prof. stock.. 30,333,900
(see note(_ ___185,259,855 184,418,949 x Common stock 83,106,190
407,440
Scrip
Loans dr advs.:
To sub. cos__ 27,260,448 23,873,408 Div. payable in
common stock
830,977
To others_ _ _ _ 2,092,317 2,152,858
5% debs. due
Accts. reedy.:
Feb. 1 1961
25,000,000
From sub. &
741,171 Depos. of sub. &
797,736
affil. cos_ __
aft!. cos. for
19,780
23,181
From others..
bond interest_ 1,044,363
91,687
$760,951 Due to sub. cos_
$820,917
Total
49,539
2,963,155 3,196,982 Accts. payable.
Cash
Divs.pay.in cash
Short-term invs. 5,697,581
on pref. & cons
2,500,137
U. S. Gov. sees
stocks
1,493,873
Disc. & caps, on
1,559,742 Accr.int.on debs
208,333
debentures.._ _ 1,503,703
Accrued taxes
86,967
Office turn. dr
1 Divs. unclaimed
24,122
misc. property
Res. for conting. 41,438,269
Other reserves
1,001,440
Undivided prof_ 40,480,875
1933.
30,333,900
76,841,700
342,180
1,536,730
25,000,000
1,045,585
66,190
54,750
455,008
208,333
25,254
42,475,157
902,584
39,175,654
225,597,979 218.463,030
Total
Total
225,597,979 218,463,030
x Represented by 8,351,363 shares in 1934 and 7,718,388 shares in 1933.
Note -Provision made in reserve for contingencies is more than adequate
to reduce investments in stocks of Pacific Gas & Electric Co., Detroit
Edison Co. and North American Light & Power Co. to values not in excess
of asset value, as shown by the balance sheets of the respective companies
at March 31 1934. and all other investments (excepting stocks of subsidiary companies which are taken at cost) to market values where ob,
tainable. or to estimated fair values where market values are not obtainable.
. 138. P. 3612.
North American Rayon Corp.
-New Directors, etc.
Prof. I. P. De Vooys, of the Algemeene Kunstzijde Unie and Dr. E. C.
Strauss, President of the Associated Rayon Corp., were recently elected
directOrs, succeeding Carl Benrath and Dr. Fritz Bluethgen. All other
directors were Ye-elected, as follows: Dr. Eduard Boos, Beveridge C.
Dunlop, Vice-President; F. H. Fentener van Vlissingen. President of
American Enka Corp.; S. R. Fuller, Jr. President, of both American
Bemberg Corp., and North American Rayon Corp.; Monroe C. Gutman,
Dr. Conrad Herrmann, Gerrit Kreyenbroek, D. Witt Millhauser, Alfred
Schoenlicht, Eustace Seligman, H. W. Springorum, Secretary and Treasurer, and Dr. Willy Springorum.
At a meeting of the board of directors held on June 13 the regular quarterly dividend of 75 cents per share was declared upon the outstanding
$50 par value prior pref.stock, payable July 1 to holders ofrecord June 25.
The usual quarterly dividend of $1.75 per share also was declared upon
the still outstanding $100 par value 7% pref. stock, payable July 1 to holders
of record June 25.-V. 138, p. 3612.
-Tenders.Northern New York Utilities Inc.
E. H. Rollins & Sons, Inc.,44 Wall St.:N. Y. City, will until 10.30 a.m.
on June 25 receive bids for the sale to it of 1st lien & ref. mtge. 6% gold
bonds, series C, to an amount sufficient to absorb $37,685 at prices not
exceeding 104M and int.-V. 138, p. 3785, 3282; V. 137. p. 4014.
---Northern States/PoVer Co. (Del.).
-25
-Cent Class A
Common Dividend.AL-gtof
The directors on June 13 declared a dividend of 25 cents per share on the
class A common stock, Par 3100, for the quarter ended June 30 1934,
payable Aug. 1 to holders of record June 30. A similar payment was made
on this issue on May 1 last. During 1933, the company distributed the
following dividends; $1.50 per share on Feb. 1 and $1 each on May 1,
Aug. 1 and Nov. 1. No distribution was made on the class A common stock
In February of the current year.
Consolidated Income Account.
1934-12 Mos.-1933.
Period End. Apr. 30- 1934-4 Mos.-1933.
earnings
$10,997,043 $10,639,249 $31,307,049 $31,438,086
Gross
Oper.exps., maintenance
5,891,622
5,267,842 16,948,606 16,142,704
and taxes
Net earnings
Other income
$5,105,420 $5,371.407 $14,358,444 $15,295,382
37,999
30,182
114,501
91,239
Net earnings, including other income-- $5,143,419 $5,401,589
1,938,234
Interest charges (net)___ 1,937,735
Amortization of debt dis68,857
68,651
count and expense_ _ _.
Minority int. in net in8,412
8,829
come of subsidiary co_
Appropriation for retire883,333
883,333
ment reserve
14,472,944 $15,386,622
5,810,153
5,768,119
206,365
188,857
26,686
25,237
2,900,000
2,900,000
$2,244,870 $2,502,753 $5,529,740 $6,504,409
Net income
Note.
-No provision has been made in the foregoing statement for taxes
the terms of the North Dakota gross receipts tax law enacted
imposed under
In 1933, which, in the opinion of counsel for the company, is unconstitutional. The taxes so imposed are estimated to be approximately $60,000
for the calendar year 1933 and $80,000 for the calendar year 1934. A
temporary injunction has been issued restraining the assessment of these
taxes.
-V. 138, P. 3956.
(& Subs.).
-Earns.
Northern States Power Co.(Minn.)
12 Mos. Ended March 31Gross earnings
Oper. expenses, maint. and taxes
1934.
1933.
$27,335,523 $27,735,914
15,174,270 14,702,991
Net earnings
Other income
$12,161,253 $13,032,923
1,391,142
1,583,721
Net earnings including other income
Interest charges (net)
Amortization of debt discount and expense
Appropriation for retirement reserve
$13,552,395 $14,616,644
4,937,260
4,890,448
193,097
183,313
2,652,209
2,866,726
$5,769,829 $6,676,157
Net income
-No provision has been made in the foregoing statement for taxes
Note.
of the North Dakota Gross Receipts Tax Law
imposed under the terms
enacted in 1933, which, in the opinion of counsel for the company, is unconstitutional. The taxes so imposed are estimated to be approximately
$60,000 for the calendar year 1933 and $80,000 for the calendar year 1934.
A temporary injunction has been issued restraining the assessment of these
taxes.
-V.138, p. 1917.
June 16 1934
12 Months Ended March 31
Gross income
Operating expense
1934.
$644,409
365,922
1933.
$612,452
356,226
Net income
Bond and note interest
Other interest (net)
Miscellaneous deductions
$278,487
125,667
45,252
2,480
$256,226
142,264
47,908
2,213
Balance
$63,840
4105,087
x Before retirement expense and depletion of $80,652, and miscellaneous
deductions of $3,094.
Consolidated Balance Sheet March 31 1934.
Assets
Liabilities
Fixed capital-less reserves__ _$5,788.512 x Capital stock
$3,586,125
Cash
1,219,200
97,907 Long term debt
Accts. receivable, less reserve_
511,937
96,333 Notes payable
Merchandise and supplies _ _
28,999
77,216 Accounts payable
Other current assets
22,318
34,862 Consumers' deposits
Investments in and due from
1,248
Miscell. current liabilities.. _ _ _
associated companies
125,227 Due to Minn. North. Pow. Co. 804,224
Miscellaneous assets
105,744
4,556 Accrued liabilities
Unamortized debt disct. & exp.
36,874
40,744 Reserves
Miscellaneous suspense
139,546
29,816 Surplus
Discount and expense on capital stock
161,043
Total
$6,456,220
$6.456,220
Total
x Capital stock represented by: 21,973 shares 6% cum. pref. (par $100);
199,824 shares common (no par) vs ued at $1,076,980; minority interest
in subsidiary, $291,948; payment received on stock subscriptions, $19,897;
total, as above, $3,586,125.-V. 132, p. 4763.
North West Utilities Co.(& Subs.).
-Earnings.
3 Months Ended March 31Total gross earnings
Total operating expenses and taxes
1934.
$2,827,413
$1,898,019
Net earnings from operations
Other income (net)
x1933.
$2,861,512
$1,830,289
1,031,223 •
14,009
929,394
18,389
Net earnings available for interest
Funded debt interest
General interest
Interest charged to construction
Amortization of debt discount and expense
Dividends on preferred stocks of subsidiary componies held by the public:
Paid and accrued
y Suspended
$947,783 $1,045,232
622,970
633,399
9,461
11,103
Cr19
CrI3
47,061
47,736
164,245
244,553
300,167
108,542
Loss before providing for cum. unpaid divs.
on prior lien and preferred stocks of the North
$140,494
$55,696
West Utilities Co
x Adjustments, including increased provision for depreciation, made
subsequent to March 311933, but applicable to the period beginning Jan. I
1933 have been given effect to in this column. y Cumulative dividends on
preferred stocks of subsidiary companies suspended in the three months
ended March 31 1934 are detailed below: Northwestern Public Service Co.,
$35,223; Wisconsin Power & Light Co.,$209,329; total, $244,553-V. 138,
p. 2260.
-Annual Report.
Northwestern Electric Co.
Calendar YearsOperating revenues
Taxes
Other operating expenses
Rent for leased property
1932.
1933.
$3,322,485 $3,466,265
511,884
492,194
1,611,376
1,675,045
201,630
198,473
Balance
Other income
$933,926 $1,164,222
1,430
4,968
Gross corporate income
Net interest and other deductions
Property retirement reserve appropriation
$935,356 $1,169,190
643,015
644,653
260,000
260,000
Balance
$32,341
$264,537
Note.
-One-half of the regular 7% first preferred stock dividend was paid
Jan. 3 1933. Since then no dividends have been paid. As of Dec. 31 1933
undeclared cumulative dividends on the 7% first preferred stock amounted
to $7.87 per share and on the 6% preferred stock to $7.50 per share.
Balance Sheet Dec. 31 1933.
LtabUUtesAssetsPlant, prop., franchises, &c.$27,299,326 7% first preferred stock
$4,736,100
7,419 6% preferred stock
Investments
81,900
52,957 Common stock (100,000 slid.) 10,000,000
Cash in banks
-On demand__
24,697 First mtge. 68, 1935
Notes and loans receivable__
6,896,900
Notes and loans payable to
Accounts receivable464,773
Amer. Pow. & Light Co
Customers'& miscellaneous
2,939,825
4,227 Accounts payable
Affiliated company
104,930
259,550 Customers' deposits
Materials and supplies
29,392
20,012 MIscell. current liabilities.-Prepayments
1,012
13,147 Accrued accounts
Miscellaneous cutrent assets_
569,399
79,650 Matured interest
Miscellaneous assets
22,803
49,312 Reserves
Deferred charges
1,832,362
Earned surplus
1,060,443
Total
-V.138, p.3612.
$28,275,071
Total
528,275,070
Northwestern Utilities, Ltd.
-Tenders.
The Trusts & Guarantee Co., Ltd., trustee, will until June 15 receive bids
for the sale to it of 7% 1st mtge. 15
-years. f. gold bonds dated June 1 1923
to an amount sufficient to exhaust $60,000.-V. 138, p. 2421.
Novadel-Agene Corp.
-Initial Dividend on New Shares.
-
The directors have declared an initial dividend of 50 cents per share on
the now no par common stock, payable July 2 to holders of record June
20. This is equivalent to $1.50 per share on the old no Par shares outstanding prior to the three-for-one split-up approved by tho stockholders
two months ago.
On April 2 last, the company made a distribution at the latter rate on
the old stock. • This compared with $1.25 per share paid each quarter
from Jan. 3 1933 to and incl. Jan. 2 1934. An extra of $2 per share was
also distributed on Jan. 2 last.
-V. 138, p. 2936.
(Charles F.) Noyes Co., Inc -Earnings.
Earnings for Year Ended April 30 1934.
Net operating income
Miscellaneous income
Total income
Insurance (excepting life) and other expenses
Bad debts
Worthless mortgage and stock (acquired in settlement of commissions)
Collection of accounts previously written off and other similar
credits
Life insurance expense, depreciation, amortization, taxes and
extraordinary deductions
$152,242
4,644
$156,887
7,707
3,979
25,003
Cr2,036
57.841
Net profit for the year
Unappropriated surplus (as adjusted) before dividends
$64,393
33,092
Total unappropriated surplus before dividends
Dividends paid
$57,485
59,999
Unappropriated surplus at April 30 1934
$37,486
4135
Financial Chronicle
Volume 1'^
Jan. 2 and April 2
A similar distribution was made on the pref. stock on
after the July 2 1934
last and on Aug.5, Sept. 1 and Oct.2 1933. Accruals, 2937.
-V. 138. P.
Payment, will amount to $2.25 per share.
Balance Sheet April 30 1934.
Assets
Cash
$119,086 Accounts payable
12,255 Federal taxes accrued-not due
Notes receivable
-due May 1 1934_
Divs. pay.
Commission & sundry accounts
receivable
47,437 Employees co-operative fund_
Commissions due brokers and
Adv. to owners (secured-due
co-brokers
on demand)
42,880
572 Preferred stock
Accrued interest receivable_ .._
d Common stock
Cash surrender value of life inSurplus appropriated for capisurance on officer's life (intal expenditures & invest'ts.
surance carried under charter
requirement)
84.774 Unappropriated surplus
a Notes & accounts reeeivable
-other than current
160,309
b Securities
42,729
c Furniture and fixtures
25,480
Good-will (orig. $2,483,808) 1,283,808
Deferred charges to future operations
16.405
835.266
20
15, 7
-Files Petition to Reorganize
Publix Corp.
6
14 9 9-.----Paramount
Urged--toUnder Amended Bankruptcy Act-Sloekhotelers
942
728
999.990
697,000
Depeeit-Stock.-
the filling by a
Following the amendment of the Bankruptcy Act, and for the SouthCourt
bondholders' protective committee in the U.S. District
to bring the corporation within the
ern District of New York of a petition
of effectuating
provisions of the new Section 7713 of the Act,for the purpose
34,052
committee headed
a reorganization thereunder, the stockholders' protective stock to deposit
37.486
common
by Duncan A. Holmes is urging holders of the
their shares with the committee at once.
new Section 77B
The stockholders' committee is satisfied that under the
affirmative consent of a
a reorganization of the corporation will require the
of the
capital stock, and therefore believes itleast a
majority of the outstanding
of at
utmost importance that the committee be representative
committee, "the
majority of the common stock. "Thereby," states the
represented in connecinterests of the stockholders can be more effectively by or in co-operation
tion with the formulation of any plan of reorganization any plan not in the
81,835,735
Total
Total
$1.835,735
event of the promulgation of
with creditors, or in the
will be effectively in
Note.
-Funds of owners for whom properties are managed, are segrebest interests of the stockholders, the committee
gated and carried in agency bank accounts. As these are trust funds, the
position to propose its own plan."
appear in this balance
committee already has on deposit
cash in bank and the accountability therefor does not
Of the 3,380.121 shares outstanding,the
outstanding capital stock
sheet.
with it 1,495,000 shares, or in excess of 44% of the
.
a After reserves. b After reserve for anticipated loss of$16.853 c After
of the corporation.
shares,with the comaccumulated depreciation of $83,834. d Represented by 1Z72mo pa
Stockholders who have not already deposited their
Commercial National Bank
mittee are invited to do so promptly with the
shares.
-V. 138, P. 2936.
committee, or with one of the
for the
& Trust Co.of New York,
America
- following sub-depositaries:depositary
-3M% 1st Pref. DivA '
Nunn-Bush & Weldon Shoe Co.
First National Bank, Chicago; Bank of
National Bank
The directors have declared a dividend of 334% on account of accumUaNational Trust & Saving Association, Los Angeles; Whitney
Lions on the 7% cumul. 1st pref.stock, par $100, payable June 30 to holders
of New Orleans, New Orleans, La.
Balaban, John-P.
of record June 15. This payment covers all dividends due on this issue
The other members of the committee are Barney Newton. Richard
up o an ncl. the quarter ended Dec. 31 1933.
BickelGerald Brooks Ruloff E. Cutten and Maurice the committee, for
On March 31 last, the company also paid a dividend of 334% on account
W. Matthews, 20 Pine St., New York, is Secretary for
-V. 138, p. 3102, 3283.
of arrearages on the 1st pref. stock.
-V. 138, P.'2260.
6which Cook, Nathan & Lehman are counsel.
d te., 14.0
i 4
-Dividend Record Date Corrected.-Preferred Dividends.
••••••-•Ohio Electric Power Co.
.....„,,Parke, Davis & Co.
dividend
The extra dividend of 10 cents per share and the usual quarterly payable
The directors have declared a dividend of 1 3‘% on the 7% cum. pref.
ed
recently declared on the capital stock, will be
6% cum. pref. stock,
stock, par $100, and a dividend of 135% an the
par $100, both payable on account of accumulations on July 2 to holders
of record June 20. Like amounts were distributed on the respective stocks
on Jan. 2 and April 2 last (Quarterly payments at the above rates were
up to and incl. Jan.3 1933;no other dividends paid during the balance
.
o that year.
-V. 138, p. 2260.
•
-Bonds Called.
Ohio State Telephone Co.
There have been called for payment on July 1 next a total of $32,000
int.
consol. & ref. mtge. s, f. gold bonds, dated July 1 1914, at par and 16
Payment will be made at the Bankers Trust Co., sinking fund trutee,
Wall St., N. Y. City.
-V.138, P. 3282.
/
,
----Oilstocks, Ltd.
-Cent Dividend.
-20
•
The directors have declared a dividend of 20 cents per share on the common stock, par $5, payable July 2 to holders of record June 21. A similar
June
distribution was made on Jan. 19 last, as against 10 cents per share on
28 1933 and 20 cents per share on Dec. 28 1932.-V. 138, p. 1243.
Coast Co.
-Protective Committee Asks That Stock
Be Left with It Until October 1935.
stockholders to con-
The stockholders protective committee has asked
tinue the deposit of their stock with the committee until Oct. 11935. The
hours of
committee points out in a letter that the coal code by reducingfive days
work to seven hours from eight hours a day and limiting work to mining
the cost of
a week with an actual increase in wages Was increased
power and
coal. Yet, because of competition with low-cost hydro-electric consumers.
to
cheap fuel-oil from California, it is difficult to advance pricedanger of any
The committee states that while there is no immediate
lack of resources with which to pay bond interest, there is nothing to
warrant a belief that a satisfactory upward trend with resultant net earnings
is in sight.
The stockholders who deposited stock have the right on payment of
35 cents a share and necessary stamp taxes to withdraw their stock, as the
present agreement expired Juno 4 1934.-V. 138, p. 3283.
-Earnings.
Pacific Power & Light Co.(& Subs.).
Calendar YearsOperating revenues
Operating expenses, including taxes
1932.
1933.
$4,137,1133 $4,526,649
2,339,493
2,270,306
Net revenue from operations
Rent from leased property
Other income ___________________________ _
$1,866,876 $2.187,155
198,353
201,629
33,727
9,008
Gross corporate income
Net interest and other deductions
Property retirement reserve appropriations
$2,077,514 $2,419,236
1,341,195
1,308,739
672,500
692,500
$405,540
$76,275
Balance surplus_____________________
395,848
197,484
Dividends on 7% preferred stock
59,922
31,746
on $6 preferred stock
Dividends
-Regular dividends on 7% preferred stock and $6 preferred stock
Note.
paid May 1 and Aug. 1
have been paid to Jan. 31 1933. The dividends
1933 for the quarters ended April 30 1933 and July 31 1933 were at the rate
of 88 cents and 87 cents, respectively, on the 7% preferred stock, and each
at the rate of 75 cents a share on the $6 preferred stock. No provision has
been made in the above statement for undeclared cumulative dividends on
the 7% preferred stock, amounting to $263,312, and on the $6 preferred
stock, amounting to $42,340 to Dec. 311933.
Consolidated Balance Sheet Dec.31 1933.
Assets
a$13.869,273
Plant, property, Ranch., &c_841,340,768 Capital stock
20,500,000
Investments-Securities -__
45,535 1st mtge. & prior lien 55
demand___
-On
Cash in banks
118,604 Notes & loans payable-Ain.
3,945,500
ow.& Light Co
and loans receivable_
P
Notes
99110
102.611
Accounts payable
Accounts receivable
218.182
Customers & miscellaneous
737,521 Customers' deposits
976,286
ru
Affiliated company
60,274 Accrued accounts
1,109
Materials and supplies
341,651 Mimed. current liabilities
560
Prepayments
13,681 Matured interest
5,917
Miscellaneous current assets_
16,800 Consignments-Contra
2,232
Miscellaneous assets
189,343 Sundry credits
2,303,984
Consigned material-Contra_
5,917 Reserves
1,216,872
Deferred charges
183.318 Earned surplus
843,142,527
Total
Total
843,142,528
a Represented by 7% preferred ($100 Par), 58,100 shares: $6 Preferred
Inland Power
(no par), 10,585 shares; common (no par), 1,000,000 shares:
-V. 138. P• 3613.
az Light Co. (five directors' qualifying shares).
-Earnings.
Pacific Telephone & Telegraph Co.
1934-4 Mos.-1933.
-Month-1933.
Period End. Apr. 30- 1934
Operating revenues
$4,378,790 $4,182,645 $17,301,001 $16,676,852
92,550
185,373
46.773
Uncollectible oper. rev_
22.840
Operating revenues__ _ $4,401,630 $4,229.418 $17,393,551 $16,862,225
2,808,296 11,£40.903 11,545.443
3,004.040
Operating expenses
Net oper. revenues..__ $1,397,590 $1,421,122 $5,452,648 $5,316,782
Rent from lease of oper.
282
302
71
91
property
1.998,784
1,956.373
500,339
513,776
Operating taxes
3110,,on
5920,854 $3,4
Net operating income 31383.905
83
-v.138, P. 32.
Southern Investors Inc.-Accum ated Div
A dividend of 75 cents per share has been declared on account of a
2
ations on the $3 cum. pref. stock, no par value, payable July 1 to hold
of record June 15. This covers the disbursement due Oct. 1933.
of 25 cents per share,
reported)
r
June 30 next to holders of record June 19(not June 20 as previously
See also V. 138. p. 3786.
Coade
Peabody Coal c.. tockho/d s to Vote on Plan to Free
,
New-Gontraele-Seught-
Concern from Old Insult nterest
$534,922 Earned_in...Year--
series
The stockholders at their annual meeting on June 18 will vote on a
of control
of proposals approved by the directors including relinquishment the Insult
by
of the company by a group of utilities formerly controlled
supply
interests but the maintenance of a contractual relationship for the
of coal to these companies.
the
Amendments to long-term contracts between the Coal company and
Peautilities were formulated over two years of negotiation, Stuyvesant
report:
body, President of the company, says in his annual
to the
"While the changes are expected to result in a decrease in revenue of the
the
Coal company during the first part of the remainder of Coalterm will be
Co.
contracts, expiring in 1958," he continues, "the Peabody sinking fund."
able to meet all its obligations, including bond interest and
the conIn addition to approval of the stockholders, the change requires
sent of the Illinois Commerce Commission.
of the utilities to divest themselves of
To carry out the determination
holdings
control of the Coal company, the utilties will surrender their1.844,572
of class B common shares, amounting to 1.187,380 shares out of class A
198.865 outstanding
shares of no-par value outstanding. The
$1,000 par
shares of $25 par value are to be exchanged for 549.716 shares of Co., the
Edison
value. The control is shared now by the CommonwealthNorthern Illinois
Peoples Gas Light & Coke Co.. the Public Service Co. of
and the Middle West Utilties Co. through subsidiaries.
requirements
The utilities are to be required to take 75% of their coal
contracts. All the
from the company, against 90 to 100% under the old Light & Coke is to
30 1958. Peoples Gas
contracts will expire on April
company will
take an annual minimum of 366.000 tons of coal, and the coal
formerly
reeonvey to the gas company a gas-coal property in Kentucky it
of class B shares. 8,450
owned for $97,500 in cash and surrender of 195,881
company.
pref. shares and 27.290 class A common shares of the Peabody
of coal
The other utilities Will take an annual minimum of 2.634,000 tons
or pay damages of 25 cents a ton for any deficiency caused by substitution
B
of fuel other than coal. They are to surrender 991,499 shares of class
stock to the Peabody company.
April
Profit on coal sales reported by the company for the year ended on total
30 was $2,143,331, against $1.119,617 in the perceding year, and
income was 52,429,062,against $1.390,095. Net income after depreciation.
net
depletion, charges and minority interest was $534,922, comparing with rebefore. Giving effect to discount on -bonds
loss of $417,908 the y
tired and miscellaneous surplus adjustments, the profit and loss defjcit
was reduced from $2,742,150 to $1,666,280.-V. 137, . 1425.
Pennsylvania Ohio & De
It
Wlee New York Stock Exchange has authorized he listing of 53,943,000
July 1 1981, OD official
lee D. d
1st & ref. mtge. 435% gold bonds,
-V. 138.
notice of issuance in exchange for outstanding temporary bonds.
p.3957.
-Earnings.
Pennsylvania Power & Light Co.(8c Subs.).
Calendar YearsOperating revenues
Operating expenses, including taxes
Rent for leased property
1932.
1933.
$32,511,299 $34,451,353
16,291.763 16,721.950
18.355
18,970
Balance
Other income
$17.200.566 $17,711,048
231,800
122,130
Gross corporate income
Net interest and other deductions
Property retirement reserve appropriations
$17,322,696 $17,942.848
6,315.714
6,267,262
1.743,847
1,727,005
$9.328,429 $9.883,287
Balance surplus
2,597.443
2.597.658
Dividends on $7 preferred stock
457.848
457,848
Dividends on $6 preferred stock
774.793
790,860
Dividends on $5 preferred stock
4.831.762
4,885,647
Dividends on common stock -Cash
1,231,267
do
stock
22
Dividends to public on common stock of subsidiary
Consolidated Balance Sheet Dec. 31 1933.
LtabUitiesAssets877.928.256
a Capital stock
Plant, property, franchises,
1,125
$216,511,654 Subsidiaries common
&c
131,925,900
Total long-term debt
527.527
Total investments
961.636
4,537,247 Dividends declared
-on demand_
Cash In banks
Cash in banks-time deposits 4,014,561 Accounts payable:
9,072
Affiliated companies
U. S. Govt., &c. short-term
645,736
Others
2,498,121
securities
1,104,885
deposits
14,706 Customers'
Notes receivable
6,710,447
Accrued accounts
Accounts receivable'
11,876
4,149,522 hilscell. current liabilities_
Customers and miscell___
96,837
liabilities_ _ _ _
6,621 Miscellaneous
Affiliated companies
3,115,385 Reserves-Property retirem. 18.508,771
Materials and supplies
379,106
Uncollectible accounts_ _ _
115,618
Prepayments
38,115
Inventory adjustment._
107,336
Miscell. current assets
659,968
Casualty and insurance__
1,446,641
Miscellaneous assets
60.480
Other
Unamort. debt discount and
87.725
4,478,943 Appropriated surplus
expense
2,473,758
79,811 Earned surplus
Other deferred charges_
5241,603,699
Total
$241,603,699
Total
a Represented by: Preferred ($7) 375,482 shares: $6 preferred 79.670
-V. 138.
$5 preferred 158,208 shares; common 1.879,095 shares.
shares;
p. 3614.
Perseverance Worsted Co., Woonsocket, R. I.-Sale.
The two main mill buildings, comprising 58,000 square feel offloor space,
together with the land surrounding them owned by the company, were sold
4136
Financial Chronicle
at public auction at a liquidation sale in Woonsocket, R. I., on May 24.
for $4,600. The property is taxed on a valuation of $36,000. The purchaser was Joseph 0. LeFrancois. The mills, of which J. Ernest Singleton
of WaRum Lake, was President and Treasurer, have been closed for several
years, and the machinery sold in odd lots.
Philadelphia Co. for Guaranteeing Mortgages.
Hearing on Reorganization Plan Postponed.
Federal Ridge William H. Kirkpatrick on June 11 postponed the hearing
on the reorganization plan until June 18 at the request of City Comptroller
S. Davis Wilson, counsel for minority bondholders, who are opposing the
plan which was submitted May 8,last, by the company's receivers in equity.
Mr. Wilson told the court his committee was working on a modified plan
which he hoped would be ready by June 18. Walter Biddle Saul, attorney
for the receivers,consented to the postponement saying that it was the desire
of the receivers that a plan satisfactory to as many as possible be adopted.
Several persons in the group in court voiced strong objection to the present
plan and asked the court that they be allowed to present their views at the
hearing. Judge Kirkpatrick said this would be done and urged everyone
to try to be ready by June 18.
The National Investors Reform Protective Committee with offices at
262 So. 21st St., Philadelphia of which 0. B. Lansinger is Chairman, has
filed a petition as opposed to the general plan.
-V. 38, p. 3450.
Philadelphiaapid Transit Co. To Default Rental;))_
Receiyership Asked.
The company has i ormed underlying companies in the P. R. T.System
that it will be ilnable to meet any part of the underller rentals due June 30.
A letter from the company so informing Union Traction Co., from whom
the P. R. T.leases its traction properties, has already been sent. Officials
of Union Traction Co., when questioned about the default, admitted
they had received a letter from the P. R. T.concerning the June 30 rentals,
but refused to divulge its contents. Rentals totaling approximately
$1.900,000 fall due June 28, 29 and 30.
A further difficulty is that the temporary reduction of 50% in the rental
due the Union Traction Co., resurEng in a saving of $900,000 annually,
expired with the Dec. 30 paYment, so that the P. R. T. faces payment
of the full amount due Union Traction of June 30, or $900,000.
A petition requesting the appointment of three receivers for the company was filed in Common Pleas Court No. 1 In Philadelphia June 13.by
City Comptroller S. Davis Wilson. The petition declared "the company
Is clearly insolvent and cannot meet its obligations."
The petition asks that the Court put complete control of the company
In the hands of the receivers for the protection of employpes a d stock-
"Philadelphia Traction Co.
-Cent Divi
-50
The directors have declared a dividend of 50 cents per slfJre (if such
rental be so received), payable June 18 to holders of record June 14. A
similar dividend was paid on May 10 last.
-V.138, v. 3285.
Philippine Ry.-Earnings.--Period End. Mar,31- 1934
-Month-1933.
1934-12 Mos.-1933.
Gross oper. revenue_ _ $569,639
$593,799
$67,346
$67,777
Oper.expenses and taxes
422.274
36,932
397,283
35,795
Int. on funded debt____
341,960
341,960
28,496
28.496
Net income
$1,917 def$145,444 def$194,594
$3,484
Inc. approp. for Invest.
in physical property_
2,524
53,063
Balance
$1,917 def$198,508 def$197,119
$3,484
-V.138, p.3285.
-Photo Engravers & Electrotypers, Ltd.
-To Resume
Dividend Payments.
At the annual meeting held in May,the stockholders were informed that
dividend payments would be resumed on Sept. 1 next on the no par value
common stock by the distribution on that date of 50 cents per share. Similar
disbursements, it is proposed, will be made each six months thereafter,
thus indicating a basis for the stock of $1 per share per annum.
Quarterly dividends of 50 cents per share were made on the common
stock up to and incl. June 1 1932: none since.
-V.137, p. 2285.
Pierce Oil Corp.
-Earnings.
3 Mos. End. Mar.31Dividends received
Interest received
Total income
Expenses
1934.
1933.
1932.
$75
$17
$54
1931.
$110,342
387
$75
53,178
$17
$54
$110,729
x Net loss for period__
$53,103
x As to $1,178 this item represents over-payment of expenses by Pierce
Petroleum Corp. for the year 1933, and as to the balance it represents
extraordinary expenses in connection with the tax litigation. All tax
litigation expenses have been paid by Pierce Petroleum Corp. and Pierce
Oil Corp. upon the understanding that their payments shouIu be without
. prejudice to the rights of either company as against the other.
-V. 138.
p. 3285.
Pierce Petroleum Corp.
-Earnings.
1934.
$1,178
18,964
1933.
1,413
16,521
1932.
$1,139
14,280
Net loss
Dividends
Deficit
Earnings per share on
2,500,000 shares cap.
stock (no par)
-V. 138. p. 3285.
$17,786
$16,108
317,786
$16.108
313,141prof$145,424
250,000
$13,141
$104,576
Nil
Nil
Nil
1931.
$163,597
18.173
$0.06
Pioneer Gold Mines of British Columbia, Ltd.
-Earns.
Month ofMay 1934. April 1934. Mar. 1934.
Gross earnings
$251,000
$258,500
$260,000
Profit after expenses, but
before deprec., deplet.
and taxes
187,100
190,000
183,000
-V. 138, p. 3286.
Feb. 1934.
$230,200
166,200
Pittsburgh & Lake Erie RR.
-Earnings.
Period End. April 30- 1934
-Month-1933.
1934-4 Mos.-1933.
Railway oper. revenues_ $1,206,890
$895,242 $4,878,723 $33,492,148
Railway oper. expenses_ 1,050,142
820,643, 4.117.727 3,274.598
Railway tax accruals__ _
79,869
368,809
78,774
312,667
Uncollectible rvry. revs_
38
33
38
33
Equip.& joint fac.rentsx
109,113
138,690
584,214
444,456
Net oper. income_ _ $215,530
$104,904
$976,363
$349.306
MIscell. & non-oper. Inc.
73,524
53,967
270,715
220.381
Gross income
$289,055
$158,871 $1,247,078
$569,687
Deducts,from gross inc.
111,092
93,963
445,591
363,881
Net income
$64,907
$177,963
801,487
$205,806
x Credit balance.
See also New York Central RR. above.
-V. 138. e. 3787.
Pond Creek Pocahontas Co.
-Coal Output.
May 1934. Apr. 1934. May 1933.
149,099 tons 122,320 tons 159,104 tons
Porto Rico Telephone Co.
-Tax Ruling.
-
The Commissioner of Internal Revenue has agreed that interest on bonds
and dividends on stock of this company are to be regarded,for tax purposes,
as income from sources without the United States during the year 1934.
Such income, when received by a non-resident alien is not subject to United
States income tax during the year 1934.
The following is taken from a letter received by the company from the
Commissioner's office under date of May 21 1934:
"Since it has been shown to the satisfaction of the Commissioner that
less than 20% of your gross income for the three-year period ended Dec. 31
1933 was derived from sources within the United States, you have satisfied
the requirements of Section 119(a) (1) (B) and (2) (a) of the Revenue Act
of 1934 for the year 1934. Accordingly, the interest on your bonds and
dividends on your stock paid during 1934 to non-resident aliens are to be
regarded by them as Income from sources without the United States. Consequently you are not required to withhold tax from interest payments
made on your bonds during 1934 to non-resident aliens."
-V.137, p. 2103.
Portland Gas & Coke Co.
-Annual Report.Calendar Years1932.
1933.
1930.
1931.
Operating revenues
$3,332,941 $3,777,277 $4,164,495 $4,481,629
Taxes
499,466
503,287
467,838
463,123
Other operating expenses 1.687.824
1,836,091
2,194,584 2,416,751
Netrevs.from oper__ _ $1,141.830 $1,441,720 81,506,788 $1,597,040
Other income
8,781
16,286
23,135
23,192
Gross corporate Inc_
$1,150,611 $1,458,006 $1,529,980 $1,620,175
Net int. & other deduc
535,776
556,474
560,977
561,282
Property retire, reserve
appropriations
250,000
200,000
250,000
150,000
Balance_ ___ _ _
5364,835
$651,532
$859,198
$818,698
Preferred dividends_ _ _ _
322,523
428,218
411,219
380.591
Note.
-Regular dividends on both 7% pref. stock-and 6% prf. stock,
were paid in full only to April 30 1933. The dividends paid Aug. 1 1933,
Nov. 1 1933, and Feb. 1 1934, were at one-half the regular rate. At
Feb. 1 1934, total deferred dividends amounted to $2.63 per share on the
7% pref. stock and $2.25 per share on the 6% pref.stock.
Balance Sheet Dec. 311933.
AssetsLiabilities
Plant, prop., franch., &e____523,758,862 7% pref. stock
$5,458,000
Investemnts-securitles
503 6% pref.stock
871,200
Cash in banks-on demand__
286,587 Common (330,000 skis. no par) 6,000,000
U. S. Liberty bonds (market
Long-term debt
10,045,000
value 5101,875)
-at cost__
103,718 Current liabilities
708,763
Notes & loans receivable
45,482 Matured & accrued interest__
236,165
Accts. receivable* Customers
Consignments (contra)
2,347
and miscellaneous
709,028 Sundry credits
115
Affiliated company
3,759 Total reserves
1,761,105
Materials and supplies
176,669 Earned surplus
595,713
Prepayments
18,706
Miscellaneous current assets_
9,427
Miscellaneous assets
297,883
Consigned material (contra)_
2,347
265,433
Deferred charges
Total
-V. 138, P. 3615
.
Total
825,678,407
525,678,407
Postal Telegraph-Cable Co.-Earnings.[Incl. Land Lines Only]
Period End. April 30- 1934
-Month-1933
1934-4 Mos.-1933
Tel. & cable open rev.- $1,763.985 $1,662,282 $7.104,511 $6,454,142
Repairs
356,074
83,650
91,845
374,664
All other maintenance
228.265
840.296
945,231
206,744
Conducting operations._ 1,275,375 1,196,349 5,148,444 4,946,544
Gen. & miscell. expenses
91,991
244,026
56,912
297,750
Total tel. & cable operating expenses
1.687,476
1,543,655 6,766,089 6.386,939
Net tel. & cable oper.
revenues
$76,509
367,203
3118,627
$338,421
Uncollectible oper.rev_ _
20,500
70.000
20,000
74.250
Taxes assignable to oper.
41.667
182,000
166,667
45,500
Operating income.......
$97,505 def$184,797
314,343
$53,127
Non-operating income
2,291
10,767
2,972
6,344
Gross income
$16,634
$103,849 def$174,0j5
-.
$56.099
Deduc.from gross inc.._
221,894
866,491
871,349
216,129
Net deficit
$160,030
$205,260
$767,500 $1,040,526
-V.138. p. 3452.
Postal Telegraph & Cable Corp.(& Subs.).
-Earnings.
3 Mos End.Mar.31- 1934.
.
1933.
1932.
1931.
Earnings
$7,234,763 $6,230,668 $7,627,117 $8,864,166
Oper., gen. exp., taxes
and depreciation
6,705,057 6,309,696 7,199,284 8,509,653
Gen. int. and charges of
associated companies_
68,500
76,735
6,625
7,207
Int. on coil, trust 5s._ _.
637,917
611,070
633,378
617,057
Net loss
$176.710
$766,832
$285.490
$196,432
During the quarter ended March 31 1934 the special foreign exchange
reserve, which was set up in 1933 from the appreciation in the U. S. dollar
value of net current assets in foreign currencies, was increased from $281,566
to 3310,522.-V. 138. p. 3286.
Potomac Edison Co.(& Subs.).
-Income Statement.
r 3 Mos. End. Mar.31Total Income
Expenses & franchise tax
Month ofCoal mined
-V. 138, p. 3953,3451.
June 16 1934
Calendar YearsQperating revenue
Non-operating income
1932.
1933.
$4.876,759 $4,706 300
.
39,130
27,926
Gross earnings
Operating expenses
Maintenance
Taxes *
Reserved for renewals and retirements
$4,904,685 $4,745,430
1,826,965 1,866,366
467,181
417,874
353,179
430,297
265,189
430,810
Gross income
Interest on funded debt
Interest (other)
Amortization of discount and expense
Preferred dividends of subsidiary
Miscellaneous deductions •
$1,798,737 $1,793,514
824,619
824,620
18,551
10,016
62,535
58,801
13,068
13,068
26,391
26,005
Net income
* Provision for Fed.Income taxes incl. In above
-V.138, p. 2760.
$862,492
73,642
$852,083
Pullman Co.
-Earnings.
Period End. Apr. 30- 1934
-Month-1933. 1934-4 Mos.-1933.
Sleeping Car Operations
Berth revenue
$33,162,733 $2,271,837 $12.856,212 $9,551,791
Seat revenue
, 346,709
287,591
1,403,049 1,166,784
Charter ofcars
55,780
44,288
226,491
228,263
Miscellaneous revenue.,..
1,680
141
163
4,563
Car mileage revenue_
141,991
186,279
706,091
592,548
Contract revenue-Dr......
221.010 def89,956
135,891
749,362
Total revenues
$3,487,884 $2,880,094 314,335,274 $11,515,431
Maint. of cars
1,700,329 1,638,965 6,868.033 6,243,131
All other mainetance_
38,527
34,500
137,519
142,491
Conducting car opeens_ 1,457,637 1,289,496 5,698,046 5,234,985
General expenses
233,149
225.917
885,093
919,240
Total expenses
33,429,644 33,188,880 $13,627,811 $12,500,729
Net revenue
Auxiliary Operations
Totalrevenues
Total expenses
Net revenue
$58,239 def3308,785
114,385
109,765
60,936
68,606
34.620
$707,463 def$985,297
454,769
429,780
250,011
268,809
def$7,669
$24,988 defS18,798
$62,859 def$316,454
157,949
135,528
3732,452de1$1,004,095
584,107
590.669
Operating income_ _ def$95,089 def$451,983
-V. 138, p. 3958.
3141,782df$1,588.203
Total net revenue..
Taxes accrued
4137
Financial Chronicle
Volume 138
-Deposit Time Limit Extended
-r-Richfield Oil Co. of Calif.
-Petition Filed Public Utilities Consolidated Corp.
to June 23 Under Reorganization Plan-Sale Deferred.Taking advantage of the new Corporation Reorganization Actj tiftree
holders of promissory notes of the corporation have filed suit in the Fed ral
An extension of the period of time until June 23 within which deposits
Foshay
Court at Minneapolis to prevent liquidation of the concern, a 2608.
of bonds and claims may be made, under the plan of reorganizing the
since 1929.-V. 136. p.
company which has been in receivership
Richfield Oil and Pan American Petroleum companies on the basis of the
offer of Standard Oil Co. of California, has been announced by the re----Quaker City Cold Storage Cob-Trustees Appointed.
organization committee.
On June 8 1934 the Federal District Court for the Eastern District
The sale of the properties of the Richfield 011 Co. and the Pan American
Serrill
of Pennsylvania, on petition of the company, appointed Horace P.
Petroleum Co., cannot be held for at least 90 days, according to announceunder Section 77-B of the Federal
and W. E. Torrey temporary trustees
ment made June 11 by Federal Judge William James, who said additional
Bankruptcy Act. Notice is being sent to all creditors of the company.
features presented by counsel for interested parties regarding sale plans
them that a hearing will be held on July 2 1934 on the matter of
advising
necessitated postponement.
making such appointment permanent.
Asserting that mortgaged and unmortgaged assets of the concerns should
intervenor.
Holders of undeposited securities who wish to be represented at this
be determined before the sale,counsel for the Cities Service Co.,
"fair
or by proxy. Holders of deposited
hearing must be there either in person
said these findings were necessary before Cities Service could offer a
-V. 138, p. 3788.
securities will be represented by the reorganization committee and need
plan of internal reorganization."
no further action in the matter.
take
-Wins Suit.
Rustless Iron Corp. of America.
In due course the plan of reorganization will be presented to the Court
Asheville, N. C., has
for approval and consummation, pursuant to the provisions of Section 77-B
The Federal Court of Appeals, Fourth Circuit at a suit of the American
Court, Maryland,in
-V. 138, p. 3287.
of the Bankruptcy Act.
affirmed a decree of the District
Rustless
Stainless Steel Co. and the Electro Metallurgical Co. against the
-New Marine Radiogram Iron Corp. of America holding that the patents involved are invalid. The
Radio Corp. of America.
-V.137. p. 1778.
patents.
Rustless company was sued for infringement of
Service.•
A new marine radiogram service, by which persons aboard ship may send
-Earnings.
Rutland RR.
in the United States, utilizing
messages at economical rates to any point
1934-4 Mos.-1933.
Period End. Apri130- 1934--Month-1933.
the United States mail for delivery, was announced on June 13 by Charles
$999,470
$261,592 $1.072,424
Railway oper. revenues_ $271,451
J. Pannill, Executive Vice-President of the Radlomarine Corp. of America,
959.964
1,035,545
238.656
243,468
Railway oper. expenses_
an RCA subsidiary operating in the marine field.
Mr. Pannill recently returned from a meeting at Rome of the Comite
$79.364
$78,442
$19,384
818,395
Railway tax accruals_
arrangements were worked out
International Radio-Maritime at which
178
18
83
Uncollect.rwy. revenues
with principal marine operating companies of other countries, making the
43.903
13,394
11,268
1.641
Equip.& joint fac.rentsx
new service available on foreign as well as American ships. The service.
and is indicated by the
which bears the name "Sea Letter Telegram"
$3,866
314,736 def$28,187
$11,228
Net ry. oper. incomeletters "SLT," will go into effect immediately.
25,490
21,146
6,339
5,267
Miscell. & non-oper.inc.
On American ships, the Sea Letter Telegram rate will be $2.50 for 25
ships, the equivawords and 10 cents for each word additional. On foreign
$29,356
def$7,040
$21.075
$16,495
Gross income
-word minimum and 30 gold
lent cost will be 7.5 gold francs for the 25
142.551
141,721
35,436
35,191
Deducts.from gross inc.
centimes for each word more. The 17 marine shore stations of Radiomarine
Corp. of America located on the Atlantic, Pacific, Guld an Gr t Lak
8113,194
$148,762
$14,361
818,696
Net deficit
P. 3958.
will be available for this service.
-V.138.
44 -G
(f 4. 4
-V. 138. p. 3788.
x Credit balance.
Randall Co.
-Extra Div. of 50 Cents on Crass A StocTi.
Joseph & Grand Island Ry.-lst Pref. Divi end e
An extra dividend of 50 cents per share has been declared on the $2cl.
The directors on June 14 declared a dividend of $5 per share on
artic class A stock no par value payable June 28 to holders of record
5% non-corn. 1st pref. stock. par $100, for the year 1934, payable June 30
June 25. The last regular quarterly payment of 50 cents per share was
to holders of record June 29. A similar distribution was made on Dec. 28
made on the class A stock on May 1.
last, which was the first dividend paid on this issue since 1902.-V. 138.
stock.
A dividend of 50 cents per share has been declared on the class BMay 1
p. 3789.
no par value, payable June 28 to holders of record June 23. Onp.2939.
-V.138,
last,a distribution of $1 per share was made on this issue.
St. Louis-San Francisco Ry.-Abandonment.The I.
-S. C. Commission on June 5 issued a certificate permitting the
-Extra Distribution.
"•----Reece Button-Hole Machine Co.been declared on the capital company and its trustees to abandon the sorcalled Bono branch. extending
-Memphis line at Bono Branch
from a connection with its Kansas City
cents per share has
An extra dividend of 10
of 20 cents per
Junction southerly to Algoa, approximately 35.6 miles, all in Craighead.
stock, par $10, in addition to the regular quarterly dividend extra distribuAn
Poinsett and Jackson counties, Ark.
share, both payable July 2 to holders of record June 15. -V.137, p. 4541.
The Commission on June 2 issued a certificate permitting the company
tion of 10 cents per share was also paid on Dec. 27 last.
and its trustees to abandon a branch line of railroad extending from Goitre.
-Earnings.
Subs.).
to Sligo,5.4 miles, all in Crawford and Dent counties, Mo.
Remington Rand Inc.(&
1931.
1932.
1933.
Years Ended Mar. 31.- 1934.
$47.398,576
Net sales_ _ _ _--__ 827,912,501 $22,483.607 $32,247,071
,T19
I
5,23
4
profit after all chg-s.. 1,264,940 -2,581,030 -1,7
Net
-V. 138. P. 1580.
-Initial DividendrRepublic Investors Fund, Inc.
n the
The directors have declared an initial dividend of I cent a share
20.
common stock, par 25 cents. payable July 1 to holders of record June old
These shares were issued on March 17 1933 in exchange for the
eol
of $5 par value on the basis of 20 new shz=h
common shares
share.
-V. 135, p. 3869.
-25-cent Dividen
Dry Goods Co., St. Louis.
A dividend of 25 cents per share has been declared on the co
stock, no par value, payable Aug. 1 to holders ofrecord July 15. On Jan.15
paylast, the company distributed 75 cents per share, which was the firstcents
ment made on the common stock since the quarterly dividend of 37M
per share paid on Nov. 1 1930.-V. 138. p. 515, 161.
-No Div. Action.
Rossia Insurance Co. of America.
in
was
taken
At a meeting of the directors held on June 8. no action
respect to a dividend on the capital stock, par $5. Thenext meeting of the
board is scheduled to be held early in September.
On April 1 last, the company paid a dividend of 20 cents per share, which
was the first disbursement on the stock since Oct. I 1931. (see V. 138.
p. 2097).-V. 138, p. 3788.
-Earnings.
Royal Dutch Co.
Earnings for Calendar Years (In Florins).
1930.
1931.
1932.
1933.
Income
35,343.085 35,139.620 32,331,059 92.069,548
1.233,133
302,657
247,247
1
taxes, &c__
Expenses,
Service of 4% dollar de1.000,000
benture loan
1,262,3121 1.000.000
3,111,754
1,583,051
Difference in exchange_
599.835
26,880
Contractual obligations_
Int. on dollar deb. loan.) 2,934,632( 3,978,750
Profit
30,546,306 28,303,692 27,916,648 90,836.415
60,000
60,000
60,000
Divs. on pf. shs.(4%) 60,000
762.612
Priority shares (4 %)
Ordinary shares(
- 30.217,440 30,217,440 30.217,440 30,217,440
Surplus
268,866 defl.973,748 d ef2.360,792 59,796,363
Avail, for ordinary div.:
55,610.617
93% of above surplus..
6% on ord. as above
30,217.440 30,217,440 30.217,440 30.217,440
4,613,145 2,219.313
Brought forward
2,252.353
278,605
2.181.855
Commissaires' propor'n_
Total
Amt. of ordinary div
Rate per cent
Carried forward
30,764.911 30.496.045 32.469.793 90,229,225
30,217,440 30,217,440 30,217.440 85.616.080
(17%)
(6%)
(6%)
(6%)
547,471
278,605
2.252,353
Balance Sheet as at Dec. 31 (In Florins).
1932.
1933.
Assets494,876,000 491.876.000
Unissued share capital
holdings, less reserve_ _ _ _ 393,696,337 312,094,100
Share
407.861
96,417
Cash
2,489.375
Short-term deposits
18,944,501
91,351.856
Securities
193,426.538 347.589.325
Claims on undertakings
4,107
605,284
Debtors
24,230,008
27,379,385
Debtors for dividends
4.613,145
1931.
494,876,000
312,094.100
240.478
26,728,447
301,422
344,646,091
58.157
23,146,037
-Salary of $18,000 Fixed.
New Counsel
J. W.Jamison has been appointed general counsel for trustees by Federal
Judge Faris, succeeding E. T. Miller who has resigned.
-S. C. Commission has fixed the maximum compensation to be
The I.
-V.138, p. 3960.
paid to Mr. Jamison at $18,000 annually.
-Earnings.St. Louis-Southwestern Ry. Lines.
PeriodGross earnings
-V. 138, p. 3960.
-First Week of June- -Jan.1 to June71933.
1934.
1933.
1934.
8266,007 $6,230,938 $5,185,060
8309,300
-Larger Distribution.
Sayers & Scoville Co.
A quarterly dividend of $1.50 per share has been declared on the common
stock, par $100. payable July 2 to holders of record June 20. This compares with $1 per share paid each quarter from April 1 1933 to and incl.
April 2 1934.-V. 136, p. 2085.
-Larger Number of Stores in Operation.
Schiff Co.
At the end of May the company operated 215 units against 195 at the
end of May 1933.-V. 138, p. 3960.
-Earnings.
Seton Leather Co.
Calendar Years
Gross profit
Loss from hide depreciation
Administrative, selling and other expenses
Depreciation on building and equipment
Deductions from income
Miscellaneous income
Reserve for Federal income tax
Net profit
1933.
$149,249
82,395
6,936
15,776
Cr11,924
8,986
1932.
$79.654
84,480
100.406
6.724
9.679
Cr6,696
847,079loss$114.939
Balance Sheet Dec. 31.
1932.
1933.
1932.
1933.
Assets$60,957 $175,124 Accounts payable____ $27,150 514.829
Cash
Accounts receivable- 87,351 55,545 Advances against merchandise on consign. 2,284 12,992
Cash surrender value
37,020 42,476 Reserve for loss on for.
of life ins. policies
794
464,598 314,417 exchange contracts_
Merchandise inventory
8,986
Res. for Fed,inc. tax_
Loans to officers, em490.000 494,000
13,205 21,706 y Common stock
ployees & others
590
2,730
11,822 14,146 Capital surplus
Sundry investments
302.884 257.715
159,080 157.506 Surplus
x Capital assets
$834,034 $780,920
Total
$834,034 5780,920
Total
x After reserve for depreciation of $193,781 in 1933 and $186,845 In 1932.
y Represented by 98,000 shares of no par value in 1933 and 98,800 in 1932.
-V. 138, p. 699.
-Tax Ruling.
Shanghai Telephone Co.
The Commissioner of Internal Revenue has agreed that interest on bonds
and dividends on stock of this company are to be regarded for tax purposes
as income from sources without the United States during the year 1934.
Such income, when received by a non-resident alien, is not subject to
United States income tax during the year 1934.
The following is taken from a letter received by the company from the
Commissioner's office under date of May 19 1934:
"By the statement in your letter as to your sources of income for 1933
and by statements in your letter dated May 10 1933 concerning your income
for the years 1931 and 1932, it has been shown to the satisfaction of the
Commissioner that less than 20% of your gross income has been derived
from sources within the United States for the years 1931, 1932 and 1933.
Consequently the interest on your bonds and the dividends on your stock
paid during the year 1934 to non-resident alien individuals is exempt from
the
Federal income tax under Section 119 (a) (1) (b) and (a) (2) (a) of any
Revenue Act of 1934. Therefore, you are not required to withhold
tax from the interest on your bonds paid during 1934 to non-resident all
nclividuals."-V. 136, p. 4268.
1,201,431.817 1,200,635.278 1.202.090,732
Total
Liabilities
998,500.000 998.500.000 998,500,
capital
Share
-$1 Preferred Dividend.
1,500,23=1.--- Silverwood's Dairies, Ltd.
1,500,000
1,500,000
Preference shares
The directors have declared a dividend of $1 per share on the 7% cum.
117,520
266,448
67,184
to
Priority shares
Pref. stock, par $100, payable in Canadian funds on July 3 taxholders
100,000,000 100,000.000 100,000,000
of 5%
4% debenture loan
of record June 18. In the case of non-residents of Canada. a
103,599
11,649
7,905
5% debenture loan
will be deducted.
937,183
881.605
313,614
/Merest, new account
A distribution of $1 per share was also made in each of the five pre1,540.801
1,814,988
1.824,3185
Unclaimed dividends
ceding quarters, prior to which regular quarterly dividends of $1.75 per
5,094
11,178
1
Unclaimed diva, on priority stis.f
-V. 138, p. 1930.
share were paid.
61,551
156,550
27,873
Due to creditors
2,252,353
4.613,145
278.605
Undiatributed dividends
-May Sales.
Simmons Co.
67,366,011
66.366,011
68,366,012
1934-5 Mos.-1933.
Reserve
-Month-1933.
Period End. May 31- 1934
28,303,692
27.916.648
30,546,306
Profit balance
Sales (excluding subs.)-- $1,889,155 $1,934,520 $7,065,344 35,569,896
2,537,319 10,352,512 7.750,068
Sales (including subs.)
- 2,544,915
1,201,431,817 1,200,635.278 1.202,090.732
Total
-V. 138, p. 3289, 2427.
138, p. 3452.
4138
Financial Chronicle
(W. A.) Sheaffer Pen Co.
-Earnings.
Earnings for Year Ended Feb. 28 1934.
Operating profit
Depreciation
Interest paid
Federalincome tax-Estimated
Net profit
Earned surplus balance March 1 1933
$284,161
30.588
14,758
3.300
$235,516
1,092.163
Total
$1,327,679
Cash dividends on preferred stock
5,342
Excess of cost over capital value of common stock acquired
for treasury
2,800
Provisions for loss on stock subscription notes
100,000
Earned surplus balance Feb. 28 1934
$1,219,537
Comparative Balance Sheet Feb. 28.
Assets
1934.
Liabilities1933.
1934.
1933.
Cash
$277,014 $152,292 Notes pay, to bks.
U. S. Govt. bond_
998 for money bor'd_
$395,000
Notes & accts. rec. 571,839
628,670 Accounts payable_ $72,968
53,923
Mdse. inventories_ 482,932
496,003 Accr. taxes & ins__
14,699
11,117
Other assets
825,038 1,050,735 Mdse. credits pay.
x Land, bldgs.,maIn merchandise_
9,200
chin'y & equip_
265,626
307,828 Provision for Fed'l
Patents, tr.-mks.
Income tax
16,800
13,500
and good-will_ _ _
1
1 Divs, declared on
Deferred charges__
34,429
preferred stock_
70,327
16,026
Res've for "Lifetime" products
guarantee
50.000
50.000
Preferred stook
267,200
267,200
y Common stock
806,475
807,925
Earned surplus... 1,219,537 1,092,163
Total
$2,456,879 $2,706.854 Total
$2,456,879 $2,706,854
x After depreciation allowance of $392,167 1934 and $375,066 in 1933.
y Represented by 165,000 no par shares. in138, p. 516.
-V.
" -Singer (Sewing Machine) Mfg. Co.
---Extra Distribution.
An extra dividend of 2%% has been declared in addition to the usual
quarterly dividend of 1%% on the outstanding $90,000,000 common stock,
par $100, both payable June 30 to holders of record June 9. An extra
distribution of 1% was paid on March 31 last.
-V. 138. p. 1930.
(L. C.) Smith 8c Corona Typewriters, Inc.
(& Subs.).
-
Calendar YearsNet earns, from oper___
Depreciation
Federal income tax
Other income
Other deductions
Applic. to minor, stockholders of sub. co_
1933.
1932.
1931.
$72,694 loss$478,551 loss$701,522
208,427
229,253
225,149
Cr20,341
Cr36,103
176,787
382.169
1930.
$273,956
202,761
32,000
Cr23,168
Net income for year._1oss$292,178loss$1030703 loss$926,672
$39,195
Previous balance
def1.505,534 def569,807
395,795 1,151,693
Miscellaneous credits_ - _
96,961
250,995
Deficit
$1,700.751 $1,349,515
$530,877sr$1,190,888
Creferred stock
38,500
154,000
Pommon stock
322.802
Adjustments
38,185
156,019
430
318,291
Deficit
$1,738,936 311,505.534
3569,807 surS395,795
Consolidated Balance Sheet Dec. 31.
Assets1933.
1932.
Liabilities1933.
1932.
Cash
$177,200 $337,446 Notes payable...._ $435,770 $335,000
Value of life insur.
17,796
24,211 Accts. pay.
Accts. Sr notes rec. 1,386,970 1,020,994 expenses & arm 348,863
245,121
Inventories
1,810,639 1,901,216 Contractual oblige.
33,145
Non-current reedy.
Res.for redo! Cor.
& investments
198,737
238,310 Typew.Co.pf.stk
100
Collec. on assigned
Res. for liab. on
accts, held for
coupon books
112,800
114,203
transmittal
51,840
Res. for for'n exch.
83,536
Other accts. rec..
2,308
Serial bonds
7,000
7,500
Cash in closed
Funded debt
1,084,600 1,168,300
banks,&c
15,216
Mtges. payable__
4,021
4,239
Prepaid exp. & deDeferred income_
1,721
ferred charges... 242,470
302,370 Minority Interest.,
7,904
y Plants & equip't_ 2,065,395 2,285,685 Preferred stock
2,200,000 2,200,000
Good-will, patents,
x Common stock 4,143,025 4,143,025
&c
3,816,838 3,817,445 Capital surplus_ _ _ 2,751,216 2,764,644
Cash with sinking
Surp. from reval.of
fund trustee_ _ _ _
627
plants & equip
356
354,043
408,767
Deficit
1,738,936 1,505,534
Total
S9.786,038 $9,928,035 Total
$9,786,038 $9,928,035
x Represented by 161,401 shares of no par value. y After reserves for
depreciation of$3,099,641 in 1933 and $2,850,394in 1932.-V.138. p.3105.
Smith-Kasson Co., Cincinnati.
-Sale of Assets.
-
Common Pleas Court Judge Stanley Struble on June 12 accepted a bid
from Hahn Department Stores, Inc.. of $331,000 for the assets of the
Smith-Kasson Co. and ordered the sale made at that figure. A 10
-year
lease on the present buildings of the Smith-Kasson Co. was also arranged.
'
For the first five years the annual rental was estimated at $65,000 and for
the next five 370,000.-V. 135, P• 1838.
Southern Canada Power Co., Ltd.
-Earnings.
Period Ended May31- 1934
-Month--1933. 1934-8 Mos.-1933.
Gross earnings
3179.978
8167.279 81,469,207 $1,428,687
Operating expenses
64,674
61,012
521,205
501,253
Net earnings
$115.304
$106,267
$948,002
$927,434
-V. 138. p. 3454.
Southern Ry. System.
-Earnings.-First Week of June- -Jan.1. to June7Period1934.
1933.
1934.
1933.
Grossearnings(est.)--- - $1,888,450 81.975,594 $45,814,896 $ 0,264,39
-V. 138, p. 3960.
Southwestern Light & Power Co.
-50
-cent ref . ivA •
4V
--
The directors have declared a dividend of 50 cents per share on thei$6
cum. pref. stock, no par value, payable July 2 to holders of record June 15.
Similar distributions were made on this issue on Jan. 2 and April 2 last and
on Oct. 2 1933. compared with 75 cents per share on July 1 1933 and $1.50
per share in preceding quarters.
-V.138,,4$. 3455.
Standard Oil Co. of N. J. Argentine Ruling-AttroneyGeneral w...1 .. Right to Absor Associated or Competitive
Deies
,
Companies.
s
ork "Times" in a special cable from Buenos 'Aires, June 8.
The Ne
said:
"Tne Attorney-General nas issued a ruling denying the right of the
Standard 011 Co. to buy up and otherwise absorb subsidiary, associated or
competitive companies on the ground that such action is contrary to the
public interest.
"The ruling is the outgrowth of the National Government's refusal
in June of last year to permit the Standard Oil Co. of Argentina to increase
its capitalfrom 50,000.000 to 200,000,000 pesos,expand operations and take
in several subsidiaries and associates.
"Subsequently the Challaco Petroleum Co. petitioned the
ment to cancel its license on the ground that it had sold out toGovernthe La
Republic Petroleum Co.for 11.000,000 pesos.
"The Government's investigation showed that the purchase price was
part of 14,000,000 pesos tnat Standard had advanced to La Republic, and
June 16 1934
the Ministry of Justice refused the Challaco company's petition on the
ground that its sale violated a Government decree prohibiting an increase
of capital and absorption of other companies.
pal
"The Attorney-General ruled that the Government could not refuse to
cancel a license if requested to do so, but that the company's assets must
be liquidated as provided by the law for the dissolution of corporations and
in such a manner as not to violate the Government's ruling against purchase
by the Standard Oil.
"The Government's decree prohibiting amalgamations said they appeared
to be intended to get around the sales tax law by eleminating sales operations among the associated companies."
-V. 138, p. 3962.
Square D Co.(& Subs.).-Earning8.Years EndedDec. 31 '33. Dec. 31 '32. Dec. 26 '31. cDec.27'30.
Prof. from oper. after
deduct, cost of goods
sold. deprec..selling
& admin. expenses..... $135.418 loss$138,230
$189,692
8149.192
Other income
41,968
78,242
31,206
41,539
Total income
8177,386 loss$59,988
$220,899
$190,731
Interest
67.194
81.417
71,482
81,556
Amort.ofdebt disc.& exp
7,735
6.598
Federal & State inc. tax_
20.970
18,690
Prov. for loss on deposit
closed trust company
18,715
Profit applic. to stock of
subsid. held by public_ hms1,550
17,205
loss6,984
5,445
Combined net profit__
$93,026 loss$124,487
$93,572
878,443
Net prof. of subs, prior
to date ofacq.in 1930.
after prov. for minor.
interest therein
39,288
Net profit of co. and
all subs., not incl.
profit of subs. prior
to date of acquis_ -893.026 loss$124.487
$54,285
$78.443
Previous surplus
489,103
675,853
318,481
415,302
Adj.appl.to prior periodsOver-prov.for Federal
& State inc. taxes
21,788
Less valuation adjusts.&
sundry debits
Lir18,137
Additional credits
18,587 al.048,577
Total surplus
8733,788
8493.745
8600,716 $1,242,571
Divs, paid in cash:
On class A stock
212.398
138.556
On class B stock
104,759
Stock dividend of 1,329
shares of class B stock.
1,329
Good-will charged off__
36,708
2,194
Sundry charges
b751,275
$415,302
Consolidated surplus_ $600,716
$318,481
$489,103
a As follows: Reduction in stated value of 100,728 shs. 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 now securities
received in reorganization at the approx. book value thereof, $39,849;
adj. for cum, pref. stock dive. of Diamond Electrical Mfg. Co., Ltd..
$869: adj. for sale of capital stock of Square D Co. of Texas to Diamond
Electrical Mfg. Co., Ltd., 8578. b As follows: Carrying value of assets
written down, $521.274; provision for contingencies, $200,000; provision
for special inventory adjustments. $30,000.
c 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. 31.
Assets1933.
1932.
Liabilities1932.
1933.
Cash & ctfs, of dep $333,280 $407,482 Accts. pay., payMarketable secs_
15,000
$35,199
25,090 rolls, &c
$53,577
a Notes & accts.rec 228,250
181,851 Accr. Int., taxes,
Inventories
717,564
685,232 insurance, &c._
34,288
37,849
Other assets
277,873
144,472 Accts. PSI.
(secur.)
9,750
b Land, bldgs., maEst. State & Fed.
chin'y & equip 1,444,001 1,589,986 income taxes....
6,405
958
Real est. not used
Mortgage Payable
In operations..
58,230
(current)
42,500
35,000
Good-will
1
1 Funded debt
1,040,000 1,100,000
Patents
1
1 Res. for coining__ 192,659
205,500
Deferred charges
31,754
40,375 Minority interest.
72,799
71,250
c Cl. A pref.stock_ 1,002,280 1,007,280
d Cl. B.cam.stock
71,684
71,664
Capital surplus_ __ 300,009
287,309
Earned surplus_ _ _ 300,708
201,794
Total
S3,105,954 $3,074,489 Total
83,105,954 $3,074,489
a After deducting reserve for doubtful accounts of 842,422
1933 and
$47.992 in 1932. b After deducting reserve for depreciation in $940,423
of
in 1933 and $843,595 in 1932. c 100,728 $2.20 class A pref. at stated
value. d 71,664 shares at stated value -V. 138, p. 3961.
Starrett Corp. (8c Subs.).
-Earnings.
-Calendar Years1933.
1,1932.
1931.
a1930.
Operating revenue
31,822,508 $2,282,652 $5,286,310 $4.806,853
Oper. exp. (incl. real
estate taxes & deprec.) 1,556,635
1,715,625 3,539.862 1,447,018
Other deduct.(incl. bond
& mtge. int., amort.,
Fed.& State tax., &c.) c372.709
c412,594
1,177,561
c429,783
Netinc.for the year.Joss$106,836
$154,432 $1,316,665 $2,182,275
Earned surplus Dec. 31_
687.490 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 purch
184,949
136,303
Miscellaneous credits__
66,514
Red. in book value of
common stock
9,221,400
Adj. of disct. on bonds
written off in prior yrs.
25,356
Restoration to surp. of
res. & accruals set up
in prior years
44,745
Gross surplus
Dividends paid
Res. prov. for conting_
Prior year adjustment_
Res.for doubtful accts.
Arnett.of disct.on pf. stk
Good-will
Red.in book val. of land
of Wall & Hanover St.
Realty Co
Interest-subsidiary cos.
written off
Other investments writ.
off (net)
Other charges
Adj.of book val. of N.Y.
City corp.stk. to mkt.
$835,704 $12,646,033 $3,483,107 $3,198,442
535,993
761: 0
3550236 1,032,000
0
80,053
83,350
1,019,667
1,700.370
......
1,369,936
------
6,906,693
-----------
262,480
25,449
10,794
-----Earned surp. Dee.31- $824.910
$687,489 32.341,422 $2,166,442
Earns. per sh.on 380.050
shares common stock_
Nil
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.
Financial Chronicle
Volume 138
Note.
-The gross revenue for 1932 includes interest on 40 Wall Street
Corp. gen. mtge. 6% sinking fund gold bonds amounting to $385,372.
Cash necessary for the payment thereof was partially advanced by Starrett
Corp. The deficit of 40 Wall Street Corp. for 1932 amounted to $636.449,
of which Starrett Corp.'s participation amounted to $421,648.
Consolidated Balance Sheet Dec. 31.
1932.
1933.
1933.
1932.
Assets
Liabilities
Cash
68,419
552,404
649,995
255,251 Notes payable_......
Life, Insur. policies
58,111 Bee. by.5% notes.. 108,554
N. Y. C.cap. stks_
105,521
94,631
89,175
Accountspayable_
Notes receivable_ _1 74,000J
303,958
17,199 Accr. taxertint.,drc 287,170
Accts. receivable__
160,000
132,150 Notes pay., long-t. 165,000
Accr. int. reedy__
29,035
61,380
77,865 Detrental suspense
Invest. securities_d5,149,234 11,441,971 Real estate mtges_ 5,946,975 5,973,925
40 Wall St. Corp_
1,016,334 5% sec. gold bonds 7,150,000 8,150,000
RI. Est.BIdgs.,&c_ 14,492,235 14,891,558 Deferred credits.. 163,748
1,499
Good-will
5,000,000 Res. for accident
Inv. in & adv. to
683,195
ins., div. & con_ a21,487
other subside... e400.000
2,600,000
6% pf.stk.($10 Par)
Notes & accts. rec.
14,600,000
6% pf.stk.($50 par)
suspense
103,065
29,035 Common stock_ _ c380,050 b380,050
Deferred and pre600. cum. pf. stk.. 520.000
paid charges_ 1.060,064 1,307,602 $3 cum. pf. stock_ 2,920,000
Capital surplus... 3,428,203
687,490
Earned surplus_ __ 824.910
Total
22,079,149 34,227,076
22,079,149 34,227,076
Total
a Reserve for accident claims only. b Represented by 380,050 shares
(no par). c Par value $1. d The investment in and advances to 40 Wall
Street Corp. represent all of its gen. mtge. bonds and preferred capital
stock, 795 out of 1.200 shares of common capital stock, an interest-bearing
demand note receivable of $1,100,000,and an account receivable of $71.333.
A reserve has been created from capital surplus for the full amount of
the investment in the preferred and common capital stock, and for the
note receivable, but no provision has been made for the account receivable,
which is not considered collectible at this time. The deficit of 40 Wall
Street Corp. at Dec. 31 1933 is $1.287,573. a The subsidiaries not consolidated have deficits at Dec. 31 1933 as follows: Inland Investments.
Ltd.(Canada),$13,015:400 Madison Avenue Corp..$601,087; Fifth Avenue
& 29th Street Corp., $456,771.
Notes.
-597.200 (612,200 in 1932) shares of common stock are reserved
for delivery upon the exercise of stock purchase privileges.
The accumulated unpaid dividends on Starrett Corp. preferred capital
stocks amounted to $2.335,000 at Dec. 311933.
There are contingent liabilities at Dec. 31 1933 as follows: Endorser of
a joint interest
-bearing note for $12.000.000 of Thomas Emery's Sons
and Starrett Ohio Corp.in favor of the Northwestern Mutual Life Insurance
Co., which note has collateral pledged thereto consisting of a first mortgage
on the Carew Tower Bldg. property located in Cincinnati, Ohio. Bond
for $2.300.000 in favor of the United States Government for completion
of the Philadelphia Post Office Building. To repurchase, on cr before
March 18 1937, 208 units of the capital stock of Newark & Essex Building
Corp.for $25,000 plus unpaid dividends. Seneca Realty Co.is co-defendant
in litigation involving a claim for 875,000.-V. 137, p. 2475.
Stanley Works (Conn.).
-Earnings.
-Calendar Years1932.
1933.
Net earnings after Fed'I
taxes
$1.333,662 def5241,674
Depreciation
691,234
628,911
Reserve for deprec. of
foreign exchange
Net profit
Preferred divir'ends-_ - _
Common dividends
1159,324,305 1,164,170,530 1,181,919.599 1,166,009.083
$357,504
762,039
$856,s83--Standard Gas & Electric Co.
-Preferred Dividends.
775,744
172,831
$81,144
210,000
1,300.000
$15,926dill,679.351 df$1,757,427df$1.428,856
Balance Sheet Dec. 31.
1932.
1933.
1933.
1932.
Liabilities
$
186,015
3,081,857 4,273,309 Accounts payable_ 419,569
19,791
4,424
Def. credits to Inc_
130,000
1,708,056 1,260,454 Dividends payable 121,294
5,425,487 4,036,240 Taxes, coating. &
715.093
miseell. reserves 813,308
1,147,606 1,146,640
Minority int. in
30,918
107,719
9,360.874 9,752,116
affiliated cosPreferred stock__ 3,392,125 3.394,425
1
1 Common stock_ _12,131,500 12,133,300
3,924,372 3,905,650
113,627
123,231 Surplus
Total
Total
-V. 138, p. 2086.
1930.
$704,750 def$932,908 def$577.366
205,061
2C3,759
203,564
975.000
542.684
485,260
Total
20,837,509 20,591,332
Y. 137. P. 329.
Total
1,159,324,305 1,164,170,530 1,181,919,599 1,166,009,083
Liabilities
Fund. dt. of subs. dr affll.
cos. held by public
480,536,254 485,440,034 491,856.114 483,913,395
8,473,622
Notes payable
6,584,542
8,643,864
.8,370,300
Divs. pay. dr accrued_ __ _
6,340,622
6,427.796
2,909.068
5,127,259
6,715,351
5,008,146
Accounts payable
3,804,443
3,808,371
11,652,458
11,818,761
Accrued taxes
11,832,041
12,309,363
Accrued Interest
7,044,946
7,239,657
6,576.974
7,206,661
460,592
Other accruals
303,034
298,490
375,353
397,062
Municipal assessments...
326,248
179,703
246,306
Customers'deposits, drc
2,615,328
2,459,578
2,522.247
2,362,757
Cust's' adv. for construe_
852,833
958,982
Other deferred liabilities_
520,915
515,062
Miscell. unadiust. credits
2,378,934
554,543
451,721
1,942,937
Retire. (deprec.) dr deple_ 98,169,407
86,535,350
89,071,119
87.735,634
Other reserves
13,678,408
14,371.534
13,227,889
13,676,841
Stand. Pr. & Lt. Corp.,
preferred stock
15,576,909
15,576,909
1,396,700
15,576,914
Sub. & affil. cos.' pref.
stock held by public
317,847,365 307,784.626 314.057,217 303,671,452
Stand. Pow. & Lt. Corp.
common stock
68,236,667
68,236,667
1,760,000
68,236,667
Sub.& attn. cos.'common
stock held by Public
67,470,953 102,673,248 103,135,201 105,010,385
Surp. inv. by Phila. Co
1,428,300
Minority capital surplus_ 33,787,958
507,4781
Consol. capital surplus
42,995,083
68,497,170
829,687} 45,484,936
Minority earned surplus_ 25,694,370
25,888,1681
Consol. earned surplus
10,039,422
13,194,0271
1931.
Balance, surplus
AssetsCash
Notes & accounts
receivable
Inventories
Investments
Plant and other
property
Pats., trade-marks
and licenses_ _ _
.
Deferred charges
4139
dated basis. d Plus $100,000 amortization ot extraordinary operating expenses
deferred in 1931. e Not including Deep Rock Oil Corp. and the Beaver Valley
Traction Co. (both in receivership) on a consolidated basis.
Condensed Consolidated Balance Sheet Dec. 31.
1930.
1932.
1931.
1933.
Assets$
$
$
$
Plant, property, rights,
franchises, &c
1 018,929,056 1,024,252,754 1.066,912,300 1,049,718,661
Invest. in & adv. to Deep
Rock Oil Corp
34,149,623
34,058,373
Invest. in Beaver Valley
Traction Co
1,205,900
Invest. in other cos., asso24,999,037
20,624,987
ciations, &c
17,632,529
22,288,306
1,659,595
Sink. funds & other deps_
516,431
643,761
418,480
Cash
23,608,407
20,105,632
18,257,471
24,898,742
Cash on depos. for bond dr
1,457,115
note interest, &a
1,398,370
1,459,952
1,278.131
Accts. & notes receivable
19,524,241
(less reserve)
17,576,401
13,826,743
13.917,689
13,601.977
14,506,971
Inventories
10,321,183
9,696,583
Other assets
762,548
418,586
1,318,612
Prep'd accts. St unexp.1ns.
1,223,494
911,932
862,095
2,527,574
3,510,186
nerd expenses & charges_
3,005,966
4,567,487
34,717,632
30,080,308
32,779,133
Unamort. dt. dis. dr exp
31,292,560
20.837.50 20, 1,992
The directors on June 12 declared a dividend of 45 cents per share on the
$6 cum. prior preference stock and 52% cents per share on the $7 cum.
prior preference stock, no par value, both payable July 25 to holders of
record. June 30. Like amounts were paid on the respective issues on Jan.25
and April 25 last. Previously, the company paid regular quarterly dividends of $1.50 per share on the $6 prior preference and $1.75 Per share on
the $7 prior preference stock.
-V.138. p. 3291.
Staten Island Edison Corp.
-Earnings.
12 Months Ended March 311933.
1934.
Electric revenue
$3,658,693 $3,815,950
1,400,272
Operating expenses
1,396,985
269,112
Maintenance
236,967
Provision for retirements
-renewals & replacements
430,126
307,606
Taxes (including provision for Federal inc. tax)._
459.746
378,205
Operating income
Other income
$1,134,868 $1,460,754
321,826
271,157
Gross income
$1,406,025 $1,782,580
Int. on Richmond Light & RR. bonds
40.000
40,065
Int. on short term bonds & notes, &c. and
amortiz. of debt disct. & exp. applic. thereto_ _ _
645,107
390,169
Balance
i.
$975,855 $1,097,408
Standard Power & Light Corp.
-:-Preferred Dividemig- '-V.138,P.3107.
e
The directors on June 12 declared a dividend of 52% cents per shar
n
Stutz Motor Car Co. of America, Inc.
-Earnings.
-
the $7 cum. pref. stock, no par value, payable Aug. 1 to holders of r
rd
July 14. A similar payment was made on this issue on Feb. 1 and May I
last, prior to which regular quarterly distributions of $1.75 per share were
made.
Consolidated Income Account for Calendar Years.
c1932.
1931.
1930.
e1933.
$
$
$
$
Gross earnings
124,082,525 131,705,854 159,070,293 172,460,872
Oper. exps., maint. and taxes_ 65,553,537 d68,369,941 b85,038,831 96,349,774
Net earnings
Other income (net)
58,528,988 63,335,913 74,031,462 76,111,098
3,672,142 5.322,155
2,449,772 4,013,250
Gross income
Int. (leas int. chgd. to construc.)_
Approp. for amort. of debt discount and expense
Rent of leased properties
Miscellaneous charges
Approp. for retirement of property and depletion
Prof. dive, of subs.& minor. Int
60,978,760 67,340,163 77,703,604 81,433,253
25,604,152 25,195,992 25,323,981 24,003.838
Net income applic. to stocks of
Stand. Power & Light Corp_
Divs. paid accr. on pref. stocks
of Stand. Power & Lt. Corp.-
aI,507,661 a1,472,429 a1,324,881
1,721,011
1,820,521
1,727,060
267,815
235,967
231,510
938.877
2.287,651
546,985
14,671,528 14,491,031 14,728,581 15,869,804
16,602,306 22,340,562 28.368,466 29,489,665
634,544
1,860,323
5,901,207
8,296,433
824,434
1,176,000
1,176,000
1,269,333
Bal. of net inc. applic. to corn.
stock and corn. stock B of
Stand. Power & Light Corp. def189.890
684,323 4,725,207
Consolidated surplus Jan. 1
13.194,027 15.885,358 14,963,375
Refund of Fed, income tax dr 0th.
surplus adjustment (net)
7,027,100
13,305,964
410,310
13,004,137 16,569.680 19.688,582 20,743,375
Total
2.464,000
3,520,000
3,520,000
Cash divs. on COM.& set. B stks_
413,991
Net loss on securs, sold in 1932_ _
Amt. transf. to cap. sum. in connection with reclassification of
678,539
surplus underlying cos
3,144,376
Subs. & affil. cos.' charges_ _ _ _
Cr179,663 Cr180,876
283.224
Sundry adjustment (net)
Div. on old corn. stk. of corp. pd.
2,260,000
in corn. stk. of St. G.& E. Co_
Consolidated surplus Dec. 31._ 10.039,422 13,194,027 15,885,358 14,963,375
Earns, per sh. on 1,760.000 ohs.
Nil
$0.38
32.68
$3.99
common stock (no par)
a The appropriation for amortization of debt discount and expense is exclusive of
any portion of discount and expense heretofore charged by certain subsidiary companies to capital surplus. b Less $308,412 contingent reserve withdrawal, and
$300,000 extraordinary operating expenses to be amortized, approved by regulatory
commission. c Not including Deep Rock 011 Corp. (in receivership) on a conson-
Years End. Oct. 31
Net sales
Cost and depreciation..
adm.& gen. exp_
1933.
$186,942
381,546
98.930
1930.
1932.
1931.
$569,628 $1.340,558 51.750.481
2,158,267
647,138
1,266,492
267,451
178,014
109.329
Net loss
Other deduces (net)_ _ _
Net loss fr. branch oper_
$293,534
94,220
70.070
$186.838
18.581
109,770
$103,948
23,738
168,585
$675.237
202,118
284,311
Net loss
$457,826
Previous surplus
647,548
Sun). arising fr. bonds_
Burp.arisingfrom adjust.
of sub,losses for prior
year
6,112
Net refund prior years'
income taxes
Surplus arisingfrom issue
of capital stock__ ---82,288
Adjust, of mdse. invent.
Cancell. of reserve for
specific contingencies_
Surp. arising through a
compromise settlement
with creditors on open
trade accounts
8296,270 81,161.666
$315.190
1,879.260
921,863 def971,997
62.806
Total
Organ. exp. chgd. off_
Good - will reduced to
nominal value
Loss on lease applic. to
prior years
Prov.for conting.reserve
Adjustments
$647,548
$278,122
29,646
30,406
2,092,148
107,968
10,468
436,695
$931,849 $1,246,741
102,948
2,100,000
9,985
125,000
Dr15,789
Profit & loss surplus__
$153,122
$921,863 def$971,997
$647,548
Consolidated Balance Sheet Oct. 31.
Assets1932.
1933.
1932.
Liabilities
1933.
Cash
$42,588 $167,663 Accounts payable_ $30,043
$38,200
y Accts. recelv_ _
12,035
9,821 Accrued payrolls,
Inventories
133,440
133,255
41.147
expenses, &c...
39,665
Other assets
956
292 714% cony, gold
Fixed assets
1,193,423 1,259,215
346,000
debentures
307,000
Invest. in & accts.
Reserves
199,711
591,916
with subs. cos
2
90,311 x Cap. stk. outst'g 655,356
Good-will and pat647,548
Surplus
153,122
ents
1
1
Prepaid insurance,
contracts, &c
2,449
4,253
Total
$1,384,897 $1,664,812
Total
$1.384,897 $1,664,812
x Represented by 131,071 no par shares in 1933 and 119.241 in 1932.
y After reserves of $5,000 in 1933 and $18,408 in 1932.-V. 137, p. 3340.
4140
Financial Chronicle
Studebaker Corp.
-To Announce New Models.The corporation will introduce a new line of cars on June 26, according to
dispatches this week from Chicago. Prices on the new models will be approximately the same as on the present models with slight changes.
-V.138,
p. 3791.
Superior Water, Light & Power Co.
-Annual Report.Calendar Years1932.
1933.
Operating revenues
$954,501
$889,272
Operating expenses, including taxes
609,489
636,454
Net revenue from operations
Other income
$279,782
722
$318,047
468
Gross corporate income
Net interest and other deductions
Property retirement reserve appropriations
$280,505
95,001
46.960
$318,515
95,413
47,460
$175,641
Balance,surplus
$138,543
35,000
Dividends on 7% preferred stock
35,000
75,000
Dividends on common stock
75,000
Balance Sheet Dec.31 1933.
Liabilities
Assets
$500,000
Plant, property, franch., &c_84,709,978 7% preferred stock
500,000
51,793 Common (5,000 shares)
Cash In banks
-On demand__
109,000
23,231 1st consol. mtge. bonds
Notes & loans receivable
117,899 Loans payable-Am.P.&L.Co. 1,507,000
Accounts receivable
33,750
34,691 Dividends declared
Materials and supplies
,
2,052 Accounts payable
Prepayments
11,789
1,299 Customers' deposits
Miscellaneous current assets
75,024
7,385 Accrued accounts
Miscellaneou.s assets
1,575
702 Matured interest
Deferred charges
4,081
Sundry credits
805,827
Reserves
1,373,433
Earned surplus
Total
-V. 138. P. 3619.
$4,949,034
Total
4,949,0
-Accumulate
Supersilk Hosiery Mills, Ltd.
end
The directors have declared a dividend of 14% on account of accu ulations on the 7% corn, sinking fund 1st pref. stock, par $100, payablein
Canadian funds on July 2 to holders of record June 15. In the case of nonresidents, a 5% tax will be deducted.
Distributions of like amount were made in January last and i Januar
and July 1933, prior to which regular semi-annual divl nds of 33.5
had been paid.
-V. 138. p. 879.
Superior Portland Cement,Inc.-Accumu ated Div.
The directors have declared a dividend of 55 cents per share on a unt
lue,
of accumulations on the $3.30 cum. class A partic. stock, no par
payable July 1 to holders of record June 23. A like amount was paid on
this issue on May 1 last and on Dec. 1 1933.-V. 138, p.2592.
--Susquehanna Silk Mills.
-Reorganization Proceedings.The company on June 14 filed a voluntary petition in bankruptcy in the
New York Federal District Court to effect a reorganization. Assets are
listed at a book value of 821,408.717, including fixed assets valued at
$18,196,178,and liabilities at $9,740,167. The Irving Trust Co.and Henry
A. Schniewind Jr.. have been operating the business as equity receivers
since July 18 1932. The company defaulted in payment of interest on a
funded debt of $6,000,000 debentures on June 1 1932, and has not paid
dividends on its preferred stock since that date. The capital structure of
the company consists of 7,452 shares of first preferred outstanding, 25,000
shares of second preferred and 100,000 shares of common. Accrued unpaid
dividends on the first preferred amount to $954,060 and on the second
preferred to $3,162,500.-V. 138, p. 517.
-Loan.Taber Mills, New Bedford, Mass.
A loan of $247,500 has been obtained by the company from the Reconstruction Finance Corporation, through the Commonwealth Mortgage
Loan Corp. Mortgage documents in connection with the loan cover real
estate, buildings, equipment and fixed assets of the mill. The mortgage
on this type of loan is assigned by the loan company to the RFC as security
for th8 money the latter loans to the mortgage company. The mill pays
3;4% interest on the loan, while the mortgage company pays the RFC
4%. The borrower agrees to invest 10% of the proceeds of the loan in the
capital stock of the mortgage company, and this capital stock is assigned to
-V.138, p. 879.
the RFC as additional collateral on the loan.
-Earnings.Tacony-Palmyra Bridge Co.
Earnings for Year Ending Dec. 31 1933.
1933.
$509,737
49,326
42,000
59,387
35,857
194,788
14,180
1932.
$577,159
45,368
42,000
66,367
37,922
197,515
128
23,549
Profit before other income
Profit on sale ofcompany's bonds retired
$114,197
6,713
$164,310
5.737
Net profit
Surplus Jan. 1
$120,910
94,137
$170,047
121.790
Total surplus
Less reserve for contingencies etc
Preferred dividends
Class A dividends
Common dividends
Dividend on 7 M % cum. pref. held in investment
account
$215,047
6,750
,22,500
45,00036,000
$291,837
6,000
30,000
90,000
72,000
Tolls
Operating and maintenance
Depreciation
Administration and general expenses
Taxes
Interest
Other expenses
Federal income tax accrued
Surplus, Dec.31
Cr862
Cr300
$105,658
$94,136
.
Balance Sheet Dec 31 1933.
.
lAabilittesAssets$18,000
$6,290 Notes payable
Cash
1,792
54 Prepaid bus tickets
Accounts receivable
27,332
157,062 Accrued accounts
Investments
799 Reserve for Federal income tax
14,180
Accrued interest on Investmls
3,087,500
25,880 Funded debt
Cash with sinking fund trustee
29,010
a Cost of bridge & approaches 4,003,379 Reserved for contingencies..._
15,321 73-i% preferred stock
400,000
b Other equipment
375,000
4,044 c Class A stock
Other real estate
145,642 d Common stock
300,000
Deferred charges
1 Surplus account
105,659
Location valuation
1
Location valuation
$4,358,475 Total
$4,358,475
Total
a After reserve for depreciation of$114,000. b After reserve for depreciation of $8,319. c Represented by 30,000 no par shares. d Represented
-V.138, p. 2943.
by 24,000 no par shares.
-TVA Bids $6,550,000
Tennessee Public Service Co.
for Plant.
The Tennessee Valley Authority has offered $6,550,000 for the company's
electric properties in Knoxville. The company has until June 20 to accept
the offer, David E. Lilienthal, TVA director, revealed in making public
correspondence with C. E. Groesbeck of the Electric Bond & Share Co.
If the proposal is rejected, the city, it is said, will proceed with the construction of a municipal power system to go into competition with the
private company.
The best previous offer for the properties was $5,250,000, not including
the Waterville-Kingsport transmission line. The new offer, including the
line, was made by Mr. Lilienthal in a letter dated June 12.
Mr. Groesbeck rejected the TVA offer of May 28 in a letter June 8 on
the grounds that the offer was not fair to all security holders, in that it
would not even pay offthe bonds, much less anything on the preferred stock.
As a counter offer Mr. Groesbeck suggested in the June 8 letter that the
:Tune 16 1934
company would assign the properties to the TVA in return for disposal by
it of all of the company's bonded indebtedness of $7,780,000 principal
amount.
He also proposed in his June 8 reply to submit the matter to arbitration,
one member of the arbitration board to be appointed by Mr. Lilienthal,
another by Mr.Groesbeck and the third by the Chief Justice of the Supreme
Court.
The conferences concerning purchase of the Tennessee Public Service
properties have been proceeding for some time, but the correspondence
made public began with a letter by Mr. Lilienthal dated May 28, a reply
from Mr. Groesbeck dated June 8, and Mr. Lilienthal's final letter dated
June 12 and received by Mr. Groesbeck June 13.-V. 138, P. 3621.
Texas Electric Service Co.
-Earnings.
Calendar Years
Operating revenues
Operating expenses, including taxes
Rent for leased property
1932.
1933.
$6,345,500 $7,086,787
2,976,802 3,267,339
163,127
76,426
Balance
Other income
$3,292,271 $3,656,321
42,908
13,070
Gross corporate income
Net interest and other deductions
Property retirement reserve appropriation
$3,305,341 $3,699,229
1,740,889 1,708,916
250,000
300,000
Balance,surplus
$1,264,452 $1,740,312
Dividends on $6 preferred stock
372,775
374,733
Dividends on common stock
. 800,000 1,350,000
Balance Sheet Dec.31 1933.
Assets
Plant, property,!ranch., &c_$713,026,614 a Capital stock (no par)
836,455,000
Investments
116,069 Capital stock subscribed_
7,344
Cash in banks
-On demand_
538,167 1st mtge. 5s, 1960
33,730,000
Notes and loans receivable__
8,440 Loans payable-A.P.&L.Co_
497,000
Accounts receivable
712,035 Dividends declared
343,978
Materials and supplies
492,957 Accounts payable
124,668
Prepayments
24,059 Customers' deposits
478,055
Miscellaneous current assets_
20,146 Accrued accounts
737,848
Total miscellaneous assets__- 1,164,705 Miscell. current liabilities_
218
Consigned material-Contra
7,667 Accrued interest
843,250
Deferred charges
10,190 Consignments-Contra
7,667
Reserves
4,900,808
Capital surplus
115,000
Earned surplus
880,212
879,121,050 Total
Total
$79,121,050
a Represented by $6 preferred, 65,000 shares; common,6,000,000 shame.
-V.138, p.3621.
-Earnings.
Texas Power & Light Co.
Calendar YearsOperating revenues
Operating expenses, including taxes
Rent for leased property
1933.
1932.
$9,144,718 $9,150,299
4,237,664 4,241,993
30,000
30,000
Balance
Other income
$4,877,053 $4,878,305
9,087
60,164
Gross corporate income
Net interest and other deductions
Property retirement reserve appropriation
$4,886,140 $4,938,470
2,459,136
2,451,321
450,000
450,000
Balance,surplus
$1,977,003 $2,037,148
Dividends on 7% preferred stock
453,978
453,746
Dividends on $6 preferred stock
410,939
407,857
Dividends on common stock
900,000
1,600,000
Balance Sheet Dec. 31 1933.
LiabilitiesAssetsPlant, property,!ranch., &o_880,431,611 a Capital stock
$33,443,976
52,660 Long-term debt
Investments
45,405,000
Cash in banks-On demand_ 1,127,513 Accounts payable
141,320
400,000 Customers' deposits
Cash in banks-Time deposits
551,327
64,643 Accrued accounts
Notes & loans receivable__
1,232,975
Table1,195,523 Miscell. current liabilities__ 2,235
1,089,464 Matured & Accrued interest_
Materials and supplies
78,251
21,096 Reserves
Prepayments
2,347,926
42,296 Earned surplus
Miscellaneous current assets_
2,545,976
133,089 Capital surplus
Miscellaneous assets
117,202
1,308,296
Deferred charges
Total
885,866,192
$85,866,192
Total
a Represented by 7% preferred, 65,000 shares; $6 preferred, 68,786
-V. 138, p. 3621.
4,000,000 shares.
shares; common,
Title & Mortgage Co. of Westchester County (N. Y.).
-New Title Concern for Westchester-Corporation as Agent of
Van Schaick to Rehabilitate Three Mortgage Companies
Organization Is Formed to Provide for Liquidation of $85,000,000 Holdings.
We take the following from the New York "Times" of June 14:
John Burling, President of the Citizens Bank of White Plains, was
elected unanimously(June 13) permanent chairman of the board of directors
of the new corporation which will service the mortgages of the three Westchester title companies now under rehabilitation. He was elected at the
organization meeting of the directors, held in the Westchester County
Court House.
The name of the new corporation, which will service the more than
$85.000,000 of mortgages of the three companies now being rehablitated by
the State Superintendent of Insurance, George S. Van Schaick, was
announced as the Title & Mortgage Co. of Westchester County. Hitherto
it had been known as the Westchester Title & Mortgage Corp. Its place of
business has yet to be selected.
The three old companies are the Westchester Title & Trust Co. and
Lawyers Westchester Mortgage & Title Co., both of White Plains,and the
First Mortgage Guaranty & Title Co. of New Rochelle,
Supreme Court Justice William J. Bleakley, who signed an order on
June 5 creating the new company, attended the meeting, as did supreme
Court Justice George H. Taylor Jr. The justices are not directors.
Mr. Van .Schaick Made Plea,
The new corporation eventually will succeed the three old companies.
The petition of Mr. Van Schaick to the court at the time the order was
signed said that the corporation proposed to "provide machinery for conveying the property underlying each certificate issue to some permanent
entity representing the certificate holders in the particular series, and to
provide for the orderly liquidation of the three title and mortgage companies
doing business in Westchester County.'
A letter from Mr. Van Schaick to the directors, made public after the
meeting, said:
"The primary purpose in creating the Westchester Title dr Mortgage
Corp. is to establish an efficient servicing unit in Westchester County in
which mortgagees and certificate holders will have confidence. Such confidence will be maintained only if those in charge manage it as a public
enterprise should be managed, without favoritism or political bias, and with
the interest of mortgagees and certificate holders paramount. These are
the instructions I have given members of my own staff. I pass them on
to you as your guide in performing your duties as representative of the
department both under the agency contract and otherwise."
The new corporation serves as agent for Mr. Van &Wok, having all of
his powers under the State insurance laws and the Schackno Act with
respect to the three companies, with the exception that it does not serve In
the interest of certificate holders of the New Rochelle Title Co. as the
.
Supreme Court already has designated the New Rochelle Trust Co. as
trustee for those holders.
The new directors represent both major political parties and many fields
of civic and business life in Westchester County.
The board named from its number an executive committee which will
consider other officers for the new corporation and submit the names to the
board as a whole. Early next week the board will elect new officers. It
will not be bound by the choice of the committee.
Financial Chronicle
Volume 138
The committee comprises Mr.Burling, Clifford Couch Peekskil,attorney;
Supervisor Pliny W. Williamson of Scarsdale; Dr. Henry T. Kelly of White
Plains, physician; Mayor Walter G. C. Otto of New Rochelle; Henry R.
Barrett of White Plains, secretary of the Westchester County Republican
Committee, and Arthur W. Lawrence of Bronzy!lie, President of the
Westchester County Park Commission.
The board selected as its temporary secretary Assemblyman Alexander
Garnjost of Yonkers, one of the directors.
-Earnings.
Thompson-Starrett Co., Inc. (8c Subs.).
Years EndedApr.26'34. Apr.27'33. Apr.28'32. Apr. 23'31.
Work executed
$835,800 $3,179,666 $15,302,799 825,304.768
Net income from con1,346,708
428,463
struction operations_ _
Miscell. inc., incl. inc.
438,995
149,960
_
123,484
from investments _
85,661
Total income
Operating expenses less
construction fees
$85,661
.
274,097
$123.484
Net income for year _loss$188,437
Earned surplus at beginning of year
66,970
Adjustments (net)
24,430
$10,556
Total surplus
def$97,037
Diva.on preferencestock
Write-offs in respect of
accts. & notes rec., &c
General reserve
Transactions applic. to
prior years (net)
Cr7.989
Participation in mortgage written off
100,000
Loss sustained on sale of
market. security
32,320
Special prov. for adj, of
book value of construction equipment_
$578,423 $1,785,703
112,928
159,993
$578,423 $1,785,703
849,937
1,665,765
49,305
$170,549 $1,428,360 $3,500,774
482,951
234,388
595,200
383.903
1,736,520
370,025
54,875
61.341
3,579
100,000
4141
of whether or not the Government could be sued. The Court found that
the action did not name the United States Government, although the
Government would be the party affected by a decision in favor of the
plaintiffs. The Court held that where the Government was a party to a
suit, although not named in the action, the Court could not entertain
-V. 138, p. 3456.
jurisdiction.
-Earnings.
Truax-Traer Coal Co.(& Subs.).
1931.
1932.
1933.
.
Years Ended Apr 30- 1934.
$2,710,561 $2,475,052 $2,766,046 $4,712,848
Net sales
3,767,203
2,399,942 2,584.706
2,509,732
Costs and expenses
$945,645
$181,339
$75,111
$200,828
Operating profit
192.525
274,368
166.930
194,408
Other income
$455,708 $1,138,170
$242,040
$395,237
Total income
236.637
220,025
166,253
148,021
Interest
404,768
280,394
290,972
293,712
Depreciation
123,807
106.729
101,198
93,251
Depletion
50,200
Federal tax, &c
$151,439prof'$322,757
$316,384
$139,747
Loss
24.750
47,217
Disc. realized on debs ret
$151,439prof$347,507
$316.384
$92,530
Net loss
331.510
Dividends
$151,439 sur$15,997
$316,384
$92,530
Deficit
.4
Shs.cap.stock outstand•
276.325
276,325
276,325
276,235
ing (no par)
$1.25
Nil
Nil
Nil
Earnings per share
Consolidated Balance Sheet April 30.
1933.
1934.
Liabilities1933.
1934.
AssetsyCommon stock. $3,013,078 $3,013,079
:Coal property &
150.000
Notes payable____ 126,000
84,398,876 $4,633.435
equipment
57,408
54,160 Accounts payable_ 147,108
Cash
80,089
59,884
71,463
Accrued accounts_
Notes and accts.
20.300
19.760
233,702 Equip.purch.notes
371,840
receivable
23,974
22,872
177,630 Prov. for conting_
189,428
Inventory
Employees' burial
Cash sure. val. of
9,330
8,539
4,622 fund, &c
3,943
life insurance_
109,791
Deferred credit._ _ 129,791
Truax-Traer Lig1,903,000 2,091,000
47,500 Funded debt
elte Coal C,o.bds
15,607
15,607
Invest An affil.cos. 1,440,000 1,490,000 Empl.com.stk.sub.
919,672
Capital surplus__ _ 979,049
Miscellaneous in311,833
81,472 Earned surplus... 219.303
67,211
vestments
Good-will, trade
1
names, &c
1
59,353
104,181
Deferred charges
Earned surplus at close
$849,937
of year
$66.970
$159,993
def$221,367
Consolidated Balance Sheet.
Apr.26'34. Apr.27'33.
AssetsLiabilitiesApr.2634, Apr.27'33.
Cash
$92,694 $201,447 Accts. payable &
Notes rec. (fully
accrued liabilities $103,134 8403,187
$6,655,572 $6,781,876
Total
Total
$6,655,571 $6,781.876
collected)
50,691
87,356 Res. for claims for
231,666
189,473
After depreciation and depletion of $1,954,820 in 1934 and $1.568,918
Accts. remit.(cuspersonal injuries
,
-V. 138, p. 3962.
11,489
13,702
In 1933. y Represented by 276,325 no par shares.
tomers)(owners)
Deferred income__
264,482
16,242
Accts. rec., miscell.
17,084
40.483 c Preferred stock__ 1,483,038 1,628,025
-Bonds Called.
Union Gulf Corp.
584,945
Contract work upd Common stock__ 584,945
256,317
The company has called for redemption as of July 1 1934 a total of $1.billed
108,691 Surplus paid In.__ 416,171
64,417
66,970
942,000 of coll, trust s. f. 5% gold bonds, due July 1 1950, at 103 and int.
Securities
1,416,104 1,424,860 Earned surplus_ _ _def221,367
Payment will be made at the Union Trust Co. of Pittsburgh, trustee. in
Particle, in mtges.,
-Vi 148,
Pittsburgh, or at the Bankers Trust Co. in New York City.
notes & accts.
p. 879.
rec. & sundry
nee.4..4.1a4
Investments_ __
. 283,238
399,379
United Bancroft Hotels Co., Worcester.-BankruptcyA
-Investment in Gen.
The company has liabilities of $1,458.932 and assets of 81,334.0851
Realty & Utiliaccording to its bankruptcy schedules filed in the Federal court. The
ties Corp
93,068
100,000
company has secured claims of $1,317,198and unsecured claims of $79.754.
Cos. cap. stock_ .._ 150,239
158,819
It was petitioned into bankruptcy on July 31 1933. The company has
Prepaid expenses_
3,367
2,942
280 creditors, and the assets consist of principally mortgaged real estate.
Land
267,577
267,577
a Buildings
V. 137. p. 1430.
6,665
12,678
b Construe, equip.
-Payment on Notes.
United Business Publishers, Inc.
and materials
107,107
113,881
Guaranty Trust Co. of New York is now paying on account of principal
$2,569,097 83.182,599
% sinking fund secured gold notes due April 1
and interest on each 81,000
Total
Total
82.569,097 83.182,599
1943, with April 1 1933 and subsequent coupons attached, the sum of
a After reserve for depreciation of
541 in 1934 and $77,528 in 1933.
$101.20943, and is now paying the sum of $172.57085 on account of prinb After depreciation of $464,052 in 1934and $465,923 in 1933. c Repre$83,
cipal and interest on each 81,000 5;4% sinking fund secured gold notes
sented by 67,796 no par shares (74_.424 in 1933). d Represented by 584
due Feb. 1 1944, with the Feb. 1 1933 and subsequent coupons attached,
945 no par shares.
-V. 138. P. 2428.
representing the pro rata amount payable thereon from (1) the net proceeds
the Court
& Mortgage Guaranty Co., Ltd. (New Orleans, of sale of collateral securities and (2) the payment received from -V. 138.
as distribution on claim filed with it out of receivership estate
La.).
-Dividend Rate Increased.
p. 1064.
The directors have declared a semi-annual dividend of $2 per share on
This
,30.'/ United Cigar Stores Co. of America.
the common stock. payable July 1 to holders of record June
-Landlords' Procompares with $1 per share paid on Jan. 5 last.
tective Committee Formed.
protective committee for
Tobacco & Allied Stocks Inc.
Announcement is made of the formation of a
-$1 Dividend
the landlords for the purpose of enabling them, through concerted action,
The directors have declared a dividend of $1 per share on the common
'
to effectively protect their interests in the proposed reorganization, a
stock,payable July 16 to holders of record July 6. Distributions of 50
petition for which was filled by the company on June 7 1934 under the
cents per share were made on this issue on March 1 last and on July 15 1933.
Corporate Reorganization Act signed by the President on that day. Under
-V. 138, p. 2098, 1247.
this new Act, in any reorganization effected under its provisions, the claim
Toledo Peoria & Western RR.
-Earnings.
of a landlord for injury resulting from the rejection of his lease shall be
treated on a parity with "provable debts" in an amount not exceeding the
1931.
Calendar Years1930.
1932.
1933.
rent reserved in the lease for the next three years succeeding the date of
Operating revenues
$1,690,429 $1.497,341 $1,612,972 $1,992,631
surrender or re-entry, Plus unpaid rent accrued to such date.
1,329,332
Operating expenses
1,496,861
1,258,892
1,258,768
Peter Grimm, Pres. of Wm.A. White & Sons,Inc.,New York,ischairman
137.268
Taxes and rents (net)- - 183,863
154,043
245,820
of this new committee. The other members are Stewart C. Pratt, a VicePres. of City Bank Farmers Trust Co.,New York,which holds,asfiduciary,
$311,906
$146,372
Net ry. oper.income_ _ $185,841
$84,406
certain landlord's claims and W. Howard Wright of Schenectady, N. Y.,
14,379
Other income
16.150
13.737
13,021
President of Schenectady Varnish Co. and Treasurer of DeForest Realty
Corp. of Schenectady, which also represents a landlord's claim. Henry
Gross income
$160,751
$328,057
$98,143
$198,862
L. Glenn, 20 Exchange Place, New York, is Secretary of the committee,
Interest on funded debt_
60,000
60,000
60,000
60,000
and Mitchell, Taylor, Capron & Marsh are counsel. The committee has
Other interest
30,738
37,224
22,825
15,767
designated City Bank Farmers Trust Co. as its agent.
Other deductions
3,795
3,563
3,544
2,804
The committee on June 14 sent a letter to landlords of the company,
urging them to make a prompt assignment of their claims so that the
Net income
$227,269
$66,218
$11,474
$120,290
committee may be prepared to act quickly for as large a percentage of the
landlords as possible. In order that the committee may act with the fullest
GeneraI Balance Sheet Dec. 31.
possible authority and effectiveness, assignments of claims are to be made
Assets1933.
1932.
1933.
1932.
absolute and unconditional.
Inv. in rd.& equIp.$2,120,585 $2,010,815 Capital stock
$5,000
115.000
Neither the committee nor its agent assumes any obligations in respect
Dep.in lieu of mtge.
Funded debt unto establishing the validity and amount of different claims and landlords
property sold_ _
1,000,000 1,000,000
1,992
matured
1,9)2
are expected to furnish proofs and take proceedings required to establish
Misc. phys. prop_ _ 515,110
514,320 Traf. & car service
such validity, through their counsel.
Inv. in attn. cos.__
72,755
50,906
18,000
bals. payable
18,000
A reorganization committee, headed by E. W. Stetson, promulgated a
Cash
148,197
86,840 Audited accts. and
plan of reorganization in July 1933, which made no substantial provision
Special deposits_ _
103,641
79,599
30,225
wages payable
40,438
for the landlords and, according to the letter, that plan should now be
Traffic & car serv6,498
4 007
Pay
Misc. accts.
.
abandoned and a new plan negotiated and consummated. One of the purice bals., receiv_
30,225
30,438
36,734
40,893 Int. mat'd unpaid_
poses of the landlords committee will be to conduct negotiations to this
Net bal. rec, from
7,642
3,728
Other cure. liabils_
end with Mr. Stetson's committee which has announced that it "will be
agents & contrrs
179,403
323,499
18,452
11,365 Deferred liabilities
glad to consider any suggestions which interested parties may submit
Misc. accts. reedy.
91,888
38,251
32,874
35,955 Tax liability
looking toward prompt reorganization either under the plan heretofore
Material & suppl's. 144,453
100,000
100,000
107,450 Oper. reserves. _ _
announced or under any amended or substitute plan."
Other cure. assets.
100,375
348
1,311 A ccrd. depr..equip 128,770
Any such reorganization would include the chain of Whelan Drug Stores,
Deferred assets_ _
118,492
205
335 Accrd. depr., road 200,435
as well as the United Cigar Stores chain, both of which are now being
Readjust. debits._
203,409
ere& 182,213
45,394
29,352 Other tined).
-V.138, p. 3792.
operated by Irving Trust Co., trustee in bankruptcy.
Addlis to property
2,515
2,515
thrgli Inc. & sue.
-Earnings.
United Gas & Electric Corp.(& Subs.).
Profit and loss
1,004,162
866.355
credit balance
Earnings for Year Ended Dec. 31 1933.
$921,740
Interest earned
$3,112,660 52,929,066
Total
$3,112,660 $2,929,066
Total
370.793
Dividends received or accrued
-V. 138. P. 3792.
$1,292,534
Total income
Toledo & Western Ry.-Rail Abandonment.
93,354
Operating expenses and taxes, incl. provision for Fed.incl taxes_
104,189
Interact deductions
The company has requested the I.
-S. C. Commiasion for authority to
100,000
abandon its 31-mile interurban electric line from Toledo, Ohio, to Adrian,
Provision for doubtful notes and accounts receivable
128.873
-V, 137, P. 135.
Mich.
Loss on sale of investments
-Mail Suit
Transcontinental & Western Air, Inc.
Dismissed.
Divs. on
The suit brought by company to enforce air mail contracts canceled
by Postmaster-General James Farley has been dismissed for lack of jurisdiction by the United States Circuit Court of Appeals.
In dismissing the action on this ground the Circuit Court reversed
Judge Knox of the District Court, who had taken jurisdiction over the case
and had dismissed it on the theory that the Government could not be
sued without its consent. Although reversing Judge Knox on the jurisdiction question, the Circuit Court emphasized his decision on the auestion
$387.637
Balance
22,268.573
Balance Jan. 1 1933
Imam
Excess of par value of pref. stocks of United Gas & Elec. Corp.
92.236
and subs, acquired during current year over cost thereof__
Net income for period
pref. stocks (after eliminating inter-company diva.):
United Gas & Electric Co.5% preferred stock
United Gas & Electric Corp. 7% preferred stock
Balance, Dec. 31 1933
$866,118
55.097
423,382
$22.748,447
4142
Financial Chronicle
Consolidated Balance Sheet Dec. 31 1933.
Assets
Cash
$630,843 Long-term debt outstanding
Accounts receivable
40,601 (held by aMliate)-Central
Notes receivable
2,307,438
New York Util. Corp. 5%
Interest Sr dividends accrued
471,229 gold debs., due May 1 '35_ $100,000
United Gas & El. pref. stock_
476,600 Accounts payable
1,881
Pref. stock of sub. company_
98,900 Divs, payable or accrued,&c.
143,407
Securities owned
34,438,511 Notes payable, banks (secured
Organization expenses, &c_ _ _
9,431
by collateral)
1,700,000
Prepaid expenses
13,423 Accrued interest Payable-- 833
Dividends held in reserve....
2,919
2,989,645
Reserves
U. G.& El. Corp. 7% pf. stk. 6,499,400
U. G.& El. Co.5% pf. stk._ 1,195,800
U. G. & El. Corp. corn. stk.
3,104,643
(310,464 no par shares)
Surplus
22,748,447
Total
-V. 128, p. 4157.
$38,486,977
Total
$38,486,977
United Gas Improvement Co.
-Electric Output.
-
Weeks EndedJune 9 1934. June 2 1934. June 10'33
Elec. output U.G.I. system (kwh.)__ 68,102,059 63,025.159 65,869,250
-V. 138, P. 3963, 3624.
United Gas Public Service Co.
-Annual Report.
-
N, 0. McGowen, President, says in part:
"The annual report for 1933 includes information as to the properties
and operations of both the company and its subsidiaries. The active subsidiaries are; United Production Corp., Southern Gas & Fuel Co., Compante 1VIexicana de Gas, S.A., Northern Texas Utilities Co., Hopston Gulf
Gas Co. and its subsidiaries, Houston Gas & Fuel Co. and Scnithern Gas
Co., and the latter's subsidiary, Southern Gas Utilities, Inc. All of the
Properties are operated as a unit, known as 'United Gas System.'
"Interest on the interest-bearing obligations of company and its subsidiaries, except those of Houston Gas & Fuel Co., has been regularly paid
when due. Houston Gas & Fuel Co. has been in receivership since Sept. 24
1932.
"As of July 1 1933. United Gas Public Service Co. issued in exchange
for its 360,000,000 of debentures then held by United Gas Corp. in temporary form, new debentures for the same principal amount, but in more
formal terms, with date of maturity extended to July 1 1953. Theindebtedness ofcompany to United Gas Corp. increased during the year $1,258,000.
Company in turn advanced to its subsidiaries the net amount of 31,135,522,
principally to carry on their necessary construction and development work,
and to enable them to meet sinking fund requirements."
Consolidated Income Statement for Calendar Years.
1932.
1933.
Operating revenues-Natural gas
318,918,347 320.362.392
Crude oil
575.510 1,504,738
Gasoline
544,413
635,496
Carbon black
33.692
15,517
Total operating revenues
$20,163,046 $22,427,060
Operating expenses, including taxes
11,067,475 10,575,232
Net revenues from operation
$9,095,570 $11,851,828
Other income
95,760
168,107
Gross corporate income
39.191,331 $12,019.935
Interest on mortgage bonds
1,164,280 1,243,685
Interest on debentures
4,023,742 4,213,853
Other interest and deductions
103,065
213,327
Interest charged to construction
Cr11,296
Cr80,479
Property retirement & depl, reserve appropriations 2,500,000 2,200,000
Balance
$1,411,539 $4,229,549
Pref, dividends of subs, to public
3,374
x3,374
Portion applicable to minority interest
xCr8,275
Cr4,822
Balance carried to surplus
$1,412,988 44,234.450
x Adjusted for comparison with 1933.
Note.
-The above statement includes the operations of Houston Gas &
Fuel Co., which entered receivership Sept. 24 1932, and which operated at
allow; during the periods covered by the statement.
p':Regular quarterly dividends of 31.50 a share on the $6 2d preferred stock
of United Gas Public Service Co. were paid to March 31, 1932, and there
was subsequently paid one dividend of 75 cents a share or one-half the
regular rate for the quarter ended June 30 1932. No provision has been
made in the above statement for undeclared cumulative dividends on the $6
2d preferred stock of United Gas Public Service Co.amounting to $1,950,000
to Dec. 31 1933.
Consolidated Balance Sheet Dec. 31 1933.
AssetsI LiabilitiesPlant,vrop'y,franchises, &c.$244,350,516 x Capital stock
$135,783,541
Investments
998,672 Subsidiaries' stocks:
Cash In banks
-on demand_
1,323,041
Pref. stock (3,072 shs.)___
307,200
Notes and loans receivable...
Corn, stock (10,511 abs.).
127,973
116,881
Accounts receivable:
Total long-term debt
80,997.000
Customers and miscell___ 2,163,533 Moran Gas Corp. 1st 6)
-is,
Affiliated companies
272,185 due 1934
20,000
Materials and supplies
1,125.878 Matured bonds and interest
prepayments
75,800 (Houston Gas & Fuel Co.) 5,140,306
Miseell. current assets_
120,870 Contracts payable
439,420
Miscellaneous assets
2,110,926 Loan payable-United Gas
Contingent assets-Contra_
634,986 Corp
1,478,000
Deferred charges
678,706 Preferred dividends declared
293,988
Accounts payable
501,549
Customers' deposits
529,802
Accrued accounts
1,448,113
Miscell. current Habib
25,444
Miscellaneous liabilities_
279,978
Contingent liabils.-Contra
634,986
Reserves:
Frop'y retirement & depl_ 19,484,892
Uncollectible accounts...
851,978
213,389
Inventory adjustment.Contingency (appropriated
476,120
from capital surplus)
123,993
Other
36,581
Min. int. In surplus of subs2,850,203
Capital surplus
1,949,697
Earned surplus
Total
$253,983,068
$253,983,068 Total
x Represented by 36 preferred. 200,000 shares; $6 2d preferred, 200.000
shares; common, 2,500,000 shares. al of no par value.
-V. 136, P. 4190.
-----United Rys. & Electric Co. of Baltimore.
-Reorganization Date Extended for Another Year.
Sitting as a committee of the whole, the Baltimore City Council on
June 13 extended until Sept. 1 1935 the period in which bondholders and
receivers may complete plans for reorganization. Representatives of bondholders and receivers had asked that the period for reorganization, which
expires Sept. 1. be extended until March 311936.-V. 138. p. 3963.
United States Finishing Co. (& Subs.).
-Earnings.
Calendar Years1932.
1933.
Gross income from production
$6,016,920i 85,385,785
X Cost of production, inc. selling and administrative expenses (exclusive of depreciation)
5,848,588 5,652,054
Depreciation
412,823
436.441
Other deductions (net)
30,421
Cr4,951
Interest on bonded debt
71,671
78,053
Provision for income taxes (Hartsville Print & Dye
pa Works)
2,996
Net income applicable to minority interest in subsidiary, Hartsville Print & Dye Works
13.625
Net loss for the year
3369,586 3769.430
x Cost of production includes taxes of $129,516 in 1933 and $144,841
in 1932.
June 16 1934
Balance Sheet Dec. 31.
Assets1932.
1933.
Cash
3170,981
8222.934
Notes and accounts receivable
451,742
526,439
Inventories
361,961
391,611
Sinking fund for bonded debt, cash and accrued
bond interest
49,204
54,202
Accrued interest receivable (in default) on bonds
with trustee
8,505
Land and water rights
1,655,630
1,653,186
x Buildings, machinery and equipment
6,834,859 7.172,913
x Copper rollers
529,142
526,643
x Manufacturing properties and equipment leased
to tenant
107,875
104,924
Mill & tenement properties held for resale or lease,
at estimated salable values established Dec. 31
1931
137.380
135,165
Good-will
588,013
588.013
Unexpired insurance
26.026
11,099
Organization expense and bond discount (Harts• ville Print & Dye Works)
39.295
28,647
Other deferred charges
2,230
2,730
Total
$11,088,964 811,292.399
Liabilities
1932.
1933.
Notes payable
$16,000
$26,993
Accounts payable
390,511
502,059
Accrued property taxes (inc. int.) and wages
179.829
171,697
Accrued bond interest (in default)
67,989
Provision for income taxes (Hartsville Print &
Dye Works) and capital stock taxes
4,445
Deferred contract liability of C. P. Darling Co.
payable during 1933 under certain conditions_
2,500
Notes payable, due Feb. 1 1935
88,500
88,500
Bonded debt:
Queen Dyeing Co. let mtge.5% bonds due July
1 1934
576,000
576,000
The U. S. Finishing Co. consolidated mortgage
5% bonds due July 1 1934
599.000
599,000
Hartsville Print & Dye Works 1st mtge. 6;i%
convertible bonds due Dec. 31 1943
299,000
288,500
Preferred capital stocks ofsubs,in hands of public_
775,000
775,000
Minority interest in subsidiary company
40,618
48,716
7% preferred stock
3.600,000 3,600,000
y Common stock
4,161.933 4,161,933
178,129
Surplus
563,506
$11,088,964 $11,292,399
Total
x After allowance for depreciation or shrinkage. y Represented by
-V. 137, p.159.
124,858 no par shares.
-New Director.
United Shoe Machinery Corp.
p.3624.
-V. 138,
Eliot Wadsworth has been elected a director to fill a vacancy.
-Earns.
United States Electric Power Corp.(8c Subs.).
*1933.
*1932.
1931.
1930.
$
$
$
$
124.082,525 131,705,854 159,070,293 172,460.872
Gross earnings
Oper. expenses, mainttenance and taxes......_ 65,553.537 4:88.369,941 b85,038,831 96,349,774
Calendar Years-
Net earnings
Other income (net)
58.528.988 63,335,913 74,031,462 76,111,098
2.339,592 3,917,990 3.758,227 5,486.457
60,868.580 67,253,903 77,789,688 81,597,555
Gross income
Interest paid by subs.
on
25,604.152 25,195.992 25,323,981 24,003,838
to construction)
oons
Approp. for amort. of
1,472.429 1.324,881
-debt disc,and expenses 1,507.661
c938,877
1,721,011
Rent of leased properties 1,727,060
1,820,521 2,287,651
231,510
267,815
Miscellaneous charges
546.985
235,967
Approp. for retirement
of property and depl_ 14,671,528 14,491,031 14,728,581 15,869.804
Divs, of subs, and min17,232.758 23,707.016 30.928.846 32,823.859
ority interest, Ste
-Balance applicable to
17.5. El. Pow.Corp.loss106.088
398,609 3,426.911
5,126,541
Int. paid by U. S. Elec.
756,504
Power Corp
937,563
746,643
663.114
Net loss on sale of securities by U. S. Electric
Power Corp
274,520
199,037
Ne income applic. to
stocks of U. S.
Electric Power Corp 1oss862.592 1058538,953
Divs, paid and seer. on
pref. stock of U. S.
Electric Power Co_
60,000
Balance of net income
applic, to com, and
cl. A stocks of U. 8.
Electric Power Corp loss862,592 lorM 148
:
Prey. consol. surplus___ 4,044,155
2,564,760
4,105.377
720,000
943,967
itligg
3,161,410
661,259
Total
3,181,563 4,868,867 5,666,665 3,822,669
Net loss on securities sold
7,033 1,0411,550
Amount transferred to
capital surplus in connection with reclassification of surplus of
underlying cos
95,273
Sundry adjustments_ _ _ _ Cr135,640 Cr320.111
198,845
Sub. & affil cos' charges 2,377,182
Federal income tax, prior
period, &c.(net)
764
Consol. surp., Dec. 31
932.986 4.044,155 5.467,820 3,821,905
Shares of corn, and class
A shares outstanding. 8,580,720 8,580,720 8,580.720 8,475,277
Earnings per share
Nil
Nil
$0.37
$0.21
a Note including Deep Rock Oil Corp.(in receivership) on a consolidated
basis. b Less $308,412 contingent reserve withdrawal and 8300.000 extraordinary operating expenses to be amortized. c The appropriation for
amortization of debt discount and expense is exclusive of any portion of
discount and expense heretofore charged by certain companies to capital
surplus. No appropriations for amortization of debt discount and expense
have been made by Deep Rock Oil Corp. and Mountain States Power Co.
d Plus $100.000 amortization of extraordinary operating expenses deferred
in 1931. a Not including Deep Rock Oil Corp. and the Beaver Valley Traction Co.!both in receivership] on a consolidated basis.
Condensed Consolidated Balance Sheet Dec. 31.
Assetsb1932.
a1933.
Plant property, rights, franchises, &c---$1,010,804,870 $1,086,533,412
Invest, in and adv. to Deep Rock Oil....
34,058,373
34.149,623
Invest. in Beaver Valley Traction Co
Investment in other companies
349.795
0
18.171. 43
Sinking fund and other deposits
418,481
23'
516,431
21,052,513
Cash
24,934,742
1,398.369
Cash on deposit for bond and note int., &c
1,281,489
13,917,849
Accounts and notes receivable
13,826,903
10.321,184
Material and supplies
9,696,583
340,523
Deposits in closed !minks
433,800
422,024
Other assets
418,587
Deferred charges
36,647,195
36.338.180
Total
$1.151,778,151
$1,228,459,718
Liabilities
c Preferred stock of U. S. Electric Power_
Common stock of U. S. Electric Power.._ _
Preferred stock.ofsub,and affiliated cos_ _
Common stock of sub, and affiliated cos
Funded debt of sub, and affiliated cos-Notes payable
Accounts payable
Accrued taxes
Dividends payable and accrued
Interest accrued, &c
Customers deposits, &c
Unadjusted credits
Reserve for depreciation and depletion__ _
Other reserves
Surplus investment by Philadelphia Co
Minority capital surplus
Consolidated capital surplus
Minority earned surplus
Consolidated earned surplus
a1933.
$3.000,000
d8,580,720
319.244,065
67.751,857
480,536,254
20,548,104
3,816,192
12,309.362
2,909,068
8.133.449
4,007,179
554,543
98,169,406
13.227,889
1,428,300
38,124,924
39,839,632
28,664,221
932,986
b1932.
810,200.000
e82.107,660
323.361,539
104,017,872
485,440,033
22.143.863
3.815,014
11,832,041
4,751,853
7,413.185
4,088,960
451,721
89,071.119
13,676,841
752.959
31,538,009
29,752,894
4,044,155
Total
$1,151,778,151 $1,228,459,718
a Not including Deep Rock Oil Corp. and Beaver Valley Traction Co.
(both in receivership) on a consolidated basis. b Not including Deep
Rock Oil Corp. (in receivership) on a consolidated basis. c Represented
by 120,000 no par snares. d Par $1. e Represented by 8,580,720 no par
shares.
-V. 137. p. 137.
United States Radiator Corp.(8t Subs.):
-Earnings.
Years End. Jan. 311934.
Gross loss
$273,051
Interest charges
121,243
Deprec. & amortization_
272,364
Year end. inv. price adj.
and bad debt losses_
92,793
Disc, on purch. of deli.
notes(net)
Cr123,025
Prov. for est, loss on depositsects. with closed
251,629
Net loss
Preferred dividends,.
Common dividends
1933.
$703,004
129,630
287,017
1932.
$477,122
142,097
285,547
424,246
1931.
$203,225
165,452
273.297
384,714
$888,055 $1,543,898 $1,289,482
73,668
$641.973
294,672
317,508
$888,055 $1,543,898 $1,363,150 $1,254.153
Consolidated Balance Sheet Jan. 31.
1933.
1934.
Assets
LtabtlUtes1934.
1933.
Cash
$368,267 $552,359 Accounts payable,
$43,714
$132,646
U. S. Govt. sec.
payrolls, 4rc_
101,625
672,976
150.000
Notes & accts. rec. 322,650
352,210 Notes payable_ _ _ _
25,769
33,656
Inventory
1,210,141 1,226,718 Accrued expenses_
Other assets
302,460
67,361 10-year 5% sink'g
x Land,
fund gold debs_ - 2,331,000 2,517,500
bidgs.,
10,000
10,000
InaohrY. & equip 3,788,292 4,033,797 Res.for conting_ _ _
Pat.rights & devel.
7% cum. pref. stk_ 4,209,600 4,209,600
Common stock_ 211,6721 249,605
and good-will._
41,399
40,309 Y
Unamort. deb. disc
Profit & loss def... 850,122f
prepd. exps.,
93,616
110,457
Balance, deficit
$6,228,453 $7,056,188
Total
Total
$6,228,453 $7,056,188
x After depreciation of $2,746,210 in 1934 and $2.517,258 in 1933.
y Represented by 211,672 shares (no par)
.-V. 138, p. 700.
United States Steel Corp.
-May Shipments Gain.
-V.
See under "Indications of Business Activity" on a preceding page.
138, p. 3293.
-Output.
United Verde Extension Mining Co.
. Copper(Lbs.)"
F
January
February
March'
1934.
2,690,000
2,826,578
2,803,708
2,755,874
61,206,538
April
1933.
3,014.232
2,710,020
3,013,188
2,977.420
3,006.300
2,673,788
2.745,556
2,610,580
2,682,440
2,536,902
2.586,920
2,736.448
1930.
1931.
1932.
3,043,930 2.824,696 4.447,540
3.031,459 3,221,198 3,737.914
3,049,976 3.236.882 3.362.598
3,019,072 3,074,758 4,094,740
3,020.100 3,369,080 4,013,796
3,007,702 3.284,984 3.580.772
a
3.898,170
3,008,902
a
4,028.442
3,038,998
a
2,969,622
3.771,274
2,909,0083,404.000
2,913,886 2,7;4,000 3,800,000
2,908,322 2,917,000 2,473,000
May
June
July
August
September
October
November
December _
a Operations suspended
b The low production in May 1934 was due to the caving-in of the roof
of one of the reverberatory furnaces which caused a shut
-down of the smelter
for part of the month.
Earns.
-Cal. Years.- 1933.
1931.
1932.
1930.
Gross revenue
$3.730,368 $1,996,021 $2,342.830 $5.536,973
Other income
179,643
149.388
305,026
206,848
Totalincome
$3,937,216 $2,175,664 $2,492,218 $5,841,999
Mining,&c..expends _ -- 1,973,786
1,776,499 3.868.758
1,832.787
Other exp.,incl.taxes
110,688
195,717
617,387
284,493
Res.for deprec
20,585
20,585 b2,869,716
10,292
Fed.tax & losses sustain. c606,296
929,587
881,577
Depletion
112,774
349,613
Net loss
Dividends
Rate
4143
Financial Chronicle
Volume 138
prf$712.736
315,000
($0.40)
$830,757
603,750
($0.57 )
$382,160 $1,513,861
1,575.000 a3,150.000
($1.50)
($3.00)
Balance,deficit
sur$397,738 $1,434.507 $1,957,160 $4,663,861
Shares of capital stock
outstand'g (par $0.50) 1,050,000
1,050,000
1,050,000
1.050,000
Earns. per sh.on cap.stk
Nil
Nil
$0.68
Nil
a 38.60% paid out of depletion reserve account and 61.40% paid out of
earned surplus. b Includes depletion. c Losses sustained only.
Comparative Balance Sheet Dec. 31.
AsstesLtabtlittes1933.
1932.
1933.
1932.
x Mining property$1,103,506 $1,453,119 z Capital stock,._ $525,000 $525.000
y Mach.,equip.,&c
47,312
57,405 Accts. payable,&o. 586,541
541,856
Investments
3,055,294 1,704,398 Dividend payable.
105,000
Land,ranches,&a_
58,797
51,182 Deferred credit___
51,578
Accounts & notes
6,609,737 4,632,312
Surplus
receivable, dro...
81,908
155,713
Inventory
152,870
144,169
Cash
1,920,112
579,255
Due on ore sold,&c 1,355,055 1,658,927
This agreement, made on June 16 1931. called for the Universal company to
purchase on May 1 1934, all first mortgage 6% shaking fund gold bonds of
the Central Foundry Co., deposited with the committee at 105 and int.
The Universal company defaulted on this purchase obligation, but has
made arrangements with the protective committee to extend the agreement
unt I July 1. of next year. (See also V....8, p. 3963)
Profit and Loss Statements of the Universal Pipe & Radiator Co. Only.
2 Mos.End. Cal, Year
Feb. 28 '34. 1933.
PeriodIncome (other than non-recurring income):
$3,040
Int.received on debt ofsub.and (or) affil. cos_ __
$40
6
Int. from other sources
Total
General Sz administrative expenses
Taxes (there were no Federal or State income taxes
during the period)
Interest paid or accrued
Interest on long-term debt
Int. on notes & accts. pay. to sub. and (or) MTh.
companies
Interest on bank and other loans
Net loss without regard to non-recurring items_
Non-recurring expenses and (or) deductions
'versal Pipe bk Radiator
dividend of $2.50 pare
3
•
ts
New York Stock Exchange has uthorized the listing on offkial
issue and payment in full of rtificate.r additional shares of
notice
common stock (par $1), 512,994 upon officias notice of issue and sale
its
on exercise of subscription warrants, making a total listing applied for,
1,001,282 shares.
Holders of common and preferred stock of the company of record June 9,
are offered rights to the shares at $2. the current market price. However,
it is provided that at least 3200.000 must be received by the company and
It this amount is not realized the money will be refunded to the subscribers
without interest.
This offer, it is stated, has been made in order that the company may
obtain sufficient funds to provide an extension of an agreement with the
Central Foundry Co. bondholders' protective committee until July 1 1935.
16.041
96,246
172
2,030
1,566
10,950
$19,681
176
$114.852
24,762
1,651
$4,977,610
$4,977,610
Total
Total
a There are 1,382 shs. of pref. stock in the treasury, of which 1,032 shs.
were acquired at a cost of $22,229 and 350 shs. were received in payment of
int. due to the company, which int., however, had not been accrued on the
books of the company. These 350 shs, are carried on the books of the
company at a nominal value of $1. In the above balance sheet the treasury
stock has been deducted from the outstanding pref, stock at par; this
procedure resulted in the setting up in this balance sheet of treasury stock
surplus $115,969 which, however, does not appear on the books.
b Certain securities & mtgs, are held as coll. for "Other Accounts Receivable." The reserve for loss in the sum of $264,108 leaves the net account
receivable of $38,525 as at Feb. 28 1934. at slightly less than the market
value of the securities held as coll, as above mentioned. Most of such
securities were pledged to secure an indebtedness of an affiliate(The Central
Foundry Co.).
c The Dec. 1 1933 int. coupons appertaining to the 6% deb. bonds of
the Universal company were not paid on the due date. However, on or
about Feb. 1 1934, the company gave notice that funds for the payment of
these coupons were available. Funds for this and other purposes were
-day 6% notes which
obtained after Dec. 31 1933. by the issuance of 60
were secured by the capital stock of a sub. company (Essex Foundry).
We are advised by the management that as these notes become due they are
being renewed by demand notes secured by the same coll. As at Feb. 28
1934, 19,446 shs. of Essex Foundry capital stock were pledges to secure
these notes, which totaled $77,784 and are included in the caption "Accounts and Notes Payable to Officers. Stockholders or Employees."
d The Universal company had certain commitments with respect to the
outstanding 1st mtge.6% bonds of the Central Foundry Co.(an affiliated
company). Such bonds,ofa principal amount of$832.100 matured on May 1
1931, but were not paid. A bondholders' protective committee was organized. As at Feb. 28 1934, $797,900 of such bonds had been deposited
with the said committee. The Universal company entered into an agreement with the said committee under which it is obligated, among other
things, as follows: (1) to pay int. on such bonds as have been deposited
with the said committee: (2) not later than May 1 1934, to purchase such
bonds as have been deposited with the said committee at $105: (3) to Pay
reasonable compensation for the services of the committee, its counsel and
depositary and its and their disbursements, and (4) in the event that there
Is a default under (1) or (2) above,the committee may demand as liquidated
damages, one-quarter of the amount in respect of which such default is
made. The balance sheet does not reflect the commitments above mentioned, except that "Indebtedness of subsidiary and (or) affiliated companies" includes a charge to the Central Foundry Co., on account of the
int. which has been paid by the Universal company in accordance with
(1) above. The management was unable to determine what the ultimate
compensation and disbursements referred to in (3) above would be.
e Dividends have not been paid on the outstanding 7% cum. pref. stock
of the Universal company since Feb. 1 1931. Such accrued and unpaid
divs, on the outstanding cum. pref. stock as at Dec.31 1933, and Feb.28
1934 (exclusive of the company's pref. stock in its own treasury but not
exclusive of the company's pref. stock owned by the Central Foundry Co
an affiliated company), amounted to $504,679 and $533.518 respectively.
f After deducting $520 reserves for deprec. and organization.
g After deducting $14,051,803 reserve for depreciation of investments.
-V.138, P. 3963.
-Earnings.
Universal Products Co., Inc.
Calendar YearsGross profitfrom manurt'g operations
General administrative, selling and
shipping expenses
Int, officers' life insurance expenses,
loss on sale of machinery, &c., less
other income
Provision for Federal income tax_ _
Depreciation
Prey, for slow Moving or obsolete
items in inventory
Write-down of current investments_ Net profit
Dividends paid and provided for_
Prov. for contingencies
Adjust. of reserves for depreciation
for prior years
Provision for possible loss in liquidation of claim
4 e el_
)-1
The corporation on May 15 paid a liquIdati
on the 8% cum. pref. stock, par $100.-V. 1
$3,046
7,484
319.857 $139.615
Net loss
Balance Sheet of Universal Pipe & Radiator Co. Only, as at Feb. 28 1934.
Liabilities
Assets8345 Preferred stock outstanding_a32,472,293
Prop., plant & equipment,.,._ _
488,287
Common stock
Patents & trade-marks & ord1,604,420
f10,245 Long-term debt bonds
ganization expenses
180,000
*4,749,690 Note payable
Investments
7,983 Accts. & notes Pay. to officers,
Cash on demand
c77,784
stkhldrs. or employees
b38,525
Accounts receivable
710 Indebtedness to subs. and (or)
Prepaid expenses
6,481
affiliated companies
Other def. items, developing
20,383
170,111 Accounts due others
new projects
31,850
Accrued liabilities
96,112
Surplus
Total
Total
$7,772,856 $5,804,168
37,772,856 35,804,168
x After depletion of $34,167,430 in 1933 (1932. 333,817.817). y After
Balance deficit
depreciation reserve of V.695,684 in 1933 (1932, 17,68 ,39 .z Par/ Previous surplus
-V. 138. p.3293.
value 50 cents.
Proceeds of life insurance policies_
--....-Universal Chain Theatres Corp. Liquidatingiv
,
$40
1,478
Balance, surplus Dec. 31
1933.
$331,451
1932.
$121.434
1931.
$247.972
87,468
100,951
113.585
61,968
12,790
111.629
Cr4,750
21,297
13.957
112,347
175.000
40,019
557.595 loss$302,133
54,792
2.116
197,757
$99,132
184,940
4,224
35,000
$144,386
460.991
3394,041
673.883
181,149
$85.808
759,691
5316.604
$460,991
$673,883
Condensed Balance Shea Dec. 31.
1933.
Assets
1932
Liabilities
$120,000
$37.187
345,701 Notes payable._
Cash
80,104
U. S. Treas. bonds 492,807
378,386 Accounts payable_
12,790
Accts. receivable_
16,748
78,199 Fed, income tax_.
Inventor les
309,167
234,060 Dividends payable
Res. for conting.... 200,000
Cash surrender val29,149 y Capital stock..._ 954,362
value of life insur
34,168
Other assets
125,303
90,510 Surplus
316,604
x Permanent assets 655,939
750.066
Deferred assets._ _
12,540
14,128
1932.
$120,000
73,473
9,132
2,243
954,363
460,991
Total
Total
$1,683,860 31,620,201
$1,683,860 $1,620,201
x Less allowance for depreciation of $471,826 in 1933 and $434,261 in
1932. y Represented by 91,320 shares of no par value.
-V.138, p. 3963.
4144
Financial Chronicle
Utah-Idaho Sugar Co.
-Earnings.
Years EndedFeb. 28'34. Feb. 2833. Feb. 2932. Feb. 28'31.
Profit for year
$29,6971oss$446.591loss$2095000
$1,140,238
Previous deficit
1,408,711
886,318 sur938,809
1,438,408
Excess of par over cost of
treasury bonds
Cr36,588
Federal tax refund
Cr269,972
Adjust, resulting from
change in cos. invent.
policy
Dr452,397
Loss on sale of Canada
Sugar Factories, Ltd_
142,086
Deficit
Assets
Plants and equip.
less depreen___
Real estate
Irrig. pro1. prop.&
resevoir rights,
leas depreciation
Sundry other equip
Cash
Notes & accts. rec.
Inventories
Sundry stks.&
Sundry notes and
securs. receiv__ _
Def.& prep'd exp_
$720.869 $1,408,711 $1,438,408
Consolidated Balance Sheet Feb. 28.
1934.
1933.
1934.
Liabilities
$
Preferred stock_ _ _ 3,000,000
9,323,688 9,448,627 Common stock_ _ _14,238,000
2,983,484 3,277,250 1st mtge.6% bds- 2 899 500
, ,
Bankers' accepts- 6,400,000
Accr. liabilities for
3,281,415 3,284,239
addit. beet paym
79,577
457,458
482,264 Sundry obits. due
218,138
187,039
after 1 year_
1,282,016
735,012 Real est. mtge.loan 600,000
8,832,066 7 728,497 Unpd.accident set216,640
21,226
tlements
704,275
Accounts payable_ 379,517
749,813 Accr. int., prop.
193,464
200,700
taxes & exp. pay 305,458
Res, for employ.
25,096
life & aced. Ins_
48,500
Res. for conting
720,869
Deficit
$886,318
1933.
3,000,000
14,238,000
3,435,500
5,736,028
16,083
750,000
x422,775
53.929
17,978
48,500
1,408,711
Total
27,276,004 26,310,081
27,276,004 26,310,081
Total
z Includes accounts payable for beets of $97.606.-V. 136, p. 4108.
Utah Light & Traction Co.
-Earnings.
Calendar Years1932.
1933.
Operating revenues
$928,788 $1,042,888
Operating expenses,including taxes
952,944
872.324
Net revenues from operation
Rent from leased property
Other income
Gross corporate income
Interest on mortgage bonds
Other interest and deductions
$56,463
1,002,409
1,619
$89.944
980,064
619
$1,060,492 $1,070,628
759.945
759,945
326,227
316.091
Net loss
June 16 1934
stock below the figure which the charter said must be maintained in order
to give preference stockholders right to name a majority of the board.
"Wall Street Journal".
-V. 138, p. 880.
Vulcan Detinning Co.-Earnings.1931.
Ouar. End. Mar, 311933.
1934.
1932.
$982,992
Sales
$249,601
$907,933
$688,920
Cr25,007
Inv. of finished products
162.554
35.393
114,207
Total
$745,379
$214.207
$574,712 $1,007,998
Expenses, deprec., &c..
699.235
202.675
540,806
914.418
$93,581
Net income
$11,532
$33,906
$46,142
6,560
Other income
73.046
8.567
3.605
$100,141
Total income
$119,189
$20,098
$37.511
Taxes,&c
20.876
31.826
3.015
7.472
Net profits
$79,265
$87.362
$17,083
$30,039
Balance, surplus. Jan. 1 1,268.241
1.293,695
1.340.112
1.353,193
Total surplus
$1,355,604 $1,357.195 $1,383,232 $1,273,960
Dividends paid
206,240
66,749
27.541
44,906
Profit & loss surplus
$1,149,364 $1,329,654 $1,338,327 $1,306,211
Balance Sheet March 31.
Assets1934.
1933.
Liabilities1934.
1933.
x Plant & equiP__$1,686,260 $1.952,802 Preferred stock__ -$1,563,800 $1,563,800
Common stock... 3,225,800 3,225,800
Patents, good-will,
&c
2,994,677 3,288,869 Accounts payable_ 236,399
137,556
Cash
292,565 Divs. payable.... 178,874
370,480
27,541
Inventories
351,150
259,149 Tin tetrachloride
'
625,111
equaliz. reserve_ 122,843
Investments
1,174.228
Accts. receivable_ 232,412
80,292 Res, for taxes and
Advances
3,687
10,123
contingent Habil. 335,812
224,561
Surplus
1,149,364 1,329,654
Total
Total
86,812,891 $6,508,912
$6,812,891 86,508,912
x After deducting 961,159,139 reserve for depreciation and obsolescence
in 1934 and $891,655 in 1933.-V. 138. p. 1931.
•
Wabash Ry.-Change in Collateral.
-
As a step toward the simplification of the problem of reorganization the
company has deposited various securities and open accounts of subsidiaries
as collateral for the ref. & gen. mtge. bonds. A list of the changes was filed
recently with the New York Stock Exchange. according to the weekly
bulletin of the Exchange. The Chase National Bank, trustee under the
mortgage, reported the changes embraced in a supplemental indenture
dated March 1 1934.
The additional collateral includes the following shares of stock; $1,100
Ann arbor preferred and 721 common, 2,400 Belt Railway Co. of Chicago,
200 Fort Wayne Union Railway, 500 Detroit & Western, 200 Keokuk
Union Depot, 130 Missouri & Illinois Bridge & Belt RR., 4,000 Lake Erie
Fort Wayne RR., 28,050 Green Real Estate Co., 5 Kansas City Terminal
Ry., 1,000 Toledo Central Station By., 12 Railway Express Agency, Inc..
600 Des Moines Union By.,80 Hannibal Union Depot and 1,000 Toledo &
Western By.
Also the following bonds; $24,000,000 Fort Wayne Union By. gen. 68 A
1974, $5.000 Chicago & Western Indiana RR. consol. 4s 1952, and $1,100,000 Manistique & Lake Superior RR. 1st mtge. 48 1934.
Subject to restrictions, 1,000 shares of Des Moines Union By. and
1,828 1-3 shares of Kansas City Terminal By.also were deposited.
Book accounts owing to the Wabash pledged with the trustee, were:
$3,050 Lake Eire & Fort Wayne, $77,756 Green Real Estate, $24,922
Chicago & Western Indiana, $299,551 Des Moines Union Ry., $13,602
Kansas City Terminal Ry., $185,500 Toledo & Western By., $945,000
Toledo Central Station Ry., and $86,435 Railway Express Agency.
The additional collateral as part of the trust estate of the ref. and gen.
mtge. is subject to the prior lien of the receivers' certificates of the first
series amounting to $10,250,000,• second series, $906,583; series A, $4,575,000;and serial receivers' certificates issqed or to bp issued to an amount
63
not over $1,481,000.-V. 138,
$15,544
$15,544
Balance Sheet Dec. 31 1933.
AssetsLiabilities
Plant, prop., franchises, &c$23,179,776 Capital stock ($25 par)
$1,150,875
Cash in banks
-On demand_
41,409 Long-term debt
12,471.300
Cash with trustee
1,401,000 Accounts payable
54,894
Accounts receivable
58,028 Loans & adv. payable
-U.P.
Mat's & supplies (cost)
111,905 & L. Co
6,345,686
Prepayments
4,846 1st mtge. coll. 8s due Jan. 1_ x1,401,000
Miscellaneous current assets_
4,113 Utah Lt. & By. Co.58
486,000
Miscellaneous assets
65.445 Accrued accounts
1,736,395
Deferred charges
42,485 Miscell. current liabilities_
79
Miscellaneous liabilities
70,092
Reserves
105.463
Earned surplus
1,087,223 .__
Total
$24,909,009
Total
$24,909,009
x Cash for payment deposited with trustee (see contra)
.-V.138, p. 3625.
Utah Power & Light Co.(& Subs.).
-Earnings.
Years Ended Dec. 31Operating revenues
Operating expenses. including taxes
1932.
193a.
$9.529,338 $10.447,840
5.141,918 5.356,792
Net revenues from operations
Other income
$4,387,420 $5,091,048
27,317
87,907
Gross corporate income
$4,414,737 $5,178.955
Interest on morgage bonds
2,598,844
2.599,780
Interest on debenture bonds
300,000
300,000
Other interest & deductions
207,922
206.566
Property retirement reserve appropriations (Utah
Power & Light Co. only)
700,000
300,000
Balance carried to earned surplus
$607.971 $1,772,609
Alote.-Latest regular quarterly dividends on the $6 and $7 pref. stocks
of Ltah Power & Light Co. were paid for quarter ended Dec. 31 1932, and
no subsequent dividends have been declared on these stocks. No provision has been made in the above statement for undeclared cumul. dividends amounting to $251,526 on the $6 pref. stock and $1,45.3,235 on the $7
pref. stock to Dec. 31 1933.
Consolidated Balance Sheet Dec. 31 1933;
AssetsLiabilities
Plant, prop., franchLses, &cS118,493,460 Capital stock
x$55,732,123
Investments
4.245 Subsidiary stock (9 shares)._
225
Cash in banks
-on demand_
643,419 Long-term debt
54,364,417
Cash deposited with trustee_
1,401,000 Accounts payable
577,208
Notes & loans receivable_ _ _ _
53,857 let mtge. coll8s due 193C
1,401,000
Accounts receivable
1,844,309 Utah Light & By. Co 5s due
Materials & supplies (at cost)
758.117
Jan. 2 1934
486,000
Prepayments
36,002 Contracts payable
4,999
Miscellaneous current assets
24,304 Accrued accounts
1,614,236
Miscellaneous assets
919,274 Customers'deposits
365,151
Deferred charges
2,380,797 Misc, current liabilities__
1,229
Miscellaneous liabilities_ _ _
158,213
Reserves
6,330,350
Earned surplus
5,523,632
Total
$126,558,784
Total
$126,558.784
zRepresented by: $6 pref. cumul. (entitled upon liquidation to $100 a
share); pari passu with $7 pref.; authorized, 210,000 shares; issued, 56,000
shares;in treasury,9.292 shares;outstanding,46,708 shares;$7, pref.cumul.
(entitled upon liquidation to $100 a share); pail passu with $6 pref.; authorized, 300,000 shares; outstanding, 210,564 shares; common; authorized
and outstanding, 3.000,000 shares.-V. 138, p. 3625.
Valve Bag Co.
-Accumulated Dividend.
A dividend of $1.50 per share has been declared on the 6% cumul. pref.
stock, par $100, on account of accumulations, payable July 2 to holders
of record June 16. A similar distribution was made on this issue on Jan. 2
and April 2 last and on Oct. 2 1933. Accruals, after the July-2 payment,
-V.138, p. 1931.
will amount to $7.50 per share.
-Decision Reversed.
Virginia-Carolina Chemical Corp.
Prior preference stockholders, led by George S. Kemp of Richmond, Va.,
were upheld in the control of the company by a decision ci$ the Virginia
Supreme Court of Appeals, which reversed Judge William A. Moncure of
the City Chancery Court who last October granted junior stockholders an
injunction against the new board of directors elected at the annual meeting.
The Court ordered the injunction dissolved and dismissed the case.
George S. Kemp a year ago led the fight to prevent the company from
being merged with Armour Fertilizer Works and last October at the annual
meeting obtained the election of eight directors giving the prior preference
stock a majority of one on the board. Suit was brought by Alfred Levinger
of New York representing common stock. The point at issue was whether
prior preference stockholders of whom there was a quorum present could
hold an election for their directors at a meeting at which there was not a
quorum of all stock present. It was further contended that the corporation
by buying its own preference stock for investtnent had reduced outstanding
-"Wachust: Elec c Co.(Mas .).-Merger'
ftefsmerel.achusett Electri Co. and the Leominster Electric
• of
Lig ltt
e- e ) o or approval of thei consolidation and of the issuance
mpany of additional capital stock of the par value of
by the Wachuset
$320000 has been msmissed by the Massachusetts Department of Public
Utilities. ("Electrical World")
-V. 138, p. 1044.
Warner Co.
-New Securities Company Acquires Voting
,
Control.The Wawaset Securities Co., organized by a group of industrialists headed
by Charles Warner. President of Warner Co., producers of lime, sand and
gravel, has acquired the second preferred and common stock of the Warner
Co.held by the Van Sciver interests, carrying voting control of the company.
H. Fletcher Brown. Vice-President and a director of E. I. du Pont de
Nemours & Co. is President of the new Securities company and Charles
Warner Jr., is Secretary and Treasurer.
The Wawaset company has a capitalization of 48,150 shares of 8% pref.
stock, $10 par, and 96,300 shares of $1 par common stock. It has acquired
from the Van Scivers 53,500 shares of 2nd pref. stock, the entire issue, and
80,250 shares of a total of 181.780 shares of common stock ofthe Warner
Co. The 2nd pref. stock has equal voting power with the common stock.
There is also an issue of 27,341 shares of $7 1st pref. stock. with voting
power, of the Warner Co. The Van Scivers will have no direct interest in
the stock of the Warner Co., but will retain a small portion of the stock of
the Wawaset company.
General offices of the Warner company will remain in Philadelphia.
The Wawaset Securities Co. will also be used as part of a management
incentive plan, Mr. Warner stated on June 8. A portion of the common
stock of the Securities company is being assigned for a management incentive fund for utlimate distribution among officers and principal employees
of the Warner Co.
-V. 138, p. 3626, 2946.
Washington Water Power Co. (8c Subs.).
-Earnings.
12 Months Ended Dec. 31Operating revenues
Operating expenses, including taxes
1933.
$7,297,361 $7,7512675
193,
3,741,144 3,817,871
Net revenue from operations
Other income
$3,556,217 $3,933,204
45,918
25,756
Gross corporate income
Interest on mortgage bonds
Interest on debenture bonds
Other interest and deductions
Interest charged to construction
Property retirement reserve appropriations
$3,581,972 $3,979,123
995,550
995,550
65,240
69,900
40,659
40,090
Cr318
Cr1,366
594,500
549,500
Balance surplus
$1,882,250 $2,329,539
Dividends on $6 preferred stock
614,565
621,446
Dividends on common stock
1,524,728
254,136
Consolidated Balance Sheet Dec. 311933.
AssetsLiabilities
Plant, property. franchisee,
Efl preferred stock
$10,328,217
&c
$65,686,842 x Common stock
25,413,600
Investments
127,720 Long-term debt
21,309.000
Cash in banks
demand__ 1,322,494 Accounts payable
-on
112,165
Cash in banks
-time deposits
900,000 Customers' deposits
93,056
Notes and loans receivable_ __
142,659 Accrued accounts
1,244,514
Accounts receiv: customers &
Miscell. current liabilities...
355
1,101,076 Matured and accrued interest
miscellaneous
501,422
39,392 Contingent liabilities
Affiliated companies
465,000
Materials and supplies
481,156 Sundry credits
176,788
17,126 Reserves-Property retirem_ 7,580,688
Prepayments
27,941
Miscellaneous current assets_
371,038
Uncollectible accounts_ ___
Sinking fund and special dep.
502,479
25,714
Inventory adjustments. _.
Notes, loans dr accts. receiv.,
Casualty and Insurance...
85,422
315,965
not current
Other
312,567
Earned surplus
Unamortized debt discount
3,261,392
140,249
and expense
10,839
Other deferred charges
465,000
Contingent assets
$71,280,938
Total
$71,280,938
Total
Represented by 2,541,360 no par shares.
-V. 138. p. 3627.
Volume 138
Wellington Grey & Bruce Ry.-Interest Payment.
-year ending June 30 1934, applicable
The estimated earnings for the half
to meet interest on the bonds, will admit of the payment of £3, 14s. 8d.
that this payment will be applied as follows; viz..
per £100 bonds, and
42 12s. 2d. in final discharge of coupon 103 due Jan. 1 1933; and 41
2s. 6d. on account of coupon 104 due July 1 1922,and will be made on and
after July 2 next at the offices of the Canadian National Ry., Orient House,
-V. 133. p. 4156.
42-5, New Broad St., London, E. C. 2, England.
-New Company Formed.
Westchester Title & Trust Co.
-See Title dr Mortgage Co. of Westchester County above.
V. 138, p. 3963.
-Income Account.
West Penn Electric Co.(& Subs.).
Calendar YearsOperating revenue
Non-operating income
1932.
1933.
$29,269,169 $29.282,095
450,112
294,616
Gross earnings
$29,563,786 $29,732,207
10,130.750 10.887,469
Operating expenses
2.169,024 2,449,303
Maintenance
2,393,166 1,840.270
x Taxes
2,078,250 1,910,596
Reserved for renewals, retirements and depletion
Gross income
Deductions-subsidiaries;
Interest on funded debt
Interest-other
Amortization of discount & expense
Preferred dividends
Minority interest
Miscellaneous
4145
Financial Chronicle
$12,792,594 $12,644,568
crease in market value of securities amounting to $26,685 in 1933 and
$1,649 in 1932.
Comparative Balance Sheet Dec. 31.
1932.
1933.
Liabilities1932.
1933.
AssetsCash
$1,206,370 $1,790,846 y Capital stock_ __$3,351,000 83,351.000
315,500
270,543 Accounts payable.. 421,697
Marketable secure, 290,370
7,696
7,221
5,485 Refund certificates
9,157
Accrued Interest
Accr. taxes, wages,
Expense fund and
29,193
41,641
&c
other accts. due
11,206 Provision for Fed.
12,014
by employees80,000
154,836 income taxes_ _ _ 207,500
158,154
Accts. receivable
3,147,186 2,318,662
4,301,695 2.760,987 Surplus
Inventories
176.731
x Capital assets.._ 214,980
49,116
44,942
Other assets
171,542
Deferred charges.- 227,804
710,758
710,758
Good-will
87,176,245 86,102,051
Total
$7,176,245 $6,102,051
Total
x After deducting reserve for depreciation of $158,061 In 1933 and
$133,745 in 1932. y Represented by 195,961 shares class A and class B
-V.138. p.3964.
stock of no par value.
-New Director.Western Electric Co. Inc.
since
Frederic H. Leggett, who 11:,s been connected with the company -V.
1898 and Treasurer since October 1933. has been elected a director.
138. p. 3111.
Western Maryland Ry.-Earnings.-
4,725.386
60,094
192,940
2,744,225
55
119,982
-First Week of June- -Jan.1 to June71933.
1934.
1933.
1934.
Period(est.)---- $258,327 - $222,996 16,154.339 $4,699.265
Gross earnings
-V. 138, p. 3964.
Balance
$4,875,510 $4,801,884
Deductions
409.809
-West Penn Electric Co.;Interest--355,921
150
Amortization of discount & expense
158
7,216
Miscellaneous
7.113
The company has filed a voluntary perition in Federal Court, Chica$.9.
-V. 138.
for reorganization under Section 77B of the Bankruptcy Act.
P.2599.
4,725,319
66,615
204,359
2,801,561
61
119,166
Net income
$4,512,316 $4.384,707
x Provision for Federal income taxes included in
the above
33,571
509.704
-V.136.p, 1720.
West Penn Power Co.(& Subs.).
-Income Account.
Calendar YearsOperating revenue
yNon-operating income
1932.
1933. •
$16,839,738 $16,624,243
810,283
803,639
Gross earnings
Operating expenses
Maintenance
z Taxes
Reserve for renewals and retirements
$17,643,377 $17,434,526
5,230,751 5,322,796
976.008 1,050,908
1,337,733 1.261,676
1,038.342 1.038,371
Gross income
Interest on funded debt
Interest-other
Amortization of discount and expense
Miscellaneous deductions
$9,060,541 $8,760,773
2,375,000 2,375,000
35,095
42,780
104,710
110,555
52,412
52,606
-Petition.Western Power Light & Telephone Co.
-Earnings.
Western Union Telegraph Co., Inc.
-1933. 1934-4 Mos.-1933.
Period End. Apr. 30- 1934-4 Months
Teleg. & cable oper.rev_ $7,146,195 $6,330,007 $28,398.207 $24,659,276
402,408 1,825,155 1,777.233
465,191
Repairs
674,557 3,265.530 2,782,706
803,247
All other maintenance
4,477,294 3,742,818 17,612,355 15.255,082
Conducting operations
1.230,335
291,448 1,334.034
General & miscell. exp..334,384
Total tel.& cable op.ern 6.080.116 5,111,231 24.037.074 21.045.356
Net tel.& cable op.rev. $1,066,079 $1,218,777 $4,361,132 33,613.920
172.615
198.787
44.310
50,023
Uncollect. oper. revs...
289,833 1.186.133 1,159,333
296.533
Taxes assignable to oper.
Operating income....
Non-operating income__
Gross income
Deduct.from gross Inc_ _
Net income
-V. 138. p. 3457.
$884.634 $2,976,212 $2,281,972
558,750 1.720.395
$898,110 $1,341,917 $3,534,962 $4,002,367
2,782.081 2.835.592
693,976 2,226,551
$752,882 $1,166,775
$708,333
$204,134
$719,523
178,587
from
-
-Company Seeks $2,000,000
•‘•Willys-Overland Co.
1,
Net income
$6,479,598 $6,193,554*-'..
654,650
675,686
x Provision for Federal income taxes incl. In above_
RFCfor Reorganization.
y Including amounts received as dividends on common stock of MonongaPlans for the reorganization of the company,in receivership since Feb.f15
hela West Penn Public Service Co., whose accounts are not herein con1933, according to Toledo dispatches, appeared to hinge on the outcome of
solidated.
-V.136, .2245.
an application for a loan of $2,000,000 from the Reconstruction Finance
Corporation, which Is on file in Washington. David Wilson, President
6
West Point Mfg. Co.
-Extra Dividend4e. 41
and receiver of the company, said the money, if granted, would be used
The directors have declared an extra dividend of $1 per share in add tibn
for working capital necessary to put into effect reorganization plans of
o the regular quarterly dividend of $1 per share, both payable July 2 to
bondholders, stockholders and creditors.
holders of record June 15. Similar distributions were made o each of the
A loan of $175,000 obtained a month ago from banks here for expenses
three preceding quarters.
-V. 138, p. 2272.
has been paid Mr. Wilson said. The plant is completing the manufacture
of 7.500 automobiles, permission for which was granted by Judge George
West Texas Utilities Co.
-Cent Preferred zuz en
-75
the
A dividend of 75 cents per share was declared June 11 on the $6 cum.F. P. Hahn in Federal court. There are sufficient assets to satisfy the $2.000.plant is
000 claims of bondholders and the $8,000,000 of creditors if
stock, no par value, payable July 2 to holders of record June 15. A si liar
-V. 138, p. 2435.
liquidated, officials declare.
distribution has been made each quarter since and incl. Oct. 1 1933, prior
to which the stock received regular quarterly dividends of $1.50 per share.
-Earnings.
Winnipeg Electric Co.
-V.138,P. 3457.
1934-4 Mos.-1933.
-Month-1933.
Period End.
West Virginia Coal & Coke Corp.(& Subs.).
- Gross earningsApr. 30- 1934
-Earns.
$440.632 $1,854,808 $1,864,255
$444,644
319,328 1,304,998 1,334,666
317.295
Oper. exps., incl. deprec.
Earningsfor Year Ended Dec. 31 1933.
Net coal sales
$2,303,166
1529.589
3549.810
$121,303
Net earningsfrom oner. $127.348
Cost ofcoal sales, exclusive of depletion and depreciation
2,159,921
Fixed charges, interest,
456,562
443,822
114,267
110,560
taxes, &c
Gross profit on coal sales
$143,245
Other operating profit and Income
827.908
$73.026
$105,987
$7.035
$16,788
Net inc. from oper._
__
-V. 138, p. 3964.
Gross profit from operations
$971,153
Selling,administrative and general expenses
577,624
-Earnings.
Wisconsin Public Service Corp.(& Subs.).
Net operating profit
$393,530
1933.
1934.
12 Months Ended April 30Other income (net)
25,103
$6,856,690 16,823.864
Gross earnings
Net profit before interest, depletion and depreciation
$418,632
3,921,094 3.805,426
Operating expenses, maintenance and taxes
Interest on funded debt
57,459
Amortization of debt discount and expense
690
$2,935.596 $3,018,438
Net earnings
Miscellaneous interest charges
43,860
8,958
32.234
Other income
Provision for depletion
7,619
Provision for depreciation
501.772
$2,967,830 $3,062,298
Net earnings, Including other income
$1.369,114 $1,319,138
-net
Interest charges
Net loss
$157,861
149,245
106,255
Amortization of debt discount and expense
Balance, Jan. 1 1933, deficit
699.476
579,419
586,672
Appropriation for retirement reserve
Total
$857,338
Sundry adjustments prior years
1,774
$905,788 11,014.496
Net income
Balance, Dec. 311933, deficit
$855,564 -V.138. P. 3628.
Consolidated Balance Sheet Dec. 31 1933.
(J. S.) Young Co., Baltimore, Md.-Earnings.Assaf
Liabilfties1931.
1932.
1933.
Years Ended Dec. 318168,561 Notes payable
Cash
850,902
$229,939
$178,086
1160.936
Net profit(after Federal tax)
Accounts payable
87,218
a Accts. & notes receiv'le &
70.000
70.000
52,351
Dividends on preferred stock
accrued interest
673,990 Accrued items
141,186
119,968 - 149,960
88.716
Dividends on common stock
Inv. of mine supplies, coal, &c. 268.964 Eqpt. tr. Ws.due June 1534.
50,000
Inventory of merchandise
114,449 Unclaimed wages
5,981
$9,979
$19.869 def$11.882
Surplus
9,048 Liability on exchange tonnage_
Cash in closed banks
1,130
863.208 1,125,091 1,115.111
Previous surplus
48,881 Reserved for unearned min.
prepaid insurance, taxes, &o._
Transferred to reserve for deprec. of
Est. distills. share of receiv's'p 144,000 royalty
4,786
Dr250,000
investments
Deferred charges
54,070 Reserve for insurance
7,804
125,000
Transferred to reserve for contingDeps. on barge sale options_
Inv. in & advances to assoc. &
12.981
73,323 Due reqiiver for West Virginia
other companies
1863.209 11.125.091
Surplus, Dec. 31
1758.078
3,860 Coal & Coke Co
Cash in hands of trustee
151,193
15.000
15,000
Shs.corn,stock outstand.(par $100).
14.746
25,000 Funded debt
Deposit on real est. per, option
1,011,009
$10.66
$7.20
Earnings per share
$7.36
608,212 Reserve for lost coal royalty_
Coal lands and rights
14,880
b
1 Reserve for contingencies
Coal leaseholds
434,588
Condensed Balance Sheet Dec. 31.
6,549,861
c Plant and equipment, &o. 3,967,776 e Capital stock
1932.
1933.
Liabilities
1932.
Assets1933.
855,564
d Dock & river equipment__ _ 1,455,807 Deficit
82,005
Cash
3318,100 8369,893 Accounts payable
Construction in progress
81.793
88,836
736,170 (trade creditors)
Total
Investments
496,500
$7,697,946
39,994
38,458
Accounts reedy_
45,069 Divs. decl. & pay.
17.697,947
37,991
Total
3,258
2,743
Foreign purch.adv.
22,447 Accrued items.....
23,907
a After reserve for doubtful accounts of 174.509. b After depreciation
19,432
22,088
Federal income tax
Finished goods, maand depletion of $48,010. c After reserves of 11.977,940. d After reserve
739
308
Employees deps- terials & manutg.
and depletion of $703,480. •Represented by 514.684 no
for depreciation
18,588
760,112 Contingent reserve
supplies
513,783
-V. 138, p. 3111.
par shares.
385,320 Res. for unclaimed
y Plant & equip
379,335
dividends
1,125
Good-will, trade-Earnings.
Western Auto Supply Co.
marks, brands,&c 1,000,000 1,000,000 Res. for deprec. of
250,000
107,530 investments _
Other investments 272,847
1932.
1931.
1933.
1930.
Calendar Years244,288 Preferred stock... 1,000,000 1,000,000
Pt stk. In tress_ 256,800
112,873,387 $11,797,J26 $12,432.558 $13,885,193
Sales
Common stock_ 1,500,000 1,500,000
16,603
Com.stk. in treas.
25,400
Net profit after deproc.
863,209
758,078
Surplus
Prepaid insur. and
x555,638
y498,584
:747,074
y1,095,780
& Federal taxes
9,582
ground rent
6,972
244,951
538,893
587,883
293,941
Common dividends
195,961
195,961
195 961
195.961
Sims. cl. A & cl. B stock_ _
$3,331,637 $3,697,014
83,331,637 $3,697,014 Total
Total
$2.83
$2.54
$,i.81
$5.59
Earning per share
x After reserve for discount of $195 in 1933 (1932. $260). y After reserve
10 x Before deducting reserves provided for decline in market values of
for depreciation of $541.451 in 1933 (1932, $530,816.)-V. 136, p. 4290.
in 1930. y Does not include insecurities, $68,088 in 1931 and $51,884
4146
Financial Chronicle
June 16 1934
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE
-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES
-METALS
-WOOL
-DRY GOODS
-ETC.
COMMERCIAL EPITOME
Friday Night, June 15, 1934.
Coffee futures after declining 12 to 16 points on the 11th
Inst. recovered sharply to end 3 to 4 points lower on the Santos
contract and 5 to 12 points on Rio. The advance`was due
to a cable from Brazil announcing that the National Coffee
Defense would not put a sacrifice quota on the next crop.
Sales were 23,000 bags of Santos and only 19 lots of Rio.
On the 12th inst. futures after gaining moderately in the
early trading reacted and closed irregular, i. e. unchanged
to 5 points lower on Santos and 2 points lower to 4 points
higher on Rio; sales, 109 lots of Santos and 31 lots of Rio.
On the advance profit-taking sales and trade selling developed and sent prices downward. Spot demand was small
and there was little interest manifested in cost and freights.
On the 13th inst. futures closed 9 to 14 points lower on
Santos with sales of 19,000 bags and 1 and 9 off on Rio
with sales of 3,250 bags. General liquidation and other
selling caused the decline. On the 14th inst. futures broke
sharply owing to selling and liquidation by trade and importing interests influenced partly by lower Brazilian markets
and rumors that the Brazilian Government had withdrawn
its support. Santos contracts closed 23 to 30 points lower
with sales of 51,000 bags and Rio contracts 27 to 34 points
lower with sales of 9,000 bags. To-day prices ended 1 to
6 points higher on futures.
Rio prices closed as follows:
July
September
8.02 December
8.04 March
8.12
8.20
Santos prices closed as follows:
July
September
10.31 December
10.71 March
10.86
10.95
Cocoa futures trading was only fair and on the 11th inst.
the ending was irregular, 2 points lower to 4 points higher
with sales of 1,112 tons. London was unchanged to 3d.
higher with sales of 210 tons of futures. Here July closed at
5.42c., Sept. at 5.58c., Oct. at 5.64c., Dec. at 5.76e. to
5.77c., and March at 5.93e. On the 12th inst. futures were
more active and prices ended unchanged to 2 points higher.
Sales were 3,122 tons. Some new buying was noticeable.
July ended at 5.50c., Sept. at 5.64c., Oct. at 5.70c., Dec.
at 5.83c., Jan. at 5.89c., March at 6.01c., and May at 6.14c.
On the 13th inst. futures closed 2 to 6 points higher with
sales of 6,675 tons. It was the briskest trading of the year.
July ended at 5.52c., Sept. at 5.69c., Oct. at 5.75c., and
Dec. at 5.87c. On the 14th inst. futures closed at net
losses of 7 to 9 points on sales of 3,457 tons. July ended at
5.45c., Sept. at 5.61c., and Dec. at 5.80c. To-day futures
closed 2 to 4 points higher with sales of 226 lots. Jan.
ended at 5.89c., Mar. at 6.00c., July at 5.49c., Sept. at
5.64c., and Dec. at 8.84c.
Sugar futures in moderate trading ended 1 to 2 points
higher on the 11th inst. on buying by Cuban and trade
interests. New buying was attracted in the late trauing.
Sales were 12,600 tons. Raws were firmer but no sales were
reported. On the 12th inst. futures ended unchanged to 1
point higher. Hedge lifting in July by a Wall Street house
with Cuban connections and buying by commission houses
gave strength to the market. Raws were higher but no
sales were reported.
On the 13th inst. futures reached the highest level seen in
four years in brisk trading. The ending was 2 to 4 points
higher. The signing of the Tariff bill by the President
which paves the way for a new treaty with Cuba and which
is. expected to increase the existing preferential for Cuban
sugar influenced a good demand. Some 400,000 bags of
Puerto Ricos loading July 26 sold at 3.03c., and there was
a sale of 4,100 tons for second half June shipment at 3.05c.
On the 14th inst. trading continued active and futures
ended unchanged. Sales amounted to 36,050 tons. Today futures closed 3 to 5 points higher and as follows:
July
September
December
1.631January
1.71 March
1.79 May
1.80
1.87
1.92
Lard futures were rather quiet. On the 9th inst.
prices after showing early firmness reacted later in the
session under profit-taking sales and ended 5 to 10 points
lower. The early rise was on light speculative buying influenced by premature marketing of hogs the past few weeks
owing to drouth conditions. Exports were 52,375 lbs. to
Southampton and Antwerp. Hogs were unchanged to slightly lower with the top $3.75. Cash lard was easier; in
tierces, 6.42c.; refined to Continent, 4%c.; South America,
43.c. On the 11th inst. a good speculative demand stimulated by the strength of hogs caused a rise in the end of
5 to 10 points on futures. Warehousemen sold and there
was some hedge selling. Exports were 948,560 lbs. to Liverpool. Hogs were 15c. to 25e. higher with the top $4. Cash
lard was firm; in tierces, 6.50c.; refined to Continent, 43c.;
South America, 43'c. On the 12th inst. futures closed 15 to
17 points higher on a better demand stimulated by the
strength of corn and hogs. Exports were heavy totaling
1,325,237 lbs. to United Kingdom ports, Antwerp and Rotterdam. Hogs were 15e. to 25c. higher with the top $4.25.
Cash lard was firm; in tierces, 6.67c.; refined to Continent,
43c.; South America, 4%c.
On the 13th inst. futures closed 7 to 10 points higher in
active trading. Speculative interests and packers were
buying. Hogs were firm. Cash lard was also strong; in
tierces 6.75c.; refined to Continent, 432 to 4%c.; South
America, 43 to 4%c. On the 14th inst. futures advanced
early on buying stimulated by the strength of hogs but a
setback occurred later under general liquidation induced by
the weakness in wheat. Prices ended 2 to 5 points higher.
Hogs were 25 to 35c. higher owing to small receipts. The
top price was $4.85. Cash lard was firm; in tierces, 6.80c.;
refined to Continent,. 43/i to 43 c.; South America, 43% to
4
43/80. To-day futures closed unchanged to 7c. lower.
DAILY CLOSING PRICES
Sat.
6.45
6.75
6.85
July
September
October
OF LARD FUTURES IN CHICAGO.
Mon. Tues.
Wed. Thurs. Fri.
6.52
6.67
6.77
6.75
6.70
6.80
6.97
7.05
7.02
7.07
7.07
6.90
7.17
7.17
7.10
Pork steady; mess $20 to $25; family $21, nominal; fat
backs $15 to $17. Beef steady; mess nominal; packer
nominal; family $12 to $13.50 nominal; extra India
mess nominal. Cut meats firm; pickled hams 4 to 6
lbs. 94c.; 6 to 8 lbs. 9c.; 8 to 10 lbs. 83e.; 14 to 16 lbs.
153/2e.; 18 to 20 lbs. 143jc.; 22 to 24 lbs. 133'c.; pickled
bellies, clear f.o.b. N. Y. 6 to 8 lbs. 14; 8 to 10 lbs. 13%c.;
10 to 12 lbs 1334c.; bellies, clear, dry salted, boxed, N. Y.,
14 to 16 lbs. 1038c.; 18 to 20 lbs. 103'2c.; 20 to 25 lbs. 1040.;
/
25 to 30 lbs. 103.c. Butter, creamery, firsts to higher than
extra 223 to 26e. Cheese, flats 16 to 19c. Eggs, mixed
colors, checks to special packs 133/i to 213c.
Oils.
-Linseed continued in rather small demand but
prices were firm with tank cars 9.3c. New business was
lacking. Cocoanut, Manila, coast tanks 2%o.; tanks, New
York spot 25 to 2%c. Corn, crude, tanks, f.o.b. Western
%
mills 43c. China wood, N. Y. drums, delivered 9e.; tanks,
spot 8.40. Olive, denatured, spot, Spanish 85 to 87c.;
shipment Spanish 85 to 860. Soya Bean, tank cars f.o.b.
Western mills 53/i to 6c; cars, N. Y. 7c.; L.C.L. 7.5c.;
edible, olive $1.60 to $2.15. Lard, prime 93/20.; extra
strained winter 73'c. Cod, dark 31e.; light filtered 32c.
Turpentine 503/i to 543c. Rosin $5.55 to $6.15.
Cottonseed Oil sales to-day, including switches, 46 contracts. Crude, S. E., 43/i nominal. Prices closed as follows:
Spot
July
August
September
October
5.25
November
5.4205.43 I December
5.6205.63 January
5.6910 -5.7605.81
5.8605.89
5.9010 ---
Petroleum.
-The summary and tables of prices formerly
appearing here regarding petroleum will be found on an
earlier page in our department of "Business Indications,"
in the article entitled "Petroleum and Its Products."
Rubber futures continued to advance early on the 9th inst.
and after having reached a new high for September reacted
to close 3 to 13 points lower after sales of 2,350 tons. London was 1-16d. higher and there was a rise of 3-32d.. to Ad
at Singapore. Here June ended at 13.47c., July at 13.59o*,
Sept. at 13.99c., Oct. at 13.99c., Dec. at 14.21 to 14.23o.,
Jan. at 14.35c., March at 14.61c. and May at 14.860. On
the 11th inst. futures ended 21 to 31 points lower. Trading
was fairly active, sales amounting to 3.740 tons. London
was 1-16d. to 3'd. lower and Singapore declined 1-16d.
Standard ribs for June were offered at 133c. and thin pale
latex at 147 0. but there was little interest. Other grades
4
were slightly lower. June ended at 13.26c., July at 13.360,
Sept. at 13.64 to 13.65e., Oct. at 13.76c., Dec. at 13.98 to
13.99c., Jan. at 14.15c. and March at 14.30 to 14.32e.
On the 12th inst. futures closed 20 to 29 points higher owing
Volume 138
Financial Chronicle
to stronger markets for stocks and commodities generally
and better cables. Sales were 6,000 tons. Aetnals were
firmer. A Batavia, Java, dispatch stated that the East
Indian Government has fixed the export duty for native
rubber on the basis of 8c. per half kilo of dry rubber. The
export duty on wet rubber is effective July 1 while the levy
upon dry rubber does not go into effect until Aug. 16.
July closed at 13.62c., Sept. at 13.90 to 13.97c., Oct. at
14.05c., Dec. at 14.26 to 14.30c., Jan. at 14.350., March at
14.57e. and May at 14.79e.
On the 13th inst., futures closed 15 to 26 points higher
on sales of 7,250 tons. July ended at 13.82c.; Sept. at
14.10 to 14.12e., and Dec. at 14.45 to 14.47e. On the 14th
inst. futures declined 25 to 35 points on sales of 3,760 long
tons. July closed at 13.52c.; Sept. at 13.80c., and Dec.
at 14.13c. To-day futures ended with gains of 4 to 12
points after sales of 259 lots; June, 13.49c.; Sept., 13.85
to 13.87c.; Oct., 13.90c.; Dec., 14.20 to 14.26c.; Jan.,
14.37e.; March, 14.550., and May, 14.77e.
.Hides were fairly active and on the 9th inst. prices ended
with net gams of 15 to 55 points. Old contract ended with
June at 9.250., Sept. at 9.45 to 9.50e. and Dec. at 9.70 to
9.850.; new contract Sept. at 10.10 to 10.20c., Dec. at 10.31
to 10.40c., March at 10.65 to 10.66c. and June at 10.90
to 11.05e. On the 11th inst. futures closed 25 points lower
to 10 points higher with sales of 1,760,000 lbs. Some 80,000
lbs. were tendered for delivery against the old June contract.
Total tenders so far this month amounted to 560,000 lbs.
Old contract closed at 9.00c. for June, 9.50 to 9.60e. for
Sept., and 9.80e. for Dec.; new contract Sept. at 10.10c.,
Dec. at 10.37 to 10.45e., March at 10.70 to 10.75e. and
June at 10.95 to 11.10e. On the 12th inst. after a lower
opening futures rallied and ended with gains of 25 to 40
points. There was a better demand. Sales amounted to
1,360,000 lbs. Old contract closed with June at 9.40c.,
Sept. at 9.750., Dec. at 10.050. and March at 10.050.;
new Sept. at 10.40e., Dec. at 10.70 to 10.80c., March at
10.95e. and June at 11.20c.
On the 13th inst. futures closed unchanged to 25 points
lower on old contract and 5 to 20 points lower on the new
with sales of 3,680,000 lbs. Old contract ended with June
at 9.40c.; Sept. at 9.50 to 9.70c.; Dec. at 10.00c.; new
Sept., 10.20 to 10.30e.; Dec., 10.650.; March, 10.89 to 10.90c.
and June at 11.15e. On the 14th inst. futures ended 20
to 35 points lower with Sept. new at 10.10c.; Dec. at 10.450.,
and March at 10.80e. To-day standard futures closed
20 to 30 points up with sales of 17 lots; Sept., 10.40 to 10.50c.
and Dec., 10.71 to 10.80e.
Ocean Freights were in somewhat better demand of late.
Charters included: Grain booked,
at 9c., to Mediterranean; 25 loads New25 loads New York at 8c., Montreal
at Sc.; I load Montreal-Copenhagen, York-Hamburg, 7c.; 20 to Antwerp
and 13i loads to Havre-Dunkirk 7c. 10c.; 1 load New York-Hamburg 7c..
Sugar-Cuba, June to United
dom-Continent, 12s. 716d.; prompt, Cuba-Marseilles, 13s. Trips King,
-Down
to Plate, 80c.; West Indies rouni
trip.$1.15,trip across North Atlantic.95c.
Coal.
-Sales slowed down somewhat. The output of
bituminous coal showed a gain of 300,000 tons last week.
For three weeks it stood at 18,225 000, a weekly average
of 6,075,000 tons compared with 15,481,000 and 5,160,000
tons, respectively, a year ago. April locomotive consumption was 5,727,000 tons, against 6,833,146 tons in March.
The average April net price was $1.75; that of Mar., $1.71.
Wholesalers were quoting smokeless mine run for July at
$2.30, an advance of 10c. Anthracite May loadings totaled
4,491,418 tons, against 2,494,950 a year ago or an increase
of almost 100%.
Silver futures were 2 to 5 points higher on the 9th inst.
with sales of only 775,000 ounces. July ended at 45.44 to
45.450., Sept. at 45.60c. and Dec. at 45.94c. On the
11th inst. futures ended 3 to 11 points lower with sales
of 1,175,000 ounces. The bar price was Mc. lower here
while London declined 1-16d. to 19 11-16d. The Government was the chief purchaser. June ended at 45.33e.,
July at 45.33e. to 45.35c. Aug. at 45.42c., Sept. at 45.51e.
to 45.55c. and Dec. at 45.83e. On the 12th inst. futures
closed1 to 11 points lower with sales of 1,775,000 ounces
Bar silver was unchanged here, but London was down
1-16d. to 195 d. There was less Government buying
%
noticeable. Twenty transferrable notices were issued and
34 contracts figured in switching operations. July ended
at 45.30c., Sept. at 45.50c. and Dec. at 45.79e. to 45.83e.
On the 13th inst. futures in more active trading advanced
28 to 59 points. The Government was reported to be an
active buyer all day. Yet the spreads between nearby and
distant months widened, which was contrary to the situation several weeks ago, when the Treasury was a heavy
buyer. June ended at 45.55 to 45.60c., July at 45.58e.,
Sept. at 45.81 to 45.85c., Dec. at 46.17 to 46.20c., Mar.,
46.580., and May at 46.98e. On the 14th inst. futures
closed 28 to 41 points lower with sales of 1,525,000 ounces.
July ended at 45.40c., Sept. at 45.40c., and Dec. at 46.00c.
To-day futures closed 8 to 42 points lower with sales of
350,000 ounces. June ended at 45.17c., July at 45.10 to
45.11c., Aug. at 45.22e., Sept. at 45.35c., and Dec. at
45.65 to 45.75c.
Copper was in fair demand and firmer at 9c. for domestic
delivery. The European price level recently was easier
at 8,05 to 8.10c., with sales light. The copper code authority
extended the ban against sales of non-Blue Eagle copper to
Aug. 1 from June 22. In London on the 14th inst. standard
4147
fell 7s. 6d. to £32 10s. for spot and £32 16s. 3d. for futures;
sales 300 tons of spot and 1,400 tons of futures; electrolytic
fell 5s. to £35 15s. bid and £36 asked; at the second London
session standard fell Is. 3d. with no sales.
Tin was in small demand and lower at 50c. for spot
Straits. In London on the 14th inst. spot standard declined
Ss 17s. 6d to £224 5s.; futures off £2 2s. 6d. to £224 5s.;
sales 100 tons of spot and 250 tons of futures; spot Straits
down £2 to £224 10s.; Eastern c. i. f. London dropped
£1 7s. 6d. to £227 10s.; at the second London session spot
standard was reduced 15s. and futures £1 on sales of 20 tons
of spot and 230 tons of futures.
Lead was in smaller demand, but prices were steady at
4c. New York and 3.850. East St. Louis. In London on the
14th inst. spot was unchanged at £11, but futures fell Is. 3d.
to £11 5s.; sales 200 tons of spot and 650 tons of futures.
Zinc was quiet and easier at 4.20c. East St. Louis. In
London on the 14th inst. prices fell 5s. to £14 6s. 3d. for
spot and £14 10s.for futures; sales 325 tons of futures; at the
second session, prices dropped is. 3d. on sales of 125 tons of
spot and 325 tons of futures.
Steel.
-The present outlook for third-quarter business
is not very promising. However, not much is expected
at this time of the year, although in 1933 July was the most
active month from a production standpoint. Then, too,
it is believed that more steel was ordered for second-quarter
than was consumed, which will result in a considerable
amount being carried over into the next quarter. Under
the revised provisions of the steel code, after prices have
been announced for a quarter they cannot be advanced.
They may be reduced, however, and this may result in
cautiousness on the part of consumers and a last minute rush
to buy in the hope of price reductions. Considerable
amounts have been stocked up owing to the threat of a
strike There was little railroad business and very little
is expected until the fall. There was a fair demand for
structural steel. There was better demand for pipe from
the oil fields. The steel output was up to 60% of capacity.
Quotations: Semi-finished, billets, rerolling, $29; billets,
forging, $34; sheet bars, $29; slabs, $29; wire rods, $39;
skelp, 1.70e. per lb.; sheets, hot rolled, 2c.; galvanized,
3.25c.; strips, hot rolled, 2c.; strips, cold rolled, 2.80c.;
hoops, 2c.• bands, 2c.; tin plate, per box $5.25; hot rolled
bars, 1.90.; plates, 1.85c.; shapes, 1.85c.; rails, standard,
$36.375; rails, light, $35.
Pig hon.-The melt appears to be declining. The consumption in this immediate territory was estimated at 40%
of capacity as against 50% a month ago. There were few
cancellations of contracts for second quarter and iron contracted for this quarter it is expected will be largely specified.
Some 3,000 tons it is estimated have been ordered so far
for third quarter delivery. Scrap prices were $1.50 to $2.50
per ton under the peak of the year. Quotations: Foundry
No.2 plain, Eastern Pennsylvania $19.50, Buffalo, Chicago,
Valley and Cleveland $18.50; Birmingham $14.50.; Basic,
Valley $18.; Pennsylvania $19.
Wool showed no improvement in demand but prices were
rather steady.
Boston wired a Government report on June 11 saying:
"Comparatively limited quantities of fleece wools are available at recent selling prices. While little business has been
transacted at the advances asked by some houses, substantial
quantities of fleece wools are being held at prices above the
levels at which some firms have recently been willing to sell.
Estimated receipts of domestic wool at Boston, reported to
the Boston Grain & Flour Exchange during the week ended
June 9 amounted to 3,298,200 lbs., compared with 7,585,200
lbs. during the previous week."
On the 12th inst. Boston sent another Government report
which said: "Sales are very slow on the Boston wool market.
Most of the very limited trade is on fleeces. Small quantities
of the medium quality strictly combing Ohio and similar
fleeces sell at around 32 to 33c. in the grease for 56s, Mi blood
31 to 32c. for 48s., 50s., X blood. Asking prices on some
offerings have been advanced to above these ranges. A bid
of 30c. in the grease on fine Ohio delaine out of the new clip
has been turned down."
Still another Government report from Boston said: "Aside
from a very limited movement on Ohio and similar fleeces,
greasy domestic wools are very quiet on the Boston market.
Quotations are showing no change, though they are largely
nominal in view of the lack of trade. Manufacturers, however, are beginning to show more interest without making
definite commitments in the new wool as they become available."
Silk futures in light trading ended unchanged to 1 Mc.
lower. Sales were only 570 bales. Crack double extra advanced le. to an average spot price of $1.26. No more June
notices were tendered,the total thus far being 100. Japanese
markets were steady. Here prices ended with June at $1.19
to $1.22, July at $1.21 to $1.215/2, Sept. $1.223/2 to $1.23,
Oct. $1.22 to $1.23, Dec. 31.22M to $1.23 and Jan. $1.22M
to $1.23. On the 12th inst. futures closed unchanged to
1 Mc. higher with sales of only 40 bales. Crack double extra
was steady at $1.26. No June notices were tendered. July
closed at $1.2i3/ to $1.223/, Aug., Sept. and Oct. $1.223/2
to $1.233/2 and Dec. at $1.23.
Financial Chronicle
4148
On the 13th inst. futures closed 13/i to 2c. lower on sales
of 2170 bales. July ended at $1.193/2 to $1.20, Aug. at
$1.206 to $1.21, Sept., Oct. and Nov. $1.21, Dec. $1.21 to
$1.213/ and Jan. $1.21. On the 14th inst. futures closed
unchanged to lc. lower with sales of 950 bales. July ended
at $1.183/2, Aug. at $1.20; Sept. and Oct. $1.203/2, Nov.,
2
Dec. and Jan. $1.20. To-day futures ended 13/c. higher
with sales of 85 lots; June $1.18, July $1.19, Dec. $1.21 to
$1.22 and Jan. $1.21.
COTTON
Friday Night, June 15 1934.
nt of the Crop, as indicated by our teleThe Moveme
grams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
34,833 bales, against 34,989 bales last week and 33,148
bales the previous week, making the total receipts since
Aug. 1 1933, 7,134,242 bales, against 8,338,534 bales for
the same period of 1933-34 showing a decrease since Aug. 1
1933 of 1,204,292 bales.
Receipts atGalveston
Houston
Corpus Christi
New Orleans
Mobile
Pensacola
Jacksonville
Savannah
Charleston
Charles
Wilmington
Norfolk
Baltimore
Tnt..mbathia wreak
Sat.
Mon.
236
190
____
1,428
361
813
1,319
182
1,321
828
741
179
113
--_
4
9
557
301
_ _Lake __
2 A2n
6289
200
Total.
Wed. Thurs. Fri.
355 7,376
683
3,754 1,535
343 1,161 3,250 7,535
1,272
----------------182
741 10,297
1,176 2,182
3,449
139 3,003
61
532 1,082
57 1,317
---------519
201
201
415 1,127 2,910
232
400
900
88
60
---338
349
349
------____
104
19
518
241
27
21
20
141
141
Tues.
0785
4.470
5.108
6.708 34.833
The following table shows the week's total receipts, the
total since Aug. 1 1933 and stocks to-night, compared with
last year:
1933-34.
Receipts to
June 15.
This Since Aug This SinceAug
1933.
1934.
Week. 1 1933. Week. 1 1932.
7,376 2,115,009 14,609 1,969,580 580,645 559,851
Galveston
23,827
7.033
642 243,527
------177,591
Texas City
7,535 2.205.183 21,870 2,779,993 958,561 1,420,629
Houston
54.943
51.943
695 299.966
182 320,992
Christl
Corpus
3,790
18.498
29,338
---_
10,443
Beaumont
10,297 1,436,658 18,307 1.860,305 620,419 875,702
New Orleans
606
Gulfport
92,146 121,159
3,003 161,324 4.687 324,107
Mobile
29,749
11,712
____ 134,144
1,317 148,379
Pensacola
1.857
3.935
9.280
36
13,837
201
Jacksonville
2.910 173.193 2,474 157,496 105.692 117,993
Savannah
37,001
36,660
Brunswick53,794
48.723
900 133,225 6,871 190.119
Charleston
75,340
22.438
349 103.447 1,400 170,232
Lake Charles_ _ _ _
15,589
17,087
53,873
352
22,973
104
Wilmington
40,007
13,962
54,718
354
41.603
518
Norfolk
8,689
Newport News
66,571 198,412
141
New York
19,345
9,352
15,560
385
Boston
2,863
3,270
33,584
141
Baltimore
Philadelphia
34833 7.134.242 72.682 8.338.534 2.617.279 3.629.558
Tntaloa
years,
In order that comparison may be made with other
we give below the totals at leading ports for six seasons:
1929-30. 1928-29.
Receipts at- 1933-34. 1932-33. 1931-32. 1930-31.
6,664
3,060
1,314
1,820
14,609
7,376
Galveston....
1,940
4.767
2,589
3,608
21,870
7,535
Houston
5,444
6,723
9,637
9,902
18,307
10,297
New Orleans_
550
2,127
444
4,751
4,687
3,003
Mobile
736
9,391
1,165
1,370
2,474
2,910
Savannah _
__
Brunswick _
78
8,001
170
1,592
6,871
900
Charleston _ __
43
64
122
230
352
104
Wilmington__
658
581
440
190
354
518
Norfolk
Newport News
2,353
1,797
1,096
1,320
3,158
2,190
All others_ _ _ _
18,466
36,511
16,977
24.783
72,682
34 833
Total this wk_
R.9112.R12
14.
cu."..1.... 1 7 1. 9190 22S5140 514 n11 R.2116.4114 A.10R.R4n
reach a
The exports for the week ending this evening Britain,
were
total of 126,501 bales, of which 16,5576,531to Great 52,332
to
3,827 to France, 11,725 to Germany, to other Italy, ions.
destinat
to Japan, 28,151 to China, and 7,378 total exports were
In the corresponding week last year aggregate exports
162,440 bales. For the season to date
in the
have been 6,946,023 bales, against 7,418,492 balesexports
the
same period of the previous season. Below are
for the week.
Exported to
Week Ended
GerJune 15 1934. Great France. many.
- Britain.
Exports from
3,594 2,627 3,641
Galveston
2,333
Houston
1,252
45
Corpus Christi_
New Orleans..... 8,053 1,100
50
Lake Charles__
100 1.457
3;555
Mobile
154
Pensacola
427
92
Panama City- _
822
Savannah
1,589
Charleston
693
Norfolk
741
Gulfport
Los Angeles _ _
16,557 3,827 11,725
Total
Total 1933
Total 1932
Japan. China. Other.
11.901 20,052 1,951
403
929 14.374 1,713
22
4,651
4,817
234
117
785
Total.
2.800
43,766
19,752
1,319
35,688
284
5,798
154
519
822
1,589
693
741
15,376
6.531 52,332 28,151
7,378 126,501
12,576
Exported to
From
Aug. 1 1933 to
GerJune 15 1934. Great
Other. Total.
Exports from-Britain. France. many. Italy. Japan. !China.
1879,460
258,255 237,706 237.811184,466 533,3911102,932324,899 2196,974
Galveston
257,736 254,226 422,120248.866 569,653 110,026 334,347 379,340
Houston
43,289
Corpus Christi 97,793 54,058 30,425 17.621 127,259, 8,895 22,316 118,495
179
3,466'
.
Texas City_ _ _ 20,159 24,062 43,917 4,396
3,5161 2,140 1,928 20,131
4,107 4,743 2,397 1,300
Beaumont. _ _ _
1252,341
New Orleans... 293.914110,945 260,525152,761 199,820' 44,475189,901 115,426
10,723 24,653 25,900 2,857 17,761 8,080 25,452 184,888
Lake Charles
11,188
48,612 9,267 80,874 14,416 19,5311 1,000
Mobile
670 13,420
100 __
___
9,101
3,549 ___ _
Jacksonville_
22,185 1,432 35,030 12,992 16,549, 2.000 1,684 91,872
Pensacola
259 16,409 ____ 11,100 8,500 1,547 60,257
22,442
Panama City
100 68,262 1.324 18,168 - ___ 9,531 165,600
68,215
Savannah
25 36.660
_ _ _1 ____
5,868 ____
Brunswick_ _ _ _ 30,767 ____
--- -___ 2,187 117,547
66
379 62,688
52,227
Charleston_
- _ _ _1 ____ 1.350 13,909
500
___ 12,059
__
Wilmington_ _ _
360 19,688
798, ..___
274
7,025
9,107 2,124
Norfolk
108 10,959
_ _ _I ____
19
3,699
171
6,962
Gulfport
1098, 1,398 8,089 27,525
369
263 7,390
8,918
.
New York _ _ _
....1 - 8,395 8,880
205 ---_
129
151
Boston
046 2,723 181,044
6,756 1,205 9,290 ___ 152,024 9,
Los Angeles_
1,675 ---. 42,9691 2,237 1.655 51,366
575
2,255
San Francisco_
241
241
Seattle
,
1224,833726,297 1342.670642,227 1717.203'300,908 991,885 6946,023
Total
I
Total 1932-33_ 1320,452825.148 1743,73 738,9251506,844 275,9901007397 7418,492
Total 1931-32_ 1266.012460.396 1534,180626.431 2184,5871025210960,2768057.097
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
Leaving
Other CoastGerGreat
Britain. France. many. Foreign wise. Total. Stock.
543,245
900 1,000 4,000 30,000 1,500 37,400 605,362
Galveston
268 4,652 5.385 1,057 15,057
New Orleans.. 3.695
105,692
Savannah
48,723
Charleston_ _ _ _
87,963
124 4,183
3,474
585
Mobile
13,962
Norfolk
4:666 43.666 "Me 50,000 1,105,692
1,500 1,000
Other ports *
2,510,639
Total 1934 _ _ 6,680 2,268 12,652 81,859 3,181 106,640
113,280
Total 1933_ _ -- 16.983 8,254 22,610 61,233 4,200 88.036 3,516,278
3,574,186
1932.... 5.741 9,029 12,864 59,293 1.109
Total
* Estimated.
June 15 at
Speculation in cotton for future delivery was moderately
Stock.
1932-33.
June 16 1934
6.260 32,984 162,440
28,007 24,950 37,132 11,590 21,481 15,128 10,179 81.775
13.772 5.577 14,022 11.521 11.576
The undertone,
active, with prices fluctuating irregularly.
y unfavorhowever, was steady. The weather was generall
.
able, although some of the dry areas received moisture
prices
On the 9th inst. in a moderately active market
reached another new high for the movement on buying inspired by a stronger wheat market and unfavorable weather.
Offerings were light and the market ended close to the
best of the day with net gains of 8 to 10 points. Liverpool
cables were about as due. A good demand appeared in the
form of trade and Japanese price fixing and Wall Street and
Western buying. Most of the buying was done early in the
session in anticipation of a rise in wheat because of the very
bullish grain crop forecasts. Offerings from the South were
a little larger. The spot demand showed a slight improvement but sales were still small. However,the basis remained
firm. Another bracing factor was the news that Senator
Smith was pressing his plan to have the Government buy
1,000,000 to 1,250,000 bales of cotton in the open market
to be turned over to mills for manufacture into goods for
relief purposes.
The weather was unfavorable, drouth continuing in the
West and rains in the East. Textile markets seemed to be
broadening out. On the 11th inst. after showing early
strength prices declined and ended with net losses of 7 to 9
the
points. At one time they were 7 to 9 points above and
previous close. Scattered rain in Missouri, Arkansas
eastern Oklahoma induced considerable liquidation of July
and other selling. The South, New Orleans, wire houses
and longs in July were the chief sellers. Wall Street, commission houses and some of the trade were on the buying
side. The early strength was attributed to better Liverpool
cables than due, a broader demand from the Far East and
the Continent for actual cotton and bullish crop reports from
Alabama, Georgia and the Carolinas. The market for
textiles was moderately active and firm. On the 12th inst.
there was an early decline of 6 to 9 points on disappointing
Liverpool cables and private reports of rains in northern
Texas and Alabama, lmit the market rallied later under
speculative and trade buying and closed with net gains of
14 to 16 points. Buying was spurred on by later detailed
weather reports, which showed an absence of rain in the
drouth areas of Texas and Oklahoma and considerable rain
in Alabama where dry, warm weather is badly needed.
reThere were evidences of new outside buying as well aswas
buying by some recent sellers. Another bullish factor
the report from Washington that the AAA had prepared
size
an order abating the processing tax as applied to largebags
cotton bags, and the compensatory tax levied on jute
of corresponding size was removed. The New York Cotton
Exchange Service estimated domestic consumption in May
at 535,000 bales compared with 513,000 in April and 620,000
in May last year. The daily rate was 23,500 against 24,400
and 25,100, respectively.
for
On the 13th inst. prices after establishing new highs
movement reacted and ended unchanged to 1 point higher.
the
inThe market crept upward early in the day under buying
Financial Chronicle
Volume 138
fluenced by a continuation of rainy weather in the Atlantic
sections of the belt and December advanced above 123'c.
Moreover, the weekly weather report was unfavorable, and
wheat advanced above the $1 level in the early trading at
Chicago. The reaction was caused by profit-taking sales
induced by a sharp break in wheat and beneficial showers in
Western Oklahoma. The weekly weather report said conditions were rather unfavorable, with rains too frequent in the
eastern part to allow proper growth and sufficient to favor
the weevil in Alabama, Mississippi and Louisiana. Spot
cotton was in small demand but the basis was firm. Textile
centers reported a fairly active trade early in the day but
the demand fell off later on.
On the 14th inst. more favorable weather led to general
liquidation, and prices ended 17 to 20 points lower. Bearish
factors also included the weakness of stocks and grains and
disappointing Liverpool cables. Liverpool and the Continent sold. The foreign selling was attributed in some quarters to the German moratorium, while Wall Street sold
owing to the weakness in stocks and grain. The Census report on May consumption was below recent forecasts, but
It had no effect on the market. Worth Street was quiet.
Spot markets in the South were 15 to 20 points lower.
To-day prices recovered from an early decline of about 10
points, only to react towards the close, and end 3 points
lower to 1 point higher. Early prices were lower because
of selling prompted by lower Liverpool cables and better
weather reports, but a good demand appeared from the trade
and Japanese interests, owing to a belief that a tropical
storm in the Gulf of Mexico might hit the cotton fields.
Worth Street reported only a moderate business in gray
cotton goods, but standard print cloth was apparently in
better demand . Spot demand was small, but the basis continued firm. Final prices show a decline of only 3 to 5 points
for the week. Spot cotton ended at 12.15c. for middling,
or unchanged for the week.
Staple Premiums
60% of average of
elx markets quoting
for deliveries on
June 21 1934.
15-16
Inch.
1-Inch dr
longer.
.13
.13
.13
.13
.13
.11
.10
Differences between grades established
for deliveries on contract June 21 1934
are the average quotations of the ten
markets designated by the Secretary of
Agriculture.
38
.36
.36
.36
.36
.31
.27
Middling Fair
.75 on
White
do
Strict Good Middling_
.59
Good Middling
do
47
Strict Middling
do
.32
do
Middling
-0
Basle
Strict Low Middling
do
.38 oft
Low Middling
do
.78
*Strict Good Ordinary _
do
1.28
*Good Ordinary
do
1.72
Good Middling
Extra White
.48 on
Strict Middling
do do
.33
Middling
do do
.01
Strict Low Middling.... do do
.37 off
Low Middling
do do
.74
.12
86
Good Middling
Spotted
.28 on
.12
.36
Strict Middling
do
Even
.10
.30
Middling
do
38 oft
*Strict Low Middling.... do
.78
*Low Middling
do
1.28
.11
.29
Strict Good Middling.-Yellow Tinged
.02 off
.11
.29
Good Middling
do do
25 oft
.11
.27
Strict Middling
do do
43
*Middling
do do
.78
*Strict Low Middling_ _ _
do do
1.25
*Low Middling
do do
1 66
10
.27
Good Middling
Light Yellow Stained__ .41 off
'Strict Middling
do
do
do .. .78
*Middling
do
do
do _1.26
10
.27
Good Middling
Yellow Stained
.77 off
*Strict Middling
do do
1.24
*Middling
do do
1.67
.27
.10
Good Middling
Gray
.25 off
.27
.10
Strict Middling
do
.50
*Middling
do
.80
*Good Middling
Blue Stained
.78 off
*Strict Middling
do do
1.24
*Middling
do do
1.66
*Not deliverable on future contract
Mid.
do
do
do
Mid
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
The •official quotation for middling upland cotton in the
New York market each day for the past week has been:
June 9 to June 15Middling upland
Sat. Mon. Tues. Wed. Thurs. Fri.
12.25 12.15 12.30 12.30 12.15 12.15
New York Quotations for 32 Years.
The quotations for middling upland at New York on
June 15 for each of the past 32 years have been as follows:
1934
1933
1932
1931
1930
1929
1928
1927
12.150.
8.95c.
5.350.
8.65c.
13.95c.
18.800.
21.15c.
16.95c.
1926
1925
1924
1923
1922
1921
1920
1919
18.05c.
24.20c.
29.90c.
29.20c.
22.20c.
12.200.
39.500.
32.75c.
1918
1917
1916
1915
1914
1913
1912
1911
30t40c.
24.90c.
12.900.
9.85c.
13.40c.
12.35c.
11.900.
15.65c.
1910
1909
1908
1907
1906
1905
1904
1903
15.25c.
11.400.
11.500.
12.900.
11.20c.
9.100.
12.100.
12.600.
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 acid columns
which show at a glance how the market for spot and futures
closed on same day.
Spot Market
Closed.
Futures
Markel
Closed.
Saturday_ _ _ Steady, 10 pts. adv- Steady
MondaY -- - Steady, 10 pts. dec. Barely steady
.
Tuesday _
Steady. 15 pts. adv. Very steady
Wednesday. Steady. unchanged. Steady
Thursday -- Quiet. 15 pts.dec.-- Barely steady -Steady, unchanged - Steady
Friday
Total week.
Since Aug. 1
SALES.
Spot. Contr'd Total.
700
706
-166
-MO
-233
233
1,033
-- 1,033
106,746 208.100 314,846
4149
Futures.
-The highest, lowest and closing pricks at
New York for the past week have been as follows:
Monday,
June 11.
Saturday,
June 9.
June(1934)
Range _ _
Closing _ 12.01n
July
Range. 12.03-12.09
Closing. 12.06-12.07
Aup.Range_ _
Closing. 12.14n
Sept.
Range,_ 12.20-12.20
Closing. 12.224
Tuesday, Wednesday, Thursday,
June 12.
June 13.
June 14.
12.08n
11.94n
12.09n
11.90n
Fri
Jun 15.
11.89
11.96-12.15 11.91-12.15 12.08-12.20 11.94-12.06 11.84 12.02
11.98-11.99 12.12-12.14 12.13-12.14 11.94-11.95 11.93
12.06n
12.204
12.21n
12.32-12.33
12.14n
12.28n
12.29n
12.02n
12.10n
12.01
12.09
Range_ _ 12.26-12.33 12.20-12.40 12.15-12.40 12.32-12.45 12.19-12.31 12.1C 12.26
Closing - 12.30-12.31 12.21-12.22 12.36-12.36-12.37 12.19-12.20 12.1E
Nor.
Range_ _12.45-12.45
12.B 12.18
Closing 12.36n
12.42n
12.27n
12.22
12.24n
12.42n
Dec.
Range _ _ 12.38-12.44 12.31-12.50 12.26-12.50 12.42-12.56 12.30-12.41 12.22 12.37
Cloning. 12.4212.48-12.49 12.4812.3312.30-12.31 12.21 12.29
Jan.
(1935)
Range_ _ 12.44-12.48 12.37-12.55 12.33-12.53 12.49-12.61 12.35-12.46 12.21-12.41
Closing _ 12.4712.53-12.5412.3912.39
12.35Feb.
Range..
Closing
March
Range. 12.55-12.59 12.48-12.65 12.42-12.67 12.59-12.71 12.46-12.58 12.3i 12.50
Closing 12.57-12.58 12.5012.4712.6512.6412.4April
-
Range.
Closing
May
Range. 12.63-12.67 12.57-12.75 12.50-12.75 12.70-12.79 12.54-12.65 12.4' -12.60
12
12.7312.74-12.54-12.56 12.5J
Closing 1284- 59n Nominal.
Range of future prices at New York for week ending
June 15 1934 and since trading began on each option:
Option for
June 1934
July 1934_ 11.84
Aug. 1934
Sept. 1934_ _ 12.20
Oct. 1934_ 12.10
Nov. 1934_ _ 12.18
Dec. 1934_ 12.23
Jan. 1935._ 12.27
Feb. 1935
Mar. 1935.. 12.39
Apr. 1935
May 1935._ 12.47
Range Since Beginning of Option.
Range for Week.
June 15 12.20 June
Jnne
June
June
June
June
9 12.33
15 12.45
15 12.45
15 12.56
15 12.61
June
June
June
June
June
11.42
13 9.27
10.94
11 11.35
13 10.05
11 11.14
13 10.73
13 11.02
Jan. 15 1934 12.50
Oct. 16 1933 12.71
Apr. 26 1934 12.38
Apr. 26 1934 12.77
Nov. 6 1933 12.89
Apr. 26 1934 12.70
Dec. 27 1933 13.03
May 1 1934 13.09
Feb. 13 1934
Feb. 13 1934
Mar. 6 1934
Feb. 13 1934
Feb. 13 1934
Feb. 23 1934
Feb. 13 1934
Feb. 13 1934
June 15 12.71 June 13 11.13 May 1 1934 12.71 June 13 1934
June 15 12.79 June 13 11.79 May 25 1934 12.79 June 13 1934
The Visible Supply of Cotton to-night, as made up
by cable and telegraph, is as follows. Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-Fight
(Friday) we add the item of exports from the United States,
including in it the exports of Friday only.
June 15Stock at Liverpool
Stock at London
Stock at Manchester
1934.
bales.. 879,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
Total Continental stocks
1933.
658.000
1932.
600.000
1931.
836,000
202,000
98,000
100,000
190,000
977,000
758.000
790.000 1,038,000
485.000
227,000
25.000
70,000
69,000
16,000
8,000
513.000
202,000
22.000
82.000
99,000
336.000
176,000
22.000
96.000
70,000
428,000
343.000
11.000
115,000
45.000
900,000
918.000
700.000
942,000
Total European stocks
1,877,000 1,676,000 1,490,000 1,980,000
India cotton afloat for Europe- 105,000
51,000
86.000
96.000
American cotton afloat for Europe 148,000 421,000 236.000 118.000
Egypt, Brazil,&c.,afl't for Europe 124,000
93.000
89.000
74,000
Stock in Alexandria, Egypt
311.000 415.000 571.000 627,000
Stock in Bombay, India
1,137,000 941,000 863.000 928,000
Stock In U. S. ports
2.617,279 3.629.558 3.662,222 3.098.819
Stock in U. S. interior towns_..._1,284,177 1,442,027 1,476,605 942,151
U.S. exports to-day
13,403
4,094
31.240
26,611
Total visible supply
7,630,067 8,730,825 8.446,921 7,878,373
Of the above, totals of American and other descriptions are as follows:
American
-
Liverpool stock
Manchester stock
Continental stock
American afloat for Europe
U. S. port stocks
U.S. interior stocks
U. S. exports to-day
Total American
East Indian, Brazil, ctc.-
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &a., afloat
Stock in Alexandria. Egypt
Stock in Bombay,India
375,000 350,000 280,000 412,000
55,000 114,000
47,000
84.000
767,000 846,000 662,000 823,000
148,000 421,000 236,000 118.000
2,617,279 3,629,558 3,662,222 3,098,819
1,284,177 1,442,027 1,476.605 943.151
31,240
26.611
4,094
13.403
5,265,067 6,774,825 6,434.921 5.492,373
504.000
308.000
320,000
424,000
51,000
133,000
105,000
124,000
311,000
1,137,000
45.000
72,000
86.000
89,000
415,000
941.000
76,000
118,000
119,000
96.000
74.000
627,000
928,000
38.000
51.000
93.000
571.000
863.000
Total East India, dm
Total American
2,365,000 1,956,000 2.012,000 2.386.000
5,265,067 6.774.825 6,434.921 5,492.373
Total visible supply
7,630.067 8,730,825 8,446,921 7,878.373
Middling uplands, Liverpool.
6.18d.
4.758.
4.31d.
6.61d.
Middling uplands, New York....._ 12.15c.
9.25c.
5.25c.
8.85c.
Egypt,good Sake!, Liverpool
9.104.
7.206.
8.958.
8.658.
Broach, fine. Liverpool
5.36d.
3.94d.
5.23d.
3.958.
Tinnevelly. good, Liverpool
4.61d.
4.07d.
5.87d.
6.12d.
Continental imports for past week have been 75,000 bales.
The above figures for 1934 show a decrease from last
week of 164,447 bales, a loss of 1,100,758 from 1933, a
decrease of 816,854 bales from 1932, and a decrease of
248,306 bales from 1931.
At the Interior Towns the movement
-that is, the
receipts for the week and since Aug. 1, the shipments for
.
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below:
morerneru so June
.
Towns.
June 16 1934
Financial Chronicle
4150
.4110r6771t7Z/ W J1We
10 11344.
16
12/00.
Ship- Stocks
Receipts.
Ship- Stocks
menu. June
Week. I Season. Week. 15.
Receipts.
Week. Season.
June
16.
ments.
Week.
42,028
163
326 9,033
Ala., BIrming'm
123
3211 8,080
32,143
12,908
350
272 5,639
10.464
Eufaula
302
.
216 6 087
40,833 1.334 42,088
101
488 25,795
32,602
12
Montgomery
894 35,245
60,515
243
442 25,829
Selma
39,256
193
24.029
889 40,560
604 189,053 2055,
15 127,544
Ark. Blytheville
23,465
224 9,823
29
257 12,560
17,998
7
Forest City
69.444
812 26,807
68
32 45,
809, 14,207
Helena
665 11,579
55,166
513 11.635
255
49,054
Hope
149
11 2,584
20,406
92
288; 6,207
30,843
2
Jonesboro_ - 692, 30,998 1,118 159,037 2,449 48,860
Rock_
Little
343 114,073
50,617
11
101 10,307
520 11,414
31,100
506
Newport
Pine Bluff_ _ _
795i 108,478 1,321 23,061 1,009 132,246 1,699 32,453
3
39
312 3.85
66,458
248 7,372
Walnut Ridge
961 53,455
342 2,361
1,385
6
347
31
11,256
691
Ga., Albany_
200 45,960
27,650
100
780 68.020
Athens
1601 32.685
633 232.782 4,516238,150
Atlanta
41 143,994 3,667178,668
37
Augusta. _
1,5311 154,450 2,0921110,927 2,494 144,633 4,415 99,701
11,926
24,50'
____
12,711
Columbus..,.,
4001 27,511
21,112
364 36,263
74
25 31,169
19,204
45
Macon
13,211
350 13,552
80
8,968
19
12,536
37
Rome
81,049 3,891 42,371
226
323 19,439
54,464
802
La., Shreveport
963 134,318 2,442 24,598
592 20,581
111 128,560
Miss.Clartsdale
16,314
56
872 6,719
148 9,947
19,823
21
Columbus_
512 135,091 3,196 48,714
145,170 1,359 36,154
6
Greenwood
545 21,391
37,841
216
32 11,563
30.076
267
Jackson
4,700
14
8,711
__
____ 4,250
4,688
____
Natchez _ _ .. _
404 9,592
36,608
587
4,536
4
21,955
____
Vicksburg_
514 11,266
29 :2,352
8.177
18
322
27
___
Yazoo City
5
15,668 4,081 174,058 4,081
Mo.. St. Louis_
3,576 258,857 5,
536 20,550
29,102
178
77 17,875
7,629
13
N.C.Greensb'ro
Oklahoma
50 59,321 2,036 737,027 5,060 37,605
249 804,624
15 towns._
S.C., Greenville 2,672 170,858 3,494 88,226 4,000 164,259 2.855 96,802
Tenn.,Memphis 11,035 1.830,749 21,860333,502 26,6352,002,911 35,336359,790
330
.
___
____,
_ _ - 1.975
73,557
___
Texas, Abilene_
96 1,886
63 23,909
131 2,037
19,7
53
Austin
52 2,568
17,945
40
121 3,606
27,24
. . 47
Brenham_ _
531 100,622 2,330 15,402
651 5.225
98,593
342
Dallas
151
697 4,998
54,721
573 5,324
54.38
Paris
151
___
6,511
____
519
13
5,477
____
Robstown_
457
100
2
11,848
9
11,3
215
12
San Antonio_
359 13,760
46,801
192
766 10,164
34,297
108
Texarkana
76,144 1,109 4.974
272
665 93,2
484 7,443
Waco
Total, 56 towns 25,2635,016,801 51,7571284177 48,3175,405,691 86,1381442027
* Includes the combined totals of 15 towns in Oklahoma.
The above totals show that the interior stocks have
decreased during the week 28,402 bales and are to-night
157,850 bales less than at the same period last year. The
receipts at all the towns have been 23,054 bales less than
the same week last year.
Overland Movement for the Week and Since Aug. 1.
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
reports Friday night. The results for the week and since
Aug. 1 in the last two years are as follows:
----1932-33---,
----1933 34---Since
Since
Week. Aug. 1.
Week. Aug. 1.
4,081 174,829
5,500 243.429
5,053
---944 133,077
1,322470
16,920
-iiii
12,117
89
3.385 150.872
168,895
3.141
2,000 310.570
4.000 472,953
June 15ShippedVia St. Louis
Via Mounds, Ssc
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
13.674 1,031.793
Total gross overland
Deduct Shipments
33,560
181
Overland to N. Y., Boston,&c._
14,690
265
Between interior towns
2.581 218,679
Inland,Scc.,from South
10.077
658,714
385
311
8.943
16,027
10,973
181,962
266,929
9,639
208,962
Leaving total net overland *10.647 764.864
• Including movement by rail to Canada.
438
449.752
3,027
Total to be deducted
The foregoing shows the week's net overland movement
this year has been 10,647 bales, against 438 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 315,112 bales.
-1933-34
Since
In Sight and Spinners'
Aug. 1.
Week.
Takings.
Receipts at ports to June 15__- .- 34.833 7,134.242
764,864
10,647
Net overland to June 15
Southern consumption to June 15_100.000 4,489,000
145.480 12,388,106
Total marketed
21,939
*28.402
Interior stocks in excess
20.163
Excess of Southern mill takings
-1932-33
Since
Aug. 1.
Week,
72,682 8.338.534
449,752
438
105,000 4,505,000
178,120 13.293.296
42.335
*36,181
143.314
over consumption to June 1 _ _ _
117,078
_ 12,430.208
Came into sight during week
Total in sight June 15
141.939
1.213,664
18,446
North.spinn's'takings to June 15_
*Decrease.
8,440
13.478.935
Movement into sight in previous years:
910,034
Bales.
15.206.731
13.650.094
14.500,462
Bales. 1 Since Aug. 184.215 1931
76.540 1930
97.35411929
Week1932-June 18
1931-June 19
-June 20
1930
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 Colton on
Week Ended
June 15.
Saturday. Monday. Tuesday. Wed'day Thursd'y. Friday.
Galveston
New Orleans. _ _
Mobile
Savannah
Norfolk
Montgomery•- Augusta
Memphis
Houston
Little Rock._ _ _
Dallas
Fort Worth - - -
12.25
12.22
11.93
12.22
12.35
11.95
12.36
11.90
12.25
11.91
11.75
11.75
12.15
12.12
11.85
12.13
12.25
11.85
12.28
11.85
12.15
11.83
11.70
11.70
12.25
12.27
12.07
12.29
12.40
12.00
12.43
12.00
12.30
11.97
11.85
11.85
12.25
12.27
12.08
12.28
12.40
12.00
12.43
12.00
12.30
11.98
11.85
11.85
12.05
12.11
11.89
12.09
12.25
11.80
12.24
11.80
12.10
11.80
11.65
11.65
-The closing quotations
New Orleans Contract Market.
for leading contracts in the New Orleans cotton market for
the past week have been as follows:
12.05
12.07
11.88
12.08
12.20
11.80
12.18
11.80
12.10
11.78
11.65
11.65
Saturday,
Monday,
June 9.
June 11.
Tuesday,
June 12.
Wednesday, Thursday,
June 13. June 14.
Fr ay,
JU7 15.
June(1934)
11.9:
11.97 Bld. 12.12-12.10-12.11 11.96 12.07July
- August
September
12.11 12.16
12.33-12.36 12.17October
12.27-12.28 12.19-12.20 12.34November
12.44-12.45 12.27-12.28 12.21
12.45December. 12.39-12.40 12.30Bid
Jan.
(1935) 12.43 Bid. 12.34 Bid. 12.49 Bld. 12.48 Bid. 12.31 Bid. 12.31
February _
March_ _ 12.54 Bid. 12.45 BM. 12.60 Bid. 12.59 Bid. 12.44 Bid. 12.4: Bid
April
12.64 Bid. 12.55 Bid. 12.70 Bid. 12.68 Bid. 12.54 Bid. 12.5: Bid
May
June
Tone
RU dy.
Steady.
Steady.
Steady.
Steady.
Steady.
Spot
Steady. Barely stdv Ste dy.
OptIons.__ Steady. Barely stdy Steady.
World Cotton Consumption Higher in April than in
any Corresponding Month Since 1929, New York
-Amount Consumed
Cotton Exchange Reports
Slightly Below March.
Cotton spinners of the world used more cotton during April
than in any corresponding month since 1929, according to a
report issued June 4 by the New York Cotton Exchange Service. Mills used slightly less cotton during April than in
March, it was noted, but the decrease was less than the usual
seasonal decline. All divisions of the world spinning industry
consumed more cotton in April this year than in April a year
ago, and all divisions, with the exception of Great Britain,
used more than in April two years ago. World spinners. are
using a smaller proportion of American cotton than last year
and two years ago, but they are using a larger proportion than
three years ago and four years ago. The Exchange Service
further said:
World consumption of all kinds of cotton during April totaled 2,160,000
bales, as compared with 2,186,000 bales in March, 1,985,000 bales in April
last year, 1,932,000 bales two years ago, 1,965,000 bales three years ago,
and 2,151,000 bales four years ago. Spinners of the world used more cotton
during April than in any corresponding month since 1929. The decline from
March to April this year was slightly less than the usual seasonal decrease;
on a percentage basis, it was 1.2% as compared with an average decline from
March to April in the past six years of 2.3%.
The decrease in the world total was due almost entirely to the dropping
off in consumption of the American staple. World spinners used 1,148,000
bales of American cotton in April as against 1,173,000 bales in March, a
decrease of 2.1% as against an average March-April decrease in the past six
years of 3.4%. They used 1,012,000 bales of foreign growths as compared
with 1,013,000 bales in March, a decline of 0.1% as against a six-year average decline of 1.0%. During the nine months of this season, from Aug. 1
to April 30, world consumption of all growths of cotton aggregated 19,158,000
bales as compared with 18,097,000 bales in the corresponding portion of last
season, 17,603,000 bales two seasons ago, 16,738,000 bales three seasons ago,
and 19,386,000 bales four seasons ago.
All major divisions of the world spinning industry consumed more cotton
during April this year than in April last year, and all divisions excepting
Great Britain used snore than two years ago. Domestic mills consumed
518,000 bales of all cottons during April as compared with 470,000 bales in
April last year, 366,000 bales two years ago, 509,000 bales three years ago,
and 532,000 bales four years ago. British spinners used, 209,000 bales as
against 169,000 bales last year, 229,000 bales two years ago, 180,000 bales
three years ago, and 198,000 bales four years ago. Mills on the Continent
consumed 688,000 bales as compared with 660,000 bales last year, 647,000
bales two years ago, 619,000 bales three years ago, and 738,000 bales four
years ago. The Orient and minor cotton-consuming countries used 760,000
bales, the largest April consumption for this combined group of countries on
record. During April last year spinners of the Orient and minor cottonconsuming countries used 686,000 bales as against 690,000 bales two years
ago, 857,000 bales three years ago, and 683,000 bales four years ago.
World cotton mills continued to use a smaller proportion of American
cotton and a larger proportion of foreign cottons during April this 'year than
last year or two years ago. As compared with three years ago and four years
ago, however, they used a larger proportion of American cotton and a smaller
proportion of foreign growths. During April, world spinners consumed
1,148,000 bales of American cotton as against 1,135,000 bales in April last
year, 1,093,000 bales two years ago, 1,004,000 bales three years ago, and
1,069,000 bales four years ago. Consumption of foreign cottons in the world
totaled 1,012,000 bales as compared with 850,000 bales last year, 839,000
bales two years ago, 961,000 bales three years ago, and 1,087,000 bales four
years ago.
On a percentage basis, American cotton constituted 53.1% of the total
consumption of all growths during April as against 57.2% in April last
year, 56 6% two years ago, 51.1% three years ago, and 49.5% four years
ago. During the nine months from Aug. 1 to April 80 this season, consumption of American cotton constituted 59.8% of the total world consumption
of all growths as compared with 57.6% in the corresponding period last seabon, 53.9% two years ago, 49.3% three years ago, and 52.7% four years ago.
"Our National Cotton Policy"
-Views of W. L. Clayton
-Declares Farmer Should Receive Benefit of
Domestic Allotment Plan Free of Condition of
Acreage Reduction.
A paper, in which he expressed his views as to what
our national cotton policy should be, was submitted by
W. L. Clayton, of Anderson, Clayton & Co., of Houston, Tex.,
to the Commission of Inquiry on National Policy in International Economic Relations at a hearing held by the Commission in Houston, on May 25. Mr. Clayton observes that
"the real policy behind our present" national cotton policy
is not the reduction of the surplus but to bring the market
Financial Chronicle
Volume 138
up to a "parity." "Nobody would complain of the surplus,"
he goes on to say, "if the price were satisfactory" Mr.
Clayton mentions "tariffs, war debts, unstable currencies,
quotas, &c.," as "responsible for the plight of the cotton
farmer," and says "his situation can only be put right by
clearing away these barriers." "Meantime," he adds, "the
cotton farmer should receive the benefit of the Domestic
Allotment plan," "free of any condition of acreage reduction." This, he contends, "would give the farmer `parity'
price for the domestically consumed portion of his crop and
leave him free to follow his own inclinations in the matter
of producing cotton for export at the world price." The
following is a digest of Mr. Clayton's views:
1. There are 51 cotton producing countries in the world. The United
States of America harvested (after plow-up), in 1933, 40% of the world's
cotton acreage, the temaining 60% having been harvested by the other 50
cotton growing countries.
2. The United States of America exports about 60% of its production,
but this 60% comprises only about 40% of the consumption of cotton outside
of the United States of America.
3. In view of the above, it is obvious that the price of cotton is fixed on
the basis of supply and demand in the world markets and cannot be fixed
by any decree or policy of the United States Government.
4. The real purpose behind our present national cotton policy is not
reduction of the surplus but to bring the market up to "parity." This is
so stated In the Agricultural Adjustment Act. Nobody would complain of
the surplus lithe price were satisfactory.
5. Every one applauds this purpose, but this does not necessarily commit
us to approval of the means employed.
6. Experience and all the evidence point to the willingness and, ability
of our 50 cotton growing competitors to promptly increase their acreage
In proportion to any artificial decrease in ours, thus keeping the world
cotton acreage and production at normal. According to the Department of
Agriculture, foreign acreage increased 4,000,000 acres in 1933. All indications are that 1934 will witness a further substantial increase.
7. How are we, then, to get back the acreage thus being surrendered to
our competitors? The Farm Board "stabilizatior." program of 1930, 1931
and 1932 resulted in a heavy loss of our foreign markets for cotton. We
have not yet entirely recovered these markets. Such recovery as has taken
place came about through the establishment of cotton prices so low as to
literally starve our foreign competitors into the relinquishment of markets
which we had voluntarily surrendered to them. Is history to repeat itself?
8. If we do not get this surrendered acreage back into cotton, to what use
will we put the land and the labor formerly devoted to cotton production?
(Each bale of cotton pays about $10 in labor for picking, ginning, compressing, warehousing, transporting, merchandising, shipping, &c., exclusive of the labor in preparing the soil, planting and cultivating. Hence, if
the 10,000,000 bales objective of the Bankhead bill and the AAA be attained,
the difference between this and a normal crop of 15,000,000 bales means
the destruction of $50,000,000 worth of labor, aside from the labor of the
farmer himself.)
9. Blocked channels of trade, caused by tariffs, war debts, unstable cur
rendes, quotas, &c., are responsible for the plight of the cotton farmer.
His
situation can only be put right by clearing away these barriers which now
stand, squarely across his road to markets.
10. Meantime, until this is done, the cotton farmer should receive
the
benefit of the Domestic Allotment plan as provided in the Agricultural
Adjustment Act, free of any condition of acreage reduction. This
would give
the farmer "parity" price for the domestically consumed portion of
his crop
and leave him free to follow his own inclinations in the matter of
producing
cotton for export at the world price. It cannot be sold for
export at anything over the world price.
11. All experience should, teach us that we can only hold
our export markets on a basis of quality, service and price!
Census Report on Cotton Consumed and on Hand,
&c., in May.
-Under date of June 14 1934, the Census
Bureau issued its report showing cotton consumed in
the
United States, cotton on hand, active cotton spindles
and
imports and exports of cotton for the month of May
1934
1933. Cotton consumed amounted to 519,765 bales of and
lint
and 63,878 bales of linters, compared with 512,703 bales
of
lint and 67,822 bales of linters in April 1934 and 620,561
bales
of lint and 80,402 bales of linters in April 1933. It will
be
seen that there is a decrease from May 1933 in the
total
and linters combined of 117,360 bales, or 20.10%. lint
The
following is the statement:
MAY REPORT OF COTTON CONSUMED, ON
HAND, IMPORTED
AND EXPORTED, AND ACTIVE COTTON
SPINDLES.
[Cotton in running balm, counting round as half bales,
except foreign. which
Is in 500
-pound bales.]
Cotton Consumed
DuringYear
United States
Cotton on Hand
May 31
-
Ten
In ConMonths sliming
Ended EstablishMay. May 31. ments.
(bales) (bales)
(bales)
Cotton
In Public Spindle.?
Storage
Active
vt at Corn- During
presses.
May.
(bales) (Number)
I 1934 519,765 4,977.772 1,421.428 6,570,664
1 1933 620,561 4,839,493 1,392.209 7,323,146 25,891,366
24,609,908
Cotton-grOwing 8MWS- 1934 416,911 3,968,670 1,098,945
6,240,663
1933 513,954 4,036,776 1.104,000 6,851,011
New England States
1934 88,796 864,854 266.426 240,301
1933 90,376 672,474 237,295 269,945
Ul other States
1934 14,058 144,248
56.057
89,700
1933 16,231 130,243
50,914 202,190
Included Above
Egyptian cotton
1934 7,395
91.325
33.774
30,310
1933 9,319
70,131
26,890
33,161
Other foreign Cotton
1934 4,349
36,956
20,738
11,154
1933 4,025
34.126
26,793
4,588
American-Egyptian cotton 1934
963
11,146
7,205
906
1933 1,142
14,716
6,380
5,059
included Above
Not
(1934 63,878 660,967 270,110
Linters
36,375
1933 80,442 584,140 322.034
55,274
17,671.210
17,194,466
7,513,652
6,738,942
706,504
676,500
4151
Imports of Foreign Cotton (500-0. Bales).
Country of Production.
May.
1934.
Egypt
10 Mos. End. May 31.
1933.
1934.
7,516
110
1,537
5.662
227
15,052
Peru
China
Mexico
British India
All other
Total
4,954
187
2,932
1933.
500
75
82,397
3,544
17,610
1.424
21,509
987
54.963
3.598
42,897
8
2,108
817
8,648
127,471
104.391
Exports of Domestic Cotton, Secluding Linters
(Running Bates
-See Note for Linters).
Country to Which Exported,
May.
1934.
United Kingdom
France
Italy
Germany
Spain
Belgium
Other Europe
Japan
China
Canada
All other
44,011
9,141
31,606
34,994
12,246
4.582
45.821
72.676
7,228
20,224
2.255
10 Mos. End. May 31.
1933.
1934.
1933.
109,036 1,169,973 1,225,260
50,015
691.990
768.269
62,933
601,984
691,272
166,980 1,227,656 1,596,921
21.457
255,257
274,587
12,731
113.039
158.284
52,948
565,710
452,728
82,828 1,637,020 1.454,295
8,523
224,936
241.584
13.077
227,427
144.159
11,119
54,377
105,472
Total
284,764
591,647 6,769,369 7,112,831
Note.
-Linters exported, not included above, were 9,365 bales during May in
1934 and 20,288 bales in 1933; 141,082 bales for the 10 mos. ending May 31 in 1934
and 145,051 bales in 1933. The distribution for May 1934 follows: United
Kingdom, 4,364; Netherlands, 118; France, 1.489; Germany, 3,018; Poland and
Danzig, 42; Canada. 300: Panama. 34.
WORLD STATISTICS.
The world's production of commercial cotton, exclusive of linters. grown
as compiled from various sources was 23,634,000 bales, counting American in in 1932.
running
bales and foreign in bales of 478 pounds lint, while the consumption of cotton
clusive of linters in the United States) for the year ending July 31 1933, was (ex986,000 bales. The total number of spinning cotton spindles, both active and 24,idle
Is about 158,000,000.
Census Report on Cottonseed Oil Production During
May.
-On June 12 the Bureau of the Census issued the following statement showing cottonseed received, crushed and
on hand, and cottonseed products manufactured, shipped
out, on hand and exported for nine months ended May 31
1934 and 1933:
COTTONSEED RECEIVED, CRUSHED AND ON HAND (TONS).
Stale.
Received at lifills.•
Crushed
On Hand at Mills
Aug. 1 to May 31. Aug. 1 to May 31.
May 31.
1934.
Alabama
Arizona
Arkansas
California
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee.
Texas
All other States
1933.
1934.
1933,
224,820 261,585 201,441 250,698
37,315
27,683
37,444
34,588
303,853 359,971 310.033 330.711
87,354
52,854
84,007
53,485
365,883 349.429 341,078 323,119
136,350 178,383 126,686 173,340
458,913 511,359 420,538 471,413
231,171 236,079 229,973 237,455
367.085 349,395 382,181 351,779
196,878 226,356 194,919 224,393
277,934 407,746 280.668 334,192
1 309.725 1,423,130 1,290,534 1,449.649
65,522
56,945
64,792
57,328
1934.
1933.
26,343
82
9,810
6,274
36,296
12,242
50,112
1,703
12,186
2,595
42,538
117,977
772
20,981
193
37,068
4,624
36,487
7,381
64.243
3,403
37,419
4,260
82,919
148,749
32
United States
4,062,803 4,440,915 3,964,294 4,292.150 318.930 447.759
•Includes seed destroyed at m ils, but not 220,938 tons and 300,024
tons on hand
Aug. 1, nor 52,778 tons and 52.241 tons reshipped for 1934 and 933, respectively.
COTTONSEED PRODUCTS MANUFACTURED. SHIPPED OUT
AND ON
HAND.
Item.
Season.
On Hand
Aug. 1.
Produced
Aug. lie
May 31.
Shipped Out
Avg. 1 to
May 31.
Oa Hand
May 31.
Crude oil, lbs.-I 1933-34 *51,269,417 1,241,408.3001.217.700,037
.76,076,939
I 1932-33
29,523.5811,339,256.463
81,283.020
Refined oil. lbs. 1933-34 a676,331.574 b1097 188 831 1,303,787.791 a805,215.897
1932-33 628,420,148 1,146,289,500
781.071,399
Cake and meal, 1933-34
160,874
1,801,370
1,742,496
219,748
tone
1932-33
114.656
1,941,916
1.850,963
205,609
Hulls, tons
1933-34
76,686
1,056,192
1,075,677
57,201
1932-33
162,773
1,221,888
1,297,632
87.029
Linters. running 1933-34
70,786
759,491
697,264
133,013
bales
1932-33
235,521
681,581
744,807
172,295
Hull fiber. 500- 1933-34
985
39,176
38,223
1,938
lb. bales
1932-33
4,138
17,472
16,882
4,728
Grabbota, motes. 1933-34
3,216
36,021
33,205
6.032
&a., 500-lb. 1932-33
15,250
24,270
30,692
8,828
bales
•Includes 4,274,646 and 8,089,005 lbs. held by refin rig and manufacturing
establishments and 14,320,860 and 11,605,760 lbs. In transit to refiners and
consumers
Aug. I 1933 and May 31 1934, respectively.
a Includes 5,498,953 and 5,063,912 lbs. held by refiners, brokers,
agents and
warehousemen at places other than refineries and manufacturing establishments
and 12,642,917 and 2,994,322 lbs. In transit to manufacturers of
lard
oleomargarine, soap, dm., Aug. 1 1933 and May 31 1934, respectively. substitute,
b Produced from 1,192,457,875 lbs. of crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR NINE
MONTHS ENDED
APRIL 30.
Item.
011, crude, pounds
Oil, refined, pounds
Cake and meal, tons of 2.000 pounds
Linters. running bales
1934,
1933.
14,224,516
5,633.217
72,474
131.717
31,711,479
7,021,029
143,899
124.763
Stocks of Cotton in United States May 1 Decreased
1,600,000 Bales from May 1 Year Ago According to
Bureau of Agricultural Economica.-The apparent supply
of cotton in the United States was approximately 10,300,000
bales on May 1, compared with about 11,900,000 bales on
May 1 last year, and with an average of 5,200,000 bales for
the 10 years that ended in 1930, according to the Bureau
of Agricultural Economics, United States Department of
Agriculture, in its current report on world cotton prospects.
In an announcement issued June 8 by the Department
of
Agriculture it was also stated:
4152
Financial Chronicle
Domestic cotton textile mill activity was relatively high in May, but
consumption was materially less than the unusually high level of May last
year. With few exceptions, sales of cotton textiles have been below
production for many weeks, asys the Bureau.
Cotton mill activity in Japan was high in May, but the Bureau says that
"adoption of import quotas by some of Japan's principal customers may
tend to reduce activity in the months ahead, although reports indicate
that Japanese mills have rather large quantities of unfilled orders on
hand." Chinese owned mills in China were reported as operating at
about 75% of capacity early in May. British mills increased their activity
slightly about the middle of May, and for the month were slightly more
active than a year earlier, says the Bureau.
-The
Dallas Cotton Exchange Weekly Crop Report.
Dallas Cotton Exchange each week publishes a very elaborate
and comprehensive report covering cotton crop conditions
in the different sections of Texas and also in Oklahoma and
Arkansas. We reprint this week's report, which is of date
June 11, in full below:
TEXAS.
West Texas.
Abilene (Taylor Counly).-Getting dry, showers would be beneficial but
cotton is doing very well and too much rain in June and July is worse than
dry weather. Feed crops are needing rain more than cotton.
-Fields clean, no insects except few cutBallinger (Runnels County).
worms. But in need of rain. About 20% of cotton not growing account
dry weather on late planting.
.-Progress of cotton crop this county has
Childress (Childress County)
been good. 85% planted,65% up, 15% will be replanted this week. Moisture plentiful in 75% of county, scarce in 25%. Sub-soil moisture lacking.
No chopping to speak of.
-Cotton weather very unfavorable, much hot
Haskell (Haskell County).
winds with temperature ranging from 90 to 100 degrees. Late planted cotton
stand. Some late planting is dying as it comes up.
Is not germinating to a
-Have had high winds every day the past
Lubbock (Lubbock County).
if we
week. Some young cotton dying. We will have to have rain soonthere make
is no
anything as there is no moisture in the ground and in places
cotton up. Old cotton is holding on but not growing.
-Having lots of high winds past week, however.
County).
Plainview (Hale
cotton is in normal condition,fully as early as usual. Just can't say what the
reduction will be, but probably 20% lower than last year.
-Crop barely held its own this week, high
Quanah (Hardeman County).
dry winds taking all the moisture. Need a general rain to make the crop
look normal.
Stamford (Jones County) -Have had no rain this week. All crops are
needing moisture badly. 15% to 20% of tne cotton acreage is not up or
will have to be replanted. Feed crops are suffering badly.
North Texas.
-Weather for past week has been very
Clarksville (Red River County).
favorable for growing, hot days and hot nights. Plant has made fine
about 20% squaring, 85% chopped, with all land in a fine stage
progress,
of cultivation. A good rain fell over the county last Monday that was
badly needed. Late planting coming up to a good stand, height ranges
from 6 to 12 inches tall.
.-Cotton crop is doing very nicely in this
Honey Grove (Fannin County)
very beneficial as this
section although a good general rain would be very dry, young cotton,
section needs rain very badly. Ground is becoming
moisture. On all cotton
small percent, dying due to not having enough and practically all in good
planted early, stalk is ranging from 4 to 6 inches
cultivation.
-Condition of our crop is ideal, with all
McKinley (Collin County).
cotton planted and 98% up to good stand. The plants are from 3 inches to
early
has just begun and is
8 inches high and very healthy. Fruiting time, however, some a little are
farmers
tci, tell very much about insects at this
reporting some fleas and weevil. A few hundred bales of Government 10c.
for sale.
loan cotton here but none at this time being offered section is doing nicely,
-Cotton crop in this
Sherman (Grayson County).
although drouth is beginning to got serious on everything but cotton. We
crop.
will need rain soon, however,to insure a good plowing over the first time is
-Chopping and
Terrell(Kaufman County).
practically complete, and the fields are clear of grass and weeds. Dry
weather is needed for another week or 10 days. A rain would not do any
damage now; but the crop is growing fine, and does not seem to be suffering
at all from the dry weather we have been having. The grasshopper scare
seems to be over, and at present there are no insects bothering the crop.
Central Texas.
-Good soaking rain badly needed as
Brenham (Washington County).
inches.
crop seems to be at a standstill. Plant rangesfrom knee-high to threePresent
doing considerable damage on early planted.
Fleas and weevil
condition points to a short crop unless a good rain comes followed by clear
hot weather.
-Need rain coming week. Some cotton bloomCameron (Milam County).
ing, and some complaints of fleas doing damage. As a whole, think cotton
doing fine.
-Cotton will start suffering from drouth next
LaGrange (Fayette County).
to 10 inches
10 days unless we have about two-inch rain. Plant is from 4 early cotton
Some complaint of fleas, and that
high and fields are clean.
Is not squaring.
-We have had a dry week. Maximum temLockhart (Caldwell County).
perature of 96 degrees nearly every day. Early cotton is beginning to bloom
the,
is too
is fruiting nicely. Some boll weevil, but itcorn dry and hot for next
and
should have rain
to do serious damage. The young cotton and
week.
-Very good stand when seed comes up. Need
Mexia (Limestone County).
of.
No insects
rain badly before late planted seed will come up. bales of old to speak
cotton sold
squares on early cotton. Several hundred
some
last week.
-Crop making good progress-older cotton
San Marcoe (Hays County).
beneficial,
blooming-young cotton squaring freely. A rain would be very damage.
but no serious
however,not suffering yet. Some insect complaint reached the stage where
has
Taylor (Williamson Counly).-The drouthcoming week without rain will
It is beginning to cause much concern. This go that far it is bound to do
butn up most of the feed crop, and should it
considerable damage to cotton. However the early planted cotton in
planting having
looking very good up to this time,the lateduring these hotstopped growing.
days, with some
The flea seems to be working right on
coming in.
reports of weevil damage
-The past week in this section was again dry
Waco (McLennan County).
and moisture is badly need for the young cotton as also for that part of
County,
tne acreage that has not yet been planted which, in McLennan
amounts to approximately 12% to 15%. A number of farmers have planted
take rains to germinate the seed. Cotton that was
dry but it will of course
planted early looks good and is in no particular need of moisture, but a
general rain would help it.
Waxahachie (Ellis Counly).-Weather hot and dry during past week,
cotton making rapid progress. All of cotton chopped and cultivation
excellent. Stands good-plant healthy. A few fleas and boll weevils reported, but does not look serious in the face of weather conditions. Good•
general rains needed during coming week.
East Texas.
-No rain the past week-prospects better
Jefferson (Marion County).
temperature about right. No insect damaging crop to date, but plenty of
hot weather
them here of all sorts and unless we have some very fast. Plenty will hear
of labor.
from them later. The plant is small but is improving nicely, however, the
-Crop progressing very
Timpson (Shelby County).
cool weather of the past week and the dry north wind has been
unusually
somewhat detrimental to the young cotton. All other crops will be a failure
unless good rains come within the near future.
Types(Smith County) -No rainfall has been reported during past week
needed as yet.
cotton as a whole however, is in good condition as no rain is is up and 25%
this section will be about 2 weeks late. 90% of crop
Crop in
has been chopped with from 90% to 95% planted. No insects have been
reported to date.
South Texas.
-Although cotton is doing very well, as a
Corpus Christi (Nueces County).
whole,in this section, it is beginning to get pretty dry and while this section
is almost assured of a good corp. a general rain is needed as there is no top
moisture. Should thissection get showers it would do much damage as there
full of
are plenty of weevil here. Most cotton is from 2 feet to waist Wet
June 16 1934
squares and blooms and a good many bolls, about size of average pecan. It
now looks like early July picking.
-Weather the past week has been too hot and
Cuero (DeWitt County).
-we need a good general rain ofabout 2 inches. 95% of cotton chopped
dry
-old cotton is holding up well, while young and replanted cotton is
out
making little or no progress under present dry weather conditions. Cotton
beginning to square. Fleas and weevil are very active. No prospect for
weevil poisoning or other insect control undertaken by farmers.
ARKANSAS.
-Showers over this section Monday were
Ashdown (Little River County).
very beneficial-some localities received good rains but as a whole the rain
was light and we will need a good rain in a few days or the plant growth
will be checked-cultivation good-chopping about complete-considerable late planting that did not germinate was planted to June corn-weevil
and hoppers in large quantities.
-Cotton has done well the past week-rain
Conway (Faulkner County).
on Monday pretty general and just what was needed. Cultivation has made
good progress. Someshowers yesterday not needed-early cotton is showing
squares. Some reports of boll weevil.
-Fields have been too wet for work the past
Helena (Philips County).
week, but the rains were badly needed and while fields are somewhat foul,
both cotton and feed crops show fine growth. Cotton beginning to square
more or less generally and serious boll weevil complaints coming in daily.
Pine Bluff (Jefferson County) -Since last report have had tine rains; they
came in good time and the Irish potato crop was saved and did the cotton
crop good. Weeil are showing up-certain localities report them bad
crops of all kinds at the moment promise a full yield.
-With fields clean, two-inch rain on Monday
Texarkana (Miller County).
and real warm ,. wither balance of week, cotton has made a wonderful
growth the past week. Some complaints of boll weevil.
OKLAHOMA.
-Cotton growing nicely last 10 days. Stands
Chickasha (Grady County).
good, fields clean, 75% chopped, will need rain soon.
-Hot dry weather retarding growth. Crop
Cushing (Payne County).
badly in need of rain. Chopping completed. Fields clean of weeds and
grass.
-Acreage much less than intended owing to
Hugo (Choctaw County).
drouth. Recent rain beneficial but most farmers consider too late to finish
plantings. Reduction 40% from poor germination and too dry to plant.
Cotton that came up looks very good. Cultivation excellent. Needs
some rain.
-Inch-rain week ago with hot dry weather since
Mangum (Greer County).
leaves this section in splendid growing condition. Stands are good and
state of cultivation fair with chopping to be in full way next week. Showers
would be helpful, but generally speaking cotton making splendid progress
and no complaints being offered.
-Cotton made fair progress during past
McAlester (Pittsburg County).
week despite lack of moisture. Chopping has been general throughout
county and about two-thirds of the cotton has now been chopped out. A
general rain is badly needed, the dry soil has retarded the growth of cotton
on light soil. The last plantings in Pittsburg county consisting of about
5% of acreage in cotton have not come up on account of lack of moisture.
Acreage planted in cotton about 25% less than harvested cotton acreage
last season.
-Reports to us by
Weather Reports by Telegraph.
telegraph this evening indicate that the weather during the
week has been generally somewhat more favorable, although
in the eastern portions the growth is suffering due to too
much rain, which also retarded proper cultivation and
.
favored weevil activity. In the southern and western
portions of the belt rain is needed.
Texae.-The cotton crop continues fair to good, although
the weather during the past week has been rather unfavorable.
Rain. Rainfall
Galveston, Texas
4 days X.90 in.
Amarillo, Texas
dry
Austin, Texas
dry
Abilene, Texas
dry
Brenham. Texas
1 day 0.62 in.
Brownsville, Texas
dry
Corpus Christi, Texas
dry
Dallas, Texas
dry
Texas
Del Rio, Tex
dry
El Paso. Texas
dry
Henrietta, Texas
dry
Kerrville, Texas
dry
Texas
Lampasas,
in.
1 day
Longview. Texas
dry
Luling, Texas
'
dry
Nacogdoches, Texas
1 day 0.04 in.
Palestine, Texas
2 days 2.54 in.
Texas
Paris.
dry
San Antonio, Texas
dry
Taylor, Texas
dry
Weatherford, Texas
1 day 0.08 in.
Oklahoma City, Olda
1 day 0.06 in.
Eldorado, Ark
.8
y 0.6 n.
1
3 Ys 0 62 In.
Fort Smith, Ark
day
Little Rock, Ark
2 days 0.44 in.
Pine Bluff, Ark
dry
Alexandria, La
Amite,Ladry
4 days 0.14 In.
New Orleans, La
2 days 0.03 in.
Shreveport, La
2 days 0.68 in.
Meridian, Miss
1 day 0.06 in.
Vicksburg, Miss
3 days 0.57 in.
Mobile, Ala
3 days 1.12 in.
Ala
3 days 0.34 in.
Birminghani,,
Montgomery Ala
3 days 3.76 in.
Jacksonville, Fla
3 days 0.56 in.
Miami, Fla
64
.12 in.
1 day
Pensacola, Fla
4 days °
9
Tampa, Fla
5 days 0.34 in.
Savannah, Ga
3 days 0.521n.
Athens, Ga
3 days 1.18 in.
Atlanta, Ga
1 day 0.42 in.
Augusta, Ga
3 days 0.37 in.
Macon, Ga
2 days 0.43 in.
Charleston, S.0
2 days 1.74 in.
Greenwood,8.0
dry
Columbia, S.0
4 days 1.54 in.
Conway, S.0
2 days 0.18 in.
0
Asheville. N.
2 days 0.74 in.
Charlotte, N.0
2 days 0.40 in.
Newborn N.0
2 days 2.06 in.
Raleigh, N 0
2 days 0.61 in.
Weldon, N.0
4 days 0.521n.
Wilmington, N. C
2 days 0.67 in.
Memphis, Tenn
3 days 0.89 in.
Chattanooga, Tenn
2 days 0.57 in.
Nashville, Tenn
Thermometer
low 78 mean 84
w
Iow
, 62 mean 79
ea 6
m n 8
mean 8
high 19 , 777044
2
6
0 1ow
w
ihigh isrg
u 89
high
high
high
high
92
90
96
100
104
102
98
1
102
high 98
high 104
high 92
high 96
ii
iiin 96
00
00
high 1
high 100
high 100
il
tigl 97
96
high 92
high 90
high 94
high 94
high 90
high 94
high 90
high 92
high 92
high 88
high 92
high 90
pi
gl
l
illi
h l
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
high
81
low 68
low 74
low 68
low 74
low 70
low 68
low 60
low 66
low 66
low 72
low 68
low 70
low 62
lo 72
l0w 74
low 70
low 64
low 64
low 64
low 66
low 62
low 69
low 66
low 76
low 71
low 66
low 68
low 68
84
low
1w 70
low 72
low 72
low 70
low 70
low 78
low 61
low 60
low 66
low 66
low 71
low 64
low 68
low 69
low 54
low 65
low 64
low 62
low 57
low 70
low 66
88
93
92
90
94
92
94
90
90
93
86
88
97
92
92
90
89
90
w
92 low
mean ga
mean 82
mean 82
mean
II
mean 85
mean 79
mean 84
mean 82
mean 88
mean 80
mean 83
mean 79
6
a 8
mme n 87
ea
mean 88
mean 82
mean 81
mean 80
mean 79
mean 76
mean 82
mean 80
mean 82
mean 83
mean 78
mean 80
mean 80
'
m0%11'1
m 1 1
mean 81
mean 79
mean 82
mean 79
mean 82
mean 77
mean 75
mean 80
mean 79
mean 83
mean 77
mean 79
mean 81
mean 70
mean 76
mean 80
mean 77
mean 75
mean 80
mean 78
mean 77
RO mean 76
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:
1933.
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge_
Above zero of gauge_
Above zero of gaugeAbove zero of gauge_
Above zero of gauge_
June 15 1934. June 16
Feet.
Feet.
17.4
1.6
17.3
6.0
9.2
11.4
9.9
5.9
47.1
4.8
-The following table
Receipts from the Plantations.
indicates the actual movement each week from the plantations. The figures do not include overland receipts nor
Volume
Financial Chronicle
138
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Week) • Receipts at Ports.
Ended •
I 1944. 1 11153. 1 1936. I
Stocks at Interior Towns. IReceiptsfrom Plantations
1924.
1965. I
1964.
1962.
Mar.
I
I
16_ 80,965 48,558 125,71511,720,9021,932,24711,908,510
23- 78,297 78.83 130.9631,687.665 1,903,090.872.878
30-- 64.579 71,116 115.587 1,662.788 1.874,180i1,847,155
April
6-- 68.255 75,548 93,799 1,620.120 1,839.23011,812,832
13.- 70.94 56,769
,
1.806.89&1.781,096
. .
20-- 74,294 80.344 76,159,1,546.878 1.772,695 1,747,767
27- 79.174 92.386 86,624'1,506.117 1,739.03811.710,830
May
4._ 75,23 90.027 53,102I 1,467,6851,709,66111.664,135
11- 46.544101,074 62,170,1,436,369 1,672,791 1,622,896
18- 51.676118.298 37,536 1,404 2541,624.351 1,588,105
25... 34,486 79,657 54,96711.378,2691.566.959 1,554,722
June
I
1_ 33,148 88.978 64,258f1.351,401 1.521.2261,526.180
S.-, 34,989 86,084 30.5911.312,579 1,478,208 1,497,915
15_1 34,833 72,682 24.783 1.284.1771.442.027 1.476.605
1956.
1952.
42,301 16.666 73,109
43.060 49,682 95,336
39.702 43,005 89,864
25,587
32.699
39,301
38.413
20,358
24.43,
46,143
58,729
36.803
15.228
19,561
8,501
60.650 6.407
64,204 20,931
69.856 2,745
22,275 21,584
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1933 are 7,132,601 bales;
in 1932-33 were 8,304,336 bales and in 1931-32 were 10,127,141
bales. (2) That, although the receipts at the outports the
past week were 34,833 bales, the actual movement from
plantations was 6,431 bales, stock at interior towns
having decreased 28,402 bales during the week. Last year
receipts from the plantations for the week were 36,501
bales and fnr 19:32 they were 3,473 bales.
World's.Supply and Takings of Cotton.
-The following brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
are obtainable; also the takings or amounts gone out of
sight for the like period:
Cotton Takings,
Week and Season.
1933-34.
Week.
1932-33.
Season.
Week.
Season.
7.794,514
Visible supply June 8
8.873,142
7,632.242
Visible supply Aug. 1
7,791.048
117,078 12,430,208
American in sight to June 15.
141.939 13,478,935
30.000 2,177,000
Bombay receipts to June 14_ _
48,000 2,458,000
12,000
838,000
Other India ship'ts to June 14
11,000
473,000
Alexandria receipts to June 13
1,200 1,681,000
800
964,800
Other supply to June 13 * b_ _
9,000
545,000
11.000
495,000
Total supply
Deduct
Visible supply June 15
7,963,792 25,303,450 9,085,881 25,660,783
7.630.067 7.630,067 8.730,825 8,730,825
Total takings to JUDO 15 a__ _
Of which American
Of which other
355,056 16,929,958
282,256 12,603,158
72.800 4.326,800
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern-mills,4,489,000 bales in 1934 and 4,505,000 bales in 1933-takings
not being available
-and the aggregate amounts taken by Northern and
foreign spinners, 13,184,383 bales in 1934 and 12,424,958 bales in 1933 of
which 8.508,383 bales and 8,098.158 bales American.
Estimated.
333.725 17,673,383
268,525 12,997,383
65.220 4,676,000
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 13.
1933-34.
1932-33.
1931-32.
6,000
8,392,452
Receipts (Cantars)This week
Since Aug. 1
4,000
4,920,332
.
.5.000
6.830.854
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Export (Bales)
To Liverpool
3,000 251.507 8,000 145,415 7.000 196,829
To Manchester,&c
172,608 6.000 114,335
144,253
To Continent and India.. _ 8,006617,244 11.000 445.047 11.060 546,654
To America
68,193 1,000 34.506 2.000 45,781
Total exports
11.000 1109552 26,000 739.303 20.000 933,517
Note.
-A canter is 99 lbs. Egyptian ba ea weigh about 750 lbs.
This statement shows that the receipts for the week ended June 14 were
6,000 canters and the foreign shipments 11,000 bales.
India Cotton Movement from All Ports.
-The receipts
of India cotton at Bombay and the shipments from all India
ports for the week and for the season from Aug. 1 as cabled,
for three years, have been as follows:
1933
-34.
June 14.
Receipts at
-
Week.
Bombay
1932-33.
Week.
Since
Aug. 1.
1931-32.
Week.
Since
Aug. 1.
30,000 2.177,000 48,000 2,458,000 29,00011,956,000
For the Week.
Exports
from-
Since
Aug. 1.
Bina Aug. 1.
Great (Conti Jap'n&
Great I Conti- 'Japan
Britain. neat. China. Total. Britain.
neat.
China.
Total.
Bombay
1933-34_ _
90,000 92,000 64,000 309,000, 850,000 1,223,000
1932-33_ _
18 0 ° 46,000 62,000
'g
. 0
48,000 277,000 1,056,000 1,381,000
1931-32_ _ 2:000 1,000 19.000 22,000
19,000 132,000 840.000 991,000
i
Other India
_I 12,000
-34_.
1933
12,000 249,000 589,0001
838,000
1932-33_ _ 7:000 4,000
11,000 112,000 361,0001
473.000
1931-32_
93,000 250,000
343,01
----I 3,000
3.
Total all--
1933-34__
1932-33_
1931-32_
14,000 90.
7,000 20,000 46,
2,000 4.000 19.
104,
000 313,000 898,004 850,0002.061,000
73.
000 160,000, 638,000 1,056.000 1,854,000
25,
000 112,000' 382,000 840,000 1,334.000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
18,000 bales. Exports from all India ports record an increase
of 31,000 bales during the week, and since Aug. 1 show an
increase of 207,000 bales.
Manchester Market.
-Our report received by cable
to-night from Manchester states that the market in both
yarns and cloths is steady. Merchant are not willing to pay
,
present prices. We give prices to-day below and leave those
for previous weeks of this and last year for comparison:
1934.
59,476
30.304
42.830
49.687
6.280 43.245 37,710
Nil 43,046 2,326
6.431 36.501 3.472
4153
32s Cop
Twist.
d.
Mar.
-Hi__ 10 @MI
23....... 934@1134
30____ 93401134
April6..-_ 934@1134
13...- 934@113.4
20---- 934(411
27-- 934©1034
May
4...... 9Ii ®10%
11_ 934(41034
18____ 934 @ION
25..... 934(41034
June
L.__ 931(41034
8-___ 974(41134
15____ 10 ®1134
1933.
8y, Lbs. Shirt- Cotton
Wigs, Common Midd,Vg
to Finest.
lipids.
s. d.
a. d.
d.
32e Cop
Twist.
8q Lbs. Shirt- Cotton
tags, Common AMCg
to Finest.
UPFdr-
d.
s. d.
s. d.
d.
9 1 69 7
91 @ 9 3
91 @ 9 3
6.62
6.46
6.35
834(g) 934 8 3 0 8 6
8340934 83 @ 8 6
834(8 934 83 @ 8 6
5.26
5.13
5.15
9
9
9
9
1 693
1 I® 9 3
1 ® 93
1 © 93
6.40
6.35
8.18
5.88
834@ 9I4
834(4 934
83.(@ 934
831010
8
8
8
8
3 © 86
3 ® 86
3 ® 86
3 I® 8 6
5.28
5.37
5.30
5.53
9
9
9
9
1
1
1
2
93
93
93
94
5.93
6.15
6.23
6.20
834(410
934(41034
934(41031
9 ®1034
8 3 08 6
8 5 ® 90
85 ® 90
8 5 I® 9 0
589
6.19
5.96
6.07
92 ® 94
92 ® 94
92 ® 94
6.26
6.56
6.61
91401034 87 0 92
93401034 8 7 ® 9 1
954 ®10% 8 7 0 9 1
8.37
6.12
6.18
®
®
di;
®
Shipping News.
-Shipments in detail:
Bales.
GALVESTON-To Havre
-June 7-Carbet,700
700
To Dunkirk-June 7--Carbet, 1,927
1,927
To Ghent
-June 7-Carbet.144
144
To Rotterdam-June8-Gorm,978
978
To Copenhagen-June 8-Gorm, 350
350
To Gdynia-June 8
-Corns,429___June 11-Alda,50
479
To China-June 9
-King City,3,883_ _ _June 12-Atago Maru,
956- __June 13-Fernbank, 14,157-_June 10-Kurama
Maru, 1,056
20,052
To Bremen-June 11-Alda, 3,641
3,641
To Liverpool
-June 12
-Auditor, 1.793
1,793
To Manchester-June 12
-Auditor, 1,801
1.801
To Japan-June 12-Atago Meru, 5.769...,June 13
-Belfast
Maru, 4,262___June 10-Kurama Mani, 1,870
11,901
-To Genoa-June 7
NEW ORLEANS
-Marina-0, 1.415
1,415
To Gothenburg-June 13
-Topeka, 250
250
To Japan-June 7-Kurama Maru,8.432_ __June 11-LaPlata
Maru, 5,049
13,481
To Gdynia-June 13
-Topeka, 700_ _ _June 11-Gorm, 550 _ _ _ 1.250
To China-June 7-Kurama Maru, 550June 11-LaPlata
Maru.3.036
3,586
To Stockholm-June 13
-Topeka, 75
75
To Liverpool-June 8-Atlantian.4,217
4,217
To Norkoping-June 13
-Topeka, 625
625
To Manchester-June 8-Atlantian,3,836
3,836
To Havre
-June 7
-Chester Valley, 1.100
1,100
To Ghent
-June 7
-Chester Valley, 750
75(3
To Rotterdam-June 7
-Chester Valley, 559___June 11
Corn, 200
759
To Venice
-June 8
-Maria, 2,442
2,442
To Trieste-June 8
-Maria,960
960
To Martinique
-June 8-Lindvangen, 22
22
To Arico-May 26
-Santa Marta. 600.--June 2-Zacapa,9_ _
609
-May 30-Metapan, 5June 2To Porto Colombia
31
Zacapa, 26
80
To Cartagena-June 2-Zacapa,80
100
To San Salvador-June 6-Sixaola, 100
100
To San Felipe-June 6-Sixaola, 100
-To Liverpool-June 9
20
CORPUS CHRISTI
-Cranford, 20
-Cranford, 25
25
To Manchester-June 9
1.252
-Cranford, 1.252
To Bremen-June 9
-Cranford,22
22
To Gdynia-June 9
300
-To Copenhagen-June 6--Gorm,300
HOUSTON
21
To Gdynia-June 6-Gorm,21
To Rotterdam-June 6-Gorm,82
82
To Bremen-June 9
-Aida, 2,308
2,308
To Japan-June 8-Atago Mani, 2,442.,June 11-Kurama
Maru, 3,319._ _June 12-Belfast Marti, 6,088-..June 1414.374
LaPlata Maru, 2.525
25
To Hamburg-June 9-Alda, 25
To China-June 8-Atago Maru, 1,219-June 11-Kurama
1,713
Maru.494
264
To Venice
-June 13
-Maria,264
To Trieste-June 13
315
-Maria, 315
To Fiume
-June 13
350
-Maria,350
-To Liverpool
MOBILE
-June 1-Musician, 300-.June 6718
Kenowis, 418
To Manchester-June 1-Musician, 850,....,June 6-Kenowis,
2,621
1,771
658
To Venice
-June 1-Maria,658
127
To Trieste-June 1-Maria,127
100
To Havre
-June 2
-West Kyska, 100
42
To Rotterdam-June 2
-West Kyska,42
1,289
To Bremen-June 1-Arizpa, 1,289
To Antwerp
25
-June 1-Arizpa,25
To Gdynia-June 1-Arizpa, 50
50
To Hamburg-June 1-Arizpa, 168
168
724
GlJLFPORT-To Liverpool
-June 2-Kenowis, 724
57
To Bremen-June 11-Antinous, 57
17
To Manchester-June 2-Kenowis, 17
234
LAKE CHARLES
-To Ghent
-June 10
-Oakwood,234
50
To Bremen-June 11-Cripple Creek. 50
CHARLESTON-To Bremen-June 9-Romsdalshorn,1,325
1.325
To Hamburg-June 9-Romsdalshorn, 264
264
LOS ANGELES
-To Japan
-May 29
-Golden Star. 5,650
-May
-President Lincoln.
31-Montevideo Meru, 25_June 3
2.700; Norfolk Martz, 1,800._ -June 7-Koruku Marti. 200;
Bokuyo Maru, 400_June 8
-President Monroe, 801...
June 9
12,576
-Golden Horn, 1,000
To China-June 9
2,800
-Golden Horn, 2,800
PANAMA CITY
-To Manchester-June 12-Afoundria,92
92
To Bremen-June 12-Antlnous,427
427
PEN8ACOLA-To Bremen-June 13-Antinous, 97
97
SAVANNAH
-To Bremen-June 13-Romsdalshorn,822
822
NORFOLK
-To Liverpool-(?)-Winona, 36
36
To Manchester-(7)-657
657
Total
126,501
Cotton Freights.
-Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
High
StandHigh
Density.
ant.
Density
Liverpool .250.
.25e. Trieste
.50e.
Manchester.25c.
.250. Flume
.500.
Antwerp .35c.
.50e. Bareelonia .35o.
Havre
.25c.
.400. Japan
Rotterdam .35e.
•
.500. Shanghai
Genoa
.400.
.55e. Bombay z .40c.
.46c.
Oslo
.61e. Bremen
.350.
Stockholm .42c.
.570. Hamburg .350.
•Rate is open. z Only small lots.
High
Standard.
Density
.750.
.650. Piraeus
.75c.
.65e. Salonica
.50c.
.50e. Venice
Copenh'gen.38e.
• Naples
.400.
.55(3. Leghorn
.400.
.50c. Gothenberg.420.
.500.
Standard.
.90e.
.90c.
.65c.
.53c.
.55o.
.550.
.57a.
4154
Financial Chronicle
Liverpool.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
May 25. June!. June 8.
64.000
57,000
30.000
922.000 914.000 908,000
415.000 405.000 393,000
53.000
39,000
39,000
16,000
17,000
17,000
40,000
24,000
42.000
122.000 141,000 134,000
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
June 15.
49,000
879.000
375,000
22,000
13.000
29.000
148,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Friday.
June 16 1934
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2red
116% 116% 116% 113% 111% 11234
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat, Mon. Tues. Wed. Thurs. Fri.
July
% 98% 99
96
94
September
99% 99% 99% 96% 94% 95%
December
101% 100% 101% 98% 96% 96%
High and When Made.
Season's Low and When Made.
July
106% June 1 1934 July
106
70% Oct. 17 1933
September _ _ _107
June 1 1934 September
74
Apr. 19 1934
December ......10934 June 5 1934 December
97% June 5 1934
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues, Wed. Thurs. Fri.
July
77% 78% 78
76% 7634 77
October
79% 80% 80
78% 7834 793(
December
80% 8134 8134 79% 79
80
Indian Corn was a sluggish affair on the 9th inst. and
prices ended lm to 1%c. lower, owing to selling inspired by
beneficial rains over the belt. Outside interest was lacking
MId.lfprds
6.61d.
6.61d.
6.70d.
6.75d.
6.684.
6.58d.
and the market eased under relatively light offerings. On
the 11th inst. showed independent strength and ended
Futures.( Steady. un- Steady,
Steady, Stdy., I pt. Quiet.
Steady.
Market
changed to 5 to 6 pts. 4 to 6 pts. 5 to 8 pts. decline to 5 to 6 pts.
3' to %c. higher. Reports of chinch bug infestation caused
decline. advance. 1 pt. adv. decline.
opened
1 pt. adv. advance,
buying. Trading was light. On the 12th inst. prices
Quiet, Very stdy., Quiet,
Market, I Steady. unSteady.
ended 23/i to 3e. higher, owing to buying stimulated by
Steady,
changed to 5 to 8 pts. 1 to 3 ins. 8 to 9 pts. 5 to 6 pts. 3 to 5 Pts.
4
fear of damage by chinch bugs. Secretary Wallace stated
P TN
I nt ad, advance,
decline,
advance,
decline.
decline.
that an inch of rain every week for the next nine weeks
Prices of futures at Liverpool for each day are given below: will be needed to save the crop. A private report said
that
the damage to corn from chinch bugs will be as severe as
Sat.
Mon.
Tues.
Thurs.
Wed.
Fri.
in the case of wheat and oats if they are not checked. On
June 9
.
the 13th inst. prices advanced early in the day nearly 2c.
to
12.00 12.00 12.15 4.0012.15 4.11 12.15 4.00 12.151 4.0012.18 4.00
June 15.
p. m.p. m.p. m. p. m.p. m.p. m. p. m.p. m. p. m.lp. m.p. m.1p. m.
to a new high, but later there came a recession in sympathy with wheat and the ending was % to %e. lower
New Contract, d.
d.
d.
d.
d.
d. I d.
d.
d.
d. I d.
d.
July (1934)____ __ __ 6.33 6.44 6.41 6.35 6.3 6.49 6.47 6.42 6.42 6.35 6.37
for the day. The early strength was attributed to buying
October
6.27 6.39 6.35 6.28 6.3 6.44 6.42 6.38 6.37 6.30 6.33
influenced by fears of damage to the crop by drouth and inDecember _
__ __ 6.2 6.35 6.31 6.24 6.2' 6.39 6.38 6.32 6.32 6.25 6.28
January (1935) _ __ 6.24 6.35 6.316.24 6.29 6.39 6.38 6.32 6.32 6.25 6.29
sects. Early buyers turned sellers late in the day, owing
March
6.24 6.35 6.31 6.24 6.2' 6.39 6.38 6.32 6.32 6.25 6.29
to the decline in wheat. The weekly weather report stated
May
6.24 _ __ 6.31 __ __ 6.2' __ __ 6.38 __ __ 6.32 __ __ 6.29
that recent rains improved the crop except in the Southwest
July
6.23.,,. __ 6.3 .... __ 6.2 _ __ 6.36. __ 6.30 __ __ 6.27
October
6.2
6.29.,. _ 0.26.. __ 6,34,. __ 6.28__ __ 6.24
and parts of Iowa.
December
6.23.... __ 6.28... __ 6.26__ __ 0.34.,. __ 6.28__ __ 6.25
On the 14th inst. corn showed independent strength and
January (1936) __ __ 6.2-.. -- 6.28_. __ 6.26,..- 6,34..- 6.28..- 6.25
March
6.2
6.29.,. __ 6.27._ __ 6.3 __ __ 6.29_. __ 6.26
ended %c. lower to %c. higher. Reports of chineh bug damMay
age stimulated a good demand. To-day prices declined in
sympathy with wheat, ending % to %c. lower. Final prices,
however, are 1% to 11c. higher for the week.
/
2
Market, { A good
12:15
business
P. M.
doing,
A fair
business
doing,
Good
demand.
A fair
business
doing,
A fair
business
doing.
BREADSTUFFS.
A fair
business
doing.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed.
Thurs. Fri.
No.2 yellow
15 1934.
69% 70% 7334 72% 73
72%
Flour was in limited demand, and of late prices declined
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat, Mon. Tues. Wed, Thurs. Fri.
in sympathy with wheat.
July
54% 5534 57% 5734 57% 5734
Wheat,in quiet trading ended 34 to %c.lower on the 9te September
56% 5734 5974 5934 5934 5931
5874 58% 61% 61% 81% 60%
inst. after being 4e. net higher in the early trading. Thh December
Season's High and When Made,
Season's Low and When Made.
early rise was dueto buyinginduced by the most bullish Govern- July
6434 June 1 1933 July
43
Apr. 17 1934
ment crop report ever issued at this time of the year in the September__ 66% June 1 1934 September
_ 45
Apr. 17 1934
opinion of many. On the rise, however, heavy profit-taking December ____ 6374 June 13 1934 December
56% June 5 1934
Oats were rather quiet and on the 9th inst. after showing
sales set in owing to reports of good rains over the belt and
prices worked gradually lower. The Government estimated early strength prices weakened under heavy liquidation and
the winter wheat crop at 400,357,000 bushels as of June 1 or ended unchanged to 1.1,0. higher. Commission houses were
41,000,000 bushels below the second Government May good buyers early but offerings increased on the bulge and
estimate. . The condition was put at 53.3 or 10.7% under there was no follow-up demand. The Government put the
the condition of June 1933 when the crop was shown at condition at 47.2% of normal compared with 78.7 on June 1
341,000,000 bushels. On the 11th inst. prices ended /e. 1933. Conditions are well below average in all except a very
3
lower to Mc. higher. The failure of the outside public to few States, but the lowest conditions are reported in the
enter the market discouraged longs. Hedge selling increased. western belt.
On the 11th inst. prices ended Xic. lower to lie. higher.
As to the weather, showery conditions prevailed west of the
Mississippi River and generally unfavorable weather was Outside interest was very small. Reports of chinchbug
reported in the Canadian West. Further moisture was infestation led to buying for a time but followed wheat for
forecast in the Southwest, which may delay harvesting. the most part.
On the 12th inst. prices closed 4 to %c. higher on a better
Milling demand was quiet. The visible supply decreased
3
2,274,000 bushels. Winnipeg closed /03. higher while demand stimulated by further reports of chinchbug damage.
3
Liverpool ended K, to %d. lower. On the 12th inst. prices Light scattered rains fell over the belt overnight. On the
ended 232 to 3c. higher in sympathy with the rise in corn. 13th inst. prices declined with other grain with losses of
3
Eastern interest and commission houses bought. The M to /c. Trading was light.
On the 14th inst. prices declined % to 12c., in light tradstrength at Minneapolis and Kansas City also helped, as did
/
the statement by the Government that the rains came too ing. Outside interest was lacking, and little support came
from other quarters. To-day prices ended unchanged
late to benefit the wheat crop. Winnipeg ended unchanged
to %a.
to 3,40. higher. Liverpool closed 1 to 1 Yid. off. Light higher, on buying stimulated by reports of chinch bug damage. Final prices for the week are %c. lower to 14e. higher.
showers fell in parts of the grain belt and the forecast was
/
for showers in the plain States and precipitation in MinneDAILY CLOSING PRICES OF OATS IN NEW
YORK.
sota,Iowa and Missouri. On the 13th inst. prices showed an
Sal. Mon. Tues, Wed, Thurs. Fri.
55
55
advance of more than a cent in the early trading but broke No.2 white
55% 55% 55
55%
DAILY CLOSING PRICES OFsat.TS an. TU es
OA M FU ToRE
sharply towards the close and ended with net losses of 2'N to
CHICAGO.
41: 3% Th3rs
Wed,I4N
4u .
334c. The strength of corn and better cables than dup July
43% 43%
43% 4374 41% 43% 43
influenced early buying but profit-taking set in on the September
4331
December
45
44% 45% 44% 44
4431
advance and prices dropped swiftly. Selling was induced
Season's High and When Made. I
Season's Low and When Made.
by a weaker Winnipeg market. Hedge selling increased. July4734 June 1 1934 July
2434 Apr. 17 1934
Stop loss orders were caught on the way down. Trading September ---- 47% May 25 1934 September
2634 Apr. 17 1934
June 1 1934 December
50
was light. A bearish factor was the decision of the Govern- December
42
June 5 1934
DAILY CLOSING PRICES OF sa . fl on UR
OtTiviFU oep Wed.WIhursF G
.TT
ment to continue the 30-cent processing tax on wheat.
IN rN NIpE ri..
Yet the weather was unfavorable. The weekly weather July
37% 38% 3934 3834 38%
t
3734 37% 38% 3731 37% 3
report said that rains last week were very beneficial in the October
38
drouth area but more is needed. Winnipeg ended 13/i to
Rye followed the trend in other grain on the 9th inst.
1%c. lower owing to selling because of favorable weather advancing sharply in the early trading and declining later
conditions and a poor export demand. Liverpool, however, to end 1 Vic. higher. At one time prices were 334c. higher.
A
was % to 3 d. higher.
Early buying was inspired by the Government estimate,
4
On the 14th inst. prices closed 1% to 21 3c. lower, on gen- which was considered very bullish. The Government
eral liquidation and stop loss selling, stimulated by reports estimated the crop at 18,756,000 bushels or a decrease of
of good rains in the Northwest and Canada. Outside interest 9,000,000 bushels as compared with the May 1 estimate.
was small, and hedging pressure was a factor. Winnipeg It put the condition on June 1 at 43.5%, the lowest June 1
4
condition on record. The crop is said to be an almost
was % to 7 3c. lower, and Liverpool was down 1% to 11
/
2d.
To-day prices closed % to %c. higher. After early losses complete failure in Nebraska and the Dakotas. On the 11th
the market recovered on a fair speculative demand owing to inst. under 'moderate buying rye prices ended
to lc.
better Liverpool cables and the announcement that Germany higher. Commission houses were buying. On the 12th inst.
wheat and flour. Final prices show prices after declining slightly in the early trading rallied
had banned exports of
Inter and ended at an advance of 134 to 134e., on reports
a decline, however, of 314i to 3%c. for the week.
Friday Night, June
Financial Chronicle
Volume 138
that imports would probably be curtailed because of small
crops in Europe. Demand was not large but it was sufficient
to take care of the light offerings. On the 13th inst. prices
ended 1% to 1%c. under general liquidation owing to the
.
decline in wheat. Support was lacking. Early prices were
2M to 258c. above the previous close.
/
On the 14th inst. prices ended % to lc. lower, in response
to the weakness in wheat. To-day prices ended i4 to %c.
higher, on buying stimulated by t hestrength in corn and
oats. Final prices are 1%c. higher for the week.
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO.
Sal. Mon. Tues. Wed. Thurs. Fri.
July
5534 5354 5534 5534 ssm 5634
September
544 5334 5434 54
514 53
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
42g 43
4354 4351 4354 44
October
444 444 454 4434 4534 4554
Closing quotations were as follows:
GRAIN.
Wheat, New YorkOats, New York
No.2 white
55K
No.2rcd,c.i.f.,clometic,,_11254
Manitoba No.1,f.o.b. N.Y. 86
No.3 white
544
Rye,No.2.f.o.b.bond N.Y
6434
Corn, New York
Nom.
Chicago. No. 2
No. 2 yellow, all rail
724 BarleyNo.3 yellow, all rail
6934
N.Y.,474 lbs.malting
724
Chicago, cash
56-100
FLOUR.
/4.80@5.20
8.10' Ryeflour patents
7.40 Seminole, bbl., Nos. 1-3_ 8.9009.95
2.85
6.65 Oats good
2 00
6.65 Corn flour
7.50 Barley goods
3.60
Coarse
7.50
Fancy pearl,Nos.2,4&7 5.45(45.65
6.50
All the statements below regarding the movement of grain
-receipts, exports, visible supply, &c.
-are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for each
of the last three years:
Chicago
Minneapolis
Duluth
Milwaukee...
Toledo
Detroit
Indianapolis
St. Louis..,,
Peoria
Kansas City.Omaha
St. Joseph.-Wichita
Sioux CityBuffalo .
Total wk.1934
Same wk.1933
Same wk.1932
Flour.
Wheat,
Oats.
Corn.
I
I
Rye.
Barley.
bls. 1961/ bush 60 lbs 'bush. 58 lbs. bush. 32155. bush.48lbs. bush.561bs.
97.000
170,000
355,000
351,000
789,000
123.0001
343,000
27,000
108,000
138,000
407,00
757,000!
144,000
86,011
8,000
4,000
1 ,
116,111
175,000
13,000
201,000
391.000
26,000
149,000
9.000
12,000
6,000
4,i 1 i
14,000
81,000
225.111
19,0001
44,000
7,000
118,000
125,0001
307,001
8,000
64.000
43,000
g,000l
38,000
159,000
40,000
709,0001
10,000
132,000
138,0001
16,000
147,000
17,000
38,000
72,'''
1,000
32,i i 1
356,000
1,000
4,000
2,000
s,000l
362.000
4.000
4,000
787.000
1,
811,
0001
348,000
340,000
330.000
4.861.000 3,622,11 i
8,391,000 9,816,001
4,840,000 1,216,000
-
1,517,000
2,319,000
824,000
412.000 830,000
802,000 1,842.000
94.000
372,000
Since Aug.11933
15,521,000209,462,000177,693,000 67,488,00011,597,00048,068,000
1932
17.167,000307,520,000196,477.000 87,838,000 15,379,00047,703,000
1931
18.318.00621:1A as,. nue II? MI
66.680.000 7.613.00030843000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, June 9 1934, follow:
Receipts at
New York_
Philadelphia .
Baltimore_ _
New Orleans •
Montreal _ _
Sorel
Boston
Halifax
Flour.
Oats.
Corn.
Wheat.
1
Rye.
Barley.
bets. 19815s bush.60 lbs. Push. 58 lbs. bush. 32 lbs. bush 48lbs. bush.Stilbs.
105,0001
127,
138,000
2,000
21,0001
4,
17,0001
34,000
I
12,0001
28,
5,000
5
36,
22,000
36,
28,000
58.000
728.000
17,000
15,000
1,000
4,000
Total wk.1934
230,000 1,056,000
Since Jan.1.31 6,059,000 27,150,000
236,000
3,289,000
199,000
24,000
2,685.000 1,054,000
235,000
Week 1933,, 271,000 3,125,000
92,
87,00
35.000
Since Jan.1'33 8,854,000 31,417,000 2,146,000 2.023.000
116.000
142.000
* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, June 9 1934 are shown in the annexed
statement:
Exports fromNew York
Boston
Sorel
New Orleans
Galveston
Montreal
Halifax
Total week 1934_
Same week 1933_ _ _ _
Wheat.
Bushels.
293,000
65,000
284,000
3,000
Corn.
Bushels.
1,000
1.000
5.000
Oats.
Bushels.
Rye.
Bushels.
Barley.
Bushels.
6,407
4,000
7,000
58,000
1,000
728,000
1,373,000
3.472,000
Flour.
Barrels.
76.407
93,755
6,000
_
28,000
17,000
34,000
32.000
17,000
34,000
The destination of these exports for the week and since
July 1 1933 is as below:
Week
June 9
1934.
Since
July 1
1933.
Corn.
Wheal.
Week
June 9
1934.
Since
Jut?" 1
1933.
Since
July 1
1933.
Week
June 9
1934.
Bushels.
Barrels. Barrels.
Bushels. Bushels. Bushels.
United Kingdom_ 53.360 2,636,246
368,000
620,000 42,264,000
11,047
Continent
624,724
256,000
745,000 58,025,000
So.& Cent. Amer_
2,000
1,000
7,000
60,000
485,000
West Indies
10,000
1,000
1,000
780,000
52,000
53,000
Brit. No. Am.Col.
____
65,000
1,000
Other countries__ _
1,000
203.233
735,000
13,000
76,407 4,369,203 1,373,000 101,541,000
93,7551 3,904,862 3,472,000 148,212,000
1,000
693.000
5,000 4.823,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, June 9, were as follows:
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri
July
544 534 5431
5331, 5434 55
October
55% 56
57
564 564 57
Receipts al-
Flour.
Exports for Week
and Since
July 1 to-
Total 1934
Total 1933
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
644 654 67% 654 654 654
September
6731 6634 67
6634 6734 69
December
69
704 7131 70
6934
Season's High and When Made.
Season's Low and When Made.
July
70
Nov. 21 1933 July
5034 Apr. 19 1934
September
7131 June 1 1934 September
5231 Apr. 19 1934
December
7231 June 13 1934 December
694 June 11 1934
Spring pats.,high protein $7.40
Spring patents
7.10
Clears,first spring
6.35
Soft winter straights.... 6.00
Hard winter straights
6.75
Hard winter patents
7.10
Hard winter clears
6.05
4155
United StatesBoston
New York
afloat
Philadelphia
Baltimore
Newport News
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
On Canal
GRAIN STOCKS.
Oats,
Corn,
Wheat.
bush,
bush,
bush,
4,000
82,000
198,000
99,000
62,000
95,000
38,000
195,000
180,000
3,000
467,000
24,000
128,000
11.000
44,000
20,000
104,000
430,000
1,699,000
84,000
98,000
810.000
4,000
2,073,000
1,169,000 1,704,000
272,000
24,440.000 1,077,000
208,000
3,485,000 4,908,000
517,000
331,000
322,000
129,000
1,836,000
263,000
182,000
310,000 1,210,000
493,000
88,000
100,000
2,037.000 13,116,000 2,348,000
876,000
456,000
160.000
164,000 1,855,000 1,085,000
17,521,000 3,195,000 9,926,000
11,364,000 4,183,000 7,995,000
76,000
10,000
18,000
3,994,000 8,299,000 1,100,000
29,000
400,000
61,000
Rye,
bush.
Barley,
bush.
*45,000
64.000
x51,000
y17,000
12,000
1,000
1.000
5,000
16,000
86,000
30,000
4,000
86,000
20,000
28,000
17,000
27,000
4,439.000
983.000
60,000
110,000
491,000
2,480,000 5,784,000
1,820,000 1,060 000
24,000
75,000
1,308,000
371,000
Total June 9 1934... 73,644,000 41,685,000 24.933,000 10,506,000 9.009.000
Total June 2 1934... 75,920,000 43,551,000 25,725,000 10,270,000 9,277.000
Total June 10 1933._ _117,713,000 39,768,000 23,521,000 9,163.000 10.921,000
• Includes 3,000 Polish rye. x Includes foreign rye, duty paid. y Also has
204,000 Polish rye.
Note.
-Bonded grain not included above: Wheat, New York, 126,000 bushels;
Buffalo, 4,044,000; Buffalo afloat, 880,000: Duluth, 4.000; Erie. 1,508,000; on
Lakes, 279,000; Canal. 1,300,000: total, 8,141,000 bushels, against 4,932,000 bushels
In 1933.
Wheat,
Corn,
Oats,
Ale,
Barley.
Canadianbush,
bush,
bush,
bush.
bush.
Montreal
3,968,000
1,201,000
407,000
287.000
Ft. William & Pt. Arthur 67,442,000
1,801,000 2,233,000 3,970,000
Other Canadian ds other
water points27,714,000
477,000 1,431.000
2,423,000
Total June 9 1934. 99,124,000
5,425,000 3,117,000
Total June 2 1934_ __101,328,000
5,653 000 3,132,000
Total June 10 i933.._ 87,589,000
4.080,000 3,839,000
Summary
American
73,644.000 41,685,000 24,933,000 10,506,000
Canadian
99,124,000
5.425,000 3,117,000
5,688.000
5,676,000
2,871,000
9,009,000
5,688,000
Total June 9 1934_172,788,000 41,685,000 30,358.000 13,623,000 14,697.000
Total June 2 1934_ __177,248,000 43,551,000 31,378,000 13,402,000 14.953,000
Total June 10 1933_ _205,302,000 39,768,000 27,601,000 13,002,000 13,792,000
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending June 8, and since July 1 1933 and July 2 1932, are
shown in the following:
Wheat.
Exports.
Week
June 8
1934.
Since
July 1
1933.
Corn.
Since
July 2
1932,
Week
June 8
1934.
Since
July 1
1933.
I
Since
July 2
1932.
Bushels. I Bushels.
Bushels.
Bushels.
Bushels. Bushels,
North Amer_ 3,155.000 207,063,000 285,303,000
3,000
823,000 5.540.000
Black Sea_
64.0001 41,531,0001 19,512,000
51,000 33,090.000 67,381.000
Argentina_ -- 5,261,000 129,828,000,106,586,000 5,716,000 203,725,0001197,702
,000
Australia _
1,320,
84,054,000149,641,000
0th, countr's
728,
26,678,0
.
20_1 23,965,000
153,000 10,880,000 31,309,000
Total _ _ _ _ 10,528
489,152.000585,007,0001 5,923,000248,518,000301.932.000
Cash Income of Farmers from Sale of Farm Products
$381,000,000 in April Compared with $408,000,000 in
March and $311,000,000 in April 1933-AAA Benefit
Payments to Farmers Totaled $7,000,000 During
April.
Farmers' cash income from marketings and benefit payments was $388,000,000 in April, compared with $417,000,000 in March, according to the Bureau of Agricultural
Economics, United States Department of Agriculture. The
April total was composed of $381,000,000 from the sale of
farm products, and $7,000,000 in benefit payments by the
Agricultural Adjustment Administration. The March total
was composed of $408,000,000 from the sale of farm products
and $9,000,000 from rental and benefit payments. An announcement issued in the matter by the Department of
agriculture further said:
The Bureau reports that the decrease in income from the sale of farm
products, from March to April. was less than the usual seasonal decline.
Farmers' cash income from marketings in April last year was $311,000,000.
The rental and benefit payments in April were the smallest for any month
since the AAA program was started last September.
Cash income from sales of form products during the first four months
of this year totalled $1,595,000,000 compared with $1,184,000,000 in the
same months of 1933. Rental and benefit payments the first four months
of this year, amounting to $104,000,000 brought total cash receipts for
the period to $1,699,000,000 or 43% more than the cash receipts in the
same period last year.
The Bureau says that the course of prices of farm products in May to date
indicates that although income from marketings in May Is likely to be larger
Financial Chronicle
4156
than the income in April, the increase may not be as large as usual. In the
years preceding the depression, income from marketings in May exceeded
that of April by about 12%, largely on account of increased marketings
of fruits, vegetables, and dairy products.
According to the announcement, the Bureau says that
"although the decline in grain prices has been recovered,
this recovery is probably too late to maintain the income
for the month from these products. The lower price for
cotton may be offset by heavier marketings. The continued
rise in the price of beef cattle may offset the effect of the
decline in hog prices, with the result that income from
marketings of livestock may increase about as much as
usual." The Bureau adds:
Income from fruits and vegetables may not increase quite as much as
usual from April to May, and the usual seasonal increase in the production
of dairy products is being held in check by exceptionally poor pastures and
relatively high prices for feed.
Consequently, it now seems likely that income from marketings of farm
products in May will be between $400,000,000 and $425,000,000. or about
the same as in May 1933. Last year, both prices and marketings of farm
products increased sharply from April to July, resulting in a sharp upturn
in cash income. This year, the trends of prices and marketings until the
beginning of the new crop year are likely to be more normal,so that income
during the three months—May. June and July—is not likely to exceed that
of the corresponding months of last year.
Farmers' Income from Livestock Sales Reported Showing 26% Gain in 1934—April Increase, $13,000,000.
American farmers'income from live stock sales to the packing industry gained $13,000,000 in April as compared with
the preceding April, and $73,000,000 in the first four months
of the year as compared with the corresponding period last
year. Thomas E. Wilson, Chairman of the'Committee to Confer with Live Stock Producers of the Institute of American
Meat Packers and Chairman of the Board of Wilson & Co.,
Inc., Chicago, announced at Chicago, on May 27. His figures
are estimates compiled from United States Department of
Agriculture reports on federally inspected slaughter through
April, and on prices and live weights through March, with
supplemental estimates for April. Mr. Wilson's statement
follows:
Live stock sellers' ireome from April marketings is estimated as $85,928,000, a gain of 18% over the figure for the preceding April. The four.
month total of income from this year's marketings is estimated at $351,193,000, an increase of 26% over the similar figure for last year.
A largely increased income from cattle, from calves, and from sheep and
lambs, and a slightly lowered income from hogs, is shown for the month of
April:
AMERICAN FARMERS' INCOME FROM LIVESTOCK MARKETED IN
APRIL 1934.
(Estimated from United States Department of Agriculture figures where available.)
Income.
Stock Marketed.
Cattle
Calves
Hogs
Sheep and lambs
April 1934.
April 1933.
Gain 1934
Over 1933.
P. C.
Gain.
$40,000,000
5,100,000
30,636,000
10,192,000
$27,214,000
3,494,000
34,376,000
7,450,000
$12,786,000
1.606,000
*3,740,000
2,742,000
47
46
*11
37
$72,534,000
813,394,000
18
885,928,000
Total
*Decrease.
It will be noted that the income from hogs, for the first time this year,
showed a substantial decrease under that for the same month last year.
Prices averaged higher than in April 1933, but the number of hogs marketed
was substantially smaller, with the result that the aggregate amount paid
to the farmers was less.
But for the whole four-month period, as compared with the first four
months of last year, farmers' income from all four kinds of live stock showed
ircreases—three of them large increases:
AMERICAN FARMERS' INCOME FROM LIVESTOCK MARKETED,
JANUARY TO APRIL 1934.
(Estimated from United States Department of Agriculture figures, where available.)
Income.
Stock Marketed.
Cattle
Calves
Hogs
Sheep and lambs
First Four
Months 1934.
First Four
Months 1933.
Gain, 1934
Over 1933.
P. C.
Gain.
$149,036,000
19,454,000
141,024,000
41,679,000
$103,822,000
13,241,000
132,159,000
29,101,000
$45.214,000
6,213,000
8,865,000
12,578,000
44
47
7
43
26
8278,323,000
$72,870,000
$351,193.000
In the case of hogs, in addition to the price increase for the period as a
whole, the farmer who co-operates in the corn-hog reduction program will
receive benefit payments from the $64,000,000 in processing taxes collected
during the same period. The Government, moreover, has used, and Is using,
tax funds for removing surplus products from the market as a means of
improving hog prices. In April the processing tax, which is collected from
the packer, apparently amounted to approximately $19,000,000, or more
than five times the April revenue decline which accompanied decreased
marketings of hogs.
The increased farm income from cattle and calves marketed in April was
due both to higher prices than last April and to increased marketings. The
sharp gain in revenue from sheep and lambs reflected an emphatic price gain
over the preceding April, accompanying a large decline in the number of
animals marketed.
The incomes cited in these two tables are of course gross Incomes, from
which the fixed charges that the farmer has to pay for transportation and
marketing expenses must be deducted. The gains cited, however, in so far
as they represent price gains rather than increased shipments, are net gains
to the farmer, and are therefore doubly welcome to him in comparison to
minimum price levels at which a much larger part of his income had to go
for fixed expenses.
Total
June 16 1934
It is gratifying that increased purchasing power has enabled the packing
industry to pay considerably higher prices for cattle, calves, and sheep and
lambs this year, and even for hogs if the average price for the whole fourmonth period is considered. Even with the improvement, however, live stock
prices are lower than we should like to see them.
Foreign Crop Prospects.—The latest available information pertaining to cereal crops in foreign countries, as reported by the Foreign Service of the Bureau of Agricultural
Economics to the United States Department of Agriculture
at Washington, and given out on June 8, is as follows:
Wheat crop prospects for 1934-35 are generally below those of a year
ago, both for importing and exporting countries. The principal exceptions
where better crops are expected are the Oriental countries of China, including Manchuria, and Japan, and in certain Mediterranean countries,
notably Spain. Portugal and Tunis. Such increases, however, on the basis
of present estimates are much more than offset by the indicated decreases.
In parts of the Canadian Prairie Provinces the the crop situation is
very serious and a critical stage was reached much earlier than usual.
Spring rainfall has been scanty and ineffective and allied with high temperatures and strong winds has led to serious soil drifting. Some rains,
however, were received in early June and brought general relief, though
only of a temporary nature. Grasshoppres are reported developing rapidly
and to be causing serious damage in Manitoba and Saskatchewan. Unofficial estimates of seedings fully confirm the 9% reduction in acreage as
compared with last year which was officially reported in the May 1 intentions to plant release.
In Europe, most countries expect a smaller wheat crop, particularly
in the Danube Basin. The Bureau's Belgrade representatives estimate a
reduction of around 100.000,000 bushels from last year in the four Basin
countries as a result of a smaller acreage for harvest and the likelihood
of below average yields, especially in Rumania. Unfavorable crop conditions in central Europe are also expected to reduce the wheat harvests in
Germany and Czechoslovakia. The Bureau's Paris representatives forecast sizable reductions in the French and Italian crops and some increase for
Spain. Portugal and French North Africa. The latter crop is now being
harvested under generally favorable conditions. Though total spring seedings in Russia, which generally account for about two-thirds of the total
wheat acreage, have made good progress this season, several important
eastern wheat regions are lagging behind last year. Some drouth damage
in the southern export regions is now officially admitted.
The second estimate of the Indian wheat crop has been revised downward
from 369,563,000 to 350,261,000 bushels and at this figure is practically
the same as the 1933 crop return. The reduction appears to have been
due to generally unfavorable conditions at harvest time. The fourth
estimate of acreage is 35,720.000 acres, a record figure, and is 3,000,000
acres above the corresponding estimate of a year ago.
The following tabulation of wheat acreage and production includes
tentative forecasts for many European countries. Weather conditions in
June and July are very important in determining final yields and frequently
alter earlier forecasts.
WHEAT—AREA AND INDICATED PRODUCTION IN SPECIFIED COUNTRIES, 1931-1934.
Year of Harvest.
Country and Commodity.
1931.
Acres.
1932.
Acres.
1933.
Acres.
I
1934.
Acres.
Acreage.
Northern Hemisphere—
North America—
United States_ a
Canada
43,080,000
26,201,000
35,276,000
27,182,000
28,420,000
34,725,000
25,991,000 823,704,000
Total (2)
69,281,000
62,458,000
54,411,000
58,429,000
12,840.000
4,653,000
11,883,000
11,245,000
20,919.000
11,618,000
13,428,000
4,882,000
12,185,000
11,248,000
18,781,000
11,799,000
13,503,000
5,051,000
12,567,000
11,168,000
19,812,000
12,448,000
13,202,000
4,927,000
11,978,000
d11,490,000
el7,668,000
12,685,000
73,158,000
72,323,000
74,549,000
71,950,000
8,154,000
1,667,000
8,841.000
1,768,000
8,957,000
1,439,000
d8,661,000
1,455,000
9,821,000
10,609,000
10,396,000
10,116,000
32,031,000
1,272.000
33,805,000
1,118,000
32,724,000
1,181,000
35,720,000
1,109,000
Europe—
France
Germany.c
Italy
Spain
Danube Basin(4)f
Others(10)
Total (18)
Africa—
French N. Africa (3).
Others (2)
Total (5)
Asia—
India_ p
Syria Lebanon
Total (2)
33,303,000
33,905,000
36.829,000
Total (27)
185,563.000
180,313,000
173,261,000
177,324,000
29,172.000
32,336,000
26,703,000
29,785,000
14,741,000
17,295,000
15,741,000
19,790,000
14,913,000
19,662,000
13,500,000
119,700,000
32,036,000
35,531,000
34,575,000
33,200,000
Russia
Southern Hemisphere—
Australia
Argentina_ h
Total (2)
Production.
United States, winter onl
Italy
France
Spain
Portugal
Bulgaria
Hungary
Rumania
Yugoslavia
Morocco
Algeria
Tunis
India
34,923,000
Bushels.
Bushels,
817,962,000 475,709,000
244,415,000 276,922,000
264,117,000 333,524,000
134,427,000 184,207,000
12,999,000
23,791,000
63,831,000
50,553,000
72,550,000
64,463,000
135,300,000
55,537,000
98,789,000
53,444,000
29,783,000
27,970,000
25,649.000
29,236,000
13,963,000
17,453,000
347,424,000 336,896,000
Bushels.
Bushels.
351,030,000 400,357,000
297,633,000 d250,000,000
362,330,000 d276,000,000
138,235,000 d170,000,000
15,073,000 d18,000,000
58,858.000 144,000,000
96,356.000 168,000,00
0
119,070,000 f77,000,000
96,584,000 173,000,00
0
28,902,004) d30,000,000
31,998,000 d30,000,000
9,186,001) d14,000,000
352,875,000 350,261,000
22411 200000 1 020 7115 finn 1 OAR lgonnn 1 ona ago nnn
Total 13 countries
Complied from official sources except as otherwise noted.
a Winter area for harvest. b Winter area plus intended spring acreage. c Winter
area. d Estimate of the Pads office of the Bureau of Agricultural Economics.
e For countries not yet reporting total wheat area, winter acreage has been used
since this accounts for practically all the wheat area of these countries. fEstimate
of the Belgrade office of the Bureau of Agricultural Economics. g May estimate.
h Area sown. I Unofficially estimated as about the same as in 1933.
Agricultural Department Report on Winter Wheat,
Rye, &c.—The Department of Agriculture at Washington
on June 8 issued its crop report as of June 1 1934. This
report estimates the June 1 condition of winter wheat 55.3%
this year as compared with 70.9% of normal on May 1,
64.0% of normal on June 1 1933, 64.7% on June 1 1932 and
a 10-year average condition of 75.7%. The estimated production of winter wheat is now estimated at 400,000,000
bushels, which compares with the Department's estimate of
461,471,000 bushels a month ago and with a harvest of
351,030,000 bushels last year. Spring wheat condition is
placed at 41.3% of normal as of June 1 as against 84.9% on
June 1 of last year. The condition of rye this year on June 1
Volume 138
Financial Chronicle
4157
comNebraska on the west to Indiana on the east. The crop is almost a
is estimated at 43.5% of normal with a yield of only 18,- plete failure in the important producing States of North Dakota, South
800,000 bushels, compared with the May 1 estimate of Dakota and Nebraska.of oats on June 1 1934 was reported at 47.2% of
Oats.
-The condition
27,900,000 bushels, when the condition was 67.8%. Last normal,as compared with 78.7% on June 1 1933 and the 10-year(1922-1931)
84.1%. The present condition is the lowest
year's harvest of rye was 21,200,000 bushels and the five- average condition ofthe previouslow being 78.3%,reported in 1928.June 1
year (1927-31) average production 40,900,000 bushels. We condition on record,
Conditions are below average in all except a very few States, but the
these States.
lowest conditions are reported in the western corn belt. Indamaged serigive below the Department's report:
and to a lesser extent in adjacent areas, the crop has been
GENERAL CROP REPORT AS OF JUNE 1 1934.
ously by the prolonged drouth and abnormally high May temperatures.
and.
Some acreage could not be seeded because of lack of moisture. Additional
A sharp decline in crop prospects, heavy losses of early cropslevels
The remaining
acreage failed to germinate or was killed after germination. light yield. In
for this time of the year, a record low condition of pastures and lowby the
acreage is heading out short and promises only a very
of milk production per cow and egg production per hen, are shownDepartBoard of the United States
are being pastured because of the shortage of other
June estimates of the Crop Reporting
some areas oats fields
1
ment of Agriculture.
feeds and pastures. For the country as a whole, conditions as of June a
with
The winter wheat crop is forecast at 400,357,000 bushels, a reduction in
suggest an oats crop of less than 700,000,000 bushels, comparedaverage
-year (1922-1931)
and a 10
during the month of May. The
o
prospects of 61.000.000 bushels or 13%
crop last year of 722,485.000 bushels
prospective crop is, however, well above last year's short crop of 351.030.000
production of 1,228.657.000 bushels.
bushels, but is 37% below average production during the five-year period
-The condition of barley on June 1 1934 was reported at 44.7%,
Barley.
1927-1931.
the lowest June 1 condition on record. The previous low record was 77.2%,
Spring wheat production is still very uncertain because of the heavy
reported in June 1931.
-year
loss of acreage in the Dakotas and Minnesota but it seems likely to be
The condition on the same`date last year was 80.4% and the 10
about 100.000.000 bushels, so the total wheat crop may not exceed 500,- (1922-1931) average June 1 condition was 83.4%. In the important barley
North Central States, reports indicate that considwould be the smallest total wheat crop since 1893.of
000,000 bushels. This
Producing areas of the
subOats, barley and rye will all be short crops, for all show a heavy loss
erable acreages could not be seeded because of the drouth and that
after germination.
acreage and exceptionally low condition figures for this season of the year.
stantial acreages either failed to germinate or were killed record.
month on the acreage remaining
yield per acre on
Pending a checkup the latter part of this
Present prospects point to the lowest
with
for harvest the production of oats is tentatively placed at less than 700.Hay.
-The condition of hay on June 1 was only 51.5%, compared 81.7.
-year (1922-1931) average of
000.000 buahels, which would be below the production of any year since
79.9 in 1933, 77.4 in 1932, and a 10
substitute for hay when
1 figure of record,
1893. The production of oats straw, an important
The condition this year is far below any other June
year production
the price of hay is high, will be equally below average. Barley appears to
the previous record low being 75.0 on June 1 1926,in which is not relatively
have been damaged as much as oats.
was 76,449.000 tons. The condition of alfalfa hay (59.1)
and meahay is only 37.7,
Hay production depends largely on the extent to which alfalfa
as low as clover timothy (53.1). The condition of wildhay on June 1 was
dows in the Central States are revived by favoraole weather during the
or less than half the usual figure. Condition of all tame
remainder of the season, on the success met in raising emergency hay crops
53.9%, compared with June 1 figures of 80.0 in 1933. 76.9 in 1932. and a
such as millet, sudan and annual legumes, and on how long irrigation water
-year (1922-191) average of 82.0.
10
can be made to last in the West. With pastures bare over a wide area and
The situation is particularly serious in the North Central States and some
only hay
stock of necessity turned into hay and grain fields, an acute shortage of
Western States, where drouth has practically ruined nothave beenbut other
used for
hay in many States seems unavoidable. Unless the weather is exceptionfeed crops and pastures over large areas. Hay lands starving livestock.
ally favorable the total crop of tame and wild nay does not seem likely to
pasture in some of these States in the hope of savinghave given some remuch exceed 50.000.000 tons, compared with the short crop of 74.000,000
Rains since June 1 in the driest parts of the Northwest
emertons cut last year and a five-year (1927-1931) average of 84,000.000.
lief. But even with second cuttings of average size and some latechance
The records for June in past years show nothing comparable with the
gency hay crops possible in part of the drouth region, there is little
situation this year. The June 1 condition of oats, for example. is 47.2%
this year of much over 50.000,000 tons, or
for a United States production
for
this year, whereas the lowest in past years was the 78.3% recorded was
about two-thirds as much as the rather small crops of the last few years.
1928. The condition of tame hay is 53.9 and the lowest previously
Apples.
-The June 1 condition of 48.7% of normal is the second lowest
even worse, being 27.7 compared
76.0% in 1926. Wild hay prospects are
on record. The lowest figure for this date. 42.2%, was recorded in 1921.
-year (1922-1931) average is
with the previous low of 68.7. Reports on tne condition of pasturw, which
The condition last June was 71.7% and the 10
have been fairly comparable for perhaps 40 years, show 53.2% of normal
69.2%.
winter
tnis year compared with the previous low of 75.7 in 1925. Even nearest
Apple prospects are unusually poor this season in practically all States
wheat, with a condition of 55.9%,is below all previous records, the
due to winter injury, late spring frosts and lack of moisture. In the Eastbeing 62.0 in 1885.
ern and Central States the bloom was generally light, resulting in a much
the
Some 19 States, including all States from Ohio to Nevada. show and
smaller set of fruit than usual. The best conditions are reported in the
lowest June condition of pastures and hay on record in those States,
Western States, although with a few exceptions the condition in these
-year average. The quality of the fruit in the eastern
most ofthese States also show the lowest condition ofspring grains on record.
States is below the 10
aphis and scab.
In the half dozen States where conditions are worst, early crops are too far
and central districts is above average and injury from The shortage of
irrespective of weather conditions
gone to show more than partial recovery,
which caused such heavy loss last year, is very light. districts will tend
during the remainder of the season.
irrigation water in Colorado, Idaho, Utah and a few othermoth are expected
The reports from some States seem unbelievably low. During the past
to reduce production in these States. Aphis and codling and Washington.
40 years no State has reported the condition of pastures on June 1 below the
to cause greater than usual loss In California, Coloradoreport.
42% which was anown one year by New Mexico. This year South Dakota
The first forecast of production will be given in the July 1 at 48,673,000
26, Iowa 28, Nebraska 33,
averages 8%, North Dakota 15, Minnesota
-The total peach crop is forecast as of June
Peaches.
than the
Wisconsin 42,and the whole North Central group of States averages 39.3%..
bushels, which is about 7% larger than the 1933 crop. 159', largerpreceding
Reports on spring wheat, oats, barley and rye and hay are about dqually
production of 1932, but is 16% less than the average crop for the
is the result of considerably better
low in this area.
five years. The larger crop this year
In sizing up present conditions and prospects in the various sections of
prospects in the Southern States than prevailed during the past two years.
entire
the country, the situation seems most critical in the Dakotas and in parts
An unusually light crop of pearhes is indicated for practically theMounof Minnesota and Wisconsin, where the failure or near failure of pastures,
area north of Tennessee and North Carolina and east of the Rocky
hay crops and of a large acreage of spring grains can hardly be offset by
Winter injury to both trees and buds was widespread. The full
tains.
at this
increased acreages and favorable yields of corn and emergency forage crops.
extent of tree losses from winter-kill cannot be determined years. time
Late
In this area a material reduction in livestock numbers seems unavoidable.
because mortality from this cause will continue for several
In a large area tnat includes most of the rest of tne corn belt and some
normal rainfall further decreased peach prospects
frosts and absence of
surrounding States conditions are now serious, but may still show considthroughout much of this area.
New
erable improvement. In these States early crops have been badly hurt
The peach crop is reported as being practically a total failure in very
and many farmers have been compelled to begin feeding from this year's
Jersey, New York and New England. There are some indications of this
in
hay crop, but favorable weatner from now on could permit the harvesting
light harvests in the most favorable orchard locations. The trees
of good crops of corn, soyoeans, sorghums and emergency hay and forage
area were seriously injured by the past winter's subnormal temperatures.
crops that would materially relieve the emergency situation as far as feed
Probably 10% of the trees in New England are already dead. May in the
for livestock is concerned.
Although rather favorable conditions prevailed throughout
In most of tne West, except along the North Pacific Coast and from there
Carolinas and Georgia, excessive rain during the last two weeks of the month
condition,
eastward into western Montana, there is a great diversity of condition,
made efficient spraying difficult and may produce a sappy fruitin Georgia
but most sections report range and dry land crops poor and irrigated secconducive to brown rot. There has been some hail damage
tions facing an acute shortage of water. In portions of this area feed supalso.
plies are already low and cattle are suffering but the scarcity of feed for
Peach prospects in the South Central and Rocky Mountain States, with
above the
next winter is the item of cnief concern.
the exception of Kentucky. Arizona and Utah, were considerablyNorthwest
In the Pacific Northwest crop prospects were favorable on June 1 and
June 1 average for the five years, 1927-1931. In the Pacific cold, wet
there have been some good rains since. In the South growing conditions
early bloom was followed by late frosts and
an unseasonable
for pasture, feed and forage crops appear to nave been mostly average or
weather. The crop is spotted and normal development has been retarded.
better, although parts of the Southeast complain of too much rain.
The condition of clingstone peaches in California is good,though the volume
Winter Vheat. production of winter wheat is forecast at 400,357,000
is expected to be slightly less than average. The production of freestones
bushels, as compared with a production of 351.030,000 bushels in 1933 and
as forecast on June 1 would be about 10% below an average Cr011. bushels,
the five-year (1927-1931) average of 632.061,000 bushels.
-The total pear crop is forecast on June 1 at 21.425,000
Pears.
The condition of winter wheat on June 1 was reported at 55.3% of normal
which is but 1% larger than the short crop produced in 1933, nearly 3%
-year (1922-1931)
as compared with 64.0% on June 1 last year and the 10
smaller than the crop of 1932 and about 5% less than an average crop for
average June 1 condition of 75.7%. The lowest June 1 condition prethe preceding five years.
viously reported was 62.0% in 1885.
The crop is apparently short in practically all of the important comThe present forecast is a reduction of about 61,000,000 bushels from the
mercial areas of both the East and West. Through the North and South
two
extremely unfavorable
May 1 forecast. During May,conditions continued
Central States, where the crop was particularly light during the past
in the Central and Northern Great Plains area and drouth conditions exseasons, the prospects are for a much better crop in 1934. Drouth conditended eastward into the soft red winter wheat area as well as in the Westarea at the present time, however.
tions prevail over a large part of this
the
ern States. The combination of deficient moisture and high temperatures
Prospects for the 1934 pear crop in the Eastern States were lowered bythis
caused the crops to ripen prematurely over a large area. In the area most
cold weather during the past winter: however, the lighter Eastern croptime
conditions at blooming
and Colorado, further abanseriously affected, notably Nebraska. Kansas
year is more the result of unfavorable weather
the lack
donment of acreage has occurred since May 1. The Board has not revised
than the severe weather during the dormant period. Thus far States asof
a
its May estimate of acreage remaining for harvest but has made allowance
moisture has not seriously affected this crop in the Eastern
for this factor in the estimates of yield per acre.
whole, although rain is badly needed in western New York at the present
Production of hard red winter wheat is forecast at 206,075,000 bushels;
time.
soft red winter wheat, 152.688.000 bushels: and fall-sown white wheat
Prospects on the Pacific Coast are for a total crop of all varieties of 15.41,594,000 bushels.
365,000 bushels, which is about 5% less than the crop of 1933 and 7% less
spring wheat was reported at 41.3%
Spring Wheat.
than in 1932. California reports some pear blight and local hail damage,
-Condition of all
of normal on June 1, as compared with 84.9% on June 1 1933 and the 10
though it is not expected at this time that total tonnage will be far below
year, 1922-1931) average June 1 condition of 83.3%. The previous low
that of 1933. The season is about three weeks earlier than usual. Oregon
of
record for June 1 condition was 67.9%. reported in 1931. Condition
experienced considerable rain during the blooming period and,although the
Durum wheat was reported at 29.6% of normal and other spring wheat
bloom was heavy, a fairly light set of fruit resulted. The spring flight of
at 42.4.
codling moth was unusually heavy. In southern Oregon frost damage was
Up to June 1 1934 the spring wheat crop was subjected to the most
rather extensive and irrigation water is reported to be short. The Washington crop was reduced by cold, wet weather at blooming time and frost
unfavorable conditions ever experienced thus early in the season. In the
damage during the latter part of March. Some blight has shown up, but
central portion of the spring wheat area, including the Dakotas. eastern
it is not thought this will be serious.
Montana and western Minnesota, an accumulated deficiency of moisture
Was accentuated by short rainfall during May and the situation was further
Cherries.
-The total crop of all cherries, both sweet and sour, in the
12 commercial States is forecast on June 1 at 105,910 tons, which would be
aggravated by abnormally high temperatures and frequent dust storms.
about 6% less than the crop of 1933 and about 17% less than the crop of
As a result, a part of the intended acreage was not seeded, and considerable
1932. Reports of serious injury to sweet cherries from the severe winter
acreage was lost either through failure to germinate or through death of the
weather are quite general. Apparently sour varieties will stand the low
young plants after germination.
temperatures much better and it appears that sour cherries will constitute
and the very low condition of the remainConsidering the loss of acreage
an ever larger proportion of the crop this year in New York, Michigan and
ing acreage, June 1 indications point to a crop of only about 100,000,000
Wisconsin than usual.
bushels.
In New York this year's sour cherry crop is forecast on June 1 at 17,180
Pastures.
-With continued drouth during May, pastures declined sharply
tons, which compares with the short 1933 CrOP of 9,129 tons, and an averand the condition on June 1 was the lowest ever reported for any month of
age crop of 18,006 tons for the four years 1929 to 1932. No comparable
on Sept. 1 1930. The condition on
the year with the exception of 47.7
series is available for Michigan. but in that State it is estimated that about
June 1 as reported by crop correspondents averaged 53.2% of normal,
95% of the trees are of sour varieties. With the relatively greater loss to
compared with 81.5 on June 1 last year and 75.7 in 1925. the previous low
sweet cherries as a result of the severe winter, it appears that the Michigan
west to the Rockies
forJune 1. All of the States from Ohio and Kentucky
production this year will be almost entirely sour varieties. In Colorado,
with the exception of Montana in 1931, report record low conditions for
the most important of the Inter-Mountain States in sour cherry production,
June 1, and the average reported for the corn belt States as a group was
the crop as now forecast would be the largest since 1926.
lower than, previously reported for any State on June 1. Pastures were
In the Pacific Coast States the indicated crop for 1934 would be nearly
fair to excellent in the Atlantic Coast States, Southern cotton belt States
26% short of the large 1933 crop, a little more than 15% less than the 1932
and the Pacific Northwest.
crop and slightly over 3% below the short 1931 crop.
-Eye production is forecast at 18,756.000 bushels, or a decrease of
Rye.
Citrus.
-The June 1 condition reported on citrus fruit is a somewhat
about 9,000.000 bushels from the May 1 estimate. Last year production
Indefinite indication of the size of the final crop because considerable dropwas estimated at 21.184.000 bushels and the five-year (1927-1931) average
ping of fruit during June is a normal occurrence.
production was 40,950.000 bushels.
The condition of the orange crop in California, as reported on June 1,
Mahe condition on June 1934 was 43.5% of normal, the lowest June 1
-year (1922-1931) average. The Califorwas about 12 points below the 10
condition on record. Condition is below average in nearly all parts of the
nia grapefruit crop condition Is 8 points below that reported for June 1
reaching from North Dakota and
country and is especially low in an area
4158
Financial Chronicle
1933. The greater part of the decline (6 points) during the past month has
taken place in the desert valleys, the areas of major production.
The conditions of Florida orange and grapefruit crops are about 3 and
5 points, respectively, above the average for June 1 as reported for the ten
years 1922-1931. There was an abnormally heavy bloom and the following drop was apparently even heavier than expected. There has been ample
to excessive rainfall during the past month.
The weather has been favorable for citrus crops in Louisiana and Arizona
although the heavy bloom failed to result in a good set in the latter State.
Rainfall has been scant in the Texas citrus area. Here, also, the drop has
been heavy. Texas orange condition decreased 16 points during May
1934. The condition of Texas oranges is 33 points below and the condition
of grapefruit is 40 points below that reported for June 1 1933. These
differences reflect the continued effects of the hurricane of September 1933.
Early Potatoes.
-Many of the Southern States show very little change in
the condition of early potatoes since May 1. In some South Atlantic
States growing conditions have been quite favorable although there has
recently been excessive rain. In Arkansas and Oklahoma the dry weather
in late May caused some deterioration. The condition reported for the
10 Southern States on June 1 averaged 74.0% for all early potatoes compared with 69.9% on June 1 a year ago and 74.7%, the average June 1
condition for the eight years 1924 to 1931.
Milk Production.
-With pastures very poor over a large area, supplies of
grain and hay short and prices of feeds increasing during recent weeks, the
reported milk production per cow being milked on June I was lower than
on that date in any of the previous 10 years in more than one-half of the
States. The entire corn belt, most of the Southern States, New York in
the northeast and Montana, Nevada and New Mexico are included in the
area reporting record low production per cow milked. An unusually low
proportion of the milk cows on farms were being milked and averages for
all of the larger groups of States, except the Western,show the lowest production per milk cow in herd on record for June I. For the country as a
whole, production per cow averaged about 8% below production on June 1
last year and 4.4% below the previous low for June 1 report in 1925, the
year in which these reports began. Crop correspondents on June 1 1934
were securing an average of 15.36 pounds of milk per milk cow in their
herds compared with 16.57 pounds on that date last year and a June 1 average of 17.67 pounds during the previous five years. While there has been
some liquidation of milk cows in the more severe drouth areas, this has not
yet reached large proportions and reports indicate that for the country
as a whole there were more milk cows on farms than on June 1 last year,
partially offsetting the sharply lower production per cow. Total milk
production on June 1 appears to have been 5 to 6% below production on
that date last year.
Egg Production.
-The farm production of eggs per hen as reported on
June 1 was about 4% less than on June 1 last year and the smallest in 10
years. The number of hens is several per cent less than last year, making
the daily production of eggs around June 1 about 7 or 8% below last year.
GENERAL CROP REPORT AS OF JUNE 1 1934.
The Crop Reporting Board of the United States Department of Agriculture makes the following forecasts and estimates for the United States from
reports and data furnished by crop correspondents, field statisticians and
co-operating State Boards (or Departments) of Agriculture and Agricultural
Colleges:
Acreage for
Harvest 1934
Total Production
(Million Bushels)
Crop
Acres
Percent in
Averof
Thouage
1933 sands 1927-31
Winter wheat._ _ 122.2 34,725 632
Rye
125.5
2,951 40.9
Peaches, total
crop
Pears, total croo
------22.5
1933
Yield per Acre
(Bushels)
buncated
AverJune 1
age
1934 1922-31
351
21.2
400
18.8
21.2
bullrated
June 1
1934
1933
21.4
15.2
12.4
12.4
9.0
Average
1922-1931
1932
Wheat:
Perceni
Percent
Winter
75.7
64.7
All spring
83.3
84.5
Durum
84.7
Other spring
84.0
Oats
82.1
78.9
83.4
82.3
Barley
Rye
80.4
80.8
Hay, all
77.4
81.7
Hay, all tame
76.9
82.0
Hay, wild
79.7
80.3
Hay, all clover and timothy_a
74.6
680.4
Hay, alfalfa
85.8
83.5
Pasture
77.6
83.0
Apples
69.2
58.5
Peaches
66.7
57.5
Pears
68.5
58.2
a Except in Southern States. b Short-time average.
1933
1934
Percent
64.0
84.9
84.5
84.9
78.7
80.4
73.7
79.9
80.0
79.4
82.0
79.5
81.5
71.7
55.1
46.9
Percent
55.3
41.3
29.6
42.4
47.2
44.7
43.5
51.5
53.9
37.7
53.1
59.1
53.2
48.7
58.3
59.0
WINTER WHEAT.
Condition (June 1)
Production.
State.
Aver.
'22-31 1933
New York
New Jersey
Pennsylvania
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
South Dakota
Nebraska
Kansas
Delaware
Maryland
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Kentucky
Tennessee
klabama
krkansas
3klahoma
Texas
Montana
Idaho
Wyoming
Adored°
New Mexico
trizona
Jtah
Nevada
Washington
)regon
:animate
UnitPd States
%
81
88
83
76
77
73
80
80
78
83
76
72
77
71
87
84
83
80
82
75
73
79
79
78
79
71
66
75
87
82
75
58
91
88
94
78
85
78
% %
79
84
85
80
74
75
77
72
87
73
74
63
74
50
86
84
85
87
77
62
67
80
79
59
71
51
39
68
73
50
37
25
85
76
97
57
66
66
75.7
64.0
1934
61
84
71
62
65
68
58
50
31
45
70
16
24
47
83
82
76
67
77
74
75
69
73
65
73
58
52
50
74
39
40
21
72
40
96
83
57
68
Averase
1927-31
1933
KA
Spring Wheat (AU)
State.
Indicated
1934
Bushels
Bushels
Bushels
4,674,000 4,388,000 4,158,000
1,240,000
990,000
940,000
18,080,000 15,678,000 14,654,000
29,431,000 34,732,000 28,958,000
27,401,000 22,344,000 23,678,000
31,611,000 26,592,000 28,720,000
15,440,000 13,332,000 11,520,000
729,000
464,000
378,000
3,284,000 2,370,000 1,030,000
7,422,000 3,587,000 3.288,000
20,225,000 16,600,000 18,993,000
1.386,000
870,000
170,000
62,866,000 25,894,000 15,780,000
175,876,000 57,452,000 80,436,000
2,002,000 1,078,000 1,425,000
9.375,000 6,320,000 7,201,000
9.582.000 7,425,000 7,975,000
1,679,000 1,798,000 1,675000
3,661,000 3,714,000 4,260,000
546.000
592,000
850,000
505,000
536,000
712,000
2,969,000 3,240,000 3,324,000
2,950,000
2,774,000 2,900,000
31,000
34,000
35,000
241,000
216.000
304,000
52,641,000 33,095,000 35,880,000
39,653,000 13.022,000 25,749,000
9,016,000 6,166.000 7,205,000
12,950,000 8,025,000 9,996,000
1.707,000
808,000
708,000
15,491,000 2,412,000 6,242,000
3,421,000 1,210,000
616,000
554,000 1.288,000
820,000
3,333.000 2,340,000 1,494,000
89,000
48,000
69,000
29,344.000 13,090,000 25,625,000
19,286,000 4,388,000 13,580,000
11.362,000 12,118,000 9.008,000
55.3 632.061.000 351,030,000 400.357.000
Oats
Barley
Condition June 1
Condition June 1
Condition June 1
Aver.
'22-'31 1933
Aver.
1934 '22-31 1933
Aver.
1934 '22-'31 1933
%
%
%
%
Maine
91
93
85
91
NewHampshire ------92
Vermont
89
Massachusetts_
__
92
__
Rhode Island
__
__
__
91
Connecticut _
---88
New York_
83
66
83
83
New Jersey_ _ __
87
--Pennsylvania
73
83
86
86
Ohio
79
48
69
80
78
39
78
Indiana
79
79
39
76
Illinois
82
Michigan
82
70
89
84
88
65
88
Wisconsin
87
87
46
86
Minnesota_ _ _ _ 85
86
39
78
Iowa
86
73
60
68
Missouri
78
North Dakota_ 83
82
27
86
South Dakota_ 82
82
18
82
84
45
Nebraska
84
86
Kansas
74
37
76
72
86
Delaware
--------83
Maryland
__
82
Virginia
_-_
West Virginia_
83
__
79
North Carolina -----78
South Carolina -----74
Georgia
-_
-74
Florida
--------80
Kentucky
78
Tennessee
-----74
4Iabama
--Wississippi----------76
76
krkansas
--75
Louisiana
--72
)klahoma
-----__
72
rexas
82
46
Si
83
liontana
90
79
86
90
'daho
91
46
85
90
Wyoming
88
56
80
87
:lolomdo
81
53
71
few Mexico_ _ 80
_
89
irizona
91
ii
56
92
Rah
92
66
,
91
92
1evada
88
69
83
Washington __ _ 80
90
71
84
/regon
86
------81
1alifornia
%
88
87
94
87
87
91
82
89
83
66
66
72
71
91
87
84
80
84
83
82
67
85
78
84
82
76
63
69
50
77
75
61
65
76
63
65
49
89
86
87
85
47
84
89
85
86
85
74
%
94
93
84
85
93
92
68
85
75
45
40
42
67
63
44
42
43
25
20
26
49
80
75
67
59
64
67
75
74
52
57
72
75
61
76
59
63
49
83
55
63
50
85
54
86
86
73
69
82.1
78.7
47.2
United States
83.3
84.9
41.3
Aver.
'22-'31 1933
New York
New Jersey
Pennsylvania
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
Delaware
Maryland
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Kentucky
Tennessee
Oklahoma
Texas
Montana
Idaho
Wyoming
Golorado
Utah
Washington
Dregon
United States
1934
1934
%
89
%
93
%
go
88
90
80
-83
90
85
81
78
86
82
88
86
88
80
82
83
85
74
__
83
82
.._
84
--__
80
80
-82
95
86
63
66
79
74
90
86
84
74
83
83
85
62
__
87
86
__
77
--
-66
94
73
46
46
38
68
64
44
40
48
25
21
33
33
79
73
67
76
--
ii
83
ii
71
--
-_
-
71
70
84
91
92
87
81
91
92
92
84
89
79
48
42
87
85
89
83
41
83
88
91
86
85
68
39
50
49
82
56
58
36
75
60
86
84
78
67
83.4
80.4
44.7
Production,
Condition (June 1)
State.
11.5
6.4
Condition June 1.
Crop
June 16 1934
Average
1927-31
Bushels
322,000
467,000
1,572,000
629,000
1,138,000
778,000
2,027,000
2,329,000
6,269,000
688,000
167,000
13,759,000
3,193,000
3,234,000
267,000
76,000
256,000
574.000
145,000
444,000
73,000
95,000
190,000
109,000
81,000
31,000
735,000
45,000
262,000
546.000
25.000
178,000
243,000
1933
Bushels
240,000
352,000
1,606,000
688,000
890,000
625,000
1.312,000
2,260,000
3,638,000
490,000
82,000
3,712,000
760,000
1,712,000
128,000
52,000
221,000
578,000
144,000
420,000
49,000
72,000
132,000
104,000
38,000
12,000
266,000
33,000
126,000
117,000
21,000
84.000
220,000
Indicated
1934
Bushels
275,000
408,000
1,500,000
644,000
1,221,000
620,000
1,600,000
2,457,000
3,632,000
464.000
104,000
1,238,000
330,000
1,197,000
133,000
58,000
280,000
600,000
108,000
472,000
60,000
91,000
150.000
99,000
54.000
30,000
192,000
36,000
126,000
234,000
12,000
95,000
240,000
%
85
90
87
81
82
83
82
84
81
88
83
76
77
84
78
90
87
85
84
90
82
80
82
81
79
73
81
90
89
83
88
80
89
%
83
86
85
81
78
81
78
73
76
83
75
70
67
72
64
86
86
85
84
81
64
68
83
79
52
44
80
79
67
54
85
76
81
%
68
89
72
67
66
55
61
49
35
46
68
19
15
33
52
84
85
77
73
78
75
75
66
74
57
43
36
75
40
57
44
70
62
80.8
73.7
43.5 40.950.000 21.184.000 18.756.000
Weather Report for the Week Ended June 13.
-The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended June 13, follows:
Chart I shows the departure of temperature from normal for the week
ended June 12. The period was extremely warm in the West
-Central
States and much warmer than normal in the Ohio Valley and lower Lake
region; also in the far Northwest. In the central trans-Mississippi States
the average temperature for the week ranged from 5 to 10 degrees higher
than normal.
Chart II shows the geographic distribution of rainfall. It indicates
that good rains occurred over much of the drouth area, and that the falls
were again heavy in parts of the Southeast where precipitation has been
above normal for some time. On the other hand, from the central Great
Plains southward and southwestward there was very little precipitation,
with large areas reporting no rain at all during the entire week.
Since the first'' June rains of inestimable value have occurred over
large areas of the central valleys and the Northwest, especially in the
Northwestern States that were suffering most. While the rains came too
late to be of material help to most winter and early spring grains, they
have been sufficient to relieve the serious livestock situation in many places.
Stock water has become available, permitting grazing on ranges heretofore
inaccessible. While grass lands have been so badly burned that recovery
will necessarily be slow, at the same time many grazing areas are greening
up remarkably well under the circumstances, especially in the Central
Northern States from the Lake region westward to and including the
northern Rocky Mountain area.
In addition, some spring small grains in the Northwest, lying dormant
in dust, are now germinating, and the seeding to emergency forage crops
of many abandoned early fields is being rushed, with assurance of germination. However, additional rains are needed to advance, or even maintain for an appreciable period of time, the present improved outlook.
The importance of the northwestern rains can be seen from the records
which show the falls since the first of June in the Dakotas and Minnesota,
for example, to be, on the average, approximately as much-in North
Dakota more-than the totals for the entire five months from January to
May.
In the upper Mississippi Valley, especially Iowa, the rains were more
unequally distributed than in the more northern States. Damaging floods
occurred in northwestern Iowa and some adjoining sections, while in the
Volume 138
Financial Chronicle
4159
sales in the metropolitan area was reported to exceed last
year's figure by about 5%. Southern centers again made a
better showing while Western sections stricken by the drouth
and Pacific Coast districts which are affected by labor
troubles, either just about reached last year's volume or ran
slightly behind. Many complaints are again being heard of
price cutting and there appears to be a general disposition
to reduce stocks of goods as much as possible so as to limit
semi-annual inventory losses. Some concern over the future
outlook is manifesting itself among retail merchants by whom
it is feared that profit margins may be adversely affected by
lower mark-ups, on the one hand, and by increased markdowns caused by the pressure of consumers for lower prices,
on the other hand. Sales of department stores in all parts
of the country for the month of May, as reported by the
Federal Reserve Board, gained 12% over May 1933, while
for the first five months of the year the increase averaged
20%. The New York district gained 7% for May and 11%
for the five-months period while the Atlanta district in May
ran 21% ahead of 1933 and,for the period January-May 1934
was able to show an increase of 37% over last year.
Trading in the wholesale drygoods markets showed an
appreciable improvement with jobbers placing fair-sized
orders on various staples. Activity, centered in brown
sheetings and in cotton wash goods for fall. Buying by
retailers, however, remained quiet and no let-up in the
demand for price concessions was observed. The effects of
the drouth in parts of the Middle West are beginning to
have their repercussions in the primary markets although
it is still hoped that prompt Government relief will more
or less nullify the damage and restore the buying power of
the farmer to its previous level. The market for silk greige
goods was very quiet but prices held steady. Sampling on
some finished silk novelties has begun without, however,
resulting in actual purchases as yet. Satins and velvets
are expected to meet with continued favor as the season
progresses. Business in rayon yarns was reported as fairly
satisfactory with demand for weaving yarns beginning to
expand. Most producers are believed to be curtailing their
output to actual orders. Since the recent price reduction,
trading in acetate yarns has shown an improvement.
Domestic Cotton Goods.—Trading in gray cloths experienced a real spurt during the past week with prices
firming up appreciably. At times, the only brake on a
further expansion of business was the reluctance of mills
to sell later deliveries at current prices. Higher raw cotton
The Weather Bureau furnished the following resume of quotations, the inauguration of the 25% curtailment in
output and the growing view that present prices were not
conditions in the different States:
showers.
consistent with actual values, from the standpoint of costs,
Virginia.—Richmond; Temperatures near normal; frequent
Favorable for work and growth. Cotton mostly chopped; corn growing
appeared to be chied factors underlying the wave of buying.
well and late being planted. Wheat and oats ripening. Potatoes good;
For the first time in several months, sales were believed to
transplanting sweet potatoes and tobacco continues.
North Carolina.—Raleigh; Temperatures favorable, but still too much
exceed production. It was noted, however, that it will
cloudiness, and frequent rains hindered cultivation. Progress of cotton
require a much batter movement of finished goods to give
mostly fair and some good; many fields becoming grassy. Good stands
of tobacco, but need cultivation. Early corn good.
the present buying spurt a solid foundation. Sheetings
South Carolina.—Columbla; Frequent local showers. Cotton progress
were performing better than print cloths, due, it was said,
slow; chopping resumed, but some fields probably abandoned account
Grain harvest
grass; prolonged rains favored weevil activity in south.
to the absence of burdensome spot supplies as has been the
further delayed. Corn and pastures excellent growth. Dryness needed
case with print cloths. Trading in fine yarn goods was at
for cultivation.
Georgia.—Atlanta; Frequent rains in much of interior again delayed
first restricted to some inquiries for late deliveries; at the
field work; many complaints of grassy fields. Chopping cotton slow
end of the week, however, a fairly large business was done
advance in north and central, except fair locally; crop making sappy growth.
Upland corn good growth in most places. Truck. cane, sweet potatoes,
in combed lawns. Closing prices in print cloth were as
pastures, and meadows fair growth.
follows: 39-inch 80's, 8% to 8Mc.; 39-inch 72-76's, 8Mc.;
Florida.—Jacksonville; Rains light in north, but moderate to heavy
/
elsewhere; temperatures normal. Cotton progress and condition good;
39-inch 68-72's, 73' to 75 8c.; 383.. -inch, 64-60's 6M to 6 8c.;
good.
blooming begun. Corn, tobacco, and sweet potatoes
38M-inch 60-48's, 558c.
/
Alabama.—Montgomery; Heavy rains in north, but mostly moderate
elsewhere. Cotton progress and condition fair; crop grassy in north. Corn
Woolen Goods.—Business in men's wear fabrics gave
fair to good. Miscellaneous crops good.
indications o an improvement, partly as a result of the
MIssissippi.--Vteksburg; Slightly warm; frequent showers. Moisture
growth, and developfavored weevil activity in many localities; Progress,
movement to inaugurate an official curtailment program by
ment of cotton fairly good to good; cultivation fairly good. Some early
shutting down machinery for a two-week period beginning
corn maturing in extreme south and progress very good.
Lou'eana.—New Orleans' Heavy rains in southeast, but mostly modlate this month to be followed by the institution of the oneerate to light elsewhere. Growth and condition of cotton good, except
-hour week. While local clothing manufacturers
shift 40
moisture caused sappy growth, favored weevil activity, and retarded cultivation in parts of east; squares plentiful and blooming to northwestern
maintained their reluctance to enter the market, cutters in
counties. Progress and condition of corn, rice, cane, truck, and minor
other centers were more liberal in their purchases reflecting
crops good.
Texas—Houston; Averaged warm; rainfall light and widely scattered.
the receipt of better orders from retailers and also the
northeast. Condition of cotton
though fairly general and locally heavy in
necessity for replenishing their dwindling supplies of
continues fair to good, but progress retarded by dryness, except locally.
Wheat and oat harvests nearing completion. Corn suffering badly from
materials. Woolen suitings continued in fair demand and
crops and ranges
dryness and deteriorating rapidly In many localities. All
fall lines of men's wear suitings and overcoatings showed
need rain.
encouraging sales increases. Tropical worsteds and flannels
Oklahoma.—Oklahoma City; Warm, with moderate to heavy showers
over much of central and east and over a few scattered areas of west.
moved in better volume reflecting the continued brisk deAbundant moisture beneficial, but more needed in west and central. Condition and progress of cotton mostly good, but growth rather slow in scatmand for lightweight clothing. Rumors of price reductions
tered local areas. Progress and condition of corn fair;fields well cultivated.
on serges received partial confirmation when it became known
almost a failure in panhandle.
Oat and wheat harvests general; crops
that these goods were obtainable at prices about 10 cents
Arkansas.—Little Rock; Progress of cotton good to excellent, due to
favorable weather; crop well cultivated and clean. Progress of corn exbelow recent quotations. Trading in women's wear fabrics
cellent. except locally where too dry; crop clean and well cultivated; tasselcontinued quiet. Some initial fall orders on cloakings and
ing in many localities. Wheat being harvested.
Tennessee.—Nashville; Frequent showers, locally highly beneficial,
dress goods were placed, but in general the trade is waiting
but more rain needed in many districts. Progress of corn excellent and
for the response to the opening of the fall garment collections
condition fair to very good. Cotton growing satisfactorily; squaring bestalks short; condition
ginning in southwest. 'Wheat harvest progressing;
scheduled to take place in another week or so.
poor in west, but very good in east. Tobacco mostly transplanted; condition good.
Foreign Dry Goods.—With seasonal weather conditions
Kentucky—Louisville; Moderate to heavy rains, irregularly distributed,
favoring consumer demand for linen garments, sales of suitbrought relief to most districts and started rapid improvement. Pastures
reviving, but need much more. Tobacco transplanting being pushed.
ings and dress goods showed further expansion. Household
Progress and condition of winter wheat fair to very good; will fill better
linens, on the other hand, continued in their seasonal lull.
north and east where many heads half filled; harvest begins in south
In
Reflecting the growing popularity of linen materials and also
this week. Condition and progress of corn fair to very good and improving
rapidly. Early potatoes show damage, but some improvement expected.
in view of advancing flax quotations, European makers anGardens, truck, and field tomatoes doing better.
nounced a 10% advance in prices. Following the announce- ment concerning removal of the compensatory tax on large
THE DRY GOODS TRADE
burlap bags, as a result of which the Calcutta market
strengthened appreciably, trading in burlaps became more
New York, Friday Night, June 15 1934.
Favored by continued good weather conditions which active with prices ruling slightly higher. The removal of the
exerted a stimulus on consumer buying of summer goods, tax is expected to result in a lowering of costs and in an
retail trade during the past week held its own although in enlarged demand for new bags. Domestically lightweights
the average no further gains were made. Dollar volume of were quoted at 4.45c., heavies at 6.10e.
light.
central and south-central portions of that State rainfall was mostly
Missouri and Kentucky had good rains rather generally, but the northern
States and Lake region were only very temporarily relieved;
Ohio Valley
rainfall
Michigan, Ohio, Indiana and Minors have had less than normal interior
of the rains in the
from June 1 to 12. The most beneficial effectsgermination of late-planted
promoting
valleys have been their timeliness in
time.
corn, much of which has lain dormant in the ground for a longsouthward and
The Southwest. including most districts from Nebraska
southwestward, received but little rain, and these sections remain seriously
northdry, though recent showers in central and eastern Oklahoma and
eastern Texas have been helpful. New York and northern New England
have had beneficial rains, and also the Pacific Northwest.
Farm work made good advance, except in the Southeastern States,
where the soil is too wet for cultivating row crops and fields are becoming
where
grassy. The planting of emergency forage crops is especially active wheat
rains have fallen in the interior valleys and Northwest. Winter
harvest has begun north to the lower Ohio Valley and northeastern Kansas.
SMALL GRAINS.—Moderate to heavy rains over most parts of the
wheat belt were effective in relieving the extremely dry conditions and, in
places, sufficient to break the drouth. In many sections, however, they
were too late for winter wheat and early spring wheat, while oats were
generally too far advanced to be helped.
In the central and eastern Ohio Valley conditions were improved, with
progress of winter wheat fair to very good during the week: condition
still varies widely, but the increased moisture will benefit filling; in the
western valley area deterioration continued as the rains were too late to be
of material help. In Missouri harvesting is now general. In Kansas
winter wheat ripened rapidly, prematurely in many places; harvest is
about half done in some south-central counties and is beginning almost
in Texas
to the northern border in the eastern half. Cutting is general Montana
and Oklahoma. Deterioration continued in Nebraska but in
moisture was sufficient to mature remaining winter wheat, which is heading and filling better. Showers were helpful in the Pacific Northwest,
but in the Southeast continued rains delayed harvest and damaged some
grain already cut.
In the spring wheat region moderate to heavy rains were quite general,
with much spring grain revived, especially late-planted. although over
considerable areas the early crop was too far gone to be helped. In South
Dakota much small grain was pastured off and is now being seeded to
other crops. Oats show very little improvement in the Ohio Valley, with
many fields beyond recovery and being pastured or plowed under; some
are heading only six inches high. In Iowa about half of the oat acreage is
a failure, except for some grazing value, but about a quarter of the late
acreage on favorable soils has a possibility of recovery.
CORN.—The improved moisture situation in the corn belt is especially
timely in promoting gerimation of the late-planted grain that was lying in
dust; delay much longer would have endangered the crop from fall frosts.
The outlook for corn is materially improved with rapid germination of
late planted and revival of considerable earlier acreages that were struggling for existence. The present condition of the crop is now favorable,
except in the Southwest, principally the western half of Kansas, western
Oklahoma and over most of Texas; the crop is especially suffering in the
last-named State. In Iowa the general condition of corn at present is
poor to only fair, but the crop is improving rapidly.
cotton
COTTON.—The weather was again rather unfavorable for the
crop over considerable sections of the belt. In eastern portions rains continued too frequent, promoting sappy growth of Plants, preventing proper
suncultivation, and, in the Southeast, favoring weevil activity. Fair, the
of
shiny weather is badly needed in this area. In the central Statesenough
belt the weather was generally more favorable, though there was
rainfall to favor weevil in parts of Alabama. Mississippi and Louisiana.
However, in this area and in Oklahoma the weekly progress ranged from
fair to excellent. In Texas the condition of cotton continues fair to good,
but there is a noticeable- retardation in growth in most places because of
dry weather. In this State May had only about half the normal rainfall,
and so far June has had much less than half the normal.
4160
Financial Chronicle
June 16 1934
State and City Department
Specialists in
Illinois & Missouri Bonds
STIFEL, NICOLAUS & CO., Inc.
105 W.Adams St.
CHICAGO
•
DIRECT
WIRE
•
314 N. Broadway
ST. LOUIS
Birmingham, Ala.—Creditors Ask Court to Appoint
Receiver for City.—An Associated Press dispatch from Birmingham on June 12 had the following to say regarding a
suit on that day by creditors of the city to oust the Commissioners, charging misuse of funds:
A petition for removal of the three City Commissioners of Birmingham
and appointment of a receiver to administer the municipality's affairs, to-day
was filed in Jefferson Circuit Court in the name of five persons who alleged
indebtedness to them.
The petition was filed in behalf of Mrs. Clara E. Martin, C. M.Jackson,
Effie Brown Banks, William A. Goolsby and Peter A. Lawr, as plaintiffs,
asked the removal of J. M. Jones, Commissioner President, and W. 0.
Downs and Lewey Robinson, Associate Commissioners, on the grounds
that the city is insolvent.
The petitioners say they have obtained judgments against the city,
but that they have been returned by the Sheriff with the notation, "No
property found in my county."
Setting up grounds aimed to sustain the ouster, the petition charges
the Commissioners with having "unlawfully diverted to purposes not contemplated by law moneys that should have been set aside to satisfy judgments against the city."
The petition further charges the Commissioners with using city funds
to buy "themselves and other employees e(pensive automobiles" and they
have "illegally expended money of the said City of Birmingham for trips
to far away places of different officials."
The Commissioners also were charged with other extravagances, including creation ofjobs for friends and political supporters.
Connecticut.—Additions to List of Legal Investments.—
The State Bank Commissioner issued a bulletin on June 11,
showing the following additions to the list of investments
legal for savings banks, published in full in the "Chronicle"
of June 2, pages 3807 and 3808:
Home Owners' Loan Corp., 3s 1952.
Federal Farm Mortgage Corp., 3s 1944-1964,
New York Lackawanna & Western RR., first mortgage 45 1973.
Public Service Company of New Hampshire—
First refunding, 5s 1956.
First refunding, 4s 1957.
Gastonia, N. C.—Bond Refunding Plan Approved by
90% of Bondholders.—The holders of more than 90% of the
bonds of this city have agreed to the refunding plan by
depositing their holdings with the Chemical Bank & Trust
Co. in New York, according to a statement issued on June 6
by the North Carolina Municipal Council, Inc., of Raleigh.
The plan embraces all bonds due from Aug. 1 193 to May 1
1942, except water and light bonds. The bonds are to be
exchanged for new ones due in 25 years and bearing interest
one-half of 1% higher, but not exceeding 6%. It is stated
that the said bank is preparing to deliver the refunding
bonds in exchange for certificates of deposit.
Massachusetts.—Additions to the List of Legal Investments.—The State Bank Commissioner has added to the list
of bonds legal for investment by Massachusetts savings banks
bonds of the City of Cincinnati, Ohio, and the following
issues of the Wisconsin Public Service Corp,: Wisconsin
Public Service Co. first mortgage and refunding 5s of 1942;
Wisconsin Valley Electric Co. first mortgage series A 5s of
1942, series B 5s of 1942 and series C 5s of 1942, and the
Wisconsin Public Service Corp. first lien and refunding
series A 6s of 1952 and series B 5s of 1958.
New Jersey.—Governor Signs 51 Bills.—Of the 53 bills
sent to him when the Legislature recessed recently, Governor
Moore on June 11 approved 51 and filed one in the library,
according to Trenton advices of that date. Twenty-one of
the bills signed are said to have been of the series introduced
by Senator Leap for the Commission on Revision and
Consolidation of Statutes.
One of the measures approved by the Governor was the
Loizemix bill, providing an emergency method for the refunding of bonds and notes by municipalities, under which
obligations may be spread over a period as long as 45 years.
The "Jersey Observer" of June 7 reported on the bill as
follows:
Municipalities are given authorization to increase their debt limit to
10% on their gross ratables, instead of only 7% on their net ratables, under
the Loizeaux Senate bill passed in both Houses Tuesday, it was learned
to-day.
In addition to increasing the debt limit, the same bill permits refunding
debt bonds to run for a period of 45 years instead of 30 years as under the
old municipal bonding act.
The bill was sponsored by the League of Municipalities and was opposed
by Senator Wolber of Essex.
New York City.—Survey of Financial Condition Issued.—
The municipal department of Dun & Bradstreet, Inc., has
the city's finances,
just issued a comprehensive survey of.
which shows that there has been recent Improvement in the
fiscal affairs of the city.
Following an extensive analysis of the city's declining financial fqrtunes
to the bankers' agreement of last fall and the adoption of the unbalanced
1934 budget, the survey deals step by step with the swift progress of events
during the first five months of the Fusion regime. It
that "the
financial structure is basically sound:" that while real concludes remain to
problems
be solved, "the awareness of the administration of the magnitude of these
problems and its indication of willingness and ability to find solutions"
engenders full confidence; and suggests that "the improvement which has
taken place in the market price of the city's securities has not as yet reflected
sufficiently the fundamental betterment which has occurred in the city's
financial position."
Among the favorable factors stressed are the moderateness of the city's
tax-supported debt in relation to its resources, the adequacy of sinking
funds, the prospective decline of $25,000,000 or more this year In operating
debt due to improving tax collections, the balancing of the 1934 budget
and the efficient and vigorous operations of the new administration.
Due emphasis is placed by the survey on such remaining major problems
as the financing of unemployment relief and the balancing of the 1935
budget. The latter, the survey points out, "will present many of the
difficulties present this year, and renewal of the 1934 emergency revenue
and economy measures appears unavoidable.'
Question is raised, in this connection, regarding the propriety of the
$50,000.000 reserve required, by the bankers' agreement, in the 1935 and
three succeeding budgets. The desirability of accumulating a large revenue
reserve is emphasized, but the suggestion is for its more gradual development in order to avoid an undue burden in a period of low taxpaying
capacity.
The survey includes comprehensive comparative tables on costs, tax
delinquency, debt, &c., covering a period of years, to facilitate detailed
study of the city's credit status.
Another Summary Issued.—Another summary of the city's
financial affairs has been prepared by Van Alstyne, Noel
& Co., investment bankers, in co-operation with the Department of Finance of New York City. This study is a much
less elaborate affair than the above-mentioned survey but
the conclusions reached by this firm agree with the more
detailed statement in that the city is now in a favorable
financial position. This report is treated at greater length
in our regular news reports on a subsequent page.
New York City.—Supreme Court Orders Vote in November on Comptroller.—Justice John L. Walsh of the Supreme
Court ruled on June 12 that an election for City Comptroller
to fill out the unexpired term of the late W. Arthur Cunningham must be held this fall and that the section of the City
Charter which would defer the election to 1935 was unconstitutional. It was ruled by Justice Walsh that since the
office of Comptroller is constitutional, the City Charter
could not govern it. Mayor La Guardia stated that the
city was appealing the decision to remove any questions
which might later arise on the matter.
Aldermen Request Modification of Bankers' Agreement.—
By a vote of 69 to 1 the Board of Aldermen on June 12
adopted a resolution offered by Alderman Joseph E. Kinsley
of the Bronx, requesting Governor Lehman to recommend
to the Legislature at its special session next month the passage
of an enabling act which will permit negotiations looking to
the modification of the bankers'financing pact with the city.
Before this is done, however, the Comptroller was requested
to furnish the Board of Estimate with a statement of the
'financial status of the city with particular regard to the
payment of arrears of taxes.
New York State.—Appellate Division Upholds Schackno
Act in Vetoing Right of Court to Name Mortgage Certificate
Trustees.—In a decision handed down on June 8 by the
Appellate Division of the First Department, it was held that
the Supreme Court is without power to appoint substitute
trustees to administer certificated mortgages, exclusive
administrative power lying with the Superintendent of
Insurance. The decision of the higher court was based upon
an earlier decision of the Court of Appeals upholding the constitutionality of the Schackno Act, which provides for the
administration of properties behind the certificate issues
under the jurisdiction of the Insurance Department. The
decision did however, reverse the decision of Supreme Court
Justice Frankenthaler, who on Feb. 20 had appointed three
trustees in a V7,000,000 series of certificates which had been
issued by the New York Title & Mortgage Co. The New
York "Herald Tribune" of June 9 carried the following
report on this decision of the Appellate Division:
The Supreme Court has no power to substitute trustees
to administer
certified mortgages issued by title and mortgage companies in rehabilitation,
according to a decision handed down yesterday by the Appellate Division of
the First Department, which pointed out that George S. Van
Schalck.
Superintendent of Insurance, has exclusive power to administer guaranteed
mortgage certificate issues under the Schackno law.
"In construing the act," the decision set forth that "the Court
of Appeals
has definitely declared that its provisions contain an
under which bonds, mortgages or other securities may exclusive procedure
be liquidated in an
orderly manner, and under which the assets of the guaranty corporation
may be administered and conserved equally and ratably in
the interests of
holders of mortgage investments.
"We do not believe that either the certificates or the
under which they were issued create powers in trust,"deposit agreement
the decision continued.
The lower court held that the Supreme Court had ;power
to appoint
substitute trustees for the companies in rehabilitation and the superintendent
to hand to mortgages and properties in the certificated issues.
Pursuant to this theory Supreme Court Justice Alfred Frankenthaler
appointed three trustees on Feb. 20,last, In the F-1 Series
issue of
York Title and Mortgage Co. involving $27,000,000 mortgages. the New
Mr.
Schaick promptly appealed from the order making the appointment. Van
Ile made the following comment on the Appellate
Division's decision
yesterday: "The decision by the Appellate Division denying the application
for the appointment of substitute trustees for a guaranteed mortgage
certificate issue, confirms the attitude which the Superintendent of Insurance has maintained from the beginning with regard to his duties under the
Schakno law and under the rehabilitation provisions of the Insurance law.
"This attitude cannot better be described than by quoting the succinct
language of the court's opinion to the effect that the Schackno law contains
an exclusive procedure under which bonds, mortgages or other securities
may be liquidated in an orderly manner, and under which the assets of the
Volume 138
4161
Financial Chronicle
composed of the First Trust
school bonds was sold on May 31 to a group of Wellsville, and the State
and
guaranty corporation may be administered and conserved equally
Co. and the Citizens National Bank, both
the interests of holders of mortgage investments.It should go far
ratably in
Bank of Bolivar.
"This decision is a clear victory for certificate holders.
T NO. I.
threatened to
toward discouraging the mass of litigation which for a time
AMERICAN FALLS INDEPENDENT SCHOOL DISTRIC
of interminable disputes between
-BOND ELECTION CONTEMPLATED.
engulf certificate holders in a series
(P. 0. American Falls), Ida.
in the near future to have the
different factions that would have resulted in disaster to all."
It is reported that an election will be heldschool building bonds. (These
the issuance of $100,000 in
pass on
-Senator voters were defeated by the voters at an election on May 8-V.138.P.3641.)
Thayer Resigns Senate Seat in Utility Inquiry.
bonds
0. Santa Ana),
T
Warren T. Thayer, Republican, representing Franklin and
ANAHEIM UNION HIGH SCHOOL DISTRIC (P. will be received
June 11.
-Sealed bids
-BOND OFFERING.
St. Lawrence counties, announced his resignation onhim at a Orange County, Calif. I J. M. Backs, County Clerk, for the purchase
11 a.m. on June 26
charges against
until
$1,000.
The Senate was to have acted on
Governor of a $275,000 issue of 5% semi-annual school bonds. Denom.
from 1935
special session on June 19, ordered on the 10th bywill with- Dated July 11934. Due 10,000payable at to 1954 and $15,000from 1955
the County Treasurer's office.
Governor
incl. Prin. and int.
to 1959, all
Lehman. It is understood that the
will
ced The approving opinion of O'Melveny, Tuner & Meyers of Los Angeles 3%
onal. A certified check for
draw his call for the special session. Letters introdu
be furnished. All bids must be unconditi
in Washington pur- of the bonds bid for, payable to the County Treasurer, is required. The
before the Federal Trade Commission
on is furnished with the offering notice:
ported to show that Thayer, while Chairman of the Public following informati taxable non-operative property within the$16,524,740
"kill" power bills Total valuation of
district
Service Committee, used his influence to
84.000
ess of district_ Total amount of outstanding bonded indebtedn
harmful to tha utilities.
Rosa), Sonoma County,
that he is
ANALY SCHOOL DISTRICT (P.0. Santa are informed that the
It was later announced by Governor Lehman since the
-We
-BOND ELECTION POSTPONED.
Calif.
issuance of $190.000
without power to cancel the said 'special session
election scheduled for May 29 to vote on the proposed
special meeting was requested by the Senate and therefore in not exceeding 5% school building bonds-V. 138, p. 3474-has been
re,even postponed to June 19.
it must be held, according to constitutional procedu
--Sealed
-BOND OFFERING.
ARIZONA, State of (P. 0. Phoenix). by W. M. Cox, State Treasthough the Senator has resigned.
a.m. on July 16
be
(This subject is treated at greater length in our depart-. bids will thereceived until 10
issue of coupon or registered refunding
purchase of a $42,000
urer, for
payable J. & J. Denom,
ment of "Current Events and Discussions" on a preceding bonds. Interest rate is not to exceed 5%,payable within 25 years after
$1,000. Dated July 15 1934. The bonds are redeem at par any bonds in
to
page.)
reserving the right
Prin.
-The the date of their issue, any time after 15 years from date thereof. stated
their numerical order at
State to Spend $308,955,490 in Coming Fiscal Year.
These bonds are
payable at the
appropriations this year, including and int.direct obligationState Treasurer's office. faith and credit of the
total of New York State
of Yuma County and the
to be a
and
bond issues advanced for Federal aid projects, amount to State is understood to be pledged for the payment of the bondsStateinterest
Treascheck for 5%, payable to the
$308,955,490. Last year the amount similarly appropriated accrued thereon. A certified
must accompany the bid.
proposed $40,000,000 bond issue urer, CALL. is announced by the State Treasurer that the following
was $229,566,199. If the
-It
BOND
his office on July 16:
in November
for unemployment relief is approved at the pollscoming fiscal bonds, aggregating 3124,000, are called for payment atmaturing on Jan. 15
$62.000 4I4% State refunding issue of April 1 1913,
tures for the
of July 15
4% State refunding
it will enlarge the State expendi
1938, Nos. 1,202 to 1,263; $52,000Nos. 17 to 68: $8.000issue Territorial
the $60,5%
on July 15 1941,
year by just that amount. Last year, in adding voters, it 1916, maturing Jan. 15 1903, maturing on Jan. 15 1953, Nos. 325 to 332;
funding issue of
approved by the
1904, maturing on July 15
000,000 unemployment bonds
l funding
5%
6,199. $2,000Nos. Territoria468. All issue of July 15are now optional. Interest
of these bonds
467 and
1954.
brought the total expenditures of the year to $289,56
shall cease on July 15.
-Cities'Rights are Upheld in Utilities Case.
Sebring, Fla.
-REPORT ON PROGRESS
ARKANSAS, State of (P. 0. Little Rock).
expending
ING BOND EXCHANGE-The June 11th issue of the
The right of cities to use their own judgment in lly-owned OF REFUNDJournal" carried the following report on the present status of
municipa
"Wall Street
revenues derived from the operation of
refunding program in this State:
Supreme Court, the bondState Refunding Board announced that a total of $27.668.075
utilities, was upheld on June 5 by the Florida above city. We
"The
the close of business June 9 to be exchanged
Arkansas bonds were
case of Roger W.Babson against the ille "Times- for refunding bonds. held atdeposited was divided as follows: State highin the
Total
0; toll bridge, $787,000; road district. $19,011,075;
in part as follows from the Jacksonv
quote
the way bonds, $7,866.00$4,000.
Devalls Bluff bridge,
Union" of June 6, which carried a lengthy account of
is held
"The bulk of the $91,000,000 State highway and toll bridge bonds bonds
district
action:
in escrow in New York and will be deposited later. Road
the case
down in
outstanding approximate $47,000,000."
decision, by Justice J. B. Whitfield, was handed and it sustained
The
statement:
City of Sebring
On June 8 the above newspaper had given the following
of the State, ex rel Roger W.Babson, v. the writ of mandamus granted the
Refunding Board
"State Treasurer Roy Leonard estimated to the State
the city's motion to quash an alternative
for
force the
y that 51,000,000 to 51,250.000 will be available this year for
forecaster last March, when he brought suit to
Wednesda
noted business
to $750.000
to the payment of
retirement of Arkansas road district bonds and $500,000 provision of the
application of Sebring's electric light plant revenues
as security.
bonds under
retirement of State highway and toll bridgeadvertise for tenders of various
bonds for which these revenues were not specifically pledged in a telegram
to
Announcement of the Supreme Court's action was made
refunding act. The act requires the board
General
es $100.000.
from G. T. Whitfield, Clerk of the Court, to William M.Madison. backed
types of bonds when the sinking fund accumulatd $774,000 to meet April 1
refunding board some time ago impounde
for the Florida League of Municipalities, which had to assist
Counsel
"The
of 18 other cities
bonds and is also prepared to meet $707,131
Sebring in its fight and had rallied the attorneys
interest on new refunding
in defense of the case.
July 1 interest."
declared last
E. P. Owen Jr., Secretary of the League of Municipalities,
-It is
G.
-BOND
Rock)
e, particularly to the
ARKANSAS, State of(P. 0. Little that sealed bids OFFERIN
night that the decision was of far-reaching importanc water or gas plants.
will be received by
reported by our Western correspondent a.m. on July 6,for the purchase of
nearly 100 cities in this State that own either electric, of the most heavily
Treasurer, until 10
he said,"many
"Had the Court ruled against Sebring"
Roy Leonard, State
complete
ion bonds. Denom. $1.000. Dated
bonded cities would have been faced with nothing less than particuan issue of $1.327,000 State constructincl.
collapse and a complete stoppage of all municipal services. I refer the payMay 1 1934. Due from 1935 to 1957
tax revenues to
larly to those cities which have pledged all of theiron their water and light
.
.-E W.Swart.
-BOND OFFERING
AUBURN;Cayuga County, N.Y.bids until 12m. on June 18 for the
ment of bonds and have been operating entirely case sets up an important
City Comptroller, will receive sealed
plant revenues. To the best of my knowledge this
or registered emergency relief bonds. Dated
are naturally
purchase of 3200.000 coupon
precedent, and the officials of the League of Municipalities g the rights
520.000 on June 15 from 1935 to
June 15 1934. Denom. $1,000. Dueinterest rate for all of the bonds,
pleased that the organization has been instrumental in protectin
single
1944 incl. Bidder to name a or 1-10th of 1%. Principal and interest
of Florida's cities."
expressed in a multiple of
ProNew
-Emergency Foreclosure Statute Declared In- (J. & D. 15) payable at the Chemical Bank & Trust Co.. work York.during
Wisconsin.
relief
both home and
will
was handed down by the State Supreme ceeds of the issueAprilbe used to provide 1935. The City will assume the
-A decision
valid.
1 1934 to Feb. 1
period from
the
and their delivery
Court on June 5 declaring unconstitutional an emergency expense in connection with the preparation of the bonds 1934. A certified
on or about June 25
foreclosure law, enacted by the Legislature in 1933. Under at New York, which will be made
payable to the order of the City, must accompany each
for 54.000,
direct obligations of the City, authorized by Chapter
the provisions of the statute no court action could be com- check
Chapter 798,
City
a proposal. Bonds are
menced on the default of any note or bond secured by e. 428. Laws of 1920, known as the revised Legalcharter andReed. Hoyt &
opinion of
Laws of 1931, known as the Wicks Law. the successful bidder.
first foreclosing the mortgag
real estate mortgage without
Washburn of New York will be furnished
Before the law was passed, where a note was secured by a
mortgage, it was possible to sue on the note at law and
foreclose the mortgage in an equitable proceeding. The
emergency statute abolished that condition. We quote in
part as follows from the Milwaukee "Sentinel" of June 6,
regarding the decision:
be
action at law or in equity shall
The emergency statute reads: "No
now pending, except for the
commenced or judgment entered in any actionof indebtedness is secured by
, where the evidence foreclosed and the property
foreclosure of a mortgage
is
a mortgage on real estate, until the mortgage sale thereof confirmed purencumbered or pledged has been sold and the
suant to such foreclosure action."
unconstitutional held
The Supreme Court in declaring the statute his means of recovering
that Hanauer as a bond owner was being deprived of
As a multitude of bondholders are
on his investment and remedy at law.
bonds, the decision
in the same position as the owners of defaulted including real estate
affects millions of dollars' worth of bonds in default,
issues.
Judge Daniel W. Sullivan's
In a previous case appealed from Circuit
holding that bondholders
branch, the Supreme Court affirmed him in was started by the trustee,
could not sue in law after a foreclosure action
party in interest. This decision merely
because the trustee was the real
such an action has been
provides that they may sue on the bonds before
instituted.
-Because
Governor Asks Stay on Sales of Unpaid Taxes. drouth in
.
ed
of the acute conditions created by the protractproclamation
Wisconsin, Governor Schmedeman issued athe sale of derecently asking county treasurers to delay The tax sales
Oct. 15..
linquent general property taxes untilTuesday m August.
were scheduled to start the second
BOND PROPOSALS AND NEGOTIATIONS
County, Ore.
Albany), Linn
ALBANY SCHOOL DISTRICT (P. 0. a recent meeting the School
-At
-PROPOSED BOND REFUNDING.the outstanding balance of $30,000
Board decided to refund $25,000 of
floated in 1914. The Clerk of the
of a $50,000 school bond issue originally
for bids on the bonds. The
Board was directed to proceed to advertise the other $5,000 in cash from
district will issue $25,000 in bonds and pay
funds on hand.
DISTRICT NO. 3 (P. 0. WellsALMA UNION FREE SCHOOL
-An issue of $79,000
-BOND ISSUE.
ville) Allegany County, N. Y.
Financial Statement-June 1 1934.
Assessed Valuation 1934-1935
550,953,530.00
Real estate
1,336,600.00
Special franchises
$52,290,130.00
Total
55,229,013.00
Debt limit (10% of assessed valuation)
$2,752,636.98
Gross bonded debt
200,000.00
Proposed issue
52.952.636.98
$352,500.60
Less: Water bonds
1934-35 budget requirements 296,154.00
648,654.00
Net additional amount city could be bonded
City of Auburn Bonded Debt, June 1 1934
Assessment bonds
School bonds
Water bonds
Paving, public improvement, emergency relief bonds
2.303.982.98
$2,925.030.02
$181,727.98
642,000.00
352,500.00
1,576,409.00
$2,752,636.98
Bonded debt
Tax anticipation bonds, due June 30 1934, are outstanding in the amount
of $80,000 and do not appear as in above bonded debt.
All bonds issued by the city are direct general obligations.
The city has no overlapping debt. The unpaid city, county and school
taxes are sold at one time. during June of each year.
The County of Cayuga,in which Auburn is located, has no bonded debt.
Report of City, School and County Taxes.
Per Cent
Uncollected
Collected.
End of Year.
Levies.
Fiscal Year Ended June 30-99.297
$9,824.00
$1,249,569.00
1929
99.28
9,339.00
.
1930
.
•
1,375,587.00
1931
96.174
48:190:29
1,257,361.00
1932
93.10%
85,485.00
1.238,784.00
1933
The current city taxes due July 1 1933: School taxes, due Sept. 1 1934;
ann the county taxes due Feb. 11934. are 91% collected as of June 1 1934.
A three payment plan of tax collection is now in operation and is very
instrumental in liquidating delinquent taxes.
BALDWIN TOWNSHIP SCHOOL DISTRICT (P. 0. Pittsburgh)
-E. H. Rollins & SODS of Phila-BOND SALE.
Allegheny County, Pa.
% school bonds at par plus a
delphia have purchased an issue of $45,000
equal to 100.28.
premium of $126,
4162
Financial Chronicle
June 16 1934
BAY COUNTY (P. 0. Bay City), Mich.
-LOAN AUTHORIZED.
BOSTON METROPOLITAN DISTRICT (P. 0. Boston), Mass.
The State Loan Board has authorized the County to borrow $103,000 on
HOUSE PASSES ELEVATED BOND ISSUE REFINANCING MEAnotes in anticipation of collection of delinquent 1930 and 1931 taxes.
SURE.
-The House, by a vote of 81 to 31, passed to
BAYONNE, Hudson County, N. J.
permitting the district to purchase $10.081,000 Boston third reading a bill
-REDUCES BONDED DEBT.Elevated bonds
refinancing purposes. The approval followed defeat of an amendmentfor
In a statement issued on June 11 with respect to the financial condition
to
limit the refinancing to $1,581,000 bonds.
of the city, Mayor Lucius F. Donohoe stated that the net bonded debt
had been reduced in amount of $1,021,979 during 1933 and that the muBOX ELDER SCHOOL DISTRICT (P. 0. Brigham), Box Elder
nicipality has been able to meet all of its obligations without the necessity
County, Utah.
-BOND SALE.
-The $175,000 4%
of resorting to refunding issues or seeking an extension of maturities. The
that were approved by the voters on May 1-V. 138,school building bonds
-are reported
Mayor added that the sinking fund, which in 1931 was hopelessly frozen up,
to have been purchased by the State Security Bankp. 3475
at present has a surplus of $89,000. Taxes not over three years in arrears
Walker Bank & Trust Co. of Salt Lake City, jointly. of Brigham and the
Dated May 1 1934.
total $4,160.524, against which the city has only borrowed $2,718,801,
Due from 1935 to 1959, inclusive.
leaving an =borrowed equity of $1,400,000. The favorable condition of
BRYAN, Williams County, Ohio.
the municipal treasury is the result of the adoption of a pay-as-you-go plan
-BOND
-The $60,000 coupon electric light, heater, water and power plant SALE.
and the co-operation of the citizens with the administration, according to
construction bonds offered
on June 7-V.138, p. 3314
-were awarded as 53.(s, at
Mr. Donohoe.
jointly to Messrs. F. L. Niederaur and A. L. Gebhard, a price of par
both of Bryan
BEAVER FALLS, Beaver County, Pa.
Dated June 1 1934 and due as follows: $2,000, March
-BOND OFFERING.
-Chas.
$4,000, March 1 and Sept. 1 1937; 86,000, March 1 1 and Sept. 1 1936
Ruhe, City Clerk, will receive sealed bids until 9a.m. (Eastern Standard
and Sept. 1 1938
for the purchase of $80.000 445% operating revenue
87.000. March 1 and Sept. 1 1939 and 1940 and $8,000, March
Time) on June 25
1 1941.
-V. 138. p. 3810. Dated June 1 1934. Due $8,000 on June 1
bonds.
CALDWELL-WEST CALDWELL SCHOOL
from 1935 to 1944 incl. Interest payable semi-annually. A certified check
SEEKS MATURITY EXTEA SION ON $27,000 DISTRICT, N. J.
BONDS.
-It was disfor 1% must accompany each proposal. Legal opinion of Burgwin. Scully
closed on June 4 that the Board of Education is seeking
an
& Burgwin of Pittsburgh will be furnished the successful bidder.
due dates on $27,000 bonds held by the State Teachers' extension of the
Pension and Annuity Fund. Some of the bonds are already in
BENTON COUNT'S CONSOLIDATED SCHOOL DISTRICT NO. 9
installments are Jan. 1. July 1 and Oct. 1 1934.default, as the maturity
-BOND SALE.
-The $220,000 issue of 4% semi(P. 0. Corvallis), Ore.
annual school bonds offered for sale on June 11-V. 138,_p. 3810
-was
CAMDEN, Camden County, N. 5.-P WA
purchased at par by the Public Works Administration. Dated April 1
APPROVES
UTILITY ALLOTMENT.
-mayor Roy W. Stewart announced86.000.000
1934. Due from April 1 1935 to 1949.
on June 8
that he had been advised of the approval by the Public
Works Administration of the city's application for 86,000.000 offunds
BEVERLY HILLS SCHOOL DISTRICT (P. 0. Los Angeles), Los
to finance the construc-BOND OFFERING.-Sealed bids will be received
tion of a municipal electric light plant. The
County,Calif.
Angeles
voters
struction of such a plant at the general election on authorized the conuntil 2 p.m. on June 25, by L. E. Lampton, County Clerk, for the purchase
Nov. 7 1933. It was
of an issue of $100,000 school bonds. Interest rate is not to exceed 5%, estimated at that time that the cost would be about
Denom.$1.000. Dated March 11934. Due on March 1
PWA money consists of a loan of $4.300,000 and a $10,000,000. The
payable M.& S.
No Immediate action is likely to be taken on the grant of $1,700.000.
as follows: $6,000, 1936 to 1938; $7,000. 1939; 55.000. 1940 to 1954,all incl.
project, as the Public
Service Corp. has instituted litigation to have the
Prin. and int. payable in lawful money at the County Treasury. Bids
election declared invalid,
It is said.
will be received for all or any portion of said bonds. In the event the
-V. 137. p. 4556.
bidder submits a proposal to purchase a portion of said bonds, the bid
CARTHAGE,Jasper County, Mo.-FEDERAL FUND
shall designate specifically the bonds bid for. All bonds sold to a bidder
ALLOTMENT
REDUCED.
-The loan and grant of
bidding for a portion of said bonds shall bear the same rate of interest.
was approved by the Public Works 330,000 for viaduct construction that
for varying rates of interest for the same block or portion of said
Administrati
and bids
February-V. 138.
P. 1606
-has been changed to a grant alone, in theon in of
bonds will be rejected. A certified check for 3% of the amount bid for,
sum
$9,000.
payable to the Chairman of the Board of Supervisors, is required.
CHALFANT SCHOOL DISTRICT (P. 0. East
Pittsburgh) Ails.
gheny County, Pa.
-BOND SALE.
The following information is furnished with the offering notice:
-The $10,000 5% coupon , bonds
offered on April 28-V. 138, p. 2782
"Beverly Hills School District has been acting as a school district under
-were sold at a price of par through
the East Pittsburgh Savings & Trust Co., to the Public
the laws of the State of California continuously since July 11914.
Retirement Board. Dated May 1 1934 and due on School Employees'
The assessed valuation of the taxable property in said school district
$49,125,325 and the amount of bonds previously issued
$1,000 from 1936 to 1938 incl.; $2,000 in 1939 and May 1 as follows:
for the year 1933 is
$1,000 from 1940 to
1944 incl.
and now outstanding is $1,584,000.
"Beverly Hills School District includes an area of approximately 5.59
CHEROKEE SCHOOL DISTRICT NO. 46 (P. 0.
square miles,and the estimated population of said school district is 22,950."
Cherokee), Alfalfa
County, Okla.
-BOND SALE.
-The $25,000 coupon school repair bonds
offered for sale on June 8-V. 138. p. 3982
BEXAR COUNTY (P. 0. San Antonio), Tex.
-BOND SALE.
-were purchased by the Federal
-An
Government as 4s at par. Denom. $500 and $1,000.
$85,000 445% hospital refunding bond issue is reported to have been purDue from May 1 1937 to 1953, incl. Interest M.& N. Dated May 1 1934.
chased by Van H. Howard & Co. of San Antonio.
CHICAGO, Cook County, 111.
BILLINGS, Yellowstone County, Mont.
-BOND CALL.
-RULING SOUGIIT ON VALIDITY
-M. C.
OF $28,000.000 BOND ISSUE.
Stolt, City Treasurer, is said to be calling for payment on July 1, on which
--The State Supreme
shortly to rule on the validity of the proposed issue Court will be asked
date interest shall cease, the following bonds: Nos. 1 to 98 of 5% sewer
of $28,000,000 school
bonds, intended for sale to the Reconstruction
bonds and Nos. 1 to 15 of 5% park bonds. Denom. $1,000. Dated
Finance Corporation-.
V. 138. p. 3642. The decision is expected to be based
July 11919.
on the right of the
authorities to issue the bonds without a vote of the
BINGHAMTON, Broome County, N. Y.
electors and to mort-BOND SALE.
-The $190gage certain school properties as security for the payment
000 coupon or registered bridge improvement bonds offered on June 14Proceeds of the bonds would be used to clear up unpaid of the obligations.
-were awarded as 1 is to Roosevelt & Weigold, Inc.. of
salaries of teachers
V. 138, p. 3979
and other school employees.
New York at a price of 100.021, a basis of about 1.74%. Dated April 1
ADDITIONAL INFORMATION.
-The above
1934, and due $38,000 on April 1 from 1935 to 1939 incl. The bankers
dated July 1 1934, bear 5% interest and matureissue of bonds will be
are re-offering the bonds for public investment at prices to yield from
sublect to call at par and accrued interest on any July 1 1956, although
0.40 to 1.97%, according to maturity. The city reports an assessed
upon formal notice. Principal and interest (J. & interest payment date
. valuation of $111,734,058 and a net bonded debt of $7,161,049. The
J.) payable in lawful
money of the United States at the office of the City
following is an official list of the bids submitted at the sale:
Treasurer of the Board of Education, or at the fiscal Treasurer, ex-officio
agent of the City of
BidderInt. Rate.
Rate Bid.
Chicago in N. Y. City. The obligations will be
designated working cash
Roosevelt & Weigold, Inc
1.75%
fund bonds and will be issued pursuant to authority of
100.0211
Manufacturers & Traders Trust Co.; Adams,
Section 134% of an
Act providing for creation of a system of free
schools,
McEntee & Co., and Geo. D. B. Bonbright
100.141
1.90%
1909, as amended by House Bill No. 1051, enacted at approved June 12
the 58th session of
Randolph B.Compton and Starkweather & Co.,Inc. 1.90%
the General Assembly. The School Board, Ills
100.1368
pointed out, with the conDick & Merle-Smith
sent of the City of Chicago, is empowered to issue
100.118
1.90%
up to $40,000,000 bonds
Geo. B. Gibbons & Co
for a working cash fund.
2.00%
100.10363
Blyth & Co.,Inc
2.00%
100.14
Rutter & Co
CHRISTIANSBURG, Montgomery County,
2.00%
100.09
Stuart & Co
-The City Clerk reports that the $72,000 sewerageVa.-BOND DETAILS.
Halsey,
2.10%
100.079
disposal bonds
Marine Midland Trust Co
by the voters on May 29-V. 138. p. 3980
2.10%
100.026
-were favored by a approved
CplUlt of
J. & W.Seligman & Co
272 to 103. They will bear interest at 4% and
2.20%
100.10
mature from 1938 to 1967.
This is stated to be a PWA project.
BIRDSBORO, Berks County, Pa.-BOND'OFFERINO.-Sealed bids
addressed to the Borough Secretary will be received until June 26 for the
CLARENCE SCHOOL DISTRICT (P. 0.
purchase of $20,000 street improvement bonds.
Iowa.
-BOND SALE.
-The $20,000 school Clarence), Cedar County,
building
voted on March 29-V. 138, P. 2451-were purchased bonds that were
BIRMINGHAM, Jefferson County, Ala.
by the Carleton D.
-BOND SALE.
-The $300,Beh Co. of Des Moines as 345s at par, Stan auction
000 issue of public improvement refunding bonds offered for sale on June 12
sale held on June 8.
-Nr 138, P. 3641-was awarded to a group composed
.
of the Equitable
CLARK COUNTY SCHOOL DISTRICT NO. 92
Securities Corp. of Nashville and associates as .5s at a discount of $14,190.
(P. 0.
Wash.
-BOND SALE.
-The $8,000 issue of school bonds Washougal),
equal to 95.27, a basis of about 5.43%. Dated June 30 1934. Due
offered for sale
on June 2-V. 138, P. 3642
-was purchased by the State
$30,000 from June 30 1937 to 1946, inclusive.
58 at par. Denom. $400. Due in 20 years. Interest of Washington, as
payable annually.
BONDS OFFERED FOR PUBLIC SUBSCRIPTION.
-The above bonds
CLEBURNE, Johnson County,
Tex.-PROO
were reoffered by Gertler & Co.,the Equitable Securities Corp.of Nashville,
ON REFUNDING PLAN.
-The following report RESS ANNOUNCED
and the Robinson-Humphrey Co. of Atlanta, for general investment at
dispatch to the "Wall Street Journal" of June 11: is taken from a news
prices to yield 5.10% on all maturities. The following is an official list
"A program for refunding of the city's indebtedness
of the bids received for the bonds:
of montns ago is about to be consummated whereby instituted a number
maturities for 1934-35
and 1936 will be exchanged for bonds of like
Rate of
interest rate with later maturities. The majority of the city's bondholders
Amount Accrued Int.
have already agreed to
Name of Bidderthe exchange according to city officials."
of Bid. to Delivery.
*Equitable Securities Corporation; Gertler & Co.;
CLEVELAND, Cuyahoga
Robinson-Humphrey & Co
h % BOND oSnA
- of ered
$285,810
ds f
5%
$4.0 8..000p
v. 1T
- oreegistere 19C3paudeficiency
n er r award d
w
Watkins, Morrow & Co., Inc.; Seasongood & Mayer;
June 143642
Assel, Goetz & Morlien, Inc
to a syndicate composed
288,330
54i%
Estabrook & Co. McDonald-Callahan-Richards Co. of Lehman Bros.,
The Well, Roth Sc Irving Co.; Marx & Co.; Magnus
& Co., Inc.. Bra=, Bosworth & Co. (Toledo),
(Cleveland), Blyth
& Co.; Walter, Woody & Heimerdinger; Provident
Stone & Webster and
Blodget. Inc., Phelps, Fenn Co., Stranahan, Harris
Savings Bank & Trust Co
288,308
& Co., Inc Hayden,
545%
Miller & co.. Otis & Co., &
.Hayden,
raham, Parsons &
Nelson Browning & Co.; Grau & Co.; Breckhaus &
Mitchell, Herick & Co. f leveland), First of Co., E. H.
& SOW
i
Co.; Widman Holzman & Katz; Fox, Einhorn &
Michigan Corp., IIannahs,
Bailin & Lee, the Illino Co. of Chicago and
Co
the Milwaukee Co. This
285,802
5(%
group paid a price of 100.32 for the bonds as
Steiner Brothers; Ward. Sterne & Co
535s, making the net
a98,020
%
cost to the City about 5.46%. Dated July 1
interest
•Successful bid. a For $100,000 of the issue.
March 1 and Sept. 1 from 1940 to 1949 incl. 1934 and due $200,000 on
BLACKWELL SCHOOL DISTRICT (P.O. Blackwell), Kay County,
BANKERS RE
-SELL BONDS.
-Members of the
-BONDS OFFERED.
Okla.
group made immediately re-offering of the
successful banking
-It is reported that sealed bids were received
It was announced that before the close of bonds at prices to yield 5% and
by the Clerk of the Board of Education until June 15 for the purchase of an
Issue of $160,000 school bonds. (An allotment of $224,500 to this district
been received for the entire issue and the business on June 14 orders had
subscription books closed.
was approved by the Public Works Administration in April
bonds, issued to fund the deficiency in fixed
The
-V. 138, P•
for the fiscal year 1934, are said to be legal charges and current expenses
2781.)
investment for savings banks
and trust funds in New York State. In addition
BLOOMFIELD, Essex County, N. J.
to the accepted bid, an
-LOWER INTEREST RATE
offer of 100.01 for 534s, was received by the
-The Bloomfield Bank & Trust Co.recently agreed
ON NOTE RENEWAL.
City from the Banc Ohio
Securities Co. of Columbus and associates, while
to the renewal, at 5% interest. of 8750,000 tax anticipation bonds, including
a group headed
Provident Savings Bank & Trust Co. of
8500,000 payable from the 1934 levy and $250,000 from that of 1933. The
Cincinnati bid a price of by the
for $750,000 as.54is and requested an option on
100.20
refinancing was effected at a reduction in the interest rate of 4(%. The
the remainder at the same
price.
bonds are now scheduled to mature from June 14 1934 to Dec. 13 1934.
$55.000 BONDS NOT SOLD.
Two weeks ago the town sold an issue of $50,000 434% notes, due in two
-Louis C. West, Director
of Finance.
states that the $55,0006% bonds,comprising issues
months.
of $38,000
also offered on June 14-V. 138. p. 3980
-were not sold as and $17,0.
BOSCOBEL, Grant County, Wis.-FEDERAL FUND ALLOTMENT
submitted was rejected. This was an offer of
the one bid
97.30, tendered jointly by
REDUCED.
-A loan and grant of $48,250 for the construction of a building
the McDonald-Callahan-Richards Co. of
Cleveland and Braun, Bosfor general assembly and gymnasium purposes that was approved by the
worth & Co. of Toledo.
Public Works Administration in October 1933 has been changed to a grant
COLONIE UNION FREE SCHOOL
alone in the sum of $17,000.
DISTRICT NO. M. (P. 0.
Albany) Albany County, N. Y.
-BOND SALE.
BOSTON, Suffolk County, Mass.
-The $26,000 coupon
-TEMPORARY LOAN.
or register ed school bonds offered on
-The Day
Trust Co. of Boston was awarded on June 12 a $2,000,000 revenue anticiawarded as 4.10s. to Phelps, Fenn & Co.June 8-V. 138. p. 3811-were
of
pation loan at 1.24% discount basis. Dated June 14 1934 and due on
mium of $82.40, equal to 100.316, a basis New York, at par plus a preof
Oct. 10 1934. Other bids were as follows:
1934 and due $1,000 on June 1 from 1937 to about 4.07%. Dated June 1
1962, inclusive.
BidderDiscount Basis.
COLUMBIA, Maury County, Tenn.
Halsey, Stuart & Co., J. & W. Seligman & Co., Hemphill, Noyes &
-WARRANT ISSUANCE CONTEMPLATED.
-It is stated by the City Recorder
Jackson & Curtis (plus $12 premium)
Co., Darby & Co.and
that the Mayor and
Board of Aldermen will issue short-term
Brown Bros. Harriman & Co., F. S. Moseley & Co., First Boston1.27%
warrants for the completion of a
sewerage project, and then refund the warrants
Corp. and Kidder, Peabody& Co
with bonds. It Is said that
bonds will be issued as soon as the project
1.43%
is completed.
Volume 138
Financial Chronicle
-An issue of
CONCORD, Merrimack County, N. H.
-BOND SALE.
4107,000 3% sewer bonds was sold on May 31 to the First of Boston
Corp. at a price of 99.625. Dated May 1 1934.
CONNECTICUT (State of).
-GENERAL FUND DEFICIT PUT AT
$8,560,659.
-The general and highway funds of the State had a deficit
of $8,560,659 as of June 11934, according to a statement of condition submitted to Governor Cross on June 5 by Edward F. Hall, Commissioner
of Finance. The total compares with a deficit of $3,389,000.85 as on June 1
1933, it is said.
-PLANS SALE OF $4,000,000
COOK COUNTY (P. 0. Chicago), Ill.
WARRANTS.
-County officials conferred with local bankers on June 8
regarding the proposed sale of $4,000,000 5% tax anticipation warrants in
order to provide for the payment of $1,639,000 of supply bills, pay a debt
of 41,000,000 owed to the City of Chicago and give a month's pay to County
.
employees. At the request of the bankers, Edward J. McCabe, Assistant
County Treasurer, was instructed to prepare further data with respect to
the County's finances. Deputy County Comptroller Michael J. O'Connor
stated that the County has a tax levy of $9,000,000, against which it is
authorized to issue warrants up to 75%•
COON RAPIDS INDEPENDENT SCHOOL DISTRICT (P. 0.
Coon Rapids), Iowa.
-BONDS VOTED.
-At the election held on June 5
-V. 138, p. 3476
-the voters approved the issuance of the $50,000 in
school building bonds by a substantial margin. It is said that the bonds will
be sold in the near future.
CRANFORD TOWNSHIP (P. 0. Cranford), Union County, N. J.
TEMPORARY FINANCING APPROVED.
-The Township Committee on
June 12 authorized the refinancing, until Dec. 15 1934, of the $283.293
tax revenue notes outstanding as of Jan. 1 1934. The committee also
authorized the issuance of $62,000 6% 3
-year revenue notes in payment
of salaries of school teachers and other employees.
MI
DALLAS COUNTY (P. 0. Dallas), Tex.
-BOND SALE.
-A $689.000
issue of 4% coupon refunding bonds was purchased on June 7 by Callihan
& Jackson. of Dallas. Denom. $1,000. Dated July 1 1934. Due July
1 1935 to 1959incl. Prin.and int.(J. & J.) payable at the State Treasurer's
office in Austin. Legal approval to be furnished by Chapman & Cutler
of Chicago. The following information is furnished by the purchasers:
"These bonds are being issued for the purpose of refunding a like amount
of outstanding bonds, as follows: $169,000 road and bridge (series 3)
434% bonds, dated Sept. 10 1911, due Sept. 10 1951; 452,000 viaduct and
bridge (series 3) 5% bonds, dated Feb. 10 1914, due Feb. 10 1954; $137,000
road and bridge (series 6)5% bonds, dated Aug. 20 1918, due Aug. 10 1958.
and $331,000 road and bridge (series 5) 434% bonds dated Jan. 10 1917.
due Jan. 10 1957. All of these bonds being optional, have been called
for Payment June 25 1934, at par and accrued interest. The new issue
of refunding bonds constitutes a direct and general obligation of the County
of Dallas, Tex., payable both prin. and int, from ad valorem taxes on
all taxable property therein within the limitations prescribed by law.
Tax Collections.
Per Cent
Collected as of
Collected.
June 30 1934.
Levy.
Year83.52%
$2,447,795
$2,930,691.11
1931
78.97%
1,965,926
2,489,313.29
1932
1,428,924
66.85%
2.137,567.09
1933
"At the option of the taxpayer, 1933 taxes were payable on a splitpayment basis, the first half to be paid on or before Nov.30 1933, and the
second half on or before June 30 1934, without penalty or interest. If
the first half was not paid by Nov. 30 1933 the full amount became delinquent Jan. 31 1934, after which date 10% penalty and 6% interest
was applied. Approximately 81% of 1933 taxes will have been collected
by July 1 1934, according to official estimate."
-OFFER TO rINANCE POWER
DALLAS, Dallas County., Tex.
PLANT PURCHASE -The following report is taken from a Dallas dispatch to the New York "Journal of Commerce" of June 13:
"An offer to finance the purchase by this city of properties of the Dallas
Power & Light Co. has been made by George L. Simpson & Co.. Inc.,
local bond dealers, who would purchase 5% revenue bonds of the city
which would constitute a mortgage against the property and would be
amortized out of revenue from sale of electricity. An alternative proposal.
also by the Simpson firm, suggested purchase of 43I% bonds, if in addition
to the power and light revenues certain revenues of the waterworks plants
would be set aside for meeting the interest and maturities. This latter
plan, however, has not found favor with city officials. The city and the
company are having a controversy over rates, which the former wants
reduced to 4.5c. a kilowatt hour from the present level of 5.75c. Outside
rate experts are to be employed to determine an equitable rate as well as
evaluate the properties. Under the company's franchise with the city. a
purchase price of about $32,000,000 is indicated for the properties."
DAYTON, Liberty County, Tex.
-At the election
-BONDS VOTED.
held on June 5-V. 138, p. 3643
-the voters approved the issuance of the
$30,000 in 4% sewer improvement bonds by a count of 63 to 9. Due
$1,000 from 1936 to 1965. incl. It is stated that these bonds will be sold
to; he Federal Government.
DAYTON, Montgomery County, Ohio.
-BOND ELECTION.
-At the
primary election on Aug. 14 the voters will consider the question of issuing
-year serial treasury reimbursement bonds.
4375,000 15
DEFIANCE COUNTY (P. 0. Defiance), Ohio.
-BOND SALE.
-The
$23,519 coupon poor relief bonds offered on June 11-V. 138, p. 3643
were awarded as 23s to Stranahan. Harris & Co., Toledo. at par plus a
premium of $42.35, equal to 100.18. a basis of about 2.71%. Dated March 1
1934 and due as follows: $4,619 Sept. 1 1934; $4,500 March 1 and $4,700
Sept. 1 1935; $4,800 March 1 and $4,900 Sept. 1 1936. Other bids were
as follows:
BidderInt. Rate. Premium.
geasongood & Mayer, Cincinnati
3%
$
Fox, Einhorn & Co., Cincinnati
3
40 8
9..50
5
State Bank,Defiance30
41.57
DELAWARE (State of).
-George S. Williams, Sinking
-BOND CALL.
Fund Commissioner, announces that 4200,000 4% State highway bonds
of 1932, being numbers 1001 to 1200 incl., are called for payment at a price
of 105, together with July 1 1934 coupon, at the Farmers Bank of the
State of Delaware, Dover, on July 1 1934, on which date interest shall
cease. The bonds are dated Jan. 1 1922, of $1,000 denoms. and mature
Jan. 11962. (Official notice of this bond call appears as an advertisement
on page V of this issue.)
DELHI TOWNSHIP SCHOOL DISTRICT NO. 1 (P. 0. Holt)
Ingham County, Mich.
-The $13,000 refund-BOND DESCRIPTION.
ing bonds approved recently by the State Public Debt Commission and
which the district intends either to sell publicly or exchange them for
existing obligations, are described as follows:
•
477000 5% series No71 bonds: Dated April 1 19347Denom.$1,000. Due
April 1 as follows: $1,000from 1939 to 1943,inc. and $2,000 in 1944.
6,000 434% series No. 2 bonds. Dated Feb. 1 1934. Denom. $1,000.
Due 111.000 on Feb. 1 from 1939 to 1944. inclusive.
. Principal and interest payable in Detroit. Legality to be approved by
Miller, Canfield, Paddock & Stone of Detroit.
DENVER (City and County), Colo.
-BOND CALL.
-The Manager of
Revenue is said to be calling for payment at his office on June 30. or on
notice received 10 days before that date at the Bankers Trust Co. in New
York, various storm sewer, sanitary sewer, improvement, surfacing, alley
paving, and street paving bonds.
-BONDS OFFERED.
DES MOINES, Polk County, Iowa.
-Both
sealed and open bids were received at 10:30 a. rn. on June 14 by Emmett C.
Powers. City Treasurer, for the purchase of an issue of $175.000 armory
and World War memorial building bonds. Denom. $1,000. Dated May 1
1934. Due on Nov. 1 as follows: $2,000, 1936; $4.000, 1937; $7,000, 1938;
38,000, 1939 and 1940; $9,000, 1941 to 1943; $10,000. 1944 and 1945;
$11,000, 1946 and 1947; 412,000, 1948 and 1949; $13,000, 1950; $14.000,
1951 and 1952. and $12,000 in 1953. Prin. and int.(M.& N.) payable in
lawful money at the City Treasurer's office. The approving opinion of
H. H. Stipp, of Des Moines, will be furnished. (A tentative report on this
off
ering appeared in V. 138, p. 3980.)
DETROIT, Wayne County, Mich.
-THIRD INTEREST DISTRIBU-The third distribution of interest to holders of
TION ANNOUNCED.
bonds and notes of the City of Detroit, under the refunding plan declared
operative on April 20 1934-V. 138, P. 3811-will be made on June 20 to
depositors of record on that date, it was announced on June 13 by B. A.
Tompkins of Bankers Trust Co., New York, Chairman of the Bondholders'
4163
Refunding Committee. The distribution will cover the period from March
16 through June 20. At the same time Mr. Tompkins announced that
more than 94% of the bonds and notes to be refunded under the plan,
which provides for the adjustment of 4280,000,000 of the city's debt, have
now been deposited or pledged with the committee. Arrangements are
being made for the preparation of the new refunding bonds. One of the
interesting features of the announcement was the statement by the committee that any bondholder who now deposits his bonds will be entitled to
receive all accrued interest to the date of deposit on the basis provided for
in the plan. The effect of this provision is to make it possible for bondholders who so far have failed to deposit to come in at this time and receive
all of the benefits of the plan.
-Mayor Couzens, City
CITY OFFICIALS MUST SIGN ALL BONDS.
Clerk Reading, City Treasurer Williams and Controller Curran will be
obliged to spend considetable time in New York City this summer signing
the new refunding bonds which will be issued in accordance with the abovementioned program, as a result of the decision handed down by the State
Supreme Court on June 4 holding that facsimile signatures of the officials
on the bonds would not be valid.
-It is
DEVILS LAKE, Ramsey County, N. Dak.-BONDS VOTED.
-the voters
stated that at the election held on May 8-V. 138, P. 2616
approved the issuance of the 425,000 in memorial building bonds, to be
added to the $75,000 county funds for the construction of the building.
-The
-BOND SALE.
DeWITT COUNTY (P. 0. Clinton), III.
$55,000 5% refunding bonds offered on June 11-V. 138. p. 3981-were
awarded to Glaspell, Vieth & Duncan of Davenport, at a discount of 4599,
equal to 98.91, a basis of about 5.17%. Dated May 1 1934 and due Nov. 1
as follows: $4,000 from 1936 to 1939, incl.; $5,000 from 1940 to 1942, incl.
and $6,000 from 1943 to 1946, inclusive.
Other bids were as follows:
Amount Bid.
Bidder
545:801774722
$53
3,
White-Phillips Co
Paine, Webber & Co
Barcus-Kindred & Co
54.297
Dixon, Bretscher Co., Inc
53,891
DeWitt County National Bank
DILLON-CATFISH DRAINAGE DISTRICT (P. 0. Dillon), S. C.RFCLOAN CANCELED.-The loan of $25.000 that was authorized to this
district by the Reconstruction Finance Corporation for refinancing purposes
-V. 138, p. 1265-is stated to have been canceled at the request of
the district.
DUNNIGAN SCHOOL DISTRICT(P. 0. Woodland), Yolo County,
-BOND SALE.
-A 49,000 issue of school bonds is said to have been
Calif.
purchased recently by Dean Witter & Co. of San Francisco.
-BONDS VOTED.
-At the
EAGLE GROVE, Wright County, Iowa.
election held on June 6-V. 138, p. 3811-the voters approved the issuance
of the $12,000 in swimming pool bonds.
-Alice I.
-BOND OFFERING.
EAST ORANGE, Essex County, N. J.
Webster, City Clerk, will receive sealed bids until 8 p. m.(daylight saving
time) on June 25. for the purchase of $1,650,000 451 or 454% coupon or
registered funding bonds. Dated June 1 1934. Denom. $1,000. Due
Sept. 1 as follows; 4225,000 from 1939 to 1941, incl. and $325,000 from
1942 to 1944, incl. The bonds are part of a total issue of $2,725,000 authorized by Chapter 60, Pamphlet Laws of 1934. Principal and interest
(M.& S.) payable in lawful money of the United States at the City Treasurer's office or at the Bank of the Manhattan Co., New York City. A
certified check for 2%,, of the bonds bid for, payable to the order of the city,
must accompany each proposal. Approving opinion of Hawkins, Delafield
& Longfellow of New York will be furnished the successful bidder.
\TRICT, Saint Clair County, Ill.
FEAST ST. LOUIS PARK DIS
-W.C. Fraser, Secretary of the Board of Park ComBOND OFFERING.
missioners, will receive sealed bids until 8 p. m. (Central Standard Time)
on June 18 for the purchase of $600,000 5%,17th issue, park bonds. Dated
June 1 1934. Denom. $1,000. Due June 1 as follows; $10,000, 1938;
425,000. 1939; $10,000, 1941 and 1942; $25,000, 1943; $10.000, 1945 and
and 1946; 415,000, 1947; 470,000, 1948; $25,000, 1949; $70.000 in 1950 and
480,000 from 1951 to 1954. incl. Interest is payable in J. & D. A certified
check for $10,000, payable to the order of the Treasurer, must accompany
each proposal. A loan and grant of $1.159,000 has been approved by the
-V.138, p. 3811.
Public Works Administration.
ELIZABETHTOWN, Hardin County, Ky.-BOND SALE CONTEMPLATED.
-We are informed by the City Clerk that the Federal Government has contracted to take $73,000 in sewer bonds, at par.
-Sealed bids
-BONDS OFFERED.
FAIRFAX, Osage County, Okla.
were received until 7:30 p. m. on June 14, by H. L. Helton, Town Clerk,
for the purchase of a $22,000 issue of water works bonds. Interest rate to
be named by bidder. Due $2,000 from 1938 to 1948, incl. These bonds
were approved by the voters on April 25-V. 138, p. 3135. _
-Smith-White
-BOND SALE.
le FAIRFIELD7Somerset County, Me.
& Co., Inc. of Waterville have purchased an issue of $90,000 4% bonds
at a price of 99, a basis of about 4.10%. Due Dec. 1 as follows: $3,000
from 1936 to 1940 incl. and $5,000 from 1941 to 1955 incl. The bankers
re-offered the bonds for general investment at a price of paril-The 445.000
-BOND SALE.
FAIRMONT, Martin County, Minn.
issue of sewage disposal plant bonds offered for sale on June 8-V. 138,
p. 3811-was awarded to the First National Bank & Trust Co. of Minneapolis, as 4s, paying a premium of $105, equal to 100.233, a basis of about
3.95%. Dated April 11934. Due $9,000 from 1937 to 1941, inclusive.
FAWN TOWNSHIP SCHOOL DISTRICT(P. 0. R. D. No. 2, Taren•
-E. J. Woodrow,
-BOND OFFERING.
turn), Allegheny County, Pa.
Secretary, will receive sealed bids until 7:30 p.m.(Eastern Standard Time)
on July 9 for the purchase of $7,000 434% school bonds. Dated July 1
1934. Denom. $1,000. Due $1,000 on July 1 from 1937 to 1943 incl.
A certified check for $500 is required. Legal opinion of Burgwin, Scully &
:
,•••
Burgvrin of Pittsburgh will be furnished the successful bidder.
-BOND OFFERING-John
FLORAL PARK, Nassau County, N. Y.
Biome, Village Clerk, will receive sealed bids until 8:30 p. m.(Daylight
Saving Time) on June 19, for the purchase of $50,000 not to exceed 6%
interest coupon or registered public improvement bonds. Dated July 1
1934. Denom. $1,000. Due $10,000 on July 1 from 1935 to 1939, incl.
Bidder to name one interest rate for all of the bonds,expressed in a multiple
of 3,4 or 1-10th of 1%. Principal and interest (J. & J.) payable in lawful
money of the United States at the Floral Park Bank and the First National
Bank & Trust Co. of Floral Park. A certified check for $1,000, payable to
the order of the Village, must accompany each proposal. The bonds are
described as being unlimited tax, general obligations of the Village. Legal
opinion of Clay, Dillon & Vandewater of New York will be furnished the
successful bidder.
Financial Statement.
Valuation 1934.
Assessed valuation of taxable real property and special
_franchise
$30,294,703.25
PR
Debt.
Total bonded indebtedness, including this issue
539,500.00
Water debt
None
Bonds provided for in the current budget which mature prior to the end
of the fiscal year. Feb. 28 1935-435,500.
Taz Data.
Uncollected
Amount of
Amount Unpaid
YearTax Levy
Feb. 28 Yearly. • May 1 1934.
All delinquencies prior
to 1931 levy, as of
1929
41,621.64
$215.228.00
Feb. 28 1934
3,737.98
1930
228,775.79
totaled $7,946.21
1931
4,506.21
187,451.08
410,105.11
1932
11,988.65
215,332.24
28,079.00
25.536.30
1933
207,164.82
30,453.70'
1934
221,112.34
Collection period started June 1 1934
Village fiscal year ends Feb. 28. Taxes are billed June 1.
Population.
1920 Federal Census,12,097; 1930 Federal Census, 10,016 and 1934
estimated. 11,000.
FORT LEE, Bergen County, N. J.
-TEMPORARY REFUNDING
PLAN REJECTED.
-At a public meeting held at the offices of the Municipal
Finance Commission in Trenton on June 7,regarding the proposed refinanc-
4164
Financial Chronicle
lug of the Borough's indebtedness
-V. 138, P. 3811-the temporary pli,n
advanced by the Commission, providing for the issuance of 1%, one-year
notes in exchange for both matured and maturing obligations of the municipality, was rejected by creditors representing about one-third of the
Indebtedness involved. This group is expected to make a further survey of
conditions and prepare a substitute plan based on its investigation.
FORT WAYNE, Allen County, Ind.
-DEBT CHARGES PAID.
The city made payment on June 1 of $100,421.50 in bond principal and
Interest charges on municipal and water works bonds, according to local
press reports. This includes $79,200 paid on water works issues and $21.221.50 paid on general indebtedness. Partial payment of principal and
nterest on some Barrett Law improvement bonds also was made.
FRANKFORT, Benzie County, Mich.
-BOND SALE.
-The State
Savings Bank of Frankfort purchased an issue of $16,000 5% street paving
bonds at a price of par. Dated March 1 1934. Denom.$500. Due $2,000
annually from 1936 to 1943, incl. Interest is payable in M.& S.
GALLITIZIN, Cambria County, Pa.
-BOND OFFERING.
-R.
Biter, Borough Treasurer, is receiving sealed bids for the purchase of
$10,000 416% series of 1934 refunding bonds. Due $1,000 on Ally 1 from
,
1944 to 1953 incl. Interest is payable Jan. & June. A certified check for
$250 is required.
GEDDES (P. 0. Solvay), Onondaga County, N. Y.
-BOND OFFERING.
-Charles R. Tindall, Town Supervisor, will receive sealed bids until
7:30 p. m.(Eastern Standard Time) on June 26 for the purchase of $167,000
not to exceed 6% interest coupon or registered funding bonds. Dated
July 1 1934. Denom. $1,000. Due July 1 as follows: $16,000 from 1935
to 1937 incl. and $17,000 from 1938 to 1944 incl. Bidder to name a single
interest rate for all of the bonds, expressed in a multiple of 3 of 1%.
Principal and interest (J. & J.) payable in lawful money of the United States
at the Solvay Bank, Solvay. 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.
GILMORE CITY INDEPENDENT SCHOOL DISTRICT (P. 0.
Gilmore City) Pocahontas County, Iowa.
-BOND OFFERING.
-Both
sealed and open bids will be received at 2 p. m. on June 18, by G. F. Neel,
Secretary of the Board of Directors, for the purchase of a $19,000 sane of
school bonds. Dated May 1 1934. Due on May 1 as follows: $1,000,
1937 to 1951, and $2,000 in 1952 and 1953. (An allotment of $25,500 was
approved by the PWA in March
-V.138. p. 2117.)
GLOUCESTER, Eas,ex County, Mass.
-LOAN OFFERING.
-Wilmot
A. Reed. City Treasurer, will receive sealed bids until 3 p. m.(Daylight
Saving Time) on June 20, for the purchase at discount basis of a $100,000
revenue anticipation loan of 1934, dated June 21 1934 and due Jan. 21
1935. Denom.$25,000, $10,000 and $5,000. Payable at the First National
Bank of Boston, or at the First of Boston International Corp., New York
City. Legality approved by Ropes, Gray, Boyden & Perkins of Boston.
GOUVERNEUR, St. Lawrence County, N. Y.
-BOND SALE.
The $34.000 coupon or registered highway bonds offered on June 11-V.
138, P. 3811-were awarded as 3'%s, at a price of par, to the Bank of
Gouverneur. Dated June 1 1934 and due $2,000 on June 1 from 1936 to
1952 incl. Other bids for the issue were as follows:
BidderInt. Rate.
Premium.
Northern New York Trust Co., Watertown
3.90%
$
Manufacturers & Traders Trust Co
6 13
9 °
5
4
George B. Gibbons & Co., Inc
44..2255;:
73.44
GRAND ISLAND, Hall County, Neb.-BOND SALE DETAILS.The $130,000 of storm sewer bonds that were purchased by the First National Bank, and the Overland National Bank, both of Grand Island, as
3%s
-V. 138, P. 3982
-are in the denomination of $1,000 each, are dated
March 1 1934, mature on March 1 1954 and are optional after March 1 1939.
GRAND ISLAND, Hall County, Neb.-BOND SALE.
-We are informed by the City Clerk that a $250,000 issue of 354% coupon semi-ann.
refunding bonds was purchased at par by the Kirkpatrick-Pettis
-Loomis
Co. of Omaha. Coupon bonds dated April 1 1934. Denom. $1,000. Due
on April 1 1944, optional in 1935.
t• GRAND RAPIDS, Kent County, Mich.
-REPORT ON REFUNDING
PLAN.
-John M. Mead, representative of the Refinance Corporation of
Chicago which holds the contract for the refunding of 54.583.000 of outstanding bonds
-V. 138. p. 2290
-recently advised the City Commission
that 90% of the bonds, by value, are ready for exchange, according to
report.
GRANT TOWNSHIP CONSOLIDATED SCHOOL DISTRICT (P.O.
SWEA CITY), Kossith County, Iowa.
-BOND ELECTION.
-It is
reported that an election will be held on June 21 in order to vote on the
Issuance of $15,000 in school bonds.
GRAYSON COUNTY ROAD DISTRICT NO. 7 (P. 0. Sherman),
Tex.
-BOND CALL.
-The County Treasurer is said to be calling for
payment at his office on July 1. at par, Nos.91 to 238 of the 5% road bonds,
dated Jan. 1 1922. Denom. $500.
GREENBURGH UNION FREE SCHOOL DISTRICT NO. 9 (P. 0.
Elmsford), Westchester County, N. Y.
-BOND OFFERING.
-B. A.
Leonard, District Clerk, will receive sealed bide until 8 p.m. (Daylight
Saving Time) on June 16 for the purchase of $10,000 not to exceed 5% interest coupon or registered school bonds. Dated June 15 1934. Denom.
$1,000. Due $2,000 on June 15 from 1935 to 1939 incl. Bidder to name
a single interest rate for all of the bonds, expressed in a multiple of 1!, or
1-10th of 1%. Principal and interest (J. & D. 15) payable in lawful money
of the United States at the First National Bank, Elmsford. A certified
check for $200, payable to Joseph Vogel, District Treasurer, must accompany each proposal. The approving opinion of Clay, Dillon & Vandewater of New York will be furnished the successful bidder.
GREENWOOD, Leflore County, Miss.
-BOND SALE.
-The $22,000
Issue of 6% semi-annual overflow protection bonds offered for sale on
June 5-V. 138. p. 3644
-was purchased by the Bank of Greenwood, for a
premium of $1,325, equal to 106.02, a basis of about 5.49%. Dated Oct. 1
1932. Due $2,000 from Oct. 1 1947 to 1957 inclusive.
HAMPTON, Elizabeth City County, Va.-BOND'S VOTED.
-At an
election on June 12 the voters approved the issuance of $25,000 in bonds
for a new bridge by a count of 172 to 79.
HARDTNER, Barber County, Kan.
-BONDS VOTED.
-The voters
are said to have approved recently the issuance of $26,500 in water works
bonds.
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 17 (P. 0.
Franklin Square), Nassau County, N. Y.
-BOND OFFERING.
William B. Bryan, District Clerk, will receive sealed bids until 7 p.m.
(Daylight Saving Time) on June 22 for the purchase of either one of the
following issues of coupon or registered school bonds: $291,000 bonds, due
$10,000. June 1 from 1936 to 1964 incl., or 821,000 bonds, due $1,000
June 1 from 1936 to 1956 incl. Only one of the two blocks will be sold.
The issue awarded will be dated June 1 1934. Denom, 111,000. Rate of
Interest is not to exceed 6% and must be expressed by the bidder in a
multiple of ji of 1%. Principal and interest (J. & D.) payable in lawful
money of the United States at the Central Hanover Bank & Trust Co.,
New York, or at the Franklin Square National Bank, Franklin Square. A
certified check for 2% of the bonds bid for, payable to the order of the Board
of Education, must accompany each proposal. The successful bidder will
be furnished with the legal opinion of Hawkins, Delafield & Longfellow
of New York that the bonds are valid and legally binding obligations of the
Board of Education, and that the Board has power and is obligated to provide for the payment of both principal and interest through the levying of
ad valorem taxes on all the taxable property in the District, without limitation of rate or amount
HENRICO COUNTY SANITARY DISTRICT NO. 2 (P. 0. Sands.
ton), Va.-LEGAL DIFFICULTIES CLEARE.D.-Legal technicalities
involving the issuance of $73,000 in bonds for a water supply and sewerage system are said to have been cleared up recently. (An allotment in
this amount was approved by the Public Works Administration -V. 138.
p. 2290.)
HIGHLAND PARK, Wayne County, Mich.
-BONDS PARTIALLY
REFUNDED.
-The City Commission recently approved of the issuance of
$337,500 refunding bonds in payment of 75% of the issue of $450,000 water
works supply bonds which matured. It was voted to pay the balance of
25% in cash. The refunding bonds bear 43 % interest and are to mature
on or before March 10 1949.
June 16 1934
-The
HOBOKEN, Hudson County, N. J.
-BONDS REOFFERED.
Issue of $146,000 6% coupon or registered school bonds for which no bids
were obtained on May 8-V. 138, p. 3812
-is being reoffered for award on
June 19. Sealed bids for the issue will be received until 10 a.m.(Daylight
Saving Time)on that date by William H. Gilfert, Director ofthe Department
of Revenue and Finance. Dated July 1 1932. Denom. 51,000. Due
July 1 as follows: $15,000 from 1934 to 1940 incl.; $20,000. 1941 and
$21,000 in 1942. Principal and interest (J. & J.) payable in lawful money
of the United States at the Bank of New York & Trust Co., New York.
The bonds maturing within one year after the date of award will not be
sold at less than a price of par, while the remaining bonds will not be sold
at less than a price of 99. A certified check for 2% of the bonds bid for,
payable to the order of the City, must accompany each proposal. The
approving opinion of Hawkins, Delafield & Longfellow of New York will
be furnished the successful bidder.
-Sealed bids
-BOND OFFERING.
HOMINY, Osage County, Okla.
will be received until 8 p. m. on June 22, by Tom H. Fraley, City Clerk,
for the purchase of an issue of $150,000 electric light and power plant
bonds. Denom. $1,000. Dated May 1 1934. Due on May 1 as follows:
$12,000, 1937 to 1948, and $6,000 in 1949. Interest rate to be named by
the bidder. Principal and interest payable at the City Treasurer's office
or at the fiscal agency of the State in New York. A certified check for
2% must accompany the bid.
-BONDS AND CERTIFICATES
HORNELL,Steuben County, N. Y.
SOLD.
-The $25,000 coupon or registered bonds and certificates ofindebted-were awarded as 414s, at a price
ness offered on June 12-V. 138, p. 3982
of par, to the Steuben Trust Co. of Hornell, the only bidder. The sale
consisted of:
$15,000 refunding certificates of indebtedness. Dated July 1 1934. Due
$3,000 on July 1 from 1935 to 1939, incl. Authorized by 798.
Laws of 1931, as amended by Chapter 34. Laws of 1933.
10,000 emergency relief bonds. Dated June 1 1934. Due $1,000 on June 1
from 1935 to 1944, incl. The bonds are direct general, unlimited
tax, obligations.
HOT SPRINGS, Fall River County, S. Dak.-BOND OFFERING.
It is stated that sealed bids will be received until 7.30 p.m. on June 18, by
W. J. Beck, City Auditor, for the purchase of a $32,200 issue of sewage
disposal bonds. Interest rate is not to exceed 4%,payable F.& A. Denom.
$100 and $1,000. Dated Feb. 20 1934. Due on Feb. 20 as follows:
$1,200 in 1937; $1.000, 1938 to 1940, and $2,000, 1941 to 1954. Prin.
and int. payable at the office of the City Treasurer. (These bonds were
offered on April 19 and were reported to have been sold to the Public Works
Administration
-V.138, P. 3135.)
HOWELL AND MARION TOWNSHIPS FRACTIONAL SCHOOL
-BOND
DISTRICT NO.1 (P.0. Howell) Livingstown County, Mich.
SALE.
-The $100,000 coupon refunding bonds offered on June 11-V.
138, p.3982-were awarded as 43%s to Donovan, Gilbert & Co. of Lansing,
°
at par plus a premium of $1,140, equal to 101.14. a basis of about 4.57 V .
Dated July 1 1934 and due July 1 as follows: $6,000 from 1935 to 1939,incl.
and $7,000 from 1940 to 1949, incl. The First of Michigan Corp., Detroit,
bid a price of 99.53 for the issue at 4%% interest. Braun, Bosworth 8; Co.,
Toledo, bid 101.66 for 5s: 100.66 for 4 Yis and 100.228 for $65,000 4%s and
Nuveen &
$35,000 4;is. An offer of 102.20 for 55 was submitted by John for 410;
Co. of Chicago. Keane & Co. of Detroit offered to pay 97.55
99.27 for 4 yot and 100.28 for 5s. Stranahan, Harris & Co., Toledo, bidding
the
for 4)1s, 4s and 4i8. named prices of 97.10, 98.60 and 100.23, for
respective coupons. Ryan, Sutherland & Co., Toledo, for the bonds as
55, 101.27. as 4 Ms,98.32.
-No bids
-BONDS NOT SOLD.
HUDSON, Summit County, Ohio.
were obtained at the offering on June e of $18,478.16 6% special assessment
3644. Due Oct. 1 as follows:
-V. 138, p.
street improvements bonds.
Inch
$1,478.16 in 1935;51,500 in 1936 and 1937 and $2,000 from 1938 to 1944
HUNTINGTON (P. 0. Huntington), Suffolk County, N.sealed
-William Watt. Town Supervisor, will receive
BOND OFFERING.
of
bids until 4 p. m.(Daylight Saving Time) on June 20 for the purchasereexceed 6% interest coupon or registered water district
$3.000 not to
funding bonds, divided as follows:
6 bonds.
52.000 South Huntington Water District Enlargement No.payable in
Dated May 1 1934. Due Nov. 1 1950. Interest is
M. & N.
Dated
1,000 South Huntington Water District Extension No. 3 bonds.J.
July 1 1934. Due July 1 1950. Interest payable in J. &
Denom. $1,000. Bidder to name a single int. rate for all of the bonds,
expressed in a multiple of g or 1-10th of 1%. Prin. and int. payable at
the Huntington State Bank, Huntington. A certified check for $60.
payable to the order of the Town Supervisor, must accompany each proposal. The approving opinion of Clay, Dillon & Vandewater of New York
will be furnished the successful bidder.
-STATE SUPREME COURT RULES
IDAHO, State of(P. 0. Boise).
ON DISTINCTION BETWEEN TAX ANTICIPATION NOTES AND
BONDS.
-We quote in part as follows from the Pocatello, Ida., "Tibune"
of May 29: "The Idaho Supreme Court by unanimous opinion holds that
It is illegal to invest public endowment funds in school district tax anticipation notes, holding that notes are not bonds. Purchase of such notes
with endowment fund moneys was started about three years ago with the
object of helping school districts over periods of tax delinquencies and about
since been rea quarter million dollars worth were bought, but these have Commissioner
.
deemed except about $25,000. Of these, the State Finance
says, only 'a couple of thousand' are in default.'
IDAHO FALLS INDEPENDENT SCHOOL DISTRICT NO. 1 (P. 0.
-BONDS DEFEATED.
-At an election held on May
Idaho Falls), Ida.
28 the voters rejected a proposal to issue $100,000 in school construction
bonds.
-VOTE ON UTILITY
IRON MOUNTAIN, Dickinson County, Mich.
-The City Council approved a resolution providing for a
BOND ISSUE.
special election to be held July 17 on the question of issuing $700,000 bonds
Power
to finance the purchase of the upper Quinnesec Falls hydro-electric owned
plant and provide a distribution system either by purchase of that
by the Wisconsin Michigan company or by construction.
-The City Clerk has received confirmation of the
BONDS APPROVED.
State Public Debt Commission's approval of an issue of 5202.500 refunding
bonds.
-SUPREME COURT DECISION
JACKSON, Jackson County, Mich.
-The decision of the State Supreme
PAVES WAY FOR BOND ISSUANCE.
Court upholding the constitutionality of the emergency revenue bond law
-opens the way for the early issuance, without electorate
V. 138, p. 3977
approval, of sewage disposal bonds, according to a recent explanation given
Works
by City Attorney Brower. The city's application to the Public sewage
Administration for a loan and grant of $800000 for construction of a
disposal plant has already been approved, it is said.
-PROPOSED BOND
JACKSON COUNTY (P. 0. Jackson), Ohio.
SALE.
-Plans are being made to sell an issue of $59,000 poor relief bonds,
payable from the proceeds of the State selective sales tax.
•
-Sealed
-BOND OFFERING.
JACKSONVILLE, Duval County, Fla.
bids will be received until 2.30 p.m. on July 3 by M. W. Bishop, Secretor"'
of the City Commission, for the purchase of a $95,000 issue of coupon
refunding lsonds. Interest rate is not to exceed 6%, payable J. & J.
Denom. $1,000. Dated July 15 1934. Due on July 15 1942. Bonds
or
are registerable as to principal. Prin. and int. payable in Jacksonville to
at the fiscal agency in New York. The purchaser having the right
designate if desired, the fiscal agency at which the principal and interest
of said bonds shall be payable. The approving opinion of Thomson, Wood
par will
& Hoffman of New York will be furnished. No bids for less than payable
be considered. A certified check for 2% of the bonds bid for, offering
to the City Treasurer, is required. (The tentative report of this
appeared in V. 138, D. 3893.)
JOHNSON COUNTY (P. 0. Buffalo), Wyo.-BONDS CALLED.
Byron Foote. County Treasurer, is said to have called for payment on
June 15, Nos. 1 to 116 of the 5% highway bonds, bearing date of Jan.
1 1922.
JOLIET TOWNSHIP HIGH SCHOOL DISTRICT, Will County,
I11.
-BOND SALE.
-The $50,000 coupon (registerable as to principal)
-were awarded as
refunding bonds offered on June 11-V. 138, P. 3982
4 Us to Stone & Webster and Blodget, Inc., Chicago, and Stifel, Nicolaus
& Co., St. Louis, jointly, at par plus a premium a $410, equal to 100.82,
a basis of about 4.67%. Dated July 1 1934 and duo July 1 1949.
17.2-
Volume 138
Financial Chronicle
Other bids for the issue were as follows:
Premium.
Rate Bid.
Bidder$400.00
Lewis,Pickett & Co., Inc
4%%
326.00
4U,%
Seipp, Prince11 & Co
307.50
4
Channer Securities Co
535.00
5%
H.C. Speer & Sons Co
-We are advised
POSTPONED.
JUNEAU, Alaska.
-BOND ELECTION
that the election scheduled for May 22 on the question of issuing $103,000
improvement bonds
-was postponed indefinitely, pending
-V. 138, p. 3479
word from the Public Works Administration on the terms of a proposed loan
and grant.
KALAMAZOO SCHOOL DISTRICT, Kalamazoo County, Mich.BORRO WING AUTHORIZED.
-The State Loan Board recently authorized
the District to borrow $225,000 in anticipation of tax collections during
the next succeeding fiscal year.
KANSAS CITY SCHOOL DISTRICT (P. 0. Kansas City), Jackson
County, Mo.-BOND OFFERING.
-Sealed bids will be received by C. W.
Allendoerfer. Treasurer of the Board of Directors, at the First National
Bank in Kansas City.until 11 a.m.on June 19,for the purchase of a $500.000
issue of 3.4% or 4% school, series F bonds. Denom. $1,000. Dated
July 1 1934. Due on July 1 as follows: $45,000, 1944 to 1953 and $50,000
in 1954. Prin. and in (J. & J.) payable at the Guaranty Trust Co. in
New York. These bonds are part of an authorized issue of $5,000.000.
voted at an election on Oct. 19 1929, and will be sold for Kansas City
payment and delivery. Authority; Article XVI, Chapter 57. R. S. Mo.
1929. Bonds will be registered by the State Auditor. The approving
opinion of Clay, Dillon & Vandewater of New York, will be furnished.
A certified check for $25.000 must accompany the bid.
KING COUNTY (P.O.Seattle), Wash.
-BOND SALE CANCELED.
It is stated by George A.
'Grant. Deputy County Auditor, that the $485.000
not to exceed 6% semi-annual funding bonds previously scheduled for sale
on June 11-V. 138, P. 3645-were withdrawn from the market. Dated
July 1 1934. Due in from 2 to 20 years after date. (Attention is called
to the $500.000 indigent relief bonds being offered for sale on June 18
see V. 138. P.3813.)
-The Local
KINSTON, Lenoir County, N. C.
-BONDS APPROVED.
Government Commission is said to nave approved recently the issuance of
$15,000 in street widening and improvement bonds.
-A specia
KIRKSVILLE, Adair County, Mo.-BOND ELECTION.
election will be held on June 19 to vote on the issuance of $225,000 in bonds
for the erection of two elementary school buildings.
LAGUNA BEACH HIGH SCHOOL DISTRICT (P. 0. Santa Ana)
Orange County, Calif.
-At the election held on June 5
-BONDS VOTED.
• -V.138. p. 3813
-the voters approved the issuance of the $75,000 in high
school bonds, according to the County Clerk. No date of sale has been
fixed as yet.
-Sealed
-BOND OFFERING.
LAFAYETTE, Lafayette Parish, La.
bids will be received by Mayor Robert L. Mouton. until 10 a. m.on June 26.
for the purchase of an issue of $125,000 6% semi-ann. improvement
bonds. Denom. $500. Due from June 1 1935 to 1959, incl. These bonds
were authorized at an election on Nov.30 1931, and are secured by the levy
of special taxes in excess of all other taxes sufficient to pay the interest and
principal thereof. A certified check for $4.000, payable to the city, must
accompany the bid. (This report supplements that given in V. 138, P.
3813.)
-BOND ELEC TION.-It is
LAMBERTON, Redwood County, Minn.
reported that an election is scheduled for June 18. to have the voters pass
on the issuance of $10:000 in not exceeding 451% paving bonds.
-The $295.000
-BOND SALE.
LANCASTER,Lancaster County, Pa.
-were
coupon or registered bonds offered on June 7-V. 138, p. 3645
awarded as 3s to a group composed of E. H. Rollins & Sons; Singer, Deane
& Scribner. Inc. and Edward Lowber Stokes & Co., all of Philadelphia, at a
price of 101.13, a basis of about 2.89.
$250.000 bonds were sold at par plus a premium of $2,842.50, equal to
101.13 Dated July 1 1934 and due on July 1 as follows: $3.000.
1936; $4,000, 1937;$6,000, 1938 and 1939: 59,000, 1940 and 1941;
$10.000 from 1942 to 1944 incl.; $12.000, 1945 and 1946: $15,000.
1947 and 1948; $20.000 from 1949 to 1952 incl.; 522.000 in 1953
and $25,000 in 1954.
45,000 bonds sold at par plus a premium of $511.65. equal to 101.13.
Dated June 15 1934 and due June 15 as follows: $2,000 from 1935
to 1949 incl. and $3,000 from 1950 to 1954 incl.
The following is a list of the other bids submitted at the sale:
-Premium
Int.
Bidder
Rate.
-$250,000. $45,000.
Bloren & Co
$260.96
$1,599.76
3%
E. W. Clark & Co. and W. H. Newbold's
243.00
1.350.00
Son & Co
171.45
1,305.00
Dougherty, Corckran & Co
5
525.56
0.0. Collings & Co
3)1%2,919.7
329.75
Janney & Co
59.36
3%
Guaranty Co. of New York and Brown
940.00
Bros. Harriman & Co
3
Moncure, Biddle & Co
235.50
1,445.50
3,785.00
613.35
Union Trust Co., Pittsburgh
3k%
1,282.50
Yarnell & Co.and Graham Parsons & Co-3 0
58.50
LARAMIE, Albany County, Wyo.-BOND CALL.-Geo. E. Harvey,
City Treasurer, is reported to be calling for payment at his office or the
First National Bank in Laramie, on July 1 Nos. 8 to 162 of the 5% sewer
bonds, dated July 1 1923.
-The $95.000
-BOND SALE.
LAWRENCE, Nassau County, N. y.
coupon or registered street improvement bonds offered on June 11-V. 138.
-were awarded as 4.20s to Adams, McEntee & Co. of New York,
p. 3983
at a price of 100.41, a basis of about 4.15%. Dated May 1 1934 and due
May 1 as follows: $5,000 from 1935 to 1948. incl.; $6,000 from 1949 to
1951. incl. and $7,000 in 1952. The bankers are re-offering the bonds for
public investment at prices to yield from 3 to 4%,according to maturity.
LEET TOWNSHIP SCHOOL DISTRICT (P. 0. Fair Oaks), Alle-H. D. Walker, Secretary of
gheny County, Pa.
-BOND OFFERING.
the Board of School Directors, will receive sealed bids until 8 p. m.(Eastern
Standard Time) on July 2 for the purchase of $7,000
5 or 5)1% bonds.
Dated June 1 1934. Denom. $1,000. Due $1,000 on Juno 1 from 1937 to
1943 incl. Interest is payable in J. & D.,free of all tax levied pursuant to
any law of the State of Pennsylvania. The District will pay for the printing
of the bonds and will furnish the successful bidder with the legal approving
opinion of Burgwin, Scully & Burgwin of Pittsburgh. A certified check for
$500. payable to the order of the District Treasurer, must accompany each
proposal.
LEWIS AND CLARK COUNTY SCHOOL DISTRICT NO. 25
(P. 0. Craig), Mont.
-The $12,000 school bonds
-INTEREST RATE.
that were purchased at par by the State Land Commission on May 28-V.
138, P. 3983-were sold as 5%s.
LEXINGTON, Fayette County, Ky.-FEDERAL FUND ALLOTMENTS REDUCED.
-The loans and grants to this city aggregating
$1.792,000, for storm water sewer construction and sewage disposal plant
additions, that were approved by the Public Works Administration in
November. January and April, have been changed to grants alone, aggregating 5495,970.
-BOND
LIMA CITY SCHOOL DISTRICT, Allen County, Ohio.
OFFERING.
-W. C. Derbyshire, Clerk of the Board of Education, will
receive sealed bids until 12 m. on June 30 for the purchase of 511,330 6%
land purchase bonds. Dated April 1 1934. Due as follows: 51.330.
Oct. 11935; $1,000, April 1 and Oct. 1 from 1936 to 1940, incl. Interest
is payable semi-annually. Bids for the bonds to bear interest at a rate
other than 6%,expressed in a multiple of % of 1%. will also be considered.
A certified check for $500, payable to the order of the Board of Education,
must accompany each proposal.
-SCRIP ISSUE PLANNED•
LINCOLN PARK,Wayne County, Mich.
-The Council has passed a resolution authorizing that application be made
to the State Loan Board for permission to issue $28,000 in scrip, to bear 5%
interest, mature in five months and be secured by taxes for the fiscal year
1934-1935.
-WARRANTS CALLED.
LOGAN COUNTY (P.O.Sterling), Colo.
The County Treasurer is said to have called for payment at his office on
warrants.
June 7, various school district and county
4165
LOGAN COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Willard),
0
-A 524.500 issue of 5j.;7 refunding bonds is re-BOND SALE.
Colo.
ported to have been purchased recently by Sullivan & Co. of Denver.
Dated June 11934. Due from Dec. 1 1938 to 1950.
-The First of
-TEMPORARY LOAN.
LYNN, Essex County, Mass.
Boston Corp. purchased on June $12 a $200,000 revenue anticipation loan
each on June 3 and June 10 1935.
at 1.15% discount basis. Due $100,000
Other bids were as follows:
Discount Basis.
Bidder1.20%
W.0. Gay & Co.(plus $5 premium)
1.43%
of Boston
Merchants National Bank
1.48%
Faxon, Gade & Co
NO. 46
LYON COUNTY INDEPENDENT SCHOOL DISTRICT received
-BONDS OFFERED -Sealed bids were
(P.0. Marshall), Minn.
until 8 p. m:on June 16, by T. H. Lohrke, District Clerk,for the purchase
of a $27,000 issue of 4)1% semi-ann. refunding bonds. Denom. $1,000.
Due on Jan. 1 as follows: 57,000, 1956 to 1958. and $6,000 in 1959.
-BONDS AUTHORIZED.
MANSFIELD, Richland County, Ohio.
The City Council recently passed an ordinanace providing for the issuance
later
of $20,000 6% sanitary sewer improvement bonds, to be dated not
than July 1 1934 and mature $2,000 each six months on April 1 and Oct. 1
from 1935 to 1939, incl. Principal and interest (A. & 0.) payable at the
City Treasurer's office.
-PLANS BOND REFUNDNIG IN ACMAPLE HEIGHTS, Ohio.
-The City
CORDANCE WITH RECENT FEDERAL LEGISLATION.
June 6 authorized Auditor Gerald Mansell to proceed with the
Council on
$33.000.000 of bonds outstanding in
task of refunding the approximately
Bill
accordance with authority contained in the Municipal Bankruptcy
It is planned
signed by President Roosevelt on May 24-V. 138,P. 3640.
to postpone existing maturities for a period offrom 10 to 15 years.
-Russell H. Denny,
-BOND OFFERING.
MARGATE CITY, N. J.
City Clerk, will receive sealed bids until 4:30 p. m.(Daylight Saving Time)
on June 21 for the purchase of $342,000 bonds, divided as follows:
the
$242,000 tax revenue bonds. Denoms. $1.000. or as requested by
purchaser, but not less than $1.000. Due June 15 1937. Issued
delinquent taxes. Interest payable semi-annually
against 1933
on December 15 and June 15.
100,000 tax anticipation bonds. Denoms. $1.000. or as requested by
the purchaser, but not less than $1,000. Due Dec. 31 1934.
Issued against 1934 tax revenues. Interest payable on Dec. 31
1934.
of not
Each issue is dated June 15 1934. Bidder to name a rate of interestBidder
more than 5%,expressed in a multiple of one one-hundredth of 1%.
all of the bonds. A certified check for
to name a single interest rate for
2% of the issues bid for. payable to the order of Louis G. McCorkle, City
Treasurer, must accompany each proposal. The approving opinion of
Clay. Dillon & Vandewater of New York will be furnished the successful
bidder.
-The
MARTINSVILLE, Henry County, Va.-BOND ELECTION,
City Clerk reports that an election will be held on June 28 to vote on the
issuance of $100,000 in 4)1% water, sewage disposal, and street impt.
bonds.
-A complete list
-DEALERS'REFERENCE LIST.
MASSACHUSETTS.
contained in the
of dealers interested in Massachusetts municipals ispress. Firms who
"Classified Markets," just off the
1934 edition of
specialize in these bonds are indicated by a star placed before the listing.
the
l'he lists are alphabetically arranged under the cities in which 150 firms
other
are located, making an ideal mailing and prospect list. Over
classifications are covered, including municipal bonds of all States of this
the various Provinces of Canada. Published by Herbert
country, besides
D. Siebert & Co., 25 Spruce St., New York City. Price $6 per copy.
-The $15,000
-BOND SALE.
MEADVILLE, Crawford County, Pa.
April 104% Fire Department equipment pm chase bonds offered on each to the
-were sold at a price of par as follows: $7,500
V. 138, p. 2119
Crawford County Trust Co., Meadville and the First National Bank of
Meadville. Dated May 1 1934 and due on May 1 1949.
-BONDS
MENOMINEE COUNTY (P. 0. Menominee), Mich.
-C. W. McNear & Co. of Chicago are offering for
PUBLICLY OFFERED.
bonds
public investment a block of 5153.000 531% coupon refunding road 1936.
at prices to yield, according to maturity, as follows: 1935. 2.50%;
4.10%. and for 1942 to
3%; 1937, 3.50%; 1938, 3.75%; 1939, 4%; 1940, $1,000. Due $10,000
1948,id,,4.25%. Dated June 30 1934. Denom.
from 1935 to 1937, incl.; $11,000, 1938 and 1939; $12,000. 1940; $3.000
1942; 513.000. 1943; 59.000. 1944; 514,000, 1945; 515,000,1946; $17,000
(J. & D. 30) Payable
1947, and $18,000 in 1948. Principal and interestof Chapman & Cutler
at the County Treasurer's office. Legal opinion issue of $208,000.-V.
Chicago. The bonds are part of an original
of
138, p. 2967.
Financial Statement.
(As furnished by County Accountant, April 10 1934)
519.382.077
Assessed valuation 1933
200,000
Total bonded indebtedness, this issue
Population 1930 Census, 23,652.
subThe above statement does not include debts of any other political
divisions which have the power to levy taxes within this county. by County
Tax Levies and Collections for County Purposes(as furnished
-Levied 1930-31, 5323.119.95; collected to
Accountant, April 10 1934).
date. $286,date, $292,970.29. Levied 1931-32. $339,444.51; collected to $252,308.47.
to date.
724.64. Levied 1932-33. $307,020.94; collectedNov. 1 1934.
delinquent until
Levied 1933-34. $182,091.31; not
FUND
MENOMENEE FALLS, Waukesha County, Wis.-FEDERAL
con-The loan and grant of 521,000 for sewer Feb.
ALLOTMENT REDUCED.
'Works Administration in
struction that was approved by the Public
-has been changed to a grant of $7,000.
-V.138. p. 1263
-TEMPORARY
MERRIMACK COUNTY (P. 0. Concord), N. H.
.-The cotnty borrowed a total of $100,000 on a temporary
FINANCING
-as follows: A $50,000 revenue anticipabasis on June 12-V. 138. p. 3984
Whittetion loan, due Dec. 17 1934. was awarded to Ballou, Adams & $55,000
an issue of
more, Inc. of Boston. at 0.59% discount basis, while Manufacturers Narefunding notes, due March 15 1935, was sold to theloan is dated June 14
tional Bank of Detroit at 0.65% discount basis. Each
1934. Bids were as follows:
$55,000
$50.000
Discount Basis.
Bidder*0.657
0.607
Manufacturers National Bank of Detroit
0.97
*0.59
m
Ballou,Adams & Whittemore,Inc
1.274
0.77
W.O. Gay &Co
0.90%
Knowles
Whiting, Weeks &
0.93%
National Shawmut Bank
* Accepted bids.
METROPOLITAN WATER DISTRICT(P.O. Los Angeles), Calif.
-The $8.064.000 issue of Colorado River water works bonds
BOND SALE.
-was purchased by the Reconoffered for sale on June 8-V. 138, P. 3984
struction Finance Corporation. as 5s. Dated July 1 1934. Due $224,000
from July 1 1949 to 1984 incl. No other bids were received.
-BONDS NOT SOLD.
MIDLAND PARK, Bergen County, N. J.
The issue of $33.000 not to exceed 6% interest coupon or registered im-was not sold.
provement bonds of 1932 offered on June 4-V. 138, p.3646
as no bids were obtained. Dated June 1 1934 and due June 1 as follows:
$5,000 from 1935 to 1937 incl. and $6,000 from 1938 to 1940 incl.
.-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. (Central
Standard Time) on June 25, for the purchase of a 55.000.000 issue of
road,series W bonds. Dated June 15 1934, Due 51,000.000 from June 15
1953 to 1957. incl. These bonds are coupon bonds, in the denomination
of $1,000, registerable as to principal, or as to both principal and interest,
and are exchangeable for fully registered bonds in the denomination of
$5.000. 510.000, 550.000 and $100.000, which fully registered bonds may
again be exchanged for coupon bonds in the denomination of 51.000, on
the payment of $1.00 per thousand. Rate of interest to be determined
after bids are received. The bonds will be sold to the highest bidder at
par or better, at the lowest rate of interest, all of said bonds to bear the
same rate of interest. Principal and interest payable at the Chase National
Bank in New York. The approving opinion of Roy McKittrick, AttorneyGeneral, and Benj. H. Charles of St. Louis will be furnished the purchaser.
4166
Financial Chronicle
Delivery of the bonds will be made on or before July 20 1934, at St. Louis.
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 1934. as to which of said places is desired, 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. Each bids must be submitted on a form furnished by the State
Treasurer. It is set out that the full faith, credit and resources of the
State are pledged to the punctual payment of the principal and ihterest
of these bonds, which are payable by an unlimited ad valorem tax authorized
by the State Constitution. A certified check for 1% of the amount of
bonds bid for, payable to the State Treasurer, is required.
MOAB, Grand County, Utah.
-An election is
-BOND ELECTION.
said to be scheduled for June 26 to vote on the issuance of $46,000 in sewer
and water bonds.
MONAHANS, Ward County, Tex.
-BONDS VOTED.
-At an election
held on May 28 the voters approved the issuance of $26,000 in municipal
sewer system bonds by a wide margin. (An allotment in this amount was
approved by the Public Works Administration in January for the said purpose.
-V.138, El. 183.)
MONTROSE, Montrose County, Colo.
-BOND .SALE.
-A $40,000
Issue of 4 y,% water bonds is reported to have been purchased by a group
composed of Brown, Schlessman, Owen & Co.: Collins, Croke & Co., and
Peters, Writwe, Christensen & Co., Inc., all of Denver. at a price of 100.47.
MOUNT LEBANON TOWNSHIP (P. 0. Mount Lebanon), Allegheny County, Pa.
-BOND SALE.
-The issue of $90,000 4% park,
street and sewer bonds offered on June 11-V. 138, p. 3646
-was awarded
to R. M. Snyder & Co. of Philadelphia at par plus a premium of $1,269.
equal to 101.40, a basis of about 3.87%. Dated May 1 1934 and due
$3,000 on May 1 from 1935 to 1964, inclusive.
MOUNT OLIVER SCHOOL DISTRICT, Allegheny County, Pa.
BOND OFFERING.
-Sealed bids will be received by the Secretary of the
Board of Directors until July 6 for the purchase of $50,000 school bonds.
MOUNT VERNON, Knox County, Ohio.
-LIST OF BIDS.
-The
$23,000 coupon storm sewer bonds awarded on June 6 as 44s to Johnson,
Kase & Co. of Cleveland, at par plus a premium of $51, equal to 100.22, a
basis of about 4.21%-V. 138, p.3984
-were also bid for by the following:
BidderInt. Rate. Premium.
Braun, Bosworth & Co., Toledo
43p
$95.00
Aasel, Goetz & Moerlein, Inc., Cincinnati
133: 5
57
5 00
Seasongood & Mayer, Cincinnati
44
Hayden, Miller & Co., Cleveland
44
21.00
Provident Savings Bank & Trust Co., Cincinnati- 4 i V
25.30
Ryan,Sutherland & Co., Toledo
44 _,
,
33.50
Charles A. Hinsch & Co., Inc., Cincinnati
44%
12 :0
8 00
0
70
McDonald-Callahan-Richards Co., Cleveland
54 /,
First National Bank, Mount Vernon
5
Par
Knox County Savings Bank, Mount Vernon
6V
500.00
G.Parr Ayres & Co., Columbus
44
33.57
Fox, Einhorn & Co
4V
126.00
Merrill, Hawley & Co
43(
102.50
Knox National Bank, Mount Vernon
5
10.00
Otis & Co., Cleveland
14.00
NEOSHO, Newton County, Mo.-FEDERAL FUND ALLOTMENT
REDUCED.
-The loan and grant of $41,000 for sewage disposal plant construction, approved by the Public Works Administration in Jan.
-V. 138,
p.361-has been changed to a grant alone, in the sum of $12,300.
NEW CANAAN,Fairfield County,Conn.
-BONDS AUTHORIZED.
The Borough Council has authorized an issue of $66,000 sewer bonds.
NEWCASTLE, Weston County, Wyo.-BOND SALE.
-The $20,000
4% semi-ann. water works bonds offered for sale on May 25-V. 138, p.
3647
-were purchased at par by the State of Wyoming. Dated June 1
1933. Due from 1934 to 1953 inclusive.
NEW HAVEN, New Haven County, Conn.
-MATURITY OF LOAN.
-The $500.000 tax anticipation note issue sold last week to the Chase
National Bank of New York at interest of0.45%-V. 138, p.3985
-matures
on Aug. 10 1934.
NEW LONDON, New London County, Conn.
-NOTE SALE.
Carey Congdon, Director of Finance, reports that an issue of $100,000 tax
anticipation notes has been sold to Lincoln R. Young & Co. of Hartford
at 0.65% discount basis. Due Oct. 15 1934.
BONDS AUTHORIZED.
-The Board of Finance has approved an issue
of $50,000 highway improvement bonds. A grant toward cost of the work
will be sought from the PWA.
NEWPORT, Herkimer County, N. Y.
-BOND .SALE.
-Mrs. Mildred
Young, Town Clerk, recently reported the sale of $20,000 5% bonds, at
par, to the First National Bank of Dolgeville.
NEW YORK, N. Y.
-BORROWS $8.000,000 AT NEW LOW INTEREST
RATES.
-Comptroller Joseph D. McGoldrick announced on June 9 that
he had completed negotiations for two new short term loans at recordbreaking interest rates for the city. The first of the two loans is one of
$5,000.000 of special revenue bonds at 1). %, dated June 14 and due in
120 days; the second is one of $3,000,000 of special revenue bonds at 1%
dated June 21 and due in 120 days. both of which have been purchased
for the account of Haligarten & Co., Ladenburg Thalmann & Co., R. W.
Pressprich & Co.and Blyth & Co. These bonds,like the issue of$10,000,000
sold earlier in the week at 14%, which was the previous low rate for
-day money
120
-V. 138. p. 3985
-are sold in anticipation of payment by
the State of its share of salaries of teachers of public schools which must
be paid this summer. They are issued under authority of Section 186 of the
Charter. In making the announcement the Comptroller pointed to the
fact that last year the city paid as high as 54% for short term money, and
he remarked that no comment that he could make would more effectively
point out the progress that has been made in rehabilitating the city's
credit than the record low rates of 14% and 1%.
$3,000,000 BORROWED AT NEW RECORD LOW INTEREST RATES.
Comptroller McGoldrick announced on June 13 that a new all-time record
for low interest on city securities had been established through the sale
of $3,000,000 special revenue bonds to Salomon Bros. & Hutzler of New
York at a rate of 54 of 1% The bones are dated June 15 1934 and mature
in 60 days. Proceeds willbe used to pay judgments against the city bearing 6% interest.
CITY BOND PRICES SHOW SHARP ADVANCE
-NEW $75,000,000
ISSUE EXPECTED.
-The strength and activity displayed in outstanding
bonds of the city, particularly the 448 of 1981. in recent days has given
added emphasis to the possibility of the early offering of a new issue of
*75.000,000 long-term corporate stock and serial bonds. It is known that
the city is desirous of effecting such a sale in order to bring about a further
reduction in its temporary debt. The existing 454% bonds were quoted
in the market on June 12 at 101 bid and 101.50 asked. A summary of the
financial condition of the city, issued on June 12 by the investment banking
house of Van Alstyne, Noel & Co., Inc.. New York. and having been
prepared in co-operation with the city's Department of Finance, pointed
out that the time now seems propitious for a sale of bonds by the city
at favorable terms and commented on the remarkable improvement that
has been made in the finances of the municipality during the first five
months of 1934 as follows:
"Of the net bonded debt of ,2,146,707,481 held by the public on Dec. 31
1933,80% consisted of long-term bonds or corporate stock and about 209'
temporary debt. Included in the temporary debt is $200.000,000 of special
corporate stock notes issued to finance capital additions and improvements
required to be financed by long-term funded debt and which will be converted as soon as sales can be arranged. From Dec. 31 1933 to May 24
1934 the temporary debt was reduced $66,230,300. being approximately
15%, or from $444,507,115 to $378,276,815. Of the temporary debt
represented by revenue bills and revenue notes, $100,000.000, or more than
449', were redeemed from tax collections between the effective date of the
bankers' agreement, Oct. 30 1933 and May 24 1934.
"Concrete evidence of the improvement in tax collections is reflected
in the following facts: Uncollected taxes for 1933 on last Dec. 31 were
26.42%, whereas by May 21 1934 this percentage had been reduced to
16.989' The first half collection of 1934 taxes paid to May 21 1934 was
of
66.519 . the levy compared with 61.59% for the first half collection of
1933 taxes paid to June 21 1933. (These dates are comparable inasmuch
as the time for payment of taxes is one month earlier in 1934.) The second
half collections of 1934 taxes paid in advance was 124%, which is larger
than ever before. An unprecedented inflow of taxes in arrears during 1934
to May 21, when $61,680,512 was collected.'
4
June 16 1934
SEEKS $1,867,300 PWA FUNDS.
-Comptroller Joseph D. McGoldrick
on June 12 presented to Arthur S. Tuttle, State Engineer of the Federal
Emergency Administration of Public Works, the formal application of the
city for a Public Works Administration loan of $1,867,300 for the project
known as the Coney Island Sewage Treatment Works. The loan, if
granted, will be the first step in the development of the general plan for
sewage disposal as developed by the Department of Sanitation.
-The
EXTENDS DUE DATE ON $7,500,000 TEMPORARY BONDS.
Sinking Fund Commission on June 12 extended the due date on $7,500,000
special revenue bonds from Oct. 31 1934 to April 15 1935. This was made
possible, Comptroller McGoldrick explained, by the city's present ability
to borrow money from outside sources at much lower rates than previously.
Some 37,500,000 has been invested by the various sinking funds and the city
is taking advantage of its improved credit standing by the extension.
NICHOLS INDEPENDENT SCHOOL DISTRICT (P. 0. Nichols)
Muscatine County, lowa.-BOND SALE.
-The $7,000 issue of coupon
-was
school building bonds offered for sale on June 5-V. 138, p. 3815
purchased by the Carleton D. Beh Co. of Des Moines, as 35is, paying a
premium of $24, equal to 100.34, a basis of about 3.45%. Due serially
from 1936 to 1942.
-TEMPORARY LOAN.
NORTHAMPTON,Hampshire County,Mass.
-The Merchants National Bank of Boston purchased on June 14 an
$85,000 revenue anticipation loan at 0.49% discount basis, plus a premium
of $13. Due Nov. 28 1934. Other bidders were: W. O. Gay & Co..
0.72%; Second National Bank of Boston, 0.78%; Washburn, Frost & Co.,
1%,and F. S. Moseley & Co. at 1.15%.
NORTH BERGEN TOWNSHIP, N. J.
-REDUCTION OF DEBT
PRINCIPAL FAVORED AS RELIEF MEASURE.
-At a public meeting
held in Trenton on June 1. the Municipal Finance Commission, which has
been administering the financial affairs of the Township since June 1931.
agreed with the North Bergen Civic and Taxpayers' Association that reduction of debt service charges on outstanding obligations, through a slicing
of the interest rates carried on the debts and even paring of the debt
principal, would constitute the only source of relief for the Township's.
property owners, according to the "Jersey Observer" of June 2. It was
disclosed at the meeting that surveys are being made by C. E. Rightor,
State commission representative and former Comptroller of Detroit, Mich.,
and Thomas H. Reed of the National Municipal League, regarding the
possibility of refinancing the Township's $17,800,000 net bonded debt.
-BOND SALE.
-The
NORTH CAROLINA,State of(P. 0. Raleigh).
$12,230,000 coupon or registered general fund lbonds offered for sale on
-were awarded to a syndicate composed of the
June 12-V. 138. p. 3647
First National Bank. National City Bank, Bankers Trust Co., and Chase
National Bank, all of New York; Wachovia Bank & Trust Co. of WinstonSalem; American Trust Co. of Charlotte; Kidder, Peabody & Co.', Stone &
Webster and Blodget, Inc.; Salomon Bros. & Hutzler; E. H. Rollins & '
Sons; B. J. Van Ingen & Co.; Phelps, Fenn & Co.: Geo. B. Gibbons & Co.,
Inc.; First of Michigan Corp.; Eldredge & Co., all of New York; and
Mercantile-Commerce Co. of St. Louis, at par, a net interest cost of about
3.76% on the bonds divided as follows: 36.700,000 as 4545. maturing
$1,000,000 from 1936 to 1941, and $700,000 in 1942, and $5,530,000 as
.
3545. maturing as follows: $300,000 in 1942: $1,000,000, 1943 to 1946, and
$1,230,000 in 1947.
News dispatches listed the other bids for the bonds as follows:
A second tender of par for $8,750,000 44s and $3,480,000 354s, or a net
interest cost of 4.02%, was submitted by a syndicate comprising Lehman
Brothers of New York, the First of Boston Corp. Halsey, Stuart & Co.,
Inc., Blyth & Co., Estabrook & Co., the Bancanierica-Blair Corp., Hallgarten & Co., R. W. Pressprich & Co., Graham, Parsons & Co., Kean,
Taylor & Co., Darby & Co., R. S. Dickson & Cef.. Burr ,St Co., Stifel,
Nicolaus & Co. and the Equitable Securities Corp of Nashville.
Also Mason-Hagen, Inc., Wallace & Co., Hemphill, Noyes & Co., L. F.
Rothschild & Co., Bacon, Stevenson & Co., the First National Bank of
Memphis, Wertheim & Co. Wells-Dickey Co., the Branch Banking &
Trust Co. of Wilson, Kirscliofer & Arnold, F. S. Moseley & Co., R. H.
Moulton & Co., Schaumburg, Rebhann & Osborne,the Interstate Securities
-P. Murphy & Co., the Trust Co. of Georgia, the
Co. of Nashville, G. M.
Milwaukee Co., Stern Brothers & Co., Hannahs, Bailin & Lee, Eberstadt
& Co., Rutter & Co., Kalman & Co., A. M. Kidder & Co., Lewis & Hall.
Robinson, IIumphrey & Co., Piper, Jaffray & Hopwood, F. W. Craigle
& Co. and Donald O'Nlel & Co.
-The successful bidders reBONDS OFFERED FOR SUBSCRIPTION.
offered the above bonds for general investment, the 44% bonds at prices
to yield from 1.75% to 3.85% and the 34% bonds priced to yield from
3.80% to 3.90%, all according to maturity. The bonds, in the opinion
of counsel, are direct and general obligations of the State, and are exempt
from present Federal and North Carolina income taxes. They are legal
investments for savings banks and trust funds in New York and other
States, according to the offering notice.
-BOND OFFERING.
-Charles M.CampNORTH DANSVILLE, N. Y.
bell, Town Supervisor, will receive sealed bids until 5 p. m.(Eastern Standard Time) on June 25 for the purchase of $20,000 not to exceed 6% interest
coupon or registered airport bonds. Dated June 11934. Denom. $1,000.
Due $2,000 on June 1 from 1935 to 1944 incl. Bidder to name a single
interest rate for all of the bonds, expressed in a multiple of g or 1-10th
of 1%. Principal and interest (J. & D.) payable at the Chase National
Bank, New York. The bonds are said to be unlimited tax, general obligations, and will be approved as to legality by Clay, Dillon & Vandewater
of New York. A certified check for $400, payable to the order of the
Town, must accompany each proposal.
NORTH HAVEN, Knox County, Maine.-PWA ALLOTMENT
CHANGED.
-The Public Works Administration's original allotment of
$5.800 on a loan and grant basis to toe town for water works purposes has
been changed to a grant of only $1,800.
OHIO (State of).
-LOCAL POOR RELIEF BOND ISSUES AUTHORIZED.
-The State Relief Commission on June 6 authorized six counties
to issue $624,849 selective sales tax poor relief bonds, as follows: Franklin,
$220.000; Lucas. $210,000; Stark, $156,000; Lake, $18,849 and $10,000
each for Knox and Logan Counties.
OKLAHOMA CITY, Oklahoma County, Okla.
-REPORT ON BOND
RETIREMENTS.
-We quote in part as follows from a report appearing
in the Oklahoma City "Oklahoman" of June 6:
"Oklahoma City taxpayers probably will pay from $1.40 to $1.60 less
on a $1,000 valuation next year because of substantial retirement of municipal bonds during the last six months.
"That slash from the tax melon was predicted Tuesday by F. G. Baker.
City Auditor, when he estimated that the city sinking fund levy will be
reduced from 1.4 to 1.6 mills for the fiscal year of 1934-35. Baker said
retirement of municipal bonds aggregating more than $1,600,000 during
this fiscal year should reflect the reduction.
"Bonds totaling $885,000 were retired June 1, representing bonds issued
25 years ago for purchase of the city park system and Grand Boulevard,
and construction of the city jail, a sewer system, and fire department
improvements.
"Included in other retirements this year was a, $174,000 payment in
February on the 1922 bond issue for the downtown railway park land."
OLYPHANT SCHOOL DISTRICT, Lackawanna County, Pa.BOND OFFERING.
-John R. O'Connor, District Secretary, will receive
bids until 8 p. m. on June 19, for the purchase of $80,000 5% Mansfield
Act operating revenue bonds and a further issue of $25,000 5% bonds,
each dated June 1 1934 and maturing as follows:
$80,000 bonds, due $8,000 annually.
25,000 bonds, due $2,600 annually.
The bonds will be in denoms. of $1,000 and $500, with interest payable
semi-annually.
ONEIDA COUNTY(P.O. Utica), N. Y.
-BOND SALE.
-The $352,000
coupon or registered revenue deficieney bonds offered on June 12-V. 138.
p. 3815
-were awarded jointly to the Manufacturers & Traders Trust Co.,
Biiffalo, and Adams, McEntee & Co. of New York, as 2.3Cs, at par plus a
premium of $313.98, equal to 100.08, a basis of about 2.2757. Dated
June 1 1934 and clue June 1 as follows: $27,000, 1935; $25,000,°
1936, and
$50.000 from 1937 to 1942 incl. The purchasers are making public reoffering of the bonds at prices to yield from 0.625 to 2.50%, according to
maturity. They are declared to be legal investment for savings banks and
trust funds in New York State. Other bids submitted to the county were
as follows:
Premium.
Bidderin . % %
22/..7 ale.
500R
$880
Blyth & Co.,Inc
546
Halsey,Stuart & Co.,Inc
Volume 138
Financial Chronicle
-The entire
OXFORD, Fumes County, Neb.-BONDS CALLED.
Issue of 4 1% water bonds of Oct. 1 1926, is stated to have been called for
payment at the office of the County Treasurer, or at the office of the
Kirkpatrick-Pettis-Loomis Co. of Omaha, on May 15. (The bonds refunding this issue were purchased recently by the above named company.
V. 138, p. 3647.)
.-ADDITIONAL INPACIFIC GROVE, Monterey County, Calif
-In response to our inquiry regarding the remaining $30,000
FORMATION.
beach improvement property purchase bonds that were passed on by the
-we are informed by the
voters at the election on May 8-V. 138, P. 3815
City Clerk that only the $60,000 bonds were approved, the above issue
having been defeated.
OTHER BIDDERS.
-The following bids were also received for the $60,000
coupon bonds that were awarded to the Anglo-California National Bank
of San Francisco as 43.s at 101.68-V. 138. p.3985:
ltd. Rate. Price Bid.
Names of Other Bidders$60,100
434%
Security State Bank, Pacific Grove
60.000
491%
First National Bank, Pacific Grove
60,550
4%%
Blyth & Co., San Francisco
60,014
4% %
Heller, Bruce & Co., San Francisco
PALO ALTO HIGH SCHOOL DISTRICT(P. 0. San Jose), Santa
-The $110,000 issue of school
Clara County, Calif.
-BOND SALE.
-was awarded jointly
bonds offered for sale on June 11-V. 138, P. 3985
to Donnellan & Co.. and Brush, Slocumb & Co., both of San Francisco.
paying a premium of $593, equal to 100.539, on the bonds divided as follows: $40,000 as 5s, due $5,000 from June 1 1935 to 1942, and $70,000 as 3s,
due on June 1 as follows: $5,000, 1943 to 1949; $6,000, 1950; $7,000, 1951
to 1953. and $8,000 in 1954.
-The successful bidders reBONDS OFFERED FOR INVESTMENT.
offered the above bonds for public subscription at prices to yield from 1%
to 3.35%, according to maturity.
The following note is taken from the "Wall Street Journal" of June 12:
"The sale attracted approximately 25 bids from about 10 individual
houses, most of whom submitted one or two alternative bids. Blyth &
Co.. Inc., offered a premium of $66 for $20,000 5s with the longer bonds
to carry a 3Si% coupon."
-The City
PARIS, Edgar County, 111.
-BONDS AUTHORIZED.
Council has passed an ordinance providing for an issue of $7,000 bonds
for the purpose of financing the purchase of a switch board and other
equipment for the new water works plant.
-BOND OFFERING.
PASSAIC COUNTY (P. 0. Paterson), N. J.
William P. Leary. Clerk of the Board of Chosen Freeholders. will receive
sealed bids until 2 p. m. (Daylight Saving Time) on June 27 for the purchase of 82,317,000 5% coupon or registered bonds, divided as follows:
$946,000 park bonds. Due June 1 as follows: $20,000 from 1935 to 1939
incl.; $25,000 from 1940 to 1972 incl. and $21,000 in 1973.
1 as follows:
695,000 road, bridge and county building bonds. Due June$35,000 from
$25,000 from 1935 to 1941 incl.; $30.000 in 1942 and
1943 to 1956 incl.
504,000 County Welfare Home bonds. Due June 1 as follows: $15,000
from 1935 to 1952 incl.; $20,000. 1953 to 1963 incl., and $14,000
in 1964.
172,000 refunding bonds. Due June 1 as follows: $15,000 from 1935 to
1939 incl.; $20,000. 1940 to 1943 incl., and $17.000 in 1944.
Each issue is dated June 1 1934. Denom. $1,000. Principal and inFirst
terest (J.& D.) payable in lawful money of the United States at theissue,
National Bank of Paterson. A separate certified check for each
in amount of 2% of the bonds bid for, payable to the order of the county.
must accompany each proposal. The approving opinion of Hawkins,
Delafield & Longfellow of New York will be furnished the successful bidder.
-Sealed bids
-BOND OFFERING.
PAWNEE, Pawnee County,Okla.
will be received until 8 p.m. on June 20 by W.C. Williams, City Clerk, for
bonds. Interest rate to be
the purchase of a 548.000 issue of power plant
named by the bidder. Due $3,000 from 1937 to 1952. incl. A certified
check for 2% must accompany the bid. These bonds were approved by
the voters at an election on April 17-V. 138, p. 2969.
.ALLOTTED $11,550.000 RELIEF
PENNSYLVANIA (State of)
FUNDS.
-Harry L. Hopkins, Relief Administrator, announced on June 4
that the Federal Emergency Relief Administration had allotted $11..
550,000 to the State for poor relief purposes during the month of June 1934
PIERCE COUNTY SCHOOL DISTRICT NO. 105 (P. 0. Tacoma),
el
- until 10:30 a. m.
Wash.
-BOND OFFERING.
-Sealed bids will be receive
on June 23, by J. E. Tallant, County Treasurer, for the purchase of a
$2,000 issue of not exceeding 6% semi-ann. school bonds. A certified check
for 5% is required with bid.
-A call is
PINE BLUFFS, Laramie County, Wyo.-BOND CALL.
being issued for the payment of Nos. 1 to 80 of the 6% water bonds, at the
Farmers State Bank in Pine Bluffs, on June 20.
-REFUNDING
PINELLAS COUNTY (P. 0. Clearwater), Fla.
BONDS VALIDATED.
-In a decision given on May 28 over $8,000.000
in refunding bonds was validated by Circuit Judge John W. Bird. It is
said that tnese new bonds, wnich boar a lower interest rate and a later
maturity date, are to be exchanged for outstanding issues, as provided for
in the agreement between the County Commission and the bondholders
V. 138, p. 1951.
SALE.
-The $135,000 addi-BOND
PIQUA, Miami County, Ohio.
tional municipal electric light and power plant construction bonds offered
-were awarded as 4s to the McDonald-Callahan,
on June 9-V. 138, p.3648
Richards Co. of Cleveland at par plus a premium of $1,035, equal to 100.76.
a basis of about 3.84%. Bonds will be dated July 1 1934. Denom.
$1,000. Due June 1 as follows: $13,000, 1936: $14,000, 1937: $13,000.
1938; $14,000, 1939; $13,000, 1940: $14,000, 1941; $13,000, 1942; $14,000,
1943; $13,000 in 1944 and $14,000 in 1945.
-A, F.
-BOND OFFERING.
PLYMOUTH, Richland County, Ohio.
Marvin. Village Clerk, will receive sealed bids until 12 m. on June 29, for
purchase of $5,0006% water works system improvement bonds. Dated
the
May 15 1934. Denom. $500. nue $500 April 1 and Oct. 1 from 1935 to
1939,incl. Interest is payable In A.& 0. Bidsfor the bonds to bear interest
at a rate other than 6%, expressed in a multiple of % of 1%, will also be
considered. A certified check for $200, payable to the order of the Village,
must accompany each proposal.
-NOTICE TO BONDHOLDERS.
PLYMOUTH, Wayne County, Mich.
-L.P. Cookingham, City Clerk,states that he will receive sealed bids until
June 30 from holders of special assessment refunding bonds, due Nov. 1
1938, desirous of selling the obligations to the Sinking Fund. Tenders
will be opened by the City Commission at 7 p.m. on July 2.
-STATUS OF DEBT SERVICE
PONTIAC, Oakland County, Mich.
-Suit of the bondholders' protective committee, according
LITIGATION.
to its Secretary, C. E. lluyette, for a writ of mandamus to compel the city
to include an additional sum in the 1934 tax levy to cover $494,000 in bond
principal and interest charges due in the period from Aug. 1 1934 to Aug. 1
1935 was heard in the Supreme Court of Michigan on June 8. The court's
decision in the case is expected shortly, according to Mr. Huyette. The
crux of the litigation rests on the action of the City Commission in adopting the budget for 1934 carrying a provision of only $71,000 for debt service,
whereas the requirements, as above noted, total $494,000. The city,
according to the Secretary, refused to change its action by negotiation with
the committee. In answering the suit, counsel for the city, it is said,
argued that to make full provision for debt service would increase the tax
levy beyond the 2% limitation provided in the City Charter. It was further
held that if Act No. 273 of the Public Acts of 1925, as amended (Michigan
Bond Act). abrogate the provisions of the City Charter by its requirement
that municipalities make full provision to meet debt service charges on
their obligations, notwithstanding any statutory or charter limitation,
"then the State statute is unconditional under the so-called home-rule
provisions of the Michigan Constitution." It was the position of the plaintiffs that the provisions of the Michigan Bond Act requiring that a sufficient
levy be made to meet bond principal and interest in full, notwithstanding
any statutory or charter limitation, are not repugnant to the Constitutional
Home Rule sections,"Inasmuch as the Constitution has not divested the
Legislature of the power to legislate upon matters of State concern."
-Commenting on the above suit,
CITY OFFICIAL DISCUSSES SUIT.
E. 11. Tinsman, Director of Finance, reported that the budget was adopted
with a provision for only partial payment of debt service charges, on the
basis of a verbal understanding with the bondholders' committee that a
refunding agreement would be effected, providing for a deferment of bond
4167
principal payments for a period of five years and a considerable reduction
in the interest rate for the first two years. The city, according to Mr.
Tinsman, rejected the agreement proposed by the committee "because of
their unreasonable demands." Mr. Tinsman explains that 77% of the
householders are delinquent in their taxes for 1933, and almost as large a
percentage for 1932. He adds that default is readily admitted by the
city and holds that it is imperative that the bondholders agree to some
plan of relief.
-BOND OFFERING.
PORT HURON, St. Clair County, Mich.
T. H. Molloy, Commissioner of Finance, will receive sealed bids until
$76,000
2:30 p. m.(Eastern StandardiTime)on June 20 for the purchase ofDenom.
not to exceed 53.1% interest refunding bonds. Dated July 1 1934.
$1,000. Due July 1 as follows: $5,000 from 1936 to 1943 incl. and $6,000
from 1944 to 1949 Ind. Prin, and in (J. & J.) payable at the Central
Hanover Bank & Trust Co., New York. A certified check for $1,000,
payable to the order of the City Treasurer, must accompany each propm.a.l. The approving opinion of Miller, Canfield, Paddock & Stone of
Detroit will be furnished the successful bidder.
-An
-BOND ELECTION.
PORT LAVACA, Calhoun County, Texas.
election will be held on June 26 to vote on the issuance of $43,000 in revenue
system. The bonds will bear
bonds to improve the present water works
$1,000
4% interest, payable semi-annually. Due on March 15 as follows.: that
in 1938 and $2,000 in 1939 to 1959, incl. (This report supplements
given in V. 138, P.3985.)
-CERTIFICATE SALE.
POUGHKEEPSIE, Dutchess County, N. Y.
Co.,
-Robert P. Jones, City Chamberlain, reports that Halsey, Stuart & of
Inc. of New York purchased on June 9 a total of $175,000 certificates
at 1.34% interest. The total amount consists of $75,000
indebtedness
They
home relief, $65,000 work relief and $35,000 Browne Sewer issues. at the
are dated June 15 1934. Due Dec. 15 1934. Prin. and int, payable
New York. Legality approved by Hawkins.
Chase National Bank,
Delafield & Longfellow of New York.
PULASK.1 TOWNSHIP (P. 0. Avoca), Iowa County, Wis.-BOND
-It is said that an election will be held on June 19 to vote on
ELECTION.
the issuance of $30,000 in highway improvement bonds.
QUINCY TOWNSHIP SCHOOL DISTRICT (P. 0. R. D. No. 2,
-The issue
-LEGAL OPINION.
Waynesboro) Franklin County, Pa.
of $14,500 4% coupon bonds scheduled for sale on June 21-V. 138, P•
-will be approved as to legality by Townsend, Elliott & Munson of
3985
Philadelphia.
-BOND REFUNDING PLAN
RALEIGH, Wake County, N. C.
-A plan was submitted to the Local Government Commission
PROPOSED.
recently, whereby the city could refund $1.250.for approval by the Mayor
000 of its bonded indebtedness and restore its credit basis. Under the plan
the city would be relieved of about $100,000 annually for five years on its
bond principal payments, thus providing a time in which to rebuild its
sinking fund, which was depleted because of bank failures.
-The
RAPID CITY, Pennington County, S. Dak.-BOND SALE.
$166,000 sewage disposal plant bonds that were originally scheduled for
-have since been
sale on April 2, and then postponed-V. 138. p. 2457
purchased by the Public Works Administration, as 4s at par. Due on
Oct. 15 1951 and optional after Oct. 15 1934.
RAPID CITY, Pennington County, S. Dak.-BOND ELECTION.
It is reported that an election will be held on June 19 in order to have the
voters pass on the issuance of $90,000 in water system bonds.
-Antonio
-TEMPORARY LOAN.
RHODE ISLAND (State of).
Prince, General Treasurer, made award on June 12 of $750,000 general
& Trust Co., Boston, at 0.11%
purpose notes to the Boston Safe Deposit
interest plus a premium of $17. Due Aug. 15 1934. Alternative bids had
been requested for the entire issue to mature on that date, or $500,000 due
Aug. 15 1934 and $250,000 on Sept. 15 1934. The notes are authorized by
Chapter 2087 of the Public Laws of 1934 and were approved by the voters
on May 18 1934. Exempt from taxation in Rhode island and payable at
maturity in any coin or currency of the United States of America which
at the time of payment shall be legal tender for the payment of public and
private debts. Legality approved by the Attorney-General of the State.
Other bids for the issue were as follows:
Int. Rate.
Bidder
0.2143%
Providence Clearing House Association
0.22
Bankers Trust Co., New York
0.25
Northern Trust Co., Chicago
0.312%
Whiting. Weeks & Knowles
-The
RICHMOND COUNTY (P. 0. Augusta) Ga.-BOND SALE.
$298,000 issue of 4A % coupon or registered semi-ann. school bonds offered
-was awarded to a syndicate composed
for sale on June 8-V. 138, p. 3816
of the Chase National Bank of New York. the Robinson-Humphrey Co.
of Atlanta, J. H. Hllsman & Co. of Atlanta, and Johnson, Lane,
Space & Co. of Savannah, paying a premium of $40,349.20, a price of
113.54, a basis of about 3.56%. Dated Jan. 11930. Due from Jan. 1 1949
to 1960 incl. A group headed by the Trust Co. of Georgia, of Atlanta,
offered the next highest tender, a bid of 110.79 on the bonds.
-Sealed
-BOND OFFERING.
ROANOKE, Woodford County, III.
bids addressed to George Hauter, Village Clerk, will be received until
June 19 for the purchase of 56,500 5% water impt. bonds. Due serially
from 1935 to 1941 incl. This issue was approved by a vote of 155 to 52
Stan election held on May 29.-V. 138, p. 3986.
-The $1,-NOTE SALE.
ROCHESTER, Monroe County, N. Y.
-were awarded to a
350,000 notes offered on June 14-V. 138, p. 3986
syndicate composed of Lehman Bros., New York, Manufacturers &
Traders Trust Co., Buffalo, R. W.Pressprich & Co., New York,and Sage.
Rutty & Steele of Rochester, which paid a price of par based on an interest
rate of 1.20%. The notes are dated June 14 1934 and comprise $450,000
tax revenue of 1933, due Dec. 14 1934; $450,000 tax revenue of 1933, due
Sept. 15 1934;$250.000 public welfare, due Feb.14 1935and $200,000 public
works construction, due Feb. 14 1935. The bankers re-offered the notes
for public investment at prices to yield from 0.50 to 1%. Halsey, Stuart
& Co.. Inc. of New York submitted the second highest bid of par based on
interest rates of 0.82%, 1.17% and 1.43%.
ROCK ISLAND SCHOOL DISTRICT, Rock Island County, Ill.on
-The Harris Trust & Savings Bank of Chicago purchased
BOND,SALE.
3% school building construction bonds at par
June 6 an issue of $110,000
plus a premium of $487. equal to 100.43. E. F. Burch, Manager of the
sehoo system, stated that the interest rate was the lowest ever paid on
school bonds. The purchasers announced that they had arranged in advance for the re-sale of the obligations on a 2.70% yield basis.
ROYAL OAK TOWNSHIP SCHOOL DISTRICT NO.8(P.O. Royal
-The District
-LOAN AUTHORIZED.
Oak), Oakland County, Mich.
has been granted permission to borrow $68,070 on certificates of indebtedpayment of defaulted bond interest.
ness to provide funds for the
--Sealed bids
RUTLAND, Rutland County, Vt.-BOND OFFERING.
addressed to the City Treasurer will be received until 2 p. m. (Eastern
Standard Time)on June 21 for the purchase of 565,000 391% funding and
relief bonds. Dated July 1 1934. Due July 1 as follows: $3,000 from
1935 to 1955 incl. and $2,000 in 1956. Interest is payable in J. & J.
Bids must be for at least par and accrued interest.
The bonds will be issued in coupon form, in denoms. of $1,000, registerable as to both principal and interest. Payable with J. & J. interest at
the National Shawmut Bank, Boston. This institution will supervise the
engraving of the bonds and certify as to their genuineness. Legal opinion
of Storey, Thorndike, Palmer & Dodge of Boston will be furnished the
successful bidder.
Financial Statement June 11 1934.
513.000,156
Assessed valuation 1833, net 50%
1,029 000
Total bonded debt (present loan included)
None
Water debt
197,341
Sinking funds, other than water
Population, 1933 Census, 17,315.
RUTLAND INDEPENDENT SCHOOL DISTRICT (P. 0. Rutland)
-Both sealed and open bids
Lake County, S. Dak.-BONDS OFFERED.
were received at 2 p. m. on June 14, by Andrew Arent, Secretary of the
Board of Directors, for the purchase of a $15,000 issue of school bonds.
Dated May 1 1934. Due on Nov. 1 as follows: $500, 1936 to 1941,and $1,000
1942 to 1953, all incl. A certified check for 5% must accompany bid. (An
allotment of $25,000 has been approved by the Public Works Adminis-V. 138. p. 1265.)
tration
4168
Financial Chronicle
SACRAMENTO, Sacramento County, Calif.
-BONDS CALLED.
The City Treasurer is said to be calling for payment at the Chase National
Bank in New York City, on July 1, filtration plant bonds, bearing date of
Jan. 1 1920.
ST. LOUIS, Mo.-COMPTROLLER REFUSES TO CERTFY BONDS.
-The following report is taken from the Chicago "Journal of Commerce"
of June 8:
City Comptroller Louis Nolte has declared that he will not certify that
the city is prepared to meet interest and principal payments on the $16,100,000 in public works bonds voted May 15 until the city has provided
additional revenue to take care of these obligations. The board of estimate
and apportionment on June 5, after a protest by Nolte, postponed action
on a proposed ordinance to authorized the sale of the bonds.
"In declaring his opposition to the bonds, unless the city is prepared to
finance the interest and maturities, Nolte pointed out that the city this
year for the first time is faced with the prospects of a deficit in its bond
sinking fund amounting to $2,452,907. Nolte has opposed the bond issue
from the outset on the grounds that the city should not increase its bonded
indebtedness until ample provisions are made to take care of existing debt
Obligations."
-Albert J.
SAGINAW, Saginaw County, Mich.
-BOND OFFERING.
Louden, City Comptroller, will receive sealed bids until 10 a. m.on June 19
for the purchase of $200,000 4% street improvement refunding bonds.
Dated July 1 1934. Denom. $1,000. Due $20.000 on July 1 from 1935 to
1944 incl. Principal and interest (J. & J.) payable in lawful money of the
United States at the City Treasurer's office or at the current official bank
ofthe City in New York City. A ceritified check for 2% of the issue, payable
to the order of the City, must accompany each proposal.
-BOND SALE.
-It is
SALT LAKE CITY, Salt Lake County, Utah.
reported that $900,000 4Y6% refunding bonds have been purchased by a
syndicate composed of the Lauren W. Gibbs Co.. Snow, Bergin & Co., the
irst Security Trust Co., Edward L. Burton & Co., the Continental Bank
& Trust Co., Ure, Pett & Morris, J. A. Hogle & Co., all of Salt Lake City.
and Blyth & Co. of San Francisco. Dated July 1 1934.
SAMNCiRWOOD SCHOOL DISTRICT NO. 2 (P. 0. Wellington),
Collingsworth County, Tex.
-BONDS VOTED.
-It is stated that the
voters recently approved the issuance of $25,000 in school building bonds
by a wide margin.
SAN ANTONIO INDEPENDENT SCHOOL DISTRICT (P. 0. San
Antonio), Bear County, Tex.
-BIDS REJECTED.
-It is reporterl that
the Board of Education recently rejected two bids that were received for
the refunding of a block of $120,000 in 1913 improvement bonds. The
bids are said to have been too high. New bids will be received soon,
according to report.
SAN FRANCISCO (City and County) Calif.
-BOND ISSUANCE
CONTEMPLATED.
-It is said that in the near future the City and County
will market between $4,500,000 and $6,000.000 school and water bonds, and
possibly some additional Retch Hetchy,sewer and airport bonds. It is said
that no definite sale date has been fixed as yet.
SAN MARINO CITY SCHOOL DISTRICT (P. 0. Los Angeles) Los
Angeles County, Calif.
-BOND OFFERING.
-Sealed bids will be received until 2 p. m. on June 25, by L. E. Lampton, County Clerk, for the
purchase of an $85,000 issue of school bonds. Interest rate is not to exceed
5%,Payable J. & D. Denom.$1,000. Dated June 11934. Due on June 1
as follows: $5.000, 1935 to 1939, and $4,000. 1940 to 1954, all incl. Prin.
and int. payable In lawful money at the County Treasury.
Each bid must state that the bidder offers par and accrued interest to the
'
date of delivery, and state separately the premium, if any, and the rate of
Interest offered for the bonds bid for.
Bids will be received for all or any portion ofsaid bonds. In the event that
the bidder submits a proposal to purchase a portion of said bonds, the bid
shall designate specifically the bonds bid for. All bonds sold to a bidder
bidding for a portion of said bonds shall bear the same rate of interest, and
bids for varying rates of interest for the same block or portion of said bonds
will be rejected.
Payment for and delivery of bonds will be made in the office of the Board
of Supervisors.
A certified or cashier's check for a sum not less than 3% of the amount of
the bonds bid for, payable to the order of the Chairman of the Board of
Supervisors, must accompany every bid.
San Marino City School District has been acting as a school district under
the laws of the State of California continuously since July 1 1917.
The assessed valuation of the taxable property in said school district for
the year 1933 is $11,859,300.00. and the amount of bonds previously issued
and now outstanding is $470,000.00.
San Marino City School District includes an area of approximately 3.55
square miles, and the estimated population of said school district is 6,350.
(The tentative report on this offering appeared in V. 138,P.3648.)
SANTA ANA SCHOOL DISTRICT (P. 0. Ventura), Ventura
County, Calif.
-BONDS OFFERED.
-Sealed bids were received until
10 a. in. on June 15, by L. E. Hallowed, County Clerk, for the purchase of
a $4,000 issue of 4).5% school bonds. Denom. $500. Dated June 1
1934. Due $500 from July 1 1935 to 1942 incl. Principal and interest
(J. & J.) payable at the County Treasury. These bonds were approved
by the voters on May 1, the count being 37 to 6.
The following information is furnished with the offering notiec: Santa
Ana School District of Ventura County was established April 29 1878.
and the boundaries thereof have remsined unchanged since Feb. 1 1927.
There has been no default in payment of any of its obligations and there
is no controversy or litigation pending concerning the validity of these
bonds. The present'estimated population of the district for 1934 is 250.
The principal industries are agriculture and citrus fruit growing. Area
19,100 acres.
The assessed valuation of taxable property is $178,730. The total
bonded indebtedness, including this issue, is $5,000.
SARCOXIE, Jasper County, Mo.-MATURITY.-The $5,000 5%
semi-annual sewer bonds that were purchased at par by the First National
Bank of Sarcoxie-V. 138, p. 3321
-are due $1,000 from March 1 1940
to 1944 incl.
F
SCHENECTADY, Schenectady. County, N. Y.
-BONDS AUTHIZED.-The Common Council on June 5 approved an issue of $150,000
street improvement bonds.
SCHUYLKILL COUNTY (P. 0. Pottsville), Pa.
-BOND SALE.
The $60.000 4% coupon County tax appeal bonds offered on June
14-V.138, p.3816-were awarded to E.H. Rollins & Sons of Philadelphia.
Dated Dec. 15 1933 and due $15,000 on June 15 from 1935 to 1938 incl.
SCRANTON,Lackawanna County, Pa.
-BOND ISSUE APPROVED.
-The City Counsel on May 25 passed on ordinance providing for the sale
of $171,000 33'% inapt. bonds of 1934. Dated July 1 1934. Denom.
$1,000. Due July 2 as follows; $10,000, 1935 to 1939 incl.; $9,000 1940
to 1944 incl.; $4,000, 1945 to 1960 incl. and $3,000 from 1961 to 1964 incl.
SCRANTON, Lackawanna County, Pa.
-BOND OFFERING.
Mayor Stanley J. Davis will receive sealed bids until 11 a. m. (Eastern
Standard Time)on June 19.for the purchase of $304,000 not to exceed 3 K%
Interest coupon or registered bonds, divided as follows:
$171,000 improvement bonds. Due July 2 as follows: $10,000 from 1935
to 1939. incl.; $9.000, 1940 to 1944, incl.; $4,000 from 1945 to
1960, incl. and $3,000 from 1961 to 1964, incl.
133.000 judgment and debt funding bonds. Due July 2 as follows:
$5.000from 1935 to 1947,incl. and $4,000from 1948 to 1964, incl.
Each issue is dated July 2 1934. Denom. $1,000. Principal and interest
J. & J. 2) payable at the City Treasurer's office. The bonds will be
guaranteed as to genuineness and certified to by the Continental Bank &
Trust Co., New York. A certified check for 3% of the amount of the bid,
payable to the order of the City Treasurer, must accompany each
proposal. Legality of bonds will be passed on by Counsel mutually acceptable to the city and the successful bidder.
SEATTLE, King County, Wash.
-BONDS CALLED.
-H. L. Collier,
City Treasurer, is reported to be calling for payment from June 8 to June
20, various Local Improvement District bonds and coupons.
SEMINOLE COUNTY SCHOOL DISTRICT NO. 28 (P. 0. Snomac,
P. 0. Box 96), Okla.
-BONDS OFFERED.-Seiled bids were received
until 11 a. m.on June 12, by N. L. Couch, District Clerk,for the purchase
of a $17,000 issue of school bonds. Interest rate to be named by bidder.
Due $3,000from 1937 to 1940. and $5,000 in 1941.
SHERIDAN, Sheridan County, Wyo.-BONDS CALLED.
-It is
reported that Nos. 1 to 24 of the 6% general obligation funding bonds are
June 16 1934
called for payment at the Stockgrowers National Bank in Cheyenne, on
June 15. Dated Dec. 15 1923. Due on Dec. 15 1953. optional on Dec. 15
1933.
-MATURITY.
SHREVEPORT,Caddo Parish,La.
-The $650,0004%
semi-ann. gen. impt, bonds that were purchased at par by the Public Works
-are due on May 1 as follows; $54,000.
Administration
-V. 138, p. 3816
1935; $56.000, 1936; $58,000, 1937; 860,000, 1938; 863.000, 1939; $66,000.
1940;$70,000, 1941;$72,000, 1942;874,000, 1943, and $77,000 in 1944.
SHOEMAKERSVILLE, Berke County, Pa.
-BONDS VOTED.
-The
proposal to issue $65,000 municipal water system bonds
-V. 138,9. 2789
was approved by a vote of 129 to 57, according to J. H. Dietrich, Borough
Secretary.
-BOND OFFERING.SIOUX CITY, Woodbury County, Iowa.
Both sealed and open bids will be received at 2 p. m. on June 27, by C. A.
Carlson, City Treasurer, for the purchase of two issues of coupon bonds,
aggregating $467,500, dividend as follows:
$400,000 sewer bonds. Due on Nov. 1 as follows: $20.000, 1936 to 1940:
830,000, 1941 to 1946,and $40,000, 1947 to 1950.
27,500 bridge bonds. Due on Nov. 1 as follows: $500 in 1936: $1,000.
1937; $2,000. 1938 and 86.000, 1939 to 1942.
Bids will be received on the separate issues, and or separate interest
rates as to the bridge bonds and-or the first half and second half of the
sewer bonds. Dated May 1 1934. The bonds will be registerable as to
principal only. Interest rate not to exceed 5%, payable M. & N. The
principal and interest payable at the Central Hanover Bank & Trust Co.
In New York. The approving opinion of Chapman & Cutler of Chicago,
will be furnished. A certified check for 2% must accompany the bid.
SIOUX CITY INDEPENDENT SCHOOL DISTRICT (P. 0. Sioux
City), Woodbury County, Iowa.
-BOND OFFERING.
-Sealed and open
bids will be received until 5 p. m.on June 18, by H. C. Roberts, Secretary
of the Board of Directors, for the purchase of an issue of $124,000 4%
school bonds. Dated Jan. 1 1934. Due on Jan. 1 as follows; $13,000.
1936 to 1939, and $12,000, 1940 to 1945, all incl. No bid for less than par
and accrued interest will be accepted. The approving opinion of Chapman
& Cutler of Chicago,will befurnished. A certified check for $5,000, payable
to the District, is required with each bid. Purchaser is to furnish the bonds
and all bids are to be so conditioned.
Financial Statement March 31 1934.
x Assessed values for 1933:
Real property
$67,960,720.00
18,128,180.00
Personal property
9,698,029.00
Moneysand credits
35 mills
Rate of tax in Sioux City,Iowa
Limit oftaxlevy for paying principal & interest on bonds_ _ _5 milli; on dollar actual val.
$1,749,000.00
Total bonded indebtedness
40,746.58
Amount ofsinkingfund (now on hand)
None
Amount offloating debt
None
Amountofother indebtedness
1,749,000.00
Total bondsoutstanding
79,183
Population in 1930, U.S.Census
80,000
Population in 1934(estimated)
28,480
Area of District covered by these bonds(acres)
-Co-extensive with city ofSioux City.
Area of School District
2,155,800.00
Municipal debt
-city ofSioux City(bonded debt)
5,434,735.60
Value ofschool property
x Assessed valuation is 80% of actual value.
1933.
1932.
1931.
Receipts(includes no balances-receipts only).
$1,765,225.27
Total receipts
$1,907,874.06 . $1,746,019.16
1,619,715.11
1,748,471.35
Total disbursements_ _ _ _ 1,878,769.51
$29,104.55
Tax Collections:Levy_ --$1,783,980.00
Received
1,761.644.00
$2,452.19
$1.701,096.51
1,611,492.73
$145,510.16
$1,611,266.00
1,361,966.69
$249,299.31
Delinquent
$89.603.78
*22.336.00
15.4%
5.26%
Delinquent percentage_ _
1.25%
-BONDS AUTHORIZED.
SNOHOMISH,Snohomish County, Wash.
-The City Council passed an ordinance recently providing for $100,000
In 4% water works system bonds. Denoria. $1,000. Dated April 1 1934.
Due $10,000 from April 1 1935 to 1944. incl. Prin. and int. payable at
the fiscal agency of the State in N. Y. City. (An allotment of $147.000
was approved by the Public Works Administration in January
-V. 138,
P. 535.)
SNYDER TOWNSHIP (P. 0. Brockway, R. D. No. 2), Jefferson
-W. J. Kearney, Secretary of the Board or
County, Pa.
-BOND SALE.
Supervisors, reports that an issue of $12,000 5% coupon funding bonds was
awarded on June 8, at par and accrued interest to the Deposit National
Bank of DuBois, the only bidder. Dated Jan. 1 1934. Denom. $500.
Due Jan, 1 1954; callable any time after three years. Prin. and int.
(J. & J.) payable at the Deposit National Bank, DuBois,
STANTON COUNTY RURAL HIGH SCHOOL DISTRICT NO. I.
(P. 0. Mentor), Kan.
-FEDERAL FUND ALLOTMENT REDUCED.
-The loan and grant of $65,500 to this district by the Public Works
Administration, for school building construction that was announced in
March-V. 138, P. 1959, has been changed to a grant alone, in the sum
of $18,500.
STARK COUNTY (P.O. Canton), Ohio.
-BONDS AUTHORIZED.
The State Relief Commission on June 6 authorized the county to issue
$156.000 selective sales tax poor relief bonds.
STARK COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Dickinson),
N. Dak.-BOND OFFERING.
-Both sealed and open bids will be received
at 2 p. m. on June 18, by A. F. Gerlich, District Clerk, for the purchase of
an issue of *110,000 school bonds. Interest rate is not to exceed 43i%.
payable J. & J. Denom. $1,000. Dated Jan. 11934. Due as follows:
$4,000, 1937 and 1938; 15.000, 1939 to 1943,• $6.000, 1944 to 1947; $7,000.
1948 to 1951;$8,000, 1952 and 1953, and(9,000 in 1954. A certified check
for 2% of the bid is required. (An allotffient of $154,000 to this District
was approved by the Public Works Administration in January.
-V. 138.
p. 364.)
STEUBENVILLE, Jefferson County, Ohio.
-BOND OFFERING.
J. A. Cartledge, City Auditor, will receive sealed bids until 12 in. on July 3
for the purchase of $31,000 6% State Highway No. 7, Wells Street and
Poplar Avenue improvement bonds. Dated July 11934. Denom. $1,000.
Due Oct. 1 as follows: $3,000 in 1935 and 84.000 from 1936 to 1942, incl.
Principal and interest (A. & 0.) payable at the City Treasurer's office.
Bids for the bonds to bear interest at a rate other than 6%. expressed in a
multiple of X of 1%, will also be considered. A certified check for 1%
of the amount bid payable to the order of the City Treasurer, must accompany each proposal.
STRONG, Chase County, Kan.
-BONDS NOT SOLD.
-It is reported
by the City Clerk that no disposition has been made of the $40,000 light
and power plant bonds, approved by the voters on Nov. 13, as the city's
application for funds from the Public Works Administration is still pending
action.
SUNSET SCHOOL DISTRICT (P. 0. Carmel), Monterey County,
Calif.
-BOND ELECTION.
-On June 26 the voters will pass on the proposed Issuance of $20,000 in 335% school construction bonds.
SYLACAUGA, Talladega County, Ala.
-CORRECTION.
-It Is now
stated by the City Clerk that the $92,000 4% semi-ann. water works bonds
approved by the voters on May 28 were not advertised to be sold on June 11,
as reported in V. 138, 13. 3817. Due as follows: $3,000, 1935 to 1942. and
$4.000, 1943 to 1959, inclusive.
TARENTUM, Allegheny County, Pa.
-BOND OFFERING.
-W•
G. Ross, Borough Secretary, will receive sealed bids until 2 p. m. on June
30 for the purchase of *57,0004% water works bonds recently authorized.
V. 138, p. 3987. Dated June 1 1934. Denom. $1,000. Due June 1 as
follows: $3,000 from 1935 to 1937 incl. and $4.000 from 1938 to 1949 incl.
Interest payable in J. & D. A certified check for $1,000 must accompany
each proposal.
TAUNTON, Bristol County, Mass.
-BOND OFFERING.
-Lewis A.
Hodges, City Treasurer, will receive sealed bids until 3 p. m. (Daylight
Saving Time)on June 19 for the purchase of $138,000 coupon bonds, divided
as follows:
Volume
138
Financial Chronicle
4169
Tax Collection and Financial Record for Fiscal Years Ending.
$78,000 sewer bonds. Dated May 1 1934. Due May 1 as follows: $8,000
June 30 1934. June 30 1933.
from 1935 to 1942 incl. and $7,000 in 1943 and 1944.
8242.475.83
$201,777.65
Amount levied
60.000 macadam loan bonds. Dated June 1 1934. Due $12,000 on
15,102.49
9,371.33
Amount uncollected on delinquent date
June 1 from 1935 to 1939 incl.
15.102.49
9,371.33
returned by County Treasurer
Amount
Denom. $1,000. Bonds are registerable as to principal. Bidder to name
None
None
Amount now uncollected
a single int. rate for all of the bonds, expressed in a multiple of ti of 1%.
22,419,647.00 22,043,161.00
Assessed valuation
Prin. and semi-ann. int. payable in Boston, Mass., or at the City Treas76%
76%
Ratio of assessment
urer's office. The bonds will be engraved under the supervision of and
29,499,535.00 29.004.159.00
Actual valuation
authenticated as to their genuineness by the First National Bank of Boston.
11.00
9.00
Tax rate per $1,000
The approving opinion of Ropes, Gray, Boyden & Perkins of Boston will
958,000.00
907,000.00
Bonded debt excluding thisissue
be furnished the successful bidder.
None
None
Sinkingfund
None
Financial Statement June 1 1934.
None
Special assessment debt
None
$38,153,091.00
None
Valuation for year 1933
Water debt _
11.00
2,006.700.00
9.00
Total bonded debt(not including presentloans)
Village tax rate per $1.000
269,250.00
433.500.00
229,550.00
Water debt(included in total debt)
Village debt
8.83
365,000.00
8.00
Municipallight debt(included in total debt)
State & county tax rate per $1,000
527,723.65
178,720.61
*515,000.00
Sinkingfunds(other than water)
Receipts of School District
547,411.41
*535,000.00
Population 38.000.
Disbursements ofsame
61,032.45
*40,000.00
Balance on hand in three banks
TEXAS, State of (P. 0. Austin).
-BONDS OFFERED FOR INVEST279.074.27
267.807.41
State aid received
MENT.
-The $3,750,000 43 %semi-annual relief bonds that was purchased
50.300.00
51,000.00
Bonds retired
on June 2 at a price of 100.61, a basis of about 4.38%-V. 138, P. 3987
46.277.50
43,991.50
Interest paid
was re-offered for public subscription on June 12. This is the second issue
•
the State in
of Texas bonds to be offered generally since the organization of
has no unfunded debt nor funds on deposit in closed
-The District
Note.
1845, the previous issue of $4,000,000 having been offered very successfully
banks.
early this year. According to the official re-offering notice:
"The present offering is made at prices to yield from 2.25 to 3.75%.
(P. 0. JohnsUPPER YODER TOWNSHIP SCHOOL DISTRICT-The Pennsylaccording to maturity, by John Nuveen & Co., C. W. McNear & Co.,
-BONDS APPROVED.
own), Cambria County, Pa.
A. C. Allyn & Co., Inc., all of Chicago; Stifel, Nicolaus & Co., Inc., St.
Department of Internal Affairs on June 2 approved an issue of
vania
Louis and Chicago; Donald O'Neil & Co., Dallas; Rauscher, Pierce & Co.,
$14,000 operating expense bonds.
Inc.. Dallas; Equitable Securities Corp., Nashville; Wells-Dic key Co.
-BOND
URBANDALE (P. 0. Des Moines), Polk County, Iowa.
Minneapolis; Kalman & Co., Inc., St. Paul; Stern Brothers & Co., Kasai
-Sealed bids will be received until June 18. by Millie Eby,
OFFERING.
City.
issue of water main bonds.
'Assessed valuation for 1933 is shown in the financial statement as
City Clerk, for the purchase of a $19,000
officially reported June 1 1934 as $3,198,117,451,and the total bonded debt,
VAN BUREN SCHOOL DISTRICT (P. 0. Van Buren), Crawford
including this issue, is $14,602,200. Of this debt, $4.102,200 State of
-The $71.000 issue of coupon scnool building
-BONDSALE.
County, Ark.
Texas bonds are held by various State institutions,leaving only 810.500,000
-was purchased by the
bonds offered for sale on June 9-V. 138, p. 3650
in the hands of the public.
Federal Government, as 4s at par. Denom. $1,000. Dated Feb. 1 1934.
"The Constitution of the State of Texas provides that the legislature
1937 to 1957. Interest payable F.& A.
Due from
shall make the necessary appropriations to pay such bonds, both principal
and interest, except that such payments shall be made from other sources
VANCOUVER SCHOOL DISTRICT (P. 0. Vancouver), Clark '
than taxes on real property. The Legislature has made a continuing ap-An election will be held on J11110 26.
-BOND ELECTION.
County, Wash.
directed the State Treasurer from the
propriation for such purpose and has
according to report, to have the voters pass on the issuance of $25,000 in
first moneys received by him for the account of the general fund (other than
school bonds.
from taxes on real property) to annually set aside into a separate fund an
VAN WERT COUNTY (P. 0. Van Wert), Chio.-BOND OFFERING.
amount sufficient to meet all interest and maturity requirements on said
-Mabel S. Geary, Clerk of the Board of County Commissioners, will rebonds for the fiscal year next succeeding. Information furnished by the
31 1933 such funds availceive sealed bids until I p.m.(Beaten Standard Time) on June 28 for the
officials shows that for the fiscal year ended Aug.
purchase of $27,000 53 % poor relief bonds. Dated June 1 1934. Due as
able for the retirement of bonds were in excess of $10.000,000."
follows: $5,400, Sept. 1 1934; $5,200, March 1 and $5.300 Sept. 1 1935:
on page YID of this
(The official advertisement of this offering appears
$5,500 March 1 and $5,600 Sept. 1 1936. Prin. and semi-ann. int. payable
Issue.)
at the County Treasurer's office. Bids for the bonds to bear interest
Hot Springs County, Wyo.-BOND REFUNDING
at a rate other than 5%%,expressed in a multiple of X of 1%. will also be
THERMOPOLIS,
considered. A certified check for 5% of the issue, payable to the order
CONTEMPLATED.-The Town Council is said to have decided recently
to refund $25,000 water works bonds at 43 % interest.
of the County Treasurer, must accompany each proposal. This is the issue
mentioned in V. 138. p. 3817.
-The
-BOND SALE.
THURSTON COUNTY (P.0.Olympia), Wash.
sale on June 5-V. 138.
-A. 0.
$50,000 issue of indigent relief bonds offered for
-BOND OFFERING.
VERNON, Oneida County, N. Y.
-was awarded to Ferris & Hardgrove of Seattle. Due serially in
o. 3649
Pepper, Village Clerk, will receive sealed bids until 2 p. m.(Eastern Stand20 years.
ard time) on June 26 for the purchase of 350.000 not to exceed 6% interest
- coupon or registered water bonds. Dated July 1 1934. Denom., $1,000.
-REPORT TO BONDHOLDERS.
TOLEDO, Lucas County, Ohio.
Due. $2,000 on July 1 from 1939 to 1963 incl. Bidder to name a single
The Ohio Bondholders Association, Inc., of Columbus recently concluded
interest rate for all of the bonds, expressed in a multiple of X or 1-10th
city, which was conducted at the
an investigation into the affairs or the
of 1%. Principal and interest (J. & J.) payable in lawful money of the
request of holders of $7.000,000 bonds of the municipality. The results
United States at the National Bank of Vernon. A certified check for $1,000,
of its survey are contained in a letter which has been sent to all bondpayable to the order of the Village, must accompany each proposal. The
is now in default on bond
holders. The Association reports that the city
approving opinion of Clay. Dillon & Vandewater of New York will be
principal amounting to $2,144,000, representing accumulated maturities
furnished the successful bidder.
since Sept. 1 1933, and is of the belief that at the close of 1934 the total
-The
bonds in default will be $3,572,000. It is pointed out that the situation
VERNON COUNTY (P.O. Viroqua), Wis.-INTEREST RATE.
has become so serious as to make necessary immediate negotiations between
$10,000 revenue notes that were purchased at par by local investors
bondholders and the city. For that reason holders of bonds, whether past
-were sold at 43%.
V. 138, p. 3987
due or unmatured, are being asked to authorize the Ohio Bondholders
VISTA IRRIGATION DISTRICT (P. 0. Vista), San Diego County,
Association, Inc. to act in their behalf to the end that an acceptable plan
-The Recon-BOND REFUNDING APPLICATION REJECTED.
Calif.
'
may be prepared and presented for final approval of the bond creditors.
struction Finance Corporation is said to have rejected the application of
The Association, it is pointed out, is a non-profit making corporation,
and investment dealers,
District for a refunding loan of 81,020.000. The refusal is reported
this
consisting of a group of banks,insurance companies
to have been due to tne excessive operation and maintenance costs. The
organized solely for the purpose of protecting the beat interests of holders
District has a funded debt of $1,700,000 and has been in default since
of Ohio bonds. It is supported by contributions from its members, and
Jan. 1 1933.
interested bondholders. Asindicating the necessity for immediate co-operation by all bondholders, the Association prepared the following summary
WARREN COUNTY (P. 0. Front Royal), Va.-BOND ELECTION
of the results of its survey of the city's financial condition:
-The County Judge reports that an election which was
DEFERRED.
"There is an accumulated deficit of more than $3,000.000.
scheduled for Jan. 8 to vote on the issuance of $50,000 in court house
"The city defaulted on the payment of principal of bonds maturing Sept.I
improvement bonds,and $37,000 in school bonds,has been deferred pending
1933,and has failed to pay the principala bonds maturing since thattime.
action by the Federal Government.
"It is apparent that the city cannot meet its 1934 maturities. This
city has offered no acceptable refunding plan and it will be necessary for the
WX'RRENSBURG FIRE DISTRICT (P. 0. Warrensburg), Warren
bondholders to formulate a plan covering 1933 and 1934 maturities,equitable
-The Emerson National Bank of Warrens-BOND SALE.
County, N. Y.
to both the city and the bondholders.
burg recently purchased an issue of $6,000 5% fire station construction
"There has b.ftn considerable agitation in the press, City Council and
on Feb. 1 from 1939 to 1944, incl.
bonds, due $1,000 annually
elsewhere to the end that the city discontinue payment of all interest on
bonds, and the possible reduction of pricnipal of all outstanding bonds.
WARWICK CENTRAL SCHOOL DISTRICT No. 1 (P. 0. Pine
-J. M. Rioch,
-BOND OFFERING.
There was recently introduced in the City Council an ordinance calling
Island), Orange County, N. Y.
for a moratorium on all interest due in 1934.
District Clerk, will receive sealed bids until 1 p.m.(Daylight Saving Time)
"The city has been operating and continues to operate at a figure greatly
on June 25 for the purchase of $34,000 not to exceed 6% interest coupon
or registered school bonds. Dated July 1 1934. Denom., $1,000. Pone
in excess of the sum appropriated for operation by the City Council. The
from 1961
funds actually available for operation are considerably less than the approJuly 1, as follows' $1,000 from 1935 to 1960 incl. and $2,000 the bonds,
priation figure.
.
to 1964 incl. Didcler to name a single interest rate for all of
which is acceptable in the payment
1-10th of 1%. Principal and interest
"The city has in the past issued scrip,
expressed in a multiple of 3 or
of taxes. Some of this scrip is re-issuable. The result has been that
(J. & J.) payable at the First National Dank, Warwick. A certified check
to March 31 1934 over two-thirds of the taxes advanced on the 1934 colfor $500. payable to the order of W. S. Seely, District Treasurer, must
a
lection were in the form of scrip. This was so great as to constitute
accompany each proposal. The approving opinion of Clay, Dillon &
substantial dilution of money due the bond fund. This, in our opinion,
Vandewater of New York will be furnished the successful bidder.
constitutes a menace to the future payment of interest and principal. The
WASHINGTON SUBURBAN SANITARY DISTRICT (P.O. Washcity is consideraing plans which call for the issuance of further scrip.
-An issue of $300,000 5% water
ington, D. C.), Md.-BOND .SALE.
"Money which should have gone to the sinking fund has been diverted
by
main and sewer construction bonds has been purchased jointly par C. W.
to all bondto operations in an amount sufficient to cause grave concern
plus a
Nuveen & Co., both of Chicago, at
McNear & Co. and John
holders."
premium of $1,516, equal to 100.50.
-The $19,000
-BOND SALE.
TOWANDA, Bradford County, Pa.
WATERTOWN, Codington County, S. Dak.-BOND OFFERING.
-were awarded
municipal building bonds offered on June 4-V.138, p 3483
Sealed bids will be received until 8 p.m. on June 18 by Marelo Hopkins,
as 4s to E. H. Rollins & Sons of Philadelphia, at a price of 101.13, a basis
City Auditor, for the purchase of an $87,000 issue of 4% semi-ann. street
from 1935 to 1953 incl.
of about 3.86%. Due, $1,000 on April 1
improvement bonds. Denom. $1,000. Dated Feb. 1 1934. Due on
TURTLE CREEK SCHOOOL DISTRICT, Allegheny County, Pa.Feb. 1 as follows: $4,000, 1935 to 1947, and 35.000. 1948 to 1954, all incl.
BOND OFFERING.
-Cash K. Patterson, District Secretary, will receive
(An allotment of $109,000 was approved by the Public Works Adminisbids until 7 p.m.(Eastern Standard Time)on June 26 for the purchase
sealed
-V. 138. p. 536.)
tration in January
of $125.000 4% school bonds. Dated April 15 1934. Denom. $1.000.
.-NOTE OFFERING
WAYNE COUNTY (P. 0. Richmond), Ind.
Due Oct. 15 as follows: $6,000 from 1941 to 1955 incl. and $7,000 from
.
W Howard Brooks, County Auditor, will receive sealed bids until 10 a.m.
A. & 0. Legal opinion of
1956 to 1960 incl. Interest is payable in
of $50,000 5% general fund notes. Dated
on July 14 for the purchase
Burgwin, Scully & Burgwin of Pittsburgh will be furnished the successful
July 14 1934. Due 36.250 on Nov. 15 from 1935 to 1942 incl. Payable
bidder. Sale is subject to approval of the issue by the Pennsylvania
at the Second National Bank, Richmond. A certified check for 3% must
Department of Internal Affairs. An allotment of $193,831 to the District
accompany each proposal.
has been announced by the Public Works Administration.
WELD COUNTY SCHOOL DISTRICTS (P. 0. Greeley), Colo.to
TWO RIVERS,Manitowoc County, Wis.-BONDS AUTHORIZED.-The County Treasurer is said
WARRANTS AND BONDS CALLED.
The following report is taken from the Two Rivers "Reporter" of June 5:
various school district
have called for payment at his office on May 29,
'A
• 12-page ordinance covering provisions of a $115,000 bond issue by the
warrants, and on June 9, various school district warrants and bonds.
t o.
Public Works Administration for the building of a filtration plant, elevloed
-At an
storage tank and water mains river crossing at a total cost of $143,000,
-BONDS VOTED.
WELLSVILLE, Allegany County, N. Y.
was unanimously adopted by the City Council Monday night. The Govelection held on June 5 the proposal to issue $46,000 bonds, including
ernment's grant to the city on the project is $28.000. or 30 o of the cost.
$36.000 sewer and $8,000 street improvement issues, carried by a vote of
"The ordinance specified the various percentages in the funds to be
175 to 61. The bonds are to bear interest at not more than 59' and mature
created. No principal will be paid on the $1,15,000 bond issued until 1937.
serially from 1935 to 1943 incl. No date of sale has been established as yet.
Bonds will bear interest of 4% for 20 years.
-BOND
WESTCHESTER COUNTY (P. 0. White Plains), N. Y.
UNION, Union Free School District No.1(P.0.Endicott), Broome
-William S. Coffey, County Treasurer, on June 14 sold a block
SALE.
-BOND OFFERING.-Earl L. Barnes, Clerk of the Board
County, N. Y.
of $34,000 4 X% bonds, at par and accrued interest, to R. W. Pressprich
of Education, will receive sealed bids until 7 p.m.(Eastern Standard Time)
& Co. of New York. They are in $1,000 denoms. and mature at various
dates from 1965 to 1970. The bonds were obtained by the County as
on June 25 for the purchase of $120,000 not to exceed 43 % interest coupon
collateral for funds on deposit in the Pelham National Bank.
or registered scnool bonds. Dated June 1 1934. Denom. $1,000. Due
Dec. 1 as follows: $10,000 from 1935 to 1946 incl. Bidder to name a single
WEST ELIZABETH SCHOOL DISTRICT, Allegheny County,Pa.interest rate for all of the bonds, expressed in a multiple of X or 1-10th of
-The $13,000 coupon school bonds offered on June 8BOND SALE.
1%. Principal and interest it. & 13.) payable in lawful money of the
-were awarded as 4 Xs to Glover & MacGregor, Inc. of
V. 138, p. 365(1
States at the Union Trust Co., Endicott. A certified check for
United
Pittsburgh, at par plus a premium of $162.50. equal to 101.25. a basis of
$2,500, Payable to the order of Herbert G. Furry. Treasurer, must acabout 4.56%. Dated May 1 1934 and due May 1 as follows: 31.000 in
company each proposal. The approving opinion of Clay. Dillon & Vande1938 and $2,000 from 1939 to 1944 inclusive.
water of New York will be furnished the successful bidder.
4170
Financial Chronicle
June 16 1934
WATERTOWN, Jefferson County, N. Y.
-BOND SALE
.-The
$400.000 coupon or registered bonds offered on June 11-V. 138, P. 3817
WYANDOTTE, Wayne County, Mich.
-BORROWING APPROVED.
were awarded as 2.40s to Blyth & Co., Inc., and Stone & Webster and
The State Loan Board has approved the City's application for permission to
get, Inc., both of New York, jointly, at par plus a premium of $156, Biodborrow $105.000 on notes in anticipation of tax collections during the next
equal
to 100.039, a basis of about 2.39%. The sale consisted
succeeding fiscal year.
$350,000 emergency relief bonds. Due $35,000 on July of:
I from 1935 to
$100,000 SEWER BONDS RETIRED.
-At a recent meeting the City
1944 inclusive.
Council unanimously voted to retire $100,000 bonds issued almost 30 years
50,000 public works bonds. Due $5,000 on July 1 from 1935 to 1944
ago for construction of a local sewer. A block of $29,000 worth had been
Inclusive.
acquired by the Sinking Fund Commission.
Each issue is dated July 1 1934. The bonds
to be legal investment for savings banks and trust are held by the bankers
ZANESVILLE, Muskingum County, Ohio.
-BOND OFFERING.
and are being re-offered for general investment funds in New York State
Henry F. Stemm, City Auditor, will receive sealed bids until 12 m. on
at prices to yield from
June 29 for the purchase of $61,738.24 5% Muskingum River Sewer Dis0.625 to 2.60%. according to maturity. Other bids submitted to the
city were as follows:
trict bonds. Dated June 11934. One bond for $738.24, others for $1,000.
Due June 1 as follows: $5,738.24 in 1935; $6,000 from 1936 to 1943, incl.,
BidderInt. Rate, Rate Bid.
and $8,000 in 1944. Interest is payable in J. & D. Bids for the bonds to
Manufacturers & Traders Trust Co., Kean, Taylor &
Co.,Adams,McEntee& Co.and Rutter & Co.,jointly-2.60,
bear interest at a rate other than 5%. expressed in a multiple of X of 1%.
100.18
will also be considered. A certified check for $617.38, payable to the order
Halsey, Stuart & Co., Inc
2.70
100.15
Graham, Parsons & Co
of the city, must accompany each proposal.
2.70 c
100.08
,
George B. Gibbons & Co., Inc., Dick & Merle
-Smith
and Roosevelt & Weigold, Inc., jointly
100.14
2.90%
Randolph P.Compton and Starkweather & Co..joIntly2.9O%
100.09
Northern New York Trust Co
3.00%
100.15
WESTMINSTER, Carroll County, Md.-BOND OFFERING.-Sealed
AMHERST, Que.-DEFAULT ORDER LIFTED.
-The Quebec Municbids addressed to the City Clerk will be received until June 23, for the
ipal Commission announced on June 4 that the order declaring the municpurchase of $228,000 sewerage system and disposal plant bonds.
ipality in default since Oct. 11 1932 has been lifted and shall cease to
have force and effect from and after June 15 1934.
WEST NEW YORK, Hudson County, N. J.
-BOND OFFERING.
Charles Swensen, Town Clerk, will receive sealed bids until 10 a. m.
CANADA (Dominion of).
-GOVERNMENT DEBTS INCREASE
(Daylight Saving Time) on June 26, for the purchase of $77,000 5. 5%, 39.4% IN TEN YEARS.
-A report issued recently by the Citizens Re534. 5 or 6% coupon or registered street bonds. Dated June 1 1934.
search Institute of Canada disclosed that during the period from 1923 to
Denom. $1.000. Due June 1 as follows: $4,000 from 1936 to 1943, incl.
1933 the aggregate net funded debt of the Dominion Government, its
and $5,000from 1944 to 1952,incl. Principal and interest(J.& D.) payable
Provinces and municipalities registered an increase of $1.716,106,539.
in lawful money of the United States at the Town Treasurer's office. The
or 39.4%, according to a summary of the report given in the "Financial
amount of the issue is the sum required to be obtained at the sale. A
Post" of Toronto of June 9, which condensed the data assembled by the
certified check for 2% of the bonds bid for, payable to the order of the
Institute as follows:
Town, must accopany each proposal. The approving opinion of Hawkins,
Budget
Delafield & Longfellow of New York will be furnished the successful bidder.
Net Funded Debt
Increase Net Debt Surplus(÷)or
Fiscal Years Ended
in
Per Cap. Deficit(-) In
WESTON, Middlesex County, Mass.
-TEMPORARY LOAN.
-The
1933.
1923.
Period.
1933.
Period.:
Boston Safe Deposit & Trust Co.. Boston, was awarded on June 14 a
$26,000 tax anticipation loan at 0.33% discount basis. Due Nov. 211934.
y Dominion _3,674,383,291 2.906,821.654
26.4
349.74
Other bids were as fillows: Second National Bank of Boston. 0.40V plus
+31,164.601
Pr. Edw.laid__
2,995,293
913.136
228.0
34.04
$5; New England Trust Co.. 0.43%; Newton, Abbe & Co., 0.45%; W. 0.
-784,543
Nova Scotia. _ 63,180.607
24,970,034
153.0
123.16
Gay & Co., 0.49%, and Faxon, Gade & Co., 0.58%•
-6,340,868
New Brunswick 55,203,735
27,197.312
103.0
134.97
-3,253,277
WHEATLAND ELEMENTARY SCHOOL DISTRICT (P. 0. MarysQuebec
97,191,657
57,196,281
69.9
33.47
+7,972,759
ville), Yuba County, Calif.
Ontario
516.167,408
253.379,056
103.7
-BOND OFFERING.
149.22
-Sealed bids will be
-13,849,252
received until 2 p m. on June 25, by W. M. Stria, County Clerk, for the
Manitoba
104,282,917
67,129,223
55.4
147.92
z-2,808,326
purchase of a $33,000 issue of 57 school bonds. Denom. $1,000. Dated
Saskatchewan _ 8128,181.730
49.194,430
160.6
132.01
-10,549,521
July 11934. Due on July 1 as follows: $2,000. 1937 to 1947, and $1,000.
Alberta
65,679,265
133,160,779
102.7
179.95
-8,051,961
1948 to 1958, all incl. Prin. and int. (J. & J.) payable at the County
Brit. Columbia_ d119,030,320
76,297,009
56.0
169.08 c-22,734,949
Treasury. The bonds will be sold for not less than par and accrued interest.
Total provinces 1,219,394,446
96.1
621.955.746
116.06
-60,399,938
These bonds were approved by the voters at an election on May 7. A
Tot.prov.&Dom4,843,777,737 3,528,777,400
38.7
465.80
-29,235,337
certified check for 3% of the par value of the bonds, payable to the County
Municipal
825,528.915
1,176.635,117
112.00
42.5
Treasury, must accompany the bid.
Grand total..6,070,412,854 4,354,306,315
39.4
577.80
WILL COUNTY SCHOOL DISTRICT NO. 86 (P. 0. Joliet), Ill.x Includes sinking fund payments. y Including C. N. E. s cash
BOND SALE.
-The $60,000 coupon (registerable as to principal) refunding
collections only, and excluding deferred subsidy. a Includes Treasury
bonds offered on June 11-V. 138, p. 3988
-were awarded as 44s jointly
notes for capital expenses and relief. b Includes P. G. E. Ry. debt.
to Stone & Webster and Blodget, Inc., Chicago and Stifel, Nicolaus & Co.,
C Includes sinking fund and capital expenses charged to current.
St. Louis, at par plus a premium of $599, equal to 100.83, a basis of about
4.68%. Dated July 1 1934 and due $30,000 on July 1 in 1952 and 1953.
DRUMMONDVILLE, Que.-BOND SALE.
-The $64,000 5% coupon
Other bids were as follows;
improvement bonds offered on June 12-V. 138, p. 3988
-were awarded
BidderMt. Rate.
Premium.
to C. H. Burgess & Co. of Toronto, at a price of 102.09, a basis of about
Lewis,Pickett & Co.,Inc
4
$475
4.81%. The bonds mature serially in 30 years and consist of $35,000.
Channer Securities Co
4
155
dated April 1 1934, and $29,000 dated July 1 1934. Other bids were as
White-Phillips Co
4f
130
follows:
Seipp, Princell & Co
4
120
BidderRate Bid.
BidderRate Bid.
H. C. Speer & Sons Co
60
Laflamme,Ltd
98.64 L. G.Beaubien & Co
99.29
A.C. Allyn & Co
1.610
Garneau Boulangee. Ltd
5es,
98.65 Paul Gonthier & Co
98.07
Gairdner & Co., td
99.436 A.E.Ames & Co
99.09
WILLIAMS COUNTY (P. 0. Bryan), Ohio.
-BIDS REJECTED
Hanson Bros.,Inc
97.68 Rene T.Leclerc.Inc
99.54
BOND ISSUE RE
-OFFERED.
-Mont Stuller, County Auditor, states
Dominion Securities Corp_ _ _ _97.09
that the bids submitted for the $29,000 6% poor relief bonds offered on
June 11-V. 138. P. 3650
MONTREAL, Que.-SELLS ISSUE OF REFUNDING BILLS.
-were rejected, because the maturities given in
-Mayor
the notice of sale were irregular. Re-offering of the issue is being made.
Camillian Houde announced on .111110 11 that the city had completed negotiations for the sale of about $6,230,000 34% 1Yeasury bills through
WINFIELD, Cowley County, Kan.
-BOND SALE-An issue of
Drury & Co. Montreal. to Dunn. Fisher & Co. of London England, in
$120,000 33(% internal improvement bonds is reported to have been purorder to provide for the payment of a loan which matures this year. The
chased recently by a group composed of Estes, Payne & Co. of Topeka,
bills are payable in sterling on June 15 1935. Interest payable semithe Wheeler-Kelly-liagny Trust Co. and Small, Milburn at Co., both of
annually.
Wichita.
NORANDA, Que.-BOND OFFERING.
-A. E. Lambert, SecretaryWINTER PARK, Orange County, Fla.
-SURVEY ON FINANCES
Treasurer of the Protestant School Commissioners, will receive sealed bids
COMPLETED.
-We quote the following report from the New York "Herald
until 8 p. m. on June 18 for the purchase of $25,000 6% bonds, dated
Tribune" of June 14:
Sept. 1 1934 and due serially in from I to 15 years.
"In a survey of the finances of Winter Park. Fla., just completed by
the Municipal Consultant Service of the National Municipal League, it is
PORT MOODY, B. C.
-NOTICE TO BONDHOLDERS.-McDermld.
remarked that there is an excellent prospect of full payment of all its
Miller & McDermid,Ltd.,Vandouver,fiscal agents for the City,are advising
debts by the community, if it is given time to do so. The city is in default
bondholders of a meeting to be held at 2 p. m.on July 111934.in the Board
on its debt of $1,621.000 and its difficulties are held due to the Florida
Room, 11th Floor, Stock Exchange Bldg., 475 Howe St., Vancouver, for
boom and the depression. It is now being administered as economically
the purpose of considering a refunding proposal. Bondholders are reas possible and the burden of taxation cannot now be safely increased,
quested to get in touch with the fiscal agents at their offices, 495 Howe
the service funds."
St., Vancouver.
WOODBURY COUNTY (P. 0. Sioux City), Iowa.
PRINCE EDWARD ISLAND (Province of).
-BOND SALE
-ADDITIONAL INCONTEMPLATED.
-We are informed by F. Price Smith, County TreasFORMATION.
-year bonds offered for public invest-The $500,000 3% 2
urer, that approximately $165,000 funding bonds will be offered for sale
ment last week by Hanson Bros., Inc., and associates at 100.39, to yield
sometime in July.
2.80%-V. 138, p.3988
-were purchased by the bankers from the Province
at a price of 100.067, a basis of about 2.97%. Alternative bids were asked
WORCESTER, Worcester County, Mass.
-BONDS PUBLICLY
for 2
-year 3%, 5
-year 4%,, bonds, and
-year 334% and 10
following
OFFERED.
-The $831,000
% coupon or registered bonds awarded last
tenders were received by the Province, according to the June the
9 issue of the
week jointly to the Chemical Bank & Trust Co. and the Harris Trust &
"Monetary Times" of Toronto:
Savings Bank. at 102.29, a basis of about 1.875%-V. 138, p. 3988
-are
Bidder2
-Year. 5
being re-offered by the bankers for public investment at prices to yield
-Year.
-Year. 10
Hanson Bros., Inc.; McTaggart, Hannaford,
0.30% for the 1935 maturity; 1936. .080: 1937. 1.30%; 1938, 1.60%; 1939,
Birks & Gordon, Ltd., and Harrison & Co--100.067
1.85%; 1940, 2%; 1941, 2.05%; and 2.10% on the maturities from 1042 to
99.27
99.42
Stewart Jones & Co.; Nesbitt Thomson & Co.;
1944 incl. Dated April 11934. The bonds are stated to be legal investment
Mead & Co., and J. 0. McIntosh & Co
99.81
for savings banks and trust funds in New York, Massachusetts, Con100.27
100.65
Bank of Montreal and Royal Securities Corp.- - 99.69
necticut and other States.
99.38
99.36
A. E. Ames & Co., Ltd.; Dominion Securities
WATERTOWN, Middlesex County, Mass.
Corp.; Wood, Gundy & Co., and Eastern
-TEMPORARY LOAN.
The $200,000 revenue anticipation loan offered on June 13-V. 138, p.3987
Securities Co
99.679 99.579 99.579
-was awarded to Faxon, Gade & Co. of Boston at 0.89% discount basis.
Dyment, Anderson & Co.; Griffis, Fairciough &
Due March 28 1935. Other bids were as follows:
Norsworthy, Ltd., and Cochran, Murray
& Co
Discount Basis.
99.61
98.878
99.18
W. O. Gay & Co
Bank of Nova Scotia, R. A. Daly & Co. and
0.93%
Shawmut National Bank
Matthews & Co
0.94
99.262 98.271
99.143
Whiting, Weeks & Knowles
Fry, Mills, Spence & Co. and Dominion Bank.._
0.95
99.11
Irving, Brennan & Co. and McLeod, Young,
WOODSIDE INDEPENDENT SCHOOL DISTRICT (P. 0. Des
Weir & Co
Moines), lowa.-BONDS VOTED.
98.67
-It is reported that the voters recently approved the issuance of $10,000 in school building bonds by a
SAINT EUSTACHE SUR LE LAC, Que.-BOND SALE.
-The issue
count of 45 to 14.
of $12,500
% bonds offered on June 6-V. 138, p. 3818
-were
to Paul Gonthier & Co. of Montreal, at a price of 99.45, a basis awarded
of about
WOODWARD, Woodward County, Okla.-PWA ALLOTMENT
5.57%. Dated July 31 1934 and due serially on Aug. 1 from 1935 to 1954
STILL PENDING.
-It is stated by the City Manager that an application
incl. A bid of 99.31 was submitted by Rene T. Leclerc, Inc.
was filed some time ago with the State Board of the Public Works Administration for an allotment of $290,000 to be used in the construction of a
ST. HYACINTHE, Que.-BOND SALE.
-The $310.000 municipal
light and power plant, with bonds to secure the loan portion of the allotelectric plant construction bonds, authorized by authority of By-law No.
ment, but as yet nothing has been done regarding the loan and grant.
446 and offered on June 6-V. 138, p. 3818
-were awarded jointly to Paul
Gonthier & Co., Ltd. and Harris. McKeen & Co., both of Montreal, as
WORCESTER, Worcester County, Mass.
-BORROWS $400.000 ON
434s, at a price of 100.53. The total amount consists of $250,000 series A
-The $400,000 revenue anticipation notes offered on June 14
NOTES.
bonds. of $1,000 denoms., and $60,000 series B,of $500 each. They mature
were awarded as follows: $200.000, due Nov. 2 1934. purchased by the
as follows:
Boston Safe Deposit & Trust Co., Boston, at 0.27% discount basis, plus
$250,000 series A bonds. Due Feb. 1 as follows: $5,000, 1935: $6,000.
a premium of $7: 3200.000. due June 15 1935, went to the Second National
1936: $5.000, 1937; 86,000, 1938; 35,000. 1939; 87,000, 1940;
Bank of Boston at 0.80% discount basis. Each issue is dated June 15 1934.
88,000, 1941 and 1942: 89,000. 1943; $10.000, 1944: $11,000.
Payable at the First National Bank of Boston or at the First of Boston
1945: $12,000, 1946: 813,000. 1947 and 1948: $19,000, 1949;
Corp., New York. Legality approved by Storey. Thorndike, Palmer &
$30,000, 1950: 821.000, 1951; $23,000, 1952; $24,000 in 1953
Dodge of Boston. Other bidders for the November maturity were: Merand $25,000 in 1954.
chants National Bank, 0.31%; Faxon, Gade & Co. 0.35%; G. M.
-P.
60,000 series B bonds. Due Feb. 1 as follows, $2,500, 1937; $3,000,
Murphy & Co., 0.35%; W.0. Gay & Co.. 0.39%; State Street Trust Co..
'
1938; 85.500, 1939: 85.000,1940 and 1941: $5,500 from 1942 to
0.43%; Second National Bank of Boston, 0.39%; Newton Abbe & Co,
1944 incl.; 85.000.from 1945 to 1947 incl.; $5,500, 1948;$500from
0.44% and 0.95% for June, and the First National Bank of Boston, 0.41%
1949 to 1951 incl. and $500 in 1954.
and 1.03% for June.
TORONTO, Ont.-NO PUBLIC BOND FINANCING PLANNED.WORTHAM, Freestone County, Tex.
-REPORT ON BOND EXIt is reported that the city does not contemplate any public bond financing
CHANGE.
-It is said that $190,000 out of a total bond debt of $210,000
during 1934. In the event that any such financing is necessary, it is behas been exchanged by the holders under a new refunding plan.
lieved that the bonds will be absorbed by the sinking fund.
CANADA. Its Provinces and Municipalities
@FedFRASER